How much is a new user worth?

[merockstar]

Is this still coming to pass?

What would be badass would be if it came with a routing and account number you could give an employer, then you could get paid in bitUSD and spend with bitUSD and be 100% bankfree.

We are still working this, but we have a lot of moving parts that need to get handled before we can get there.

I can only imagine.

Good to hear

[bytemaster]

Is this still coming to pass?

What would be badass would be if it came with a routing and account number you could give an employer, then you could get paid in bitUSD and spend with bitUSD and be 100% bankfree.

We are still working this, but we have a lot of moving parts that need to get handled before we can get there.

[merockstar]

Is this still coming to pass?

What would be badass would be if it came with a routing and account number you could give an employer, then you could get paid in bitUSD and spend with bitUSD and be 100% bankfree.

[RenaudGagne]

In direct-response it is called: customer acquisition cost. It brings me a smile to see this. If there is such a thing I know many marketers who would happily market.

[vegolino]

Once shorts are allowed to compete on interest I think interest will be much higher than 1.5%. 

[donkeypong]

Also another good reference is lendingclub.com which is basically a p2p lending service.
They had multiple referral programs.
Deposit $2,500 and get $25
Deposit $5,000 and get $50
Deposit $10,000 and get $100
There referral program didn't offer very much for 2 reasons
1. You could earn +10% interest easily
2. At the time of the referral program they had a ~3 year track record

Obviously we will have to have a much high bonus because bitUSD only earns 1.5% and doesn't even have a year long track record.
And maybe for terms and conditions we can do something like if you save $1,000 for 1 year in bitUSD and you get $50 bonus plus ~1.5% interest. And if you refer someone you get an extra $50

Yup. It may be yesterday's news as far as savvy marketers are concerned, but for some reason it's still a popular strategy. I still get things in the mail from banks with the same offer (deposit x in a new account, get x+ a few bucks). Apparently, it works.

[Mysto]

Also another good reference is lendingclub.com which is basically a p2p lending service.
They had multiple referral programs.
Deposit $2,500 and get $25
Deposit $5,000 and get $50
Deposit $10,000 and get $100
Their referral program didn't offer very much for 2 reasons
1. You could earn +10% interest easily
2. At the time of the referral program they had a ~3 year track record

Obviously we will have to have a much high bonus because bitUSD only earns 1.5% and doesn't even have a year long track record.
And maybe for terms and conditions we can do something like if you save $1,000 for 1 year in bitUSD and you get $50 bonus plus ~1.5% interest. And if you refer someone you get an extra $50

[Empirical1.1]

Was there any clarification on the terms and conditions of this proposal?

Putting aside the dilution argument, I felt $100 for $1000 with limited strings attached would be very quickly gamed.

I can only speak from online poker experience, but many new sites offer lucrative deposit bonuses to attract new users. However the terms and conditions require you to play X hands essentially and as the poker site charges 5% Rake, these promotions largely pay for themselves.

If there was a poker site where I could just deposit $1000 and remove with minimal hassle $1100 the next day, it would be gamed incredibly quickly by people who have no intention of playing on the site and you wouldn't need a referral bonus as it would spread quickly. Even if it was for BTSX, you'd have poker players happily depositing $1000 if they could easily remove $1100.

So atm my conclusion is that the terms and conditions would have to be pretty strict. A much more prudent referral bonus would be necessary.

It seems that perhaps $25 BitUSD for $250 with a $10 referral bonus seems more realistic as a starting point. (Also it seems that it if it didn't generate enough interest it could be raised after 30 days as opposed to starting too high.)

(Perhaps the terms and conditions could be a 30 day time-lock before the $25 BitUSD is released)

* I think the smaller deposit + bonus could work better anyway as people would feel it is too risky to put $1000 on a new system.

If it was awarded to the first 50 000 new users it would cost roughly $1.5 million

50 000 users would be depositing > $13 million BitUSD which would boost the value of BTSX by $40 million. I personally struggle to see BTSX CAP not being $200 million with all this happening which means only 15 million BTSX would be needed to pay for this.

In other words 0.75%  of BTSX could end up incentivising up to 50 000 new users.
That seems like it could be achievable without dilution and dilution would only have to be kept as a last resort tool.

(I seem to recall there could be up to 2.5% of BTSX via AGS earmarked to primarily support BTSX development. If that was true perhaps 0.75% could go short pre-promotion for 30 days and the BTSX gains would possibly be enough to pay for the program without eating in to the budget.)

Edit: Obviously BTSX is a virtual vault but the following report on what it takes banking consumers to switch and how much they hold in various accounts could be useful particularly from page 18.
It seems interest rate is the primary driver http://www.fca.org.uk/static/documents/market-studies/ms14-02-interim-report.pdf

[Xeldal]

[Gentso1]

Hope to see one of these in the near future 

Imagine walking into any store and whipping this out to pay for any goods. Directly linked to any Bitshare account name of choosing, paying only with bitUSD (or any bit*** currency really).
And instead of using a "stored" 4-digit pin to verify the transaction, use Google Authenticator or receive an SMS one time use pass code (depending on what wallet settings you choose).
Or... just scan the QR code.

"Whats in my Wallet?" LOL

This gave me a chubby

[Thom]

I will 100% accept bitUSD as a form of payment for any prints purchased.

http://www.clarkography.com/

Starting yesterday? Cause you know...I have a few bit USD...

Think I'll start a thread of businesses that accept bitUSD. Starting with yours.

Also what about adding your BTSX account name to your site?

Sent from my SM-G900T using Tapatalk

Awesome photos feedthemcake! Love your work...

[Riverhead]

I will 100% accept bitUSD as a form of payment for any prints purchased.

http://www.clarkography.com/

Starting yesterday? Cause you know...I have a few bit USD...

Think I'll start a thread of businesses that accept bitUSD. Starting with yours.

Also what about adding your BTSX account name to your site?

Sent from my SM-G900T using Tapatalk

[Method-X]

Sorry if this has been explained already, but can a bitUSD debit card only be spent in stores that accept bitUSD (i.e., nowhere?) or is the bitUSD sold immediately allowing all merchants to somehow accept it already?  Also which countries would it work in?

I was confused by this too. What did bytemaster mean by "a debit card you can pay a credit card with"? I think maybe debit cards word differently here in Canada (Interac)... I'm not sure. If you will be able to use the debit card anywhere, that certainly changes my option on the initiative.

[feedthemcake]

I will 100% accept bitUSD as a form of payment for any prints purchased.

http://www.clarkography.com/

[emailtooaj]

Sorry if this has been explained already, but can a bitUSD debit card only be spent in stores that accept bitUSD (i.e., nowhere?) or is the bitUSD sold immediately allowing all merchants to somehow accept it already?  Also which countries would it work in?

The intent is to work just like a pre-paid debit card with the low fees you expect from BitShares.  The merchants don't need to know its not an ordinary bank card.  They get USD (or eventually other fiat du jour).

Details are being negotiated. There is much to consider. Your actual mileage may vary (YAMMV). 

Can it be used globally like a normal VISA or MASTER does ?

If it's backed by Visa, MasterCard, Amex. or any other big CC processor then yes it would be accepted globally.

The intent is to work just like a pre-paid debit card with the low fees you expect from BitShares.  The merchants don't need to know its not an ordinary bank card.  They get USD (or eventually other fiat du jour).

Details are being negotiated. There is much to consider. Your actual mileage may vary (YAMMV). 

You guys are doing a great job 
I'm sure you've been doing the Legal Truffle Shuffle to make this opportunity happen.
I can't imagine any CC processing companies NOT wanting to jump on board with any "intelligent and comprehensive" crypto community/software projects (ie Bitshares  ).
Everyday this tech is starring them in the face and knocking harder on their front door.
So I would think they'd be smart enough to start investing some time and resources; to help blend the two payment processes and be the first to introduce a crypto/conv. payment system.

I imagine Pre-Paid Debit is the easiest route to this reallity. I'll be honest, it would be awesome to kick my bank to the curb and only use Bitshares. Then having a Debit Card to link my Bitshares account and spend it anywhere and everywhere....