I've happily put Agestorzrxx on my ignore list. Hopefully I won't miss anything important

I've just thrown the same idea to Monero community, they also have a problem being listed on large centralized exchanges due to new code. Let's see, who - Qora or Monero implements it first, this friendly race begins

To Monero devs and enthusiasts.

Do you think there is a reputable and trustworthy individual among you who would be interested to set up an exchange buro of Moneros on the NXT Asset Exchange? I noticed, not many centralized exchanges are willing to create XMR/BTC trading pairs, due to Monero differences in software from Bitcoin forks.

NXT AE allows someone to operate as an exchange buro and profit from setting the price of an asset and charge redemption commissions.

Here is how it works briefly.

Suppose, some NXTers would like to purchase Moneros on the NXT AE. Someone trustworthy in the Monero community can create a Monero asset on the NXT AE, tradeable for NXTs. Hence, a XMR/NXT exchange rate will be discovered. According to the Poloniex last trade it should be in the range of 21-22 NXTs per 1 Monero at this time, and then the free market will decide the rate.

This trustworthy individual will have to redeem the Monero tokens when people on the NXT AE transfer him the asset units they purchased from him, and he will have to send them real Moneros in exchange. He can charge them a 0.5% or so redemption fee, and can set the minimum redemption amount, say, 10 Moneros, and timeframe to process the withdrawal, say, 24 hours time frame.

This step will benefit both communites, as it will help establish a XMR/NXT exchange rate, put Monero on yet another exchange, which I noticed there are not that many of, and create more demand for Monero. The NXT Asset Exchange is decentralized, so Monero can pioneer being the first currency to trade on it. Actually, some Qora users are also interested to set up their exchange buro on the NXT AE as well, the NXT AE can welcome all

So you think most qora owners don't believe in qora and just want to dump them for bitcoin? Is that what you imply?

Whatever you think is best, just get it done please asap. Both communites need this exchange.

Well, I would be eager to do it, except I don't have any qoras. And if I attempted this exchange buro, I'd have to make sure I have enough qoras to make it profitable thru large enough volume. Perhaps, if you could give me a really good deal to purchase qoras off the market from you, I mean a really good discount, to compensate for possible future loss of the exchange rate, I'd be willing to implement it myself.

That group would have to trust each other and that may create unnecessary complications - business partners do have quarrels from time to time, you know. Besides, like stated above, there can be different forms of exchange buros, both individuals and groups can establish their own. There are no limits to this. Let the free market choose who to trust. Just do it already! I want to buy Qoras for NXTs! Talking doesn't make the world go around

Ah ok, so you actually want to exchange it two-way then? Not just the qoras you have right now?

a) Nobody makes you use the NXT AE.
b) None of us have seen a famous exchange run away with the money, that just never happens  

I think I don't get what you mean by that.

All you need is to make sure you have enough qoras to process all redemptions. And you do it regularly and within specified time frame and with the specified commission fees. The market will take care of the rest

Dzarmush,

put your qora wallet in the description, or at least on that referenced website, so people can look up the balance on the blockchain. And send withdrawals from that wallet, so they can see you actually possess keys to that wallet address. This will build most of the trust.

Sure, why not. If you might wish to change redemption rules down the road and publish updated rules on a website, that's fine. Then put the website address in the description. As long as people have all the information on how to proceed, that's all that matters.

Hint: be sure to specify on the website at least a few days in advance that your redemption rules will be changed on xx.xx.xx date.

Yes, and I don't see any problem with that. Trusting one person is no harder than trusting a group of people (company, organization). In fact, I prefer to trust an individual. If there are a few competing individuals with their exchange buros, that's only good.

abctc talks about two-way exchanges and charging a fee for it.

You can start with a one-way exchange for now by issuing tokens against your qoras and selling them. You can buy them too at the same exchange, nobody can stop you from that

Every Qora holder can be their own small or big exchange buro on the NXT AE. Someone has to be the first one. All the asset issuers can compete on the exchange rates just like exchange buros compete on them. The first one who starts gets the first mover advantage. Of course, as long as he keeps his obligations. The market will decide the winners. That's capitalism at its best and an interesting experiment, since there are no regulations of any sorts. All you need is trust from users.

It can be as easy as:

------------
Qora tokens (each asset token = 1 Qora currency unit), redeemable from Qora wallet address: heregoestheqorawalletaddresswiththebalancetheycanlookontheblockchain.

Redemption rules:
1) Transfer asset units to this NXT account (put your NXT account here), write your Qora wallet in the 'comments' section.
2) We charge a 0.5% fee for redemptions.
3) Minimum redeemable amount is 1000 Qoras. <- change this to any other amount you feel comfortable with.
4) Redemption times can vary, but will not exceed 24 hours. <- change the hours to what you think you can guarantee.
5) In case of emergency, please send us a message through your NXT client.
------------

Yeah, banking has its costs, but that's why you: a) are the first to set the price you're satisfied with; b) charge a redemption fee as an insurance and to compensate for your time.

Just try it on a small scale, you can always issue a new asset.

No, just list as many asset ids as you want in your annoucements and explain that you have received a new stake of Qoras that you issue new assets for. As long as you redeem them on stated terms, there should be no problem.

You can call them Qora-DzarmushBank1, Bank2, etc.

EDIT: it may be useful to publish your Qora wallet in the description of the asset, so people can actually see its balance on the blockchain and that this balance matches with your yet unsold holdings of the asset. In fact I think this is an obligatory step, and will help a lot with the trust. Especially since they can make sure they get redemptions from that wallet to their wallet, and the funds are really there in your possesion as you claim.

Yeah, decimals have been implemented since about a month ago, up to 8 decimal points.

You can just release a new asset, it costs 1000 NXTs, but I guess you can afford that after all those 0.5% profits you'll be a monopoly on this market if you do it first and do it right, so you'll certainly make a good profit if you fulfill all your obligations, and you get the first right to set the price for your qoras, that's very important, you become the market maker.

Just don't stretch it too much. It can be 24 hours redemptions of the tokens, doesn't have to be immediate, people must realize that it's a human operator, not an automatic system. By all means, that's better than no exchange at all, and many buyers will appreciate your efforts.