Tuesday, 24 September 2013

Burnside's Exchange Shutting Down

BTCT.CO Coming Down

BTCT.CO, Burnside's exchange that so well hosts RSM equities trading is shutting down. RSM has experienced exchange vulnerabilities before and we had been discussing where to move to when Burnside began discussing shutting down the exchange because of regulatory concerns. 

Obviously Burnside's shutting down will affect a few things. For the foreseeable future we will be going exchange less and privately managing RSM's ownership. This will most likely affect dividends we'll probably set an minimal payout limit you have to exceed before you'll receive dividends to cut down on blockchain transaction fees. If you're a small shareholder (100 shares or less) we will offer a buyback at a reasonable price (we are kicking around a .010-.008XBT/share short term price lock in). We plan on publishing our list from Burnside's exchange once the inevitable flurry of post announcement trading dies down. It will be listed by XBT addresses instead of email address in the interest of privacy.

When it comes to exchange shutdown this unfortunately isn't RSM's first rodeo. The thing that were really looking for is "stock-coin." The equivalent of bitcoin for stocks. It would be Distributed with a feature set necessary for handling equities; integrated motions and dividends the whole nine yards. We've seen bitcoinx and open transactions and we are currently evaluating them. So if you see a project or know of a project that is working on this feature set, please tell us we would very much so like to know when we can get off the exchange  roller coaster.

In addition if you wish to receive regular updates on RSM progress please consider adding yourself to our blog on the right. We will probably wind down bitcointalk updates as time progresses and focus on our blog to push out updates.