Topic: Are Crypto traders willing to trade for others ? (Read 621 times)
The idea is really noble and could stand out in coming time if the high level of reputation is being built around or some of the very known personality or the known face from the forum also get associated with it you can have the huge bunch of people joining this bandwagon. I will also speak to my couple of friends about this idea and let them know as some of them are looking for the good idea and if it can work out then it will be benefit for all on a larger perspective including our community as well.
I really like your idea and willing help also.I also think that the trust factor is most important in this third party payment mode and i agree that the involvement of exchange can solve this trust problem to certain extent but i think if we can involve government into this and registers as a start up or at least as a business than it can solve both our problem of trust and investment.The only reason why i am suggesting to involve government is due to the recent action of our government and their interest in accepting bitcoin as industry.Government is also planning to build a platform that can keep track on holders of bitcoin and quantity and we can help them with this to certain extent.On the other hand involvement of government will insure less frauds.I may be wrong but i think that this startup idea can emerge as future if executed in right manner and government gets involve in positive manner. What are your take on it?
Yeah, I kinda acknowledged the fact trust will be the main concern here and I have an idea where people will trust us for sure.This doesn't even need to include the governments. But I don't know if it would require approvals from government authorities or not since the idea is to trade with people's money. I guess it must need a certain kind of registration since similar startups need a registration before beginning their businesses in the market. It's quite obvious that it would require a good team to proceed. So I will propose my idea to anybody who is willing to join and contribute to this project.
We will first discuss if the project is viable and if there is any potential for it in the current market.
I really like your idea and willing help also.I also think that the trust factor is most important in this third party payment mode and i agree that the involvement of exchange can solve this trust problem to certain extent but i think if we can involve government into this and registers as a start up or at least as a business than it can solve both our problem of trust and investment.The only reason why i am suggesting to involve government is due to the recent action of our government and their interest in accepting bitcoin as industry.Government is also planning to build a platform that can keep track on holders of bitcoin and quantity and we can help them with this to certain extent.On the other hand involvement of government will insure less frauds.I may be wrong but i think that this startup idea can emerge as future if executed in right manner and government gets involve in positive manner. What are your take on it?
Surely there are people ready to accept this offer but how can we trust others with our funds because once we give our funds to anyone for whatever reason we can get back them only if that user returns that money to us.
And you said that you don't have any experience related to this then getting your client could be quite difficult task even if it is possible so either you may require advertisements or prove it on by yourself with your success.
And you said that you don't have any experience related to this then getting your client could be quite difficult task even if it is possible so either you may require advertisements or prove it on by yourself with your success.
The concept of Crypto Broker can be dangerous provided cryptocurrencies have key-based ownership. It would be very difficult for anyone to trust third-party with his/her crypto holdings. We need middlemen to ensure that coins remain safe even if third-person is trading them. Exchanges can solve this problem. Exchange can let someone else control the coins of depositors but keep the coins in its own custody and only depositor can withdraw them.
I think there is already something similar to your idea. I have seen it on WazirX and the concept is known as 'Smart Token Funds'. It allows users to give control of their funds to smart traders who can invest funds in their own portfolio but can't withdraw the funds of users. This concept is more alike mutual funds wherein every smart trader provide his portfolio and users can invest funds into the portfolio by buying units of his Smart Token Funds.
Detail about STF: https://stf.wazirx.com/
List of STFs: https://wazirx.com/stf/XOLO-USDT
I did look into this. The concept is quite similar to this but has the trading part has a major difference.I think there is already something similar to your idea. I have seen it on WazirX and the concept is known as 'Smart Token Funds'. It allows users to give control of their funds to smart traders who can invest funds in their own portfolio but can't withdraw the funds of users. This concept is more alike mutual funds wherein every smart trader provide his portfolio and users can invest funds into the portfolio by buying units of his Smart Token Funds.
Detail about STF: https://stf.wazirx.com/
List of STFs: https://wazirx.com/stf/XOLO-USDT
WazriX STF has tokens for every trader and the users have to buy those tokens inorder to give their money to the Smart Traders to trade.
The lack of trust is the mode important thing here and WazirX STF has done the same thing which I has thought.
It's using an exchange as a trust factor. My idea was the same. But still the trading part is yet to be implemented.
It surely is a big thing and will require lots of time and effort but I guess it has never been done before.
I think the idea can workout but how can I do such a big thing all alone without any business experience and investment.
The concept of Crypto Broker can be dangerous provided cryptocurrencies have key-based ownership. It would be very difficult for anyone to trust third-party with his/her crypto holdings. We need middlemen to ensure that coins remain safe even if third-person is trading them. Exchanges can solve this problem. Exchange can let someone else control the coins of depositors but keep the coins in its own custody and only depositor can withdraw them.
I think there is already something similar to your idea. I have seen it on WazirX and the concept is known as 'Smart Token Funds'. It allows users to give control of their funds to smart traders who can invest funds in their own portfolio but can't withdraw the funds of users. This concept is more alike mutual funds wherein every smart trader provide his portfolio and users can invest funds into the portfolio by buying units of his Smart Token Funds.
Detail about STF: https://stf.wazirx.com/
List of STFs: https://wazirx.com/stf/XOLO-USDT
I think there is already something similar to your idea. I have seen it on WazirX and the concept is known as 'Smart Token Funds'. It allows users to give control of their funds to smart traders who can invest funds in their own portfolio but can't withdraw the funds of users. This concept is more alike mutual funds wherein every smart trader provide his portfolio and users can invest funds into the portfolio by buying units of his Smart Token Funds.
Detail about STF: https://stf.wazirx.com/
List of STFs: https://wazirx.com/stf/XOLO-USDT
If you have a trusted friend in a country where bitcoin has been used very commonly as a mode of transaction you will find such deals going on.
That trusted person would use a different payment system to send back the currency after the trade. It is all a big system of trust because of the problem that bitcoin faces.
But yes it can be a good system of earning money but you need to careful of few things here:
1. Trust building which is the basis of the system.
2. Managing your finances and accounting, basically how much is coming in and how much is going out.
3. Always pay your taxes and its better if you talk to a laywer first on whether you need to register yourself as a business, I am not very knowledgeable about this though, but it seems the safer way.
4. Fraudstars who will send tainted funds and asking you to exchange. As soon as that money becomes fiat currency, you are in trouble from authorities. This is a big problem that can happen and have severe consequences.
Besides if you doing a small cap brokerage for friends and family you should not face much problems.
Not sure how much job opportunities it will open, first thing we need is more users of crypto in the first place then comes the brokers not the other way round.
That trusted person would use a different payment system to send back the currency after the trade. It is all a big system of trust because of the problem that bitcoin faces.
But yes it can be a good system of earning money but you need to careful of few things here:
1. Trust building which is the basis of the system.
2. Managing your finances and accounting, basically how much is coming in and how much is going out.
3. Always pay your taxes and its better if you talk to a laywer first on whether you need to register yourself as a business, I am not very knowledgeable about this though, but it seems the safer way.
4. Fraudstars who will send tainted funds and asking you to exchange. As soon as that money becomes fiat currency, you are in trouble from authorities. This is a big problem that can happen and have severe consequences.
Besides if you doing a small cap brokerage for friends and family you should not face much problems.
Not sure how much job opportunities it will open, first thing we need is more users of crypto in the first place then comes the brokers not the other way round.
Hi Guys,
I am thinking of an idea and it's quite simple. The question here is
"Are crypto traders willing to trade for others for a percentage of profit/loss or a brokerage fees ? "
The Crypto trader will act as a crypto broker just like the one in Stock market.
I won't disclose the whole idea but this can be a good thing in my opinion.
It will bring in more investors in Crypto and will provide job opportunities to crypto traders.
I am open to discuss the whole idea only to trusted members and only in DM.
I am thinking of an idea and it's quite simple. The question here is
"Are crypto traders willing to trade for others for a percentage of profit/loss or a brokerage fees ? "
The Crypto trader will act as a crypto broker just like the one in Stock market.
I won't disclose the whole idea but this can be a good thing in my opinion.
It will bring in more investors in Crypto and will provide job opportunities to crypto traders.
I am open to discuss the whole idea only to trusted members and only in DM.
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