[DVC]DevCoin - Official Thread - Moderated

[ranlo]

Awesome! I can see what I got and where it came from. Nice.

I still have a coupler questions, maybe they will help someone else too? Sorry, I am trying to get my head around the way it works and I have read the info but I am still a bit vague:

1- I buy credits...I use those credits to bid on an auctions...I win the auction...I pay for the item...do I get the bids I bought back?

And these are just questions I have that might not matter yet because they are additional functions, I just am curious:

2- Can users cash out their credits/claim refund?
3- Can users transfer their credits to another user?

These will help when I create a faq.

There is currently no market for bids except using on auctions. You only get bids back if the reserve wasnt met and an auction ended.

Later with a buy it now feature I may offer to give back bids if they simply want to buy the item at retail price(if you think you wont win the auction and your cost is high)

I'm going to vote that #3 (with transferring credits to others) would be a great idea. This may help increase the number of people buying large packages, since they can then split them up and recoup some of their costs.

I was thinking some more about this. I thought about an idea to have this work. You would have a wholesaler section under my account and it would allow you to use your bids to create a deposit slip or voucher. When these people sign up under your referral link not only do you get an affiliate % of any bid packages they buy but they would be able to have an alternate form of purchasing bids, through your voucher... Since the referral knew who the owner was, the wholesaler would simply say I would like to offer my bids to people for a certain price per bid ($ / bid).. the end user would be able simply purchase bids from you by selecting the voucher payment method, and just input how many bids they want to buy (capped by how many you are offering) and the site would act as an escrow... transferring (btc/ltc/dvc/ any alt coin payments works with) depending on the type of payments you accept for your bids from the user to you.

Essentially if you would like to transfer for free you can create a free voucher of x number of bids and then any user who you refer can buy those bids for free essentially doing a transfer of credits.

The cool thing is you wouldn't even have to buy bids to become a wholesaler, you can simply become a wholesaler for free but the voucher would only be good for $1/bid or something like that, and you would get a cut out of it depending on how many bids they buy. This lets you become a wholesaler for free making a small cut on the bids the end user buys.

Ofcourse if you buy a big package and are able to find buyers which will pay something like $1/bid then your profit % goes through the roof, but the drawback is you would have to buy the bids upfront to do this... if you were going to bid anyway this would be the ideal situation. Buy a large bid package, and bid for your favorite auction, while trying to find buyers for your bids on the side.. if they come you  make money while bidding.. if they don't you can still keep bidding to try to win auctions....

I think you've got a good idea there, and wholesaling is exactly what I had in mind. It helps benefit the site in that more are sold, and benefits others in that they may be able to get cheaper bids. It's a win-win for everyone.

[dead_bit]

To the devcoin auctions personnel:

You need a way to sort the auctions by bid type since there are three ways to bid.

That being said, are more auctions planned that will accept devcoin? Right now there are very few.

[sidhujag]

To the devcoin auctions personnel:

You need a way to sort the auctions by bid type since there are three ways to bid.

That being said, are more auctions planned that will accept devcoin? Right now there are very few.

There are no devcoin funded auctions as of yet.. Unthinkingbit wants me to sell and ship an item before he gives shares to buy items for devcoin. He plans to give 70 or more shares a month and we should be able to get a few good auctions in there per month which accept dvc bids. As time goes more and more devcoin auctions will appear and speaking with the coinpayments new owner there will be a cool new idea to use a ripple gateway to settle alt coins in IOUs which will eliminate any liquidity issues vendors like me have with coins with no market depth. This will allow me to exchange dvc to usd or btc without affecting thr exchange rate...

[ranlo]

speaking with the coinpayments new owner there will be a cool new idea to use a ripple gateway to settle alt coins in IOUs which will eliminate any liquidity issues vendors like me have with coins with no market depth. This will allow me to exchange dvc to usd or btc without affecting thr exchange rate...

I would love to hear more about this as more information comes to light. This is a big issue I've had with accepting Devcoin: it's too risky at the moment because if I have to source items, I have to convert to USD at some point. This means either speculating on price or overcharging for items to create a cushion.

[sidhujag]

speaking with the coinpayments new owner there will be a cool new idea to use a ripple gateway to settle alt coins in IOUs which will eliminate any liquidity issues vendors like me have with coins with no market depth. This will allow me to exchange dvc to usd or btc without affecting thr exchange rate...

I would love to hear more about this as more information comes to light. This is a big issue I've had with accepting Devcoin: it's too risky at the moment because if I have to source items, I have to convert to USD at some point. This means either speculating on price or overcharging for items to create a cushion.

I know what you mean.. speaking with him it seems like there would be an IoU market which will exchange alts for btc or usd or other fiat and then the tx is conplete either when there is a buyer of that iou or the market maker (coin payments) Buys the iou and settles over time.. Not sure about that part.. but since the ripple gateways will be used by banks there will be a large influx of volume available for these ious so it may be atleast somewhat plausable.. I may end up working with the owner of coinpayments to get it ready for the nextgen so If I do i will keep devcoin community posted.

[ranlo]

speaking with the coinpayments new owner there will be a cool new idea to use a ripple gateway to settle alt coins in IOUs which will eliminate any liquidity issues vendors like me have with coins with no market depth. This will allow me to exchange dvc to usd or btc without affecting thr exchange rate...

I would love to hear more about this as more information comes to light. This is a big issue I've had with accepting Devcoin: it's too risky at the moment because if I have to source items, I have to convert to USD at some point. This means either speculating on price or overcharging for items to create a cushion.

I know what you mean.. speaking with him it seems like there would be an IoU market which will exchange alts for btc or usd or other fiat and then the tx is conplete either when there is a buyer of that iou or the market maker (coin payments) Buys the iou and settles over time.. Not sure about that part.. but since the ripple gateways will be used by banks there will be a large influx of volume available for these ious so it may be atleast somewhat plausable.. I may end up working with the owner of coinpayments to get it ready for the nextgen so If I do i will keep devcoin community posted.

That sounds awesome! It's definitely a step in the right direction, one way or the other. And I think it would be a huge thing for not only DVC but other coins as well (and to Coinpayments if they pull it off).

[vetalysd]

VOTE FOR DEVCOIN

please donate for dev.
BTC: 13MVMftimCmpQEsryo47pTs97ubmwkT31Y
LTC: Lh9ChfS1X3YWXmapr66nQjj3qZmys3qkNw
DOGE: DJMxzVrURhmsWFZHCjK5kDVHEqP5FcfGvy

[profitofthegods]

That's great news about Coinpayments looking into Ripple - if they do decide to take that path then I would love to be one of the market makers for DVC. I already do it for other currencies across a few gateways.

[sidhujag]

That's great news about Coinpayments looking into Ripple - if they do decide to take that path then I would love to be one of the market makers for DVC. I already do it for other currencies across a few gateways.

Can you please share your experience? How does it work exactly? Are you making a market for the IOU or what? Can you offer transfer to fiat from the alt coin without affecting alt coin exchange rate?

[profitofthegods]

That's great news about Coinpayments looking into Ripple - if they do decide to take that path then I would love to be one of the market makers for DVC. I already do it for other currencies across a few gateways.

Can you please share your experience? How does it work exactly? Are you making a market for the IOU or what? Can you offer transfer to fiat from the alt coin without affecting alt coin exchange rate?

Usually I trade to make the market between various currencies and XRP. That's one of the main purposes of XRP in Ripple - if every currency is liquid to that then they will also be liquid to every other currency through it. So for example, you wouldn't need to make a market between DVC and USD, EUR, CAD, etc. to be able to trade it against all of those, because fiat is already reasonably liquid to XRP so you just need a market from DVC to XRP (and hopefully back).

Normally I'm not trying to think of how to support a service or gateway or working for anyone to provide a service, just trying to profit from the spread. I could certainly put offers on the book to buy and sell DVC for XRP, maybe for Bitstamp.USD, but only so far as I could make it profitable.

As to affecting the exchange rate, if what you want to avoid is a single large trade moving the market more than it rightly should because its a big amount at once and the books are too thin, then what you need is market makers - whether they are on Ripple or anywhere else. I guess going through XRP may be able to help with this if you are effectively consolidating all of the different DVC>fiat markets into a single DVC>XRP market with a bigger orderbook and established XRP>Fiat markets on the other side.

In the interests of full disclosure - I don't want to give the impression I'm some big whale or something. I'm just a writer whose been managing to make a little extra cash through trading on Ripple.

[weisoq]

What do you mean by market making - you're running a book on behalf of a gateway, or you trade the bid/offer on a particular gateway for yourself? Do you carry inventory or just trade in/out? Interested to know more as an open transactions/ripple transfer mechanism for other currencies/assets is where I think cryptos will move to but haven't been following them for a while.

As you say, liquidity is key and that means either credit/collaboration/smart contracts. There could be a lot of potential to build Devcoin flow via ripple/OT where it's mutually beneficial. People seem to forget that we should all be (mostly) on the same team if we want to make stuff happen, just in different positions. But combining broader network and liquidity with potential impact and appeal that Devcoin could bring to a wider world outside tech seems worth aiming for. Or even just to make some money in the meantime. I need to take another look into all this.

[profitofthegods]

I definitely agree with you that people should recognize more that we are all on the same team, well said.

By market making I mean that I have both buy and sell orders open for a given currency pair, at a range of gateways. Often that means keeping a larger offer (at least as large as I can with my limited funds) a little bit off the best price - so people wanting to make a big order do still have to pay slightly more to give you enough profit to cover the risk of holding that currency when the price may be moving against you, but they wouldn't have to go as far down the orderbook as they would otherwise. Its not on behalf of anyone, I'm just trying to buy more cheaply than I sell.

Personally I only trade with currencies that I'm willing to hold so I'm not too focussed on buying and selling instantly, although I sometimes can do that when there is an arbitrage opportunity from the price being different across two or more gateways. I think most market makers are probably the same, but I don't really know.

BTW Ripple Labs offers a lot of support to people wanting to build on Ripple and there is a start-up accelerator at Cross Coin Ventures which offers mentoring and venture finance to people working with Ripple, so it might be worth contacting one of those to see whether they have any ideas about the best way to do this - I'm sure they will be able to provide more reliable information and better ideas than me.

[sidhujag]

optimized some more and added buy it now feature. http://devcoinauctions.com/faqs/can-users-cash-creditsclaim-refund/

[ranlo]

optimized some more and added buy it now feature. http://devcoinauctions.com/faqs/can-users-cash-creditsclaim-refund/

The buy it now feature is a great addition. It essentially means that if you are planning to buy something anyways, you can bid freely and know you won't overspend. It makes things much more safe, .

[sidhujag]

optimized some more and added buy it now feature. http://devcoinauctions.com/faqs/can-users-cash-creditsclaim-refund/

The buy it now feature is a great addition. It essentially means that if you are planning to buy something anyways, you can bid freely and know you won't overspend. It makes things much more safe, .

Yep exactly glad it makes things more intuitive.. So essentially the site is like any shopping site plus ability to buy cheaper than retailer.

Now when I add the voucher thing it should make it really interesting.

I was thinking about getting a review made like quibids.com vs devcoinauctions.com.. would you be interested or should I post it as an open bounty? Its great we have writers at our disposal because it is the most effective way to market. To create persuasive writing to generate conversions.

[weisoq]

I definitely agree with you that people should recognize more that we are all on the same team, well said...

Thanks I’ll check the links. Yes, instead of hundreds of competing clones we should all be most focused on getting basic ideas and opportunity out there. If Devcoin's liquidity and particular concept can be collaboratively grown via bitcoin, or ripple, or OT (and vice versa) that's fine by me. These trends are going to happen anyway, if would be better if it was all on our collective terms rather than that of the state or big business.

You may also want to keep an eye on open transactions. It’s potentially a few steps on in terms of autonomy, although that’s not to knock ripple they’re just different concepts - a comparison: http://opentransactions.org/forum/index.php?topic=3759.0 (a bit biased, but I'm nothing to do with OT and you already know about ripple so only for info). I'm not sure it's quite ready for the masses, or perhaps me and the masses aren't yet ready, but another step on the road to real change and I'd assume there will be market-making opportunities there too - with units of basically any digital currency/asset issued through the system.

[profitofthegods]

Thanks Weisoq, I have been trying to keep an eye on OT too and it looks good, although I haven't really had the time to learn as much about it as I would like. Maybe I should make more of an effort to explore it.

[JJqiu1]

If we all just earn coins and hold them, nothing will happen.

[smeagol]

If we all just earn coins and hold them, nothing will happen.

Do the bid packages give BTC bids or DVC bids?

[sidhujag]

If we all just earn coins and hold them, nothing will happen.

Do the bid packages give BTC bids or DVC bids?

Sorry I created those a long time ago... those will be DVC bids but the bigger packages are btc/ltc bids... because they accept btc/ltc only bids. The ones that accept DVC bids will give out dvc bids.

Looks like this auction is passed the reserve and will award the winner, it will be the first auction winner!

http://devcoinauctions.com/blog/auction/340/

melodiemuse is ahead atm.

I've edited the auction descriptions... I also added a widget on the auction screen to show visually using icons which bids are accepted by the auction aswell as which ones are valid for your account (based on how many bids you have... there is a checkmark next to the icon which shows which bid you are currently using).

If the auction doesn't accept the type of bid it is grayed out regardless if you have bids of those types.

Litecoin logo is weird it is already grayed out so hard to show that it is accepted.

The widget description and icons will dynamically update based on your bidding.