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Messages - George_Bitspark

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General Discussion / Pegged Cryptocurrencies for Remittances
« on: January 29, 2017, 07:45:46 am »
Hi Bitshares,

I am George, the founder and CEO of Bitspark ( we have been a pioneer in Bitcoin remittances conducting the first cash in cash out remits back in 2014 and I am interested to understand more about the state of Smartcoins in Bitshares. You may have seen my recent article on Coindesk where I discuss a little bit about pegged crypto's ( at the end I mention Nubits but I am open to whatever solution works. Since then, I have been investigating the potential options out there for a cryptocurrency with a pegged fiat value and thought it would be time to reach out to the Bitshares community to get your thoughts on what works and what doesn't. 

Essentially a cryptocurrency with a pegged value has business use cases in the remittance world, no so much in the consumer space transacting between one another (although obviously that works it just requires alot of pre-requisites) but more in the area of remittance companies managing their balances and FX exposure. I might also add that the opportunity is not in the 8 commonly FX'd currencies but of emerging markets currencies which are difficult to trade into and out of, it's easy to trade into and out of USD/EUR/CNY already. I have a few ideas but I'd like to understand from the community what the drawbacks have been (if any) in adoption of the Smartcoin pegged fiat assets? Is it finding adequate liquidity on exchanges? Lack of shorters to take the other side of the trade? Lack of buying pressure for the smartcoin? Look forward to hearing your thoughts.


George Harrap

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