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Author Topic: [UPDATED] Crown Community Market  (Read 1525 times)

NameoCeo

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[UPDATED] Crown Community Market
« on: January 19, 2018, 10:35:42 pm »
The Crown Market- Canberra proposal has been UPDATED!

I've created a proposal to create and hold the first ever community markets powered by a cryptocurrency in the world! Making the first 'real' interaction many people have with crypto an interaction with Crown at a 'normal', fun and enjoyable event. I've reduced the amount of Crown we need to run the event from 9000 to 6000 by using the left over Market fund for the prize pool and crown backs (I can't believe I didn't think about this before :) ):

Market Currency: 5000 Crown
Advertising: 500 Crown
Setup\Decorating Expenses: 500 Crown
Expenses that donít need separate funding:
Venue Hire: 2000 Crown. Funded personally
Prize Pool: 1000 Crown. To be funded with the left over Market Fund after the Market has concluded
Please note - Our time and effort, which will be substantial is not included in the funding proposal.

A lot more info is in the proposal document so please have a read. Any Questions or feedback please just @ me in MM or reply to this and I'll respond ASAP.

Thankyou @all and here's to a strong future for Crown

Proposal Document: http://bit.ly/CrownMarket
Proposal Hash: 32cc78a1f2e891cb704728f907ebaebcdb88677cf1f3b54ea0e51a62c8b99520
Vote Yes: mnbudget vote-many 32cc78a1f2e891cb704728f907ebaebcdb88677cf1f3b54ea0e51a62c8b99520 yes
Vote No: mnbudget vote-many 32cc78a1f2e891cb704728f907ebaebcdb88677cf1f3b54ea0e51a62c8b99520 no
« Last Edit: February 20, 2018, 12:06:49 am by NameoCeo »

NameoCeo

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Re: [Active] Crown Community Market
« Reply #1 on: January 19, 2018, 11:58:04 pm »
More information on the Market Fund in response to Twister:

Quote
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).
Potential issues:

 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 :)

NameoCeo

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Re: [UPDATED] Crown Community Market
« Reply #2 on: February 27, 2018, 09:50:50 am »
Now that the issues with the MN's are over. I'd like to ask everyone to re-vote for the Crown Market Canberra, we had got enough to pass before all this, hopefully we can get it back to passing before the end of the superblock :)

Here's the latest: We've locked in then venue, one of the biggest event places in Canberra, and will be paying for it in the next couple of days :)
@lukemd is in contact with coinspot.com.au and has passed on @crowncoin_knight 's contact info and the ball is rolling on getting Crown listed there, responses have been positive so far. So here's hoping we have a direct AUD/Crown option within the next few months :D

We are receiving applications from people who want to hold stalls daily but we still want more! It's coming to the end of the application period so we are going out to all the markets to have a chat with stall holders there and see if there interested in holding a stall at the world first event that will be Crown Market Canberra.

@meetingplace-8ct has designed some awesome postcards and we've got them printed. We've already handed some out at the Royal Canberra show last weekend and be handing them out this weekend at the various markets. We'll also be putting them up at the local universities and cafes in the coming weeks.

Understandably, as with anything 'new', people have been a little nervous about what it all means to have a market with crypto, we are helping them with all their questions and reassuring them at every step of the way. That's really one of the things that I find most exciting about this project, the ability to help the mainstream adopt and understand Crown and Crypto better, rather than a scary unknown.

Any further questions please @/DM me or check out the Proposal Document here:
https://crown.link/crownMarket

Quick link to vote yes:
mnbudget vote-many 32cc78a1f2e891cb704728f907ebaebcdb88677cf1f3b54ea0e51a62c8b99520 yes

Thanks everyone,
Nameo & the Crown Market - Canberra team