I was recently offered a job as community liaison by tsaishen, but I'm strongly recommending against this. Buying bitUSD for a premium is a huge waste of money.
1. If you have BTS, then you can create bitUSD by shorting bitUSD and then buying your own shorts. I'd expect you to have lots of BTS in reserve if you expected your activities to double the price of BTS.
2. If you don't have BTS, then you could offer your would-be employees BTC. I would accept that if I'd received that offer.
3. You could've offered to pay us would-be employees by Bank of America bank transfer, Western Union, Paypal instead of involving other forum members. Again, I would've accepted.
It's troubling that none of these ideas, which would've saved you money, hadn't occurred to you.
I'm going to reject your job offer for failure to satisfy my sole condition of acceptance.
To everyone else:
Do not send any money.
Please don't contact me again.
Thank you.
I agree. Stinks from a mile. Lot's of red flags for my liking!
I'm failing to see a red flag here, please enlighten me what seems wrong? Be as specific as possible. Back your claim, I'll gladly talk about it.
I think you maybe missed where I asked a forum mod to escrow this?
I'm literally willing to drop the entire USD cash amount into ByteMaster, or whoever's account upfront assuming they are in the USA and with a bank I've heard of.
I said all of that in my initial posting.
In fact did I even post the address to send bitUSD to?
You guys are tearing this apart like you think we've got some scam going.
As though I would have some interest in walking off with your $10k after hiring from the community and paying them up front.
The amount needed is now down to $3k, since thankfully this isn't the only place I made offers.
I dunno, maybe there is something wrong with bitassets that make them unsuitable for cash transfer and payment purposes for larger amounts and if that's the case, I think we need to step back a minute and seriously consider the role bitshares plays in our larger business plan.
BTW Volker you're released from NDA and since I know you'll be reading this you have my permission to talk about it. We aren't in a silence period anymore, we just need to snap these last few pieces into place to make it work.
Anyone else that we've talked it over with, is free to talk too, just censor the URL's since the sites aren't standing on their own yet and won't handle traffic until I can get back to it, which I can't do while I'm trying to get payroll settled.
So here's what I think. I think part of the problem may be confusion in what is actually on offer.
The more I read read volker's quit, the more I realize he read the headline and missed the offer.
I'm not offering you 5% over market on your BitShares or even 5% over market on your bitUSD,
That would be insane and stupid.
I'm offering 5% over the thing you're trying to peg it to, USD.
Right now it's trading at $1.11 according to coinmarket cap.
You would be selling for $1.05, cash USD no fees, it's a 5% loss for you yes, but the advantage is you get cash in the bank, no other fees.
You take a small loss against market, but win the day over in the fee savings column.
It's a compromise. We don't want to buy at market, there isn't enough volume to support it. You want to cash out (or you wouldn't be reading this far), but want to get the best price for your assets.
But let's step back a minute and assume I bought BTC and converted straight to BTS, which seems to be something people missed in my first posting when I said "We think the market can handle maybe $2k right now".
The CEO owns a network of ATMs and I think the mark to market is ~5%.
$10k USD comes out as $9.5k USD worth of BTC, alright well there's $500 gone, but...
Then we try to find that much BTS liquid, somewhere...
Move it to BTER?
https://bter.com/trade/btc_bitusdhttps://bter.com/trade/BTS_BTCThat's what like $500 worth?
Bit38?
http://www.btc38.com/trade_en.html?mk_type=btc&btc38_trade_coin_name=btsGetting closer, the entire 24hr volume was 9BTC or about $2000, but since that's both buys and sells, depth is probably half.
Metaexchange?
https://metaexchange.info/markets/BTS/BTCThere's about another slightly less than a BTC worth.
Shapeshift.io?
Looks like another 2.5 BTC if I'm quick with it.
Are there even any other exchanges where these pairs trade yet?
Total liquid market is WAY less than $10k, as I said before, we might be able to get $2k of it this way.
Ok but forget all that market reality stuff.
Let's assume we did manage to acquire that much BTS that we could apply to payroll?
Well to create $10k bitUSD would mean tying up $30k worth of BTS through shorts, it's not a 1:1 mapping. Also I'm putting investor funds at risk in what would really be a speculative investment, a speculative investment that needs to ride how long?
More importantly, those BTS are actually spoken for. They're happily sitting in little slots in a spreadsheet waiting to be called to action. If I shorted bitUSD into existence, then you're talking financial malfeasance.
We aren't speculators. You want to speculate fine, short it to death and sell it to me, guaranteed sale for you. Not even asking you to trust me.
All I'm doing is easing the payroll burden, and pushing around a bit of liquidity until this thing launches so there is room for it to grow.
When the time comes, I need to about to pay 15, pardon me, 14 people. Of those, 7 or excuse me 6 are from this forum.
But most of the staff are not in the USA.
Imagine if I just handled payroll the other ways you guys are recommending.
PayPal - 2.5% $1.025 per dollar cost (admittedly it's the receiver that pays this cost). This means you get $0.975 per dollar for your efforts as a contractor (employee, whatever we're calling it).
But then we both have to deal with PayPal. Not sure about you, but I've not liked paypal for a very long time.
You like your funds frozen for dabbling in crypto? Ok, Let's give it a shot!
I don't personally take paypal because the reversal rate is horrific, and I dunno about you, but I really like being able to access my funds on demand.
The business doesn't mind paypal though, and we do have a paypal verified business account that is 5 years old and sees $50k per month in turnover, so it's no sweat to pay a contractor that way. I just wouldn't force-ably subject them to it.
Western Union, minimum $5 cost to send $500 is ~$50 if you're doing it internationally. There are serious limits such as only sending a certain number of transfers in a day. One guy getting paid, pretty much taps this out unless he has a WU business account setup already. Also slogging down to a WU location and standing in line for half an hour just to fill out forms and deal with the rest of the hassle is not the best use of anyone's time.
Bank wires are cheap, in fact we can do them for free with a 5 business day delay. Immediate transfer is $25, but it does show up at BofA immediately, other banks it might take a day or two.
I can do ACH direct deposits for $0.50 regardless of size. To do it, you as an employee or contractor would need to have a bank in the USA, and I would need those banking details as well as regular forms that need to be filed such as a copy of ID & social security number. But the process is painless. I just input the details, hit send and you see your money in 3 to 5 business days. Doesn't work at all if you're not from the USA though.
All options were on the table, but as I stated in my original postings.
We're looking for people who want to work with us on a project that deals in bitAssets and then be paid in bitAssets. Specifically bitUSD, because theoretically at least, 1 bitUSD should always remain right around a dollar. This makes bookkeeping painless and simple. I don't want to have to book-keep this past launch day. The beancounter can handle counting the beans. For him to take that task over, someone needs to get all the books in order first. That's all I'm doing here.
Thanks for those who participated in this discussion so far. It's provided valuable insight into the community that we are trying to be part of.