Looks like an obvious Ponzi

This is interesting and good news.  Do we have any information on % adoption in those emerging markets?  I remember reading that a significant number of Kenyans already had a BTC wallet but don't recollect any figures for the others.

Wow, the response is much greater than I anticipated.  Sorry about the slow replies, I'm having issues with the post interval limits here. I'll try to address each question/issue below.


I'm not sure I understand what you're saying here?  If you are saying that 2000 total coins (max cap) + a premine is undesirable, I firmly agree with you.  If I was unclear about what I'd like to do above, let me be clear here.  I'd like to have a small premine (to reward supporters and to support development only) which would be a small amount (about 2000 coins).  I'd like the max cap (upper limit) on total coins that can ever be mined to be between 18-30 million (ideally somewhat mirroring BTC).  Thus, the total fraction of premined coins would be negligible.  The aim is not to pump and dump (nor do we want to acquire that rep) but to establish a beneficial, useful, system to ease cryptocurrency trading.


Hello fellow (though more senior) newbie =).  Yes, I recently created a Bitcointalk account (I think on the 18th or 19th) to address an issue with QT-Bitcoin Trader.  I've been a long-time lurker on these forums but I understand that that hardly cultivates confidence.  There is a lot of trust involved in these sorts of opportunities and that's a risk I suppose you'll have to take.  To all major supporters, I'll provide you with my personal information (mainly to facilitate communication) but also to provide you some reassurance that I'm not just going to run away with your money.  Furthermore, if you'd like to get something in writing, I'm more than willing to do that (I come from a family of lawyers and am something of a contractarian).

As far as my background goes, my previous profession was in academic analytic philosophy (specializing in what other fields call "computational semantics" and "mathematical logic").  I have supplemented my professional career with IT consulting and computer hardware work though admittedly my coding abilities are not fully developed.  I've recently decided to switch gears back to my real passion which is in the non-profit world.


Yes, that is a total coincidence.  I was unware that you had a nascent, somewhat similar, though seemingly less worked-out idea.  One interesting observation is that we've both, independently, decided that we've had enough of the altcoin exchanges and that the solution is to be found within the distributed system used by or akin to various cryptocurrencies.  That signals to me that this is an idea ready for fruition.  That being said, I'd like to invite you to be a part of this development and perhaps, if you do have more details about your system, we can team up to produce a superior service.  This is not some attempt to money-grub but to produce a superior service for use by the cryptocurrency community at large.  


Yes, sorry about that.  Two errors on my part.  First, I thought they'd be quicker with their verification process.  Second, I wasn't expecting this quick of a response.  It should be up in a day or two.  Alternatively, you can support this project directly.  PM me for details.

I can't help you with the lawsuit though I've had similar issues with Cryptsy.  It's actually inspired me to try to develop an alternative to the crappy mess that's the current exchange system.

See: https://bitcointalk.org/index.php?topic=380152.msg4077736#msg4077736 if you'd like to help or are interested.

Thanks for the support!  I really want this to come to fruition.  So pissed at Cryptsy right now.  I lost a lot of money last night because I couldn't log in.  I also just really want to see cryptocurrencies succeed.  Making it easy to speculate will drive the price up in the longterm.  Thanks again!

Ducat Exchange Coin (DUX)

I am attempting to raise the funds necessary to design and implement a coin that will serve as a vehicle for trading cryptocurrencies.  

The meteoric rise of BTC has spawned tens (hundreds?) of altcoins and those altcoins have become the subject of much speculative trading.  The success and sheer volume of trade w.r.t BTC and its altcoin brethren, have severely taxed the existing exchange infrastructure.  Many altcoin exchanges are buggy; laggy; and have deposit, login, withdrawal, and trading issues.

I therefore propose DUX as the solution to the aforementioned issues.  What follows below is a tentative sketch of the existing idea and may (will) be subject to further refinement and improvement as development proceeds.

What is DUX?

(1)  DUX is both a trading platform and a cryptocurrency.

DUX is a meta-level coin in the sense that it's designed to augment, enhance, and supplement existing cryptocurrencies and their respective trading networks.  It is meta in the sense that it comes "after" and "above" existing cryptocurrencies.  It's "after" in the sense that it's dependent on them for its survival and it's "above" them in the sense that it enables trading between many different coins thereby unifying them into one decentralized, efficient, and profitable exchange/trade system.

The idea is that miners will "mine" DUX transactions (which are entirely trades) being rewarded .2% of all coins made in those transactions (more competitive than Cryptsy which has .2% buying fee and .3% selling fee and Bitstamp which has at most .2% trading fee when your trade volume is $150K or more) while receiving DUX coins for their work.  I see DUX coins acting as a sort of Cryptsy Point or as an item of index that has worth only in virtue of all the other cryptocurrencies/cryptocommodities and their volume of exchange.

Unlike so many other cryptocurrencies, DUX would provide a demonstrably useful and significant service to the cryptocurrency community.

(2) Client?

Users will download the DUX client and will generate a DUX address.  Each DUX address is partitioned into several sub-addresses each of which will uniquely support an existing altcoin.  Users then send their altcoins to their respective DUX subaddresses using the existing altcoin clients.

Transactions to and from subaddresses to altcoin wallets will be handled by the existing altcoin networks.  

Users may then trade any coins held within their DUX address for any coins held in other users' DUX addresses.  All of these transactions are to be handled using the DUX network.
It is my hope to design a new client (and not just take the existing BTC client and change it around a little like everyone else does).  The client should be able to support buy/sell options and list current exchange rates.  Longterm development will hopefully enable us to implement automated trading and various technical indicators (RSI, StochRSI, etc.).

(3) Mining?

Transactions (and their confirmations) comprise the entirety of the DUX network.  I'm still working out the details about how this should be handled.  The idea though is that miners will compete to transact a "block" and whoever wins that block will receive a variable number of DUX coins along with .2% of all coins transacted in that block.  Ideally, miners would receive 25 DUX coins per block starting out.

At the present, I believe that we will be using SHA-256 in order to tap into the BTC network (many of the existing machines will be obsolete and will need a way to turn profits - why not have them be put to work supporting the trade infrastructure?).

There really won't be "difficulty" (at least as presently envisioned), but the number of DUX coins received will decrease over time either due to one or more of the following (1) the proportion of DUX coins already mined (hard cap limit), (2) the number of transactions or volume of altcoins being exchanged, or (3) more DUX coins awarded when the network rate is too slow and less DUX coins when there is an excess network rate.

The idea is to harness the machines and hard-work of our miners for a demonstrably practical purpose that supports and strengthens the entire cryptocurrency network while rewarding them for their work and producing a more efficient and profitable trading system over the existing fragmented and poorly designed mess.

(4) Premine?

Small premine to support bounty and support.  I'm thinking 2,000 coins but this is TBD.  I want DUX coins to be "rare" so the total number (max cap) should be no more than 30 million (ideally less but no less than 18 million).

Funding

My target goal is 5 BTC to support the development of DUX.  There are certain software and programming issues that I'm ill prepared to handle on my own.

Every donation is greatly appreciated.  

If you send in more than .001 BTC, you'll receive positive karma, my deep gratitude, and thanks.

If you send in more than .5 BTC, you'll receive early access to the software.

If you send in more than 1 BTC, you'll receive a portion of the premine.  What you'll receive will be calculated by the following equation:

Let X be the total amount of your donation where X is greater than 1.  

Let Y be the total amount of all such donations.

Let Z be the total number of premined DUX coins.

You receive (X/Y)(1/2)(Z)

I've tentatively set aside half of all premined DUX coins for supporters.  You will never receive less than that amount though depending on our development costs, I might very will increase that number.

In the event that DUX fails to come to fruition, I will gladly return all remaining BTC (less transaction fees) in a manner directly proportional to your contribution.

Details

PM me if you'd like to support the project by programming.  We can discuss payment options at that time.

See: https://bitcoinstarter.com/projects/414 to support financially.

Hi!

Just want to say thanks for the great work!  

One issue though.  When I place a buy order through the client, the buy orders don't show and never go through.  I checked my API access and it should allow the client to purchase.  This is all through Bitstamp.  Everything else seems to work fine.  Any suggestions?

Hi All,

I've been actively buying/trading BTC for some time now.  I'm looking for a good API Trading Client to trade on Bitstamp as the webpage itself is slow and laggy.  I found QT-BitcoinTrader and have used it a little.  However, many of my buy orders won't go through using it.  Not sure why (in fact that's why I joined up today on the forum - in order to post that it's not sending my buy orders).  I don't think I'm up to the programming challenge myself.

If anyone knows of a useful trading client for Bitstamp that has/uses RSI and StochRSI indicators, I'd be much obliged.

Alternatively, I'd be interested in paying someone to program a simple API trading client for Bitstamp (that works) that takes into consideration RSI and StochRSI levels.  It'd be nice if it was automated but I'd settle for manual.

Best,
Facewreck

Good luck everyone!  

BTC Address: 1DFNMGP4MoSmwtBfxXNT6vjATJHEEHyu6R