The current path of USD to bitUSD

[Vizzini]

Any progress now?
(Sorry for reviving old post)

Don't be sorry. It's pretty darned important.

[clayop]

Any progress now?
(Sorry for reviving old post)

[Thom]

So if this year people will be able to purchase bitUSD directly, then how many transactions would it take for all the fees to start increasing the value of bitsharesX?

Do anyone how to calculate this?

It really depends on why they are buying BitUSD. If it's a means to spend it all and cash out, then the value impact is really a wash. Once BitUSD is being used for transactions, it needs to be something the recipient will hold, or change into BTSX, etc, staying in this ecosystem. One they get confident in BitUSD itself, it could become a virtual bank account, but that will take time to earn the sort of trust needed. Because once it gets converted to BTC, fiat, etc., then that added volume has not increased the value. Just look at Litecoin with all the mining and cashing out--plenty of volume, but minimal appreciation for awhile now. Regarding pre-paid debit cards, I'm not aware of the numbers on those, but I do know that $1-2 billion in gift cards go unused every year. People often tend to hold, forget, or lose pre-paid cards when small amounts are involved.

And even with normal use it's fairly rare when gift card holders spend 100% of the card's balance. Usually there at least a few cents, if not a few dollars left on the card where the balance is so small it isn't practical to use it in many cases.

[BTSdac]

this year 

[bluebit]

So then maybe the best strategy is to hand out prepaid cards to people that trade and hold a lot of USD, I wonder who those people could be.

[donkeypong]

So if this year people will be able to purchase bitUSD directly, then how many transactions would it take for all the fees to start increasing the value of bitsharesX?

Do anyone how to calculate this?

It really depends on why they are buying BitUSD. If it's a means to spend it all and cash out, then the value impact is really a wash. Once BitUSD is being used for transactions, it needs to be something the recipient will hold, or change into BTSX, etc, staying in this ecosystem. One they get confident in BitUSD itself, it could become a virtual bank account, but that will take time to earn the sort of trust needed. Because once it gets converted to BTC, fiat, etc., then that added volume has not increased the value. Just look at Litecoin with all the mining and cashing out--plenty of volume, but minimal appreciation for awhile now. Regarding pre-paid debit cards, I'm not aware of the numbers on those, but I do know that $1-2 billion in gift cards go unused every year. People often tend to hold, forget, or lose pre-paid cards when small amounts are involved.

[bluebit]

So if this year people will be able to purchase bitUSD directly, then how many transactions would it take for all the fees to start increasing the value/profits of bitsharesX?

Do anyone how to calculate this?

[tonyk]

cool, this year ")

just 3 months left 

And when he wrote "this year" he was pointing on the calendar to  .  .  .  2014, we hope!

LOL

[donkeypong]

cool, this year ")

just 3 months left 

And when he wrote "this year" he was pointing on the calendar to  .  .  .  2014, we hope!

[yoo]

cool, this year ")

just 3 months left 

[xfund]

 
Sounds good

[oldman]

Soon to be 1 step.

 

I3 just keeps nailing it.

What is really fantastic about bitUSD though, is that it lends itself so perfectly to something like localbitcoins. It will be almost impossible to be scammed or ripped off if the seller just charges a % fee and then gives you bitUSD one for one.

Localbitcoins is interesting because it provides a way to completely sidestep the banking complex and exchange physical assets for digital assets.

It would very, very interesting if, in addition to CC/debit gateways, I3 could integrate a P2P gateway for direct conversion of physical to crypto.

So P2P USD -> bitUSD, CNY -> bitCNY, gold -> bitGLD, silver -> bitSLV etc. etc.

Circle + Localbitcoins.

Edit: I just re-read... imagine the love child of Circle/LBTC integrated into the client.

[Rune]

What is really fantastic about bitUSD though, is that it lends itself so perfectly to something like localbitcoins. It will be almost impossible to be scammed or ripped off (on the price) if the seller just charges a % fee and then gives you bitUSD one for one. Average people will feel a lot safer getting into it, I think.

[Gentso1]

This is very good. Hopefully 1 step globally, not just in the U.S.

The rest of the world should be easy, US is probably the tricky part because of banking laws.

[hadrian]

 
This is very good. Hopefully 1 step globally, not just in the U.S.