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SwissAlps

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TheNxtForex
« on: November 04, 2014, 07:23:52 am »

TheNxtForex Committee

Why do we need one?

The Asset Exchange is working very nicely, but we have a credibility problem with the Assets and their Issuers; it is quite difficult for the moment to avoid scams and fake assets.

TheNxtForex is very important because it will be used everywhere in the world; this means a wide exposition and a lot of attention, so there is a need to supervise the corresponding Assets and Forex operations in a correct manner, in order to give Nxt a good reputation and avoid unpleasant events.

Inscription conditions (I try to limit spam and sockpuppets)
  • Newbie and Jr.Member not allowed
  • Inscription by posting in this thread, closed on Nov 7th, 10:00 GMT
  • Inscription fee 500 NXT, to be paid to TheNxtForex Committee Account NXT-MMCG-89ES-NETA-GMPR3 alias TheNxtForex


TheNxtForex Statutes, preliminary draft

Art1. The Objectives and Tasks of the Committee

Art 1.1 Implement and vote about the statutes (quorum 80 %)

Art 1.2 Elect the Praesidium, 3 members (multisig account)
Art 1.2.1 Praesidium members must be available fast
Art 1.2.2 Must be real persons (not anonymous), verified reputation, etc...

Art 1.3 Elect the Secretary

Art 1.4 Market Maker Control
Art 1.4.1  For a start, spread will be 10 %, issuing Sell and Buy guidelines
Art 1.4.2  Choosing and supporting one or two market makers by currency

Art 1.5 Trackers Assets Issuer

Art 1.6 Promoting TheNxtForex improvements
 
Art2. Membership

One member, one vote.
The members are permanent, until they resign.
With a quorum of 80 %, new members can be coopted and existing members can be excluded.

Art3. How to use the TheNxtForex Committee capital

Art3.1 The NXT capital
Art3.1.1 Forging
Art3.1.2 TheNxtForex Public Relation
Art3.1.3 Praesidium Expenses
Art3.1.4 The bulk of it stays as underlying asset for the issued trackers
Art3.2 The trackers Assets
Art3.2.1 Direct transfer to other accounts is forbidden
Art3.2.1 Use the AE, with a quotation that is equal to the Sell market maker guidelines

...to be continued...
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SwissAlps

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Re: TheNxtForex
« Reply #1 on: November 04, 2014, 07:25:18 am »

If you have questions about this, don't hesitate.

You can also PM me if you prefer some privacy.
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SwissAlps

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Re: TheNxtForex
« Reply #2 on: November 05, 2014, 07:30:04 am »


Updating Art.2

TheNxtForex Statutes, preliminary draft, continued
 
Art2. Membership

Art 2.1 One member, one vote.
Art 2.2 The members are permanent, until they resign.
Art 2.3 With a quorum of 80 %, new members can be coopted and existing members can be excluded.
Art 2.4 Maximum 50 members




...to be continued...
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SwissAlps

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Re: TheNxtForex
« Reply #3 on: November 06, 2014, 05:59:58 am »

Not much answers until now, is it because it will cost you 500 NXT or is it because you do not win something with it ? I wonder. But here are a few new proposals that should make the deal nicer.

After the deadline expires, I will set a new deadline and allow Jr Members (and after that allow Newbies, and after that make it free  :-[ :-[ :-[).

So if you want to be a "Founding Father", these are the members 1-10, you should hurry.

I update the statutes again to show the benefits of beeing a "Founding Father", you have more risk (500 NXT), so more benefit.
 

Updating Art.2   AGAIN  :)

TheNxtForex Statutes, preliminary draft, continued
 
Art2. Membership

Art 2.1 Numerus Clausus : 50 members, no more, no less.
Art 2.2 Voting
Art 2.2.1 Member 1-10, Founding Father members, have two votes
Art 2.2.2 Member 11-50, Standard member, have one vote
Art 2.2.3 Total members 50, total votes 60
Art 2.2.4 If a membership becomes free (see Art 2.1) new members can be coopted , with a least 80 % votes (48 votes)
Art 2.2.5 Existing members can be excluded, with a least 80 % votes (48 votes)
Art 2.3 The members are permanent, until they resign
Art 2.4 Members can not be anonymous, they have to be real persons and are known to the other committee members; of course, this info is confidential
Art 2.5 A line in TheNxtForex operating budget will reserve a yearly amount of 40'000 NXT, this amount is distributed to the committee members as follows :
Art 2.5.1 Each Founding Father member receives every year 2'000 NXT, total yearly 20'000 NXT
Art 2.5.2 Each Standard member receives every year 500 NXT, total yearly 20'000 NXT


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LocoMB

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Re: TheNxtForex
« Reply #4 on: November 06, 2014, 06:55:55 am »

I am interested! Sorry, I have not been able to follow up due to workload!
I'll get back later!

500NXT is a token amount, but still ok to ask for some, because that will make people think if they really want to engage in this or just jump on every ride that offers a free ticket...
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SwissAlps

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Re: TheNxtForex
« Reply #5 on: November 06, 2014, 06:59:35 am »


I am interested! Sorry, I have not been able to follow up due to workload!
I'll get back later!

Hi l8orre,

Nice  :) to  :) see  :) something  :) moving  :) on  :) this  :) thread  !!!
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monsterer

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Re: TheNxtForex
« Reply #6 on: November 07, 2014, 04:34:35 pm »

You ought really to provide a whitepaper, or a least a basic description of how you intent to peg the value of a NXT asset to an external price?

Because pegging is at the cutting edge of what is and isn't possible in cryptocurrency.

Without that and proper peer review, I would think you'll find it difficult to get people to trust your assets.
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SwissAlps

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Re: TheNxtForex
« Reply #7 on: November 09, 2014, 06:46:50 am »

Starting now, everybody in the forum can join, including Newbies

Note : only 49 places left, allocated FIFO

You ought really to provide a whitepaper, or a least a basic description of how you intent to peg the value of a NXT asset to an external price?

Because pegging is at the cutting edge of what is and isn't possible in cryptocurrency.

Hi monsterer,

You are right, I think that I need to explain much more how this project works; I am on holidays just now but will do it next week.

Pegging using a tracker like NXTEUR is very easy, especially if you pegg against something that is supposed to decrease in value, like is the case for fiat; this is because the backing of the trackers is NXT, so if you believe in NXT, you believe also that the backing assets are increasing in value.

Without that and proper peer review, I would think you'll find it difficult to get people to trust your assets.

There is small misunderstanding here, it will not be "my assets"; all these trackers will belong to TheNxtForex committee; my current NXTEUR, NXTUSD and NXTCHF will be entirely transfered to the committee, I do not keep one cent for my personal use.

It is suppose to be a collective work between equals, 50 forum members, decisions taken by vote, etc..., of which the first 10 have a few better conditions, two votes instead of one, and a better yearly bonus, but that's about it. And I do not plan to be involved in the day to day business, once the project is running smoothly.

So, to answer your question, the peer review IS the committee itself; that's why I was first keeping out JrMembers and Newbies. Because the committe members are not anonymous inside the committee, I am not afraid that we get too much spammers  (blocked also by this little entrance fee).

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monsterer

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Re: TheNxtForex
« Reply #8 on: November 09, 2014, 12:04:01 pm »

Pegging using a tracker like NXTEUR is very easy, especially if you pegg against something that is supposed to decrease in value, like is the case for fiat; this is because the backing of the trackers is NXT, so if you believe in NXT, you believe also that the backing assets are increasing in value.

You're talking about extremely long term here. But in the medium and short terms, NXT will both rise and fall against the USD, so the mechanism you have for keeping the price of the asset stable and correctly tracking is very important.

Quote
There is small misunderstanding here, it will not be "my assets"; all these trackers will belong to TheNxtForex committee; my current NXTEUR, NXTUSD and NXTCHF will be entirely transfered to the committee, I do not keep one cent for my personal use.

Ok, then you will need to convince your committee members to trust your assets tracking mechanism.

Quote
So, to answer your question, the peer review IS the committee itself; that's why I was first keeping out JrMembers and Newbies. Because the committe members are not anonymous inside the committee, I am not afraid that we get too much spammers  (blocked also by this little entrance fee).

Well, you had better hope that your private committee members are economics experts who are capable of helping you work with your tracking mechanism :)
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capodieci

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Re: TheNxtForex
« Reply #9 on: November 09, 2014, 12:50:05 pm »

Inscription conditions (I try to limit spam and sockpuppets)
  • Newbie and Jr.Member not allowed
  • Inscription by posting in this thread, closed on Nov 7th, 10:00 GMT
  • Inscription fee 500 NXT, to be paid to TheNxtForex Committee Account NXT-MMCG-89ES-NETA-GMPR3 alias TheNxtForex

...to be continued...

I saw this only now (Nov 9th) and I am very interested. Still in time to send my 500NXT and subscribe?

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capodieci

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Re: TheNxtForex
« Reply #10 on: November 09, 2014, 12:52:38 pm »

Oh, ya, I saw now open to everyone. Ok, then I leave it to everyone :) Cheers.
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SwissAlps

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Re: TheNxtForex
« Reply #11 on: November 10, 2014, 06:59:43 am »

Oh, ya, I saw now open to everyone. Ok, then I leave it to everyone :) Cheers.
Hi Capodieci,

  • We very much need you here, your advices, etc...  :)
  • It's not too late
  • TheNxtForex represents huge opportunities
  • Open to Newbies now, but the 500 NXT fees makes a kind of good first screening
  • There will be only 50 members, so everyone is welcome here, but in a very limited way !
  • As soon as the committee is complete, every member has to prove his physical existence, so quite difficult to cheat
  • By participating into this committee, you make the NXT stronger, because Forex is a vital bridge to the real world
  • And the nicest feature : We do not need initial funding, so you do not have to fear scams, etc... !!!

And also, the Newbies of today are the Heroes of tomorrow...


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capodieci

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Re: TheNxtForex
« Reply #12 on: November 11, 2014, 01:16:27 am »

How many people so far have joined?
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SwissAlps

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Re: TheNxtForex
« Reply #13 on: November 11, 2014, 06:46:32 am »

Very easy, you can always look at the incoming transactions of TheNxtForex account NXT-MMCG-89ES-NETA-GMPR3 using http://nxtreporting.com/?a=NXT-MMCG-89ES-NETA-GMPR3&c=USD

Starting slowly... ;D
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SwissAlps

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Re: TheNxtForex
« Reply #14 on: November 14, 2014, 07:18:38 am »

TheNxtForex Committee

Hi guys, do I detect a lack of interest ?

So you want more precisions and discussions about this; no problem, just ask, we will discuss the Whys and the Hows.
  • The Committee does not handle FIAT and will have nothing to do with FIAT, this aspect will be done by third parties
  • First task is to provide a stable tracker, we will start with NXTEUR, just to show what can be done with it

New Inscription conditions
  • All forum members allowed
  • Inscription fee 500 NXT, to be paid to TheNxtForex Committee Account NXT-MMCG-89ES-NETA-GMPR3 alias TheNxtForex
  • Inscription by posting in this thread OR by appending an encrypted message on your fee transaction indicating your forum name
  • Remember that inside the committee your real name will be known to all other committee members
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Lagb

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Re: TheNxtForex
« Reply #15 on: November 15, 2014, 09:09:38 am »

TheNxtForex Committee

Hi guys, do I detect a lack of interest ?

So you want more precisions and discussions about this; no problem, just ask, we will discuss the Whys and the Hows.
  • The Committee does not handle FIAT and will have nothing to do with FIAT, this aspect will be done by third parties
  • First task is to provide a stable tracker, we will start with NXTEUR, just to show what can be done with it

Hi SwissAlps, some questions:
  • Who are these third parties?
  • How are they managed?
  • How works the tracker? For now NXTEUR is manual, isn't it?
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SwissAlps

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Re: TheNxtForex
« Reply #16 on: November 17, 2014, 08:37:14 am »

TheNxtForex Committee

Hi guys, do I detect a lack of interest ?

So you want more precisions and discussions about this; no problem, just ask, we will discuss the Whys and the Hows.
  • The Committee does not handle FIAT and will have nothing to do with FIAT, this aspect will be done by third parties
  • First task is to provide a stable tracker, we will start with NXTEUR, just to show what can be done with it

Hello Lagb, here a few answers

  • Who are these third parties?
  • How are they managed?
Converting NXT to FIAT, or FIAT to NXT, is something a little perilous, depending upon the laws of the country where you live, and depending upon the legal status of the involved participants; so this part is not touched by  TheNxtForex Committee; for the moment, I have done it as an experiment on the NXTEUR, and it's working fine and very easy for anybody to set up, implement and have it working.

The ease of way to do that means that it is unstoppable; if a country doesn't like it, a Nxter will do it from another country.

NOTE: Some countries, Russia I think, even forbid to talk about this !

To see how easy this is, see the thread https://nxtforum.org/index.php?topic=5035.0. For a while, I continue to propose this little service.

  • How works the tracker? For now NXTEUR is manual, isn't it?
TheNxtForex Committee goal is to make sure that the AssetExchange buy and sell orders on NXTEUR, then NXTCHF, NXTUSD, NXTARS,  NXTAUD, NXTBHD, NXTBMD, NXTBOB, NXTBWP, NXTBRL, NXTGBP, etc...(see full list here https://nxtforum.org/index.php?topic=6303.msg126287#msg126287) are usable by real world businesses; this objective will be attained by enforcing a buying and a selling wall for each of the supported currencies.

It means a robot that sets automatically the needed orders; for each currency, TheNxtForex Committee will choose, support, and promote 1-n "Market Makers"; if they follow very precise rules edited by TheNxtForex Committee, they get in counteparty a full backing of their transactions.

For the moment, NXTEUR is a SwissAlps asset, and I do all this AE rates manually. As soon as the TheNxtForex Committee is operational, this asset will be transfered and will entirely belong to the Committee.
« Last Edit: January 22, 2015, 08:00:56 am by SwissAlps »
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SwissAlps

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Re: TheNxtForex
« Reply #17 on: December 21, 2014, 05:06:45 pm »

Pegging using a tracker like NXTEUR is very easy, especially if you pegg against something that is supposed to decrease in value, like is the case for fiat; this is because the backing of the trackers is NXT, so if you believe in NXT, you believe also that the backing assets are increasing in value.

You're talking about extremely long term here. But in the medium and short terms, NXT will both rise and fall against the USD, so the mechanism you have for keeping the price of the asset stable and correctly tracking is very important.

Quote
There is small misunderstanding here, it will not be "my assets"; all these trackers will belong to TheNxtForex committee; my current NXTEUR, NXTUSD and NXTCHF will be entirely transfered to the committee, I do not keep one cent for my personal use.

Ok, then you will need to convince your committee members to trust your assets tracking mechanism.

Quote
So, to answer your question, the peer review IS the committee itself; that's why I was first keeping out JrMembers and Newbies. Because the committe members are not anonymous inside the committee, I am not afraid that we get too much spammers  (blocked also by this little entrance fee).

Well, you had better hope that your private committee members are economics experts who are capable of helping you work with your tracking mechanism :)
Hi monsterer,

Just reading your http://www.wildbunny.co.uk/blog/2014/06/24/algorithmic-trading-with-bitcoin-part-2/. It is awfully interresting.

You are perfectly right that the tracking mechanism is a vital part. It would be very nice to have you on TheNxtForex Committee; I am sure you could contribute a lot. If we take your blog, we are speaking here about how to protect uninformed traders from excessive valuations.

If we want end users like restaurants, small producers, etc..., accepting cryptos, we need to insulate them from the wild gyrations; they need things like NXTEUR, NXTUSD or NXTCHF. If they adopt NXTEUR, they don't have to quote their products using strange crypto acronyms; they do not even care what king of crypto is used. If we make it easy for cryptoholders to get NXTEUR, and easy for businesses to get EUR, problem is solved. Of course, there is price to pay for this stability, a premium when going from crypto or fiat to NXTEUR and a premium when converting NXTEUR to fiat EUR. Question : How high must these premiums be, to make the market making profitable ?
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SwissAlps

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Re: TheNxtForex
« Reply #18 on: January 21, 2015, 02:43:38 pm »

Inscriptions using the easy way of sending 500 NXT to the Committed account are now closed.

We are now ready to continue this in a more intensive way, through an IPO; of course the already registered members don't have to bother about this; you will find details concerning this Committee constitution in the following thread  https://nxtforum.org/index.php?topic=7807.0

Tomorrow, around 09:00 GMT, I will explain the details of the IPO.
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Re: TheNxtForex
« Reply #19 on: January 21, 2015, 03:08:35 pm »

Tomorrow, around 09:00 GMT, I will explain the details of the IPO.

Looking forward to this! ;)

R
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