Above all things, MBank will be needed for automated systems and atomic swapping.
People themselves can decide how profitable the deal would be if made right here and right now. Machines are not that intelligent as they need a comprehensible algorithmic environment with the complete predictability of the exchange operation outcome. It is these robots that exchanges and services for selling BIP and other Minter-based coins will connect to.
The official price plays a pivotal role here, being a gateway for both entering the project and exiting it. In reality, the addresses transfer the rights to BIP ownership between one another. There are neither new nor burned coins; they don’t appear on or disappear from the network, either. All they do is change hands.
Liquidity Providers will be able to use MBank for building long-term products, where it is paramount to have stability and unlimited liquidity with guarantees. All other users will be able to put their BIP and custom coins up for sale at any price.
#mbank
People themselves can decide how profitable the deal would be if made right here and right now. Machines are not that intelligent as they need a comprehensible algorithmic environment with the complete predictability of the exchange operation outcome. It is these robots that exchanges and services for selling BIP and other Minter-based coins will connect to.
The official price plays a pivotal role here, being a gateway for both entering the project and exiting it. In reality, the addresses transfer the rights to BIP ownership between one another. There are neither new nor burned coins; they don’t appear on or disappear from the network, either. All they do is change hands.
Liquidity Providers will be able to use MBank for building long-term products, where it is paramount to have stability and unlimited liquidity with guarantees. All other users will be able to put their BIP and custom coins up for sale at any price.
#mbank
The project code-named “MBank” will enter the public testing phase on July 15, 2019.
We will start revealing more details as soon as next week.
#mbank
We will start revealing more details as soon as next week.
#mbank
First users have already started getting their invites to test MBank: https://t.me/MinterTeam/116
Make sure to halt active OTC trading for a while, especially if you deal without a guarantor.
The target price determined by the vote of network participants is $0.32. Let’s move towards it together!
#mbank #32
Make sure to halt active OTC trading for a while, especially if you deal without a guarantor.
The target price determined by the vote of network participants is $0.32. Let’s move towards it together!
#mbank #32
Telegram
Minter Network
The project code-named “MBank” will enter the public testing phase on July 15, 2019.
We will start revealing more details as soon as next week.
#mbank
We will start revealing more details as soon as next week.
#mbank
Minter Network
First users have already started getting their invites to test MBank: https://t.me/MinterTeam/116 Make sure to halt active OTC trading for a while, especially if you deal without a guarantor. The target price determined by the vote of network participants…
🦄 MBank’s first purchase and sale of BIP for Bitcoin!
https://explorer.minter.network/transactions/Mt0044f182899b52d4eb672b94b0b0c27353447aae96575856654473b17aed980a
#mbank
https://explorer.minter.network/transactions/Mt0044f182899b52d4eb672b94b0b0c27353447aae96575856654473b17aed980a
#mbank
The alpha version of the #mbank project
https://bip.dev
Here you can buy/sell BIP and custom coins for BTC.
Functionality:
– Deals are automated, and all participants are guaranteed to receive the funds;
– There are no commission fees, neither with Bitcoin nor with Minter-based coins. The exchange operation itself also comes free of charge;
– The price is fixed at the moment you send Bitcoin. Even if a transaction takes 24 hours to complete and the price changes during this period, a buyer gets no less than anticipated;
– Any user can place a sell order of any volume* and at any price per unit. This applies to all coins issued in the Minter network;
– For each order, a unique link is generated. One can use it to buy a specified volume at a specified price per unit from a specific seller;
– The link will be useful for Projects as they will be able to put it on their websites, in apps or bots;
– You cannot cancel your order. If coins are not sold in seven days, however, they will be returned to your address. Again, at no additional cost;
– If the price you have set falls within the current range indicated on the homepage, buyers will purchase coins that cost less in the first place.
While you all test this alpha version at your own risk, we have already started working on the beta. With it, we intend to enable you to buy BIP with any credit card. We will also add support for major cryptocurrencies, both for selling and buying.
For all of us, this service is experimental, the first in a slew of Liquidity Providers. Once we have put all the features to the test, we will start gradually integrating it into BIP wallets to make all types of conversion available at one place—the one where you exchange Minter-based coins now.
The main feature that we plan to roll out within a month is letting projects sell BIP at the official price. For that, we will implement the price voting mechanism and mechanism for voting for the projects through COIN.
A couple of answers to the most frequently asked questions:
– As of today, one can only buy with Bitcoin;
– In case you are buying via a unique link, you do not have to purchase the whole volume. You can buy any amount, even the one surpassing that specified in the order. The system will match your order with the offer no worse than the actual one or send you an e-mail outlining how you can claim back the BTC that has not been spent;
– You can sell your custom coins at any price; it does not necessarily need to match the rates observed in the Minter network;
– If you save the top-up link, you can add more coins as you sell. This is convenient if you put up the link somewhere for a long time.
Now, the most interesting part for those who made it to the end of this post:
On the website, you see the average price of BIP, which is based on a large number of orders. When you send Bitcoin, the system guarantees that the coins you will get will cost no more than the indicative price. Actually, your Bitcoin will “collect” the cheapest orders first, meaning that eventually, you will receive 10–50% more. That is the price paid by those who deviate greatly from the average price—they create surplus captured by the buyers.
*ATTENTION: transactions containing less than 1,000 BIP do not count in the system and are not returned. Do not send less than 1,000 BIP or the equivalent amount of a custom coin. The price range limit for BIP is $0.01–0.32; for other coins, $0.01–1,000.
https://bip.dev
Here you can buy/sell BIP and custom coins for BTC.
Functionality:
– Deals are automated, and all participants are guaranteed to receive the funds;
– There are no commission fees, neither with Bitcoin nor with Minter-based coins. The exchange operation itself also comes free of charge;
– The price is fixed at the moment you send Bitcoin. Even if a transaction takes 24 hours to complete and the price changes during this period, a buyer gets no less than anticipated;
– Any user can place a sell order of any volume* and at any price per unit. This applies to all coins issued in the Minter network;
– For each order, a unique link is generated. One can use it to buy a specified volume at a specified price per unit from a specific seller;
– The link will be useful for Projects as they will be able to put it on their websites, in apps or bots;
– You cannot cancel your order. If coins are not sold in seven days, however, they will be returned to your address. Again, at no additional cost;
– If the price you have set falls within the current range indicated on the homepage, buyers will purchase coins that cost less in the first place.
While you all test this alpha version at your own risk, we have already started working on the beta. With it, we intend to enable you to buy BIP with any credit card. We will also add support for major cryptocurrencies, both for selling and buying.
For all of us, this service is experimental, the first in a slew of Liquidity Providers. Once we have put all the features to the test, we will start gradually integrating it into BIP wallets to make all types of conversion available at one place—the one where you exchange Minter-based coins now.
The main feature that we plan to roll out within a month is letting projects sell BIP at the official price. For that, we will implement the price voting mechanism and mechanism for voting for the projects through COIN.
A couple of answers to the most frequently asked questions:
– As of today, one can only buy with Bitcoin;
– In case you are buying via a unique link, you do not have to purchase the whole volume. You can buy any amount, even the one surpassing that specified in the order. The system will match your order with the offer no worse than the actual one or send you an e-mail outlining how you can claim back the BTC that has not been spent;
– You can sell your custom coins at any price; it does not necessarily need to match the rates observed in the Minter network;
– If you save the top-up link, you can add more coins as you sell. This is convenient if you put up the link somewhere for a long time.
Now, the most interesting part for those who made it to the end of this post:
On the website, you see the average price of BIP, which is based on a large number of orders. When you send Bitcoin, the system guarantees that the coins you will get will cost no more than the indicative price. Actually, your Bitcoin will “collect” the cheapest orders first, meaning that eventually, you will receive 10–50% more. That is the price paid by those who deviate greatly from the average price—they create surplus captured by the buyers.
*ATTENTION: transactions containing less than 1,000 BIP do not count in the system and are not returned. Do not send less than 1,000 BIP or the equivalent amount of a custom coin. The price range limit for BIP is $0.01–0.32; for other coins, $0.01–1,000.
👌🏻 Yesterday, the volume of trades executed on #MBANK—which was launched on July 15, 2019—has crossed the $1M mark.
As soon as this fall, #MBANK will roll out the following features:
– Purchase of any coin with a bank card, with the compensation coming from DAO funds
– Referral system for each order from the book (up to 10%)
– Limiting the sell order volume to a minimum of 100,000 BIP to support other exchange systems
– Enabling projects authorized via MinterScan to sell their BIP at the official price ($0.32) (members of the first pool will be selected by September 1, 2019)
Each feature will be presented in detail.
P.S. The sell order volume has already been limited to a minimum of 10,000 BIP. Pay careful attention to the information on https://bip.dev before you send your BIP.
– Purchase of any coin with a bank card, with the compensation coming from DAO funds
– Referral system for each order from the book (up to 10%)
– Limiting the sell order volume to a minimum of 100,000 BIP to support other exchange systems
– Enabling projects authorized via MinterScan to sell their BIP at the official price ($0.32) (members of the first pool will be selected by September 1, 2019)
Each feature will be presented in detail.
P.S. The sell order volume has already been limited to a minimum of 10,000 BIP. Pay careful attention to the information on https://bip.dev before you send your BIP.
#MBANK sets three short-term goals:
– Buying: Enabling users to quickly sell their BIP at a market price
– Cards: Enabling users to buy projects’ coins with a bank card
– Price stabilization: Purchasing any amount of BIP through a single API
P.S. The sell order volume has been limited to a minimum of 100,000 BIP. All orders containing less than 100,000 BIP have been canceled, and funds have been returned to the corresponding addresses.
– Buying: Enabling users to quickly sell their BIP at a market price
– Cards: Enabling users to buy projects’ coins with a bank card
– Price stabilization: Purchasing any amount of BIP through a single API
P.S. The sell order volume has been limited to a minimum of 100,000 BIP. All orders containing less than 100,000 BIP have been canceled, and funds have been returned to the corresponding addresses.
#MBANK is the only place in our network where one can purchase any amount of BIP—from $1 to $1,000,000, no kidding!—for BTC at a fixed price. The price represents a consolidated offer from the largest participants of the Minter network, or so-called “whales.”
https://bip.dev
With MBank, you can buy BIP 24 hours a day, seven days a week, from anywhere in the world, and with no need to sign up or wait more than a couple of seconds. All you need to do is specify your Minter address (starts with Mx…) and get a unique link for depositing Bitcoin.
The price is guaranteed by the network, and you are hedged against fluctuations even if a Bitcoin transaction takes a whole day to confirm. Your minimum volume is secured once the transaction has gotten into the mempool. But there’s also a pleasant surprise . . .
#MBANK collects all the most appealing offers on the market for you. That is why, in most cases, you receive 20–25% more than the anticipated amount.
The reason is simple: you fill sell orders priced lowest first, gradually moving upward to the average price that is indicated on the website. Remember: you will never pay more than the indicated price as of the moment you send Bitcoin.
Almost all major projects on the Minter network have already started buying with #MBANK: among them are coins such as Golden and Zero, validators such as MPro and Four, and even suites of services such as Enlightenment Group!
Unwilling to risk significant sums, they all choose to trust reliability, speed, and large volumes on #MBANK!
https://bip.dev
With MBank, you can buy BIP 24 hours a day, seven days a week, from anywhere in the world, and with no need to sign up or wait more than a couple of seconds. All you need to do is specify your Minter address (starts with Mx…) and get a unique link for depositing Bitcoin.
The price is guaranteed by the network, and you are hedged against fluctuations even if a Bitcoin transaction takes a whole day to confirm. Your minimum volume is secured once the transaction has gotten into the mempool. But there’s also a pleasant surprise . . .
#MBANK collects all the most appealing offers on the market for you. That is why, in most cases, you receive 20–25% more than the anticipated amount.
The reason is simple: you fill sell orders priced lowest first, gradually moving upward to the average price that is indicated on the website. Remember: you will never pay more than the indicated price as of the moment you send Bitcoin.
Almost all major projects on the Minter network have already started buying with #MBANK: among them are coins such as Golden and Zero, validators such as MPro and Four, and even suites of services such as Enlightenment Group!
Unwilling to risk significant sums, they all choose to trust reliability, speed, and large volumes on #MBANK!
A beta version of #MBANK will launch a mechanism for buying and selling BIP at the official price, for which top 100 delegators will be voting using the #COIN coin. Also with this coin, delegators will be voting for the top projects to be granted the right to sell BIP on #MBANK.
For buyers, the mechanism will not be much different from what is observed today—one sends BTC and gets BIP in return. In the new version though, all BIP purchased via #MBANK will be counted, and users will be able to sell that very amount at the highest priority. The logic is simple: if you buy here, you might as well be the first to sell here.
Top 100 delegators will be the second most-prioritized layer. Every day, they will have to vote for the price and for the best project, thus receiving the right to place any amount for sale. Eventually, their BIP will be sold proportionally to their stake. If a delegator does not vote or place an order, their slot will be given to the Projects layer. That is reasonable: not all delegators will be willing to sell on a daily basis.
Top 10 projects (the number will be extending) with karma’ed addresses and delegators’ votes will be able to place sell orders of any volume. The coins will be sold proportionally to the votes cast in favor (according to the size of the voter’s stake).
The next layer is Team, and after it—if no one is willing to sell—DAO.
The order book of the alpha version will be disabled, but anyone will be able to place a sell order through a direct link and request BTC in exchange or sell custom coins with payments via BTC, other major cryptocurrencies, or bank cards. For scam prevention purposes, only top projects with karma will be allowed to sell custom coins.
Now then, what will the beta include?
– Price voting by top 100 delegators
– Project voting by all participants of the network
– Fast entry and exit for anyone who prefers MBank as a primary exchange spot
– Top 100 delegators selling proportionally to their stake (payouts once every 24 hours)
– Top 10 projects selling proportionally to the votes cast in their favor (payouts once every 24 hours)
What do I do?
– If you are a user: buy and sell through #MBANK
– If you are a delegator: increase your stake, vote for the price and projects, sell proportionally to your share
– If you have a project: sell BIP proportionally to your votes; sell custom coins to your clientele who will pay using a bank card
Haven’t reached the list of top 100 delegators or top 10 projects? Don’t plan to create your own coin or buy anything on #MBANK? The answer is, wait for the instant conversion feature that will be delivered by Liquidity Providers right into your wallet. You’ll be able to choose a currency, provide your bank details, and withdraw the funds. Already today, as many as three Providers have started integration with our resources to implement instant conversion operations.
For buyers, the mechanism will not be much different from what is observed today—one sends BTC and gets BIP in return. In the new version though, all BIP purchased via #MBANK will be counted, and users will be able to sell that very amount at the highest priority. The logic is simple: if you buy here, you might as well be the first to sell here.
Top 100 delegators will be the second most-prioritized layer. Every day, they will have to vote for the price and for the best project, thus receiving the right to place any amount for sale. Eventually, their BIP will be sold proportionally to their stake. If a delegator does not vote or place an order, their slot will be given to the Projects layer. That is reasonable: not all delegators will be willing to sell on a daily basis.
Top 10 projects (the number will be extending) with karma’ed addresses and delegators’ votes will be able to place sell orders of any volume. The coins will be sold proportionally to the votes cast in favor (according to the size of the voter’s stake).
The next layer is Team, and after it—if no one is willing to sell—DAO.
The order book of the alpha version will be disabled, but anyone will be able to place a sell order through a direct link and request BTC in exchange or sell custom coins with payments via BTC, other major cryptocurrencies, or bank cards. For scam prevention purposes, only top projects with karma will be allowed to sell custom coins.
Now then, what will the beta include?
– Price voting by top 100 delegators
– Project voting by all participants of the network
– Fast entry and exit for anyone who prefers MBank as a primary exchange spot
– Top 100 delegators selling proportionally to their stake (payouts once every 24 hours)
– Top 10 projects selling proportionally to the votes cast in their favor (payouts once every 24 hours)
What do I do?
– If you are a user: buy and sell through #MBANK
– If you are a delegator: increase your stake, vote for the price and projects, sell proportionally to your share
– If you have a project: sell BIP proportionally to your votes; sell custom coins to your clientele who will pay using a bank card
Haven’t reached the list of top 100 delegators or top 10 projects? Don’t plan to create your own coin or buy anything on #MBANK? The answer is, wait for the instant conversion feature that will be delivered by Liquidity Providers right into your wallet. You’ll be able to choose a currency, provide your bank details, and withdraw the funds. Already today, as many as three Providers have started integration with our resources to implement instant conversion operations.