Fiat gateway is now up and running on OpenLedger!

[BunkerChainLabs-DataSecurityNode]

Nobody is going to offer a smartcoin bridge to and from fiat because their is no real peg and no liquidity. Yes there is some for bitusd but still not enough for a bridge provider to feel safe that he can provide a steady stream at a constant rate.

This assumes the bridge will not pass on the cost to the end user. If they do that then the bridge provider is protected and it is the end user that has to bear the cost of the conversion.

We have to remember that these are pegged assets and not fiat. It is a protection mechanism for keeping stable and known value in crypto that is absent in the bitcoin world. To move that to fiat comes at a price depending on he market.

Such a gateway service would in the short term cost more only if the bridge stayed out of the market. They can borrow as they get order at the rates they want couldn't they?

[Empirical1.2]

  Well done.

@ccedk
This is great news.  Congrats, Ronny! 

Can the nanocard that we have purchased a long time ago be activated as well now?

What is the estimation of time that one could send EUR to CCEDK, convert these automatically in biteur transfered to OL and then use the nanocard to convert automatically the biteur from OL to euro and withdraw from an ATM or pay something via a POS?

The question is also how much it would cost, a lot given the spread on BitEur.

[yvv]

Nobody is going to offer a smartcoin bridge to and from fiat because their is no real peg and no liquidity. Yes there is some for bitusd but still not enough for a bridge provider to feel safe that he can provide a steady stream at a constant rate.

Issuing smartcoins instead of IOU has advantages for a gateway, but yes, there are tricky issues which they need to resolve. Let's see how it goes.

Little bit of bitter into this can of honey. Fiat gateway is definitely the achievement, but setting up a gateway is not enough, let's see how reliable it will be.

[JonnyB]

This is great news.  Congrats, Ronny! 

So now we have a fiat gateway, stealth transfers/balances are on the way, we have prediction markets, point-of-sale capability is coming shortly, and soon we'll have percentage-based fees (which I think is more important than people realize).  It seems things are really starting to come together.

I forgot to mention kenCode's mobile wallet, another exciting development that seems to be close to fruition.  By the way, @kenCode, have you discussed with Ronny the possibility for you to include the new fiat gateway into your mobile wallet?  That would be pretty killer.

Yeah, Ronny and I just skyped about it last night I think it was. I have a feature-freeze on 1.0 so that we can stay on track, but I have added it to the roadmap for v1.2. There is still a limitation however in the Bridges as they currently force the coins accepted such as btc, ltc, ppc, etc into the Merchants BTS (as per Blocktrades). Ideally, I want to save the Merchants from all volatility so if they accept btc, ltc etc at the cash register, it would be best if that coin could be instantly converted into a stable coin such as bitEUR, bitUSD, bitCNY (or OPEN.EUR, OPEN.USD, OPEN.CNY). Bridging into BTS works great (thanx to Blocktrades), but that still has not solved the volatility issue for the Merchants.
 
So, if Blocktrades @dannotestein and Ronny @ccedk both could offer instant bridging into fiat equivalents, it will be an easier sell for us to the merchants. I plan on implementing these bridges into the mobile wallets and all of the POS systems.

Nobody is going to offer a smartcoin bridge to and from fiat because their is no real peg and no liquidity. Yes there is some for bitusd but still not enough for a bridge provider to feel safe that he can provide a steady stream at a constant rate.

[mudshark79]

Finally  . Now I'm gonna test it and start reaching out for one special niche I have in mind since months.
What I have in mind is tackle small software-developers which sell premium Addons for Joomla (just an example). It is common there to pay via paypal and i guess they will take their cut and I hope that openledger can be cheaper. Developers are all over the world and it's hard to estimate volume but there are plenty of them. As "real" invoices with VAT are normally not available via Paypal also, this should not be a point of concern.

Advantage in reaching out to them should be that you should find a tech-savvy target group and I could imagine that some would maybe use it out of curiosity if they don't have to deal with all the details and without having to deal with volatility (it should not be necessary to even mention it).
Of course  a broken down wallet-interface is still needed, otherwise it will be too much information in the interface.

Then of course interested developers can sign up new users via their own faucet and maybe give a discount to people who use this way of payment processing.

For some special Cases there is one piece of the puzzle still missing:
- What about reoccurring payments based on Smart Contract or sthg?

[iHashFury]

Well done Ronny 

My First little EUR deposit is on its way 
First of many when the nano card is linked to BitShares blockchain

[BunkerChainLabs-DataSecurityNode]

@ccedk Fantastic!

Let's see another press release announcement go out now so that everyone who comes to Bitshares can use it as soon as they hear about it!

I am sure whom ever read about it the week before would love to see more news coming from Open Ledger!

 

[kenCode]

This is great news.  Congrats, Ronny! 

So now we have a fiat gateway, stealth transfers/balances are on the way, we have prediction markets, point-of-sale capability is coming shortly, and soon we'll have percentage-based fees (which I think is more important than people realize).  It seems things are really starting to come together.

I forgot to mention kenCode's mobile wallet, another exciting development that seems to be close to fruition.  By the way, @kenCode, have you discussed with Ronny the possibility for you to include the new fiat gateway into your mobile wallet?  That would be pretty killer.

Yeah, Ronny and I just skyped about it last night I think it was. I have a feature-freeze on 1.0 so that we can stay on track, but I have added it to the roadmap for v1.2. There is still a limitation however in the Bridges as they currently force the coins accepted such as btc, ltc, ppc, etc into the Merchants BTS (as per Blocktrades). Ideally, I want to save the Merchants from all volatility so if they accept btc, ltc etc at the cash register, it would be best if that coin could be instantly converted into a stable coin such as bitEUR, bitUSD, bitCNY (or OPEN.EUR, OPEN.USD, OPEN.CNY). Bridging into BTS works great (thanx to Blocktrades), but that still has not solved the volatility issue for the Merchants.
 
So, if Blocktrades @dannotestein and Ronny @ccedk both could offer instant bridging into fiat equivalents, it will be an easier sell for us to the merchants. I plan on implementing these bridges into the mobile wallets and all of the POS systems.

@kenCode: Maybe I misunderstood, but I think you're talking about conversion of currency accepted at the POS into whatever the merchant prefers to hold.  And that's awesome.  But I was referring to fiat on-ramp functionality within the mobile wallet so wallet users can pull fiat from their bank account to top off their BTS account via your mobile wallet.  Is that something you're looking at doing?

"prefers to hold" - exactly, I want the merchants and the wallet users to have as many options as possible without cluttering up the UI. this has to be as Grandma-friendly easy as possible.
 
For legalities, I would like to keep the wallet from touching fiat itself, BUT the wallet and pos systems can transfer the token equivalents like bitEUR, OPEN.EUR, etc. Now, for the tokens transfered to go directly to someone's bank account at a traditional bank, that will be CCEDK's job, and their competitors... The wallets and pos will bridge/gateway the crypto, but, let the kyc/aml guys connect directly to, and do the actual fiat on/off ramping.
 
Have faith. I am building things and always keeping the competition in mind. "ah hah! they're wallet sucks because it doesn't have blah blah blah". So, I make sure we support blah blah blah NOW, before they get a wild hair and feel like they can get an edge on us. Lots of strategic planning in these products too.

[tbone]

This is great news.  Congrats, Ronny! 

So now we have a fiat gateway, stealth transfers/balances are on the way, we have prediction markets, point-of-sale capability is coming shortly, and soon we'll have percentage-based fees (which I think is more important than people realize).  It seems things are really starting to come together.

I forgot to mention kenCode's mobile wallet, another exciting development that seems to be close to fruition.  By the way, @kenCode, have you discussed with Ronny the possibility for you to include the new fiat gateway into your mobile wallet?  That would be pretty killer.

Yeah, Ronny and I just skyped about it last night I think it was. I have a feature-freeze on 1.0 so that we can stay on track, but I have added it to the roadmap for v1.2. There is still a limitation however in the Bridges as they currently force the coins accepted such as btc, ltc, ppc, etc into the Merchants BTS (as per Blocktrades). Ideally, I want to save the Merchants from all volatility so if they accept btc, ltc etc at the cash register, it would be best if that coin could be instantly converted into a stable coin such as bitEUR, bitUSD, bitCNY (or OPEN.EUR, OPEN.USD, OPEN.CNY). Bridging into BTS works great (thanx to Blocktrades), but that still has not solved the volatility issue for the Merchants.
 
So, if Blocktrades @dannotestein and Ronny @ccedk both could offer instant bridging into fiat equivalents, it will be an easier sell for us to the merchants. I plan on implementing these bridges into the mobile wallets and all of the POS systems.

@kenCode: Maybe I misunderstood, but I think you're talking about conversion of currency accepted at the POS into whatever the merchant prefers to hold.  And that's awesome.  But I was referring to fiat on-ramp functionality within the mobile wallet so wallet users can pull fiat from their bank account to top off their BTS account via your mobile wallet.  Is that something you're looking at doing?

[kenCode]

This is great news.  Congrats, Ronny! 

So now we have a fiat gateway, stealth transfers/balances are on the way, we have prediction markets, point-of-sale capability is coming shortly, and soon we'll have percentage-based fees (which I think is more important than people realize).  It seems things are really starting to come together.

I forgot to mention kenCode's mobile wallet, another exciting development that seems to be close to fruition.  By the way, @kenCode, have you discussed with Ronny the possibility for you to include the new fiat gateway into your mobile wallet?  That would be pretty killer.

Yeah, Ronny and I just skyped about it last night I think it was. I have a feature-freeze on 1.0 so that we can stay on track, but I have added it to the roadmap for v1.2. There is still a limitation however in the Bridges as they currently force the coins accepted such as btc, ltc, ppc, etc into the Merchants BTS (as per Blocktrades). Ideally, I want to save the Merchants from all volatility so if they accept btc, ltc etc at the cash register, it would be best if that coin could be instantly converted into a stable coin such as bitEUR, bitUSD, bitCNY (or OPEN.EUR, OPEN.USD, OPEN.CNY). Bridging into BTS works great (thanx to Blocktrades), but that still has not solved the volatility issue for the Merchants.
 
So, if Blocktrades @dannotestein and Ronny @ccedk both could offer instant bridging into fiat equivalents, it will be an easier sell for us to the merchants. I plan on implementing these bridges into the mobile wallets and all of the POS systems.

[EstefanTT]

You are an example of productivism, positivism and effectiveness. Congratulation on your achievments !!!

Don't forget to sleep and eat from time to time ! 

[cass]

 

[ebit]

 

[mf-tzo]

@ccedk
This is great news.  Congrats, Ronny! 

Can the nanocard that we have purchased a long time ago be activated as well now?

What is the estimation of time that one could send EUR to CCEDK, convert these automatically in biteur transfered to OL and then use the nanocard to convert automatically the biteur from OL to euro and withdraw from an ATM or pay something via a POS?

[tbone]

This is great news.  Congrats, Ronny! 

So now we have a fiat gateway, stealth transfers/balances are on the way, we have prediction markets, point-of-sale capability is coming shortly, and soon we'll have percentage-based fees (which I think is more important than people realize).  It seems things are really starting to come together.

I forgot to mention kenCode's mobile wallet, another exciting development that seems to be close to fruition.  By the way, @kenCode, have you discussed with Ronny the possibility for you to include the new fiat gateway into your mobile wallet?  That would be pretty killer.