Proposal “gc-colibit“ (Closed)Back
Title: | Colibit: [UPDATED] Dash Support to Venezuela Exchange [UPDATED] |
Owner: | greencandle |
One-time payment: | 194 DASH (6700 USD) |
Completed payments: | no payments occurred yet (1 month remaining) |
Payment start/end: | 2017-12-18 / 2018-01-17 (added on 2017-12-08) |
Final voting deadline: | in passed |
Votes: | 731 Yes / 325 No / 21 Abstain |
Proposal description
This is a proposal to add Dash support into Colibit Crytocurrency Exchange in Venezuela, enabling a free market exchange between Dash and Bolivars (VEF).
Pre-Proposal Discussion can be found here
Colibit Company Overview
Colibit is a cryptocurrency exchange located in Venezuela, working with the pair BTC/VEF. Lauched in June 15th of 2017 by founders Rafael Useche and Ronald Blanco. Since that time it has gotten great acceptance into Bitcoin community in Venezuela growing its user base every day.
Our mission is providing an agile and easy to use platform to cryptocurrency clients in Venezuela, and offering the best solution in term of time of response and great service when it comes to procesing Bolivars transactions.
It is important to mention that we don't have any investor onboard yet. The platform has been funded and developed in Venezuela by the founders, which means we have total control over the code.
Our social media pages:
Twitter: https://twitter.com/colibit_io
Instagram: https://www.instagram.com/colibit_io
Facebook: https://www.facebook.com/colibit
and of course take a look at our site:
www.colibit.io
and for more info about the Exchange:
www.colibit.io/transparency
Importance
There is a severe economic crisis going on in Venezuela that results in many problems for the people. For the purpose of this proposal, a few stand out:
A severe shortage of cash to make day to day purchases. Recent goverment policy limits to 10,000 Bolivars (~0.10 USD) a day the amount of cash a person can withdraw from an ATM of a given bank account.
Well stablished bussiness have access to debit and credit card POS, but it's harder for small new bussiness to get them because there is a shortage of them as well. Bank transfers have become popular amongst small new bussineses as a means of recieving payment, but this generates a problem because the process can be cumbersome, having to add the merchants bank account and so on. Merchants have to trust their customers to pay them later and the extra work of tracking them to make sure they recieved the payment. Plus if someone uses a different bank to transfer the money, the transaction takes 1 bussiness day to complete.
There is also a hiper inflation problem that is making people seek to buy stable curriencies like USD to store value. But there is no legal USD free market in Venezuela because of goverment regulations. In fact it’s illegal to buy or sell USD using Bolivars outside of the goverment imposed price, so there is a parallel market going on. There is a big part of the population that doesn't have a bank account outside Venezuela to hold the funds.
Goverment regulations in Venezuela make it really hard for regular citizens to have access to the global economy, not only to recieve payments from other countries but to pay for goods and services outside Venezuela.
As bad as this situation sounds, there is an oportunity to empower people to use cryptocurrencies to solve all of the above mentioned problems, but specially Dash because of it’s digital cash features that makes it ideal for day to day payments.
Right now Dash adoption in Venezuela is growing every day, thanks to community growth Dash is promoting and the motivation people already have towards using cryptocurrencies in general.
People that hold Dash in Venezuela don't have many alternatives to sell or buy them using Bolivars. It represents a huge problem in term of adoption because right now people don't have an open market to freely set the price of their Dash or exchanging them without using Bitcoin as a bridge.
Having alternatives to directly exchange Bolivars and Dash will motivate more people to recieve payments in Dash as they know they can easily get Bolivars if they need to. And people that hold Bolivars and want to get Dash can also get them in a free market.
Scope
Adding Dash into Colibit will create:
Price formation for DASH/VEF.
An alternative exchange service to Dash's users.
Enable users to make a market in Venezuela.
Avoid Bitcoin bridge.
Freedom to clients that want to set the price of their DASH/VEF trades.
Increase adoption of Dash by merchants by giving them the fastest and easiest way to converting Dash into Bolivars.
Deliverables
Hot and Cold Wallet system.
Dash deposits and withdrawals view.
Dash transaction history view.
Trading view of DASH/VEF pair.
Costumer support for Dash.
Marketing content on social media.
Schedule
We are scheduling 6 months in order to fully add Dash support to the platform.
Budget
Development (Total: 60,000 USD)
Backend development: 30,000 USD
Frontend development: 30,000 USD
Infrastructure (Total: 5,000 USD)
Web app redundant VPS cluster: 1,800 USD
Database scaling: 1,500 USD
Staging VPS for web app and database: 600 USD
3 Dash nodes VPS year: 1,200 USD
Testnet node for development VPS: 400 USD
Support and Marketing (Total: 10,000 USD)
Beta testing program with community members: 700 USD
Customer support agent: 2,100 USD
Marketing: 7,200 USD
Total: 75,000 USD
Milestones
Staring Advance (Total: 1,700 USD)
Infrastructure: 500 USD
- Spinning up development servers.
Support and Marketing: 1,200 USD
- Content creation and marketing deployment for month 1.
- Support agent hiring.
End of month 1 (Total: 11,550 USD)
Development: 10,000 USD
Backend (Dash Library)
- Check node status
- Check blockchain and get UTXO.
- Tx building and broadcasting.
- Fund sending between wallets.
- Unit tests for library.
Frontend
- Dash dashboard (admin).
Support and Marketing: 1,550 USD
- Content creation and marketing deployment for month 2.
- Support agent payment.
End of month 2 (Total: 11,550 USD)
Development: 10,000 USD
Backend (Ledger Library)
- Register and update deposit.
- Register and update withdraw.
- Register buys.
- Register sells.
- Get client ledger.
- Get client balance.
- Unit tests for library.
Frontend
- Dash configuration and ledger modules (admin).
- Dash transactions view (users).
Support and Marketing: 1,550 USD
- Content creation and marketing deployment for month 3.
- Support agent payment.
End of Month 3 (Total: 11,550 USD)
Development: 10,000 USD
Backend (Order Library)
- Order creation.
- Order execution.
- Unit tests for library.
Frontend
- Simple mode (wallet/quick exchange) view with Dash support (users).
Support and Marketing: 1,550 USD
- Content creation and marketing deployment for month 4.
- Support agent payment.
End of Month 4 (Total: 11,550 USD)
Development: 10,000 USD
Backend
- Code refactoring and library integration with existing code.
Frontend
- Advanced mode (trading) view with Dash support (users).
Support and Marketing: 1,550 USD
- Content creation and marketing deployment for month 5.
- Support agent payment.
End of Month 5 (Total: 13,550 USD)
Development: 10,000 USD
Backend
- Private send and Instand send.
Frontend
- Dash deposit / withdrawal view (users).
Infrastructure: 2,000 USD
- Web app server cluster implementation.
- Database server scaling.
Support and Marketing: 1,550 USD
- Content creation and marketing deployment for month 6 and launch.
- Support agent payment.
End of Month 6 (Total: 13,550 USD)
Support and Marketing: 1,050 USD
- Support agent payment.
- Integrated test and beta testing from the Dash community.
Development: 10,000 USD
- Final code adjustments, feedback from testing.
Infrastructure: 2,500 USD
- Production infrastructure server hardening and deployment.
Launching Colibit with Dash support!
GreenCandle Escrow Fee Breakdown
$75,000 USD - Total cost of proposal in USD
$7,500 USD - Escrow Fee from GreenCandle (10% of Ask for 6 month deliverable schedule)
-------
$82,500 / 436.70 Dash/USD (30DMA of Dash for November)
-------
188.916877 Dash
189 Dash Proposal Total
5 Dash Proposal Fee
-------
194 Dash (Based off 30DMA of 436.70 Dash/USD)
Pre-Proposal Discussion can be found here
Pre-Proposal Discussion can be found here
Colibit Company Overview
Colibit is a cryptocurrency exchange located in Venezuela, working with the pair BTC/VEF. Lauched in June 15th of 2017 by founders Rafael Useche and Ronald Blanco. Since that time it has gotten great acceptance into Bitcoin community in Venezuela growing its user base every day.
Our mission is providing an agile and easy to use platform to cryptocurrency clients in Venezuela, and offering the best solution in term of time of response and great service when it comes to procesing Bolivars transactions.
It is important to mention that we don't have any investor onboard yet. The platform has been funded and developed in Venezuela by the founders, which means we have total control over the code.
Our social media pages:
Twitter: https://twitter.com/colibit_io
Instagram: https://www.instagram.com/colibit_io
Facebook: https://www.facebook.com/colibit
and of course take a look at our site:
www.colibit.io
and for more info about the Exchange:
www.colibit.io/transparency
Importance
There is a severe economic crisis going on in Venezuela that results in many problems for the people. For the purpose of this proposal, a few stand out:
A severe shortage of cash to make day to day purchases. Recent goverment policy limits to 10,000 Bolivars (~0.10 USD) a day the amount of cash a person can withdraw from an ATM of a given bank account.
Well stablished bussiness have access to debit and credit card POS, but it's harder for small new bussiness to get them because there is a shortage of them as well. Bank transfers have become popular amongst small new bussineses as a means of recieving payment, but this generates a problem because the process can be cumbersome, having to add the merchants bank account and so on. Merchants have to trust their customers to pay them later and the extra work of tracking them to make sure they recieved the payment. Plus if someone uses a different bank to transfer the money, the transaction takes 1 bussiness day to complete.
There is also a hiper inflation problem that is making people seek to buy stable curriencies like USD to store value. But there is no legal USD free market in Venezuela because of goverment regulations. In fact it’s illegal to buy or sell USD using Bolivars outside of the goverment imposed price, so there is a parallel market going on. There is a big part of the population that doesn't have a bank account outside Venezuela to hold the funds.
Goverment regulations in Venezuela make it really hard for regular citizens to have access to the global economy, not only to recieve payments from other countries but to pay for goods and services outside Venezuela.
As bad as this situation sounds, there is an oportunity to empower people to use cryptocurrencies to solve all of the above mentioned problems, but specially Dash because of it’s digital cash features that makes it ideal for day to day payments.
Right now Dash adoption in Venezuela is growing every day, thanks to community growth Dash is promoting and the motivation people already have towards using cryptocurrencies in general.
People that hold Dash in Venezuela don't have many alternatives to sell or buy them using Bolivars. It represents a huge problem in term of adoption because right now people don't have an open market to freely set the price of their Dash or exchanging them without using Bitcoin as a bridge.
Having alternatives to directly exchange Bolivars and Dash will motivate more people to recieve payments in Dash as they know they can easily get Bolivars if they need to. And people that hold Bolivars and want to get Dash can also get them in a free market.
Scope
Adding Dash into Colibit will create:
Price formation for DASH/VEF.
An alternative exchange service to Dash's users.
Enable users to make a market in Venezuela.
Avoid Bitcoin bridge.
Freedom to clients that want to set the price of their DASH/VEF trades.
Increase adoption of Dash by merchants by giving them the fastest and easiest way to converting Dash into Bolivars.
Deliverables
Hot and Cold Wallet system.
Dash deposits and withdrawals view.
Dash transaction history view.
Trading view of DASH/VEF pair.
Costumer support for Dash.
Marketing content on social media.
Schedule
We are scheduling 6 months in order to fully add Dash support to the platform.
Budget
Development (Total: 60,000 USD)
Backend development: 30,000 USD
Frontend development: 30,000 USD
Infrastructure (Total: 5,000 USD)
Web app redundant VPS cluster: 1,800 USD
Database scaling: 1,500 USD
Staging VPS for web app and database: 600 USD
3 Dash nodes VPS year: 1,200 USD
Testnet node for development VPS: 400 USD
Support and Marketing (Total: 10,000 USD)
Beta testing program with community members: 700 USD
Customer support agent: 2,100 USD
Marketing: 7,200 USD
Total: 75,000 USD
Milestones
Staring Advance (Total: 1,700 USD)
Infrastructure: 500 USD
- Spinning up development servers.
Support and Marketing: 1,200 USD
- Content creation and marketing deployment for month 1.
- Support agent hiring.
End of month 1 (Total: 11,550 USD)
Development: 10,000 USD
Backend (Dash Library)
- Check node status
- Check blockchain and get UTXO.
- Tx building and broadcasting.
- Fund sending between wallets.
- Unit tests for library.
Frontend
- Dash dashboard (admin).
Support and Marketing: 1,550 USD
- Content creation and marketing deployment for month 2.
- Support agent payment.
End of month 2 (Total: 11,550 USD)
Development: 10,000 USD
Backend (Ledger Library)
- Register and update deposit.
- Register and update withdraw.
- Register buys.
- Register sells.
- Get client ledger.
- Get client balance.
- Unit tests for library.
Frontend
- Dash configuration and ledger modules (admin).
- Dash transactions view (users).
Support and Marketing: 1,550 USD
- Content creation and marketing deployment for month 3.
- Support agent payment.
End of Month 3 (Total: 11,550 USD)
Development: 10,000 USD
Backend (Order Library)
- Order creation.
- Order execution.
- Unit tests for library.
Frontend
- Simple mode (wallet/quick exchange) view with Dash support (users).
Support and Marketing: 1,550 USD
- Content creation and marketing deployment for month 4.
- Support agent payment.
End of Month 4 (Total: 11,550 USD)
Development: 10,000 USD
Backend
- Code refactoring and library integration with existing code.
Frontend
- Advanced mode (trading) view with Dash support (users).
Support and Marketing: 1,550 USD
- Content creation and marketing deployment for month 5.
- Support agent payment.
End of Month 5 (Total: 13,550 USD)
Development: 10,000 USD
Backend
- Private send and Instand send.
Frontend
- Dash deposit / withdrawal view (users).
Infrastructure: 2,000 USD
- Web app server cluster implementation.
- Database server scaling.
Support and Marketing: 1,550 USD
- Content creation and marketing deployment for month 6 and launch.
- Support agent payment.
End of Month 6 (Total: 13,550 USD)
Support and Marketing: 1,050 USD
- Support agent payment.
- Integrated test and beta testing from the Dash community.
Development: 10,000 USD
- Final code adjustments, feedback from testing.
Infrastructure: 2,500 USD
- Production infrastructure server hardening and deployment.
Launching Colibit with Dash support!
GreenCandle Escrow Fee Breakdown
$75,000 USD - Total cost of proposal in USD
$7,500 USD - Escrow Fee from GreenCandle (10% of Ask for 6 month deliverable schedule)
-------
$82,500 / 436.70 Dash/USD (30DMA of Dash for November)
-------
188.916877 Dash
189 Dash Proposal Total
5 Dash Proposal Fee
-------
194 Dash (Based off 30DMA of 436.70 Dash/USD)
Pre-Proposal Discussion can be found here
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Discussion: Should we fund this proposal?
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I just checked with dashninja and this budget proposal passed the treshold of 10% (it got 10.48%) and it shows there also as getting funded.
Congratz
Also to the greencandle team for their trust and support. This time it could not be, but I am sure that the future comes with good things for Venezuela.
My most sincere regards.
solarguy
solarguy
The best way to do that is to provide funds/support to the existing exchanges and/or merchant solutions operating in that jurisdiction.
If this is not the way to go, then please fund the creation of a new exchange that operates inside Venezuela, preferably owned by the MN network.
Voting YES.
Come on folks, let's fix Venezuela.
solarguy
-with $ 200,000 that will make a new platform? because the structure already have it and I do not think it is necessary so much money from the treasury to open dash in an exchange we are talking about 194 dash almost 15 btc!
Be more open with the Venezuelans, let me know more, adjust the budget and I give you my vote.
The REST of the funds from this budget will be used to complete other exchange integrations or fiat gateway projects. This money is not all going to Colibit! We have been tempted to update the entire proposal to make this clear at this point if this proposal passes $57,000 will be used to fund Colibit and the rest is going to fund other initiatives that fit the description of the funding lane these funds are in.
GreenCandle is simply stewarding the funds for the MNO's it isn't going to determine which projects to fund itself unless that was something the MNO's requested of GC.
To be clear Colibit doesn't get any money until they have satisfied our project manager with their milestone accomplishments. So far we feel their budget breakdown has been very transparent. If other's can do the same job for cheaper and help out more Venezuelan's then we are happy to help those people as well if that is what the MNO's direct us to do with their funds.
As we are nearing the end of the budget cycle for this month, we have been fortunate to receive some valuable feedback from members of the Dash community. First, we have to say we are humbled by the trust and support the community has shown us. We work hard everyday to earn it and we will continue to act responsibly on behalf of the network as we engage in new partnerships. Second, we want to apologize for the state in which this proposal was initially delivered. It lacked clarity and a concise explanation of its goals and how it would achieve them. MNOs are tasked each month with reviewing multiple proposals so it is incumbent upon those who submit them to do so with purpose and precision. We would like to take this opportunity to offer a few specific updates and to answer some questions that were raised in the proposal thread and other related chats.
Updates:
To show their commitment to the Dash network, Colibit proposes to reduce the monthly salary of their developers from $5000 usd to $3500 usd, resulting in a total cost to the network of $57,000 usd (down from $75,000 usd). At well below market rate levels, these developers will work tirelessly towards achieving each milestone they laid out. A smaller ask of $57,000 usd commitment will fund this proposal in its entirety.
Q: How much money is Colibit actually going to receive?
Colibit will receive a total amount of Dash equivalent to $57,000.00 USD upon completion of its
deliverables. Each proposal escrowed by GC has its own funding lane established. Funds are only removed from those lanes for an approved milestone or an approved project expense.
Q: What will GreenCandle do with the excess funds generated by the rise in price?
All excess funds generated by the proposal will be held in trust by GreenCandle until a legal opinion is provided on the taxable obligations. We will then provide an update with total costs and disclose any excess funds generated. The community, not GC, will decide how to best spend or save those funds. To be clear, GC will not assume ownership of any excess funds created in the proposal process. This is part of our commitment to do only what is in the absolute best interest of the Dash network.
Q: What will Colibit do to make their exchange more attractive to use vs the competition?
Colibit will run a marketing and education campaign promoting Dash using its site, digital media and live chat support staff. It will offer the most competitive fees, or no fees at all.
0.1% order taker, 0% order maker, 0% to deposit.
In summary, after reviewing and discussing many comments over the past weeks, Colibit proposes to reduce its monthly wages for development, offer new low fees for usage (waiving specific fees for up to one year), market to and educate users and offer live chat support. Colibit is committed to doing whatever it takes to help drive user adoption of Dash and GC fully supports its new plans to achieve this goal.
I think it's a big mistake not to give this proposal a chance.. We're talking about helping integration in Venezuela!
I want to remind MNOs of this article: https://www.dashforcenews.com/evaluating-how-much-a-dash-budget-proposal-is-worth/
"Thus, if a Dash proposal this cycle asks for 1,500 Dash (almost $1 million at the current Dash price), do not ask, “Is this proposal worth $1,000,000?” Ask instead, “Is this proposal worth more than if those 1,500 Dash were to never exist?” That bar is significantly lower than trying to place a value on the proposal returns itself."
Do we really think it's better to burn 194 Dash than to help with exchange integration in Venezuela? I think this is crazy to say no to considering they are using greencandle as an escrow and will get the same fiat value anyway. We have about 5000 Dash to spare in the budget at the moment; let's put it to good use instead of never creating it!
Colibit and their team has been fantastic to work with and been communicating with us every step of the way. Not just one project manager but all of them have come around Ryan to help make the required adjustment's and change's that the network wanted to see.
This proposal has turned into more then helping Colibit it's going to help all of the ecosystem in Venezuela. With these funds we WILL make a tangible difference!
Pass or fail from the entire team at GreenCandle we are thankful to the Dash Community for their tireless feedback to help us with the data required to bring this decentralized funding platform to the next level.
From the entire team at GreenCandle: Jeff, Jeremy, Ryan, Clark, Honza, and Nate we thank you all for your votes!
As long as Greencandle is involved in the escrow, I think we're going to have a fairly good chance of success.
Now some ppl have been complaining about giving dev funds to a profit-making business, but in my thinking, Venezuela is a VERY VERY important place to be in right now, and we have to take any chance whatsoever to raise our probability of success. So I'm turning a blind eye on many things. I just want my Dash to grow in value.
Voting YES.
We want to reiterate that GreenCandle does not assume ownership of the funds it's holding on behalf of the network we are simply here to fill the void that the network has asked to allow for proposal owners to be held accountable to a legal entity that can sign a contract with them. We are happy to be that entity and sign these MOU (memo's of understanding) on behalf of the MNO's in the Dash Network.
He can easily claim that he has converted it into fiat at x price and make the difference on speculation by staying invested..
Not that I dont trust the escrow, I dont want there to be scope for these issues..
We dont want a situation where the escrow has so much money that we come to risk.
Ummm perhaps you could look at the blockchain
>He can easily claim that he has converted it into fiat at x price and make the difference on speculation by staying invested..
Ummm perhaps you could blockchain...
>Not that I dont trust the escrow, I dont want there to be scope for these issues..
blockchain
We could understand claims like these being made if the blockchain told a different story but when we use an open ledger properly some of these questions you can answer for yourself. Before claiming we have done anything perhaps you could take the time to look at the actual funds on the blockchain?
Since Dash Treasury would be investing in us, we are planning for a special low fee for Dash exchanges, lower than our current low fees for Bitcoin. This is to promote adoption as much as we can, although that would mean we will not make much of a profit in the short term.
We see a bunch of proposals get passed for distributing Dash in Venezuela, yet the lack of a free exchange market for Dash/VEF is so evident. There is only one broker in Venezuela that will exchange Dash for VEF and they set the price (cryptobuyer.io).
We want to bring Dash support to the masses and educate people about the advantages of Dash over other cryptocurrencies. Is about helping our people to preserve the little value is left from their Bolivars and building real Dash usage by making it really easy for merchants to start accepting Dash.
0% maker/0.5% taker, 1% deposit/withdraw,
+12% tax over commission paid in fiat.
I would love to see fees like these in other south-American countries. In comparison, one of the biggest exchanges in Brazil currently asks: 0.3/0.7/2% respectively (no taxes here).
These people don't care about trading alts, they need to get out, asap. And bitcoin won't let them, literally stuck.
I guess some readers must be thinking one of two things right now:
a) That all sounds abusive to me. Happy i have a decent exchange over here.
b) I don't care about high fees...
That said I would like to know what greencandle plans with all the excess funding it get's for various proposals.
Agreed, Dash exclusive altcoin for at least 1 year after we launch Colibit with Dash support.
However I disagree with you idea of trying to limit an exchange to only dash, even if the exchange is willing(just so they can get funding). Would you want to trade on bittrex or bitfinex if it just had one coin? What would be the future of such an exchange? Two wrongs dont make a right..
https://www.colibit.io/transparency#panel_trans
I also tried to create an account but did not receive the email for activation. Could you send one please?
Did you already check your spam folder ? , something service like hotmail and other put our email in a spam folder.
I am sorry about the fees.. Really urgent to implement Dash soon.
I am a little worried about the low cold storage volume though. How much is your trading volume currently?
All our systems are up right now, email service OK too.
Current daily volume is 0.1-0.2 BTC, sadly we aren't Kraken or hoibi LOL
You can verify that we have 0.7947557 unconfirmed since last week, due to saturation in Bitcoin network.
What I would like to see, would be a commitment to Dash in some easily quantifiable ways, like giving a nice discount on fees on all trading pairs which involve Dash. Or other perks or bonuses for people dealing with Dash on the exchange.
I'm OK with funding direct integration work for an exchange (a commercial, for-profit entity). But the condition is an exclusivity deal. Like something I proposed up there^^.
If I'm not mistaken, these kinds of fundings have already happened in the past, so nothing unusual here. My vote would be conditional on making an explicit promise on Dash-specific perks.
We have stated that we are committed to promoting Dash as much as we can with branding the site, live chat support and digital media promotion.
How about we have zero charge for Dash withdrawals and just 0.1% for the taker of a Dash order?
Also, Dash needs to be made more widely known in Venezuela, so far most of the news I have seen have concentrated in Bitcoin or BTC mining.
What I don't understand is why your VPSs are so darn expensive? Do they come with golden hard disks or what?
At first glance it looked like any other proposal...”you give us free Dash and we promise to promote your currency using our best efforts ”.
Then it sunk in that This proposal comes from a country in desperate need of help. By spring-boarding Dash’s adoption on an exchange it will create a viable option for people who are suffering right now to start taking back control of their finances. This literally means giving people control back over their own lives.
This is not a flashy add campaign asking for a large handout with undefined goals/timelines. I won’t waste the community’s time arguing that they (MNOs) have spent far more on less justifiable causes, others have expressed that point already. This proposal has a clearly defined goal and it will serve as a litmus test for other exchanges that come to us asking for help. The fees they are asking for over a six month period are very reasonable under any development context. This is clearly not a cash grab attempt.
This would highlight the community’s ability to recognize specific cases where our help is best applied. Supporting this proposal does not open the floodgates to all types of exchanges coming to us for money. It sends a clear message that we are willing and able to help solve real world problems right now.
Thank you for allowing me to express my opinion. Regardless of how this goes, and clearly I support it, I am grateful for this community and all those that work hard to protect it and make it better each day.
1. Because Ethereum and Bitcoin don't have such a great mechanism to fund there own grow or add value in a decentralized way to their network.
2. It could sound like Dash is taking unfair advantage over the other coins with mechanisms like this, but the truth is if there isn't, you gonna wait that some bank in Venezuela (or anywhere) give us a loan. That could take years, instead, MNO has a tool to accelerate massive adoption. I encourage all MNO to use that privilege tool that you only can use on Dash.
It is important to mention that greencandle is well-known in the community, they have reputation and experience in Dash community enough to mitigate risks, and they have assigned a project manager to this specified project.
I understand not everyone is going to agree with me, but if the votes don't start to look favorable, I hope there is still a chance that you and Greencandle can find a way to sweeten the deal.
Thanks --
Or
Remove them all an be an exclusive Dash exchange
Or
Give us a stocks/stacks in your company
or
Do something special for Dash that would validate us paying for it
Exchanges have to pay integration costs themselves, they are not doing us a favor by adding us. Paying for integration makes us appear desperate.
Voting NO. Same goes for any proposal asking funds for integrating dash on their exchange..
Let's say Bob has 3 Cadillacs for sale. They are worth 50k each. He sells the first one for 20 grand to his sister. He gives the second one to his 4th grade teacher for free because he liked her. Then he offers you the third one for 40 grand. And by your reasoning, you would turn the deal down because it wasn't fair.
Fair has nothing to do with it. A 50k car sold for 40k is still a great deal. Analyze the deal for its own sake. And paying for an integration doesn't make us look weak, it makes us look like we can go to the head of the line if we want, because we can afford to.
solarguy
The sunk cost fallacy is not throwing good money after bad money. How is it relevant here?
The fallacy is that what happened in the past with bitcoin or ethereum has any bearing on the ROI calculation to determine if this is a good deal for Dash or not.
solarguy
I have seen here some obscene amount of money naively wasted to stupid projects.
I also agree with the people who says that funding a marketplace should not be our business.
But considering the dire situation of your beautiful country, I prefer to "waste" our budget on your project than the usual stupid sponsorship of a superfluous congress/meeting of wealthy over-informed people.
Should you add some real incentive, exclusive for DASH only, it would be better, tough.
You already have my positive vote. Good luck for the rest.
would it be possible to have pairs only with DASH:
DASH <-> VEF
DASH <-> BTC
DASH <-> ...
?
The amount of Dash that is requested to fund this operation seems reasonable and the budget proposal itself looks to be detailed.
I have one question : am i correct in assuming this budget proposal will be paid (if approved by the masternode owners) through escrow ? If yes, how exactly
does this work for this budget proposal ?
Bootstrap Fiat Peg: $1,700 USD
Month 1 Fiat Peg: $11,550 USD
Month 2 Fiat Peg: $11,550 USD
Month 3 Fiat Peg: $11,550 USD
Month 4 Fiat Peg: $11,550 USD
Month 5 Fiat Peg: $13,550 USD
Month 6 Fiat Peg: $13,550 USD
Total Ask in USD: $75,000 USD
Escrow Cost in USD: $7,500 USD (10 points on ask)
Please also keep in mind that the fiat peg value of the ask is only being dispersed if the milestones agreed to in the MOU have been met. If they haven't been met and Colibit is in good communication with their project manager milestone deliverables will be adjusted and then communicated with the community along with payout schedule of course.
For this proposal we have assigned greencandle_ryan (https://www.dash.org/forum/members/greencandle_ryan.19986/)as the Project Manager from the GreenCandle side.