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Offline bitmarket

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Idea. Decentralized payment processor
« on: September 29, 2014, 09:41:16 AM »

Not techie at all so forgive me, but I thought this made sense and seemed like relatively low hanging fruit.

This guy just created an open source bitcoin payment gateway.
http://straight.romansnitko.com/

Why not tie into this the ability for a merchant to Automagically and instantly sell their btc for bitUSD, thus taking away any currency risk.

It would do the job of bitpay and coinbase without giving up privacy.   The challenge as always is to find the next guy (employer/supplier) to accept payment in bitUSD, but it seems like an important part of the process.

Thoughts?

The press and discussion around Decentralized bitpay would be awesome.
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Offline gamey

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Re: Idea. Decentralized payment processor
« Reply #1 on: September 29, 2014, 10:54:44 AM »

I do not understand what this project is trying to do.  If you are keeping your BTC you don't need a decentralized anything, you just use your wallet.  If he is exchanging to fiat, he gives no details how it would be done.  Seems pretty sketchy to me.  That is one of those unsolved problems AFAIK.
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Offline xeroc

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Re: Idea. Decentralized payment processor
« Reply #2 on: September 29, 2014, 12:01:53 PM »
it is basically offering a new btc address for each costumer .. nothing more ..

bitshares-X does not need this because it has TITAN and all transactions go to new addresses automatically!
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Offline bitmarket

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Re: Idea. Decentralized payment processor
« Reply #3 on: September 29, 2014, 01:54:55 PM »
So there are 3 things that bitpay/coinbase and other merchants do by my estimation.

1. Provide good tools and easy integration to shopping carts like Magento to help merchants accept bitcoin.
2. Remove currency risk.
3. deposit USD in accounts.

The project I mentioned (Straight) seems to replace 1.
My suggestion is a DAC could take bitcoin and sell it for bitUSD, thus replacing 2.
3. Can never be replaced, but if many people accept bitUSD it doesnt need to.
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Offline xeroc

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Re: Idea. Decentralized payment processor
« Reply #4 on: September 29, 2014, 02:28:52 PM »
1. Provide good tools and easy integration to shopping carts like Magento to help merchants accept bitcoin.
only until we have some "watch-only" address equivalent .. than even this can be easily handled by TITAN and a simple account name ..
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