Alright, I know what you must be thinking. Another exchange and yes that is true. Over the last 4 months I have been active as a Bitcoin-/Altcoin Trader with great Succes. Before I was an amateur trader in the ordinary stockmarket. What I like about Bitcoin, and all the altcoins, is the volatility and the predictability. What I do not like about Bitcoin is the available exchanges. If you are used to ordinary exchanges, dealing real stocks and commodities, you may only conclude one thing about all the existing exchanges dealing Cryptocurrens: they are bad.
They are slow, for realtime information and updates you will have to go to other websites like clarkmoody, Bitcoinwisdom, BitcoinTalk, Coinmarketcap, Coindesk, and many more. I think this is incredibly sad, especially knowing that an exchange like Cryptsy.com is making 335 Bitcoin in transaction fees. each. week. What do they do with their money?
Why not put all this information under one roof?I would like to present to you some first sketches of a new exchange, which I will call COLULU for now. I do not know why, but the name does sound kind of catchy. It is likely though that the name will change in the near future. In the picture below you may see what COLULU is going to look like and I will briefly discuss some features, especially those that distinguish COLULU from other exchanges.
Mutliple MarketsCOLULU will offer room for as many coins as the community likes to get on the exchange. Just like ordinary stock exchanges, there will be multiple markets. These markets are determined by volume every two weeks. The twelve highest volume traded coins are put in the BIGcap index. The next 12 in the MEDcap and another twelve in the SMALcap. All other coins are put in the JUNKmarket, which can consist out of as many different coins as exist. Besides there is also a NEWcap market in which newly added coins stay for about two weeks before they get added to one of the four other CAPs
New CoinsNew coins are added automatically by the community. No crap with begging on Bitcointalk. Instead everyone can add his coin to the exchange, as long as there is enough demand for it. The costs for adding a coin the exchange is 1 Bitcoin. This is to make sure that not just any joker is adding coins. Consequently, the new coins has to sell for at least 2 - 10 BTC (gotta decide on a requirement) in coins, at a fixed price, to users of the exchange. Users that buy the new coins get so-called rights/options. These options get value if the coin actually hits the exchange, if it does not they get (part of) their money back. No eleborate system of voting is in place, just diehard liquidity, which is necessairy to start a market.
The Devs of the coin get the room to post information about the project. Besides the founders will get additional space to bring news to the users. No more need to browse trough the chaos of bitcointalk Announcement messages, even though that is really a lot of fun.
The coin lised at the exchangeIf the coin is listed on the exchange, it gets put in the market called ''NEWcap''. This is where all the new coins start for the first 2 weeks. These first to weeks the coin must prove how much volume it can achieve. On the basis of this volume (calculated in BTC) the coin gets put in any of the four markets. In other words, the users of the COLULU alltogether determine which coins are traded in which caps. The BIGcap is the most prominent one and fastest to access, altough people can easilty switch to other caps, even on the Homescreen (as is shown by the 5 different buttons)
A News FeedYes, a news feed. In stead of constantly searching for all newmessages on Coindesk, Cryptocoinnews, bit24.nl and other newswebsites, the exchange will collect all data from these renowned newssources and put them on the main page of the exchange. Just like in any ordinary stockexchange, such a newsfeed is crucial for investors to base their decisions on.
ChatboxExperience has learned that a chatbox is adored by all users of crypto-exchanges.
Updates about other exchangesVery prominent will be the price of Bitcoin. My experience has learned me that people are constantly watching other exchanges. Huobi, Stamp, Gox, BTC-e... the price of all these exchanges will be shown on COLULU so investors can directly act on them.
Daily Gainers/LosersThe exchange will clearly show the winners and losers of the day. At the moment everyone is looking at Coinmarketcap.com for this, but COLULU will implement a clear display window with the bigges gainers and losers since Midnight GMT.
Exchange Closes at 24.00GMT opens at 0.00GMTJust like any ordinary exchange COLULU will close at the end of the trading day and open at the beginning of the next. That means that it does not close really, but what does happen is a reset of all the parameters. From midnight on all the opening prices of all the coins will be set for the rest of the day. Against these prices the movement of stocks is measured, this is to make it a little bit easier to read and understand all the data.
Clear Layout and detailed dataAs I hope becomes clear from the screenshot, is that the layout of the exchange is extremely easy to understand and retrieve data fast. Instead of switching between many websites, all important information is brought to you at one exchange. The prices of the coins will be clear, plus additional information such as how many additional coins are created? how many coins are already in existence? what is the current market cap of a particular coin? and may even the VIX of each coin will be calculated for the last 24 hours.
Exploring the optionsAs I said, these are just the first sketches and ideas of the website. I was planning to put the project up for investments, but before I do this I'd like to hear what you think it. If the plan ain't getting enough interest I will of course not invest in it myself to put it up for investment. My idea is that it would take some really high skilled devs to create one such exchange, but I do have some connections that might come in handy in this sense. These people are skilled, but demand payment as they would have to work around the clock to make everything work asap.
My thinking is that if I can sell 20% of the stocks for somewhere around 200-400BTC. With such an investment it would be no problem to sell an additional 70% to other investors who need convincing. Maybe I am just dreaming with these amounts, I know, but it is just worth a try i thought.
I look forward to hearing your opinions.
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