Topic: [LTC-GLOBAL] The Litecoin Global Virtual Stock Exchange - Public Beta - page 11. (Read 21364 times)

Well, I think a 'corporate' way to do this would be to decouple users from accounts. I.e. each user has his own login credentials, and he is authorized to work with certain accounts. User who have created a company account has full access and he can give other users access to this company's account. E.g. treasurer would be allowed to access to company's finances. If treasurer is replaces, owner would just revoke old treasurer's access rights and give them to other user, no change of credentials is ever needed.

But this might be seen as needlessly complex, sure.


Yeah, thanks.

Trade history now shows up on the security page.

You can now transfer LTC from account to account internally. (zero fee)

Scheduled the last couple days dividend as well.   

Fixed a bug where asset purchases were getting logged backwards.  (as a sale)

It was a logging bug only, did not affect the transfer of the assets or the transfer of LTC.

Cheers.

Yeah, I don't think it is.  By the time you pay the hosting bill, it's mostly a labor of love at this point.  I setup my pool for LTC-MINING to use and offered it up for others to use to help stabilize the payouts.  It's grossed ~500 LTC (~$20) since I opened it up two months ago.  Definitely not enough to cover a dedicated server hosting bill.

That may change as LTC grows though.

Cheers.

That's helpful, I'll try to re-word things where I can to clear things up.  I think in this case:

Shares authorized/Shares unissued = tracked in the contract or external (forum?) location.
Treasury shares = shares held in Litecoin Global by the Asset Issuer.
Shares outstanding = shares held in Litecoin Global by Asset Holders.

Does that work?

The STOCK/BOND/FUTURES is (right now) purely for display purposes.  Can you think of anything I should add?

Eventually it will also be used for customizing interfaces and/or sorting in various places.

Cheers.

Not really.  Just chose a number that seemed safe.  What do the other exchanges use?  6 as well?

Cheers.

Also see Martian Accounting...

-MarkM-

Please check here:  http://en.wikipedia.org/wiki/Treasury_stock


Also this: http://en.wikipedia.org/wiki/Share_capital#Types_of_share_capital


I don't think you need full-blown share accounting on your exchange, but at least basics should be compatible.

Also I would like to learn difference between STOCK, BOND and FUTURES in your system, is it just about name?

burnside, can you please explain IPO mechanics?

Create asset page says that I should create separate account per asset. (Am I allowed to reuse email address here, by the way?
OK, I understand, but it would be better if users and accounts would be separate things, i.e. one user can have multiple independent accounts.)

So let's say I will create a separate account and will issue 1000 shares. I guess this account will own those 1000 shares and will be able to sell them. Let's say it sells 250 shares so 750 shares are treasury stock.

But there is a problem: where are my shares, i.e. shares of a person who have created a company? I would like to have some, and it would be rather weird for me to buy them on an open market.

So, as I understand, with your ownership semantics treasury stock IS a stock of company's owner. You compute dividends per share by taking into account all shares issue, but a company does not pay dividend on shares it owns, so that money stays with the company and owner is free to spend it.

If my observations are true, this is very confusing.

I would recommend to implement it like this: company should be able to transfer shares into other account without selling them on market.

For example, let's say there are three founders and they decided that they should have equal share in company, also they decide to sell 25% of a company to get some money for operations.

To do this, they create a company with 1000 shares, then company transfers 250 shares to founders A, B, C (750 shares total) and tries to sell leftover 250 shares on the market. Let's say it was able to sell only 150 shares.

So, 900 out of 1000 shares are distributed, 100 is treasury stock. When company decides to pay dividends, it should not take treasury stock into account. I.e. if there is 900 LTC of dividends it should go to all shareholders, i.e. 1 LTC per share. Treasury stock exists simply to give company an ability to raise more money (or do a buyback), it should not earn any dividends.

A simple reality check: after a buyback dividends per share should rise, and it is only possible if treasury stock does not earn dividends.

If you change it this way it would be closer to how corporate ownership works in reality, and also it isn't significantly incompatible with your existing mechanics, it is just more flexible (i.e. allows company to have more than one founder/owner).

So please don't take it as a criticism but as a honest improvement recommendation. After all, I'm a Litecoin Global proud shareholder, so I'm interested in company's prosperity

is there any specific reason you chose 10 confirmations whereas the mainline litecoin client only waits for 6 before considering the transaction "confirmed"?

I have been wondering why theres no mining pools listed on any stock exchanges. Maybe the revenue isnt there ?

How many confirmations is the exchange going to want before accepting a deposit?

EDIT: Nevermind, decided to do a test deposit and saw the status on the site "2/10 Conf"  Thanks for giving that info, I like knowing for sure that the system sees my LTC coming in and being able to estimate how long it will be before I can use it.

Our first LTC-GLOBAL dividend paid using the new LTC-GLOBAL dividend scheduling system!

Dividend paid: 11.55 LTC income, 10k shares.

It was paid in 4 actual dividends, three 1 LTC dividends that were tests, then a final 8.55 LTC dividend to make up the difference.

Exciting to see the system working.  Lots of work yet to go, but this was a big hurdle.

Cheers.

The pool and the exchange would have to be on the same wallet.  Then I could do a "move" command instead of using the network to send the balances.  Problem is... I don't think it would be a very good idea to have the pool (code I didn't write, only modified) sharing a wallet with a very sensitive application that I did write.  (90% of anyway.  )

The other issue is not so much technical, but ethical.  Should my two operations be able to benefit from each other?  I could say yes, I have that right, and I do, but it would almost certainly hurt the exchange if people see my assets getting special treatment.  I could say no, and then there is very little harm to my assets, but a huge reputation gain for the exchange.

My preference would be to figure out how to patch litecoind to not ever attach transaction fees.  Then I could just take the fee out on the pool. 

Not sure how this would work or anything, but would it be feasible to have some sort of way to integrate your pool into this and maybe buy shares directly with balance from pool, thus not having to pay a fee to withdraw?

It isn't a big difference, so it wouldn't really matter all that much in the grand scheme of things, but just thought I'd mention it.

I'll mull that over a bit.  The btc-e one confuses me more than the GLBSE, Vircurex, etc layout.  But you're right, there's the way it should be, and then there's the way it's always been.

5) I spent a bunch of time adding javascript calculations to the order entry on the security page.  Prices and Quantities are now click-able and there is a fill option and a calculate option.   That should help out a bit.  I really like your idea for plugging in an amount to spend and having it calculate the quantity.  Will see what I can do.


Absolutely.  (note that the todo list is on the main litecoinglobal.com page.)


Awesome.  I had it misspelled -everywhere-.  Thank you!

I'm fairly certain that "withdrawl" should be "withdrawal".

Any plans to add google auth ?

3)  BTC-e has the Bid and Ask columns reversed. In some eastern block countries this is considered correct btw.
Trade execution boxes are above correct column.

Most common order is "market order". This will get you the number of shares you want and this is executed form the Ask side of the order book.
Same applies to mos common sell orders (market order to sell) - you sell to the Bid side of the market.



Now, if you look at the order book and order execution boxes, you realise that you have to cross over to opposite side to see what's available in the order books for you trade.

Yes, people have gotten used to this absurdity but there is no need to copy bad usability.


5) This is a feature request -  add maximum number of shares calculation if user enters the LTC amount to order box  "Total"
Do not forget to add the commission calculation when figuring out the max full number of shares one can get for the coin entered.