we are still aiming to launch at homestead, and have a working test coin on frontier
so on frontier the coins wont have value and you wont be able to put real collateral into the contract, but we will have a fake collateral with a fake pricefeed that pretends it has real value and allow you to issue your coins according to the normal rules
and then we will have a bunch of bounties in ether and makercoin for anyone who can find bugs
im really excited about the new business model
being a central bank is the strongest business model in the world, since we're literally printing money, but as long as we have the encoded rules the money won't be worthless or become inflated, and we will make a constant income stream from the interest people pay on their debts
if liquidity becomes good enough some people will potentially pay very high interest, if you look at sites like bitfinex the APR for borrowing USD to go long BTC is about 30%
Maker could potentially earn all that money if we provide a good enough platform
So what is the status for getting all the team members in place?
@all I've created an OTC board on the new Maker discourse forum http://forum.makerdao.com/c/Maker-OTC I know several large Ether holders and currently one of them wants to sell ether at 1.5 USD per Ether
If there are no exchanges ready at launch then people will still be able to buy and sell directly from each other on the OTC forum using bitcoin with bitrated escrow. Anyone that wants to buy or sell ether are also free to contact me, and I will broker a deal with a buyer or seller for free.
I also posted on /r/ethereum but it was deleted unfortunately. I still hope we can get some ether volume going at frontier launch though.
Maybe it's better to make it as an ad.
Though I assumed it would be allowed to make a single post linking to the forum
Is edollar intended to be some ultra-stable currency? (assuming you believe euros/dollars are stable)
@linagee right now the eDollar is actually on hold, as we are focusing on developing a more low level backing instrument called the dai (in a sense this can be considered a rebrand, as we want to hold back the eDollar brand back until we can deliver a perfect user experience)
but yes, the dai and eDollar are intended to eventually be the safest way for a person to store their money.
the dai whitepaper is good
i think i finally understand it
how's it going btw?
the examples in the whitepaper help a lot to someone who doesn't know economy enough like me
@Rune23 let's make a gitter for our real maker github
the dai is going to be like XRP right?
btw is there a more active chat room for maker than this? or just forum?
forum is the best place right now
slack is best for real time
actually we just linked NexusDevelopment gitter into our slack
it would be great for gitter to be the main channel though, no license required
How do I add a room called ethereumbuilders/artcoins