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Offline bitmarket

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Epic brainstorming session between Marketing and Dev teams.
« on: November 06, 2014, 12:32:41 AM »

So we (Marketing)  just got a off a Skype conference call with the Dev team.

Lots of awesome things came out of it, and I am now more excited than ever about BTS.  However I wanted to share one very cool thing that excited me.

First the background. I have spoken to many companies about accepting bitcoin. The first objection I get is volatility and companies like bitpay have solved that problem. The second objection I get is there is no ability for continuity payments. All businesses built on the subscription model cannot "play" with bitcoin.  Because bitcoin is volatile a subscription of $10 per month may be 0.1 bitcoin this month and 0.05 bitcoin teh moth after.

With the stability of bitUSD this concern is no longer there.  After talking to BM we discovered continuity payments are actually low hanging fruit for the developers. It could be ready to go in a week or so if it were focused on.  And since customers have stability of currency with bitUSD in their wallet, they would be fine to leave a large chunk in their wallet, earning interest and they can control on the client side what subscriptions they have enabled or not.

Enter the world of high risk merchants. As an example the Adult industry have to suffer merchant fees as high as 25% on successful transactions and chargebacks and other fees are exorbitant. It is a reality that over 40% of their revenues go to the merchant provider.

The industry is ripe for the picking for bitcoin.... except one thing.  It is built on continuity payments.  Membership to porn site XYZ for $4.99 a month.

It would make total sense for them to accept bitUSD as a payment and offer a discount of up to 40% for using it.  That could seriously motivate customers to click the link next to the payment option  "What is bitUSD" and get a few. Plus their payment would be private

Consumer side motivation to use crypto is what has been sorely lacking for bitcoin because a  2% discount on purchases is not enough of an incentive... but 20-40% might be.  That is why bitcoin has had good penetration into the gambling industry. It does not depend on continuity payments.

The porn industry jumped to mind but here is more complete list of high risk merchant industries.
https://www.e-onlinedata.com/Merchant_Services/Internet_Merchant/authorize.net/Prohibited.aspx

Which ones have not had good penetration with bitcoin because they rely on continuity payments? Each one is a market that we can attack, with no competition from any other crypto.

Of course we would not brand ourselves as "dancer dollars." But through some strategic relationship with this industry it could be a great "viral insertion point" as MethodX would say.  A place to get bitUSD in lots of peoples hands. Once we do that, the rest is easy.

Thoughts, brainstorming, industry knowledge and contacts are much appreciated.
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Offline gamey

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Re: Epic brainstorming session between Marketing and Dev teams.
« Reply #1 on: November 06, 2014, 12:52:10 AM »
+5%

Yes !  Some time ago before I was very active in crypto stuff I was defending bitcoin as a whole against others.  One of the people I was talking to had done well in sleazy online stuff.  We discussed bitcoin applicability for his business needs and I came to the conclusion it wasn't feasible because the subscription model doesn't work. I had totally forgot this conversation ...  I'm curious how this will be implemented but +5% +5% .  We have to build demand through gray areas that don't work well within current fiat systems.
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Offline werneo

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Re: Epic brainstorming session between Marketing and Dev teams.
« Reply #2 on: November 06, 2014, 01:02:05 AM »

Item: High risk merchants ripe and ready to use bitUSD for continuity payments

+5%)

Offline Method-X

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Re: Epic brainstorming session between Marketing and Dev teams.
« Reply #3 on: November 06, 2014, 01:02:33 AM »
 +5% Recurring revenue would be a really big market for us. I'm interested in the technicals of this... recurring revenue uses a "pull" method whereas crypto, by its very nature, is "push". I wonder how this will be done without giving the merchant access to your private keys.

Offline Riverhead

Re: Epic brainstorming session between Marketing and Dev teams.
« Reply #4 on: November 06, 2014, 01:07:10 AM »
+5% Recurring revenue would be a really big market for us. I'm interested in the technicals of this... recurring revenue uses a "pull" method whereas crypto, by its very nature, is "push". I wonder how this will be done without giving the merchant access to your private keys.

Scripted push I would guess. Also I agree that subscription models are where it is at. EVERY company knows this is the Golden Goose. Amazon Prime, Netflix, Spotify, MS Office 360, etc.

THIS.

Adult content is the real money maker of the internet no one talks about in mixed company. $2.8B in US alone.

http://business.time.com/2012/04/04/sex-on-the-internet-sizing-up-the-online-smut-economy/
« Last Edit: November 06, 2014, 01:11:23 AM by Riverhead »

Offline gamey

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Re: Epic brainstorming session between Marketing and Dev teams.
« Reply #5 on: November 06, 2014, 01:08:34 AM »

This is also an area where TITAN is a big positive instead of a possible negative ...  when talking about products that require being discreet.
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Offline Method-X

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Re: Epic brainstorming session between Marketing and Dev teams.
« Reply #6 on: November 06, 2014, 01:21:20 AM »
Cam whores. Will love this.

Offline GaltReport

Re: Epic brainstorming session between Marketing and Dev teams.
« Reply #7 on: November 06, 2014, 01:27:24 AM »
 +5% Sounds good on all fronts.  No issues here. :)

Offline Pheonike

Re: Epic brainstorming session between Marketing and Dev teams.
« Reply #8 on: November 06, 2014, 01:30:33 AM »

Ha!

Bitshares Peep  -  See without being seen.

Offline onceuponatime

Re: Epic brainstorming session between Marketing and Dev teams.
« Reply #9 on: November 06, 2014, 01:41:59 AM »

Ha!

Bitshares Peep  -  See without being seen.

Oh no! What will this do for the RandPaulCoins reputation?    ;D

Offline emailtooaj

Re: Epic brainstorming session between Marketing and Dev teams.
« Reply #10 on: November 06, 2014, 02:11:17 AM »
I'm not of the Dev type but wouldn't a "escort escrow service" make this work?

Would it be possible to use a delegate position to offer a 3rd party escrow service overseeing the "subscription" contracts?
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Offline godzirra

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Re: Epic brainstorming session between Marketing and Dev teams.
« Reply #11 on: November 06, 2014, 03:04:09 AM »
I heard BM say that Bitshares is not getting involved in any type of escrow, for regulatory reasons.

Offline bitmarket

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Re: Epic brainstorming session between Marketing and Dev teams.
« Reply #12 on: November 06, 2014, 03:05:18 AM »
I am the opposite of a techie, but here I go speaking out of school.

It would be client side.  The user could set up a payment X$ every Y period until Z date or on going.

Preferably the intention of payment(subscription) would be held in the blockchain and the merchant could see it. As long as funds are in the account on the right date , the payment goes.   It would be nice if the inputs did not have to be there to create the scheduled payment.  If that were achieved, then it is just like a real traditional bank account.  Your wages go in, and each month your expenses go out.   

Only the customer can cancel subscriptions.  Merchant has no control over it.

If inputs must be known and "locked" upfront, then it is a lot less useful, but still cool, for 4.99 subscription sites, etc  I would like it  because I hate subscriptions. I prefer to prepay things.  But there are a lot more uses if you do not need the inputs upfront.   Likewise it is cooler if the client does not need to be opened once a Y period.  That is why it would be great for the intention/subscription to be held on the blockchain.

« Last Edit: November 06, 2014, 03:07:05 AM by bitmarket »
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Offline luckybit

Re: Epic brainstorming session between Marketing and Dev teams.
« Reply #13 on: November 06, 2014, 03:19:40 AM »
BitTorrent was originally marketed using porn so that might make some sense
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Offline oldman

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Re: Epic brainstorming session between Marketing and Dev teams.
« Reply #14 on: November 06, 2014, 04:50:04 AM »
bitUSD and porn are a perfect match.

Client-side recuring payments and micro-payments would open vast new revenue streams for studios and independent performers.

Most folks don't pay for porn simply because giving a shady porn company credit card and other personal info is a non-starter.

Imagine loading a browser-based wallet with a few bitUSD and grabbing videos a la cart for a buck or two... or paying cam girls directly.

Custom porn would also become viable.

Huge.

Now what we need is a porn marketing delegate who will tirelessly research and approach adult content creators and sellers to convert them to bitUSD.

Plus on-ramps.

 

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