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Offline Method-X

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All the discussion about a referral program going on has really got me thinking deeply about how organic adoption can be sped up.

I've come to the conclusion that we need to very publicly demonstrate the uniqueness/value of BitUSD. We need to display the strengths it has over every other crypto. So what's the best way to do this? Allow merchants on OpenBazaar to accept BitUSD. I can't think of any use case that showcases the value proposition of BitUSD better than a marketplace that deals only in volatile crypto. A stable crypto would allow an open marketplace like OB to attract a user base that goes far beyond drug users. Average users who want nothing to do with drugs currently don't have many reasons to use OB because it exposes them to Bitcoins massive volatility. Now, if OB accepted a non-volatile crypto, an average user would be much more likely to use the service for legitimate reason to save on fees (vs. eBay). BitUSD would allow for an entirely legitimate demographic.

How do we make this happen?

I've done some digging and found this thread on the official OB forum. I also started this thread on /r/OpenBazaar

Quote from: brian
I'm not going to make some penultimate statement, but generally coins that support multisig transactions could be added in the future. Our plans don't currently involve it due to resource constraints and testing support, but it wouldn't be that hard to add it on.

EDIT: Bytemaster has confirmed we already support multi-sig.

Quote from: SamPatt
Yes, that's correct. It would also require having notaries that are willing to use the alt-coin as well, all three parties need to have a key to the multisig.

Quote from: SamPatt
The only thing I think you'll need to put more thought into is if you're talking about putting alt-coins into the existing OB network then you need to make sure that all parties are capable of doing multisig with that coin (all parties being buyer, seller, and notary). So we'll need some way of clarifying which notaries can be used for alts, that type of thing.

Based on the digging I've done, it seems the OB team is very willing to work with alt developers on integration.

Bottom Line

BitUSD on OB is the catalyst we need. It will get BitUSD massive publicity, create demand and showcase its value proposition. Once introduced to BitUSD, merchants and consumers using OB won't want to transact in anything else! This is the perfect opportunity to strategically seed BitUSD in the right place at the right time. When it's inevitably a success on OB, BitUSD will spread to other marketplaces, creating more demand and likely explode in direction we can't anticipate.

Lets make this happen before OB is associated with drugs and other illegal activity. The time is now!
« Last Edit: October 04, 2014, 02:10:08 AM by MeTHoDx »


Offline Gentso1

Re: BitUSD on OpenBazaar would show the VALUE of a non-volatile crypto.
« Reply #2 on: October 04, 2014, 12:12:15 AM »
I love the idea of open bazaar but and I am curious about the multi-sig transaction myself as it truly represents a trust-less system.

I quickly looked at their forums to see how white to grey to black their markets intend to go but I could not find a answer.

Offline Method-X

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Re: BitUSD on OpenBazaar would show the VALUE of a non-volatile crypto.
« Reply #3 on: October 04, 2014, 12:19:11 AM »
I love the idea of open bazaar but and I am curious about the multi-sig transaction myself as it truly represents a trust-less system.

I quickly looked at their forums to see how white to grey to black their markets intend to go but I could not find a answer.

I've been following OB since its inception and the devs have stated many times they want to attract non-drug activity. That's why I'm suggesting we get behind this. BitUSD will allow for legitimate products and services on OB.

Offline bytemaster

Re: BitUSD on OpenBazaar would show the VALUE of a non-volatile crypto.
« Reply #4 on: October 04, 2014, 12:31:44 AM »
Blockchain already supports multisig.
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 Method-X

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Re: BitUSD on OpenBazaar would show the VALUE of a non-volatile crypto.
« Reply #5 on: October 04, 2014, 02:17:51 AM »
Blockchain already supports multisig.

Excellent news! I don't think the OB devs have time to experiment with BitUSD integration based on some posts I've read (not that you guys aren't busy either)... This is something you and your team would have to introduce to their code manually. The good news is they're totally open to altcoin implementation.

https://github.com/OpenBazaar/OpenBazaar

Strategically, I don't think you'll get many opportunities as perfect as this.
« Last Edit: October 04, 2014, 03:03:13 AM by MeTHoDx »

Offline Shentist

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Re: BitUSD on OpenBazaar would show the VALUE of a non-volatile crypto.
« Reply #6 on: October 04, 2014, 06:35:46 AM »
could be a good place to start.

we should learn from paypal, and they got off with 2 choices they made

1. concentrate on a small community and solve a problem here (ebay at that time)
2. in the beginning they paid money to new users.

so maybe it is a good way to integrate bitUSD in Open Bazaar. i would love it.

Offline bitmarket

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Re: BitUSD on OpenBazaar would show the VALUE of a non-volatile crypto.
« Reply #7 on: October 04, 2014, 06:39:56 AM »
Strategically, I don't think you'll get many opportunities as perfect as this.

I could not agree more.  This really is a perfect union.  We solve some of their major problems and they solve ours.

I would be open to diluting our shares so OB can give away bitUSD in a promotion.  "Fund an OB account with bit$100 and we will give you bit$5 bonus." 

OB is an excellent brand for us to attach our selves to. They are universally loved by the crypto world and seen as righteous. 

Either way it is an excellent use of Btsx devs time to do the integration.   With the easy fiat>bitUSD on ramp we are building this will be a killer combination.
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Offline gamey

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Re: BitUSD on OpenBazaar would show the VALUE of a non-volatile crypto.
« Reply #8 on: October 04, 2014, 10:03:20 AM »
Strategically, I don't think you'll get many opportunities as perfect as this.

I could not agree more.  This really is a perfect union.  We solve some of their major problems and they solve ours.

I would be open to diluting our shares so OB can give away bitUSD in a promotion.  "Fund an OB account with bit$100 and we will give you bit$5 bonus." 

OB is an excellent brand for us to attach our selves to. They are universally loved by the crypto world and seen as righteous. 

Either way it is an excellent use of Btsx devs time to do the integration.   With the easy fiat>bitUSD on ramp we are building this will be a killer combination.

Look at the reddit thread, they actively downvoted the thread.  No one is ready to give up on Bitcoin.  Once they get it going with Bitcoin it will fragment their marketplace to have a 2nd one.  Realistically speaking without paying and hiring developers to work on this, the chances of them integrating BitUSD are near 0. 
I speak for myself and only myself.

Offline Method-X

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Re: BitUSD on OpenBazaar would show the VALUE of a non-volatile crypto.
« Reply #9 on: October 04, 2014, 12:20:25 PM »
I personally pledge to airdrop $1000 of my own money on the OpenBazaar community if BitUSD integration is committed to the OB code on GitHub.

Quote from:  Shentist
1. concentrate on a small community and solve a problem here (ebay at that time)

+5% This is a very good point I hadn't even considered. PayPal eventually became so integral to eBay, they were bought by eBay.

Quote from: gamey
Look at the reddit thread, they actively downvoted the thread.  No one is ready to give up on Bitcoin.  Once they get it going with Bitcoin it will fragment their marketplace to have a 2nd one.  Realistically speaking without paying and hiring developers to work on this, the chances of them integrating BitUSD are near 0.

The thread was downvoted because /r/OpenBazaar redditors are mostly /r/Bitcoin delusionals. The developers themselves are open to altcoin integration and already have other coins actively working on integration i.e. Darkcoin. Secondly, it seems from the posts I've read that it's up to the merchants to accept any coin they want, so long as theres code for it. I think a merchant is a node and the nodes decide what coins they want to accept / the code for a node is their choice. The glass is half full gamey. :)
« Last Edit: October 04, 2014, 12:36:39 PM by MeTHoDx »

Offline matt608

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Re: BitUSD on OpenBazaar would show the VALUE of a non-volatile crypto.
« Reply #10 on: October 04, 2014, 12:23:11 PM »

The developers themselves are open to altcoin integration and already have other coins actively working on integration i.e. Darkcoin. Secondly, it seems from the posts I've read that it's up to the merchants to accept any coin they want, so long as it's supported. I think a merchant is a node and the nodes decide what coins they want to accept.

If that's the case it's definitely worth the effort to get bitUSD integrated as an option imo.  If this can be done is should be high priority.  It's the ideal way for bitUSD to take its first footsteps as a currency.
« Last Edit: October 04, 2014, 12:25:25 PM by matt608 »

Offline Gentso1

Re: BitUSD on OpenBazaar would show the VALUE of a non-volatile crypto.
« Reply #11 on: October 04, 2014, 01:11:56 PM »
I love the idea of open bazaar but and I am curious about the multi-sig transaction myself as it truly represents a trust-less system.

I quickly looked at their forums to see how white to grey to black their markets intend to go but I could not find a answer.

I've been following OB since its inception and the devs have stated many times they want to attract non-drug activity. That's why I'm suggesting we get behind this. BitUSD will allow for legitimate products and services on OB.
In that case I am 100% in agreement with you This would be a perfect real world use of a currency that they will want, bitUSD.  . If a fund was created for the sole purpose of a a airdrop/getting them on board I would contribute to it also. 
« Last Edit: October 04, 2014, 01:16:45 PM by Gentso1 »

Offline oco101

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Re: BitUSD on OpenBazaar would show the VALUE of a non-volatile crypto.
« Reply #12 on: October 04, 2014, 03:33:23 PM »
Well let's crowd found this and make a bounty . I have no idea how much will be need it for development though.

Offline hpenvy

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Re: BitUSD on OpenBazaar would show the VALUE of a non-volatile crypto.
« Reply #13 on: October 04, 2014, 03:38:05 PM »
Well let's crowd found this and make a bounty . I have no idea how much will be need it for development though.

I'd be willing to put $200 out of pocket to contribute to this initiative to get it rolling.
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Offline oldman

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Re: BitUSD on OpenBazaar would show the VALUE of a non-volatile crypto.
« Reply #14 on: October 04, 2014, 04:05:35 PM »
OB is open-source - we should ask I3 to task some dev time to integrating bitUSD.

Make it easy for the OB devs; I3 has one of the best crypto teams in the business.

As an AGS investor I would support the use of AGS funds for OB/bitUSD integration.

The ROI could be enormous and there is really no better way to jump-start bitUSD adoption.
« Last Edit: October 04, 2014, 04:08:06 PM by OldMan »

 

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