Proposal “IDAC_Dash_Only_Exchange“ (Closed)Back

Title:Deleted.
Owner:IDAC_io
One-time payment: 3029 DASH (798875 USD)
Completed payments: no payments occurred yet (1 month remaining)
Payment start/end: 2017-11-18 / 2017-12-17 (added on 2017-11-10)
Final voting deadline: in passed
Votes: 2 Yes / 653 No / 18 Abstain

Proposal description

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Discussion: Should we fund this proposal?

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0 points,6 months ago
"It seems that the biggest concern is the lack of escrow."
-Rex Djere, IDAC Visionary

Quotable Quotes
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3 points,7 months ago
I am trying to save you money, please do not resubmit this proposal for next month. It will not pass. Regardless of escrow, the MNO network will not pass a middleman proposal where you (someone with no experience with Dash/crypto) will promise to get your "silent partners" to build this solution. We have been burnt by these types of proposals in the past.

If you want to burn your life savings away to get this thing going then even before the Masternodes will consider, complete the following, which might give you a small chance at getting a pass, as I still think your team is not the right fit:
1) Get Myplanet, Acquia and your secret partner to come out publicly supporting your team with their details & responsibilities on solution specifications, security, financial compliance, marketing plans, end user support agreements, legal teams etc.
2) Full vetting by GreenCandle or DashCore team of the solution and video interviews of you and EACH team member with Dash community.
3) Myplanet and Acquia and yourself (All 3 parties) signed a legal agreement with the Dash Core team. If its just yourself then no chance in hell.
4) Dash Core team confirmed escrow and full milestone description of payouts with costings.
5) IDAC and Ignatious is a crappy name, Dashwage confuses the out of people, is it a wage paying service or an exchange platform....you need to start by having a more professional image...

I am being brutal but if a single step above is not completed, its an instant NO....see how much work you have ahead of you and the gaps in your solution?? And this is just from me, I am sure if people took you seriously, they would have 10x more questions than I do.
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1 point,7 months ago
First of all, I REALLY appreciate the time that you took to provide such a thoughtful and comprehensive comment. I read it four times from beginning to end to make sure that I fully absorbed all that you said. I disagree with some of what you said, but I can tell that you speak from a position of great wisdom, so I considered everything that you said very carefully. I will answer every point in a very detailed manner, mostly for the benefit of other MNOs who might want to learn more about IDAC, and what makes us tick. The views expressed in this response reflect my (Rex Djere’s) personal views, not the views of the entire IDAC Team.

“I am trying to save you money, please do not resubmit this proposal for next month. It will not pass. Regardless of escrow, the MNO network will not pass a middleman proposal where you (someone with no experience with Dash/crypto) will promise to get your "silent partners" to build this solution. “

I understand. I have been communicating with the silent partner a great deal over the last few days. Today, a senior leader over there revealed to me the exact date on which they are going to announce their Dash integration. We are going to re-submit our proposal after that date so that we can fully reveal the exact nature of our relationship with them. There will be no secrets in the next version of our proposal.

“We have been burnt by these types of proposals in the past.”

I understand. This is not an ordinary team that we have assembled. I think that we have a very high probability of success. I hand picked every team member because each one brings a very high level of expertise in a specific area that we need to succeed.

A. Building and running the Crypto-Exchange portion of IDAC => our 3rd party partner, who will be revealed in our next proposal version, Acquia, and Myplanet.

The silent partner has EXTENSIVE experience running the back end of a crypto-exchange, and we will be using their API. Several exchanges already use their API.

I had very long teleconference with the silent partner’s Product Manager yesterday. If a transaction fails, they will provide customer support, we (IDAC) just have to relay the support request to them.

Acquia has a tremendous amount of experience HOSTING sites of this magnitude. For example: Nasdaq.

Myplanet has extensive experience BUILDING sites of this magnitude.

B. Developing our IT infrastructure for training and customer support => Rob, our Executive Director of IT.

Rob, has 20 years+ experience dealing with customer support, and every aspect of IT. He has received and answered thousands of tickets. That’s how I met him, he was part of the IT staff where I worked. Having a Master’s Degree in CS, I immediately recognized that Rob had a very high level of knowledge in both computer hardware and software. I have watched Rob re-build servers several times. He is a master. He will design the computer labs where IDAC trains people how to use Dash.

C. Training people how to use Dash => Craig and Rex

Craig and I both trained people how to start up, shutdown, and operate nuclear reactors in the U.S. Navy. We were not just teacher, we operated nuclear reactors ourselves. Training people how to use Dash is a little bit easier than training people how to operate a nuclear reactor. Both of us know how to learn very detailed information VERY quickly. I have been training people how to use crypto-currencies for YEARS: family members, friends etc. I have practiced it so many times that it is now effortless.

Both Craig and I have been into crypto-currency for a very long time (hence it makes sense for us to be the trainers). I listen to EVERY podcast on the Let’s Talk Bitcoin network, without fail, and I have learned a tremendous amount over the years. I have an MS in Computer Science, and I program in C++. One of the reasons that I picked Acquia is that I used Drupal extensively when building websites for myself and others. The inventor of Drupal is the founder of Acquia, so I wanted to use a platform that I knew inside out. PHP shares a lot of similarities with C++, so I felt very comfortable going in and customizing Drupal code in websites that I built. I knew that when the builder’s of IDAC.io told me something technical about the website, I would immediately understand.

A few years after I got into crypto-currency, I wrote my own hashing algorithm to better understand how crypto-currencies work under the hood. The point that I am trying to make is that we are very resourceful, and WE LEARN EXTREMELY FAST.

4.) Promotion and running businesses.

James has successfully run SEVERAL businesses. He knows how to run a company, so making him the COO was an easy choice. He has produced commercials, full length movies etc. He is an absolute expert at promotion.

5.) CEO.

I am the visionary. I have the high level concept of what IDAC is going to be, and I have interacted with enough people inside and outside the crypto-community to know that it will work. I have personally introduced hundreds of people to crypto, and I know what works and what does not. I also know what principles will make IDAC successful. My favorite book on how to run a business is “The Open Organization: Igniting Passion and Performance” by Red Hat CEO Jim Whitehurst. It is pretty much the blueprint for the kind of culture that we are going to create at IDAC. I got every team member of copy of the book so that we are all aligned to the same vision.

So, in my opinion, we have the perfect team to execute what we are trying to do: Teach people how to buy, sell, and use Dash, and then bring them to the platform, IDAC.io, that will enable them to do this.
Between us, we have a immense amount of knowledge on all of the topics that we will need to be successful. As IDAC grows, we will hire more people.


“if you want to burn your life savings away to get this thing going then even before the Masternodes will consider, complete the following, which might give you a small chance at getting a pass, as I still think your team is not the right fit:
1) Get Myplanet, Acquia and your secret partner to come out publicly supporting your team with their details & responsibilities on solution specifications, security, financial compliance, marketing plans, end user support agreements, legal teams etc.”

I understand. We’ll consider this.

2) Full vetting by GreenCandle or DashCore team of the solution and video interviews of you and EACH team member with Dash community.

I understand. I am already in contact with someone very closely involved with the Dash Core Team. We will follow whatever their guidance is, but I will bring this comment to their attention, and see what they say.
“3) Myplanet and Acquia and yourself (All 3 parties) signed a legal agreement with the Dash Core team. If its just yourself then no chance in hell.”

This is very good advise. We’ll try to make this happen.

4) Dash Core team confirmed escrow and full milestone description of payouts with costings.

Again, very good advise. We’ll try to make this happen.

5) IDAC and Ignatious is a crappy name, Dashwage confuses the out of people, is it a wage paying service or an exchange platform....you need to start by having a more professional image…

We won’t change the name. IDAC stands for Ignatian Digital Asset Corporation. The two founding members of IDAC went to St. Ignatius College Preparatory High School in Chicago. I never would have achieved what I did without the core values that the Jesuit priests at St. Ignatius instilled in me. The Ignatian in IDAC pays homage to the tremendous work that these remarkable men did, and continue to do. We bleed Iggy maroon.

Here are our shirts:
- long sleeve: https://goo.gl/pzzSz6
- short sleeve: https://goo.gl/6RHVNZ



“I am being brutal but if a single step above is not completed, its an instant NO....see how much work you have ahead of you and the gaps in your solution?? And this is just from me, I am sure if people took you seriously, they would have 10x more questions than I do.”

I greatly appreciate your honesty. I can feel myself becoming even more passionate about Dash seeing how intensely you feel about it. Back to work: I have to practice my Dash presentation for Saturday. Thanks again!

Sincerely,
Rex
Reply
0 points,7 months ago
Madness. No chance of a vote from me.
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4 points,7 months ago
This proposal can wait until all the legal structure by Dash Core is implemented so the Masternode network can actually own a part of the exchange. Since we will be funding it from the ground up (and we aren't talking about peanuts over here) having the possibility for the network to legally own a piece of the exchange seems fair to me. At the moment this cannot be done so maybe re-evaluate when more information about the legal entities by Dash Core is released.
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0 points,7 months ago
We considered sending payments directly to all 4600 masternode holders, but this would be resource intensive. In talking with senior members of the Dash community, we decided that hard coding the Dash Core Dev Business development Dash address into IDAC.io would be more practical. We could then transparently send a portion of our profits directly to the Dash Core Dev Team.
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0 points,7 months ago
That is the proper way. Continue the conversation with Dash Core until you reach a win-win situation and present it to us.
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0 points,7 months ago
Will do. Thank you for the comment.
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0 points,7 months ago
don't resubmit the proposal to quickly I would suggest doing another pre-proposal. If you rush this you risk getting denied again.
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0 points,7 months ago
This is very good feedback. We will. Thank you.
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4 points,7 months ago
Guys/gals, I love your enthusiasm for Dash and promoting it to the masses, but I'd urge you to rethink your business plan.

Don't build the exchange yourself from scratch, the technology is already there and you can have your MVP from day 1. Get dash wage added as a customisation from the technology provider. Take a look at Alphapoint, they will give you an A-grade trading platform from day 1 (can't mention price as I think I'm under Nda with them, but you will be saving $$$). ACX.io is licensing out their technology for 20k annually + a commission split).

Here's the hard points that you need to address for getting an exchange going;
1) Who's your banking relationship with, and are they going to let you keep your accounts open?
2) Who's your lawyer, and are they going to get you the required money transmitters licenses in various US states that you'll need.
3) Exchanges need liquidity. Where's yours coming from?

I think you're going to struggle with your plan as-is, but I wouldn't get disheartened, go over your bp again and find a way forward.

(275k a year for hosting and CDN looks high too).

Reach out to me if you want any more feedback (chadd@dashex.io)
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0 points,7 months ago
These are fantastic points. Thank you for the feedback. There is key 3rd party relationship that we can't discuss yet because they have not yet publicly announced their support for Dash. IDAC.io will be powered by their API. They are a very well known member of the crypto space, and the fact that they will actually be handling all of the transactions and support addresses points 1), 2) ,and 3). Their framework already handles all 3 points for us.


(275k a year for hosting and CDN looks high too).
We chose Acquia because they have extensive experiences running a site securely at the traffic level that IDAC.io will end up seeing (Nasdaq is one of their clients).
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1 point,7 months ago
Dash strongly needs world-wide multi-fiat-exchange gateway, but I don't feel it this way. 1 m$ one-time payment fully in advance? No.
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2 points,7 months ago
You love wasting money? how many times do we need to say no? This is your second or 3rd time adding a proposal?
You have no experience in the crypto field, you have no experience running an exchange, you have no experience with Dash, you have no track record with the MNOs........NO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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-1 point,7 months ago
Please read the attached pdf carefully. All of your questions are answered there.
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1 point,7 months ago
No it doesnt, Zero reference have any solution architecture, solution specifications, legal or compliance details, zero about security, how will you provide end user support??, . Its basically all marketing fluff and some staff profiles....for a million dollars - get real. This is another Charlie Shrem deal in the making.
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0 points,7 months ago
Thank you for the feedback. There is a key relationship that we cannot discuss yet because they have not yet publicly announced their support for Dash. They are a massive player in the crypto space, and IDAC.io will use their API to actually handle the buying and selling of Dash.

Your key misunderstanding seems to be that you think that we, the IDAC staff will be running the exchange. We currently have a staff of 8, so this would be physically impossible. Myplanet will build IDAC.io. Acquia will securely operate and host IDAC.io. They have EXTENSIVE experience running a site of this magnitude (NASDAQ) is one of their clients. As stated above, the 3rd party that we can't discuss yet will be securely filling the Dash buy and sell orders.
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3 points,7 months ago
So your proposal is live yet you cannot discuss your secret relationships that are "massive"....

Secondly I know you wont be coding or managing the site. We DO NOT do middleman proposals after the Charlie Shrem deal. If your "partners" dont deliver what you have outlined, you are free to walk with our money...no thanks. That as well as you didnt even put in milestones or escrow because your escrow partner "didnt get back to you" well WHY did you resubmit the proposal in an unfinished state???

Based on your performance even if you did scrape together a basic solution I would still vote no.
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0 points,7 months ago
WHY did you resubmit the proposal in an unfinished state???
This is factually incorrect analysis. Our proposal is complete: you can see it in the pdf. Our 3rd party told us that they can PROBABLY help us with escrow services. We cannot publicly advertise having an escrow service yet until it is certain. Thank you for the feedback.
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0 points,7 months ago
We are not Charlie Shrem, and we should not be punished for his shortcomings.

Our 3rd party partner is extremely large and well respected in the crypto-currency community. We must respect their request for confidentiality. They plan on formally announcing their support for Dash soon. Our goal is to launch IDAC.io by February 1,2018, so we chose not for this announcement.
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0 points,7 months ago
Meant to say "so we chose not to wait for this announcement".
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0 points,7 months ago
I probably went further than these guys with a friend of mine a few months ago, we talked to lawyers, had meetings for weeks etc. We realized it would cost 1.5 Million $ to start and most likely 5 Million over 3 years, and just wouldn't be profitable. Basically a big sink whole of money given to law firms. Did you know anyone with over 10% share in the project had to give their fingerprints to almost every state? The regulatory state in the US is terrible as a lot of crypto companies operate in a grey area now.
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0 points,7 months ago
This is very good feedback. This situation would not be applicable to us. We will be using a 3rd party's API. Their API is already widely used for exhanges of several currencies other than Dash. They will be adding Dash very soon. They have already completed all of the legal and regulatory hurdles, so IDAC.io would not have to deal with any of that. We would simply have to get as many people to register at IDAC.io as possible. Thank you for the feedback.
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0 points,7 months ago
Then why is it costing you 1 Million dollars to build this?
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0 points,7 months ago
Thank you for the comment. Please look at slide 7 of the pdf. It has a full break down of the costs.
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2 points,7 months ago
This is a joke?
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1 point,7 months ago
Don't really care. I LOL'd when I saw it, so it's a joke to me ;)
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4 points,7 months ago
I am german, I don't know any jokes
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3 points,7 months ago
hey hey easy on the german jokes there ; )
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1 point,7 months ago
ah you mean that proposal. Yes that's a joke. A 5 dash joke
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0 points,7 months ago
It is not. We are very serious about introducing Dash to the portion of the world's 7+ billion people that are not using Dash.
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2 points,7 months ago
This feels like a scam.
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0 points,7 months ago
It most certainly is not. 2 members of our team are former nuclear reactor operators in the United States Navy. 1 is an IT professional with over 20 years if experience. Another is a film producer and businessman with over 20 years of experience. We are the real deal.
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2 points,7 months ago
Almost half the budget? Not gonna happen. I didnt saw a pre proposal, no escrow, dont even know where to start... Its a good idea though, but you need to go back to the drawing board and come back with a realistic proposal.
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0 points,7 months ago
+1
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0 points,7 months ago
No Escrow => No Votes.
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1 point,7 months ago
Your website https://djere.com/dash is the best i have seen in many years, but no votes from here, man
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0 points,7 months ago
Our CEO owns both the idac.io and djere.com domains. IDAC.io currently forwards to djere.com. We build a temporary website at djere.com to promote Dash until IDAC.io is ready for launch.
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0 points,7 months ago
Thats gotta be a joke lol
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0 points,7 months ago
quote from pdf :

"How will IDAC Benefit the DASH Ecosystem?"

"– IDAC will pay back the borrowed DASH directly
to the Dash Core Dev Business Development
Fund Dash address. This will be coded into
IDAC.io, and will happen automatically."

Please contact Dash Core Business Development Team (Ryan) and arrange a new budget proposal with them that is split over several months and has escrow in it. Also make sure you have a pre-proposal discussion about it with the Dash community here : https://www.dash.org/forum/topic/pre-budget-proposal-discussions.93/

Voting no to current budget proposal
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0 points,7 months ago
Who the hell are these people? This big fat Dash grab reminds me of the bs child slave rescue thing from last month...
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0 points,7 months ago
Who we are is well define in our our proposal pdf. What we are spending the money on is also well defined, as is the fact that all funds will be paid back in full to the Dash Core Dev Business Development Dash address.
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0 points,7 months ago
Too much ask, too little achievement, too unknown. Sorry.
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