Crypto Apex's application for NEM community funding

Project Proposals
#21

It is nice idea to have fiat/Xem exchange,but you are asking for community funds,and still didn't show us,what you are legit.If 50 000 000 Xem will get in wrong hands at this point,he can push price down to 5 Satoshi.So,I will ask you to proove,what work is in progress,and you are not trying to scam us.


Best Regards!



Nothing will be paid to anyone who is not legit.The Core Member team will ask for proof of identification and proof of company registration among other things.

#22

This an interesting proposal, but so light on details i am quite disappointed. This a text i could have written, but if your project is well thought out, i would expect you to bring much more details. As this is the first funding request, it is going to set the standard, and i would expect it to be much higher.

One big omission is for example, in which area of the world will people be covered by the service, and at what cost, and in which timeframe? Does fiat to xem require an international wire transfer? Or will there be a  presence in multiple areas like us, eu (sepa), etc

You also do not talk about regulation. Which authorizations do you need, and how far are in the process getting them?

I am supportive of the idea, but i would have expected the funding request to answer such basic questions, and am hence disappointed by the quality of it, which contrasts with the general high quality of Nem products. It is not because high profile nem actors are involved that the funding request may be of lesser quality, to the contrary, it should be an example of complete and exhaustive communication.

I am for such a service, but with the info communicated i cannot decide if i would support this request. I personally would prefer a more detailed request to be published.

Wishing you success in any case!



The original proposal need not be pages long to describe the general idea of what is trying to be done. What is trying to be determined here is if the general community at large is supportive of the project or not. The purpose of this thread is to allow community members to ask whatever questions they need to. The Core Member team will require more specific information to allow funds to be allocated.
#23


As Makoto already has answered your questions, I will provide some more detail to a few of them.

6. If 70% is already done, what is 50 million xem is going to be used for? How much did they spend already from their own pocket and how much do they still need? You need a breakdown of the money, costs - worked hours and deadline etc.


70% is done, but 70% of the total costs haven't been paid yet. 50M XEM will be worth approximately $6750, and that alone isn't enough for the project.

[font=Verdana][/font]
[font=Verdana][/font]8. people need to be able to spend xem online for shopping like amazon, ebay, groceries and other household bills, and in stores - that would bring xem to a much higher level.

9. I read that xem wanted to compete with visa. Where is this project now Makoto?


This is an answer to both questions 8 and 9: These are not in our scope. Separate issues.

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[font=Verdana][/font]12. Your request does not comply with the guidelines set out in this document [url=https://docs.google.com/document/d/1v12DKjHLShbacq4nGyQBm183ADoVgSEQNqbwUYWQBTM/edit]https://docs.google.com/document/d/1v12DKjHLShbacq4nGyQBm183ADoVgSEQNqbwUYWQBTM/edit
e.g milestones and identity etc etc. We don't even know how you guys look like (especially makoto)


Identity is not a pre-requisite of the submission to Community.

I have amended the milestones in OP to meet the requirements set in document above.
#24
This an interesting proposal, but so light on details i am quite disappointed. This a text i could have written, but if your project is well thought out, i would expect you to bring much more details. As this is the first funding request, it is going to set the standard, and i would expect it to be much higher.[font=Verdana][/font]
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[font=verdana, arial, helvetica, sans-serif]We are following the requirements of the submission as per the guidelines. More detailed design documents and rollout plan shall be furnished to the core team upon general approval from the community.[/font]

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[font=Verdana][/font]One big omission is for example, in which area of the world will people be covered by the service, and at what cost, and in which timeframe? Does fiat to xem require an international wire transfer? Or will there be a  presence in multiple areas like us, eu (sepa), etc[font=Verdana][/font]
[font=Verdana][/font]
[font=verdana, arial, helvetica, sans-serif]This service shall not be available in the USA, although we believe it may not be a problem as we are offering outside the USA. Otherwise, it is available outside the USA to the rest of the world including Sepa, with multiple currencies.[/font]

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[font=Verdana][/font]You also do not talk about regulation. Which authorizations do you need, and how far are in the process getting them?[font=Verdana][/font]
[font=Verdana][/font]
[font=verdana, arial, helvetica, sans-serif]Crypto-currency trade is not regulated per se (currently only in the USA). Only fiat is. The bank undertakes this portion of it. Hence we are not regulated in that sense. However, we are always keeping a close eye on regulatory changes in regards to what is considered a money services business according to the law. Currently crypto trading isn't money services business in the BVI.[/font]

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[font=Verdana][/font]I am supportive of the idea, but i would have expected the funding request to answer such basic questions, and am hence disappointed by the quality of it, which contrasts with the general high quality of Nem products. It is not because high profile nem actors are involved that the funding request may be of lesser quality, to the contrary, it should be an example of complete and exhaustive communication.[font=Verdana]][/font][font=Verdana]I am for such a service, but with the info communicated i cannot decide if i would support this request. I personally would prefer a more detailed request to be published.


We are just following guidelines. Please note, it is my believe that these
#25



[color=rgb(51, 102, 66)][url=https://forum.ournem.com/proposals-for-community-projects/crypto-apex's-application-for-nem-community-funding-3349/msg18016/#msg18016]Quote from: makoto on August 09, 2015, 01:32:19 PM[size=x-small][font=verdana]
3. Also there will be no anonymity if a bank is involved and the taxman might come after you.


You still have to follow laws even in crypto land 

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[font=verdana]Crypto is popular because people do not want to follow and be controlled and robbed by governments and banks otherwise we wouldn't need crypto at all.

[color=rgb(51, 102, 66)][url=https://forum.ournem.com/proposals-for-community-projects/crypto-apex's-application-for-nem-community-funding-3349/msg18016/#msg18016]Quote from: makoto on August 09, 2015, 01:32:19 PM[/font][size=x-small]
6. If 70% is already done, what is 50 million xem is going to be used for? How much did they spend already from their own pocket and how much do they still need? You need a breakdown of the money, costs - worked hours and deadline etc.


VCs won't even ask for all the information even when giving you millions of dollars.


I doubt it, because you (your identity) will be knows to the ones providing the vc funding. To us you are anonymous, and can take of any moment. How many times didn't that happen in the crypti world?People aren't asking to much if they want to see proof and progression and given detailed information.Would you buy a house from someone from the street and without seeing it?

[color=rgb(51, 102, 66)][url=https://forum.ournem.com/proposals-for-community-projects/crypto-apex's-application-for-nem-community-funding-3349/msg18016/#msg18016]Quote from: makoto on August 09, 2015, 01:32:19 PM[size=x-small]7.  50 million xem is quite a lot. Do you need this project at this stage (since xem is not worth that much) and what GUARANTEE will it give xem - how big is the chance that the price will increase and by how much when this exchange is in place?


A fiat link to XEM should be very important.


Says who?

[color=rgb(51, 102, 66)][url=https://forum.ournem.com/proposals-for-community-projects/crypto-apex's-application-for-nem-community-funding-3349/msg18016/#msg18016]Quote from: makoto on August 09, 2015, 01:32:19 PM[size=x-small]11 . Did the developers put on the funding guidelines with a maximum of 50 million xem ([color=rgb(51, 102, 66)][url=https://docs.google.com/document/d/1v12DKjHLShbacq4nGyQBm183ADoVgSEQNqbwUYWQBTM/edit]https://docs.google.com/document/d/1v12DKjHLShbacq4nGyQBm183ADoVgSEQNqbwUYWQBTM/edit) with this intention to scoop up the 50 million in one go for this project?


Nope. It was a number decided on with the community. Also other projects like PhotoMead gave some input on the amount needed.


Where can we find this info that the community decided it?

[color=rgb(51, 102, 66)][url=https://forum.ournem.com/proposals-for-community-projects/crypto-apex's-application-for-nem-community-funding-3349/msg18016/#msg18016]Quote from: makoto on August 09, 2015, 01:32:19 PM[size=x-small]
The guidelines only require specific details to be shown to the internal decision making team and not to the community as a whole. Unfortunately, for many projects, you don't want to reveal all the details to the public or the project will be compromised.


See: "[font=roboto]Information provided will only be privy to those in the decision making team who will also reveal their identities and not to any other persons outside of the team. Only names (or pseudonyms) of shareholders and directors will be revealed to the community."[/font]

The problem is it is not a third party asking for funding, it is the (deciding making) team itself asking for it? So who is gonna assess you?




NOTE: I accidentally hit "modify" instead of "quote" when replying, so I copied the previous text back here. Sorry for that!  :(  (Makoto)

#26

"[font=Verdana]The problem is it is not a third party asking for funding, it is the (deciding making) team itself asking for it? So who is gonna assess you? " [/font]

[font=verdana, arial, helvetica, sans-serif]Anyone involved in this project will not be on the decision making team. The community has to approve the proposal anyway before the internal team is formed.[/font]

The bank we are working with supports SEPA transfers in Europe, so it will be great to have a SEPA link to XEM.

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[font=Verdana]OT: I can't wait for discourse to be working :)[/font]

#27

Does crypto apex relate anyhow to altnemo?

I see some people in common in both projects.

An exchange with link to fiat was an altnemo goal too.

#28

Does crypto apex relate anyhow to altnemo?

I see some people in common in both projects.

An exchange with link to fiat was an altnemo goal too.


Crypto Apex is the brain child of Rockethead, but because he is involved in other aspects of NEM, he has invited us to take over the project and run it. I (as in Niko) am the CEO of Crypto Apex.

To answer your question, yes, Altnemo or its nominee will eventually have a stake in Crypto Apex, but not now yet.
#29

Friggin love this project  :). So when this project is finished will we be able to trade fiat for NEM and vice versa all on the NEM client? Will it become a part of the asset exchange? It kinda feels like I can become my own bank now  :slight_smile:

#30

Trading from the NEM client would be awesome!

#31

i would be interested to know what will be the process to get XEMs for euros? Can you explain that step by step,like eg
1 open bank account at our bank (how hard will it be if that's required??)
2 transfer euros to your account our bank
3  ?
4 ?
?

And same for the other way.

thx

#32

i would be interested to know what will be the process to get XEMs for euros? Can you explain that step by step,like eg
1 open bank account at our bank (how hard will it be if that's required??)
2 transfer euros to your account our bank
3  ?
4 ?
?

And same for the other way.

thx


1. Open account with the bank
2. Transfer euro via sepa to this new bank account of yours
3. From your bank account, send to our escrow bank account. Note 1: Although you can directly transfer from your originating bank account to our escrow bank account via Sepa, we are not doing it because we do not want to be handling the money without the proper KYC that is being done by our bank. We want to be clean from any issue handling money. Note 2: We intend to incorporate this transfer from your account to our escrow inside the NCC.
4. From NCC, trade XEM in the Euro/XEM pair.
5. If there are balance in the bank escrow account after trade, this balance shall be returned to your bank account. If there was no pending order, it will be returned after a certain time. Note: We will only transfer money from our escrow to another account within the same bank. No money can be transferred out to an external account as a security measure.
6. In the meantime, if there was a trade, the XEM is cleared between seller and you and XEM shall be deposited into your XEM account.
7. The opposite action will happen with the XEM seller, i.e., he puts XEM into escrow and gets Euro in his account, immediately after trade confirmation (based on block chain time of 10 blocks or more)

Essentially, we don
1 Like
#33

Is it only for EUR or other currencies as well?

Does the trade between Xem and the fiat in escrow account happens instantly or delayed because it is done manually?

#34

I am afraid you'll loose a lot of users at 1: open bank account.
Did you consider operating like https://www.litebit.eu/en/ or https://anycoindirect.eu/ ?
If yes, why not go that way?

#35

Is it only for EUR or other currencies as well?

Does the trade between Xem and the fiat in escrow account happens instantly or delayed because it is done manually?

We will support all the main fiat currencies, up to 30 of them.


Yes. The trade exchange happens in real time.
#36

In which country is the bank located that we need to open?
Is it easy to open it without being resident it that country?
Once opened, can you use that account for other purposes as well or only for xem exchanges?

#37

In which country is the bank located that we need to open?
Is it easy to open it without being resident it that country?
Once opened, can you use that account for other purposes as well or only for xem exchanges?


Right now we are working with the bank but you should be able to register and make a new account if you provide sufficient KYC details (which is standard with a bank). You don't have to be a resident in that country.

Once opened you can use it for other purposes, too. It is a bank.
#38

I am afraid you'll loose a lot of users at 1: open bank account.
Did you consider operating like https://www.litebit.eu/en/ or https://anycoindirect.eu/ ?
If yes, why not go that way?


Caring to answer? i am interested to know more about this.
Thx
#39


I am afraid you'll loose a lot of users at 1: open bank account.
Did you consider operating like [url=https://www.litebit.eu/en/]https://www.litebit.eu/en/ or [url=https://anycoindirect.eu/]https://anycoindirect.eu/ ?
If yes, why not go that way?


Caring to answer? i am interested to know more about this.
Thx

Two fundamental differences. Firstly, those two sites referred to work through a payment gateway and cost money to the user.

Secondly, we are an exchange, i.e., based on two parties exchanging with each other. Hence we don't meddle with the spread. You will note that there is a huge spread in the abovementioned two sites. Further, you will note, too that the prices are not cheap.

So, the business model is totally different and they are somewhat limited. We bring the market together whereas, they determine the buy/sell.

Finally, opening a bank account is not so hard if the savings are tremendous. A snapshot of the price of buying 1BTC in Kraken is 241 Euro. For the abovementioned, it is 250 (Litebit) and 247 (anycoindirect).

In fact it gives the user more flexibility to have a global bank account that deals with close to 30 currencies.
#40

GeneralBloat on a chat in Slack suggested that you guys integrate with Ripple too.  that sounds like a pretty interesting idea to me.