A simple fiat bridge into smartcoins

[abit]

Electrons.io is a user intuitive exchange system designed to empower retail and enterprise consumers to have quick and easy exchanges while enabling exchanges to tackle their liquidity issue. In the current iteration of the product, an individual basically sends the amount of Bitshares he needs exchanged to a bitshares wallet (electron-io) with his bitcoin wallet id in the memo of the transaction and receives his bitcoin in a matter of ten minutes (or less). This is the quickest form of exchanging an alt currency can currently have and requires absolutely no sign ups from the users side. The user further benefits by the fact that he receives the best prices at the lowest amount of time during each and every exchange. This is revolutionary in the sense that it is is no longer traders with arbitrage bots set up across exchanges that have the ability to get the best prices but the average retail consumer too. The exchanges, the system is currently plugged into further benefits by a higher level of liquidity on the platform and thereby benefits by a constant inflow of orders.


Its currently up and ready, just never launched because we're busy with other projects.
Offered it to CCEDK and a few other exchanges though.

Regards

http://electron.io/
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Oh, you said it's never launched.

It looks just another MetaExchange or ShapeShift for me.

Op is discussing about FIAT bridge. Is it what electron-io can do?

[Xypher]

Electrons.io is a user intuitive exchange system designed to empower retail and enterprise consumers to have quick and easy exchanges while enabling exchanges to tackle their liquidity issue. In the current iteration of the product, an individual basically sends the amount of Bitshares he needs exchanged to a bitshares wallet (electron-io) with his bitcoin wallet id in the memo of the transaction and receives his bitcoin in a matter of ten minutes (or less). This is the quickest form of exchanging an alt currency can currently have and requires absolutely no sign ups from the users side. The user further benefits by the fact that he receives the best prices at the lowest amount of time during each and every exchange. This is revolutionary in the sense that it is is no longer traders with arbitrage bots set up across exchanges that have the ability to get the best prices but the average retail consumer too. The exchanges, the system is currently plugged into further benefits by a higher level of liquidity on the platform and thereby benefits by a constant inflow of orders.


Its currently up and ready, just never launched because we're busy with other projects.
Offered it to CCEDK and a few other exchanges though.

Regards

[abit]

Why dont you work with electron.io and us for this ?
We are not launching the project in personal capacity, have the code base ready and are always open to synergy.
Ping me in telegram some time and we can take this forward.

Regards

Sorry, but what's this electron.io?

[Xypher]

Why dont you work with electron.io and us for this ?
We are not launching the project in personal capacity, have the code base ready and are always open to synergy.
Ping me in telegram some time and we can take this forward.

Regards

[iHashFury]

I use this service to convert EUR to GBP but I would never leave any "Um, um, um, um" money in Uphold!

I would like to see bridges (in and out of EUR, GBP and BTC) on our platform that are so easy to use, my Mum can do it!

That's the killer app for bitshares

[JonnyB]

@monsterer 

could you build this fiat bridge as described in to metaexchange ?

[abit]

If there is no legal issue for you, just do it! 

[JonnyB]

the key point here is they have guaranteed zero spreads and zero trade fees with a direct route back to bank accounts

[bitacer]

Is he trying to say that he will use members' funds for REPOs ?

[bitacer]

Holy , I did not know I could embed a video just by pasting the link !

[bitacer]

Watch this one
Host: Stability for free, than how are you making money ?
CEO: Um, um, um, um, in the long term we are planning to invest in non-risk and low risk gov bonds and etc.....

?

https://vimeo.com/133389920

At around 2:30

[JonnyB]

Yes would be using upholds fantastic infrastructure that has zero fees, zero spread and zero slippage.

I have my own supply of bitcoin to fund it and to begin I'd just do BitUSD and BitBTC

The smartcoin I buy at parity I will sell for a fixed 6% markup on the DEX

[Akado]

I would like to see something like this, definitely.

If there are any legal concerns, why not have Uphold handle this, as long as they can a small % on transactions.

[bitshares101]

I'm not sure what country you are in but the U.S. legal terms state:

23.6 Contracting Parties and Governing Law. This Agreement is between you and Uphold HQ, Inc., a company incorporated under the laws of South Carolina, USA. You agree that the laws of the State of South Carolina, without regard to principles of conflict of laws, govern this Agreement and any claim or dispute between you and us except to the extent governed by U.S. federal law.

APPENDIX 1: PROHIBITED BUSINESSES AND PROHIBITED USE

The following categories of businesses, business practices, and sale items are barred from using our services ("Prohibited Businesses"). By opening an Account, you confirm that you will not use the Service to transact in connection with the following businesses, activities, practices, or items:

● Operating as an unlicensed money transmitter, money service, payment service provider, e-money, or any other financial services business which requires licensure, including but not limited to exchanges of virtual currencies, sales of money orders or traveler's checks, and escrow services

[jakub]

So uphold.com is gonna be your technical infrastructure.
But what is your business model? How are you going to come up with enough funds to maintain liquidity for both bit-assets and fiat?

[JonnyB]

I've  come up with a simple elegant solution for a fiat bridge which could really help with liquidity and trust in smartcoins.

I suggest we build a bridge from uphold.com fiat tokens to bitshares smartcoins.   

So if you send any smartcoin to (BTS account name: uphold) I will credit your uphold account 1:1 with the same fiat denomination which you can then withdraw to your bank account through uphold.com at zero cost.

Bridging the other way would come at a premium but would allow bank transfers into smartcoin in a simple 2 step process.

I'm not a dev but would like to work with one to make this a reality.