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Offline Method-X

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Demand for BitUSD: What are the low hanging fruit?
« on: September 03, 2014, 01:22:12 AM »

Let's have a brainstorming session!

Our product is BitUSD. If there is demand for BitUSD there will be demand for trading on the exchange. With this in mind, who does BitUSD (as things are right now) appeal to the most? Who are the low hanging fruit?

Low hanging fruit #1

Darknet markets. This will be controversial I'm sure, but it's true. Vendors on the darknet markets do NOT like the volatility of bitcoin. Especially as of late, since it's been going down for a long time. If given the choice, most would convert BTC -> USD but they don't because of KYC rules on exchanges. They desire a stable place to park their excess profit until they need it.

This is what a typical darknet market vendor wants:

BTC -> BitUSD  (hold until they need to cash out) BitUSD -> BTC -> Localbitcoins

They don't even need to spend it. They just want the stability.

Low hanging fruit #2

BitUSD on-ramps in countries like Argentina. This is less low hanging than #1 because there is currently nowhere to spend it. It would be used only as a store of value and nothing else. I don't know much about Argentina but I'd assume there are other assets they could hold their buying power in.
« Last Edit: September 03, 2014, 01:39:56 AM by MeTHoDx »

Offline Methodise

Re: Demand for BitUSD: What are the low hanging fruit?
« Reply #1 on: September 03, 2014, 03:16:54 PM »
Yeah, there are always other assets, but fake gold exists, and the tests are costly. Plus, these alternative assets are easily stolen, or 'seized' (if you prefer).

bitUSD is unique for its supposed combined crypto-fiat qualities.
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Offline bitmarket

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Re: Demand for BitUSD: What are the low hanging fruit?
« Reply #2 on: September 03, 2014, 05:07:09 PM »
I defo agree.  Just like Bitcoin started in the dark world so to will bit USD.    If the community thinks this is poor positioning and wants to avoid it, then I can understand but I dont know any other way.

That is where the customers are.   Perhaps a nice middle ground would be to partner with open bazaar.   I can see an ebay seller looking to move over might be hesitant because he does not trust Bitcoins price stability. 

I would be a fan of reaching out to the dark world, but I would not do it unless the comunity thought the positioning was worth it.
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Offline Method-X

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Re: Demand for BitUSD: What are the low hanging fruit?
« Reply #3 on: September 03, 2014, 05:25:15 PM »
Would anyone be interested in doing an AMA on Agora/Evolution/SR2 forums?

We need a grassroots effort to seed BitUSD on the darknet. This is where it has the most utility. If it catches on there, like with bitcoin, the initial momentum will create the necessary infrastructure to appeal to an entirely new and less sketchy demographic.

If you believe past patterns predict future patterns then darknet markets are necessary. The underground precedes (and allows for) mainstream adoption.

PM me if you're interested in doing an AMA. We'll schedule something for the near future.

Offline kisa

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Re: Demand for BitUSD: What are the low hanging fruit?
« Reply #4 on: September 03, 2014, 05:32:17 PM »
Possibly remittances could be an attractive segment to approach!

The main challenge here would be brokers (trusted persons network) in target countries, who can be contacted by recepients locally via Email or phone for exchanging bitUSD -> cash USD for some reasonable fee...


Offline bitmarket

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Re: Demand for BitUSD: What are the low hanging fruit?
« Reply #5 on: September 04, 2014, 04:02:23 AM »
I don't think remittance markets are a good fit for bitUSD.   volatility of btc remittance is not a challenge because people are in and out so quickly. 

But I love being wrong   :)
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Offline Method-X

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Re: Demand for BitUSD: What are the low hanging fruit?
« Reply #6 on: September 04, 2014, 06:25:18 AM »
So far we've got:

Darknet markets
Remittances

How about gambling?

Offline emski

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Re: Demand for BitUSD: What are the low hanging fruit?
« Reply #7 on: September 04, 2014, 06:39:02 AM »
So far we've got:

Darknet markets
Remittances

How about gambling?

Gambling might be huge consumer of bitUSD if done properly.
In order to play in the virtual casino you should buy bitUSD under current market conditions.
That will create some demand and market depth. The rest should adjust by itself.

The question is who will build that virtual casino. Should an existing gambling site be contacted to include bitUSD ?

Offline emski

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Re: Demand for BitUSD: What are the low hanging fruit?
« Reply #8 on: September 04, 2014, 06:42:06 AM »
Basically any high-demand service will be sufficient.
However an already established online casino might not be interested in including bitUSD as there might be no liquidity.

Offline Method-X

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Re: Demand for BitUSD: What are the low hanging fruit?
« Reply #9 on: September 04, 2014, 06:49:39 AM »

Offline liondani

Re: Demand for BitUSD: What are the low hanging fruit?
« Reply #10 on: September 04, 2014, 07:32:24 AM »
bitGOLD !

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Offline emski

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Re: Demand for BitUSD: What are the low hanging fruit?
« Reply #11 on: September 04, 2014, 08:35:01 AM »
bitGOLD !


bitGOLD is backed by BTSX. In all practical purposes it is identical to bitUSD (except the name and the feeds). If bitUSD has low liquidity why do you think bitGOLD would ?

Offline xeroc

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Re: Demand for BitUSD: What are the low hanging fruit?
« Reply #12 on: September 04, 2014, 08:43:15 AM »
bitGOLD is backed by BTSX. In all practical purposes it is identical to bitUSD (except the name and the feeds). If bitUSD has low liquidity why do you think bitGOLD would ?
That's why I am asking in the other thread whether its a good idea to launch bitGLD already ..
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Offline Method-X

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Re: Demand for BitUSD: What are the low hanging fruit?
« Reply #13 on: September 04, 2014, 08:56:06 AM »
bitGOLD is backed by BTSX. In all practical purposes it is identical to bitUSD (except the name and the feeds). If bitUSD has low liquidity why do you think bitGOLD would ?

Great point.

Unrelated side question: can the "market cap" of bitUSD be tracked? Perhaps bitUSD should be listed on coinmarketcap.com and presented as its own "alt coin". We should take the focus off the bitshares exchange and focus on marketing the product. I'm absolutely convinced once the crypto community understands bitUSD, they'll be all over it.

Offline emski

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Re: Demand for BitUSD: What are the low hanging fruit?
« Reply #14 on: September 04, 2014, 09:04:23 AM »
bitGOLD is backed by BTSX. In all practical purposes it is identical to bitUSD (except the name and the feeds). If bitUSD has low liquidity why do you think bitGOLD would ?

Great point.

Unrelated side question: can the "market cap" of bitUSD be tracked? Perhaps bitUSD should be listed on coinmarketcap.com and presented as its own "alt coin". We should take the focus off the bitshares exchange and focus on marketing the product. I'm absolutely convinced once the crypto community understands bitUSD, they'll be all over it.

All bitUSD are backed by BTSX , so there is no separate market cap. It is included. Market cap of bitUSD is visible from the client (or bitsharesblocks.com).

 

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