Exchange for sale - From "Coinnext" to "NeoX"
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It is. Having emailed to Scholarpedia, I would like to make my contribution to the topic of CIC in two stages:
1. Basics of our value.
2. Concrete strategy of creating value.
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I agree, it’s pie in the sky at the moment, but my thinking is that there needs to be clear plans in place as to what we stand for, which will have to be written in stone in the documents of incorporation. I would propose the CIC, is an organisation responsible for the stewardship nothing more and given a name to make it distinctly different from feathercoin the network/technology. Something akin to Bitcoin’s ‘Foundation’ or similar. The C.I.C would be there to support the technology but not have any overall control, which will remain in the firm principles of opensource and majority consensus, thus preventing feathercoin from centralisation.
A C.I.C could get involved in more community based events, perhaps even things like training days?
Thinking out aloud here. :)
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Exactly. The CIC would be there to support the value and usability, but would not attempt to control how the blockchain works. Training days are good, but the coin will remain unusable while these swings continue, and you bet they will continue for years unless we do something. My viewpoint is, set up a white market, where everyone is naked with all his or her purchases in front of peers, and where fat tax is paid to the CIC upon funding in, which would serve to set up the market stabilization bags for the few years before the wild market stops oscillating. Therefore, I suggest that the CIC name be either Feathercoin Foundation, or Nudist Beach. And I think that the second one is better, because it sounds younger.
In other words, yes, exchange software will be needed, and so will be the nudist user database.
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Nobody wants to see me nude. Not even me. Lol
But yeah sounds like a great idea!
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Sounds good, do you know any of the coding details and who could work and maintain it?
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Do we know what language its written in?
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And what database do they use? I hope not MySQL…
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What’s wrong with mysql?
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It generally sucks. Postgres, Mongo are better…
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I’m not sure I agree but I understand why you would say that. I’m all about neo4j these days :)
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Do we know why Coinnext is closing?
I believe they don’t want very much at all for the code for their exchange, which in itself does worry me a bit.
Last thing we want to do is set up an exchange and become another exchange in the long line of hacked exchanges.
Before we can commit to setting up an exchange we need to have the skills to maintain that, whether that be by volunteers or paid support.
A CIC along the lines of the Bitcoin foundation would be good, but I would hate for it to become a ‘rich mans club’ like the bitcoin foundation seems to of become.
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It is suspicoius that they are “closing”, but selling only software, while keeping the domain and users. They could sell the whole stack. I almost think that in such case, it is better to start writing own site from the scratch.
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That’s a pretty huge undertaking but you may be correct. We are talking hundreds of man hours to get to the point they are at. But t least we would then have the knowledge of the software and full support if any problems arise. It would still take alot of code archeology and review to figure out what their code is doing. :)
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At the beginning, what you need is just 2 roles:
1. Dude who sets up the CIC so that it is authorized to hold fiat for the users, who studies up what the UK laws are for such
an enterprise. I thought that Bush had a strong background in this.
2. Dude who sits down with Postgres or Mongo and makes 3 tables: Users, FTC sell orders in USD, and FTC buy orders in USD.
And sets up a server that provides the sell and buy orders through some sort of JSON or YAML based API, and that displays
a simple webpage with those sell and buy orders and a way for the users to make them and take them.
Exchange really is nothing complicated. Just choose a good programming platform to begin with, something like Rails, and it’s
really just a login and one trading page at the beginning. I wouldn’t go for anyone’s snake oil if they don’t sell the domain and
the users with it. That’s grossly suspicious. User registration would be through email at first, no need for registration forms.
But the dude 1. would need to be aware of the laws rearding information collection and such. It is important that both dudes
be morally impeccable, but it is more important for dude 1., who should again be Peter Bushnell himself, or a female collaborator
accountable to him. If it is not Peter Bushnell, I prefer female because they have 6x lower rate of psychopathy. Having a
corporate psychopath taking charge of 1. would be the death of the project.
So this would be the basis of pseudoanonymous, or “black” part of the market. But what we really want to set up to infuse FTC
with value would be the whithe part â€" the nudist beach where wallets would stand naked with their fianancial life in front of
each other, and not just in front of the state organizations.
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Do We plan to build a ourself exchange ?
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If we are to build the white market with stabilized prices, we have to. We need a loyal marketplace that values Featherocoin brand above Bitcoin brand. It seems that the moochers to whom the initial FTC bags were dropped aren’t gonna do it. There will be two markets – black (pseudoanonymous, like btc-e or cryptsy) and white (real name). The black part is easier, so let’s start learning on that one. Btw., you should yourself build one in China.
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I saw the exchange for sale and thought I would mention the idea.
It is a bit suss that they’re selling it now that I think about it.
The price they are asking is in my opinion reasonable but not cheap.
Maybe they have stashed a backdoor in the software or maybe they lost interest in running it.
With all this said. Maybe NeoX is better saved for the previous idea of building in crypto exchange within the wallet. I can’t see why we couldn’t collaborate with a few exchanges to have a secure system integrated into the ftc wallet. Pair this with 2FA, put in a small fee for all transactions that fuel the community pool and that is a better solution than having to deal with the excess work required to run an exchange.
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If we are to build the white market with stabilized prices, we have to. We need a loyal marketplace that values Featherocoin brand above Bitcoin brand. It seems that the moochers to whom the initial FTC bags were dropped aren’t gonna do it. There will be two markets – black (pseudoanonymous, like btc-e or cryptsy) and white (real name). The black part is easier, so let’s start learning on that one. Btw., you should yourself build one in China.
Right now. No one want’s to spend their ftc. We all know that it could very well increase in value by 100x in the coming years. There’s no use pushing for a marketplace based on ftc. The current one is barely even used let alone known about.
What needs to be focused on over the coming 2 years, is building on the bc tech. We need to be focused on laying down the infrastructure for people to use the currency. Integration into social platforms like FB, twitter, google etc. are also important.
Also, when it comes to price. We need to forget about price manipulation. Infact, we need to forget about price all together. Price right now means nothing in 20 years if we aren’t around. Those who stick around and do the hard work will eventual be rewarded but if ftc jumps to $100 right now as I type this, nothing good would ever come of it… Price is a representation of the overall faith people have in the coin. If you consider that ftc has stayed in the top 20 this whole time, you can see that we are undervalued, but that’s good. It gives the honest people more time to acquire greater amounts of ftc. If we were worth the same as even just litecoin, the attention brought to us would make us massive targets for hacks/scams/etc. The team could never cope with that.
I beleive we have a few angel investors outside of the ftc community who know all this. They are simply waiting for us to be ready, organised, and equipped, for the surge of attention we will be get in the end.
Scalability is key here, we have arrived at the cusp of the beginning.
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Infact, we need to forget about price all together. …
It gives the honest people more time to acquire greater amounts of ftc. …
Words of wisdom there. Couldn’t say it better. It is now that we have to contact the honest people. I emailed to Scholarpedia, we should ask the same from Y-Combinator, and we should contact other places where honest creators of value flock. It is them whom we want to be the early adopters. But this thread was about exchange software, so I talk about exchange software and other things needed to build exchanges…
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I’m loving the energy in this thread.
panoramix - I would love to be dude 2 or at least in team “Dude 2”
would a first round of development be worth looking at trading FTC< = >BTC only which means we dont have to deal with the banks etc. this would mean its International
:)
