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Author Topic: **MANDATORY UPGRADE REQUIRED** [ANN] B&C Exchange - All users must upgrade  (Read 168890 times)
BCExchange
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June 01, 2015, 03:21:33 AM
 #321

Total funds committed have reached $154,737 including seed funds. We are now over 77% of the way to our goal of $200,000.
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June 03, 2015, 12:39:08 PM
 #322

When will development begin?
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June 03, 2015, 04:22:35 PM
 #323

When will development begin?

From https://bitcointalk.org/index.php?topic=1033773.msg11460328#msg11460328:

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There are just a few issues that need to resolved for our Nu 2.0 release, particularly issue 167, 181, 188 and 199. When those are resolved, development will begin in earnest. The first iteration will consist of forking the Nu production blockchain into a testnet B&C Exchange blockchain. The next iteration will consist of the new voting types for B&C Exchange. The third iteration will focus on the first two or three messages unique to the B&C, such as the pairing of a BKS and BKC address and deposit public key lists. We will keep implementing new messages in the approximate order they would be used in until they are all done (so order fills will be done last).

We have already begun development of a B&C Exchange logo and basic website and they are progressing along nicely. We hope to present our logo here in the near future.
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June 04, 2015, 08:06:07 AM
 #324

Is the name Blocks and Credits set in stone at this stage and is there any story behind the naming?
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June 04, 2015, 09:57:38 AM
 #325

Is the name Blocks and Credits set in stone at this stage and is there any story behind the naming?

i think it is ​Blocks & Chains
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June 04, 2015, 10:41:26 AM
 #326

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.

This chart says that the 4.00 usd rack is sold out whereas in fact my understanding is that it is not.
That should be edited since it does not reflect the exact information.
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June 04, 2015, 11:54:48 AM
 #327

I'm dumb and can't read.  If I have nushares, do I get BKS?
BCExchange
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June 04, 2015, 03:48:48 PM
 #328

Is the name Blocks and Credits set in stone at this stage and is there any story behind the naming?

Irritant is correct. B&C Exchange is short for Blocks and Chains Decentralized Exchange. Our team went through a couple hundred ideas to decide on that name and we are happy with the branding potential. B&C Exchange is easy to remember, simple, and unlikely to cause language translation issues for non-English speakers. We had some great other name suggestions raised (and some downright terrible ones!) but ultimately landed on Blocks and Chains as a catchy, descriptive final moniker.
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June 04, 2015, 03:50:56 PM
 #329

This chart says that the 4.00 usd rack is sold out whereas in fact my understanding is that it is not.
That should be edited since it does not reflect the exact information.

We noticed this and changed it about a week ago: https://bitcointalk.org/index.php?topic=1033773.msg11475948#msg11475948

Your browser might need to be refreshed or the cache cleared to access the most recent announcement thread.
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June 04, 2015, 03:54:39 PM
 #330

I'm dumb and can't read.  If I have nushares, do I get BKS?

Yes, if you own NuShares you are entitled to receive BlockShares when that network is launched. As the above table shows, 40% of all BlockShares will be redeemed automatically by NuShare holders.
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June 04, 2015, 04:08:21 PM
 #331

Once I have received my blockshares, should I start mining right away or wait until someone publishes their data feed for voting?

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June 04, 2015, 06:48:17 PM
 #332

Once I have received my blockshares, should I start mining right away or wait until someone publishes their data feed for voting?

You can do whatever you like with your BlockShares, although we would expect that most users will begin minting immediately.

The most important initial custodial grants to watch will be those that ensure BlockCredit custodians have a regular, constant supply of BKC to sell for $1.00 on the market. It will be up to each individual shareholder to decide if they have the ability to monitor and vote on those requests, or if a data feed from a trusted community member should be selected to automatically configure their votes.
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June 05, 2015, 12:31:04 AM
 #333

Once I have received my blockshares, should I start mining right away or wait until someone publishes their data feed for voting?

You can do whatever you like with your BlockShares, although we would expect that most users will begin minting immediately.

The most important initial custodial grants to watch will be those that ensure BlockCredit custodians have a regular, constant supply of BKC to sell for $1.00 on the market. It will be up to each individual shareholder to decide if they have the ability to monitor and vote on those requests, or if a data feed from a trusted community member should be selected to automatically configure their votes.

I think you should build up a threshold, for example 500 BKS, only beyond that, a signer can be voted for. There is "long con" where an honest node plays very reliably but suddenly commit some bad things long after.

Just like cold minting, there maybe two BKS private keys, one for transaction(cold storage), one for signing multiple signature, the latter is exposed online computer and can prove a certain NKS holder/address does have so many BKS, so that he/she can be voted. As long as those BKS is transferred to anther address the old address (below threshold) automatically lose any qualification to sign.

Anyway, we don't like some hypocritical people with few BKS  get several/many signing  addresses.  The goal is build up a community where lots people have quite some BKS and they like mint and host  signing node and furthermore: provide BKC liquidity.   


What about build up a public BKS/BKC address which is  the company BKS of this DAO/DAC, we collect revenue into this address, BKS holders vote to how to spend these revenue, for dividend or software development.  BKS holders also need to pledge his BKS into this address in order to get some BKC and provide BKC liquidity.




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June 05, 2015, 01:58:07 AM
 #334

@bcexchange

Tks for your answers on the naming and the current unit price.
For the current unit price, I meant a direct editing of the chart to avoid any confusion.
Sorry for the lack of clarification from my side.
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June 07, 2015, 01:22:39 AM
 #335

Total funds committed have reached $161,348 including seed funds. We are now over 80% of the way to our goal of $200,000.
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June 07, 2015, 06:36:23 PM
 #336

With the total of $161,348 pledged, 20,334 BKS has been reserved. The price of each BlockShare is now $4.08.
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June 08, 2015, 04:58:45 PM
 #337

Total funds committed have reached $161,348 including seed funds. We are now over 80% of the way to our goal of $200,000.

Wow, only 20% left to go! Shocked

If we somehow reach 100% before the banner ads are ready, will the advertisements be canceled? I imagine many shareholders would rather not advertise BlockShare sales after this goal is hit, as their share of the pie will only be diluted.
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June 08, 2015, 05:55:04 PM
 #338

Wow, only 20% left to go! Shocked

If we somehow reach 100% before the banner ads are ready, will the advertisements be canceled? I imagine many shareholders would rather not advertise BlockShare sales after this goal is hit, as their share of the pie will only be diluted.

From https://bitcointalk.org/index.php?topic=1033773.msg11478415#msg11478415:

Quote
If we meet our $200,000 fundraising goal and the blockchain is launched, shareholders can dictate what occurs with any currently undistributed BlockShares by casting a voting motion through the network.

The default decision will be to continue selling BlockShares until all ~80,750 shares are sold, in order to generate a healthy development fund for B&C Exchange. However, BlockShareholders could also vote to burn all undistributed shares at any point in time. This would increase each BlockShareholder's percentage of equity in the network, but decrease the amount of development funds available to improve the exchange beyond its minimum implementation. Should this occur, BlockShareholders could always vote for future custodial grants of new BlockShares to fund further development when they think it is needed.

BlockShares will provide its users with full control of B&C Exchange's operations and equity structure. Each BlockShareholder will essentially act as a decentralized manager of B&C Exchange.

We will continue with our current plan unless BlockShareholders indicate a different course of action through shareholder motion, when the production blockchain is launched.
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June 09, 2015, 10:45:53 PM
 #339

Total funds committed have reached $164,388 including seed funds. We are now over 82% of the way to our goal of $200,000.

A basic website and logo are in development and are expected to be completed in the next couple weeks. We anticipate that their completion will speed up fundraising efforts considerably.
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June 10, 2015, 07:09:59 PM
 #340

We have launched a Twitter account that will become more active in the coming weeks: https://twitter.com/BC_Exchange.

Please consider following it if you would like to remain up to date on B&C Exchange development!
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