amencon,
It was just a scenario that exposed the reluctancy of a computer tech to accept bitcoin due to "he thinks its a dying currency", and him not being aware that there are ways to accept and peg it to dollars (he feels usd is not a dying currency). *we will see*
The point being implied... if bitusd is implemented with payment processors, then merchants can decide to keep their digital income from sales in either bitusd, or btc. The advantage being if you keep it in bitusd, you can gain interest. Or you can convert into and out of other assets, btc etc very easily. A problem I see with bit pay, coin base converting into usd, is that once you are in usd, it is not as liquid to convert back into btc or other digital assets as bitusd is.
Does that sound right to you guys?
Unfortunately we don't have payment processors that can do that yet. Also many merchants aren't going to want to stay in crypto at first. Most businesses will want USD and not play speculator on the crypto markets. That's not to say that over time we can't build confidence in the system and slowly have more and more merchants holding bitUSD.
Part of getting merchants to hold bitUSD will be getting their suppliers to accept bitUSD, like any network it becomes more valuable as more nodes are added.
This is why Bitcoin is valuable, I think it's a bit pie in the sky to think that all of a sudden this network of bitUSD users is going to come flooding in as soon as we get the word out. It's going to take time and at first there won't be an overwhelming positive value proposition for holding bitUSD as a small amount of interest is worthless if there isn't first complete confidence in the currency you have to hold for it.
In the grand scheme very few merchants accept Bitcoin worldwide, and that's after years of Bitcoin proponents pushing it very hard as well as there existing payment processors that put the very well known and trusted USD directly in their account.
The challenge for us is not only to get these payment processors to include acceptance of bitUSD, but also to convince people there is value in holding bitUSD over regular USD. I think those that think the world is going to jump on board very quickly for this is in for a bad time.
As for your example merchant, I think that anyone that sees Bitcoin as a "dying currency" is going to likely see bitUSD as a "dead currency". We have a lot of work to do before your local brick and mortar merchant will be a good marketing avenue.
And all of this is why some are pushing for acceptance of bitUSD on OB. OB users will be "soft" targets for use of a new crypto. Plus it then gives bitUSD a real world proof of concept and use case to help market further to more crypto-enthusiasts. You get enough people on board that way and then hopefully you get some coverage that makes market pegged assets well known enough to be brought to those outside the crypto realm.
As Stan says, maybe I'm not thinking BIG enough, but that seems to be the reality of the situation until Stan, Dan and the rest launch whatever super awesome secret marketing push they've been whispering about for awhile now.
Topic: Ebay and Open Bazaar - maybe wrong target (Read 9335 times)
