Author Topic: Fitcoin BTC Assets becoming tradeable  (Read 2469 times)

Eliphaz Fimk on: September 17, 2014, 08:53:26 PM

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Dunecom Oy, operator of a project called "Fitcoin" and the company partnering with FIMKrypto, handling exchange operations and backing some FIMK Asset Exchange assets, is beginning its asset exchange and redemption procedures.

We'll start by releasing BTC assets for selected resellers. BTC assets issued by FIM-XP28-YFNT-ZCNU-GU8WN and released to circulation from the source account are fully redeemable, one BTC asset per one real BTC.

Only the number or assets backed by real BTC and guaranteed by Fitcoin are released outside the source account. Fitcoin's public BTC storage fund can be reviewed and compared to the number of released assets (max 10 000 BTC) at any time at https://blockchain.info/address/12mc1sqkXEGFnCVazRddXvd8dGpf5gNB9n

The public can purchase these assets from selected exchange operators, trade them on the decentralized FIMK asset exchange, and redeem them through the approved exchange operators for now. Fitcoin will begin redeeming its assets directly later this year.

Fitcoin's services will also include selling and redemption of EUR assets, and web trading interface to the FIMK Asset Exchange.

Approved resellers / exchanges for the Fitcoin assets are announced in this thread when available.

Fitcoin doesn't charge fees for distributing BTC assets to resellers at this stage. Only the face value BTC is charged, arrangements are possible. If you wish to become a reseller, please post here or send me a private message for details.
« Last Edit: April 21, 2016, 06:33:49 PM by Eliphaz Fimk »

Eliphaz Fimk #1 on: April 21, 2016, 06:39:13 PM

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Fitcoin is now manually servicing BTC and EUR both ways: sale of BTC & EUR tokens and redemption back to real EUR & BTC.

Fitcoin is operated by Dunecom Oy, Finnish registered company.

Please contact me by private message for purchase / redemption arrangements.

Opening post adjusted and thread cleaned of old thrash.
« Last Edit: April 21, 2016, 07:59:22 PM by Eliphaz Fimk »

dance #2 on: April 21, 2016, 07:21:14 PM

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Fitcoin is now manually servicing BTC and EUR both ways: purchase of BTC & EUR tokens and redemption back to real EUR & BTC.
To purchase a token and redeem it into real entity - it's only one way :)
Do you take BTC and EUR deposits to convert them into tokens?
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Eliphaz Fimk #3 on: April 21, 2016, 08:00:03 PM

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Do you take BTC and EUR deposits to convert them into tokens?
Yes.

In technical terms we don't take deposits, we SELL tokens and can BUY them back on request.

Practically "depositing BTC or EUR" and "buying EUR or BTC token" are the same thing. For legal reasons we can't take in deposits.
Quote
it's only one way
I was thinking from the customer's viewpoint :)

dance #4 on: April 21, 2016, 08:30:10 PM

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In technical terms we don't take deposits, we SELL tokens and can BUY them back on request.
By the way, I think it's better instead of "BUY" and "SELL" buttons in Lompsa to have something like "BUY BTC FOR FIMK" or "SELL BTC FOR FIMK" written on buttons or somewhere near them.
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Eliphaz Fimk #5 on: April 21, 2016, 09:05:17 PM

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By the way, I think it's better instead of "BUY" and "SELL" buttons in Lompsa to have something like "BUY BTC FOR FIMK" or "SELL BTC FOR FIMK" written on buttons or somewhere near them.
Maybe so, good suggestion to make it clearer for newcomers.

Lompsa.com will ideally have the asset switched to its opposite -> BTC/FIMK (Buy FIMK for BTC = sell BTC asset for FIMK behind the scenes) but it's such a nasty brain twister piece of code we've been procrastinating for 1.5 years...

dance #6 on: April 21, 2016, 10:33:20 PM

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Lompsa.com will ideally have the asset switched to its opposite -> BTC/FIMK (Buy FIMK for BTC = sell BTC asset for FIMK behind the scenes) but it's such a nasty brain twister piece of code we've been procrastinating for 1.5 years...
I don't understand you. What will be the algorithm?
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Eliphaz Fimk #7 on: July 05, 2016, 11:28:53 AM

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See image for a very clear description of what's awaiting implementation.  ;D :P

eRoh #8 on: July 16, 2016, 09:55:19 PM

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FIM-34B3-PWY5-TMHC-9JYW8

Eliphaz Fimk #9 on: July 16, 2016, 10:28:37 PM

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Yes looks like similar arrangement.

So do those Openledger inverted orderbooks trade the same asset?

eRoh #10 on: July 17, 2016, 11:09:39 AM

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So do those Openledger inverted orderbooks trade the same asset?

Yep, and the inverted markets are automatically created. The side effect is that sometimes the trade history seems quite confusing, since all trades are shown as buys, so they are sometimes inverted. Maybe there could be a setting to choose, which way all/individual trades would be shown? Ronny?
FIM-34B3-PWY5-TMHC-9JYW8