More information on the Market Fund in response to Twister:
Where I still don't see the logic, is where that 5k CRW would be needed for? Loading wallets up locally there could be done from an account connected to say Bittrex or whatever as well?...
I can see what you're saying about the different way of facilitating the CRW purchases and it definitely has the benefit of not needing as much CRW in the proposal. However there are some issues that aren't completely controllable that might mean it's not tenable. (I'll come back to these)
First I'll go into a little bit more detail about why 5000 CRW for the MF, as the numbers are important either way. So we estimate a market turnover of $150,000 AUD. We don't really know how much of this will be people using Crown but the incentives should help drive people to give it a go. In light of that, to be safe and not wanting to run out of CRW we assume 75 percent of the total turnover will be using Crown. So that's $112,500 AUD worth of CRW that will be exchanging hands throughout the day. That's a lot of money and that's where the Crown buy backs off the stall holders come in. We use the AUD that we got from the customer and 'buy' the CRW back off the stall holders in order to have the Crown to sell to the next customer. During the peak, to cover the amount of CRW that might be sitting in wallets as people wonder around looking for things to buy perhaps 10-20% of the $112,500 AUD might be in circulation. In wallets we can't offer a buy back to because it's in customers wallets. (A good thing to note here is that unfortunately we are having to male assumptions because we do not have data, one of the things the block chain will help us do, just by being it's cool self, is provide data metrics that we can use to refine these assumptions into the future, but for now we are airing on the side of cation.) We do not know what the up take will be like.
So, the final calculation is that between 11250-22500 AUD might be on the 'floor' so to speak at any given time. At the current Crown price 5000 CRW is $19,000 AUD. We feel like we should be able to manage the buying and selling of CRW with that amount, hence the 5000 CRW for the MF.
With the above being said, I'll jot down my intial thoughts on the direct to exchange option. (I'm also going to give more thought to it, maybe some hybrid or something).
1. Getting Fiat into and out of crypto in Australia isn't easy. We are subject to small credit card weekly limits ($2000) and other options take a day or two to clear. It would mean we would have to cover the $19000 out of our own pockets and have it already on the exchange ready to buy Crown. Even if we had that sort of capital ( We don't ) We would prob have to have it sitting in BTC waiting for the exchange to CRW or sitting in CRW waiting for the market. To risky in my opinion and we don't have the money to do it anyway.
2. Fees 3% + for every AUD to BTC then CRW in and then out again wouldn't be nice assuming we can even move that money in and out.
3. ATMs, as I understand it there are 2 Bitcoin ATMs in Canberra. I don't know what sort and im not even sure they can buy + sell Bitcoin (rather than just buy) let alone Crown. Ill ask @davester about the functionality of his but that's all the way over in Perth. (Think west coast of America to east coast). Not really an option to get it here.
I just don't see another way other than the market fund at the moment.
I understand its a bunch of money especially seeing all the good proposals and I understand im a fairly new member to the Crown community. But I truely believe in Crown and I truely believe this will be great for Crown and Crypto in general. Just the legitimacy it brings to crypto by itself is massive. It's not just for the people that make it to the market either but also their friends and family when they tell them what they got up to on the weekend. We are planning on news articles and reports on how it all went. Local news at a minimum, if not national.
We are committed to making this great but we need the support to get it off the ground