Author Topic: Huge Opportunity for Rapid bitUSD Adoption - Right Now  (Read 6262 times)

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Offline Method-X

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There is a wallet in the works by ElMato that will allow payment in BTC but the store of value will be in market pegged assets. This is the killer app the medical marijuana industry (and many others) need. The only issue in the beginning will be providing sufficient liquidity.

Offline joereform

I am not a fan of keeping either fiat or crypto on exchanges, but there is a bitUSD:USD market on bter.com as well. No need to involve BTC at all.

Offline wesphily

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We just need them to accept bitcoin/bitUSD as payment and have them offer a small discount to customers, do it one dispensary at at a time.  We could make flyers they can give out to their customers with instructions on how to get bitUSD and get the discount.

Agreed. This would possibly increase adoption and make it become a solution. Finally! However, I believe that this is still a slower route. Need a person or a group of people to convince a community to use bitusd. Then, it would be rapid adoption after that.



Yes, the idea is not to have them try and stuff millions of fiat cash into bitUSD.

The idea is have the industry start accepting BTC/bitUSD now and incentivize its use by the customer with discounts - easy to do if it eliminates the cost of vaults, armed guards and theft.

In a year or two these guys would be laughing at the banks.

"How do like me now?"

"Bank? I don't need no stinking bank."

I agree. People kept calling it a solution though. It is not a solution right now. It is a burden. It will be a solution once it is mass adopted by a community.
« Last Edit: February 13, 2015, 06:20:58 pm by wesphily »

Offline oldman

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We just need them to accept bitcoin/bitUSD as payment and have them offer a small discount to customers, do it one dispensary at at a time.  We could make flyers they can give out to their customers with instructions on how to get bitUSD and get the discount.

Agreed. This would possibly increase adoption and make it become a solution. Finally! However, I believe that this is still a slower route. Need a person or a group of people to convince a community to use bitusd. Then, it would be rapid adoption after that.

Yes, the idea is not to have them try and stuff millions of fiat cash into bitUSD.

The idea is have the industry start accepting BTC/bitUSD now and incentivize its use by the customer with discounts - easy to do if it eliminates the cost of vaults, armed guards and theft.

In a year or two these guys would be laughing at the banks.

"How do like me now?"

"Bank? I don't need no stinking bank."



Offline wesphily

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We just need them to accept bitcoin/bitUSD as payment and have them offer a small discount to customers, do it one dispensary at at a time.  We could make flyers they can give out to their customers with instructions on how to get bitUSD and get the discount.

Agreed. This would possibly increase adoption and make it become a solution. Finally! However, I believe that this is still a slower route. Need a person or a group of people to convince a community to use bitusd. Then, it would be rapid adoption after that.

Offline matt608

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We just need them to accept bitUSD via bitcoin as payment and have them offer a small discount to customers, do it one dispensary at at a time.  We could make flyers they can give out to their customers with instructions on how to get bitUSD and get the discount.  If anyone lives near a dispensary they could hold a bitUSD workshop where people can come and get their wallet set up, advertised on the flyers.
« Last Edit: February 13, 2015, 02:56:51 pm by matt608 »

Offline wesphily

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Wes BitUSD light wallet remittance and payment fees are zero next to 3% with visa, so as merchant, which would you rather ask your consumer to use? The 3% is typically built into the prices which go down as people switch to BitUSD.  Once everything is tight, I think there will be incentive enough already


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And that's great for nationally legal companies. Drug companies would pay 10% if it meant they didn't get their funds seized.

The problem is not cost. The problem is functionality for drug companies. Crypto is not a solution unless they don't have to convert it to/from cash/credit. If they have to do that then they face the same issues with crypto that they face with the dollar. The only difference is that it will be Coinbase instead of a bank.

A drug company needs to be able to deal exclusively in crypto for crypto to be a solution. This means that customers pay in crypto, employees get paid in crypto, and other business in the same community accept crypto. Crypto is not a solution until the above is true.

Again, not a solution.

Offline carpet ride

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Wes BitUSD light wallet remittance and payment fees are zero next to 3% with visa, so as merchant, which would you rather ask your consumer to use? The 3% is typically built into the prices which go down as people switch to BitUSD.  Once everything is tight, I think there will be incentive enough already


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Offline Empirical1.2

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Bitusd is does not solve the problem anymore than the dollar does. Government can track/freeze funds at Coinbase level. Sure, you could be sneaky about, but you couldn't be anymore sneaky about it then you can with the dollar.

My statement will be true until the dollar is replaced. Even then, it may hold true. Depends on who adopts bitusd. If you could persuade a whole community to adopt it then it would be a solution.

Has anybody ever tried to coordinate a large group of people to move to an area and use only crypto? Business people, teachers, tradesmen, ect.., it would only take one community to change the world.
Their problem is not tracking and freezing though. Their problem is that the banks refused to serve them. They keep the cash and have to hire guards to keep it safe amongst other costs. It is kind of hard to pay cash to someone 1000 miles away without the banks. Both of those are solved with BTC...BTS ads to this the lack of volatility.

Ok. Customer comes in and buys drugs with cash/credit card. How do they convert that to bts? Bank > Coinbase > btc > bitusd. Clearly, bitusd does not solve the problem.

Now, let's assume the whole community adopts bitusd. Customer comes in and buys drugs with bitusd......that's it because the company can pay employees with bitusd who can then buy groceries with bitusd. No bank needed. Bitusd solves the problem.

Again, the only way bitusd solves the problem is if the whole community adopts it.

Once the light wallet and one step on ramp is out then Pot would be an excellent target market -- also once we have created the Lwallet and on ramp, what might be good strategy here for initiating cross-community demand? I have heard some say incentivize merchants who then pass the incentives to the consumer and employees (although IME promotions don't work well this way at the retail level as the retailer tends to keep the dollars for themselves if recieved upfront)

1step, 1000 steps. Both can be regulated the same. If a conversion to or from cash has to happen then it is not a real solution. There would still be a lot of red tape.

Can't they accept BitUSD as payment from customers. Now they have a dollar stable asset without the holding costs. If they need to pay bills they can covert BitUSD to BTC at bter.


Yes they can! However, this requires adoption as I previously suggested. The drug store may do a few sales this way, but the majority will still be cash/credit since these are legitimate businesses. It does not make bitusd a solution. If anything, it is added headache.

For it to be a solution the whole ecosystem needs to accept. This is why I suggested it.

If you truly want a business to use bitusd without adoption then you're going to need to add some better incentives, or find a business that wants to push adoption to its community. Either way, bitusd is not a solution until it is mass accepted with no conversions.

I guess my hang up is that we keep calling it a solution for a business. Right now it is a burden. Businesses who choose to accept are opportunities for bitshares holders; not businesses.

I hope that somebody rich changes this!!!!

They could also just accept BTC and convert that to BitUSD. May easily be worth it depending on a cost comparison. No BitUSD adoption required. 

Over 100 000 businesses accept Bitcoin even though it makes up a small % of their overall sales. The difference between paying 1% to BitPay vs. 3% to Visa makes it worth the hassle so to for these guys the 1% BTC to BitUSD conversion cost may be worth the hassle depending on their cash holding costs. Especially if BitUSD pays a bit of a yield too.

« Last Edit: February 13, 2015, 03:00:57 am by Empirical1.2 »
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Offline wesphily

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Bitusd is does not solve the problem anymore than the dollar does. Government can track/freeze funds at Coinbase level. Sure, you could be sneaky about, but you couldn't be anymore sneaky about it then you can with the dollar.

My statement will be true until the dollar is replaced. Even then, it may hold true. Depends on who adopts bitusd. If you could persuade a whole community to adopt it then it would be a solution.

Has anybody ever tried to coordinate a large group of people to move to an area and use only crypto? Business people, teachers, tradesmen, ect.., it would only take one community to change the world.
Their problem is not tracking and freezing though. Their problem is that the banks refused to serve them. They keep the cash and have to hire guards to keep it safe amongst other costs. It is kind of hard to pay cash to someone 1000 miles away without the banks. Both of those are solved with BTC...BTS ads to this the lack of volatility.

Ok. Customer comes in and buys drugs with cash/credit card. How do they convert that to bts? Bank > Coinbase > btc > bitusd. Clearly, bitusd does not solve the problem.

Now, let's assume the whole community adopts bitusd. Customer comes in and buys drugs with bitusd......that's it because the company can pay employees with bitusd who can then buy groceries with bitusd. No bank needed. Bitusd solves the problem.

Again, the only way bitusd solves the problem is if the whole community adopts it.

Once the light wallet and one step on ramp is out then Pot would be an excellent target market -- also once we have created the Lwallet and on ramp, what might be good strategy here for initiating cross-community demand? I have heard some say incentivize merchants who then pass the incentives to the consumer and employees (although IME promotions don't work well this way at the retail level as the retailer tends to keep the dollars for themselves if recieved upfront)

1step, 1000 steps. Both can be regulated the same. If a conversion to or from cash has to happen then it is not a real solution. There would still be a lot of red tape.

Can't they accept BitUSD as payment from customers. Now they have a dollar stable asset without the holding costs. If they need to pay bills they can covert BitUSD to BTC at bter.


Yes they can! However, this requires adoption as I previously suggested. The drug store may do a few sales this way, but the majority will still be cash/credit since these are legitimate businesses. It does not make bitusd a solution. If anything, it is added headache.

For it to be a solution the whole ecosystem needs to accept. This is why I suggested it.

If you truly want a business to use bitusd without adoption then you're going to need to add some better incentives, or find a business that wants to push adoption to its community. Either way, bitusd is not a solution until it is mass accepted with no conversions.

I guess my hang up is that we keep calling it a solution for a business. Right now it is a burden. Businesses who choose to accept are opportunities for bitshares holders; not businesses.

I hope that somebody rich changes this!!!!

Offline Empirical1.2

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Bitusd is does not solve the problem anymore than the dollar does. Government can track/freeze funds at Coinbase level. Sure, you could be sneaky about, but you couldn't be anymore sneaky about it then you can with the dollar.

My statement will be true until the dollar is replaced. Even then, it may hold true. Depends on who adopts bitusd. If you could persuade a whole community to adopt it then it would be a solution.

Has anybody ever tried to coordinate a large group of people to move to an area and use only crypto? Business people, teachers, tradesmen, ect.., it would only take one community to change the world.
Their problem is not tracking and freezing though. Their problem is that the banks refused to serve them. They keep the cash and have to hire guards to keep it safe amongst other costs. It is kind of hard to pay cash to someone 1000 miles away without the banks. Both of those are solved with BTC...BTS ads to this the lack of volatility.

Ok. Customer comes in and buys drugs with cash/credit card. How do they convert that to bts? Bank > Coinbase > btc > bitusd. Clearly, bitusd does not solve the problem.

Now, let's assume the whole community adopts bitusd. Customer comes in and buys drugs with bitusd......that's it because the company can pay employees with bitusd who can then buy groceries with bitusd. No bank needed. Bitusd solves the problem.

Again, the only way bitusd solves the problem is if the whole community adopts it.

Once the light wallet and one step on ramp is out then Pot would be an excellent target market -- also once we have created the Lwallet and on ramp, what might be good strategy here for initiating cross-community demand? I have heard some say incentivize merchants who then pass the incentives to the consumer and employees (although IME promotions don't work well this way at the retail level as the retailer tends to keep the dollars for themselves if recieved upfront)

1step, 1000 steps. Both can be regulated the same. If a conversion to or from cash has to happen then it is not a real solution. There would still be a lot of red tape.

Can't they accept BitUSD as payment from customers. Now they have a dollar stable asset without the holding costs. If they need to pay bills they can covert BitUSD to BTC at bter.

If you want to take the island burn the boats

Offline wesphily

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Bitusd is does not solve the problem anymore than the dollar does. Government can track/freeze funds at Coinbase level. Sure, you could be sneaky about, but you couldn't be anymore sneaky about it then you can with the dollar.

My statement will be true until the dollar is replaced. Even then, it may hold true. Depends on who adopts bitusd. If you could persuade a whole community to adopt it then it would be a solution.

Has anybody ever tried to coordinate a large group of people to move to an area and use only crypto? Business people, teachers, tradesmen, ect.., it would only take one community to change the world.
Their problem is not tracking and freezing though. Their problem is that the banks refused to serve them. They keep the cash and have to hire guards to keep it safe amongst other costs. It is kind of hard to pay cash to someone 1000 miles away without the banks. Both of those are solved with BTC...BTS ads to this the lack of volatility.

Ok. Customer comes in and buys drugs with cash/credit card. How do they convert that to bts? Bank > Coinbase > btc > bitusd. Clearly, bitusd does not solve the problem.

Now, let's assume the whole community adopts bitusd. Customer comes in and buys drugs with bitusd......that's it because the company can pay employees with bitusd who can then buy groceries with bitusd. No bank needed. Bitusd solves the problem.

Again, the only way bitusd solves the problem is if the whole community adopts it.

Once the light wallet and one step on ramp is out then Pot would be an excellent target market -- also once we have created the Lwallet and on ramp, what might be good strategy here for initiating cross-community demand? I have heard some say incentivize merchants who then pass the incentives to the consumer and employees (although IME promotions don't work well this way at the retail level as the retailer tends to keep the dollars for themselves if recieved upfront)

1step, 1000 steps. Both can be regulated the same. If a conversion to or from cash has to happen then it is not a real solution. There would still be a lot of red tape.

Offline carpet ride

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Bitusd is does not solve the problem anymore than the dollar does. Government can track/freeze funds at Coinbase level. Sure, you could be sneaky about, but you couldn't be anymore sneaky about it then you can with the dollar.

My statement will be true until the dollar is replaced. Even then, it may hold true. Depends on who adopts bitusd. If you could persuade a whole community to adopt it then it would be a solution.

Has anybody ever tried to coordinate a large group of people to move to an area and use only crypto? Business people, teachers, tradesmen, ect.., it would only take one community to change the world.
Their problem is not tracking and freezing though. Their problem is that the banks refused to serve them. They keep the cash and have to hire guards to keep it safe amongst other costs. It is kind of hard to pay cash to someone 1000 miles away without the banks. Both of those are solved with BTC...BTS ads to this the lack of volatility.

Ok. Customer comes in and buys drugs with cash/credit card. How do they convert that to bts? Bank > Coinbase > btc > bitusd. Clearly, bitusd does not solve the problem.

Now, let's assume the whole community adopts bitusd. Customer comes in and buys drugs with bitusd......that's it because the company can pay employees with bitusd who can then buy groceries with bitusd. No bank needed. Bitusd solves the problem.

Again, the only way bitusd solves the problem is if the whole community adopts it.

Once the light wallet and one step on ramp is out then Pot would be an excellent target market -- also once we have created the Lwallet and on ramp, what might be good strategy here for initiating cross-community demand? I have heard some say incentivize merchants who then pass the incentives to the consumer and employees (although IME promotions don't work well this way at the retail level as the retailer tends to keep the dollars for themselves if recieved upfront)
All opinions are my own. Anything said on this forum does not constitute an intent to create a legal obligation between myself and anyone else.
Check out my blog: http://CertainAssets.com
Buy the ticket, take the ride.

Offline wesphily

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Bitusd is does not solve the problem anymore than the dollar does. Government can track/freeze funds at Coinbase level. Sure, you could be sneaky about, but you couldn't be anymore sneaky about it then you can with the dollar.

My statement will be true until the dollar is replaced. Even then, it may hold true. Depends on who adopts bitusd. If you could persuade a whole community to adopt it then it would be a solution.

Has anybody ever tried to coordinate a large group of people to move to an area and use only crypto? Business people, teachers, tradesmen, ect.., it would only take one community to change the world.
Their problem is not tracking and freezing though. Their problem is that the banks refused to serve them. They keep the cash and have to hire guards to keep it safe amongst other costs. It is kind of hard to pay cash to someone 1000 miles away without the banks. Both of those are solved with BTC...BTS ads to this the lack of volatility.

Ok. Customer comes in and buys drugs with cash/credit card. How do they convert that to bts? Bank > Coinbase > btc > bitusd. Clearly, bitusd does not solve the problem.

Now, let's assume the whole community adopts bitusd. Customer comes in and buys drugs with bitusd......that's it because the company can pay employees with bitusd who can then buy groceries with bitusd. No bank needed. Bitusd solves the problem.

Again, the only way bitusd solves the problem is if the whole community adopts it.

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Bitusd is does not solve the problem anymore than the dollar does. Government can track/freeze funds at Coinbase level. Sure, you could be sneaky about, but you couldn't be anymore sneaky about it then you can with the dollar.

My statement will be true until the dollar is replaced. Even then, it may hold true. Depends on who adopts bitusd. If you could persuade a whole community to adopt it then it would be a solution.

Has anybody ever tried to coordinate a large group of people to move to an area and use only crypto? Business people, teachers, tradesmen, ect.., it would only take one community to change the world.
Their problem is not tracking and freezing though. Their problem is that the banks refused to serve them. They keep the cash and have to hire guards to keep it safe amongst other costs. It is kind of hard to pay cash to someone 1000 miles away without the banks. Both of those are solved with BTC...BTS ads to this the lack of volatility.