[ ANN ]FIRST ALTCOIN EXCHANGE ACCEPTING TRADES IN BOTH INDIAN RUPEES AND UNITED - page 3.

Paul Revere

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Activity: 406

Merit: 260

The Scamcoats are coming!

Quote from: wunkbone on June 02, 2015, 04:52:12 PM

Quote from: cryptofunk on June 02, 2015, 04:42:44 PM

Quote from: wunkbone on June 02, 2015, 04:01:12 PM

Its an advice from us for who feels all this is a scam. Its not the only way but adviced to buy coin using escrow.

If we post an advice user can take it or leave it :-)

Like one of my friend is going to buy 500 TNT and he will never use escrow. For him no need to go for that. But if someone who are not familiar with TNT coin or just want to test can use escrow to safeguard themselves.

You want to see it in other way that's the problem.

Anyone who want to scam will not be ready to accept escrow and that also of buyer choice. Our only demand is trusted escrow. So that tomorrow no one can ask us to accept MR. Paul as escrow :-)

But escrow means nothing if he (including you) can't pay you back, it's not about trusting an escrow, it's simply about very basic economic principles.

If user want to get 1$ value of btc if he decides to give back the coin then he have to find an escrow ready to convert btc paid by user to fiat and keep them untill time over or user close the escrow.

Its depends upon user chosen escrow we don't have any control on it :-)

And if anyone buy directly from us we will immediately convert btc to fiat and keep 1$ to buy back.

Earlier you were saying that the only way to purchase TNT was through a trusted escrow, and now you are saying that people can buy them directly from you. Which is it?

Quote

FIRST COIN WHERE YOUR FUNDS ARE 100% SAFE. ESCROW BUY

Escrow option:

Finalize the escrow the buyer want to use ( only trusted escrow service will be accepted )===> inform us how many coins u want to buy ==> we will send the coins to escrow and buyer will send the BTC to Escrow===> Escrow will hold the fund equal to 1$/coin for 3 months. :-) ( If the buyer want to sell back the coin they can contact escrow for the same and get back the funds by giving back the coins he bought and stake generated)

Note: Only buy coin using escrow. Else don't buy at all.

bitpop is ready to handle the escrow. and you can also choose another escrow but only trusted escrow will be accepted. Thanks.

wunkbone

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Activity: 420

Merit: 250

Quote from: cryptofunk on June 02, 2015, 04:42:44 PM

Quote from: wunkbone on June 02, 2015, 04:01:12 PM

Its an advice from us for who feels all this is a scam. Its not the only way but adviced to buy coin using escrow.

If we post an advice user can take it or leave it :-)

Like one of my friend is going to buy 500 TNT and he will never use escrow. For him no need to go for that. But if someone who are not familiar with TNT coin or just want to test can use escrow to safeguard themselves.

You want to see it in other way that's the problem.

Anyone who want to scam will not be ready to accept escrow and that also of buyer choice. Our only demand is trusted escrow. So that tomorrow no one can ask us to accept MR. Paul as escrow :-)

But escrow means nothing if he (including you) can't pay you back, it's not about trusting an escrow, it's simply about very basic economic principles.

If user want to get 1$ value of btc if he decides to give back the coin then he have to find an escrow ready to convert btc paid by user to fiat and keep them untill time over or user close the escrow.

Its depends upon user chosen escrow we don't have any control on it :-)

And if anyone buy directly from us we will immediately convert btc to fiat and keep 1$ to buy back.

cryptofunk

sr. member

Activity: 372

Merit: 250

Quote from: wunkbone on June 02, 2015, 04:01:12 PM

Its an advice from us for who feels all this is a scam. Its not the only way but adviced to buy coin using escrow.

If we post an advice user can take it or leave it :-)

Like one of my friend is going to buy 500 TNT and he will never use escrow. For him no need to go for that. But if someone who are not familiar with TNT coin or just want to test can use escrow to safeguard themselves.

You want to see it in other way that's the problem.

Anyone who want to scam will not be ready to accept escrow and that also of buyer choice. Our only demand is trusted escrow. So that tomorrow no one can ask us to accept MR. Paul as escrow :-)

But escrow means nothing if he (including you) can't pay you back, it's not about trusting an escrow, it's simply about very basic economic principles.

wunkbone

sr. member

Activity: 420

Merit: 250

Quote from: suchmoon on June 02, 2015, 03:57:06 PM

wankboner, I'm really tired of your shenanigans, so I'll just leave you with this:

https://bitcointalksearch.org/topic/ann-transit-coin-tnt-1066969

Quote

FIRST COIN WHERE YOUR FUNDS ARE 100% SAFE. ESCROW BUY

Escrow option:

Finalize the escrow the buyer want to use ( only trusted escrow service will be accepted )===> inform us how many coins u want to buy ==> we will send the coins to escrow and buyer will send the BTC to Escrow===> Escrow will hold the fund equal to 1$/coin for 3 months. :-) ( If the buyer want to sell back the coin they can contact escrow for the same and get back the funds by giving back the coins he bought and stake generated)

Note: Only buy coin using escrow. Else don't buy at all.

bitpop is ready to handle the escrow. and you can also choose another escrow but only trusted escrow will be accepted. Thanks.

I highlighted the relevant part so that it's easier to read. So what are you talking about here?

Quote

User A buy 100 coin from us and want to sell back to us at anytime we will give him btc equal to 1$/coin

Who's "us" and why is it suddenly different from escrow, if escrow is the only way to buy the coin?

You really need to get your ~~scam~~ story straight. You can't expect the "trolls" to do all your work for you.

Its an advice from us for who feels all this is a scam. Its not the only way but adviced to buy coin using escrow.

If we post an advice user can take it or leave it :-)

Like one of my friend is going to buy 500 TNT and he will never use escrow. For him no need to go for that. But if someone who are not familiar with TNT coin or just want to test can use escrow to safeguard themselves.

You want to see it in other way that's the problem.

Anyone who want to scam will not be ready to accept escrow and that also of buyer choice. Our only demand is trusted escrow. So that tomorrow no one can ask us to accept MR. Paul as escrow :-)

suchmoon

legendary

Activity: 3654

Merit: 8909

https://bpip.org

wankboner, I'm really tired of your shenanigans, so I'll just leave you with this:

https://bitcointalksearch.org/topic/ann-transit-coin-tnt-1066969

Quote

FIRST COIN WHERE YOUR FUNDS ARE 100% SAFE. ESCROW BUY

Escrow option:

Finalize the escrow the buyer want to use ( only trusted escrow service will be accepted )===> inform us how many coins u want to buy ==> we will send the coins to escrow and buyer will send the BTC to Escrow===> Escrow will hold the fund equal to 1$/coin for 3 months. :-) ( If the buyer want to sell back the coin they can contact escrow for the same and get back the funds by giving back the coins he bought and stake generated)

Note: Only buy coin using escrow. Else don't buy at all.

bitpop is ready to handle the escrow. and you can also choose another escrow but only trusted escrow will be accepted. Thanks.

I highlighted the relevant part so that it's easier to read. So what are you talking about here?

Quote

User A buy 100 coin from us and want to sell back to us at anytime we will give him btc equal to 1$/coin

Who's "us" and why is it suddenly different from escrow, if escrow is the only way to buy the coin?

You really need to get your ~~scam~~ story straight. You can't expect the "trolls" to do all your work for you.

wunkbone

sr. member

Activity: 420

Merit: 250

Quote from: suchmoon on June 02, 2015, 03:40:26 PM

Quote from: wunkbone on June 02, 2015, 01:26:35 PM

Quote from: suchmoon on June 02, 2015, 01:12:36 PM

Quote from: wunkbone on June 02, 2015, 01:00:09 PM

Quote from: cryptofunk on June 02, 2015, 12:28:19 PM

I think it is a valid question if the funds are to be kept in Cryptsy. It would be safer for a user to keep them in their own Cryptsy account for the simple reason that they have the password and attached 2FA device in their possession and can access the funds without a third party going through a checklist to make sure the request for funds is valid and not forged.

Some users with a weak password and no 2FA may "gain" some safety but this wouldn't be the norm as I would like to think the majority of users would be wise enough to enable 2FA on their accounts.

yes question is valid but when it was repeated again and again ignoring the answer that shows the seriousness of the questionnaire.

we are not going to use cryptsy address for our exchange it was placed there for some time untill the exchange wallet finish sync and within two or 3 hours it will finish sync after that it will be replaced with our local storage. even we will not use cryptsy address for long time because if some thing happen to cryptsy we will also be effected and lose funds.

according to the current status the wallet will finish sync within 2 hours max and we are going to disable the XPY deposit untill that . i think it will solve the issues

Except that you haven't answered any other questions, for example if the BTC or the TNT deposit address is not a Cryptsy address - why is it the same for everyone and how are you going to handle those manual deposits?

More here:

https://bitcointalksearch.org/topic/m.11515448

Answer all questions in that post in full words and sentences (English preferably) and we'll go from there.

How will you handle BTC exchange rate changes? If BTC goes up to $500 will you still guarantee $1 per coin? If BTC goes down to $100 will you pocket the difference?

If a user buys coin through escrow he is paying in BTC to escrow and getting TNT coin in return of that. And if in between the escrow time limit he decided to cancel the deal he have to return the coin to escrow and get back the BTC from escrow. We don't have any access to funds deposited in escrow so he will get the actual btc he deposited to buy the coin minus the escrow fees.

On the other hand if user buy coin from our exchange directly then we will convert the BTC paid by user to $ immediately and keep the fund to support the coin buy back.

Why 3 months and what happens after 3 months?

I think three months is enough time for a user to finalize it will be beneficial for him to keep the coin or not. if he finds not then just return the coin and stake generated and get back the BTC deposited. It's not possible to give life time escrow service.

How will you track "stake generated"?

wallet will stake at particular rate and we can easily calculate the stake rate. using freely availabe calculator and using compound intrest formula

"A" for the effort. But you left most of the questions unanswered. Answer all of them please:

Thanks

https://bitcointalksearch.org/topic/m.11515448

As for your answers above:
1) you should not advertise the $1 "floor" then. Advertise a specific BTC price, e.g. 0.0045 currently and then maybe escrow would make at least some sense. Otherwise you won't find any sane escrow agent to do this.

We are advertising 1$ because we will always buy back the coin purchased from our exchange at 1$/coin. Example given below:

User A buy 100 coin from us and want to sell back to us at anytime we will give him btc equal to 1$/coin

2) ok

3) you should state clearly that you are essentially lending the coins at a specific interest rate. This has nothing to do with staking because you are calculating the maximum compounded stake rate no matter whether the buyer stakes or compounds. It's a loan with a BTC collateral. Make that crystal clear in your OP.

No we only want user who buy using escrow to submit the stake coins to. User buying from our exchange or other user can keep or sell the stake generation at 1$ each coin.

And answer the remaining questions. Stop avoiding.

Post it here all questions are answered.

https://bitcointalksearch.org/topic/m.11515448

Please elaborate how to deposit "$ to escrow wallet". How are you and/or your escrows licensed to handle fiat transactions?

Ans: already stated that user have to find out reputated escrow. We are not in anyway involved with escrow provider.

We are not going to pay or accept fiat from user in tntcoin buy sell. We will accept BTC and convert that to fiat using our own account. And when we need to pay buy back then also we will pay 1$ equivalent of BTC to user

suchmoon

legendary

Activity: 3654

Merit: 8909

https://bpip.org

Quote from: wunkbone on June 02, 2015, 01:26:35 PM

Quote from: suchmoon on June 02, 2015, 01:12:36 PM

Quote from: wunkbone on June 02, 2015, 01:00:09 PM

Quote from: cryptofunk on June 02, 2015, 12:28:19 PM

I think it is a valid question if the funds are to be kept in Cryptsy. It would be safer for a user to keep them in their own Cryptsy account for the simple reason that they have the password and attached 2FA device in their possession and can access the funds without a third party going through a checklist to make sure the request for funds is valid and not forged.

Some users with a weak password and no 2FA may "gain" some safety but this wouldn't be the norm as I would like to think the majority of users would be wise enough to enable 2FA on their accounts.

yes question is valid but when it was repeated again and again ignoring the answer that shows the seriousness of the questionnaire.

we are not going to use cryptsy address for our exchange it was placed there for some time untill the exchange wallet finish sync and within two or 3 hours it will finish sync after that it will be replaced with our local storage. even we will not use cryptsy address for long time because if some thing happen to cryptsy we will also be effected and lose funds.

according to the current status the wallet will finish sync within 2 hours max and we are going to disable the XPY deposit untill that . i think it will solve the issues

Except that you haven't answered any other questions, for example if the BTC or the TNT deposit address is not a Cryptsy address - why is it the same for everyone and how are you going to handle those manual deposits?

More here:

https://bitcointalksearch.org/topic/m.11515448

Answer all questions in that post in full words and sentences (English preferably) and we'll go from there.

How will you handle BTC exchange rate changes? If BTC goes up to $500 will you still guarantee $1 per coin? If BTC goes down to $100 will you pocket the difference?

If a user buys coin through escrow he is paying in BTC to escrow and getting TNT coin in return of that. And if in between the escrow time limit he decided to cancel the deal he have to return the coin to escrow and get back the BTC from escrow. We don't have any access to funds deposited in escrow so he will get the actual btc he deposited to buy the coin minus the escrow fees.

On the other hand if user buy coin from our exchange directly then we will convert the BTC paid by user to $ immediately and keep the fund to support the coin buy back.

Why 3 months and what happens after 3 months?

I think three months is enough time for a user to finalize it will be beneficial for him to keep the coin or not. if he finds not then just return the coin and stake generated and get back the BTC deposited. It's not possible to give life time escrow service.

How will you track "stake generated"?

wallet will stake at particular rate and we can easily calculate the stake rate. using freely availabe calculator and using compound intrest formula

"A" for the effort. But you left most of the questions unanswered. Answer all of them please:

https://bitcointalksearch.org/topic/m.11515448

As for your answers above:
1) you should not advertise the $1 "floor" then. Advertise a specific BTC price, e.g. 0.0045 currently and then maybe escrow would make at least some sense. Otherwise you won't find any sane escrow agent to do this.
2) ok
3) you should state clearly that you are essentially lending the coins at a specific interest rate. This has nothing to do with staking because you are calculating the maximum compounded stake rate no matter whether the buyer stakes or compounds. It's a loan with a BTC collateral. Make that crystal clear in your OP.

And answer the remaining questions. Stop avoiding.

https://bitcointalksearch.org/topic/m.11515448

cryptofunk

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Activity: 372

Merit: 250

Quote from: wunkbone on June 02, 2015, 03:29:32 PM

User have to find out an escrow willing to full fill there need. And escrow have to convert the coin to fiat or have to make some adjustments with user. We can't handle that Sad

And if someone buy from us we will immediately convert the coin to fiat. To support the buy back.

Then you will be the only escrow and given that the corporate structure is unknown (registration number, owners, etc) I fail to see how this will get off the ground.

The entire business proposal is a coin pegged to FIAT that will have an online store, a gaming site and some other rather limited means of usage, why not keep using FIAT if it has the same value? At least I know who's behind it.

wunkbone

sr. member

Activity: 420

Merit: 250

Quote from: cryptofunk on June 02, 2015, 03:27:23 PM

Quote from: wunkbone on June 02, 2015, 03:22:26 PM

As we already cleared user choose the Escrow agent so they can ask the escrow to accept fund in fiat or to convert BTC or other coin they transfer to fiat to avoid lose due to rate change.

And if someone directly buy from us we will pay 1$ equal btc at buy back to user

I think you missed my point, I'm not saying the escrow accepts FIAT, I'm saying if the escrow accepts BTC and the price goes down he will have to make up that loss to buy back the coin. Even for your company to be doing it makes no sense, you would burn through so much money that it makes no sense.

Quote from: wunkbone on June 02, 2015, 03:24:15 PM

Its third time we are telling you:

User has the right to choose the Escrow so he can find someone who can manage fund in fiat

I get that. I'm demonstrating how based on what is being describe no one would volounter to be an escrow, the liability in itself makes no sense because it is pegged to FIAT (no altcoin value, not bitcoin value), market are too volatile, the risk is too high.

Even if you were the only escrow as I said above you would likely burn through your reserves in no time honoring the escrow deals and go bottoms up in no time.

User have to find out an escrow willing to full fill there need. And escrow have to convert the coin to fiat or have to make some adjustments with user. We can't handle that Sad

And if someone buy from us we will immediately convert the coin to fiat. To support the buy back.

cryptofunk

sr. member

Activity: 372

Merit: 250

Quote from: wunkbone on June 02, 2015, 03:22:26 PM

As we already cleared user choose the Escrow agent so they can ask the escrow to accept fund in fiat or to convert BTC or other coin they transfer to fiat to avoid lose due to rate change.

And if someone directly buy from us we will pay 1$ equal btc at buy back to user

I think you missed my point, I'm not saying the escrow accepts FIAT, I'm saying if the escrow accepts BTC and the price goes down he will have to make up that loss to buy back the coin. Even for your company to be doing it makes no sense, you would burn through so much money that it makes no sense.

Quote from: wunkbone on June 02, 2015, 03:24:15 PM

Its third time we are telling you:

User has the right to choose the Escrow so he can find someone who can manage fund in fiat

I get that. I'm demonstrating how based on what is being describe no one would volounter to be an escrow, the liability in itself makes no sense because it is pegged to FIAT (not altcoin value, not bitcoin value), market are too volatile, the risk is too high.

Even if you were the only escrow as I said above you would likely burn through your reserves in no time honoring the escrow deals and go bottoms up in no time.

Also, if this is pegged to FIAT, why would I even bother using it? I can use my FIAT to buy the same item for the same price without any of the liabilities and transactions fees (to go from FIAT to altcoin to TNT).

wunkbone

sr. member

Activity: 420

Merit: 250

Quote from: cryptofunk on June 02, 2015, 03:21:09 PM

Quote from: wunkbone on June 02, 2015, 03:07:21 PM

Phil bought 1 coin from us for 1.00001$ we immideately place 1$ in one or other form of money or investment to support buy back. And if phil decided to sell back the coin after 6 months irrespective of the market he can sell back the coin to us for 1$

Then it may makes sense for you to do it but I can't see any Escrow in their right mind wanting to expose themselves to such a liability. BTC going down brought down multi million dollars company, what is little Mr. Escrow going to do about it? Go risk it on the open market?

The logic is flawed because it is pegged to FIAT but traded against a "volatile" currency. The only way this works is if it's converted to FIAT immediately, I can see banks suspending peoples account on money laundering concerns. You would need to get peoples name, address, copy of an ID, etc to even have a remote chance at satisfying them and then someone has to wonder, why would I go to such extent to buy $1 for a currency that is pegged to FIAT (it is always worth $1).

Its third time we are telling you:

User has the right to choose the Escrow so he can find someone who can manage fund in fiat

None of the coins stay at low level with online store and support.

And people can use it to buy online and merchants will be happy to accept at 1$/coin because of minimum value of 1$

We already stated we want coin to be purchased by users not traders

wunkbone

sr. member

Activity: 420

Merit: 250

Quote from: cryptofunk on June 02, 2015, 03:13:20 PM

Quote from: wunkbone on June 02, 2015, 03:07:21 PM

Quote from: cryptofunk on June 02, 2015, 03:02:03 PM

About escrows... this use case:

Phil buys 500 coins for $500
$500 at $250/BTC = 2BTC
Phil sends 2BTC to Escrow A
2 months pass, bitcoin price falls to $50
Phil sees a great business opportunity because he thinks BTC will go up, I have 500 coins worth a $1 each
Phil sends 500 coins back to Escrow A
Escrow A now owes $500 in BTC at $50 rate (10BTC)
Escrow A lost 8BTC ($400)
Escrow A can't pay that money because all he got was 2BTC from the start

Now, if we reverse the story

Phil buys 500 coins for $500
$500 at $250/BTC = 2BTC
Phil sends 2BTC to Escrow A
2 months pass, bitcoin price goes up to $500
Phil thinks BTC will still be going up and he has 500 coins worth a $1 each
Phil sends 500 coins back to Escrow A
Escrow A now owes $500 in BTC at $500 rate (1BTC)
Escrow A just made $250

With that premise any swing in BTC price will cost the buyer or the escrow dearly. If we say only the amount escrowed is given back then you may be getting back $0.2 for you $1 coin, it isn't a $1 coin anymore, the only way to say it is a $1 coin is for you to get $1 back.

This can only work if escrow are holding funds in FIAT which kinds of defeats the purpose of the coin.

BTC to fiat change will not be counted on escrow.

And yes if user found an acceptable escrow ready to accept fiat or immediately convert the btc and keep the fund in fiat we don't have any problem.

We are giving user the option to choose the escrow so user will be responsible for that.

What does that mean, users get the amount of BTC he put in two months ago or user gets $500 at today's value in BTC?

As we already cleared user choose the Escrow agent so they can ask the escrow to accept fund in fiat or to convert BTC or other coin they transfer to fiat to avoid lose due to rate change.

And if someone directly buy from us we will pay 1$ equal btc at buy back to user

cryptofunk

sr. member

Activity: 372

Merit: 250

Quote from: wunkbone on June 02, 2015, 03:07:21 PM

Phil bought 1 coin from us for 1.00001$ we immideately place 1$ in one or other form of money or investment to support buy back. And if phil decided to sell back the coin after 6 months irrespective of the market he can sell back the coin to us for 1$

Then it may makes sense for you to do it but I can't see any Escrow in their right mind wanting to expose themselves to such a liability. BTC going down brought down multi million dollars company, what is little Mr. Escrow going to do about it? Go risk it on the open market?

The logic is flawed because it is pegged to FIAT but traded against a "volatile" currency. The only way this works is if it's converted to FIAT immediately, I can see banks suspending peoples account on money laundering concerns. You would need to get peoples name, address, copy of an ID, etc to even have a remote chance at satisfying them and then someone has to wonder, why would I go to such extent to buy $1 for a currency that is pegged to FIAT (it is always worth $1).

Paul Revere

sr. member

Activity: 406

Merit: 260

The Scamcoats are coming!

Quote from: cryptofunk on June 02, 2015, 03:13:20 PM

Quote from: wunkbone on June 02, 2015, 03:07:21 PM

Quote from: cryptofunk on June 02, 2015, 03:02:03 PM

About escrows... this use case:

Phil buys 500 coins for $500
$500 at $250/BTC = 2BTC
Phil sends 2BTC to Escrow A
2 months pass, bitcoin price falls to $50
Phil sees a great business opportunity because he thinks BTC will go up, I have 500 coins worth a $1 each
Phil sends 500 coins back to Escrow A
Escrow A now owes $500 in BTC at $50 rate (10BTC)
Escrow A lost 8BTC ($400)
Escrow A can't pay that money because all he got was 2BTC from the start

Now, if we reverse the story

Phil buys 500 coins for $500
$500 at $250/BTC = 2BTC
Phil sends 2BTC to Escrow A
2 months pass, bitcoin price goes up to $500
Phil thinks BTC will still be going up and he has 500 coins worth a $1 each
Phil sends 500 coins back to Escrow A
Escrow A now owes $500 in BTC at $500 rate (1BTC)
Escrow A just made $250

With that premise any swing in BTC price will cost the buyer or the escrow dearly. If we say only the amount escrowed is given back then you may be getting back $0.2 for you $1 coin, it isn't a $1 coin anymore, the only way to say it is a $1 coin is for you to get $1 back.

This can only work if escrow are holding funds in FIAT which kinds of defeats the purpose of the coin.

BTC to fiat change will not be counted on escrow.

And yes if user found an acceptable escrow ready to accept fiat or immediately convert the btc and keep the fund in fiat we don't have any problem.

We are giving user the option to choose the escrow so user will be responsible for that.

What does that mean, users get the amount of BTC he put in two months ago or user gets $500 at today's value in BTC?

Coldcoiner has no idea what he is talking about. Completely lost. If you check back, he came up with the whole escrow idea a day or two ago, and is just blurting out random BS that he thinks people will buy. What it boils down to is he got hardcore scammed by Josh Garza, and now he is trying to do the same thing to other people, and he is using the same buzz words he heard Garza use to pull his scam and is simply repeating them.

cryptofunk

sr. member

Activity: 372

Merit: 250

Quote from: wunkbone on June 02, 2015, 03:07:21 PM

Quote from: cryptofunk on June 02, 2015, 03:02:03 PM

About escrows... this use case:

Phil buys 500 coins for $500
$500 at $250/BTC = 2BTC
Phil sends 2BTC to Escrow A
2 months pass, bitcoin price falls to $50
Phil sees a great business opportunity because he thinks BTC will go up, I have 500 coins worth a $1 each
Phil sends 500 coins back to Escrow A
Escrow A now owes $500 in BTC at $50 rate (10BTC)
Escrow A lost 8BTC ($400)
Escrow A can't pay that money because all he got was 2BTC from the start

Now, if we reverse the story

Phil buys 500 coins for $500
$500 at $250/BTC = 2BTC
Phil sends 2BTC to Escrow A
2 months pass, bitcoin price goes up to $500
Phil thinks BTC will still be going up and he has 500 coins worth a $1 each
Phil sends 500 coins back to Escrow A
Escrow A now owes $500 in BTC at $500 rate (1BTC)
Escrow A just made $250

With that premise any swing in BTC price will cost the buyer or the escrow dearly. If we say only the amount escrowed is given back then you may be getting back $0.2 for you $1 coin, it isn't a $1 coin anymore, the only way to say it is a $1 coin is for you to get $1 back.

This can only work if escrow are holding funds in FIAT which kinds of defeats the purpose of the coin.

BTC to fiat change will not be counted on escrow.

And yes if user found an acceptable escrow ready to accept fiat or immediately convert the btc and keep the fund in fiat we don't have any problem.

We are giving user the option to choose the escrow so user will be responsible for that.

What does that mean, users get the amount of BTC he put in two months ago or user gets $500 at today's value in BTC?

wunkbone

sr. member

Activity: 420

Merit: 250

Quote from: cryptofunk on June 02, 2015, 03:02:03 PM

About escrows... this use case:

Phil buys 500 coins for $500
$500 at $250/BTC = 2BTC
Phil sends 2BTC to Escrow A
2 months pass, bitcoin price falls to $50
Phil sees a great business opportunity because he thinks BTC will go up, I have 500 coins worth a $1 each
Phil sends 500 coins back to Escrow A
Escrow A now owes $500 in BTC at $50 rate (10BTC)
Escrow A lost 8BTC ($400)
Escrow A can't pay that money because all he got was 2BTC from the start

Now, if we reverse the story

Phil buys 500 coins for $500
$500 at $250/BTC = 2BTC
Phil sends 2BTC to Escrow A
2 months pass, bitcoin price goes up to $500
Phil thinks BTC will still be going up and he has 500 coins worth a $1 each
Phil sends 500 coins back to Escrow A
Escrow A now owes $500 in BTC at $500 rate (1BTC)
Escrow A just made $250

With that premise any swing in BTC price will cost the buyer or the escrow dearly. If we say only the amount escrowed is given back then you may be getting back $0.2 for you $1 coin, it isn't a $1 coin anymore, the only way to say it is a $1 coin is for you to get $1 back.

This can only work if escrow are holding funds in FIAT which kinds of defeats the purpose of the coin.

BTC to fiat change will not be counted on escrow.

And yes if user found an acceptable escrow ready to accept fiat or immediately convert the btc and keep the fund in fiat we don't have any problem.

We are giving user the option to choose the escrow so user will be responsible for that.

And we also only committing that we will buy back the coin at 1$ not a penny less or more. Like

Phil bought 1 coin from us for 1.00001$ we immideately place 1$ in one or other form of money or investment to support buy back. And if phil decided to sell back the coin after 6 months irrespective of the market he can sell back the coin to us for 1$

wunkbone

sr. member

Activity: 420

Merit: 250

Quote from: Paul Revere on June 02, 2015, 02:55:15 PM

Quote from: wunkbone on June 02, 2015, 02:51:00 PM

Quote from: Paul Revere on June 02, 2015, 02:25:13 PM

I did not say that you should not trade Paycoins. What I said was that hanging out on Hashtalk and pretending to be a bagholder while at the same time dumping coins means that you are a disingenuous chump. This exchange is based on people trusting YOU, and you are proving to be a total snake that continuously lies to those whom you call your friends. Building an exchange is about TRUST, and in this case you are proving repeatedly that you are not someone that anyone should trust. Get it yet?

And you fool dumping means selling thousands of coin to down the price. And trade means buying and selling daily to get some profit :-)

First learn the terminology

Incorrect again. Dumping means selling coins into Buy Bids, which by it's very nature always drives the price down. YOU are the one who should learn the terminology FFS.

You mean to say :

if someone sell 1 xpy or 10 he is dumping great 100 marks to you you are retarded :-)

cryptofunk

sr. member

Activity: 372

Merit: 250

About escrows... this use case:

Phil buys 500 coins for $500
$500 at $250/BTC = 2BTC
Phil sends 2BTC to Escrow A
2 months pass, bitcoin price falls to $50
Phil sees a great business opportunity because he thinks BTC will go up, I have 500 coins worth a $1 each
Phil sends 500 coins back to Escrow A
Escrow A now owes $500 in BTC at $50 rate (10BTC)
Escrow A lost 8BTC ($400)
Escrow A can't pay that money because all he got was 2BTC from the start

Now, if we reverse the story

Phil buys 500 coins for $500
$500 at $250/BTC = 2BTC
Phil sends 2BTC to Escrow A
2 months pass, bitcoin price goes up to $500
Phil thinks BTC will still be going up and he has 500 coins worth a $1 each
Phil sends 500 coins back to Escrow A
Escrow A now owes $500 in BTC at $500 rate (1BTC)
Escrow A just made $250

With that premise any swing in BTC price will cost the buyer or the escrow dearly. If we say only the amount escrowed is given back then you may be getting back $0.2 for you $1 coin, it isn't a $1 coin anymore, the only way to say it is a $1 coin is for you to get $1 back.

This can only work if escrow are holding funds in FIAT which kind of defeats the purpose of the coin.

Paul Revere

sr. member

Activity: 406

Merit: 260

The Scamcoats are coming!

Quote from: wunkbone on June 02, 2015, 02:51:00 PM

Quote from: Paul Revere on June 02, 2015, 02:25:13 PM

I did not say that you should not trade Paycoins. What I said was that hanging out on Hashtalk and pretending to be a bagholder while at the same time dumping coins means that you are a disingenuous chump. This exchange is based on people trusting YOU, and you are proving to be a total snake that continuously lies to those whom you call your friends. Building an exchange is about TRUST, and in this case you are proving repeatedly that you are not someone that anyone should trust. Get it yet?

And you fool dumping means selling thousands of coin to down the price. And trade means buying and selling daily to get some profit :-)

First learn the terminology

Incorrect again. Dumping means selling coins into Buy Bids, which by it's very nature always drives the price down. YOU are the one who should learn the terminology FFS.

Paul Revere

sr. member

Activity: 406

Merit: 260

The Scamcoats are coming!

Quote from: wunkbone on June 02, 2015, 02:47:30 PM

Quote from: Paul Revere on June 02, 2015, 02:25:13 PM

Quote from: wunkbone on June 02, 2015, 02:19:14 PM

Quote from: Paul Revere on June 02, 2015, 01:57:29 PM

Quote from: wunkbone on June 02, 2015, 01:49:57 PM

Quote from: Paul Revere on June 02, 2015, 01:42:30 PM

Quote from: wunkbone on June 02, 2015, 01:33:16 PM

Quote from: Paul Revere on June 02, 2015, 01:28:20 PM

What if the person does not have the wallet online so therefore it will not stake? Are you calculating compounding stake or not? Are you still going to charge him the stake? You have not thought this through at all.

i think prior buying coins users will calculate each and every possibility and if we are demanding to return stake coins then they will not buy the coin and if decided to buy then they will make sure they will stake it .

FAIL. You did not answer the question. Again : What if the person holding the coins does not let them stake? What if they remove the stake every day and do not let it compound? How are you going to calculate your penalty? On presumed compounding stake amount? Or on presumed stake based on removing the staked coins every day? Or once a week? What? What gives you the legal authority to make this determination? What gives you legal authority to impose whatever penalty you decide on the coin holder? Please explain and quit trying to deflect the question.

We will calcute on compound basis untill otherwise agreed mutually and it depends up on deal

Then what is this deal? Are you just going to make these deals up as you go and expect people to buy your scamcoin? You need to figure this out BEFORE you announce your scamcoin. You have a very poor grasp on how to do this sort of thing, I can see why you fit in so well at Hashtalk. Oh, by the way, are your pals on Hashtalk aware that you were dumping Paycoins on Cryptsy as early as January , and then continuously after that? Were you telling them that you were dumping?

https://chainz.cryptoid.info/xpy/address.dws?PJagaQFptPkmHQjHg3Czhg7pRiUAcVfwzT.htm

You :-) i am selling or buying xpy its my private matter because i am not from gaw :-) i am normal buyer of the xpy and i will sell when the price go down and buy when it goes low.

So keep distance from my personal things :-) else i will be forced to go personal :-)

So you are not going to answer the questions about how you intend to enforce this stake penalty ? I am not surprised, because it is clear that you have no idea what you are doing.

I did not say that you should not trade Paycoins. What I said was that hanging out on Hashtalk and pretending to be a bagholder while at the same time dumping coins means that you are a disingenuous chump. This exchange is based on people trusting YOU, and you are proving to be a total snake that continuously lies to those whom you call your friends. Building an exchange is about TRUST, and in this case you are proving repeatedly that you are not someone that anyone should trust. Get it yet?

You fool both your questions are previously answered so no more answers will be provided :-)

And when some one buy the coin they will get escrow terms and conditions and they only have to buy after checking that :-)

So its pointless question

And if you want more info about compound intrest visit:

https://www.google.co.in/url?sa=t&source=web&rct=j&ei=bwhuVaLrNtLd8AXmgoGACQ&url=http://www.thecalculatorsite.com/articles/finance/compound-interest-formula.php&ved=0CC8QFjAD&usg=AFQjCNHJwjVDRFi5GKzl46VQ6_lu58ZGdQ&sig2=h-T-n51gFyf13KzVsb9srQ

I see more than two questions, not that you answered two questions at all.

Quote

Again : What if the person holding the coins does not let them stake? What if they remove the stake every day and do not let it compound? How are you going to calculate your penalty? On presumed compounding stake amount? Or on presumed stake based on removing the staked coins every day? Or once a week? What? What gives you the legal authority to make this determination? What gives you legal authority to impose whatever penalty you decide on the coin holder? Please explain and quit trying to deflect the question.

Are you going to answer these questions or not?

Topic: [ ANN ]FIRST ALTCOIN EXCHANGE ACCEPTING TRADES IN BOTH INDIAN RUPEES AND UNITED - page 3. (Read 8661 times)