Services like these add value to the coin. If you recall, the catalyst for LTC surpassing $2 was caused by Atlantis. Having a single gateway where people can convert their SBC into something more tangible is inherently valuable. Instead of doing all the currency conversions you've mentioned, SBC holders can simply go through our site, which not only cuts down on fees, but is faster, easier, and more convenient.
As far as expenses go, we expect to (initially, at least) lose money from this operation. A portion of SBC received will be kept, the rest will be sold off to continue to fund operations. The goal, of course, is to develop the coin to the point where our initial losses are recovered by the SBC we keep appreciating in value. In regards to the volume, we will be using a conversion formula that accounts for key market variables (the specifics of which we will not release, as to deter gaming the system).
I appreciate the constructive post; there has been a lot of vitriol on these forums lately.
As far as expenses go, we expect to (initially, at least) lose money from this operation. A portion of SBC received will be kept, the rest will be sold off to continue to fund operations. The goal, of course, is to develop the coin to the point where our initial losses are recovered by the SBC we keep appreciating in value. In regards to the volume, we will be using a conversion formula that accounts for key market variables (the specifics of which we will not release, as to deter gaming the system).
I appreciate the constructive post; there has been a lot of vitriol on these forums lately.
Atlantis was the reason LTC went above $2? I didn't notice that. I did notice however that Bitcoin very quickly jumped to over $1000 after Silk Road got shut down.
EDIT: I didn't realize that scotjam had bumped this really old thread. Nonetheless, here's hindsight. I guess it's probably a good thing for SBC that you're not selling illegal drugs or weapons.
