717300+ entries in 0.344s
punkman: so you only have quotes at
the moment?
MrWDunne: The only cost we don't know
the price of yet is compliance officer
MrWDunne: Fund raising requirements are really rather simple. We already have quotes on all of
the costs
fluffypony: tbh, an exchange is a REALLY
tough sell given
the regulatory hurdles and
the
track record of many past exchanges (gox etc.) - you're going
to need a far more fleshed out business plan and a LOT of details about how you're overcoming
the
technical and legal challenges (and about how you calculate your fundraising requirements)
MrWDunne: Scalable, however it should be find for a very long
time on one high powered server
MrWDunne: Naphex: Different server for each "chunk", and we're hoping
to use OpenBSD
Naphex: can you scale
that C++ engine up, or will you just be running on single big server?
MrWDunne: Anyhow, I have
to leave in about 10 minutes
to visit another bank (looking
to get additional accounts for redundancy). If you have a few questions you want me
to get a proper answer
to just put
them here and I'll get an answer as soon as possible
Naphex: on what OS is
the
trading engine going
to run? Are
the components sufficiently isolated?
MrWDunne: I believe I would be correct
to say
the frontend logic is simply done in PHP, but
the
trading engine is C++
Naphex: what's it written in?
the project?
MrWDunne: The
third party is doing
that as
they go, but prior
to launch we are paying for a full security audit of
the code. Also
the person who referred us knows
them personally, and its an interesting project.
Naphex: do you know what you get with
the product you're paying for?:P
Naphex: are you doing regular code checks, security audit on
the source code?
MrWDunne: Hence why I cannot answer questions directly about
technical measures
MrWDunne: We have a
third party developing it, we were referred by someone else
BingoBoingo: "I've heard
this Country song, a
thousand
times before. Heard it all my life. Sung by different people."
MrWDunne: Hey Naphex , apparently you will have a lot of
technical questions for me. UK bitcoin exchange, with UK banking
Naphex: so what's
this new exchange you're openning MrWDunne ?
MrWDunne: BingoBoingo: I
totally agree.
Then again how did
the due diligence stop say N&B happening
BingoBoingo: If only
these
things hadn't been said so many
times before.
MrWDunne: BingoBoingo: In future we will be moving
to another exchange - post launch. However I will happily provide ID
to a
trusted member of
the community in order
to verify who I am - and I am willing
to meet people IRL
BingoBoingo: What kind of screening and diligence did
that listing require?
MrWDunne: The main
thing
that doomed UK ventures was
the banks not knowing what
they were doing, also if we sell 10,000 shares at
the second
tier rate (once software + servers are ready) we will have enough
to
take on a compliance officer from
the getgo
BingoBoingo: Opening first and doing compliance later seemed
to have been what doomed
the other UK ventures.
MrWDunne: BingoBoingo: Our financial adviser worker at a high street bank for 25 years. He knows several people who will work in compliance once we have
the volume
to support
them.
MrWDunne: Yes I can imagine, I'm not
the one handling
the most
technical matters. But by
the end of
the month I will have
the
technical details available
fluffypony: probably a bunch of other
things Naphex can ask
fluffypony: what
the software will be written in, who
the
team is and what qualifies
them
to write
the software, what database platform you're going
to be using, how you'll handle consistency, etc.
BingoBoingo: MrWDunne: Who ensures
that your fiat handling operation stays legal?
HeySteve: I suggest engineering for provable deposits from
the getgo, multisig control of cold wallets also good
MrWDunne: I can get
those details available by
the end of
this month
MrWDunne: We're having a KYC/AML policy not
to be legal, we don't have
to do it
to be legal. But
to keep
the bank account.
fluffypony: need
to have lots of details about your proposed architecture
fluffypony: so
there seems
to be a lack of
technical details about how you'll accomplish
this (and Bitcoin is generally a
technical audience, investors doubly so)
MrWDunne: The bank have been quite clear with how
they expect us
to use
the account.
They don't want large amounts of cash deposits
BingoBoingo: MrWDunne: Why not go full measure and
take Western Union and other retail wire
transfers?
MrWDunne: Not
to mention we can see which bank account
the money comes in from, so if 100 accounts are getting money from
the same bank account it is very obvious
MrWDunne: Technically speaking we have no legal requirements
to have any KYC/AML policy. We will require
them giving us an address just not "proving" it. Also
that is meant
to be per month. I need
to proof read better
fluffypony: "We should be attractive
to customers
thanks
to lax KYC/AML, as we will not require identification for
those who wish
to
trade £500/€600 or less per week." <- so basically I can get around all KYC/AML issues by opening 100 accounts?
MrWDunne: I know about
the sliding scale, I used yesterdays volume for
the calculation.
BingoBoingo: fluffypony: You also have
to consider
the problem of actual vs. imagined volume
fluffypony: which means
their earnings are between 37.364 BTC and 93.411 BTC daily
Diablo-D3: nefario is
the reason
that I quit bothering with
the bitcoin investment community
MrWDunne: I have no idea. And I know what GLBSE is,
the guy who ran it owns coinfloor
Diablo-D3: MrWDunne: why
the fuck is anyone letting him run something again
MrWDunne: And now he is
trying
to run coinfloor
BingoBoingo: I honestly don't know if
the English, Scottish, Welsh, or North Irish have it in
them any more
to run anything
BingoBoingo: GLBSE was a UK exchange, and
that killed it along with
the operator not
taking it seriosly enough until it was
too late
MrWDunne: Well
there is no
true UK bitcoin exchange, but yes I will make it more specific. One moment
fluffypony: rather
than "The UK is
the world's 6th largest economy, but so far
they have no bitcoin exchange"
fluffypony: ok so if you're key differentiator is
that you have a UK bank account, maybe
that needs
to be specified in your proposal
MrWDunne: It was
thanks
to our main adviser we have
the account.
The banks are all
turning everyone down however an exception was made essentially.
MrWDunne: SEPA incurs a 3% hidden cost + £15. Also in
the UK it doesn't normally
take a day for a SEPA, more like 3.
fluffypony: except
that if Kraken, Bitstamp, and CoinFloor all chose
to have bank accounts outside of
the UK (presumably not for lack of
trying) how do you propose
to overcome
that hurdle?
ozbot: Faster Payments Service - Wikipedia,
the free encyclopedia
fluffypony: well SEPA
to Kraken is same day, SEPA
to BitStamp is a day at most
MrWDunne: In
the UK we have "Faster Payments" which are free and instant bank
transfers. CoinFloor
take international wires which cost between £15 and £25 and
take up
to 5 days
MrWDunne: We have of course already secured
the bank account
MrWDunne: That is
the primary difference
MrWDunne: Bitstamp isn't really in
the UK. Its mainland Europe and as such very expensive for
those in
the UK
fluffypony: "The company initially operated in Slovenia, but moved its operations
to
the UK in April 2013"
ozbot: Bitstamp - Wikipedia,
the free encyclopedia
HeySteve: this place is becoming a real Dragon's Den, I'm
thinking of writing something
to
that effect
MrWDunne: FluffyPony I have sent you a
tip for giving me a voice
MrWDunne: Anyhow, I
thought
this would be an appropriate place
to announce
the IPO
MrWDunne: I would imagine he is sleeping, he was being drilled with questions until about 5AM his
time. Ah okay, should have guessed
that one
DrFluffyPonyPhd: how goes
the shower-cap-wearing Satan worshipper colleague of yours?
fluffypony: my favourite is
the logo in
the last post
fluffypony: oh
that's not what I was
trying
to say
davout: fluffypony: nah,
that's "it works"
HeySteve: CCN editor scooped me on
the China Ban #4 story
HeySteve: it's a bit pricy but
the low weight is a plus
fluffypony: I looked at
that little honda a while ago, I should actually just get it
HeySteve: it's more
than enough
to run 2 PCs or fridge/freezer/kettle
HeySteve: fluffypony, I recommend a portable Honda generator like
the EU20i
fluffypony: feeling so left out without a
title amongst all
the Mr's and Dr's
fluffypony: between
the MrWDunne guy and DrGregMulhauser I'm seriously considering becoming SirFluffyPonyPhd on bitcointalk
Naphex: morning
to all, need more coffee:D
fluffypony: I loved
the comment by
theMiracle - "Protip 4 U 2:
Take it slow. Start off by snagging a few extra newspapers from a vending machine when u pay for one. Practice stealing rolls of
toilet paper from public restrooms. Get
the hang of
the basics --
then you can come back
to looting bitcoiners."