elective-stereophonic
elective-stereophonic
Old post deleted singapore
Please login or register.

Login with username, password and session length
Advanced search  

News:

Latest Nxt Client: Nxt 1.11.15

Author Topic: Old post deleted  (Read 1334 times)

Benzedi

  • Jr. Member
  • **
  • Karma: +7/-11
  • Offline Offline
  • Posts: 85
    • View Profile
Old post deleted
« on: September 28, 2015, 07:00:21 pm »

Old post deleted
« Last Edit: March 05, 2018, 04:04:06 pm by Benzedi »
Logged

blackyblack1

  • Hero Member
  • *****
  • Karma: +165/-82
  • Offline Offline
  • Posts: 1763
    • View Profile
Re: [ANN] Raising finance for potential cryptocurrency exchange.
« Reply #1 on: September 28, 2015, 07:42:16 pm »

I estimate funds to kickstart your own exchange at $15000. I'd invest in this project if you had something or someone already working in this area. Coders, site, exchange expertise, whatever. While nothing is existing and you have no experience running an exchange I would pass on this project.
You could contact TwinWinNerd to collaborate on this project. He is running a fiat exchange site and probably interested in working crypto exchange site.
Logged

EvilDave

  • Hero Member
  • *****
  • Karma: +341/-40
  • Offline Offline
  • Posts: 1789
    • View Profile
    • NXT Foundation
Re: [ANN] Raising finance for potential cryptocurrency exchange.
« Reply #2 on: September 28, 2015, 07:58:49 pm »

Yep...talk to Twin. Just talk to everyone.......and ask yourself if you really, really want to run an exchange.
It's not an easy job, and you need to be on the ball 24/7/365 or the consequences can be serious.
Logged
Nulli Dei, nulli Reges, solum NXT
NXT Donations: NXT-BNZB-9V8M-XRPW-3S3WD
We will ride eternal, shiny and chrome!

Benzedi

  • Jr. Member
  • **
  • Karma: +7/-11
  • Offline Offline
  • Posts: 85
    • View Profile
Re: [ANN] Raising finance for potential cryptocurrency exchange.
« Reply #3 on: September 28, 2015, 09:11:47 pm »

Old post deleted
« Last Edit: March 05, 2018, 04:04:15 pm by Benzedi »
Logged

TIPSEPL

  • Full Member
  • ***
  • Karma: +6/-0
  • Offline Offline
  • Posts: 210
    • View Profile
Re: [ANN] Raising finance for potential cryptocurrency exchange.
« Reply #4 on: September 28, 2015, 10:12:07 pm »

Do not underestimate the costs of running an exchange.  There are a bunch of white label solutions which provide a similar cost of entry, and are already tried and tested.

Order matching engines are very hard to get right, and one small bug can cost you a lot of coin.  You'll need resrves to make people comfortable you can recover from any loss through poor code or exploits.

Building an exchange is one thing, getting people to use it is another.  If you are going to need to fill your order books initially, this can take significant funds to keep healthy.
Logged

Benzedi

  • Jr. Member
  • **
  • Karma: +7/-11
  • Offline Offline
  • Posts: 85
    • View Profile
Re: [ANN] Raising finance for potential cryptocurrency exchange.
« Reply #5 on: September 28, 2015, 10:39:47 pm »

Do not underestimate the costs of running an exchange.  There are a bunch of white label solutions which provide a similar cost of entry, and are already tried and tested.

Order matching engines are very hard to get right, and one small bug can cost you a lot of coin.  You'll need resrves to make people comfortable you can recover from any loss through poor code or exploits.

Building an exchange is one thing, getting people to use it is another.  If you are going to need to fill your order books initially, this can take significant funds to keep healthy.

Fair concerns.

However I am yet to find a white label solution that is offered for a similar price, especially one that is unique and not re-sold.

I'm also not aware of a cryptocurrency only exchange with proof of reserves (could well be wrong). Ensuring a high proportion of funds are kept in cold storage mitigates this risk. Likewise incorporating also gives a legal entity for users to pursue.

I am yet to outline a strategy to get users to join.

Logged

marechou

  • Jr. Member
  • **
  • Karma: +12/-3
  • Offline Offline
  • Posts: 78
    • View Profile
Re: [ANN] Raising finance for potential cryptocurrency exchange.
« Reply #6 on: September 29, 2015, 09:29:47 am »


My most recent project here ended in relative failure as I had to return all the funds to users due to unforeseen FCA regulations. Never the less that involved handling and being trusted with over $2500 in funds.


I would like to comment this project.

I don't want to call benzedi a scammer but his behavior with this project was not that good in my mind.

1st/ Not all the funds returned to to the investors actually only 95% of the NXT due to price of NXT increased.

2nd/ He closed the thread after the failure so investors could not complained publicly.

On his announcement he said that investors are ready to get some losses due to variation of price of NXT  which I totally agree if the project ran for some time but actually his project almost never started...

He had 2 options to fully reimbursed investors either reimburse with his own funds or running his project for few weeks just in order to be able to reimburse investors.

Again I do understand to stop his project (doing some exchange on localbitcoin) because of AML if there was huge volume, but doing it for less than a month would have been enough and the risk for such a short period would have been pretty low risk.

Sadly I have to post this on his new project as he locked his previous thread...

Logged

Benzedi

  • Jr. Member
  • **
  • Karma: +7/-11
  • Offline Offline
  • Posts: 85
    • View Profile
Re: [ANN] Raising finance for potential cryptocurrency exchange.
« Reply #7 on: September 29, 2015, 10:28:14 am »


My most recent project here ended in relative failure as I had to return all the funds to users due to unforeseen FCA regulations. Never the less that involved handling and being trusted with over $2500 in funds.


I would like to comment this project.

I don't want to call benzedi a scammer but his behavior with this project was not that good in my mind.

1st/ Not all the funds returned to to the investors actually only 95% of the NXT due to price of NXT increased.

2nd/ He closed the thread after the failure so investors could not complained publicly.

On his announcement he said that investors are ready to get some losses due to variation of price of NXT  which I totally agree if the project ran for some time but actually his project almost never started...

He had 2 options to fully reimbursed investors either reimburse with his own funds or running his project for few weeks just in order to be able to reimburse investors.

Again I do understand to stop his project (doing some exchange on localbitcoin) because of AML if there was huge volume, but doing it for less than a month would have been enough and the risk for such a short period would have been pretty low risk.

Sadly I have to post this on his new project as he locked his previous thread...

In hindsight I probably should have kept the thread open, that was a mistake.

Whilst I appreciate the very balanced post, I thought I'd add that investors were fully aware of the risks involved regarding changes in the currency and that the full monetary value of the investment was returned (NXT price had gone up at the time). Never the less I accept that the quick closure of the asset could be interpreted as poor management on my part.

My reasoning actually has very little to do with AML regulations. It is the FCA which I was concerned about, as you effectively have to be licensed to handle other peoples money; this could have made me liable and caused legal issues.



Logged
 

elective-stereophonic
elective-stereophonic
assembly
assembly