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The ultimate goal is for merchants to use BitUSD like they use their bank and to pay their suppliers in BitUSD.
Quote from: bytemaster on August 13, 2014, 02:20:07 pmQuote from: Gentso1 on August 13, 2014, 02:13:54 pmWhat is going to be the process of actually using bitusd with a merchant per-say. Is there any plans to have some sort of payment processor(coinbase kinda thing). I feel like there needs to be a way to bridge the digital to fiat divide. At least in the begging because people will want to cash in and out of different assets. As a merchant you can receive payment in BitUSD and hold a BitUSD balance. When you want to withdraw to real USD then you convert to BTC and from BTC to USD... at least in the short term. Your volatility risk is now limited to the time it takes to execute those trades. Now ideally we would work with someone that takes real USD to allow a direct BitUSD USD market to form on something like Bitstamp.Much better solution of course is to convince the payment processors to make the bitUSD to USD conversion for the merchants. The problem is convincing 1 such payment processor to start doing it...https://bitsharestalk.org/index.php?topic=6682.msg89136#msg89136
Quote from: Gentso1 on August 13, 2014, 02:13:54 pmWhat is going to be the process of actually using bitusd with a merchant per-say. Is there any plans to have some sort of payment processor(coinbase kinda thing). I feel like there needs to be a way to bridge the digital to fiat divide. At least in the begging because people will want to cash in and out of different assets. As a merchant you can receive payment in BitUSD and hold a BitUSD balance. When you want to withdraw to real USD then you convert to BTC and from BTC to USD... at least in the short term. Your volatility risk is now limited to the time it takes to execute those trades. Now ideally we would work with someone that takes real USD to allow a direct BitUSD USD market to form on something like Bitstamp.
What is going to be the process of actually using bitusd with a merchant per-say. Is there any plans to have some sort of payment processor(coinbase kinda thing). I feel like there needs to be a way to bridge the digital to fiat divide. At least in the begging because people will want to cash in and out of different assets.
Just a kind reminder of the original plans of bitHausUnfortunatelly they wanted to start with NXT as their currency and haven't launched since ..No idea what's keeping them atm.Related thread:https://nxtforum.org/general-discussion/bithaus-the-very-first-nxt-fiat-exchange-is-near!/new/?topicseen#new
It is an attempt to find the lesser evil... during a period of extreme market conditions.Do you prefer the company to stop offering the product all together or is it better to just decrease companies market value by 0.1% or 1%, by taking the losses?
Quote from: delulo on August 12, 2014, 11:50:59 pmQuote from: bytemaster on August 12, 2014, 03:18:34 pmIf you are also holding BXTS holding BitUSD helps support the price of BTSX by generating demand for BitUSD.Holding BitUSD though would be a bet for a decreasing BTS X price wouldn't it?Actually if you are also holding BTSX it is not a bet against BTSX. And you are trusting in the peg between them. You can call it betting/believing in the peg!
Quote from: bytemaster on August 12, 2014, 03:18:34 pmIf you are also holding BXTS holding BitUSD helps support the price of BTSX by generating demand for BitUSD.Holding BitUSD though would be a bet for a decreasing BTS X price wouldn't it?
If you are also holding BXTS holding BitUSD helps support the price of BTSX by generating demand for BitUSD.
Quote from: toast on August 12, 2014, 03:10:54 pm1) Can't be seized without your consentBitUSD can be seized or at least heavily taxed, when the federal reserve prints more of it, which they do quite a lot of these days to keep lots of inflation going to fund wars and such. Nobody can do that with Btsx, at least mostly, although I think the amount of Btsx should be at least somewhat flexible, in an amplified wisdom of the crowd canonization like process.Now that there are non inflating currencies like Bitcoin and even better BitsharesX, the next time the world economy goes south, everyone could quickly bail from USD, for investments like Bitshares or any of the other crypto currencies. During the last GREAT recession, everyone in the world was forced to invest in USD, because that was the only option as EVERYTHING was falling in value at once. Everyone is realizing that at times like that, Bitshares will be a far more reliable investment (exploding in value when the economy goes south, unlike all other investments), and not subject to the huge taxation of the government printing so much more of it. That could really damage the USD, and cause major major hyper inflation of both USD and BitUSD.Or am I thinking wrong?Brent Allsop
1) Can't be seized without your consent
Can someone please remind me the benefits. I know there are a lot but I have forgot most of them by now...I am pretty sure new investors will also want to find out.Let's keep it simple...123etc...
Great thread. I think It's all starting to sink in!!
Isn't the most important benefit that by holding Bitusd you hold your $ in a decentralised bank that cannot loan more than its collateral value? The bank cannot therefore bankrupt and no government can shut the system down.The bank earns profits from transaction fees and the loans that will provide cannot exceed these profits. You avoid a situation where a bank can loan more than it's true value and therefore you avoid a crisis like the one we experienced and still experience whereby banks gave more loans than they supposed to and at some point people realised all together that the asset collaterals that they were holding (i.e houses) were not worthing that much?
Quote from: bytemaster on August 12, 2014, 03:25:08 pmQuote from: bitbro on August 12, 2014, 03:23:50 pmFar less cost than current visa/ boa electronic debit system, yes?About $0.01 per transaction.Compared to how much in the visa/boa debit system? $1.00 per transaction? Or 1%?
Quote from: bitbro on August 12, 2014, 03:23:50 pmFar less cost than current visa/ boa electronic debit system, yes?About $0.01 per transaction.
Far less cost than current visa/ boa electronic debit system, yes?
You can pay merchants in BitUSD without having to use a service like BitPay to handle volatility risk.