We investigate the minimal performance, in terms of beam luminosity and detector size, of a neutrino factory to achieve a competitive physics reach for the determination of the mass hierarchy and the discovery of leptonic CP violation. We find that a low luminosity of 2×10(20) useful muon decays per year and 5 GeV muon energy aimed at a 10 kton magnetized liquid argon detector placed at 1300 km from the source provides a good starting point. This result relies on θ13 being large and assumes that the so-called platinum channel can be used effectively. We find that such a minimal facility would perform significantly better than phase I of the LBNE project and thus could constitute a reasonable step towards a full neutrino factory.