Seems so, because in FAS announcement there is a reference to FASBIT...
The Sirix platform looks slick and I have hunch that gamblers will just love the "trading on margin" feature.
So I'm gonna keep an eye on this project.
Just to be clear, fasbit info page wants to sounds like they have "contracted" the exchange platform developers to include crypto,
but fact is they already enabled BTC for their customers according to press releases Dec 2013 (google "sirix bitcoin").
So this is certainly not exclusive to fasbit.
What's the time scale for launch?
I assume Leverate is doing the hosting and support? What are the monthly costs?
Considering that you are going to act as a forex as well, are there any regulations that apply to fasbit and have consulted someone about this?
What experience does fasbit or any fasbit employee have in the finance sector?
Do you already have a formal relationship with a bank or several banks that are willing to work with you as a forex/cryptex?
What is your marketing plan?
I'm willing to investigate, because the promise of margin trading is a huge thing (because even I am tempted to try this as soon as I can).
But I just need a bit more reassurance that fasbit can pull this off.
Running an exchange is an immensely more complex endeavor than running a mining farm.
Right you are on most everything in your post...
1. "contracted" = setting up exchange with exotic pairs.. Example: Russian Rubles <> LTC anything that is not on the normal FOREX is considered an exotic and requires special set up and cost. Just like when a new crypto-coin is launched. the existing exchanges have to set it up.
2. Time scale. I can pull the trigger on -dev team and launch within 3 weeks of final payment. I put $1000 downpayment out of pocket to lock in a price. The software portion of the IPO is $20,000 USD.
3. FOREX. Yes. That is why the company selling the shares and conducting the business is located in Cayman Islands and not US. The US rules are crazy.
4. Fasbit experience in FOREX > I personally have 8 years forex trading experience, 3 of those full time. The Sirix team will fill in the gaps. I get lots of training on the implementation side.
5. Banking. Yes.
6. Marketing. In the works and will take some time.
6. Complexity. The good thing here is Leverate really does all of the heavy lifting. 100% hosted servers in UK and server mgmt. The fasbit side is mostly marketing, AML and CYK compliance, and cash mgmt. Leverate doesn't handle any money.
If you want this to happen...join in and help me get it off the ground. This is community owned. 100% transparent project. I have to raise 50 BTC to get the software guys rolling.
./fasbit
