BungeeBones Members can purchase AdCoins/advertising credits from other members. The idea of the exchange is to make it easier both for new users to acquire AdCoin/advertising credits and start advertising and for our publishers and affiliates to liquidate their earnings for cash. The alternative for advertisers to buying AdCoin at the exchange is for them to deposit Bitcoin.

Below is an 8 bullet point outline of the process. There are more detailed instructions available from the BungeeBones User Control Panel after logging in and again, during the actual transaction process if needed.

  1. AdCoin/Advertising Credits Exchange For Cash Or Bitcoin
  2. The Seller Lists Their AdCoin For Sale On The BungeeBones Exchange
  3. Advertised AdCoins cannot be spent or moved by the seller (they have to be unlisted first) to make sure they are available to the buyer
  4. During the listing process the seller decides on the price, the number of credits for sale, and two time periods that are very important to the process
  5. Any payment method can be used provided the buyer and seller agree but THE ONLY METHOD that has BungeeBones arbitration available is cash deposited to the seller's bank account.
  6. The first timer applies to the buyer and sets a time limit that starts when they accept the offer and limits the time he has to both deposit the money to the seller's bank and to report the successful deposit to BungeeBones.com (the notice is forwarded to the seller)
  7. The second timer starts when the buyer files his report. It sets a deadline for the seller and is meant to provide them enough time to confirm that the deposit actually was made into their account. It is very important that the seller act because, otherwise, at the end of the time period, the AdCoins will be transferred automatically by BungeeBones to the buyer.
  8. If the seller discovers an error or fraud attempt they simply click a button on the BungeeBones site to order arbitration. That halts the automatic transfer pending arbitration by BungeeBones.

Potential Problems

(More Disclaimer)

1) Every time limit (there is one on each the buyer and the seller) places a condition on the performance of the party's responsibilities called "Time Is Of The Essence" which means the time limits will be strictly held to. Buyers and sellers need to research the term for themselves and become knowledgeable of its meaning.

2) If buyers click to signal that they are going to buy but never show up then, in such a case, the seller lost opportunities to sell their advertising credits to others because the credits are "frozen" and off the market after a buyer agrees to purchase them. Buyers are only given a certain amount of time, however, to make the deposit and report the deposit or the credits return back for sale again automatically. Buyers need to provide themselves enough time for such things as traffic jams, delivering babies etc. but abuse of the system by buyers won't be tolerated and they will be dealt with in yet to be announced ways.

3) If buyers click to signal that they are going to buy but are really hoping the seller never checks his bank account There is a potential problem that a seller doesn't or cannot check their bank balance before the funds transfer automatically. That would be terrible but, ultimately, it is 100% the seller's responsibility to make sure the deposit did, indeed, occur and for the right amount. This is a case of "Let the SELLER beware". They are the ones that setup their own terms and establish the time limits when they do.

4) Similar as above (If buyers click to signal that they are going to buy, never show up) the seller catches it and files arbitration, and the buyer provides BungeeBones with a counterfeit photoshop deposit receipt. NOT GOOD

5) Similar as above (If buyers click to signal that they are going to buy, make the deposit) the seller acts deceptively and files arbitration, and the buyer provides BungeeBones with a proper deposit receipt but the SELLER provides a counterfeit bank record showing no such deposit. NOT GOOD

6) There is no time limit on the arbitration process and it is uncontestable. If someone (buyer or seller) is falsifying records the AdCoins are still frozen and the cheater won't gain anything (but someone has lost something at least temporarily until the guilty party comes clean or is found out).

This system is not designed to be a full fledged exchange (i.e. another "Mt. Gox") but rather just a way to make it easier for those that want to advertise and those that have earned AdCoin/Advertising credits (they're all synonymous and/or of equal value) to be able to conduct their own transactions between themselves. Sellers (for the most part) are not depositing Bitcoin to trade but are liquidating their own earnings and buyers aren't buying to acquire Bitcoin but rather to acquire advertising credits that are backed by Bitcoin.

 

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