SmartCash does not fund exchanges directly through project proposals. This is a proxy for giving back to users. There is plenty of liquidity already on Crypto-Bridge.org and it’s up to an independent businessperson to go out and buy some SmartCash there. If it’s profitable you can do it and get backing independent from SmartCash. SmartCash Hive does reach out to exchanges and does listing fees for established ones, but creating a new one directly for SmartCash is not part of a project scope that is allowed because it’s again giving back to users and this should be independent from project funding.
Thanks for at least a reasonable response which can be discussed. The proxy for giving back to users and why it is not allowed should be explained for my own understanding.
There is plenty of liquidity already on Crypto-Bridge.org and it’s up to an independent businessperson to go out and buy some SmartCash there.
The exchange is a fiat-smart pair. It eliminates the stress of additional fees and you are well aware of crypto-bridge’s fees. Why would merchants and users accept SmartCash when it less convenient for them; that they would need to purchase bitcoins with fiat and then convert bitcoins to SmartCash. Logically, it is better to just continue using fiat as it is more. SmartCash is currency (means of exchange). The idea is ti have that means of exchange be used for the efficient transfer of resources. If merchants have to go through unnecessary steps, it is ineffecient and does not fulfil its purpose; especially when this can be eliminated. Even eliminating these crypto-crypto-fiat steps, does not make it more convenient than fiat; it should be used to trade/transfer/exchange valuable resources and services directly. This is literally what fiat does. One advantage of a digital currency is speed and efficiency of transfer, especially across borders as it is not physical,so for SmartCash to have any advantage over fiat these steps must be eliminated completely.
If it’s profitable you can do it and get backing independent from SmartCash.
It’s not about doing it for my own profit. I see solutions which cryptocurrencies can bring through decentralization and one of them involves pooling capital to do things benefical to everyone; not just one person, party or centralized entity.
SmartCash Hive does reach out to exchanges and does listing fees for established ones, but creating a new one directly for SmartCash is not part of a project scope…
The project scope should increase so that SmartCash can develop and expand accordingly
…that is allowed because it’s again giving back to users and this should be independent from project funding.
I’d like to know why it is not and if there are any legal implications
SmartCash does not provide funds for kickbacks, rebates, treasuries, DAO, etc. these are all forms of giving back to users, and removes the direct oversight of the SmartHive Project Treasury. So this part the “SmartFund” is inelgibile. Creating a new group to have oversight of the fund is not okay.
The Smarthive can expand and make amendments accordingly for progressive growth and development and for the best interest of SmartCash currency and Community. The management team will be part of the SmartHive team; the criterias and conditions can be discussed if it does not already exist. The SmartFund can be an extension of the SmartCash Community Fund with multisig fonctionality. (Nothing is written in stone and can be improved where needed).
The third thing you are talking about, working with a specific group of people to try and get more adoption is fine overall.
Thanks, I thought so too, it’s Kofi’s (@momako) idea. Worked tirelessly with him to develop it further.
Some people don’t like using inclusive groups and will argue against that approach.
Expected, hopefully people can see the bigger picture through constructive dialogue and reasoning.
What matters is that you can show it would be effective, how effective it would be, how many people you can reach with this approach, and that the costs are reasonable to do so.
Positive feedbacks, criticisms and recommendations are well appreciated. As far as cost go, even for the complexity of the entire proposal it is reasonable. Some members had suggested adding an incentive to the proposal understanding that this will take great effort, time and energy. We left this out because we had already forseen an alternative solution which was to request expansion of the hive team so incentives would come from funds allocated for that purpose and to resolve the previous third party barrier which you sighted. This would be up until the proposal is completed. Part of the fees charged to the SmartFunded businesses would be used to act as incentive thereafter.
Focus on merchant adoption, or merchants accepting SmartCash, is a reasonable goal and the more you emphasize that and how you plan to organize it the better your proposal will be.
SmartCash can do more than just merchant adoption. People are currently looking for more. Furthermore there are other cryptocurrencies which does this and more. What more can we offer to remain competitive in the near future are critical questions which should be asked and not be taken for granted or brushed aside.
Furthermore, even though adoption requires a healthy set of infrastructure does not mean those all need to be in one project proposal or that they are things that will be funded.
Yes, agreed, but the project is well planned for proper execution. Adequate time is given for each section/phase of the project. Furthermore; funds are released per milestone and i’m sure there are other additional requirements which we will well able to provide.
Some things, like exchanges, need to be independent and access to SmartCash can be through independent project proposals, mining, nodes, tips, or purchasing on an exchange like Crypto-Bridge.
Well not exactly, unless if exchange starts acting maliciously and this would be bad for the reputation of SmartCash but your point is well taken; it may well be better.
Keeping a clear focus on your project and what you are asking for specifically is important for it to pass voting and the review process.
Advise well appreciated and acknowledged.