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Offline Rune

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Coinbase delegate?
« on: December 29, 2014, 05:21:43 PM »

I liked fuzzy's idea of having delegates standing by to benefit an exchange that integrates with us, just like ripple and nushares are able to do (with XRP and nubits grants, respectively). I think it's a strategy that needs to get implemented ASAP.

So since coinbase might be the biggest possible case to get on, or even get positive feedback from, I want to get a coinbase delegate started as soon as possible so we can show them that they already have a delegate ready for them when we approach them. Then they'll be incentivized to show interest because that would mean voters would vote for the delegate and their bonus would start to tick earlier.

Unless someone else who is able to get more votes than me is willing to create a 100% coinbase delegate, then I am thinking of starting coinbase.rune. I already provide the hosting for the bitshares faucet so I will be able to host and run the delegate from there. But before I register and pay the 60k BTS I want to see if there is actually support for this.

So here's the preliminary delegate proposal:

coinbase.rune

100% payrate. (97% goes to project, 3% goes to delegate upkeep)

The project funds of this delegate will be kept transparently on the blockchain and will initially be used to pay a developer to help coinbase implement bitUSD (if they need this) or help fund the open source fiat gateway software. Once coinbase has implemented bitUSD in any form (either sell it in their wallet for 1 USD or buy it for 1 USD like btc38 does), then all the project funds will be used to give a signup bonus (10-20 bitUSD) for all coinbase customers who make their first bitUSD or bitcoin* purchase.

* regarding the bonus to bitcoin, my idea is if we also give money to bitcoin users then bitcoiners will demand coinbase implements us. Remember we wouldn't be giving this money away until AFTER coinbase has already integrated us and our price would be to the moon! If it turns out to give too much negative price pressure from angry bitcoiners insta-dumping then we can change it later to bitUSD only.

The signup bonus funds will be given to coinbase weekly, and I will test that they pass on the bonus funds to their customers as they should (perhaps having a whistleblower bounty for public evidence of cheating?). Later we can combine the signup bonus with bitshares KYC to be able to verify that they are given properly.

This delegate will be a temporary measure until its function can be replaced by a smart contract in some way.



Would you vote for this? Would you vote for this if coinbase showed clear interest in integrating bitUSD? What maximum monthly budget for coinbase bitUSD signup bonus would you support?

If anyone want to help with paying the registration fee that would be greatly appreciated. I have the funds myself and can easily pay it, but I'm not sure I will ever get voted in. Depending on the level of support in this thread I'll consider just risking it and registering the delegate myself. If I can't get enough support for this, then someone with more support can make a coinbase delegate instead - it's definitely one of the very important things at the moment.

I think we should have people making delegates like this for every big exchange! Coinbase, Circle, Okcoin, btcchina, btc-e, bitstamp, bitfinex etc. Even if the exchanges are slow to integrate, the funds can be used immediately to pay developers that work on making standardized fiat gateway software. Then once the exchange/wallet qualifies, then all the delegate pay goes to the signup bonus. Exchanges should make gateways to qualify, hosted wallets should support bitUSD to qualify.

Offline matt608

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Re: Coinbase delegate?
« Reply #1 on: December 29, 2014, 06:03:20 PM »
I would vote for this, coinbase is worth a 100% delegate spot, and it's a great mutually beneficial relationship with the bonuses to their users.  The bigger the BitShares market cap grows the more + bigger bonuses they can pass on to their users.

I've never used coinbase, but they're more than just an exchange.  I wonder if bitUSD could be accepted by their merchants as part of the deal or whether that has to be enabled on the merchant end. 

They could become a BitShares affiliate too once that's ready, earning for each user + merchant.

Also BitShares login should be enabled as part of the deal.

It might not be necessary to have a delegate elected and ready before BM talks to them (AFAIK he hasn't yet), but rather, have the idea firmly established and accepted in the community so he can present it to them.

« Last Edit: December 29, 2014, 06:12:17 PM by matt608 »

Offline Rune

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Re: Coinbase delegate?
« Reply #2 on: December 29, 2014, 06:37:39 PM »
Quote
Also BitShares login should be enabled as part of the deal.

Bitshares login/KYC isn't close to being ready for this yet IMO.

The important thing is simply that the delegate is up and running and can be voted for. Then coinbase can decide to give positive feedback and look further into the partnership in order to garner votes for their delegate.

Thinking about it, there should be more than one. We should have 3-5 coinbase delegates, all setup and ready to give their funds to coinbase for new users. Then we can begin to seriously compete with ripple and their 70 billion XRP.

Offline onceuponatime

Re: Coinbase delegate?
« Reply #3 on: December 29, 2014, 08:37:45 PM »
If you decide to go forward with this I will put up half the registration fee provided that you repay me on the same schedule that you repay yourself. PM me if acceptable.

Offline speedy

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Re: Coinbase delegate?
« Reply #4 on: December 29, 2014, 08:51:17 PM »
Questions:

Do you have contacts with Coinbase already, and are they actually interested in working with us?

I know Bytemaster wrote a blog detailing the benefits of being a bitshares gateway, but are they actually interested?

If you think this will work, then yes I will vote for you Rune!

Offline toast

Re: Coinbase delegate?
« Reply #5 on: December 29, 2014, 08:54:15 PM »
I am against this until there is any reason to believe coinbase is on board. Think about it from their perspective, you are using their brand to promote our stuff.
Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

Offline cass

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Re: Coinbase delegate?
« Reply #6 on: December 29, 2014, 09:06:18 PM »
I am against this until there is any reason to believe coinbase is on board. Think about it from their perspective, you are using their brand to promote our stuff.

yup good point
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Offline Rune

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Re: Coinbase delegate?
« Reply #7 on: December 29, 2014, 09:37:57 PM »
I am against this until there is any reason to believe coinbase is on board. Think about it from their perspective, you are using their brand to promote our stuff.

I am against the delegate getting voted in before coinbase shows any support as well. I doubt getting voted in prematurely will be a problem though.

What I want is simply to have the delegates registered and ready so that we can tell coinbase and all the others that they basically just have to show interest and their signup bonus fund will get voted in and begin accumulating ASAP. In the long run they are all going to implement bitshares support anyway so I don't think it's a waste to have the delegates pre-registered.

I don't think they'll see it as us using their brand though. It's pretty clear from the delegate itself that it isn't "coinbase official". The important thing is that we don't start pretending that coinbase is going to implement bitUSD before they show any signs of willingness.

Offline Rune

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Re: Coinbase delegate?
« Reply #8 on: December 29, 2014, 09:41:47 PM »
Questions:

Do you have contacts with Coinbase already, and are they actually interested in working with us?

I know Bytemaster wrote a blog detailing the benefits of being a bitshares gateway, but are they actually interested?

If you think this will work, then yes I will vote for you Rune!

There's zero evidence they are actually interested yet. This delegate is only meant as a pre-registered delegate we can show them when we approach them, so they know that they can get delegate funding but won't have to deal with hosting it themselves. The delegate is only meant to get voted in if they actually show interest (in order to incentivize them to show interest early).

Even though none of the big exchanges have shown any signs yet, I still think we need to have delegates ready for all of them.

Offline Rune

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Re: Coinbase delegate?
« Reply #9 on: December 30, 2014, 03:24:30 PM »
With the recent news of coinbase playing skynet, I wonder if we even want to integrate with them? Maybe we shouldn't show a willingness to reward onramps that actively harm their customers. On the other hand we could argue that since their hands are tied by regulation, they should at least integrate bitUSD and allow people easy access to a decentralized exchange where people can trade without fearing getting constantly watched.

Offline onceuponatime

Re: Coinbase delegate?
« Reply #10 on: December 30, 2014, 07:01:25 PM »
Instead of being exchange specific, ie. coinbase, a delegate could be set up to collect funds to benefit the first exchange that integrates with us (or the first two, or three, or....)

Offline fluxer555

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Re: Coinbase delegate?
« Reply #11 on: December 30, 2014, 08:24:57 PM »
Instead of being exchange specific, ie. coinbase, a delegate could be set up to collect funds to benefit the first exchange that integrates with us (or the first two, or three, or....)

+5%

 

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