Proposal “IntegratingDashinAfricanExchange“ (Closed)Back
| Title: | Integrating Dash in African Exchange |
| Owner: | tkembo |
| One-time payment: | 177 DASH (5074 USD) |
| Completed payments: | no payments occurred yet (1 month remaining) |
| Payment start/end: | 2017-06-19 / 2017-07-19 (added on 2017-06-04) |
| Final voting deadline: | in passed |
| Votes: | 201 Yes / 431 No / 46 Abstain |
Proposal description
Short Description:
https://bitcoinfundi.com a Zimbabwe based exchange has bitcoin as the only cryptocurrency on it right now. Bitcoin miner fees have become too high, confirmations are taking forever and there is not enough bitcoin liquidity meet the local demand for bitcoin. We are going to Dash (a better alternative) but we need support from the Dash community.
Cost:
Month 1: (August 2017): 111Dash
Month 2: (September 2017): 3 Dash
Month 3: (October 2017): 63 Dash
Total cost: 177 Dash
Duration:
3 months
I just want to emphasise here that: The money we're asking for here is not going towards paying salaries or developers to do the integration - we are going to cover human resource expenses ourselves. However, the bulk of this funding is going towards providing the initial liquidity (through market making) and the rest is going towards awareness. The rest of this proposal explains why both of these are important to have after we finish the integration.
We have had some great feedback on theDash.org forum and answered the most important questions about the proposal at this link: https://www.dash.org/forum/threads/pre-proposal-integrating-dash-in-african-exchange.14940/
About me:
I got involved in cryptocurrency through bitcoin in 2012 and now run a bitcoin exchange in Zimbabwe called BitcoinFundi. We are one of the few bitcoin exchanges in Africa and have been live since September 2015.
About my project:
We're seeing real use cases for cryptocurrency here in Africa (Zimbabwe specifically). Individuals and companies are actually using bitcoin to make cross-border payments and send remittances in ways they couldn't before. To give an example, capital controls in Zimbabwe (as in many African countries) have made it difficult to send money outside the country so a lot of people couldn't get into certain types of businesses because of the challenges involved in paying suppliers abroad.
Our solution (which is built on bitcoin), works today, however, we have a few challenges that have pushed us to consider integrating Dash. These are:
Deliverable:
The USD equivalent of the 30 Day Trailing volume of Dash that is traded on BitcoinFundi should equal or exceed the USD equivalent of bitcoin's 30 Day Trailing Volume at the end of the project period.
Why we need the funding:
We shall self fund the development and integration on Dash into BitcoinFundi but Dash to take off, we need financial assistance in the following areas:
Link to Detailed Doc: https://drive.google.com/file/d/0ByG7Lr1QL_6sZjhUZzkzV2VMRUU/view?usp=sharing
https://bitcoinfundi.com a Zimbabwe based exchange has bitcoin as the only cryptocurrency on it right now. Bitcoin miner fees have become too high, confirmations are taking forever and there is not enough bitcoin liquidity meet the local demand for bitcoin. We are going to Dash (a better alternative) but we need support from the Dash community.
Cost:
Month 1: (August 2017): 111Dash
Month 2: (September 2017): 3 Dash
Month 3: (October 2017): 63 Dash
Total cost: 177 Dash
Duration:
3 months
I just want to emphasise here that: The money we're asking for here is not going towards paying salaries or developers to do the integration - we are going to cover human resource expenses ourselves. However, the bulk of this funding is going towards providing the initial liquidity (through market making) and the rest is going towards awareness. The rest of this proposal explains why both of these are important to have after we finish the integration.
We have had some great feedback on theDash.org forum and answered the most important questions about the proposal at this link: https://www.dash.org/forum/threads/pre-proposal-integrating-dash-in-african-exchange.14940/
About me:
I got involved in cryptocurrency through bitcoin in 2012 and now run a bitcoin exchange in Zimbabwe called BitcoinFundi. We are one of the few bitcoin exchanges in Africa and have been live since September 2015.
About my project:
We're seeing real use cases for cryptocurrency here in Africa (Zimbabwe specifically). Individuals and companies are actually using bitcoin to make cross-border payments and send remittances in ways they couldn't before. To give an example, capital controls in Zimbabwe (as in many African countries) have made it difficult to send money outside the country so a lot of people couldn't get into certain types of businesses because of the challenges involved in paying suppliers abroad.
Our solution (which is built on bitcoin), works today, however, we have a few challenges that have pushed us to consider integrating Dash. These are:
- Liquidity - there is not enough bitcoin in circulation in Africa to meet the local demand for cryptocurrency.
- Arbitrage - The price of bitcoin is almost always significantly higher in Africa than it is in other parts of the world.
- The bid-ask spread is always high because of the liquidity situation. it's also very difficult to buy bitcoin instantly.
- High transaction fees and long confirmation times are making bitcoin less and less attractive are ruining the user experience for cryptocurrency users who only know bitcoin.
- People will get access to an alternative cryptocurrency that is faster and cheaper and (if this works) is more readily accessible.
- Having a cryptocurrency pair also increases the volume and liquidity because it allows people outside Africa to also trade on the platform. If the only currency pairs are bitcoin and local fiat currencies then only people in Africa will trade because people outside Africa cannot easily get access to local fiat currencies. To give an example: someone outside Africa, who wants to help with liquidity there, can market make on our exchange on the bitcoin/Dash currency pair - knowing that whichever whichever of the two currencies they make their profit in, they can always take it out.
- Help and support form Dash tech community as we do the integration.
- Financial assistance in terms of a float for market making to provide the initial liquidity for this currency to take off.
- Financial assistance for marketing and awareness.
- Promotional materials - logos, t-shirt designs, flyer designs, etc.
- DASH/USD, DASH/BTC and DASH/ZAR currency pairs added to BitcoinFundi - deadline: 31 August 2017
- First sponsored article on TechZim to make the announcement - deadline: 1 September 2017
- Production of explainer video in local language - deadline: 1 September 2017
- Sponsor 3 episodes of video podcast - deadlines: 1 September 2017, 31 September 2017 and 30 October 2017
- Exhibition and launch and local fintech event - deadline: 30 September 2017.
Deliverable:
The USD equivalent of the 30 Day Trailing volume of Dash that is traded on BitcoinFundi should equal or exceed the USD equivalent of bitcoin's 30 Day Trailing Volume at the end of the project period.
Why we need the funding:
We shall self fund the development and integration on Dash into BitcoinFundi but Dash to take off, we need financial assistance in the following areas:
- A float for Market Making - The bulk of the funding will go towards providing liquidity for the initial customers who will visit the exchange to buy/sell Dash. Market making is important firstly to make sure that early customers can get their order filled quickly and secondly to shorten the bid-ask spread - which will likely be wide for new currency pairs.
- Marketing and awareness - The demand for bitcoin on BitcoinFundi right now far exceeds the supply. The goal of this awareness campaign to let people know that bitcoin is no longer the only player in the game and to help them understand that Dash is a good alternative that they can start using today. Awareness will be focused on the 2 channels that have been most effective in BitcoinFundi's customer acquisition - sponsored blog and video posts and events.
- Blog post by one of our customers on how they use bitcoin to send remittances to Zimbabwe: https://www.techzim.co.zw/2016/11/save-money-using-bitcoin-send-money-zimbabwe/
- Blog by me on how we use bitcoin help locals import cars: https://blog.bitcoinfundi.com/how-we-are-helping-our-customers-buy-cars-from-beforward-b41f25c5fc92
- Blog post by me on how low cryptocurrency liquidity in Africa affects price negatively and what the possible solutions are: https://blog.bitcoinfundi.com/why-t...han-it-is-on-other-international-56bd85db1445
- Detailed budget for this project: https://docs.google.com/spreadsheets/d/1kdXxUOUMw2nOYZYmPybShYdS9OXM8iQtZMvjzzg7cbU/edit?usp=sharing
- Spreadsheet with my exchanges growth metrics since going live: https://docs.google.com/spreadsheets/d/1UXpa01CmOgiF8S8AwwzOGBNWLGSbmHr6E7yCd-dYwHE/edit?usp=sharing
- Slide Deck with more information about our company (and the use cases for cryptocurrency): https://docs.google.com/presentation/d/10FyTJTpmtOA4hZu6_l2zE15kiyTWBCzMhfLRj90dRy8/edit?usp=sharing
- A link to our trading history (@DashingDude thinks that @Biltong will want to see it): https://drive.google.com/file/d/0ByG7Lr1QL_6sQmsyTUZ5Q0p0S3M/view?usp=sharing
Link to Detailed Doc: https://drive.google.com/file/d/0ByG7Lr1QL_6sZjhUZzkzV2VMRUU/view?usp=sharing
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Discussion: Should we fund this proposal?
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this is not serious website
I don't think $1-$2 would help much as our daily volume for bitcoin now exceeds that. Plus we really need it to do some market making to allow people who are interested in DASH to be able to buy DASH and at an internally competitive price.
The demand for cryptocurrency is there and we've been able to validate it with bitcoin. But because bitcoin is scarce, price of bitcoin on our exchange are normally 15% - 20% higher than they are on international exchanges. We know this is going to be the case when DASH goes live as well and this will ruin the experience for someone who is trying out DASH for the first time.
Will pumping 177 Dash into this exchange help kick start Zimbabwe's burgeoning Dash economy? It very well could! I think we should give it a try. This is the kind of thing that I personally am in this space for. And if it works, I have no doubt that in the end, it will pay for itself many times over in new demand in Zimbabwe.
A few people have mentioned in the comments that they would like to see DASH integrated in the exchange first. I think that's a fair request and we've started the integration are expecting to have finished the integration within 7 days (it will likely be sooner).
Some people have asked to be able to see the order and book and trading history without having to first create an account and/or logging in - I think this is a fair request too and we'll make this possible as soon we finish the Dash integration (in about 7 days).
@TaoOfSatoshi, I'd love to do an interview with you on Cash Alternative TV mostly to discuss why I think it's important for locals in Africa to be able to buy Dash with fiat (we can only buy Dash with bitcoin and many still don't have access to bitcoin - I write about that here: https://goo.gl/U6e27W). We also invite some of those that are skeptical to the discussion - it will be a good chance to hear out both sides. What do you say?
Month 1: (August 2017): 111Dash
Month 2: (September 2017): 3 Dash
Month 3: (October 2017): 63 Dash
Total cost: 177 Dash
Why only 3 in the second month?
In places such as the US or the UK, it's really easy to buy cryptocurrency. An exchange there will have no problem providing liquidity. In our part of the world, it's a lot more difficult. For starters, we have capital controls that our Central Banks impose that make it impossible to wire money outside the country and so it's very difficult to provide that initial liquidity if we launch a new cryptocurrency. Add to this that bitcoin trades at a 15% to 20% premium because the demand exceeds the supply. I explain this problem in more detail in this blog post: https://blog.bitcoinfundi.com/why-the-price-of-bitcoin-in-africa-is-significantly-higher-than-it-is-on-other-international-56bd85db1445
IN month 3 we shall be hosting actual events to help educate people on what Dash is and how they can use it today. We shall not do those in month 1 and 2 because we shall be building up the hype for month 3
I am voting yes for now but will change it to no if they don't integrate it before the voting deadline(as they said they would in the comments below).
I AM MAKING THIS CONTACT ON BEHALF OF MY SISTER MRS MARIAM ABACHA, THE WIFE OF OUR FORMER HEAD OF STATE, LATE GENERAL SANNI ABACHA, NOT MINDING THE CONSEQUENCES, BUT HOPING THAT YOU WOULD UNDERSTAND OUR PREDICAMENT HENCE THE NEED FOR YOUR URGENT ASSISTANCE AND CO-OPERATION.
I AM PRINCE ISA AHMED THE YOUNGER BROTHER TO MRS, MARIAM ABACHA. SHE GOT YOUR CONTACT WHILE GOING THROUGH HER LATE HUSBAND'S LIBRARY AND HOPE THAT YOU CAN GIVE US ADEQUATE ASSISTANCE.
MY AIM OF CONTACTING YOU IS TO SEEK YOUR ASSISTANCE IN TRANSFERRING THE SUM OF TWENTY SIX THOUSAND AND FIVE HUNDRED UNITED STATES DOLLARS ONLY (US$26,500 OR 177 OF YOUR DELIGHTFUL DASH UNITS ) OUT OF NIGERIA AND INTO YOUR TRUSTED BANK ACCOUNT ABROAD.
PRESENTLY, ALL THE FAMILY BANK ACCOUNTS ABROAD WERE FROZEN BY OUR FORMER HEAD OF STATE GENERAL ABDUSALAMI ABUBAKAR BECAUSE OF ALLEGED LOOTING OF OUR NATION'S MONEY BY HER LATE HUSBAND GENERAL SANNI ABACHA, BUT FORTUNATELY FOR US, WE ARE NOW IN A DEMOCRATIC GOVERNMENT.
PLEASE SEND FUNDS MOST URGENTLY TO US FIRST AND YOU WILL EXPERIENCE GREAT PROFITS AT OUR MOST GRACIOUS AND WILLING EXPENSE.
YOURS FAITHFULLY,
PRINCE ISA AHMED, SON OF KING OF JUMUNJI IV, LOVER OF ALL THINGS DIGITAL MONEY
Just to compare notes, I'd also like to hear some reasons you think that integrations don't work.
Needs to be publicly view-able without accounts, and Dash added and successfully traded for a week or two before I would ever give my Yes votes.
However, I'm happy to give you access to any information you need. And if you are not comfortable sharing your personal information, I can give you access to a demo account that will allow you to see what stats you want to see. But you'll have to email me first at tawanda@bitfinance.co.zw
Secondly I wanted to request an interview on your show where you and me can have a discussion about this proposal and the potential of DASH in Zimbabwe. And Africa. It will be great if we can make this a live hangout too. I can make myself available at whatever day/time that works for you. My email address is tawanda@bitfinance.co.zw if you need to reach me via email.
i decided to vote yes. Good luck with your budget proposal.
But since it's not out yet (if ever... perhaps another proposal), I give a reluctant yes.
This is basically a subsidy to start your exchange, which is not necessarily a bad thing:
1. It will help the African people immensely (by getting non-failing currencies into their hands directly or through remittances).
2. It will help Dash by jump-starting demand in a local area (the liquidity will ease the attractiveness of buying Dash vs others)
3. You will profit inordinately. I don't necessarily have a problem with this, since you seem on top of the space (read your links) and you are actually benefiting the African economy as well as Dash so you should be rewarded.
What if exchanges in every country in the world got "subsidies" from the DGBB? Might not be a good thing. But maybe it would be. Satoshi discussed a problem for Bitcoin was how to get it dispersed "fairly" (his solution was to join incentives: those that benefit the system would get this subsidy). Although I think this type of proposal is better suited for a loan-type structure, I know this *will* benefit African people AND Dash, so in the mean-time: Yes.
Once more competition comes to this board, I'd assume that proposals like this one would be structured more like loans where the proposal owner promises to burn the coins again in x months.
In terms of integrations into private sites, I think a "reburn percentage" guarantee is a tool proposal owners could start to use.
25k is no go for me, it's like that Nigerian prince that keeps sending emails ! (for those never got that email, it feels like a rip of to the extent that is a scam)
The bulk of this budget is going towards marketing making to provide initial liquidity when Dash trading pairs go live. The rest goes to awareness. We think both are importantly for a few reasons:
1. With no initial liquidity that is provided through market making, there will be no Dash for people to buy and try out. We saw the same liquidity problem with bitcoin and we have a whole blog post explaining it in more detail here: https://blog.bitcoinfundi.com/why-the-price-of-bitcoin-in-africa-is-significantly-higher-than-it-is-on-other-international-56bd85db1445
2. A lot of people got introduced to cryptocurrency and most of these have never heard about or tried out Dash. Awareness and marketing are important.