Proposal “gc-colibit“ (Closed)Back

Title:Colibit: [UPDATED] Dash Support to Venezuela Exchange [UPDATED]
Owner:greencandle
One-time payment: 194 DASH (94551 USD)
Completed payments: no payments occurred yet (1 month remaining)
Payment start/end: 2017-12-18 / 2018-01-17 (added on 2017-12-08)
Final voting deadline: in passed
Votes: 731 Yes / 325 No / 21 Abstain

Proposal description

This is a proposal to add Dash support into Colibit Crytocurrency Exchange in Venezuela, enabling a free market exchange between Dash and Bolivars (VEF).

Pre-Proposal Discussion can be found here

Colibit Company Overview

Colibit is a cryptocurrency exchange located in Venezuela, working with the pair BTC/VEF. Lauched in June 15th of 2017 by founders Rafael Useche and Ronald Blanco. Since that time it has gotten great acceptance into Bitcoin community in Venezuela growing its user base every day.

Our mission is providing an agile and easy to use platform to cryptocurrency clients in Venezuela, and offering the best solution in term of time of response and great service when it comes to procesing Bolivars transactions.

It is important to mention that we don't have any investor onboard yet. The platform has been funded and developed in Venezuela by the founders, which means we have total control over the code.

Our social media pages:

Twitter: https://twitter.com/colibit_io
Instagram: https://www.instagram.com/colibit_io
Facebook: https://www.facebook.com/colibit

and of course take a look at our site:

www.colibit.io

and for more info about the Exchange:

www.colibit.io/transparency


Importance

There is a severe economic crisis going on in Venezuela that results in many problems for the people. For the purpose of this proposal, a few stand out:

A severe shortage of cash to make day to day purchases. Recent goverment policy limits to 10,000 Bolivars (~0.10 USD) a day the amount of cash a person can withdraw from an ATM of a given bank account.

Well stablished bussiness have access to debit and credit card POS, but it's harder for small new bussiness to get them because there is a shortage of them as well. Bank transfers have become popular amongst small new bussineses as a means of recieving payment, but this generates a problem because the process can be cumbersome, having to add the merchants bank account and so on. Merchants have to trust their customers to pay them later and the extra work of tracking them to make sure they recieved the payment. Plus if someone uses a different bank to transfer the money, the transaction takes 1 bussiness day to complete.

There is also a hiper inflation problem that is making people seek to buy stable curriencies like USD to store value. But there is no legal USD free market in Venezuela because of goverment regulations. In fact it’s illegal to buy or sell USD using Bolivars outside of the goverment imposed price, so there is a parallel market going on. There is a big part of the population that doesn't have a bank account outside Venezuela to hold the funds.

Goverment regulations in Venezuela make it really hard for regular citizens to have access to the global economy, not only to recieve payments from other countries but to pay for goods and services outside Venezuela.

As bad as this situation sounds, there is an oportunity to empower people to use cryptocurrencies to solve all of the above mentioned problems, but specially Dash because of it’s digital cash features that makes it ideal for day to day payments.

Right now Dash adoption in Venezuela is growing every day, thanks to community growth Dash is promoting and the motivation people already have towards using cryptocurrencies in general.

People that hold Dash in Venezuela don't have many alternatives to sell or buy them using Bolivars. It represents a huge problem in term of adoption because right now people don't have an open market to freely set the price of their Dash or exchanging them without using Bitcoin as a bridge.

Having alternatives to directly exchange Bolivars and Dash will motivate more people to recieve payments in Dash as they know they can easily get Bolivars if they need to. And people that hold Bolivars and want to get Dash can also get them in a free market.


Scope

Adding Dash into Colibit will create:

Price formation for DASH/VEF.
An alternative exchange service to Dash's users.
Enable users to make a market in Venezuela.
Avoid Bitcoin bridge.
Freedom to clients that want to set the price of their DASH/VEF trades.
Increase adoption of Dash by merchants by giving them the fastest and easiest way to converting Dash into Bolivars.


Deliverables

Hot and Cold Wallet system.
Dash deposits and withdrawals view.
Dash transaction history view.
Trading view of DASH/VEF pair.
Costumer support for Dash.
Marketing content on social media.


Schedule

We are scheduling 6 months in order to fully add Dash support to the platform.


Budget 

Development (Total: 60,000 USD)

Backend development: 30,000 USD
Frontend development: 30,000 USD

Infrastructure (Total: 5,000 USD)

Web app redundant VPS cluster: 1,800 USD
Database scaling: 1,500 USD
Staging VPS for web app and database: 600 USD
3 Dash nodes VPS year: 1,200 USD
Testnet node for development VPS: 400 USD

Support and Marketing (Total: 10,000 USD)

Beta testing program with community members: 700 USD
Customer support agent: 2,100 USD
Marketing: 7,200 USD

Total: 75,000 USD


Milestones

Staring Advance (Total: 1,700 USD)
Infrastructure: 500 USD
- Spinning up development servers.
Support and Marketing: 1,200 USD
- Content creation and marketing deployment for month 1.
- Support agent hiring.

End of month 1 (Total: 11,550 USD)
Development: 10,000 USD
Backend (Dash Library)
- Check node status
- Check blockchain and get UTXO.
- Tx building and broadcasting.
- Fund sending between wallets.
- Unit tests for library.
Frontend
- Dash dashboard (admin).
Support and Marketing: 1,550 USD
- Content creation and marketing deployment for month 2.
- Support agent payment.

End of month 2 (Total: 11,550 USD)
Development: 10,000 USD
Backend (Ledger Library)
- Register and update deposit.
- Register and update withdraw.
- Register buys.
- Register sells.
- Get client ledger.
- Get client balance.
- Unit tests for library.
Frontend
- Dash configuration and ledger modules (admin).
- Dash transactions view (users).
Support and Marketing: 1,550 USD
- Content creation and marketing deployment for month 3.
- Support agent payment.

End of Month 3 (Total: 11,550 USD)
Development: 10,000 USD
Backend (Order Library)
- Order creation.
- Order execution.
- Unit tests for library.
Frontend
- Simple mode (wallet/quick exchange) view with Dash support (users).
Support and Marketing: 1,550 USD
- Content creation and marketing deployment for month 4.
- Support agent payment.

End of Month 4 (Total: 11,550 USD)
Development: 10,000 USD
Backend
- Code refactoring and library integration with existing code.
Frontend
- Advanced mode (trading) view with Dash support (users).
Support and Marketing: 1,550 USD
- Content creation and marketing deployment for month 5.
- Support agent payment.

End of Month 5 (Total: 13,550 USD)
Development: 10,000 USD
Backend
- Private send and Instand send.
Frontend
- Dash deposit / withdrawal view (users).
Infrastructure: 2,000 USD
- Web app server cluster implementation.
- Database server scaling.
Support and Marketing: 1,550 USD
- Content creation and marketing deployment for month 6 and launch.
- Support agent payment.

End of Month 6 (Total: 13,550 USD)
Support and Marketing: 1,050 USD
- Support agent payment.
- Integrated test and beta testing from the Dash community.
Development: 10,000 USD
- Final code adjustments, feedback from testing.
Infrastructure: 2,500 USD
- Production infrastructure server hardening and deployment.

Launching Colibit with Dash support!

GreenCandle Escrow Fee Breakdown

$75,000 USD - Total cost of proposal in USD
  $7,500 USD - Escrow Fee from GreenCandle (10% of Ask for 6 month deliverable schedule)
-------
$82,500 / 436.70 Dash/USD (30DMA of Dash for November)
-------
188.916877 Dash
189 Dash Proposal Total
5 Dash Proposal Fee
-------
194 Dash (Based off 30DMA of 436.70 Dash/USD)

Pre-Proposal Discussion can be found here

Show full description ...

Discussion: Should we fund this proposal?

Submit comment
 
0 points,2 months ago
@greencandle Hi from the Panda Exchange team! How's it going with this? Did you guys set up a protocol for how the rest of the budget will be distributed? We're working on integrating DASH on the platform and we'd like to get in touch with you guys to see if we can set up something like an airdrop for the users when the integration is done, something to get them started and using DASH. Venezuelan users would be able to trade DASH with VEF through Panda as well.
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0 points,3 months ago
Congrats. This will give much value to Dash network in Venezuela people need it more.
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1 point,3 months ago
Votes on this should be reversed now that there is a new proposal, right?
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0 points,3 months ago
I should think so.
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-6 points,3 months ago
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0 points,3 months ago
Dash Central shows this budget proposal as "passed" and that it will be funded. Did some last minute yes votes perhaps change the outcome ?
I just checked with dashninja and this budget proposal passed the treshold of 10% (it got 10.48%) and it shows there also as getting funded.

Congratz
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3 points,3 months ago
To all the community that gave us their time and votes, thank you very much.
Also to the greencandle team for their trust and support. This time it could not be, but I am sure that the future comes with good things for Venezuela.

My most sincere regards.
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3 points,3 months ago
They're only asking for US $57,000. The surplus will get used for other projects through Green Candle. Make it rain the yes votes...

solarguy
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2 points,3 months ago
Getting down to the wire folks. C'mon, let's go fix Venezuela, because we can....

solarguy
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4 points,3 months ago
I hope the tides will change. We have the means to change the situation of millions people. We cant let them down. Voting yes
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3 points,3 months ago
Guys we need this für Venezuela to happen
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4 points,3 months ago
I'm risking repeating myself, but it needs to be reiterated: Dash needs to land on as many hands in Venezuela as possible. This is a humanitarian semi-emergency.

The best way to do that is to provide funds/support to the existing exchanges and/or merchant solutions operating in that jurisdiction.

If this is not the way to go, then please fund the creation of a new exchange that operates inside Venezuela, preferably owned by the MN network.
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6 points,4 months ago
Great Proposal. Not only is it effective it is also affordable. This needs to pass.

Voting YES.
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3 points,3 months ago
Thank you for the support. We still have a long way to go and we are hopeful these proposal funds can be saved and used towards bettering the entire economy in Venezuela and not just Colibit.
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3 points,4 months ago
Well structured, well layed out. Very good proposal with a clear benefit for Dash. Voting YES
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-1 point,3 months ago
I am really involved with Venezuelan teams that deal with criptocoins and no one wants o knows anyone on this team. With this amount of money you can make a complete exchange. First we need to check how this team is and show how they are really involved with the cryptocommunity. We developed an exchange and already have DASH in it and on January 2 we'll launch this for Venezuela and Colombia!
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1 point,3 months ago
If this proposal passes there would also be funds available to help with your exchange launch and other projects that directly related to enabling better on and off ramps from fiat to dash inside Venezuela. These funds will help everyone not just Colibit.
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6 points,4 months ago
Using escrow...check. A useful service? Helping fix the Venezuelan economy, check. Responsive to the concerns of the the community, check. Yes for me.

Come on folks, let's fix Venezuela.

solarguy
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3 points,4 months ago
Thanks for the support. I truly feel that this is a great thing for Venezuela.
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-2 points,3 months ago
I work with the development team for a Venezuelan exchange that already carries DASH & I live in Venezuela, so I have two questions: first, why charge the DASH community for integrating the coin? (it's already in your best interest to do so as you attract more users to your platform that way), and second, why so much money? Is the development team based in Venezuela? If they are, even $3500 (not to mention $5k) a month seems excesive, especially once you add earnings from the actual running of the exchange. It may be below market value, but there's a reason people all over the world are outsourcing to Venezuela. I'm not saying you should pay $100 per month, but $3500? Come on. You'll live like Venezuelan royalty at the expense of the MNOs! And if you're not working with Venezuelan developers, then do it. There's great talent there and they could certainly use the money (just not $3500, I mean, really...) I don't know, this doesn't add up for me, I'm sorry.
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2 points,3 months ago
We would love to get in touch with you to help put these funds to the best use. If this proposal does pass only $57,000 USD is going to Colibit the rest is going to be available for other Venezuelan projects to continue to help grow this much needed service inside this country. This proposal has become much bigger then Colibit.
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-2 points,3 months ago
as a Venezuelan I see that they are demanding too much money for the budget of this proposal, I said it a long time ago, I support the notion that there must be a way to change dash to bolivares, but on a platform that at least the crypto community of venezuela know, very few Venezuelans use colibit to exchange their crypts first because the direct relationship to government entities is speculated and some Venezuelans have that fear.

-with $ 200,000 that will make a new platform? because the structure already have it and I do not think it is necessary so much money from the treasury to open dash in an exchange we are talking about 194 dash almost 15 btc!

Be more open with the Venezuelans, let me know more, adjust the budget and I give you my vote.
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3 points,3 months ago
Just to re-iterate as lots has changed since this proposal has started they have considerably lowered their budget are are only asking for $57,000 USD for the entire milestone completion.

The REST of the funds from this budget will be used to complete other exchange integrations or fiat gateway projects. This money is not all going to Colibit! We have been tempted to update the entire proposal to make this clear at this point if this proposal passes $57,000 will be used to fund Colibit and the rest is going to fund other initiatives that fit the description of the funding lane these funds are in.
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-3 points,3 months ago
Exactly my point. In the context of the Venezuelan economy, this budget is way beyond crazy. You could develop an entire exchange from scratch for that! Make us, as Venezuelans, understand why this much money.
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2 points,3 months ago
This budget is for all of you now it isn't going only to Colibit. You can thank them for getting the conversation started but the MNO's have spoken and the adjustments have been made so that this proposal is far beyond just funding one single exchange integration. As mentioned in other comments we hope it will jumpstart the entire economy for you guys!
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-3 points,3 months ago
Also, who will decide which other projects will be funded by the excess from this? Will the proposals go to the MNOs or to Colibit? I agree that Venezuela needs ALL the help it can get, but we need to be extra transparent with the numbers and the process of it all or we risk falling into the same patterns that have led our country to the mess it is in now.
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2 points,3 months ago
GreenCandle will engage directly with the MNO's and once they have provided clear direction on which additional projects to support GreenCandle will then handle the milestone, reporting and funds dispersement for these additional projects from this funding lane.

GreenCandle is simply stewarding the funds for the MNO's it isn't going to determine which projects to fund itself unless that was something the MNO's requested of GC.

To be clear Colibit doesn't get any money until they have satisfied our project manager with their milestone accomplishments. So far we feel their budget breakdown has been very transparent. If other's can do the same job for cheaper and help out more Venezuelan's then we are happy to help those people as well if that is what the MNO's direct us to do with their funds.
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-3 points,3 months ago
Is there a written breakdown of how the $57,000 that WILL go to Colibit will be spent? I'd love to read it. 'Cuz the only re-working of the proposal I found was where you mentioned the salaries going down from $5,000 to $3,500 which is still madness in the Venezuelan context. I'm just trying to understand the numbers.
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14 points,4 months ago
Colibit / GC Update:

As we are nearing the end of the budget cycle for this month, we have been fortunate to receive some valuable feedback from members of the Dash community. First, we have to say we are humbled by the trust and support the community has shown us. We work hard everyday to earn it and we will continue to act responsibly on behalf of the network as we engage in new partnerships. Second, we want to apologize for the state in which this proposal was initially delivered. It lacked clarity and a concise explanation of its goals and how it would achieve them. MNOs are tasked each month with reviewing multiple proposals so it is incumbent upon those who submit them to do so with purpose and precision. We would like to take this opportunity to offer a few specific updates and to answer some questions that were raised in the proposal thread and other related chats.

Updates:

To show their commitment to the Dash network, Colibit proposes to reduce the monthly salary of their developers from $5000 usd to $3500 usd, resulting in a total cost to the network of $57,000 usd (down from $75,000 usd). At well below market rate levels, these developers will work tirelessly towards achieving each milestone they laid out. A smaller ask of $57,000 usd commitment will fund this proposal in its entirety.

Q: How much money is Colibit actually going to receive?
Colibit will receive a total amount of Dash equivalent to $57,000.00 USD upon completion of its
deliverables. Each proposal escrowed by GC has its own funding lane established. Funds are only removed from those lanes for an approved milestone or an approved project expense.

Q: What will GreenCandle do with the excess funds generated by the rise in price?
All excess funds generated by the proposal will be held in trust by GreenCandle until a legal opinion is provided on the taxable obligations. We will then provide an update with total costs and disclose any excess funds generated. The community, not GC, will decide how to best spend or save those funds. To be clear, GC will not assume ownership of any excess funds created in the proposal process. This is part of our commitment to do only what is in the absolute best interest of the Dash network.

Q: What will Colibit do to make their exchange more attractive to use vs the competition?
Colibit will run a marketing and education campaign promoting Dash using its site, digital media and live chat support staff. It will offer the most competitive fees, or no fees at all.

0.1% order taker, 0% order maker, 0% to deposit.

In summary, after reviewing and discussing many comments over the past weeks, Colibit proposes to reduce its monthly wages for development, offer new low fees for usage (waiving specific fees for up to one year), market to and educate users and offer live chat support. Colibit is committed to doing whatever it takes to help drive user adoption of Dash and GC fully supports its new plans to achieve this goal.
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2 points,4 months ago
Voting yes now.
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3 points,4 months ago
Sounds good, i'm in!
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6 points,4 months ago
Thanks for the update!
I think it's a big mistake not to give this proposal a chance.. We're talking about helping integration in Venezuela!

I want to remind MNOs of this article: https://www.dashforcenews.com/evaluating-how-much-a-dash-budget-proposal-is-worth/
"Thus, if a Dash proposal this cycle asks for 1,500 Dash (almost $1 million at the current Dash price), do not ask, “Is this proposal worth $1,000,000?” Ask instead, “Is this proposal worth more than if those 1,500 Dash were to never exist?” That bar is significantly lower than trying to place a value on the proposal returns itself."

Do we really think it's better to burn 194 Dash than to help with exchange integration in Venezuela? I think this is crazy to say no to considering they are using greencandle as an escrow and will get the same fiat value anyway. We have about 5000 Dash to spare in the budget at the moment; let's put it to good use instead of never creating it!
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2 points,4 months ago
Involved is an understatement. It has been an entire team effort to get this proposal to the finish line and we were really happy to be involved.

Colibit and their team has been fantastic to work with and been communicating with us every step of the way. Not just one project manager but all of them have come around Ryan to help make the required adjustment's and change's that the network wanted to see.

This proposal has turned into more then helping Colibit it's going to help all of the ecosystem in Venezuela. With these funds we WILL make a tangible difference!

Pass or fail from the entire team at GreenCandle we are thankful to the Dash Community for their tireless feedback to help us with the data required to bring this decentralized funding platform to the next level.

From the entire team at GreenCandle: Jeff, Jeremy, Ryan, Clark, Honza, and Nate we thank you all for your votes!
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3 points,4 months ago
I'm happy with these updates.
As long as Greencandle is involved in the escrow, I think we're going to have a fairly good chance of success.
Now some ppl have been complaining about giving dev funds to a profit-making business, but in my thinking, Venezuela is a VERY VERY important place to be in right now, and we have to take any chance whatsoever to raise our probability of success. So I'm turning a blind eye on many things. I just want my Dash to grow in value.

Voting YES.
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2 points,4 months ago
In regards to the excess funds: Will you still be charging an escrow fee per month on those funds as you hold them after the completion of this proposal?
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6 points,4 months ago
We are only taking escrow fees during month's that we have a project manager assigned to review milestones and dispense deliverable funds. Once all milestones for a project have been completed the funds in that funding lane then remain locked until we have legal opinion on taxable obligations inside Canada and then we will consult with community on how they would like the remaining funds spent. After a proposal has completed it's milestones, escrow fees will no longer be charged from the funding lane.
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2 points,4 months ago
Awesome, thank you for the clarifications.
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4 points,4 months ago
Sounds good. Really hope this passes.
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2 points,4 months ago
What is Green Candle going to do with all the extra funds?
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2 points,4 months ago
Excess funds will be used for other projects to further integration of Dash into Venezuela. There will be enough funds left over we can easily fund the other exchange that put in a pre-proposal and beyond that we will be engaging with the MNO's directly to allow them to determine where they want the rest of these funds to go.

We want to reiterate that GreenCandle does not assume ownership of the funds it's holding on behalf of the network we are simply here to fill the void that the network has asked to allow for proposal owners to be held accountable to a legal entity that can sign a contract with them. We are happy to be that entity and sign these MOU (memo's of understanding) on behalf of the MNO's in the Dash Network.
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-3 points,4 months ago
He already has a huge amount of money from the Dashracer and grant proposal, more from others.. How do we know if he is converting the money into fiat or just keeping it in Dash and at what rates?

He can easily claim that he has converted it into fiat at x price and make the difference on speculation by staying invested..

Not that I dont trust the escrow, I dont want there to be scope for these issues..

We dont want a situation where the escrow has so much money that we come to risk.
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1 point,4 months ago
>How do we know if he is converting the money into fiat or just keeping it in Dash and at what rates?
Ummm perhaps you could look at the blockchain

>He can easily claim that he has converted it into fiat at x price and make the difference on speculation by staying invested..
Ummm perhaps you could blockchain...

>Not that I dont trust the escrow, I dont want there to be scope for these issues..
blockchain

We could understand claims like these being made if the blockchain told a different story but when we use an open ledger properly some of these questions you can answer for yourself. Before claiming we have done anything perhaps you could take the time to look at the actual funds on the blockchain?
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2 points,4 months ago
Why does your pre-proposal say 66,000 USD and here you're asking for almost triple that amount? These deliverables are in no way worth 175k USD. We didn't even pay Kraken that much and they're a well-known exchange with a large international userbase. Way too expensive. I'm against abusing our Treasury to help exchanges make money anyway. If you're running a business for profit, you shouldn't be asking for handouts.
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1 point,4 months ago
Hello Macrochip thanks for your feedback. You are right, in the original pre-proposal budget we asked for $66.000. Because we are using greencandle as escrow, in our meetings with them we got their feedback about rising the budget for marketing Dash and for VPS infrastructure, so we did. Our final budget as we posted in the forum and here on Dash Central is $75.000. Although is just one payment to greencandle, we have a schedule with milestones that we need to acomplish in order to get paid by greencandle in a 6 month developing cycle, for a team of 2 developers. If Dash price maintains or goes up, there will be Dash left over by the end of the project for sure.

Since Dash Treasury would be investing in us, we are planning for a special low fee for Dash exchanges, lower than our current low fees for Bitcoin. This is to promote adoption as much as we can, although that would mean we will not make much of a profit in the short term.

We see a bunch of proposals get passed for distributing Dash in Venezuela, yet the lack of a free exchange market for Dash/VEF is so evident. There is only one broker in Venezuela that will exchange Dash for VEF and they set the price (cryptobuyer.io).

We want to bring Dash support to the masses and educate people about the advantages of Dash over other cryptocurrencies. Is about helping our people to preserve the little value is left from their Bolivars and building real Dash usage by making it really easy for merchants to start accepting Dash.
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0 points,4 months ago
The fees seem already very fair. I see no reason or much space to bargain for special Dash fees:
0% maker/0.5% taker, 1% deposit/withdraw,
+12% tax over commission paid in fiat.

I would love to see fees like these in other south-American countries. In comparison, one of the biggest exchanges in Brazil currently asks: 0.3/0.7/2% respectively (no taxes here).

These people don't care about trading alts, they need to get out, asap. And bitcoin won't let them, literally stuck.

I guess some readers must be thinking one of two things right now:
a) That all sounds abusive to me. Happy i have a decent exchange over here.
b) I don't care about high fees...
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3 points,4 months ago
If we promote a 0.1% taker fee for Dash orders and no withdraw fee for Dash in Colibit for a year, we are aware that we are not going to make much of a profit short term, and that is ok because Dash would be investing on us with this proposal. Having such low barriers for exchanging Dash translates in a huge boost in adoption of this particular crypto in Venezuela. Having this cheap free market will enable so many people to start other crypto projects. This could be a starting point for fundamentally changing our broken economic system and helping our people. One nation helping another.
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0 points,4 months ago
I believe you need a sustainable business model in order to grow and be able to support the influx. I wouldn't work for (almost) free.
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1 point,4 months ago
If the proposal were to pass, Dash is already paying us in advance not only for development but also for us to sustain the low profit income from Dash exchanges during that year. Plus Bitcoin exchanges are still going to be there. We are experiencing fast growth on our own so we are confident on that to sustain us long term plus the new users that will come to trade their Dash. After the year is up we would rise Dash fees acordanly. That is our commitment.
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-1 point,4 months ago
I think this proposal should have been broken down into smaller portions throughout a month. There is high risk of defaulting on the promises, with no recourse to recover. Also Venezuela shouldnt need as much money to get things up and working, meaning that the cost of living, wages, and rent is much cheaper than let say other countries in the world. So asking for 150k is a bit too much to do something that could in theory, be built for 1/8th of the cost. Wonder why not broken it down two two independent proposals at 10 dash per 3 months.
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5 points,4 months ago
Since the funds are going to greencandle for escrow there is a recourse if things don't go as planned. Also, the amount that colibit get's is only 75K not quite 1/8th but a lot more reasonable.

That said I would like to know what greencandle plans with all the excess funding it get's for various proposals.
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5 points,4 months ago
Yes, if you agree to exclusive with Dash being the only "altcoin" for 1 year.
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5 points,4 months ago
djcrypto that is a given as our commitment to Dash.

Agreed, Dash exclusive altcoin for at least 1 year after we launch Colibit with Dash support.
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1 point,4 months ago
I dont support this proposal because paying for integration makes no sense and exchanges should pay for it themselves or get contributions from everyone.

However I disagree with you idea of trying to limit an exchange to only dash, even if the exchange is willing(just so they can get funding). Would you want to trade on bittrex or bitfinex if it just had one coin? What would be the future of such an exchange? Two wrongs dont make a right..
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0 points,4 months ago
Dear MNO, here is an interview that kindly Tao Satoshi gives us in conjunction with Eugenia Dash Caracas https://www.youtube.com/watch?v=1XLsfkpH8G4
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1 point,4 months ago
Sorry, I hope this is not news for you, but your cold wallets are empty:
https://www.colibit.io/transparency#panel_trans

I also tried to create an account but did not receive the email for activation. Could you send one please?
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1 point,4 months ago
Yes right now main cold waller is empty. We have some funds in change address (cold wallet) 3Kz5beEDjKRccszuYMQWaqtxSDkFJcjhEH and 3KoHXdvn2Ts7yBfgJXH1eDSu6veQSHvnSL. The rest is in HD hot wallet.

Did you already check your spam folder ? , something service like hotmail and other put our email in a spam folder.
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1 point,4 months ago
Yes I did and I tried another address, nothing there.

I am sorry about the fees.. Really urgent to implement Dash soon.

I am a little worried about the low cold storage volume though. How much is your trading volume currently?
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0 points,4 months ago
You can text us at soporte@colibit.io, and check your case.
All our systems are up right now, email service OK too.
Current daily volume is 0.1-0.2 BTC, sadly we aren't Kraken or hoibi LOL
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2 points,4 months ago
Thanks for the fast support. The site looks great. I hope to see Dash added soon!
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0 points,4 months ago
Also, in order to be transparent if you see the last tx in https://bitcore1.trezor.io/address/33WbmjHKiRhb1zQ1uqezq82LJrSeNiAdXw (Main Cold Wallet).

You can verify that we have 0.7947557 unconfirmed since last week, due to saturation in Bitcoin network.
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1 point,4 months ago
I think this proposal is slightly on the expensive side.

What I would like to see, would be a commitment to Dash in some easily quantifiable ways, like giving a nice discount on fees on all trading pairs which involve Dash. Or other perks or bonuses for people dealing with Dash on the exchange.

I'm OK with funding direct integration work for an exchange (a commercial, for-profit entity). But the condition is an exclusivity deal. Like something I proposed up there^^.

If I'm not mistaken, these kinds of fundings have already happened in the past, so nothing unusual here. My vote would be conditional on making an explicit promise on Dash-specific perks.
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2 points,4 months ago
Currently we charge 0.5% to exchange BTC / VEF if you are the taker of the order and 0% if you are the maker of the order. We do not charge to deposit, but we charge for withdrawal: 1% for VEF withdrawal and 0.00019 for BTC. We have the lowest fees in Venezuela right now.

We have stated that we are committed to promoting Dash as much as we can with branding the site, live chat support and digital media promotion.

How about we have zero charge for Dash withdrawals and just 0.1% for the taker of a Dash order?
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1 point,4 months ago
yes, a 0.1% order fee sounds like a good way to promote using Dash.
Also, Dash needs to be made more widely known in Venezuela, so far most of the news I have seen have concentrated in Bitcoin or BTC mining.

What I don't understand is why your VPSs are so darn expensive? Do they come with golden hard disks or what?
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0 points,4 months ago
What does a Dash exclusive exchange look like? Exchanges have to deal with a bunch of currencies otherwise they're just online wallets.
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3 points,4 months ago
IMHO this proposal appears to be another legitimate opportunity for Dash to show the world that it is a leader in this space.

At first glance it looked like any other proposal...”you give us free Dash and we promise to promote your currency using our best efforts ”.

Then it sunk in that This proposal comes from a country in desperate need of help. By spring-boarding Dash’s adoption on an exchange it will create a viable option for people who are suffering right now to start taking back control of their finances. This literally means giving people control back over their own lives.

This is not a flashy add campaign asking for a large handout with undefined goals/timelines. I won’t waste the community’s time arguing that they (MNOs) have spent far more on less justifiable causes, others have expressed that point already. This proposal has a clearly defined goal and it will serve as a litmus test for other exchanges that come to us asking for help. The fees they are asking for over a six month period are very reasonable under any development context. This is clearly not a cash grab attempt.

This would highlight the community’s ability to recognize specific cases where our help is best applied. Supporting this proposal does not open the floodgates to all types of exchanges coming to us for money. It sends a clear message that we are willing and able to help solve real world problems right now.

Thank you for allowing me to express my opinion. Regardless of how this goes, and clearly I support it, I am grateful for this community and all those that work hard to protect it and make it better each day.
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1 point,4 months ago
My thoughts exactly
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1 point,4 months ago
segalian thanks for the support.
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2 points,4 months ago
Easy no, in my opinion. The proposal would need to be vastly improved before I would consider changing my mind. This company should not need a huge grant to do what is already be in their best business interest to do. I would be willing to listen if an arrangement was made for a loan, in which we pay for their integration costs, and they pay us from the profits from the fees of the new Dash exchange volume, until the loan is fully paid back (loan denominated in fiat is fine). It would still be a win for the company (more profitable) and a win for Dash (more exposure). But to have it structured the way it is now just feels like we are being taken advantage of.
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1 point,4 months ago
If we have to go to a bank, what is the point of cryptocurrencies at all? We believe this kind of mechanism is the killer feature of Dash. Why?

1. Because Ethereum and Bitcoin don't have such a great mechanism to fund there own grow or add value in a decentralized way to their network.
2. It could sound like Dash is taking unfair advantage over the other coins with mechanisms like this, but the truth is if there isn't, you gonna wait that some bank in Venezuela (or anywhere) give us a loan. That could take years, instead, MNO has a tool to accelerate massive adoption. I encourage all MNO to use that privilege tool that you only can use on Dash.

It is important to mention that greencandle is well-known in the community, they have reputation and experience in Dash community enough to mitigate risks, and they have assigned a project manager to this specified project.
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4 points,4 months ago
You don't have to go to a bank. The loan could still be funded with treasury funds through Greencandle. I would be happy for Dash to pay for every single expense that you might have for integration, but your exchange is a business, and we should treat it like a business, not a charity. What downside could there possibly be for you if we make the funds available, and you only have to repay it from the new exchange fees that were generated because of the integration? There would be absolutely zero cost to your business, and you would still stand to profit after the loan is repaid.
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2 points,4 months ago
If I was writing the language of the contract, I would make every effort to go out of my way to make sure that your business incurs zero cost out of pocket under any circumstances, and that the debt is only repayable out of the profit from newly generated fees. How would that not be a win-win?
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1 point,4 months ago
its very tricky for us to enforce any loan based contracts right now, until then we either have to suck up and pay the money or stop funding altogether , i say we make an exception and pay the money to an exchange in a country which badly needs dash. The money is not huge, as long the founders are genuine it's worth giving this money.
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1 point,4 months ago
Yeah it is tricky, but now that it is more common to be working through a third party like greencandle or the core team, I don't see why it wouldn't be doable now. But we'll see how this goes :)
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-1 point,4 months ago
TroyDASH you're underestimating that the win for Dash with the proposal as it is, is the fact that you're getting a free (as in freedom), fair priced, very low fee market for Dash in Venezuela, where there is none. You might think this is not enought and Venezuela doesn't represent much for Dash, but we think this is not the case and we are commiting to make Dash grow in Venezuela as much as we can. That is how we pay back the network, otherwise you could just become like any other bank and do bussiness like they do.
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3 points,4 months ago
ronaldblancocolibit -- It's not that I don't think Venezuela is important. It's just my outlook on the extent to which Dash should be involved with assisting for-profit businesses, and this goes double for cryptocurrency exchanges (which is why I also opposed the Huobi proposal). I think Dash should be doing the minimum amount required to incentivize and facilitate integrations on exchanges, and offering a loan in which the Dash network assumes 100% of the risk seems to me like it would be a generous deal. In my opinion, the only reason this might get passed as a grant instead of a loan is because there is no competition -- if there was another Venezuelan cryptocurrency exchange seeking to improve its services by offering Dash, they would easily say yes to a loan like this to undercut the current offer. I don't think it's a fair comparison to say that forming a contract with a conditional repayment plan is analogous to "doing business like a bank" -- it's just a business deal that would make sense.

I understand not everyone is going to agree with me, but if the votes don't start to look favorable, I hope there is still a chance that you and Greencandle can find a way to sweeten the deal.

Thanks --
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4 points,4 months ago
A hard no for me, go ask Ethereum and other coins for money than come back.
Or
Remove them all an be an exclusive Dash exchange
Or
Give us a stocks/stacks in your company
or
Do something special for Dash that would validate us paying for it
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1 point,4 months ago
Because Ethereum and Bitcoin don't have such a great mechanism to fund there own grow or add value in a decentralized way to their network.
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3 points,4 months ago
No also, integration is not somthing we need to pay for thats already your business model, maybe if you provide somthing extra like lower fees for trading dash or some signup bonus for users in dash.
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0 points,4 months ago
Apart from integration, we are offering Marketing and education about Dash, Exchange is a natural point where newbies come and ask for the first time "What is Dash". In order to have a successful lunch, we included a monthly marketing and educational budget. We also can also offer 0 fees (From Colibit) for withdrawing.
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-1 point,4 months ago
Lower fees is a great idea. The sign up bonus, is not bad. Will have to think about that one, but it can be done.
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2 points,4 months ago
I hope bitcoin and ethereum are being asked to pay the same amount for integration. If not then why just dash. It is not like Dash just had an ico last week.

Exchanges have to pay integration costs themselves, they are not doing us a favor by adding us. Paying for integration makes us appear desperate.

Voting NO. Same goes for any proposal asking funds for integrating dash on their exchange..
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3 points,4 months ago
Wixamlee, perhaps you are unfamiliar with the sunk cost fallacy. The fallacy is that what happened in the past with bitcoin or ethereum has any bearing on the ROI calculation to determine if this is a good deal for Dash or not.

Let's say Bob has 3 Cadillacs for sale. They are worth 50k each. He sells the first one for 20 grand to his sister. He gives the second one to his 4th grade teacher for free because he liked her. Then he offers you the third one for 40 grand. And by your reasoning, you would turn the deal down because it wasn't fair.

Fair has nothing to do with it. A 50k car sold for 40k is still a great deal. Analyze the deal for its own sake. And paying for an integration doesn't make us look weak, it makes us look like we can go to the head of the line if we want, because we can afford to.

solarguy
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0 points,4 months ago
You have a car worth 50k. You have the option to sell it for 5k or wait if a better offer comes along, what will you do?

The sunk cost fallacy is not throwing good money after bad money. How is it relevant here?
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0 points,4 months ago
Dear Wixamlee,
The fallacy is that what happened in the past with bitcoin or ethereum has any bearing on the ROI calculation to determine if this is a good deal for Dash or not.

solarguy
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3 points,4 months ago
@Dashmaximalist : You want to support spending $140k on 'advertising' for 500-1000 users?
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0 points,4 months ago
Wixamblee $140K is not our budget, is $75K. If Dash price maintains or goes up, there will be Dash left over by the end of the project for sure. Besides, as the project goes on, the amount of Dash actually spent can be even lower if Dash price increases. We asked for USD to make it cheaper for the network to support us in the long run.
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1 point,4 months ago
i think its a fair point , would the exchange be ok with highlighting dash and give dash branding to the exchange ?? in which case i would change my vote to Yes , hope you will do the same
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0 points,4 months ago
This was one criticism brought up after the first review by Ryan the Project Manager for this proposal. Instead of only doing marketing in month 6, he requested for it to be done during the entire development cycle so the users would be not only informed but excited to see the addition of Dash to Colibit.
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0 points,4 months ago
Hi dashmaximalist. During the time of the development and forward we are commiting funds to advertise Dash every month on digital media. And we will be branding our landing page, dedicate support agent and release of material for people that visit our site and want to know about Dash. Plus there is the Dash conferences and the Dash community that is doing a fantastic job getting the word out. For this to be a win-win proposal we have to let people know Colibit's support for Dash in every way we can!
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0 points,4 months ago
Wixamlee usually crypto Exchanges go for the coins with the highest market caps asuming that's where the demand is and the best returns for them are. I think Dash is more than just another coin. The voting system for example its genius. Instandsend, privatesend, the treasury, the balance of rewards for miners and masternodes, Dash Evolution. People are starting to notice and other cryptos are starting to follow the example. I reciently heard about the Cardano Project from the creators of Ethereum. They praise the Dash treasury and voting mechanism saying they will implemente something similar. We see Dash as the future in many ways and we think in Venezuela we can make Dash a very well known and respected crypto. Dash has a chance to fund that and make it happend sooner rather than later, other cryptos just have to wait.
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2 points,4 months ago
What are the risks that, once implemented and paid, your market get outlawed by the State mobsters ?
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2 points,4 months ago
Is this even legal there?
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1 point,4 months ago
EOM cryptos in Venezuela are seen as digital assets legally speaking. So they are comparable to a regular software license for example. People can buy and sell in them in Bolivars as any other asset . What is illegal is to buy or sell USD in Venezuela outside goverment imposed means.
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0 points,4 months ago
Thanks
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0 points,4 months ago
Hi mente371. When we started the Exchange that was a risk we were taking. But I think every day that risk is getting lower because even the State is in the process of launching it's own crypto, the Petro. No comment on that, the point is this kind of bussiness is gaining more acceptance in the general public and in goverment.
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1 point,4 months ago
Thanks for your reply. Sorry to insist, but once their petro cc installed, wouldn't they wish to forbid the use of any other cc ? That would very be in their usual spirit. Those people usually hate concurrence.
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0 points,4 months ago
Game theory tells us that gov doesn't have any other alternative than embrace cryptos. Token as Petro are non-censored resistance, therefore, there is a high possibility that gov just leave some space to do a market on.
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1 point,4 months ago
Game theory... that is nicely put. Only, you presume that statist mobsters will act rationaly. History tell us otherwise...
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0 points,4 months ago
That is true. At the end of the day, in crypto space, this is the main risk in any country.
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2 points,4 months ago
Rafa, you are courageous to try replying courteously to all the petty objections or remarks thrown at you by people like me.
I have seen here some obscene amount of money naively wasted to stupid projects.
I also agree with the people who says that funding a marketplace should not be our business.
But considering the dire situation of your beautiful country, I prefer to "waste" our budget on your project than the usual stupid sponsorship of a superfluous congress/meeting of wealthy over-informed people.
Should you add some real incentive, exclusive for DASH only, it would be better, tough.
You already have my positive vote. Good luck for the rest.
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0 points,4 months ago
Thanks
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0 points,4 months ago
Being an exchange is a business. If you can’t develop your exchange properly and on your own dime then you are in the wrong business. The Dash Treasury is not a hand out to people who can’t deliver a product to a market you see profitable.
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1 point,4 months ago
Mizzymax is not like we need this funding to survive because we are failing as a business. We believe in Dash and all that it has to offer. We believe in the potential to fundamentally change our failing currency system and impact the people for the better.
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0 points,4 months ago
Hey,
would it be possible to have pairs only with DASH:
DASH <-> VEF
DASH <-> BTC
DASH <-> ...
?
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0 points,4 months ago
Hey JoL, the pairs that will be supported are: DASH/VEF, DASH/BTC and VEF/BTC (as we already support it) we plan to consolidate on these throughout 2018.
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1 point,4 months ago
Please put a link to your pre-discussion thread (https://www.dash.org/forum/threads/pre-proposal-%E2%80%93-add-dash-for-trading-in-colibit-cryptocurrency-exchange-in-venezuela.17614/) somewhere in your budget proposal, so people know it has been discussed before.
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2 points,4 months ago
Fixed!
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0 points,4 months ago
I think this is a natural extension to the Venezuela Conferences that were funded previously by Dash and which if i remember correctly attracted a lot of attention.
The amount of Dash that is requested to fund this operation seems reasonable and the budget proposal itself looks to be detailed.

I have one question : am i correct in assuming this budget proposal will be paid (if approved by the masternode owners) through escrow ? If yes, how exactly
does this work for this budget proposal ?
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4 points,4 months ago
You are absolutely correct. A single ask that will be dispersed according to the MOU. The MOU for this proposal uses the following payout schedule:

Bootstrap Fiat Peg: $1,700 USD
Month 1 Fiat Peg: $11,550 USD
Month 2 Fiat Peg: $11,550 USD
Month 3 Fiat Peg: $11,550 USD
Month 4 Fiat Peg: $11,550 USD
Month 5 Fiat Peg: $13,550 USD
Month 6 Fiat Peg: $13,550 USD

Total Ask in USD: $75,000 USD
Escrow Cost in USD: $7,500 USD (10 points on ask)
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3 points,4 months ago
Thank you for the fast reply, you have my support.
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2 points,4 months ago
Thank you for your support! We feel the need for options in Venezuela are very worth while supporting.

Please also keep in mind that the fiat peg value of the ask is only being dispersed if the milestones agreed to in the MOU have been met. If they haven't been met and Colibit is in good communication with their project manager milestone deliverables will be adjusted and then communicated with the community along with payout schedule of course.

For this proposal we have assigned greencandle_ryan (https://www.dash.org/forum/members/greencandle_ryan.19986/)as the Project Manager from the GreenCandle side.
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-2 points,4 months ago
im ok wiht that
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0 points,4 months ago
Thanks :D
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