To promote bitUSD, what should we have?

[davidpbrown]

I've had too much beer but I suspect what will happen is that third party options will appear that make it possible to pay with [insert your flavour of crypto-currency here]. The reason I expect that is it would be trivial to implement some ~debit card that is either credited with money from crypto ahead of time, or a more savvy company managing the flow of different flavours at one time.. perhaps leveraging flex with something that is a BitShares DEX. I think to promote bitUSD, focus on it's primary capability.. holding the value of the dollar as digital tokens.

What is needed for big uptake, is a Government to say that such a digital token that is pegged to a currency, is appropriate and ok for businesses to accept. Any Government looking to draw wealth into the economy, should welcome the opportunity for drawing value from and digital token, having those spent locally.

I don't know what opportunities there are to engage legislators across the globe. I've done what I can for the UK call for information. Hopeful good sense will prevail over lobbyists for existing third party authorities, who might be cynical about the threat to their existing power and wealth.. perhaps this year we'll see which countries are welcome to crypto-finance... just need to be ready to adopt their currency as #1 and prompt that hard, so BitShares bit-[insert your flavour of crypto-fiat here] is the default option.

[speedy]

I don't think we should care about BTC. Let's separate them. Rather, connection between bitUSD and fiat should be paid attention.

I disagree. Once gateways are setup, Bitcoiners will open the client and see BTC IOUs available just like the ones that they are familiar with, but that they currently think of as "deposits". Along side those IOUs they will see the option to trade those IOUs for BitBTC. Once they see these two options conveniently available in the same trading interface, they will start to make comparisons between the two, and this will be the catalyst for the masses to figure out: "Yeah actually I think 300% collateral tied up on a blockchain is better than an IOU with counterparty risk. These BitBTC are even better than the real thing."

Thats how I envision our mass adoption happening.

[clayop]

I think we should focus primarily on using bitshares as a decentralized exchange, and BitUSD as a safe haven to put crypto money into during a downtrend. Short term we need to optimize the full node, get BTC/BitUSD liquidity on centralized exchanges, and get GATEBTC and BitBTC/BitUSD liquidity going. Then we should get an awesome banner ad on CMC and get weekly asset tipping threads on /r/bitshares.

When there's a working bitcoin to BitBTC gateway we should put a lot of resources into making an awesome 3 minute video showing how to use the gateway, and then trade bitBTC/BitUSD on the decentralized exchange with relative orders.

Medium term we need to get the light wallet and mobile wallet to support the trading engine too. The sooner we can get that the better, because the blockchain download is going to give us a major disadvantage compared to centralized exchanges.

I don't think we should care about BTC. Let's separate them. Rather, connection between bitUSD and fiat should be paid attention.

[donkeypong]

I think we should focus primarily on using bitshares as a decentralized exchange, and BitUSD as a safe haven to put crypto money into during a downtrend. Short term we need to optimize the full node, get BTC/BitUSD liquidity on centralized exchanges, and get GATEBTC and BitBTC/BitUSD liquidity going. Then we should get an awesome banner ad on CMC and get weekly asset tipping threads on /r/bitshares.

When there's a working bitcoin to BitBTC gateway we should put a lot of resources into making an awesome 3 minute video showing how to use the gateway, and then trade bitBTC/BitUSD on the decentralized exchange with relative orders.

Medium term we need to get the light wallet and mobile wallet to support the trading engine too. The sooner we can get that the better, because the blockchain download is going to give us a major disadvantage compared to centralized exchanges.

Rune, this is a very practical vision, thank you.

[Rune]

I think we should focus primarily on using bitshares as a decentralized exchange, and BitUSD as a safe haven to put crypto money into during a downtrend. Short term we need to optimize the full node, get BTC/BitUSD liquidity on centralized exchanges, and get GATEBTC and BitBTC/BitUSD liquidity going. Then we should get an awesome banner ad on CMC and get weekly asset tipping threads on /r/bitshares.

When there's a working bitcoin to BitBTC gateway we should put a lot of resources into making an awesome 3 minute video showing how to use the gateway, and then trade bitBTC/BitUSD on the decentralized exchange with relative orders.

Medium term we need to get the light wallet and mobile wallet to support the trading engine too. The sooner we can get that the better, because the blockchain download is going to give us a major disadvantage compared to centralized exchanges.

[clayop]

This is just a rough brainstorming...

From merchant side

1. Merchants can easily add "Pay with bitUSD" button in their websites or blogs.
2. They can easily collect shipping information pertinent to each order (probably combined with mailing function? Memo is too short to implement this)


From customer side

1. Customers can easily convert their local currencies into bitUSD through gateway/exchanges.
2. They even don't have to install Bitshares wallet. Instead, they can use bitUSD on web wallet.
(For 1 and 2, Coinbase is a good example. It allows people to buy BTC and to use on web-based wallet or mobile wallet)
3. Their purchase can be protected by escrow service
4. They can get confirmation email and shipping notice (via mail service?)
ADD: 5. They can figure out the reputation of sellers

My imagination is that everyone can sell and purchase goods and services on their blogs and simple websites with bitUSD instead of big online shopping mall. They don't have to pay a high fee to ebay or amazon, hence this benefits both consumers and sellers.

Please provide any thoughts of yours on this.