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Vault Of Satoshi Is Closing

flare

Well-known member
https://www.vaultofsatoshi.com/

Vault of Satoshi is Closing


Vault of Satoshi will be closing on February 5th, 2015. Although new deposits will no longer be accepted, rest assured, you will have plenty of time to finalize any trades and withdraw any outstanding funds with all of the convenience and expeditiousness that you’re used to. Please ensure that all of your withdrawal requests are submitted by February 5th.

We expect there will be some speculation as to why the Vault is going to be sealed forever, and we’d like to reassure the community that it has absolutely nothing to do with insolvency, stolen funds, or any other unfortunate scenario. To this day we are proud to have run the first full proof-of-reserve exchange in the industry, with strict compliance and security regimes. Our decision stems from opportunities presented by a new business that has forced us to reexamine our priorities.

Our founders and team of developers began work on a new, non-cryptocurrency project about 6 months ago, which has since become quite successful. We are forced to make a choice on where to expend our efforts, as we simply do not have time to continue operating both businesses. We feel splitting our focus would be a disservice to the customers of Vault, so although our competitors may lack some of the features, currencies, and innovations that Vault brought to the Canadian market, they will serve you well for your basic exchange needs.

We are still true-believers, and think Satoshi Nakamoto has set in course something that will change the world for the better. Thank you loyal Vault customers for joining us on one of the most exciting adventures of our time! There’s no doubt that this is just the beginning, and we will continue to watch from the sidelines as history unfolds, with Bitcoin becoming more understood, accepted, and appreciated every day.

Sincerely,
The Vault of Satoshi Team
 
Hi everyone,

I spoke to Mike Curry today concerning the sale of Vault of Satoshi. Mike is a crypto-currency pioneer who built the software himself over a 6 month time period. The platform itself has been validated with a fantastic security and reliability record.

Mike is open to discussing the sale of the platform with us. And he sounds like an awesome guy, I'm really happy we contacted him with regards to this. Thanks Mike, please feel free to post here if you would like to add something!

A few points he mentioned, that I agree make a lot of sense:

-Because of security concerns all client information will be wiped clean before a sale of the software.

-Also the exchange itself will be officially shut down before the sale of the platform.

This is great because we don't have to calculate the value of client accounts or brand name when we make our offer. Also we haven't really discussed the possibility of transferring the regulation licenses with the government and such, this would have to be approached in another talk with him. I don't think that would be a problem from a security standpoint so it might be possible.

What we need to know first and before we get into the multitude of details:

-How much does the community want a no fee exchange (eventually paid for by advertising) and who would like to be involved?
-What valuation do we put as a community on the platform itself and how much are we willing to offer for it?

I would like to know what interested parties think would be a fair offer for everyone now that his exchange is closing. Thanks!
 
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But seriously, that is an awesome idea, but a potentially huge undertaking. I live an hour away from Brantford, but honestly I've reached the limits as to what I can contribute to Darkcoin.

I would love to be involved, and I would help out when I can, but my other projects take as much time as I can offer.

Anyone else in the GTA (Greater Toronto area) that can take the lead on this? It is a fantastic idea...
 
-How much does the community want a no fee exchange (eventually paid for by advertising) and who would like to be involved?
-What valuation do we put as a community on the platform itself and how much are we willing to offer for it?

Wouldn't we need some _serious_ funds to back an exchange in case bad things happen?
 
Wouldn't we need some _serious_ funds to back an exchange in case bad things happen?

I'm not sure yet how that would work, I think were all learning about this at the same time right now, but I assume if everything is kept offline there isn't as much risk?

a possible model: clients send in fiat and give us a DRK address to send DRK to.

They have a account with us but don't actually do any trading of their own on the website or maintain a balance there, they just receive their DRK in their own wallet once the fiat clears. They can see what is for sale and at what price and tell us what they would like to buy. We buy it for them once they initiate the money transfer and set them aside for them offline immediately until their funds clear in our bank account, then we send them the DRK.

The problem I foresee is having to buy the available DRK when the client first declares his intention to buy them, even though his funds haven't cleared yet. What happens if they don't clear? Well that client won't be able to keep his account and do it ever again if it was intentional. Also I don't really see the incentive for people to try to do that because they will never receive anything in this way anyways :) It would be important to have a clause where those DRK would then be returned to the seller with an apology, which shouldn't ever happen anyways as explained above.

Throwing a few ideas out there...
 
A way I could see this work is if some masternode operators came together and formed a Guild of Masternodes.

GM's could work together to ensure that the fiat exchange is always sufficiently funded in DRK and could benefit from the no fee selling and conversion to fiat.

If such a guild was created we could probably co-own the exchange and turn it into a co-op for the Masternode operators, which could also possibly generate additional revenue over time to be distributed evenly.

If such a guild was formed and basically took care of the website, we know the people operating the website would be the people who take DRK very seriously.

I think this kind of plan could have a lot of advantages in the future and allows us to secure something that seems more and more important, a safe go to place for people to buy Darkcoin with fiat, operated by the very community it serves. No more Mt. gox's, no more mint pals… a trusted community taking care of itself.
 
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A way I could see this work is if some masternode operators came together and formed a Guild of Masternodes.

GM's could work together to ensure that the fiat exchange is always sufficiently funded in DRK and could benefit from the no fee selling and conversion to fiat.

If such a guild was created we could probably co-own the exchange and turn it into a co-op for the Masternode operators, which could also possibly generate additional revenue over time to be distributed evenly.

If such a guild was formed and basically took care of the website, we know the people operating the website would be the people who take DRK very seriously.

I think this kind of plan could have a lot of advantages in the future and allows us to secure something that seems more and more important, a safe go to place for people to buy Darkcoin with fiat, operated by the very community it serves. No more Mt. gox's, no more mint pals… a trusted community taking care of itself.
Speaking of Masternodes, they could potentially be used to create a decentralized exchange once we perfect the coin...
The uses for Masternodes are quite staggering!
 
Tao are you getting my hopes up?!! I hope thats coming! :) I agree staggering…. I'm not sure how a decentralized exchange would permit conversion from fiat to DRK though, it might be a good complement together.
 
whow
buying an exchange !?
I hope you know what you are doing

as I am double paranoid on the Internett and specially in the crypto world I would be very careful !
- buying a program (exchange) from somebody without understanding or being able to read the code (maybe you can ?!)
no way , back doors and all !!
- get that code checked to death by a trusted full time coder !
- remember that you will need some serious funding and manpower to get this off the ground
- I belive there is not much money left in exchanges (for owners) that's why the Chinese came up with all their scams
- only because they have a good name does not mean you will keep the customers (as nobody trusts nobody in the crypto world)
- ...>

GM , why would MN owners supply the exchange ?! I do not understand how they ensure sufficient funding ?! with their MN thousands ?

in general always a great idea to have a trusted DRK exchange ,
no doubt (I recently had a long and good skype call with a DRK community member about this)
but be double careful and save as hacks and cracks are all around and it is one thing if that happens to some "outside" exchange but imagine to backlash if that would happen to a "DRK trusted GM exchange"

:wink:
 
When you put it that way… hahaha yes.... For sure it would be a big undertaking and its definitely one that would have to be supported by coders who could do all the things you mentioned. Most undertakings that are worthwhile are usually challenging though…

It wouldn't be to make money at first as much as to offer an essential service for DRK… Thats why I'm feeling out the field to see if enough people with the right skills feel strongly enough about it to commit.

As for funding, thats one of the questions, how much is something like that worth? Is it worth buying or would it be better to create it from scratch? Lets say we have 500 masternode operators interested in having a co-op exchange or more, well then if each one invested in a share of the co-op for 40$ that is 20 000$ right there. What if they invested 100$, hahaha the co-op could even operate a few nodes to pay for expenses?

We could probably get a nice fund together quickly if we came together as a community on this and I'm sure with everyone here we must have the skills sets to pull it off. The question remains is there enough will right now to do this and then all the details we need to figure out if such a thing is contemplated or undertaken… :) We would have to analyze different models, etc. It would be a complex project. In any case its something I would love to see one day… As it is we are relying on third parties for trading our coin and this leaves us vulnerable to outside action...
 
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