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Online Shentist

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Ebay and Open Bazaar - maybe wrong target
« on: October 14, 2014, 05:54:23 PM »

we talk allot to enable buying via bitUSD from Ebay and Open Bazaar, but the real question we didn't asked.

How easy can a shop owner integrate bitUSD for shopping?

At the moment it is really risky and burdend.

What we really need is not ebay and open bazaar, but integration of bitUSD to the leading ecommerce software

- magento
- VirtueMart
- Prestashop
- zen cart
- os commerce

http://de.slideshare.net/divanteltd/why-magento?next_slideshow=1

only if the shop owners can easily integrate bitUSD they will consider to impliment it.

in this case we need a consumer wallet. stripped of BTSX just with bitUSD or bitCNY or bitEUR

Offline JA

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Re: Ebay and Open Bazaar - maybe wrong target
« Reply #1 on: October 14, 2014, 06:05:12 PM »
and woocommerce

actually woocommerce for wordpress is pretty easy to implement with Mycred buy api.
« Last Edit: October 14, 2014, 06:08:24 PM by jabbajabba »

Offline emski

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Re: Ebay and Open Bazaar - maybe wrong target
« Reply #2 on: October 14, 2014, 06:18:15 PM »

Offline D4vegee

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Re: Ebay and Open Bazaar - maybe wrong target
« Reply #3 on: October 14, 2014, 06:27:33 PM »
Im currently building my own ecommerce CMS system. BTS is something myself and partner will DEFINITELY be looking to integrate. But we are still a few months off completion

Online Shentist

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Re: Ebay and Open Bazaar - maybe wrong target
« Reply #4 on: October 14, 2014, 10:18:28 PM »
i agree. we need partners to integrate bitUSD as a default payment method.

would like to here the toughts of bytemaster.

Offline mbaeichapareiko

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Re: Ebay and Open Bazaar - maybe wrong target
« Reply #5 on: October 15, 2014, 12:43:18 AM »
O.P. is right on.

I recently got my computer repaired by an online repair shop. 


"do you accept bitcoin?"   I asked,

"no, we don't accept that currency"    he replied,

"I had to ask,  did you know the transaction costs are much lower than credit cards?"  I interjected

"unfortunately bitcoin is a dying currency"  he insisted,

"Did you know you could peg your btc to the USD so that your sales profits are not so volatile?"  I finally stated,

"  .......  silence"    you could hear a pin drop 

"Ok, here is my credit card number"  I finally said.


The point of the above scenario being,  when a bitpay coin base or other bitcoin acceptance system can convert btc directly to bitusd and back and forth and streamline the process then things could get interesting, I think.

thoughts welcome.   :) 

Offline Mysto

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Re: Ebay and Open Bazaar - maybe wrong target
« Reply #6 on: October 15, 2014, 01:01:06 AM »
"do you accept bitcoin?"   I asked,

"no, we don't accept that currency"    he replied,

"I had to ask,  did you know the transaction costs are much lower than credit cards?"  I interjected

"unfortunately bitcoin is a dying currency"  he insisted,

"Did you know you could peg your btc to the USD so that your sales profits are not so volatile?"  I finally stated,

"  .......  silence"    you could hear a pin drop 

"Ok, here is my credit card number"  I finally said.



Haha that's why when we market bitUSD to the masses the word bitcoin should never be mentioned.

Offline tonyk

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Re: Ebay and Open Bazaar - maybe wrong target
« Reply #7 on: October 15, 2014, 01:16:50 AM »
"do you accept bitcoin?"   I asked,

"no, we don't accept that currency"    he replied,

"I had to ask,  did you know the transaction costs are much lower than credit cards?"  I interjected

"unfortunately bitcoin is a dying currency"  he insisted,

"Did you know you could peg your btc to the USD so that your sales profits are not so volatile?"  I finally stated,

"  .......  silence"    you could hear a pin drop 

"Ok, here is my credit card number"  I finally said.



Haha that's why when we market bitUSD to the masses the word bitcoin should never be mentioned.

disagree... in cases like the above we should let the people know that while btc is dying, the better BTC (aka bitUSD) is already hear! For the masses... they should not even know that bitUSD is crypto/blockchain/btc related, I agree here.
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline amencon

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Re: Ebay and Open Bazaar - maybe wrong target
« Reply #8 on: October 15, 2014, 01:32:46 AM »
O.P. is right on.

I recently got my computer repaired by an online repair shop. 


"do you accept bitcoin?"   I asked,

"no, we don't accept that currency"    he replied,

"I had to ask,  did you know the transaction costs are much lower than credit cards?"  I interjected

"unfortunately bitcoin is a dying currency"  he insisted,

"Did you know you could peg your btc to the USD so that your sales profits are not so volatile?"  I finally stated,

"  .......  silence"    you could hear a pin drop 

"Ok, here is my credit card number"  I finally said.


The point of the above scenario being,  when a bitpay coin base or other bitcoin acceptance system can convert btc directly to bitusd and back and forth and streamline the process then things could get interesting, I think.

thoughts welcome.   :)
Sorry I'm not sure I understand the meaning being drawn from that scenario.  Is it that people shy away from BTC due to the volatility and that merchants should be more inclined to accept bitUSD because of the peg?

If that's the case that merchant can already get non volatile actual USD by using bitpay or coinbase.  How does this scenario impact bitUSD or BTSX in general?

For now merchants accepting bitUSD need be already motivated to stay in crypto AND want the value stability of USD.  Merchants all over are already accepting BTC and converting to USD so unless they have a reason not to want to hold fiat, bitUSD won't likely appear to hold much extra value proposition than their current setup.

Also, BTC is dying?

Offline mbaeichapareiko

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Re: Ebay and Open Bazaar - maybe wrong target
« Reply #9 on: October 15, 2014, 08:07:40 AM »
amencon,

It was just a scenario that exposed the reluctancy of a computer tech to accept bitcoin due to "he thinks its a dying currency",   and him not being aware that there are ways to accept and peg it to dollars (he feels usd is not a dying currency).      *we will see*

The point being implied...  if bitusd is implemented with payment processors, then merchants can decide to keep their digital income from sales in either bitusd,  or btc.      The advantage being if you keep it in bitusd, you can gain interest.  Or you can convert into and out of other assets,  btc etc very easily.      A problem I see with bit pay, coin base converting into usd, is that once you are in usd, it is not as liquid to convert back into btc or other digital assets as bitusd is.     

Does that sound right to you guys?   
« Last Edit: October 15, 2014, 08:15:21 AM by mbaeichapareiko »

Offline amencon

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Re: Ebay and Open Bazaar - maybe wrong target
« Reply #10 on: October 15, 2014, 04:39:22 PM »
amencon,

It was just a scenario that exposed the reluctancy of a computer tech to accept bitcoin due to "he thinks its a dying currency",   and him not being aware that there are ways to accept and peg it to dollars (he feels usd is not a dying currency).      *we will see*

The point being implied...  if bitusd is implemented with payment processors, then merchants can decide to keep their digital income from sales in either bitusd,  or btc.      The advantage being if you keep it in bitusd, you can gain interest.  Or you can convert into and out of other assets,  btc etc very easily.      A problem I see with bit pay, coin base converting into usd, is that once you are in usd, it is not as liquid to convert back into btc or other digital assets as bitusd is.     

Does that sound right to you guys?
Unfortunately we don't have payment processors that can do that yet.  Also many merchants aren't going to want to stay in crypto at first.  Most businesses will want USD and not play speculator on the crypto markets.  That's not to say that over time we can't build confidence in the system and slowly have more and more merchants holding bitUSD.

Part of getting merchants to hold bitUSD will be getting their suppliers to accept bitUSD, like any network it becomes more valuable as more nodes are added.

This is why Bitcoin is valuable, I think it's a bit pie in the sky to think that all of a sudden this network of bitUSD users is going to come flooding in as soon as we get the word out.  It's going to take time and at first there won't be an overwhelming positive value proposition for holding bitUSD as a small amount of interest is worthless if there isn't first complete confidence in the currency you have to hold for it.

In the grand scheme very few merchants accept Bitcoin worldwide, and that's after years of Bitcoin proponents pushing it very hard as well as there existing payment processors that put the very well known and trusted USD directly in their account.

The challenge for us is not only to get these payment processors to include acceptance of bitUSD, but also to convince people there is value in holding bitUSD over regular USD.  I think those that think the world is going to jump on board very quickly for this is in for a bad time.

As for your example merchant, I think that anyone that sees Bitcoin as a "dying currency" is going to likely see bitUSD as a "dead currency".  We have a lot of work to do before your local brick and mortar merchant will be a good marketing avenue.

And all of this is why some are pushing for acceptance of bitUSD on OB.  OB users will be "soft" targets for use of a new crypto.  Plus it then gives bitUSD a real world proof of concept and use case to help market further to more crypto-enthusiasts.  You get enough people on board that way and then hopefully you get some coverage that makes market pegged assets well known enough to be brought to those outside the crypto realm.

As Stan says, maybe I'm not thinking BIG enough, but that seems to be the reality of the situation until Stan, Dan and the rest launch whatever super awesome secret marketing push they've been whispering about for awhile now.

Offline blahblah7up

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Re: Ebay and Open Bazaar - maybe wrong target
« Reply #11 on: October 15, 2014, 04:52:36 PM »

For now merchants accepting bitUSD need be already motivated to stay in crypto AND want the value stability of USD.  Merchants all over are already accepting BTC and converting to USD so unless they have a reason not to want to hold fiat, bitUSD won't likely appear to hold much extra value proposition than their current setup.


This is the extra value proposition:

https://bitsharestalk.org/index.php?topic=10046.0

Offline amencon

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Re: Ebay and Open Bazaar - maybe wrong target
« Reply #12 on: October 15, 2014, 05:07:55 PM »

For now merchants accepting bitUSD need be already motivated to stay in crypto AND want the value stability of USD.  Merchants all over are already accepting BTC and converting to USD so unless they have a reason not to want to hold fiat, bitUSD won't likely appear to hold much extra value proposition than their current setup.


This is the extra value proposition:

https://bitsharestalk.org/index.php?topic=10046.0
It's not a very good one until there is enough widespread confidence in the currency.  5% (or whatever) interest is great, but not if you have to hold some currency you don't understand and nobody else is using or talking about.

Offline Stan

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Re: Ebay and Open Bazaar - maybe wrong target
« Reply #13 on: October 15, 2014, 05:35:12 PM »
amencon,

It was just a scenario that exposed the reluctancy of a computer tech to accept bitcoin due to "he thinks its a dying currency",   and him not being aware that there are ways to accept and peg it to dollars (he feels usd is not a dying currency).      *we will see*

The point being implied...  if bitusd is implemented with payment processors, then merchants can decide to keep their digital income from sales in either bitusd,  or btc.      The advantage being if you keep it in bitusd, you can gain interest.  Or you can convert into and out of other assets,  btc etc very easily.      A problem I see with bit pay, coin base converting into usd, is that once you are in usd, it is not as liquid to convert back into btc or other digital assets as bitusd is.     

Does that sound right to you guys?
Unfortunately we don't have payment processors that can do that yet.  Also many merchants aren't going to want to stay in crypto at first.  Most businesses will want USD and not play speculator on the crypto markets.  That's not to say that over time we can't build confidence in the system and slowly have more and more merchants holding bitUSD.

Part of getting merchants to hold bitUSD will be getting their suppliers to accept bitUSD, like any network it becomes more valuable as more nodes are added.

This is why Bitcoin is valuable, I think it's a bit pie in the sky to think that all of a sudden this network of bitUSD users is going to come flooding in as soon as we get the word out.  It's going to take time and at first there won't be an overwhelming positive value proposition for holding bitUSD as a small amount of interest is worthless if there isn't first complete confidence in the currency you have to hold for it.

In the grand scheme very few merchants accept Bitcoin worldwide, and that's after years of Bitcoin proponents pushing it very hard as well as there existing payment processors that put the very well known and trusted USD directly in their account.

The challenge for us is not only to get these payment processors to include acceptance of bitUSD, but also to convince people there is value in holding bitUSD over regular USD.  I think those that think the world is going to jump on board very quickly for this is in for a bad time.

As for your example merchant, I think that anyone that sees Bitcoin as a "dying currency" is going to likely see bitUSD as a "dead currency".  We have a lot of work to do before your local brick and mortar merchant will be a good marketing avenue.

And all of this is why some are pushing for acceptance of bitUSD on OB.  OB users will be "soft" targets for use of a new crypto.  Plus it then gives bitUSD a real world proof of concept and use case to help market further to more crypto-enthusiasts.  You get enough people on board that way and then hopefully you get some coverage that makes market pegged assets well known enough to be brought to those outside the crypto realm.

As Stan says, maybe I'm not thinking BIG enough, but that seems to be the reality of the situation until Stan, Dan and the rest launch whatever super awesome secret marketing push they've been whispering about for awhile now.

What you say may be true, but I don't think merchants ever need to see bitUSD.
They get USD from an ordinary debit card and don't have a need to know there is bitUSD backing it.
  • bitUSD is your crypto savings account.
    People hold it because they get a better yield than saving in fiat.
  • Being able to directly spend it with a merchant is a separate value proposition.
    (Not having to convert to fiat or BTC is a convenience.)
The two complement each other but it is the savings yield that will give sleeping people their first reason to use bitUSD.

Then the fact that it is also a checking account with an attached debit card seals the deal.

But without #1, sleepers can get #2 many other ways without bitUSD.

Of course, for those who are awake, bitUSD is simply the best way to escape the risky global fiat system and both of the other two are icing on the cake.

Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

Offline amencon

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Re: Ebay and Open Bazaar - maybe wrong target
« Reply #14 on: October 15, 2014, 05:43:16 PM »
amencon,

It was just a scenario that exposed the reluctancy of a computer tech to accept bitcoin due to "he thinks its a dying currency",   and him not being aware that there are ways to accept and peg it to dollars (he feels usd is not a dying currency).      *we will see*

The point being implied...  if bitusd is implemented with payment processors, then merchants can decide to keep their digital income from sales in either bitusd,  or btc.      The advantage being if you keep it in bitusd, you can gain interest.  Or you can convert into and out of other assets,  btc etc very easily.      A problem I see with bit pay, coin base converting into usd, is that once you are in usd, it is not as liquid to convert back into btc or other digital assets as bitusd is.     

Does that sound right to you guys?
Unfortunately we don't have payment processors that can do that yet.  Also many merchants aren't going to want to stay in crypto at first.  Most businesses will want USD and not play speculator on the crypto markets.  That's not to say that over time we can't build confidence in the system and slowly have more and more merchants holding bitUSD.

Part of getting merchants to hold bitUSD will be getting their suppliers to accept bitUSD, like any network it becomes more valuable as more nodes are added.

This is why Bitcoin is valuable, I think it's a bit pie in the sky to think that all of a sudden this network of bitUSD users is going to come flooding in as soon as we get the word out.  It's going to take time and at first there won't be an overwhelming positive value proposition for holding bitUSD as a small amount of interest is worthless if there isn't first complete confidence in the currency you have to hold for it.

In the grand scheme very few merchants accept Bitcoin worldwide, and that's after years of Bitcoin proponents pushing it very hard as well as there existing payment processors that put the very well known and trusted USD directly in their account.

The challenge for us is not only to get these payment processors to include acceptance of bitUSD, but also to convince people there is value in holding bitUSD over regular USD.  I think those that think the world is going to jump on board very quickly for this is in for a bad time.

As for your example merchant, I think that anyone that sees Bitcoin as a "dying currency" is going to likely see bitUSD as a "dead currency".  We have a lot of work to do before your local brick and mortar merchant will be a good marketing avenue.

And all of this is why some are pushing for acceptance of bitUSD on OB.  OB users will be "soft" targets for use of a new crypto.  Plus it then gives bitUSD a real world proof of concept and use case to help market further to more crypto-enthusiasts.  You get enough people on board that way and then hopefully you get some coverage that makes market pegged assets well known enough to be brought to those outside the crypto realm.

As Stan says, maybe I'm not thinking BIG enough, but that seems to be the reality of the situation until Stan, Dan and the rest launch whatever super awesome secret marketing push they've been whispering about for awhile now.

What you say may be true, but I don't think merchants ever need to see bitUSD.
They get USD from an ordinary debit card and don't have a need to know there is bitUSD backing it.
  • bitUSD is your crypto savings account.
    People hold it because they get a better yield than saving in fiat.
  • Being able to directly spend it with a merchant is a separate value proposition.
    (Not having to convert to fiat or BTC is a convenience.)
The two complement each other but it is the savings yield that will give sleeping people their first reason to use bitUSD.

Then the fact that it is also a checking account with an attached debit card seals the deal.

But without #1, sleepers can get #2 many other ways without bitUSD.

Of course, for those who are awake, bitUSD is simply the best way to escape the risky global fiat system and both of the other two are icing on the cake.
Wow OK, that does sound like it would be the best of both worlds.  They see USD in their account like they are used to, get the interest inherent in the bitUSD system and can use those funds directly with their suppliers without them also needing to adopt into this system.  This will be very exciting if you can make it a reality.

 

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