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Offline speedy

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Bitshares equivalent of localbitcoins?
« on: February 17, 2014, 11:05:32 PM »

Is anyone working on a Bitshares equivalent of localbitcoins.com? This would be really useful to get money into BTS directly, bypassing BTC.

I was thinking such a site could list the bid/asks for the shares itself which will go up and down depending on demand, as well as showing prices for BitUSD etc, which should remain fairly constant. This has the advantage over BTC in that you always know a fixed amount of fiat you need to get into BTS crypto.

Offline bytemaster

Re: Bitshares equivalent of localbitcoins?
« Reply #1 on: February 17, 2014, 11:08:27 PM »
Is anyone working on a Bitshares equivalent of localbitcoins.com? This would be really useful to get money into BTS directly, bypassing BTC.

I was thinking such a site could list the bid/asks for the shares itself which will go up and down depending on demand, as well as showing prices for BitUSD etc, which should remain fairly constant. This has the advantage over BTC in that you always know a fixed amount of fiat you need to get into BTS crypto.

Actually the site doesn't even need to list bid/ask, it just needs to list people willing to buy/sell BitUSD at parity.   Once they exchange BitUSD they can buy BTS on the blockchain.  This will dramatically simplify the implementation of localbitshares....

I do think that someone who creates a site to help people find each other would generate some nice ad revenue and a good potential business.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline speedy

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Re: Bitshares equivalent of localbitcoins?
« Reply #2 on: February 17, 2014, 11:30:26 PM »
Im sure there will be some small bid/ask spread for BitUSD - traders always try to take a commission.

Yes you can just sell BitUSD on the blockchain, but I still like the option of allowing adverts to buy the shares themselves first as well.

Offline bytemaster

Re: Bitshares equivalent of localbitcoins?
« Reply #3 on: February 17, 2014, 11:35:27 PM »
Im sure there will be some small bid/ask spread for BitUSD - traders always try to take a commission.

Yes you can just sell BitUSD on the blockchain, but I still like the option of allowing adverts to buy the shares themselves first as well.

I think you will find that the spread on BitUSD will be easy and predictable, but the spread on BTS will be wider and less predictable... as a market participant I wouldn't be interested at all in buying BTS for USD... the spread would be too much.   
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline graffenwalder

Re: Bitshares equivalent of localbitcoins?
« Reply #4 on: February 17, 2014, 11:41:14 PM »
Maybe you could follow the price of BTS USD of one of the exchanges, and let sellers choose a percentage they would like to add to that price. 

Competition from other sellers in the region would result in a fair percentage.
« Last Edit: February 17, 2014, 11:42:46 PM by Graffenwalder »

Offline matt608

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Re: Bitshares equivalent of localbitcoins?
« Reply #5 on: December 30, 2014, 02:37:56 PM »
We still need this - high priority - global on-off ramp.

A full pay delegate spot awaits whoever can do this I'm sure.

Anyone working on such a thing?

Offline Xeldal

Re: Bitshares equivalent of localbitcoins?
« Reply #6 on: December 30, 2014, 02:46:07 PM »
Maybe you could follow the price of BTS USD of one of the exchanges, and let sellers choose a percentage they would like to add to that price. 

Competition from other sellers in the region would result in a fair percentage.
+5%
Localbitcoins has their own internal price as well as dozens of feeds from different exchanges.  Every seller/buyer can set their own equation of how they want to set their price. 

I would discourage enforcing any set price on any pair for a site meant to be like localbitcoins.  Allow the participants to set their own price and competition will determine whats appropriate.
« Last Edit: December 30, 2014, 03:26:03 PM by Xeldal »

Offline Xeldal

Re: Bitshares equivalent of localbitcoins?
« Reply #7 on: December 30, 2014, 02:56:46 PM »
Im sure there will be some small bid/ask spread for BitUSD - traders always try to take a commission.

Yes you can just sell BitUSD on the blockchain, but I still like the option of allowing adverts to buy the shares themselves first as well.

I think you will find that the spread on BitUSD will be easy and predictable, but the spread on BTS will be wider and less predictable... as a market participant I wouldn't be interested at all in buying BTS for USD... the spread would be too much.
You might not be interested but if bitcoin is any indication, other people will.  Last year around this time on localbitcoins people were paying 20%-30% over spot.   Thats an extreme example but 6%-8% is very common, happens all day every day.

I see no reason not to have every asset available for trade.

Offline speedy

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Re: Bitshares equivalent of localbitcoins?
« Reply #8 on: December 30, 2014, 03:18:46 PM »
We still need this - high priority - global on-off ramp.

A full pay delegate spot awaits whoever can do this I'm sure.

Anyone working on such a thing?

I wish I had started working on it when I started this thread back in Feb. Would have been finished by now.

Offline matt608

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Re: Bitshares equivalent of localbitcoins?
« Reply #9 on: December 30, 2014, 03:48:05 PM »
We still need this - high priority - global on-off ramp.

A full pay delegate spot awaits whoever can do this I'm sure.

Anyone working on such a thing?

I wish I had started working on it when I started this thread back in Feb. Would have been finished by now.

Fancy launching a delegate and doing it now? :)
« Last Edit: December 30, 2014, 05:27:11 PM by matt608 »

Offline speedy

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Re: Bitshares equivalent of localbitcoins?
« Reply #10 on: December 31, 2014, 08:25:10 PM »
Fancy launching a delegate and doing it now? :)

Im really tempted, but I keep thinking that if I get involved, Ill end up like this:
http://krebsonsecurity.com/2014/02/florida-targets-high-dollar-bitcoin-exchangers/

If I/someone were to develop the software, would anyone else be willing to host it on their server?

Offline bytemaster

Re: Bitshares equivalent of localbitcoins?
« Reply #11 on: December 31, 2014, 08:29:15 PM »
Fancy launching a delegate and doing it now? :)

Im really tempted, but I keep thinking that if I get involved, Ill end up like this:
http://krebsonsecurity.com/2014/02/florida-targets-high-dollar-bitcoin-exchangers/

If I/someone were to develop the software, would anyone else be willing to host it on their server?

As long as both parties were "one-time" users for "personal use" and not a business that advertised for general use then I think our built in escrow features will be all that is necessary.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline speedy

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Re: Bitshares equivalent of localbitcoins?
« Reply #12 on: December 31, 2014, 08:31:42 PM »
As long as both parties were "one-time" users for "personal use" and not a business that advertised for general use then I think our built in escrow features will be all that is necessary.

Are you saying a centralized website to list buyers/sellers of BitUSD is not actaully neccessary? Will you be able to see sellers from inside the client for example? That would be ideal for everyone.

Edit: I imagine the listing could be based on the BitShares mail system. You open the client and check for Bitmessage-style broadcasters from BitUSD sellers, and do a p2p escrow trade directly from the client. The message would be generated with metadata about what escrow agent the seller trusts etc. This is far better than someone running the risk of operating localbitusd.com
« Last Edit: December 31, 2014, 08:43:50 PM by speedy »

Offline Xeldal

Re: Bitshares equivalent of localbitcoins?
« Reply #13 on: January 05, 2015, 12:15:23 AM »
If not with the core client then surely as an addon like valzav was suggesting here:
https://bitsharestalk.org/index.php?topic=11594.msg152889#msg152889

I like it, though this may overlap some with the intended bitshares Market BM has alluded to?

so be it though it if does overlap.  I think your a hop skip and a jump from having some functionality where the bigger BitShares Market might be awhile.

 

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