[ANN] Qora | Released 16 May | 100% POS | New Source - page 248.

dzarmush

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Quote from: Vrontis on June 09, 2014, 05:48:28 AM

Quote from: dzarmush on June 09, 2014, 05:44:47 AM

Does anyone know similar assets to look at descriptions?

Here are the assets http://87.230.14.1/nxt/nxt.cgi?action=70&sort=1
Check Nemstake http://87.230.14.1/nxt/nxt.cgi?action=4000&aea=12465186738101000735

Thanks.

Also found here http://nxtblocks.info/#section/assets_exchange/12465186738101000735

Vrontis

sr. member

Activity: 351

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Quote from: dzarmush on June 09, 2014, 05:44:47 AM

Does anyone know similar assets to look at descriptions?

Here are the assets http://87.230.14.1/nxt/nxt.cgi?action=70&sort=1
Check Nemstake http://87.230.14.1/nxt/nxt.cgi?action=4000&aea=12465186738101000735

dzarmush

legendary

Activity: 1806

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Does anyone know similar assets to look at descriptions?

devphp

sr. member

Activity: 336

Merit: 260

Quote from: dzarmush on June 09, 2014, 05:38:44 AM

Ok.

Then I guess I can do it. If it works and people send me more coins that I can cover in case of loss we'll just find someone super trustful to hold coins. Or I'll buy a huge safe and new laptop just for Qora )

Yeah, banking has its costs, but that's why you: a) are the first to set the price you're satisfied with; b) charge a redemption fee as an insurance and to compensate for your time.

Just try it on a small scale, you can always issue a new asset.

dzarmush

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Activity: 1806

Merit: 1001

Quote from: devphp on June 09, 2014, 05:32:57 AM

Quote from: dzarmush on June 09, 2014, 05:29:31 AM

Won't it be confusing to have 2 assets?

No, just list as many asset ids as you want in your annoucements and explain that you have received a new stake of Qoras that you issue new assets for. As long as you redeem them on stated terms, there should be no problem.

You can call them Qora-DzarmushBank1, Bank2, etc.

Ok.

Then I guess I can do it. If it works and people send me more coins that I can cover in case of loss we'll just find someone super trustful to hold coins. Or I'll buy a huge safe and new laptop just for Qora )

ivanlabrie

hero member

Activity: 812

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This is a great idea, I'll have to check it out when it's done. Props to you guys.

devphp

sr. member

Activity: 336

Merit: 260

Quote from: dzarmush on June 09, 2014, 05:29:31 AM

Won't it be confusing to have 2 assets?

No, just list as many asset ids as you want in your annoucements and explain that you have received a new stake of Qoras that you issue new assets for. As long as you redeem them on stated terms, there should be no problem.

You can call them Qora-DzarmushBank1, Bank2, etc.

EDIT: it may be useful to publish your Qora wallet in the description of the asset, so people can actually see its balance on the blockchain and that this balance matches with your yet unsold holdings of the asset. In fact I think this is an obligatory step, and will help a lot with the trust. Especially since they can make sure they get redemptions from that wallet to their wallet, and the funds are really there in your possesion as you claim.

dzarmush

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Quote from: devphp on June 09, 2014, 05:24:33 AM

Quote from: dzarmush on June 09, 2014, 05:20:59 AM

I've got at least one question. In case our little enterprise becomes succsessful we would need tokens for an amount over than 100'000'000 coins. It's impossible to release additional tokens on Nxt AE. What do we do then?

You can just release a new asset

Won't it be confusing to have 2 assets?

devphp

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Activity: 336

Merit: 260

Quote from: dzarmush on June 09, 2014, 05:26:00 AM

Just peg 1 unit to 1 qora to eliminate confusion.
At the moment 1 QORA costs 0.0056 NXT. Have decimals been already implemented in AE?

Yeah, decimals have been implemented since about a month ago, up to 8 decimal points.

dzarmush

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Activity: 1806

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Quote from: devphp on June 09, 2014, 05:20:27 AM

Quote from: dzarmush on June 09, 2014, 05:14:07 AM

Quote from: devphp on June 09, 2014, 04:49:29 AM

Quote from: dzarmush on June 09, 2014, 04:46:37 AM

I'm not a tech person, I can't be responsible for someone's money. I mean I take some precautions to prevent losing my own coins, but it's not nearly enough to handle really large amounts.

You're trustworthy enough, you could issue an asset against your own Qoras, don't have to be someone else's. Just make sure you issue as many asset units as you have qoras in your possession

Maybe you're right. Let's think this through.

1. I release QORA asset: 10'000'000 units that represent 100'000'000 Qora coins.
2. I set all units on sale at the price I'm comfortable with. Let's say it's 1 Nxt for 1 unit (10 Qora coins).
3. Someone sends me 1'000'000 Qora coins. I cancel a selling order for 100'000 units and send them for this person. Now he can sell it at any price he wants.
4. When people send me 100'000'000 Qora coins it means I've changed all units to coins.
5. I've got 100'000'000 coins I'm resonsible for and it's freaking me out

We would need someone to take care on holding coins on a safe computer without internet connection and with no access to other people. When someone wants to exchange tokens for Qora coins he sends me Qora units, I send the holder a message, he connects the computer to internet and sends coins to this person.

It might work.

Just peg 1 unit to 1 qora to eliminate confusion.
Issue as many units as you actually possess qoras, you may show your Qora balance to prove that and send 1 qora to someone who can confirm the transaction.
This establishes basic trust for you.

After you have issued the asset, put a sell order, someone will put a buy order, and you'll make a match somewhere in the middle

In the Asset Description set the rule that you will only redeem a minimum amount of 1000 qoras and will charge a 0.5% fee to redeem + a qora tx fee (whatever it is), so suppose they redeem 1000, you send them 994 (5 is your profit minus 1 qora tx fee).

To request a redemption, they transfer the qora asset to your NXT account and send you a message thru the NXT client with their qora wallet address. You process the redemption within 24 hours.

That's basicly all of it.

Just peg 1 unit to 1 qora to eliminate confusion.
At the moment 1 QORA costs 0.0056 NXT. Have decimals been already implemented in AE?

devphp

sr. member

Activity: 336

Merit: 260

Quote from: dzarmush on June 09, 2014, 05:20:59 AM

I've got at least one question. In case our little enterprise becomes succsessful we would need tokens for an amount over than 100'000'000 coins. It's impossible to release additional tokens on Nxt AE. What do we do then?

You can just release a new asset, it costs 1000 NXTs, but I guess you can afford that after all those 0.5% profits

you'll be a monopoly on this market if you do it first and do it right, so you'll certainly make a good profit if you fulfill all your obligations, and you get the first right to set the price for your qoras, that's very important, you become the market maker.

Just don't stretch it too much. It can be 24 hours redemptions of the tokens, doesn't have to be immediate, people must realize that it's a human operator, not an automatic system. By all means, that's better than no exchange at all, and many buyers will appreciate your efforts.

dzarmush

legendary

Activity: 1806

Merit: 1001

I've got at least one question. In case our little enterprise becomes succsessful we would need tokens for an amount over than 100'000'000 coins. It's impossible to release additional tokens on Nxt AE. What do we do then?

devphp

sr. member

Activity: 336

Merit: 260

Quote from: dzarmush on June 09, 2014, 05:14:07 AM

Quote from: devphp on June 09, 2014, 04:49:29 AM

Quote from: dzarmush on June 09, 2014, 04:46:37 AM

I'm not a tech person, I can't be responsible for someone's money. I mean I take some precautions to prevent losing my own coins, but it's not nearly enough to handle really large amounts.

You're trustworthy enough, you could issue an asset against your own Qoras, don't have to be someone else's. Just make sure you issue as many asset units as you have qoras in your possession

Maybe you're right. Let's think this through.

1. I release QORA asset: 10'000'000 units that represent 100'000'000 Qora coins.
2. I set all units on sale at the price I'm comfortable with. Let's say it's 1 Nxt for 1 unit (10 Qora coins).
3. Someone sends me 1'000'000 Qora coins. I cancel a selling order for 100'000 units and send them for this person. Now he can sell it at any price he wants.
4. When people send me 100'000'000 Qora coins it means I've changed all units to coins.
5. I've got 100'000'000 coins I'm resonsible for and it's freaking me out

We would need someone to take care on holding coins on a safe computer without internet connection and with no access to other people. When someone wants to exchange tokens for Qora coins he sends me Qora units, I send the holder a message, he connects the computer to internet and sends coins to this person.

It might work.

Just peg 1 unit to 1 qora to eliminate confusion.
Issue as many units as you actually possess qoras, you may show your Qora balance to prove that and send 1 qora to someone who can confirm the transaction.
This establishes basic trust for you.

After you have issued the asset, put a sell order, someone will put a buy order, and you'll make a match somewhere in the middle

In the Asset Description set the rule that you will only redeem a minimum amount of 1000 qoras and will charge a 0.5% fee to redeem + a qora tx fee (whatever it is), so suppose they redeem 1000, you send them 994 (5 is your profit minus 1 qora tx fee).

To request a redemption, they transfer the qora asset to your NXT account and send you a message thru the NXT client with their qora wallet address. You process the redemption within 24 hours.

That's basicly all of it.

dzarmush

legendary

Activity: 1806

Merit: 1001

Quote from: devphp on June 09, 2014, 04:49:29 AM

Quote from: dzarmush on June 09, 2014, 04:46:37 AM

I'm not a tech person, I can't be responsible for someone's money. I mean I take some precautions to prevent losing my own coins, but it's not nearly enough to handle really large amounts.

You're trustworthy enough, you could issue an asset against your own Qoras, don't have to be someone else's. Just make sure you issue as many asset units as you have qoras in your possession

Maybe you're right. Let's think this through.

1. I release QORA asset: 10'000'000 units that represent 100'000'000 Qora coins.
2. I set all units on sale at the price I'm comfortable with. Let's say it's 1 Nxt for 1 unit (10 Qora coins).
3. Someone sends me 1'000'000 Qora coins. I cancel a selling order for 100'000 units and send them to this person. Now he can sell it at any price he wants.
4. When people send me 100'000'000 Qora coins it means I've exchanged all units to coins.
5. I've got 100'000'000 coins I'm resonsible for and it's freaking me out

We would need someone to take care on holding coins on a safe computer without internet connection and with no access to other people. When someone wants to exchange tokens for Qora coins he sends me Qora units, I send the holder a message, he connects the computer to internet and sends coins to this person.

It might work.

devphp

sr. member

Activity: 336

Merit: 260

Quote from: Voluntold on June 09, 2014, 05:04:31 AM

Yeah, I think it's a great idea as long as the person is trusted. Like Utopianfuture is for NEM.

The main point is, it's a win-win for Qora and NXT, more NXTers will have a vested interest in Qora's success as they will buy into Qora stakes and vice versa - more Qora holders will like NXT in their turn. Without this sort of cooperation it will be much harder to compete with Bitcoin. I don't know who wins in the end, but I sure would like to diversify into Qoras, but it should be a secure way.

It just doesn't help Qora at all that almost no exchange lists it, I mean it's a no-brainer and if I was a big Qora holder I'd set up this asset on NXT AE and slowly build trust with the communities. Can make some nice profit too, because redemption doesn't have to be free, charge 0.5% or something like that, you don't have to work for free. Qora exchange rate would go up as a side effect, as demand for Qoras would pick up + free publicity to all NXTers on the new asset.

Voluntold

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Quote from: devphp on June 09, 2014, 04:58:47 AM

Quote from: Voluntold on June 09, 2014, 04:56:44 AM

Quote from: devphp on June 09, 2014, 04:29:25 AM

EDIT2: checked the last trade for Qoras at Poloniex, QORA/NXT exchange rate should be around 0.00435 per current NXT/BTC rate. I think, we can start with that, there is a need to disconnect from Bitcoin, it's in both Qora's and NXT's interests.

I'm a Nxter, and if it stays at the NXT/BTC rate, I would definitely like to purchase some Qora this way. I was going to buy a little on sharexcoin just before that went down, and unfortunately (fortunately it wasn't more) lost 1000nxt but I'd still like to get some Qora using Nxt, as I don't have a whole lot of btc (none really) at the moment.

Yep, me too, I am sure many NXTers would like to diversify and get some Qoras. We just have to eliminate the middle man (Bitcoin) here, and going thru a centralized exchange. That's the future, let's make it.

Yeah, I think it's a great idea as long as the person is trusted. Like Utopianfuture is for NEM.

devphp

sr. member

Activity: 336

Merit: 260

Quote from: Voluntold on June 09, 2014, 04:56:44 AM

Quote from: devphp on June 09, 2014, 04:29:25 AM

EDIT2: checked the last trade for Qoras at Poloniex, QORA/NXT exchange rate should be around 0.00435 per current NXT/BTC rate. I think, we can start with that, there is a need to disconnect from Bitcoin, it's in both Qora's and NXT's interests.

I'm a Nxter, and if it stays at the NXT/BTC rate, I would definitely like to purchase some Qora this way. I was going to buy a little on sharexcoin just before that went down, and unfortunately (fortunately it wasn't more) lost 1000nxt but I'd still like to get some Qora using Nxt, as I don't have a whole lot of btc (none really) at the moment.

Yep, me too, I am sure many NXTers would like to diversify and get some Qoras. We just have to eliminate the middle man (Bitcoin) here, and going thru a centralized exchange. That's the future, let's make it.

Voluntold

full member

Activity: 168

Merit: 100

Quote from: devphp on June 09, 2014, 04:29:25 AM

EDIT2: checked the last trade for Qoras at Poloniex, QORA/NXT exchange rate should be around 0.00435 per current NXT/BTC rate. I think, we can start with that, there is a need to disconnect from Bitcoin, it's in both Qora's and NXT's interests.

I'm a Nxter, and if it stays at the NXT/BTC rate, I would definitely like to purchase some Qora this way. I was going to buy a little on sharexcoin just before that went down, and unfortunately (fortunately it wasn't more) lost 1000nxt, but I'd still like to get some Qora using Nxt as I don't have a whole lot of btc (none really) at the moment.

devphp

sr. member

Activity: 336

Merit: 260

Quote from: dzarmush on June 09, 2014, 04:46:37 AM

I'm not a tech person, I can't be responsible for someone's money. I mean I take some precautions to prevent losing my own coins, but it's not nearly enough to handle really large amounts.

You're trustworthy enough, you could issue an asset against your own Qoras, don't have to be someone else's. Just make sure you issue as many asset units as you have qoras in your possession, otherwise we may end up in fractional reserve banking, which we really don't want here Cheesy

But we really need this thing, guys, to help with the distribution of Qoras. What use if they are concentrated in a few hands, and centralized exchanges that you can buy them on are slim to none, and generally suck.

peled1986

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Quote from: dzarmush on June 09, 2014, 04:46:37 AM

Quote from: devphp on June 09, 2014, 04:29:25 AM

What's the going QORA/NXT exchange rate? Wink

I mean since both NXT and Qora are trying to distance themselves from PoW, from Bitcoin, they should have their own exchange rate established. Oh, and can some trustworthy holder of Qoras (dzarmush?) issue a Qora asset on NXT Asset Exchange, redeemable on demand for real Qoras.
I know, this might be against the Qora's principles to be sold on a competitor's exchange, but then, NEM seems to be doing great and Qora hasn't released its own decentralized exchange yet

I'd like to buy Qoras, but not on a centralized exchange, I am too nervous to deposit and trade on centralized exchanges, really, especially with all these exchange owners magically disappearing.
EDIT: just read what abctc suggested above after I wrote this. Well, anyone reputable in this thread can issue a Qora asset and people can test it and redeem small amounts of Qoras, so what stops you, Qora guys? )

I'm not a tech person, I can't be responsible for someone's money. I mean I take some precautions to prevent losing my own coins, but it's not nearly enough to handle really large amounts.

maybe agran or seek4dream will feel comfortable?

Topic: [ANN] Qora | Released 16 May | 100% POS | New Source - page 248. (Read 748250 times)