XCP Ticker: DUNNECAP
ColoredCoin: 3JW1bQtVAptpToqvNUrSBxiwzrEwUeGsqV
ColoredCoin address: 1CjHzEJ6aGjezofCwqttrnvCActqzKeMnN
Dividends
We now plan to weight the dividends in our investors favor. If we sell 5% of our shares, they will get 20* the dividends (minus expenses) until ROI is reached.
This is still valid for anyone who has already bought shares.
Who are we?
We are a group currently working on the only true UK bitcoin exchange - by this we mean the first exchange with access to the UK banking system (free and instant bank transfers in, £1 instant out)
We have successfully secured banking explicitly for the usage of our exchange, with a major high street bank. And we should be ready to launch within the next two months, as the exchange software is almost complete. Not only this but we have found a European bank willing to open us an account, for customers in mainland Europe.
To see our full team go to our angel.co profile https://angel.co/dunne-capital.
What is unique about your service?
We are to offer one of the most polished services for exchanging between fiat and bitcoin, and with faster payments we can be one of the most efficient for small and large buyers alike.
We fully intend to offer multiple currencies, in order to give us a foothold in every continent. And provide a consistent and professional service, with full proof of crypto reserves and an audit for fiat balances.
Why should we invest?
We are IPO’ing prior to launch to raise the rest of the funds required to get operational. This means you will see massive appreciation in very little time (as soon as it launches). The reason we are doing this is that we need the funds, without them we may not be able to launch at all - so it is worth selling a chunk of our company for the required funds.
Not only this, but investors who buy any shares get 50% fees, and investors who buy 1+ BTC worth of shares will have 0 fees post launch.
Why is your opportunity unique?
The UK is the world’s 6th largest economy, but so far they have no bitcoin exchange. In order to purchase bitcoins, you currently have to either go through localbitcoins or you have to send international wire transfers, or SEPA transfers. The market is ready for an exchange, and we have the ability to provide it. Not only this but we are planning to offer our services to mainland Europe, and dependent on changes in regulation in the US (bitlicenses) we may expand there also.
The UK has proven itself to be an excellent place to launch an exchange, with exception to the hostility shown by major banks - which we have managed to resolve.
How will you make money?
We are going to operate on a fee structure that marginally undercuts Bitstamp’s fees, that is where all profits will come from.
Once the exchange has launched dividends will be paid on a weekly basis via the counterparty system.
While the fees may seem small, they add up significantly, I estimate bitstamp earns between 39 and 90 BTC per day currently.
We should be attractive to customers thanks to minimal KYC/AML, as we will not require identification for those who wish to trade £500/€600 or less per month.
Where will the money go?
The priority is first selling approximately 2400 shares, this will be enough to get the exchange into a near launch-able state. We will then need to raise the rest to pay for the security audits and for monthly costs.
The a chunk of it will be used on extending the system, and adding cosmetic improvements as well as upgrading servers, a marginally larger chunk will be used on security auditing both the code, and the data center.
The remainder will be kept in reserves to pay for monthly costs, such as the data center.
What currencies will you support?
British sterling, Australian dollar, Euro, US dollar (non US customers), Japanese Yen, NewZealand dollar. Canadian dollar is up for consideration, but will not be added initially.
Will you put any shares in our names at companies house?
If anyone holds a substantial amount, subject to background history I may put your shares in your name. However their is a limit to how many I can transfer (banking).
How do I buy them?
Sign up for a counter-party wallet; https://counterwallet.co, deposit funds into your account and place a buy order for DUNNECAP, the shares are only being sold for BTC (or XBTC). The order will automatically fill and be transferred to your wallet. I can now automatically make dividend payments to the owners of DUNNECAP. Here is a video explaining how to buy them: http://www.youtube.com/watch?v=ZziQ2Ns8314
Counter-party is a blockchain based exchange that is completely decentralized, it cannot be shutdown like other sites.
To buy with ColoredCoins, create a wallet at https://www.coinprism.com/ and fund your account. Then send bitcoin to 1CjHzEJ6aGjezofCwqttrnvCActqzKeMnN. You will receive your shares soon after (I have to process manually).
I am more than happy to meet any of you in person, in Plymouth (UK) or you can contact me via mobile. I will give you that number via PM (it is a UK number, no international calls will be accepted). On Skype I am DunneCapital.
I am initially selling 15,000 out of the 100,000 shares for 0.008 BTC each - we initially only need to sell 2400 of these, then sell more just prior to launch (at a higher price). No further shares can be issued, however in future more of the 100,000 may be sold. When you order, the rate will be correct
Please feel free to ask any questions
- William Dunne
Development blog has just been created here; https://www.mimex.co.uk/wp/ Will be updating as we get along.
> And we should be ready to launch within the next two months,
If you don’t, does raised but unspent capital get returned?
If the raised amount isn’t enough, who decides whether the Company needs to raise more and dillute existing shareholders?
Can you explain this a bit more?
> it is worth selling a chunk of our company for the required funds.
How large a chunk?
How many shares are outstanding (for the initial $40K invested)?
> If anyone holds a substantial amount, subject to background history I may their shares in their name.
You may what their shars in their name? Register? Where?
> the shares are only being sold for BTC (or XBTC).
XBTC or XCP?
> I am initially selling 15,000 out of the 100,000 shares for 0.008 BTC each. No further shares can be issued, however in future more of the 100,000 may be sold.
Does this mean that the new lot (100K) of shares is valued at $4 each?
It sounds good, but a bit unclear. Thanks!
[font=Verdana]>> And we should be ready to launch within the next two months,[/font][font=Verdana]>If you don’t, does raised but unspent capital get returned? >If the raised amount isn’t enough, who decides whether the Company needs to raise more and dillute existing shareholders?>Can you explain this a bit more?
Unspent capital would be returned, however this should not happen. No shareholders would ever have their shares diluted, we have locked in the number of shares on XCP. Any further capital would be raised by me selling my own shares. We only actually need to sell 2400 shares to get to private beta (software + servers complete) and then we need to sell another 4000 for security and data center - but that can be done just before launch (and at a higher price).
>> it is worth selling a chunk of our company for the required funds.>How large a chunk? >How many shares are outstanding (for the initial $40K invested)?
[font=verdana, arial, helvetica, sans-serif]15,000 shares out of 100,000 are available to buy, however we only need to sell some of that.[/font]
>> If anyone holds a substantial amount, subject to background history I may their shares in their name. >You may what their shars in their name? Register? Where?
We’re a registered UK company, of course the XCP system is not directly plugged into the UK company registry, but if someone is a significant holder we will put them in their name.
> > the shares are only being sold for BTC (or XBTC).>XBTC or XCP?
[font=verdana, arial, helvetica, sans-serif]BTC and XBTC[/font]
>> I am initially selling 15,000 out of the 100,000 shares for 0.008 BTC each. No further shares can be issued, however in future more of the 100,000 may be sold.>Does this mean that the new lot (100K) of shares is valued at $4 each?
No further shares will be made, by this I meant more of my own 85,000 shares may be sold.
Hope this helps
- William Dunne[/font]
Purchasing first database server today using funds raised so far.
Two SSDs in raid 1 for read/write cache and four enterprise drives in raid 6.
Server is now purchased. Should be here middle of next week.
Hard drives have arrived, I can confirm.
First update posted
https://www.mimex.co.uk/wp/?p=11
Another update:
https://mimex.co.uk/wp/?p=17
[font=verdana][size=3]Share price now 0.024BTC per share, introduced fractional shares on counterparty - DUNNEFRACT[/size][/font]
[quote author=mrwdunne link=topic=293.msg2211#msg2211 date=1399203127]
[font=verdana][size=1.35em]Share price now 0.024BTC per share, introduced fractional shares on counterparty - DUNNEFRACT[/size][/font]
[/quote]
Please edit the OP to reflect the new price and the additional offering. People don’t usually read the whole thread, and will be confused about the price when going to make a purchase if they think they can buy at the rate of 125.
[quote author=sparta_cuss link=topic=293.msg2219#msg2219 date=1399218391]
[quote author=mrwdunne link=topic=293.msg2211#msg2211 date=1399203127]
[font=verdana][size=1.35em]Share price now 0.024BTC per share, introduced fractional shares on counterparty - DUNNEFRACT[/size][/font]
[/quote]
Please edit the OP to reflect the new price and the additional offering. People don’t usually read the whole thread, and will be confused about the price when going to make a purchase if they think they can buy at the rate of 125.
[/quote]
Thank you for the feedback
Good news.
We now only need to raise £3,500 to complete software development (making existing software pretty) thanks to our third party developers (non indian) asking for an almost all share payment.
Selling the shares for 0.008BTC each again.
Lets see how quickly you guys can raise it.
Those who buy 1BTC plus shares will get 0 fees. Those who have 1 share will get 50% fees.
We have two designers and two designers. Who do we hire? Please use poll at the top.
http://imgur.com/a/ZGIAC
Excited to see what happens with this, and to see XCP used to fund it!
Hello, William
You’ve been very quiet lately. How’s the work going?
You might want to reply to the following post on the Bitcoin reddit to generate some interest in your project.
http://www.reddit.com/r/Bitcoin/comments/26c5ko/uk_could_possibly_apply_to_other_countries/
Sorry about the delay in any sort of update. Been very busy managing everything!
I have been posting updates on the Dev blog and we have a functioning prototype however we are currently optimizing it… heavily. As well as sorting out things like security properly.
We still need a fair amount of funding
[quote author=mrwdunne link=topic=293.msg2514#msg2514 date=1401670137]
Sorry about the delay in any sort of update. Been very busy managing everything!
I have been posting updates on the Dev blog and we have a functioning prototype however we are currently optimizing it… heavily. As well as sorting out things like security properly.
We still need a fair amount of funding
[/quote]
The funding is available. I have BTC to invest, and I am sure that many others do, too. This is a very important project, and we would love to see it come to fruition.
But you need to give us a reason to invest. Can you provide details about what you are doing? Can you show us the prototype/testnet version of the exchange? Can you give us an update on how you are solving the legal/banking issues involved in establishing the UK’s first Btc exchange?
[quote author=sparta_cuss link=topic=293.msg2515#msg2515 date=1401685245]
[quote author=mrwdunne link=topic=293.msg2514#msg2514 date=1401670137]
Sorry about the delay in any sort of update. Been very busy managing everything!
I have been posting updates on the Dev blog and we have a functioning prototype however we are currently optimizing it… heavily. As well as sorting out things like security properly.
We still need a fair amount of funding
[/quote]
The funding is available. I have BTC to invest, and I am sure that many others do, too. This is a very important project, and we would love to see it come to fruition.
But you need to give us a reason to invest. Can you provide details about what you are doing? Can you show us the prototype/testnet version of the exchange? Can you give us an update on how you are solving the legal/banking issues involved in establishing the UK’s first Btc exchange?
[/quote]
We’re currently looking for another £7500 to finish off the exchange. Which is obviously a fair amount - although not unrealistic.
As for why to invest, the numbers are available for current exchanges, we know there is a market for this and we know it can be profitable - to a huge level. In fact, because we want to earn an ROI very quickly for our investors all of the profits will be split between the investors prior to myself receiving any profits, this will be the case until ROI is reached.
As for prototype, we are working with cryptofinancial for US/CAD banking (due to MSB licensing being… awkward for us to obtain) and using a platform based off of their open source implementation with a revamped backend. We have it running but are currently working on replacing it, however here is the URL [color=#476c8e][font=verdana, sans-serif][size=2]http://188.226.254.53/frontend/[/size][/font][/color]htdocs Obviously this is just a dev site and not meant to be used to show off, and will not be looking like this when we launch.
As for banking and legal issues, there are no legal issues in the UK. There is no applicable regulation, or licensing requirements. Banking was more tricky but we have successfully gained a UK bank account, with the bank explicitly knowing what it is for.
It’s too quiet here. I don’t believe this is still a viable project.
I would love to get in on the ground floor of this exchange and see you bring this to fruition, but I just don’t see anything happening. I know you said you needed more funding, but don’t we all?
Show us something. Give us a reason to get excited, or we’ll take our investment money somewhere else.
Apologies about the lack of updates… We have actually been doing a lot behind the scenes. Our platform is now functional, we’re now adding various KYC/AML/Banking modules to the platform as well as implementing our design.
We’re also looking for a new Euro account with low SEPA fees, possibly found one.
Have various partnerships we will announce in the coming weeks.