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Technical Support / Re: This is how to compete with credit cards
« on: July 10, 2015, 11:07:45 pm »
If and when Bitshares 2.0 comes out with the promised improvements I don't think worrying about compliance and the authorities will be an issue unless interaction with traditional banking was desired.
Anyone can just create a web app that interacts with the BTS blockchain to transfer bitUSD between accts. They'll make money from the transactions fees from any users they onboard. I think there's huge potential and lots of pent up demand for this in the un-banked cash economy as long as the price pegging works as advertised. If the creator of said app took the proper steps, they could stay out of the reach of authorities who want to shut it down.
When Venmo started at Upenn and a user wanted to cash out, someone would show up on their bike with cash and hand it to you. With BTS, everyone who uses it could be an ATM if they wanted to be.
In my mind, once there is a functioning backbone, it really just comes down to who creates a nice UI experience for the users, marketing, faith in the system, and user adoption.
If a particular domain were to be shut down, you could just create another one. All transaction fees being sent back to same person. all user info is stored in the blockchain. No one loses anything. Just log in from a different on-ramp and everything should still be there.
Am I wrong on this?
Anyone can just create a web app that interacts with the BTS blockchain to transfer bitUSD between accts. They'll make money from the transactions fees from any users they onboard. I think there's huge potential and lots of pent up demand for this in the un-banked cash economy as long as the price pegging works as advertised. If the creator of said app took the proper steps, they could stay out of the reach of authorities who want to shut it down.
When Venmo started at Upenn and a user wanted to cash out, someone would show up on their bike with cash and hand it to you. With BTS, everyone who uses it could be an ATM if they wanted to be.
In my mind, once there is a functioning backbone, it really just comes down to who creates a nice UI experience for the users, marketing, faith in the system, and user adoption.
If a particular domain were to be shut down, you could just create another one. All transaction fees being sent back to same person. all user info is stored in the blockchain. No one loses anything. Just log in from a different on-ramp and everything should still be there.
Am I wrong on this?
