So, it looks like the devs over at cent-help.com finally got their CENT-based market online. It's a little confusing as the English is hardly readable, so if anybody could accurately translate the Chinese, that would be really helpful. Here's kind of the gist from their explanation:
It seems they created local currency called CENTSQW which is used as the medium of CENT exchange. In order to trade Pennies, you must first purchase CENTSQW (each worth 100.000.000 Pennies), with some external curreny (BTC, LTC, XPM, DOGE). There are 60000 shares of CENTSQW that can be purchased, which equals something around 3x the Pennies market cap. These can be purchased up until May 30th (5-30-2014). I think the point of all of this is to boost the value of Pennies by injecting real worth in the system (in the form of other these other currencies). In other words, if the investment round for CENTSQW works as planned, there will be an floor (albeit very synthetic) below which none of the investors will be willing to sell their Pennies. They say they are trying to hold each share of CENTSQW at a value of 1 LTC. So the price rises, people buy CENSQW from initial investors, and the price rises more. The whole exchange idea seems somewhat Ponzi-ish to me, though they said if the exchange was profitable, they would try to buy back the shares from the investors. Also, they said they will try at the same time to create real value by developing a CENT-based store and ad network, which if done properly, would be amazing for Pennies!
Anyway, that's what I understood. Any thoughts about this platform? Also, if you want to sign up for their site, feel free to use my referral link Ox-Trade. Thanks!
It seems they created local currency called CENTSQW which is used as the medium of CENT exchange. In order to trade Pennies, you must first purchase CENTSQW (each worth 100.000.000 Pennies), with some external curreny (BTC, LTC, XPM, DOGE). There are 60000 shares of CENTSQW that can be purchased, which equals something around 3x the Pennies market cap. These can be purchased up until May 30th (5-30-2014). I think the point of all of this is to boost the value of Pennies by injecting real worth in the system (in the form of other these other currencies). In other words, if the investment round for CENTSQW works as planned, there will be an floor (albeit very synthetic) below which none of the investors will be willing to sell their Pennies. They say they are trying to hold each share of CENTSQW at a value of 1 LTC. So the price rises, people buy CENSQW from initial investors, and the price rises more. The whole exchange idea seems somewhat Ponzi-ish to me, though they said if the exchange was profitable, they would try to buy back the shares from the investors. Also, they said they will try at the same time to create real value by developing a CENT-based store and ad network, which if done properly, would be amazing for Pennies!
Anyway, that's what I understood. Any thoughts about this platform? Also, if you want to sign up for their site, feel free to use my referral link Ox-Trade. Thanks!
Ox-Trade is a liar, and their UI is copied from ecoinfund.com, everyone be careful.