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Offline MrJeans

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Bitshares bridge for South Africa
« on: March 11, 2015, 02:16:05 PM »

Hi Community,

I hope to create the first Bitshares bridge for South Africa.

I have created a highly bootstrapped website service with a wizard of oz back end (lean startup in full swing here).

http://www.bitsharesbridgesa.co.za/

In order to launch the bridge in South Africa I would like to ask the community for some initial funding in the form of bitUSD.

Most of this funding will go to the initial float with which to make transactions from. The main form of transactions will be in the form of ZAR coming in and bitUSD going out. Once the bitUSD supply runs low, the ZAR collected will be used to replenish the supply.

For legal reasons I will be running the service in my own name. This way I am functioning as a trader and not a financial services provider.

If after a year or sooner, the service is not providing a needed or used service in South Africa the service will be shut down and the float returned to the community (to an appropriate delegate for example).

The idea is to run a basic service and if viable seek venture capital to run the service as a registered company with an automated and scalable backend.

South Africa is 'leading' the way for Africa in the way of virtual currencies and Cape Town is fast becoming an IT hub for the Country. I believe their is potential for this service if Bitshares takes off (which we all believe it will).

The total set up fee is very low (about 1 months delegate pay). I look forward to hearing your thoughts.


Reserve float for transactions: $2000 (1500bitUSD and about 5500ZAR)

Banking account holding fees for 1 year: $120

Website hosting with SquareSpace for 1 year: $96

Gmail for business for 1 year: $60

Google adwords for year: $500

Total: bitUSD 2776

Offline Pheonike

Re: Bitshares bridge for South Africa
« Reply #1 on: March 11, 2015, 03:17:03 PM »
Great initiative, I've been thinking s. Africa would be a good place to jump start a remittance hub.

Offline BTSdac

Re: Bitshares bridge for South Africa
« Reply #2 on: March 11, 2015, 03:49:54 PM »
if you run a delegate I would vote  you  +5%
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Offline donkeypong

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Re: Bitshares bridge for South Africa
« Reply #3 on: March 11, 2015, 04:53:15 PM »
if you run a delegate I would vote  you  +5%

Me too. I'd say run a delegate (preferred) or issue an asset for this. You'll have my vote.

Offline lovejoy

Re: Bitshares bridge for South Africa
« Reply #4 on: March 11, 2015, 05:33:22 PM »
...I'd say run a delegate (preferred) or issue an asset for this. You'll have my vote.

this ^  +5% BitShares bridge in South Africa?  Sign me up!

Offline Pheonike

Re: Bitshares bridge for South Africa
« Reply #5 on: March 11, 2015, 05:51:36 PM »

Will you be attending this conference?

http://bitcoinconference.co.za/#home

Offline cass

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Re: Bitshares bridge for South Africa
« Reply #6 on: March 11, 2015, 08:59:44 PM »
█║▌║║█  - - -  The quieter you become, the more you are able to hear  - - -  █║▌║║█

Offline onceuponatime

Re: Bitshares bridge for South Africa
« Reply #7 on: March 12, 2015, 01:50:51 AM »
My thoughts:

If you can't, or don't want to. come up with $2776 from your own resources to do a startup, may I suggest that you are not yet ready to be in business? 

Reserve float for transactions: $2000 (1500bitUSD and about 5500ZAR)

Banking account holding fees for 1 year: $120

Website hosting with SquareSpace for 1 year: $96

Gmail for business for 1 year: $60

Google adwords for year: $500

Total: bitUSD 2776








Offline MrJeans

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Re: Bitshares bridge for South Africa
« Reply #8 on: March 12, 2015, 02:45:39 PM »
I am on the newsletter so that I stay up to date on this and hope to be able to attend.

Will you be attending this conference?

http://bitcoinconference.co.za/#home

Offline MrJeans

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Re: Bitshares bridge for South Africa
« Reply #9 on: March 12, 2015, 02:50:02 PM »
Thanks for all the positive feedback. Its really great to hear!  :)

The issue with running a delegate is that the registration fee is about 2 weeks worth of delegate pay and all I need is about 4 weeks. Its a very small amount to use a delegate for.

There is currently a delegate called fund.Bitsharesbreakout who seams appropriate for supporting this type of venture (currently ranked 119). I have commented on the thread asking them to look at this thread.

Offline MrJeans

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Re: Bitshares bridge for South Africa
« Reply #10 on: March 12, 2015, 02:55:06 PM »
My thoughts:

If you can't, or don't want to. come up with $2776 from your own resources to do a startup, may I suggest that you are not yet ready to be in business? 

Reserve float for transactions: $2000 (1500bitUSD and about 5500ZAR)

Banking account holding fees for 1 year: $120

Website hosting with SquareSpace for 1 year: $96

Gmail for business for 1 year: $60

Google adwords for year: $500

Total: bitUSD 2776

This is a super good point, its the first thing any venture capitalist would ask.

I have invested the majority my savings in Bitcoin and Bitshares. Which are currently heavily under water so I would really hurt myself financially to sell right now.

My day job is also a start up (bricks and motor though) and there is no salary there as we are all invested a property development project which will become ready for renting early next year. So no salary for me till then.

I am already in business for a number of years now and am therefore competant, its is just a case of seed money.

I would love to just put in my own cash as this would mean that I am not in any way accountable to anyone else which would be very relaxing. Unfortunately I just dont have the cash.
I am sure this is something you could understand, right?

Offline BTSdac

Re: Bitshares bridge for South Africa
« Reply #11 on: March 12, 2015, 02:57:18 PM »
could you add bitcny pair, if you and bitcny pair
international remittance would become easy
ZAR->CNY:
ZAR->BITCNY->CNY  (btstrade.com can supply bitcny<->cny exchange without free
CNY->ZAR
CNY->BITCNY->ZAR
github.com :pureland
BTS2.0 API :ws://139.196.37.179:8091
BTS2.0 API 数据源ws://139.196.37.179:8091

Offline MrJeans

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Re: Bitshares bridge for South Africa
« Reply #12 on: March 12, 2015, 09:09:07 PM »
could you add bitcny pair, if you and bitcny pair
international remittance would become easy
ZAR->CNY:
ZAR->BITCNY->CNY  (btstrade.com can supply bitcny<->cny exchange without free
CNY->ZAR
CNY->BITCNY->ZAR
I would like to eventually add many pairs where on chain liquidity is high enough.
The SA market for bitcoin etc is however very small.
With this I would just be providing a starting point for South Africans to get onto and experiment with the technology.


Offline MrJeans

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Re: Bitshares bridge for South Africa
« Reply #14 on: March 17, 2015, 11:21:49 AM »
I have considered this, but I would prefer not to be held hugely accountable to the community, when requesting such a small amount.
What I was looking for was a non-obligations donation.
In the mean time I am slowly saving up the funds necessary to launch the bootstrapped version, it would have just been nice to launch yesterday. :)
But either-way, this is something I am intended to get off the ground.

 

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