Author Topic: Warmach's OpenLedger Gateway Closed  (Read 6202 times)

warmach on: April 16, 2016, 12:50:54 AM

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I have decided to close down this gateway.  The biggest reasons are low volume and the current legal environment regarding cryptocurrency in my home country. 

If you would like to pull your FIMKRYPTO out of OpenLedger, please follow the standard withdraw routine...

Transfer your FIMK out of OpenLedger
     a.  Transfer your FIMKRYPTO asset to my asset owning account, "warmach"
     b.  Include your FIMK network address in the memo field where you want the FIMK transfered

I will allow about two weeks for withdrawals to be requested.  After that, I will take remaining balances greater than 1 FIMKRYTPO and issue FIMK asset as a replacement. 

Here are the balances as of the closing of this service.

https://imgur.com/a/FZ2PS





In an effort to create a little diversity in FIMK exchanges, I've created an asset (FIMKRYPTO) on the decentralized exchange OpenLedger.  There will be a 1:1 ratio between asset and FIMK.

OpenLedger uses Bitshares 2.0 and the Graphene technology to create a truly decentralized exchange.  To use the exchange, you use one of several "gateways" to transfer in/out funds.  I will be acting as a gateway between the FIMK network and OpenLedger

You can find out more specific details about OpenLedger and it's underlying technology here, https://openledger.info/?r=warmach20

Here is the info page on the asset, http://cryptofresh.com/a/FIMKRYPTO

Why Should I Participate?

The OpenLedger decentralized exchange provides a variety of assets and currencies available for purchase or sale.  Any of these products can be used to purchase FIMK on the exchange.  In addition, as it is decentralized, there is no central authority that can be hacked or defrauded.

What is Warmach's involvement?

Right now, the asset on OpenLedger is created and managed by me, Warmach.  This is a simple way to provide a mechanism for representing FIMK on the exchange.  Unfortunately, I don't have the time or resources to create a SmartCoin on OpenLedger which would decentralize things a little more.  This may be an option in the future depending on the success of this venture.

Why Should I Trust You?

Trust here is important.  You are trusting me to accept your FIMK and give you the OpenLedger asset.  You are then trusting that I would then give your FIMK back upon withdrawal. 

I have been a member here and supporter of FIMK since the IPO.  I've been active on the forums and am running a forging pool that started in July 2015.  I have a vested interest in seeing FIMK's success.  Please feel free to look at my forum posts and PM any of the prominent forum users to ask about me. 

How Do I Participate?

1.  You must first create an OpenLedger account.  https://bitshares.openledger.info?r=warmach20
     * Please use provided link so that I get referral credit

2.  Transfer your FIMK you wish to put into OpenLedger
     a.  Memo field must contain your OpenLedger account, i.e. warmach20
     b.  Send the FIMK to FIM-JL82-GQ4R-ZGGF-66KDD

3.  Conduct your trades via OpenLedger


4.  Transfer your FIMK out of OpenLedger
     a.  Transfer your FIMKRYPTO asset to my asset owning account, "warmach"
     b.  Include your FIMK network address in the memo field where you want the FIMK transfered

How Much Does This Cost?

All market trades have a 0.3% fee that goes to issuer.  These fees are subject to change.  There is also the 0.1 FIMK network fee for all transfers.  I will probably have the storage account forge on my pool and use these funds to cover the network fees.

What Future Plans Do You Have For This Project?

Right now, this process will be manual.  If you want to expedite the transfer, send me a PM and I will do it as soon as possible.  I have a script to monitor the account and notify me of necessary transfers.  For now, I would still like to manually check transfers before executing them.

But if there is sufficient interest in this service, I plan on....

1.  Creating a website that will easily show the usage and transactions of the service on the FIMK network and OpenLedger
2.  Automate the transfer of funds between the two systems so that it happens more quickly with less human involvement.


A very simple tutorial is here with some screen shots on using OpenLedger.  http://fim.warmach.info/trading.html

Please feel free to provide constructive comments.
« Last Edit: March 04, 2017, 10:42:59 PM by warmach »
Warmach's Forging Pool
http://fim.warmach.info/pool/
May the forge be with you...

gaianhuuto #1 on: April 16, 2016, 09:02:21 AM

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Nice work there. As a long time forum and FIMK user I can endorse the fact that we can trust in Warmach :)
TurnTrips.poker - Ässät pöytään ja kryptovaluutat jakoon.

eRoh #2 on: April 16, 2016, 09:04:36 AM

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     a.  Memo field must contain your OpenLedger account, i.e. warmach20
Did you mean e.g. instead of i.e.? Anyway, I sent some FIMK but forgot to add my account name, so I sent it separately.
FIM-34B3-PWY5-TMHC-9JYW8

warmach #3 on: April 16, 2016, 01:20:10 PM

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Did you mean e.g. instead of i.e.?

You might be right.  I was never strong grammar student

Anyway, I sent some FIMK but forgot to add my account name, so I sent it separately.

No problem, that works just fine.
Warmach's Forging Pool
http://fim.warmach.info/pool/
May the forge be with you...

warmach #4 on: April 16, 2016, 01:20:51 PM

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Nice work there. As a long time forum and FIMK user I can endorse the fact that we can trust in Warmach :)

Thanks for the vote of confidence!
Warmach's Forging Pool
http://fim.warmach.info/pool/
May the forge be with you...

warmach #5 on: April 16, 2016, 01:32:43 PM

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While warmach20 is my primary OpenLedger account, any personal FIMK trading I do myself will be with OpenLedger account "warmach-bts"  I do not want mix my personal FIMK funds with the gateway funds.  That just becomes too confusing...
Warmach's Forging Pool
http://fim.warmach.info/pool/
May the forge be with you...

Dirk Diggler #6 on: April 16, 2016, 05:09:15 PM

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Thanks warmach for putting your time and efforts to this.
Hope it will be very successful  :cheers:
FIMK Developer | GPG fingerprint: CEF2 7C39 43BE 6800 504E  71BC 7E87 A7B0 AC34 E2D5 | mofowallet.com | blog

Eliphaz Fimk #7 on: April 21, 2016, 08:27:29 AM

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Are the FIMK on Openledger traded against (priced in) Bitshares?

warmach #8 on: April 21, 2016, 02:25:23 PM

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Are the FIMK on Openledger traded against (priced in) Bitshares?

Bitshares is the base currency of the entire OpenLedger system.  All other currencies are "assets" of the bitshares system.  So the easiest and simplest is to use bitshares.  That is what I am doing currenlty.

Though, to trade against something else, it only requires someone to post a buy/sell request with that trading pair.  What makes this a little more complicated is that there is no one "BTC" or "USD" type currency, there are several.  Each gateway into OpenLedger has their own.  For BTC, the most popular is OPEN.BTC, but there is also TRADE.BTC and METAEX.BTC.  The same goes for USD, EU, CNY, etc.  For FIMK, there is nothing preventing someone from creating another FIMK asset to compete with mine.  The possibilities are endless...

So that was the long answer to your simple question...   :)
Warmach's Forging Pool
http://fim.warmach.info/pool/
May the forge be with you...

warmach #9 on: April 21, 2016, 02:27:34 PM

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Bitshares is the base currency of the entire OpenLedger system.  All other currencies are "assets" of the bitshares system.  So the easiest and simplest is to use bitshares.  That is what I am doing currenlty.

Though, to trade against something else, it only requires someone to post a buy/sell request with that trading pair.  What makes this a little more complicated is that there is no one "BTC" or "USD" type currency, there are several.  Each gateway into OpenLedger has their own.  For BTC, the most popular is OPEN.BTC, but there is also TRADE.BTC and METAEX.BTC.  The same goes for USD, EU, CNY, etc.  For FIMK, there is nothing preventing someone from creating another FIMK asset to compete with mine.  The possibilities are endless...

So that was the long answer to your simple question...   :)

Would it be helpful to make a quick tutorial post on OpenLedger?
Warmach's Forging Pool
http://fim.warmach.info/pool/
May the forge be with you...

Eliphaz Fimk #10 on: April 21, 2016, 04:06:35 PM

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For FIMK, there is nothing preventing someone from creating another FIMK asset to compete with mine.  The possibilities are endless...
Thanks for the explanation.

Did you know that FIMK itself has an "open ledger" - decentralized trading marketplace where everything is priced against FIMK by default. Using Private assets you can price an asset against any token (using a centralized gateway of the token issuer).

If you didn't know, have a look, it's technically very versatile. Maybe it can expand your ideas and give you opportunities to use the native FIMK blockchain for purposes where you don't need an external party for instance for promotional exposure. For example, I'm handling the purchase and redemption of BTC assets that are traded here: https://lompsa.com/#/assets/fim/2339799191405258101/trade

Sorry if this takes focus off your Openledger asset, that's not the intention by any means.

Quote
Would it be helpful to make a quick tutorial post on OpenLedger?
Probably so, if not for immediate use then for future reference. Multiple markets give opportunities for arbitrage profits and should in theory increase trading interest.


eRoh #11 on: April 21, 2016, 04:14:20 PM

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Would it be helpful to make a quick tutorial post on OpenLedger?
Certainly. One thing worth mentioning is that a backup of the account (keys) is essential. Maybe somebody else can elaborate, but they are stored in cookies or somehow in the browser anyway, so OpenLedger "staff" or anybody else than the owner can't restore them in case of crash or cleanup. Right?
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dance #12 on: April 21, 2016, 05:37:46 PM

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For example, I'm handling the purchase and redemption of BTC assets that are traded here: https://lompsa.com/#/assets/fim/2339799191405258101/trade
You process in both ways? I mean, BTC deposits are possible?
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Eliphaz Fimk #13 on: April 21, 2016, 06:41:40 PM

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You process in both ways? I mean, BTC deposits are possible?
Occasionally yes. Let's keep it politely away from this thread of warmach.

warmach #14 on: April 21, 2016, 09:05:57 PM

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Thanks for the explanation.

Did you know that FIMK itself has an "open ledger" - decentralized trading marketplace where everything is priced against FIMK by default. Using Private assets you can price an asset against any token (using a centralized gateway of the token issuer).

If you didn't know, have a look, it's technically very versatile. Maybe it can expand your ideas and give you opportunities to use the native FIMK blockchain for purposes where you don't need an external party for instance for promotional exposure. For example, I'm handling the purchase and redemption of BTC assets that are traded here: https://lompsa.com/#/assets/fim/2339799191405258101/trade

Sorry if this takes focus off your Openledger asset, that's not the intention by any means.
Probably so, if not for immediate use then for future reference. Multiple markets give opportunities for arbitrage profits and should in theory increase trading interest.

I had looked at the FIMK asset system but the biggest hurdles for me was of the existing participation and the resources for providing other currencies.  OpenLedger already has a pretty large volume of use which would open up people to FIMK itself.  I guess I felt it might be both a trading opportunity and an education/promotion opportunity.
Warmach's Forging Pool
http://fim.warmach.info/pool/
May the forge be with you...