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Author Topic: **MANDATORY UPGRADE REQUIRED** [ANN] B&C Exchange - All users must upgrade  (Read 172860 times)
BCExchange
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May 19, 2015, 04:52:38 PM
 #281

Total funds pledged for BlockShares are now $95,130. We are 48% of the way to our funding goal.
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Sentinelrv
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May 19, 2015, 06:59:42 PM
 #282

Total funds pledged for BlockShares are now $95,130. We are 48% of the way to our funding goal.

I tried fooling with the title again. I think it's important to leave the messaging in there about the exchange earning you Bitcoin. I also included the amount pledged and total percent, which would need to be updated daily. Everything here fits. There are actually 2 extra characters. Here is the title...

[ANN] B&C - Decentralized exchange that earns you Bitcoin **$95k Pledged 48%**

Do you think this info is worth including in the title? I think it would help draw in more people, especially the first part about earning you Bitcoin.
masterOfDisaster
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May 19, 2015, 07:36:55 PM
 #283

I tried fooling with the title again. I think it's important to leave the messaging in there about the exchange earning you Bitcoin. I also included the amount pledged and total percent, which would need to be updated daily. Everything here fits. There are actually 2 extra characters. Here is the title...
[...]
Well done! You inspired me. Have a look at my draft (title of my post).
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May 19, 2015, 08:10:16 PM
 #284

Thanks for the suggestions Sentinelrv and MasterofDisaster. What do you think about our new title? We want to keep "B&C Exchange" as a full brand, but now also have a mention of our Bitcoin dividend feature as well as the percentage of fundraising accomplished to date.
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May 19, 2015, 08:17:46 PM
 #285

Yes, that looks better. I guess the amount pledged really isn't necessary. It's the percent of the total that is important because of the perception that we're moving toward our goal.
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May 19, 2015, 08:50:55 PM
 #286

The title looks good. Go for it!
The message is clear: almost half of the B&C Exchange shares is already gone!
...and the devil takes the hindmost. Wink
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May 20, 2015, 02:29:07 PM
 #287

I've been waiting on 50% until I post the new sale on r/cryptocurrency. Please let us know when this has been surpassed. Also, is there a reason why a thread about this was never made in the announcements board which is many times more active than this board or altcoin discussion?
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May 20, 2015, 03:37:50 PM
 #288

I've been waiting on 50% until I post the new sale on r/cryptocurrency. Please let us know when this has been surpassed.

Total funds pledged for BlockShares are now $95,630. We are still 48% of the way to our funding goal.

Also, is there a reason why a thread about this was never made in the announcements board which is many times more active than this board or altcoin discussion?

Project Development seemed to be the most appropriate place to make the announcement, joining other decentralized exchange projects like Mercury. We have now reached 20,000+ views on this announcement thread so we are satisfied with the exposure on this forum so far.

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May 20, 2015, 08:37:50 PM
 #289

Ohh the shameless shit talking "Trades will occur using real cryptocurrencies such as Bitcoin and NuBits, as opposed to artificial proxy cryptoassets like those found in NXT or BitShares."

How sad is it that your first selling point is using the same "my money is REAL, you's is FAKE" argument that fiat supporters use?

Ey, if you managed to solve the decentralized exchange problem, I'm rooting for you, but that attempt at differentiating your self is just laughable.

BCExchange
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May 20, 2015, 09:24:11 PM
 #290

Ohh the shameless shit talking "Trades will occur using real cryptocurrencies such as Bitcoin and NuBits, as opposed to artificial proxy cryptoassets like those found in NXT or BitShares."

How sad is it that your first selling point is using the same "my money is REAL, you's is FAKE" argument that fiat supporters use?

Ey, if you managed to solve the decentralized exchange problem, I'm rooting for you, but that attempt at differentiating your self is just laughable.

As mentioned earlier in this announcement thread, for the benefit of those who have not read everything yet:

I expect BlockShare holders will choose to support NXT and Bitshares, so B&C Exchange will be open in a way NXT and Bitshares are not, because those platforms only permit you to trade assets that are native to their blockchain. So if you want to trade Bitcoin for Bitshares, you can't do it using the Bitshares exchange. You would first need to acquire BitBTC, an asset on the Bitshare blockchain designed to track Bitcoin. With B&C Exchange, however, you will be able to trade Bitshares for Bitcoin directly without the use of proxy assets. B&C Exchange is truly cross-platform compatible.

The ability for traders on B&C Exchange to trade real cryptoassets as opposed to proxy cryptoassets will be a tremendous advantage for our network. We appreciate all our decentralized exchange competitors' efforts because it enhances competition, which in turn improves the outcomes for customers. Our statement above simply points out an advantage of our network over others.
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May 21, 2015, 08:20:21 PM
 #291

Here is a possible plan of mine to fund the rest of development...

https://discuss.nubits.com/t/a-potential-plan-that-allows-for-b-c-exchange-to-start-development-immediately-removes-the-risk-of-current-pledgers-walking-away-due-to-a-lengthy-fundraising-process/2176/1

Let me know what you think of it.
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May 21, 2015, 10:40:46 PM
 #292

Total funds pledged for BlockShares are now $96,130. We are 48% of the way to our funding goal.

We encourage everyone who is interested in purchasing BlockShares to share this announcement thread in any external communities that they think would find it interesting.
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May 25, 2015, 06:00:35 PM
 #293

Sabreiib voiced the following concern:

Quote from: Sabreiib
   
 I believe B&C is a very risky project because ethereum and open transaction is near.

The Open Transactions project was started in 2011 and has been months away from release for years. I took a look at their source code some time ago and was quite unimpressed with their architecture. Their code was extremely verbose and repetitive. They seemed to not make good use of core programming concepts such as inheritance, overrides and abstract classes. Chris Odom is the original developer of Open Transactions, but stepped down from his role as CTO at Monetas (the company developing Open Transactions) two months ago. What is it that makes you think the release of Open Transactions is near? I hope they succeed, but my guess is it will never be released. I have said before I wouldn't want to be tasked with building Open Transactions because I don't know how to implement the specifications. I don't see any reason to think anyone else knows how to either.

Ethereum is making better progress toward release, but is there any reason to think it will be an effective competitor of B&C Exchange? Looking at the Ethereum subreddit, I found this discussion of a decentralized exchange to be hosted on Ethereum:

There, I found the following comments:

Quote from: seven7hwave
    EtherEx is strictly for trading crypto-assets based on Ethereum. However, there should be similar projects in the not-too-distant future that facilitate fiat-to-ether (and Ethereum-based assets).

Quote from: alsomahler
    It only allows the exchange of digital tokens created on the Ethereum platform

You will not be able to use Ethereum to trade native cryptoassets. Proxy assets may be employed, like BitBTC on Bitshares. That is not at all the same as trading native Bitcoin for native Bitshares, which B&C Exchange will allow users to do and is what users want to do. B&C Exchange is a groundbreaking design that meets needs no competitor can.

Ethereum is based on the notion that one blockchain can rule them all, or that a cleverly built blockchain can serve a wide variety of business models simultaneously. My guess is that it will not optimally serve any business model. The Peershare philosophy is quite different. It employs separate blockchains with diverse protocols for diverse business models. Each Peershare doesn't do everything, but each one does something very well. As a group, they can serve a wide variety of business models.

I am curious to see how others understand B&C Exchange to compare to competing solutions. Please do share your thoughts.

Bitmessage: BM-2cXS5ezep1jUqeu8CwC6M4aTmMSxcFEHNN
Bisha
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May 25, 2015, 08:48:35 PM
 #294


Have you thought about DPOS to fund the development?

The original Zerocoin implementation, soon with Znodes - https://zcoin.io/
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May 25, 2015, 10:46:44 PM
 #295

Have you thought about DPOS to fund the development?

Can you say a little more about how DPOS could fund development please? I am aware that refers to BitShare's delegated proof of stake mechanism. I understand that each delegate receives some compensation, but it is unclear to me how that would aid development.

As an aside, DPOS is a mechanism that improves scalability at the cost of a modest degree of centralization. Its scalability improvements are only useful in networks with considerably more transactions than Bitcoin processes currently (~100,000 per day). B&C will not employ DPOS initially to keep transaction processing more decentralized and flexible, but it is an option to increase scalablilty long term.

Bitmessage: BM-2cXS5ezep1jUqeu8CwC6M4aTmMSxcFEHNN
Sentinelrv
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May 25, 2015, 10:58:49 PM
 #296

Is there an update on fundraising? The thread title needs to be updated as well.
BCExchange
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May 26, 2015, 12:13:25 AM
 #297

Important Announcement

B&C Exchange has so far been unable to procure the minimum $200,000 required to develop a functioning exchange. In some ways continued delays reduce the chances of a successful outcome because the availability of the core team (Jordan, sigmike, erasmospunk and tomjoad) cannot be be assured in the future. These individuals need to pursue other opportunities if B&C Exchange is not prepared to pay them for their work now. So, in this sense it is imperative that funding be procured now so work can begin immediately. On the other hand, time brings with it greater opportunities to expose new potential investors to B&C. It means the funding opportunities increase with time but the probability of employing our proven team diminishes. This implies that a strategy that permits work to start now and funds to be raised later is optimal.

We have not taken this route because we feel it is inappropriate to spend people's investment funds on a project that is clearly not yet funded to a degree that will permit the delivery of a functioning product that can bring a return on investment. Investment in such a scenario would be extremely risky, and we don't want to risk our reputation by taking such a high risk of not bringing a return on investment to a broad set of investors from our community. However, very high risk ventures are suitable for a limited group of people such as venture capitalists with ample funds whose lifestyle will not be adversely effected by a failure of the venture. They routinely take very high risks for a chance of a very high rate of return. This is the sort of opportunity a partially funded B&C Exchange represents.

$80,000 has been procured from a small set of individuals who are certainly in a position to bear a total loss without any adverse consequences to their lifestyle, retirement, etc. These seed investors need to be rewarded for their high level of risk. Therefore, they will be given additional equity. They are purchasing 20% of the BKS for sale. Previously, giving half of the equity to BKS purchasers and half to NuShare holders was planned. This new plan will leave subsequent BKS purchasers unaffected, but it will reduce the equity of NuShare holders to 40% of initial total equity. This 10% of the total equity will be given to the seed investors, so they receive a total of 20% equity for their $80,000. This approach of using seed investment funds at the highest-risk beginning stages was proven to be successful in the development of Nu.

These funds will permit Jordan, erasmospunk, sigmike and tomjoad to begin work immediately. They will fund development for at least two months and perhaps three. The hope is that in that time interval the additional $120,000 needed to bring the project to a complete and workable state will be pledged and collected. Those investors will have considerably less risk because their funds will only be accepted if enough is pledged to complete the project. A marketing campaign will be conducted during the initial development phase to increase the chances of raising the needed additional $120,000. If the secondary funding drive fails and the project runs out of funding and is not completed, we won't have poisoned our relationships and reputation with a broad collection of investors because funds were only accepted from a tiny group well prepared to take extraordinary risk.

While we seek comment from the community and wish to gather the broadest support for the project by making any reasonable adjustments that may be suggested by the public, we wish to note moving forward only requires the approval of the seed investors. NuShare holders are involved because they will receive 40% equity, but they are being given that free of obligation, so their permission is not needed. We are not asking anything of NuShare holders, just as we are not asking anything of Bitcoin holders being given equity, although we believe the inclusion of these communities will bring tremendous benefit to B&C Exchange and we are indebted to these two communities for the gift of the code base we will fork as we begin development.

To summarize, initial equity will be now divided as follows:

GROUPFUNDING RECEIVEDMIN. FUNDING REQUIREDMAX. FUNDING POSSIBLENUMBER OF SHARESPERCENTAGE OF SHARES
Seed Investors$80,000 (Complete)$80,000$80,000~42,50020%
Second-round BlockShares Purchasers$55,310 (Pledged but not collected)$120,000$332,690~80,75038%
NuShareholders$0$0$0~85,00040%
Bitcoin Holders$0$0$0~4,2502%

Note that the funds pledged by second-round BlockShares purchasers will only be collected if $120,000 in pledges are reached. In combination with the $80,000 in committed capital from the seed investors, this would bring us to our goal of at least $200,000. Also note that the $55,310 already raised for second-round BlockShares purchases comes from the previous fundraising update totals.

For second-round BlockShare purchasers, here is the new sales schedule:

CURRENT COSTPREVIOUS COSTNUMBER OF SHARES
$4.00 (sold out)$5.00 (sold out)~20,187 (sold out)
$4.08$5.10~20,187
$4.16$5.20~20,187
$4.24$5.30~20,187

The current price is $4.08. Make a purchase by emailing bkssale@vistomail.com or sending a BitMessage to BM-2cTihATJ5FwJ7vWBwZmJjr55eFPFWBCmCQ. Please ensure you provide us with the information requested in the main announcement post.

Going into more detail, the cost of a given percentage of equity of second round BlockShare purchasers will not change in this updated plan. In order to maintain consistency in that regard, the number of BlockShares will need to be raised and their individual cost lowered. This is because the quantity of BlockShares given to NuShareholders is fixed: it was ~85,000 in the previous plan and will continue to be ~85,000 with this new proposal. However, the new plan reduces their equity percent to 40% from 50%. This requires the number of BlockShares given to seed investors, second round investors and Bitcoin holders be increased as shown above. Individuals who have already pledged funds will be eligible for the same percentage of BKS at the same price, but the quantity of BKS will be increased and the price per share lowered.
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May 26, 2015, 02:17:28 AM
 #298

I like this and think it's pretty fair. I'm glad a solution was figured out in order to start development immediately. This should buy us enough time to deliver the blockchain and market the sale, which should help boost confidence in the project and make fundraising easier. So if we're going by our $200,000 fundraising goal then we're currently at 67% with $80,000 raised and $55,310 pledged for a total of $135,310. This means we have $64,690 left for people to pledge to reach the goal.
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May 26, 2015, 02:06:08 PM
 #299

I like this and think it's pretty fair.
I beg to differ with you. Because what if someone wants to be a seed investor and not being notified about it. Say those who already pledged 50k+, I think most will send you the fund immediately if requested, then we can get 30k more from the "seed investors". Why *DIDNOT* you consider that option?
I understand the importance of getting the work starting asap but this is not fair as it favours the "seed investors".
BCExchange
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May 26, 2015, 02:47:52 PM
 #300

I beg to differ with you. Because what if someone wants to be a seed investor and not being notified about it. Say those who already pledged 50k+, I think most will send you the fund immediately if requested, then we can get 30k more from the "seed investors". Why *DIDNOT* you consider that option?
I understand the importance of getting the work starting asap but this is not fair as it favours the "seed investors".

The seed investors are taking on considerable risks, up to and including complete failure of the project to materialize. In that scenario they would suffer a total loss of investment. Those are risks that will not be present for the second-round BlockShare purchasers. So, it is perfectly reasonable that the seed investors will receive a greater percentage of equity per dollar spent to compensate for the increased risk profile of their investment. It's important for us to emphasize this paragraph once more:

Quote
We have not taken this route because we feel it is inappropriate to spend people's investment funds on a project that is clearly not yet funded to a degree that will permit the delivery of a functioning product that can bring a return on investment. Investment in such a scenario would be extremely risky, and we don't want to risk our reputation by taking such a high risk of not bringing a return on investment to a broad set of investors from our community. However, very high risk ventures are suitable for a limited group of people such as venture capitalists with ample funds whose lifestyle will not be adversely effected by a failure of the venture. They routinely take very high risks for a chance of a very high rate of return. This is the sort of opportunity a partially funded B&C Exchange represents.

We are proud of the reputations our team have established through our work on NuBits, NuShares, and Peercoin. Those reputations would be harmed if we accepted high-risk funding from users who may or may not be truthful about the impact a total investment loss would have on their personal finances. Some users would potentially lie about their financial situation to gamble on a higher return, and accuse us of irresponsible sales should the project fail. We want to avoid that scenario at all costs. The seed investors chosen are in a position to suffer a total loss without any adverse consequences to their financial well-being.

The structure we have finalized above is fair to both seed investors and second-round BlockShares purchasers. Using a seed investment strategy is a proven tactic in both traditional VC equity as well as cryptoequity projects like Nu, and now B&C Exchange.

Finally, it should be pointed out that the additional 10% equity that seed investors will receive is being allocated from the portion NuShareholders were scheduled to receive, reducing NuShareholders' stake from 50% of total equity to 40%. The total equity percentage received per dollar spent does not change for second-round BlockShares purchasers versus the original plan.

We hope you will still consider becoming a BlockShareholder despite your concerns about the new structure.
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