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Messages - MrJeans

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241
General Discussion / Re: Can we get South African Rands (ZAR) on Bitshares
« on: March 13, 2015, 03:58:16 pm »
Quote from: Methodise on March 13, 2015, 03:33:12 pm
They trade at a premium because it takes additional compensation to forfeit bitcoin in exchange for yet another particularly weak fiat.
Over here it is very difficult to access the cryptocurrency market. Mining can't be done profitably or competitively because of issues with our power grid and the increasing price of electricity.
The Bitcoins that come into the country have already gone through the USD or EUR.
Additionally, South Africans are scrambling to gain access to other currencies like USD and CNY, cryptocurrency is an 'easy' way to move money into something more stable like USD at an exchange.

242
General Discussion / Re: Bter not allowing BitShares withdrawals due to unstable BTS wallet they say
« on: March 13, 2015, 02:34:04 pm »
Quote from: Helikopterben on March 13, 2015, 02:15:45 pm
Yet they are allowing deposits.  I guess an unstable wallet only affects withdrawals... so ponzi-ish.
lol thought the same thing when I tried to withdraw. Was trading with a very small amount, but still want it back

243
General Discussion / Re: Bitshares bridge for South Africa
« on: March 12, 2015, 09:09:07 pm »
Quote from: BTSdac on March 12, 2015, 02:57:18 pm
could you add bitcny pair, if you and bitcny pair
international remittance would become easy
ZAR->CNY:
ZAR->BITCNY->CNY  (btstrade.com can supply bitcny<->cny exchange without free
CNY->ZAR
CNY->BITCNY->ZAR
I would like to eventually add many pairs where on chain liquidity is high enough.
The SA market for bitcoin etc is however very small.
With this I would just be providing a starting point for South Africans to get onto and experiment with the technology.

244
General Discussion / Re: Bitshares bridge for South Africa
« on: March 12, 2015, 02:55:06 pm »
Quote from: onceuponatime on March 12, 2015, 01:50:51 am
My thoughts:

If you can't, or don't want to. come up with $2776 from your own resources to do a startup, may I suggest that you are not yet ready to be in business? 

Reserve float for transactions: $2000 (1500bitUSD and about 5500ZAR)

Banking account holding fees for 1 year: $120

Website hosting with SquareSpace for 1 year: $96

Gmail for business for 1 year: $60

Google adwords for year: $500

Total: bitUSD 2776
This is a super good point, its the first thing any venture capitalist would ask.

I have invested the majority my savings in Bitcoin and Bitshares. Which are currently heavily under water so I would really hurt myself financially to sell right now.

My day job is also a start up (bricks and motor though) and there is no salary there as we are all invested a property development project which will become ready for renting early next year. So no salary for me till then.

I am already in business for a number of years now and am therefore competant, its is just a case of seed money.

I would love to just put in my own cash as this would mean that I am not in any way accountable to anyone else which would be very relaxing. Unfortunately I just dont have the cash.
I am sure this is something you could understand, right?

245
General Discussion / Re: Bitshares bridge for South Africa
« on: March 12, 2015, 02:50:02 pm »
Thanks for all the positive feedback. Its really great to hear!  :)

The issue with running a delegate is that the registration fee is about 2 weeks worth of delegate pay and all I need is about 4 weeks. Its a very small amount to use a delegate for.

There is currently a delegate called fund.Bitsharesbreakout who seams appropriate for supporting this type of venture (currently ranked 119). I have commented on the thread asking them to look at this thread.

246
General Discussion / Re: Bitshares bridge for South Africa
« on: March 12, 2015, 02:45:39 pm »
I am on the newsletter so that I stay up to date on this and hope to be able to attend.
Quote from: Pheonike on March 11, 2015, 05:51:36 pm

Will you be attending this conference?

http://bitcoinconference.co.za/#home

247
Stakeholder Proposals / Re: [Delegate Proposal] fund.bitsharesbreakout - 100% - Project Funding
« on: March 11, 2015, 02:16:44 pm »
Please check this out and see if it is something you may want to assist in funding:

https://bitsharestalk.org/index.php?topic=14873.new#new

248
General Discussion / Bitshares bridge for South Africa
« on: March 11, 2015, 02:16:05 pm »
Hi Community,

I hope to create the first Bitshares bridge for South Africa.

I have created a highly bootstrapped website service with a wizard of oz back end (lean startup in full swing here).

http://www.bitsharesbridgesa.co.za/

In order to launch the bridge in South Africa I would like to ask the community for some initial funding in the form of bitUSD.

Most of this funding will go to the initial float with which to make transactions from. The main form of transactions will be in the form of ZAR coming in and bitUSD going out. Once the bitUSD supply runs low, the ZAR collected will be used to replenish the supply.

For legal reasons I will be running the service in my own name. This way I am functioning as a trader and not a financial services provider.

If after a year or sooner, the service is not providing a needed or used service in South Africa the service will be shut down and the float returned to the community (to an appropriate delegate for example).

The idea is to run a basic service and if viable seek venture capital to run the service as a registered company with an automated and scalable backend.

South Africa is 'leading' the way for Africa in the way of virtual currencies and Cape Town is fast becoming an IT hub for the Country. I believe their is potential for this service if Bitshares takes off (which we all believe it will).

The total set up fee is very low (about 1 months delegate pay). I look forward to hearing your thoughts.


Reserve float for transactions: $2000 (1500bitUSD and about 5500ZAR)

Banking account holding fees for 1 year: $120

Website hosting with SquareSpace for 1 year: $96

Gmail for business for 1 year: $60

Google adwords for year: $500

Total: bitUSD 2776

249
General Discussion / Re: Opportunities in red pocket money transmission, Chinese new years
« on: March 08, 2015, 05:21:27 pm »
This is what I was talking about:

http://www.coindesk.com/bitcoin-micropayments-debut-on-new-wave-of-chat-platforms/

250
General Discussion / Re: Can we get South African Rands (ZAR) on Bitshares
« on: March 05, 2015, 11:32:08 pm »
If one looks at bitx.co.za (the larger South African exchange) their BTC price trades at a significant premium to the international average.
There is a growing community of people who are VERY passionate about BTC over here.

251
Muse/SoundDAC / Re: BitShare Music Wallet release
« on: March 05, 2015, 11:29:45 pm »
If the launch is going to be at end of March. Why pre-launch the shares on BTS if we just talking about a week or two.
Exchanges will probably wait until the wallet launch anyway.

252
General Discussion / Re: Can we get South African Rands (ZAR) on Bitshares
« on: March 04, 2015, 06:35:57 pm »
Quote from: Pheonike on March 04, 2015, 05:32:11 pm

Should add the Ghana Cedi and Kenya Shilling. We need to show these countries that we are serious about remittance.
+5%

I see all your points. I am currently working on building a bridge here in South Africa, it would be nice for South Africans to at some point be able to work in bitZAR. But yes, we are a long way from this, however it should be in the pipeline.

253
General Discussion / Re: Can we get South African Rands (ZAR) on Bitshares
« on: March 04, 2015, 04:57:57 pm »
And what is DRAGON, CROWDFUN and BTCSHA doing on market issued assets.
Was this a mistake?
Can we fork them out. It looks silly among the others.

254
General Discussion / Can we get South African Rands (ZAR) on Bitshares
« on: March 04, 2015, 04:56:13 pm »
Can we get ZAR on as a market issued asset on Bitshares.
There are no African currencies represented and South Africa is leading the way for Africa in activity and start-ups related to Bitcoin.

255
General Discussion / Re: Most compelling strength & biggest misconceptions/obstacles for adoption of BTS?
« on: March 04, 2015, 07:58:00 am »
Quote from: hpenvy2 on March 03, 2015, 10:18:30 pm
Quote from: MrJeans on March 03, 2015, 08:28:37 pm
Quote from: aloha on March 02, 2015, 04:53:36 pm
Quote from: hpenvy2 on March 01, 2015, 11:14:53 pm
Quote from: MrJeans on March 01, 2015, 10:30:50 pm
Its a bit of a chicken-egg scenario.
We need merchants to accept it to make it useful.
Merchants will only start accepting when it has a critical mass.

I clearly see the benefits of bitAssets. But if I get myself some bitUSD, what am I going to do with it?
The technology needs to be paired with some kind of utility.

I don't buy into the whole mass market merchant angle as a viable strategy in the near future.  As a merchant, I can sign up for Bitpay and have the amount immediately converted to Fiat and dumped into my bank account. The immediate use cases I see for BitUSD is more niche:

* Eliminating dark market volatility
* High risk merchants such as the adult industry where credit card fees are ridiculous
* A way for Bitcoiners a chance to move a portion of their holdings to a savings account that pays interest (hedgewallet)
  +5%
I completely agree with the niche market opportunities you have pointed out here.
Dont you think that consumers would benefit from using a more stable cryptocurrency than Bitcoin (to put it in an odd way, what do you think would gain more traction in the market for merchants and consumers, BTS or bitUSD).
For merchants the charges and spreads (not sure how their model works) when using bitPay could be avoided.

Customer education is extremely expensive. It's easy for people like us to see the benefits of BitUSD over Bitcoin for daily transactions, it's a very different story when we start venturing out of the crypto believers. The use cases I outlined above targets markets that are ready to hear our message. If we attach to something like Gocoin, mass distribution becomes a very different story.  Now they have an easy on/off ramp with fiat backed by a company able to provide direct customer service when something breaks. 

I would love to proven wrong on adoption.
+5%

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