Enable easy selling/buying Nubits with e-currency USD

[mhps]

According to the rationales given in the OP and comments and sugestions made by the community, I propose the following near-term and mid-term plan to push Nubits adoption.

1. Prepare the Nu exchange integration guide

Payment processors and exchange gateways do not only offer exchange interfaces but also provide liquidity (acting like LPCs), we should add a section telling things that are not known outside Nu-sphere:

a) Nu allows payment processors and exchange gateways to apply for compensations fees from Nu shareholders at market-determined rates. The exchangers will need to post an LPC proposal for shareholders to vote. (a proposal template should be given: who, how much liquidity on NBT/USD, for how long, how often to report, promise to re-ballance or not at what frequency, how much fee is asked etc )
b) Whether to be an shareholder-approved LPC or not, in addition to buying Nubits from the market, exchangers can purchase Nubits from shareholders or Nu reserve fund custodians at $1/NBT.

2. Contact a list of selected payment processors and exchange gateways

We send official emails/messages to promising payment processors and exchange gateways to introduce Nubits, invite them to integrate Nubits, and point them to the integration guide.

There are hundreds payment processors and exchange gateways. It’s better we pick a small number to start with.

Here are a list top e-currency issuers listed in Method 1 in the OP
https://www.perfectmoney.com
https://payeer.com/en/
https://www.okpay.com/en/index.html
http://egopay.com/
edit: add http://www.neteller.com

Somehow I don’t expect many of them will pay a lot of attention to Nubits because there must be many people proposing all kind of ideas for these big players. So I have chosen from those smaller processors and gateways listed by bestexchange for buying BTC with PM-USD. I looked at each of them, and selected the ones according to the criteria:

• Has English version web interface
• Trades PM USD (annotated after the link-- PM:PerfectMoney OK:OKpay PY:Payeer WM:webmoney EG:EgoPay) and BTC
• my webpage security alarm doesn’t go off

The ones with a “*” means they are also chosen in the PM partners list (see bellow). The ones in this list generally have better made, more professional interfaces. If you have other lists that can help to pick out the more active, liquid, developed, and potentially friendly exchanges, feel free to suggest.

========= bestexchange list =============
http://24multiexchange.com/ pm ok wm eg
http://24pay.me/en/ pm ok*
https://www.alfacashier.com/ pm ok *
http://www.bitcoinchange.com pm ok
https://www.crxzone.com pm ok
http://cashint.com/ pm ok eg
https://coinomat.com pm ok *
https://www.changer.com pm ok
https://www.currenca.com pm ok payeer
https://e-scrooge.is pm ok eg
https://www.exchangec2c.com pm ok py eg c2c
https://www.exchangegold.org pm ok py
http://exchanger.org.ua/english/ pm ok manual processing *
http://exchanging.ir/exchange/ pm ok eg
https://f1ex.com/ pm ok
https://goldux.com/ pm ok py
https://indacoin.io pm ok py
https://my-xchange.biz/en pm
http://www.superchange.ru/en pm py *
http://pm2btc.me/ pm *
https://wmglobus.com/en/sleepmode/ pm ok wm
https://unichange.me pm ok
https://xchange.cc/en/ pm py ok *
http://www.xmlgold.eu/ *
https://xzzx.biz/ pm wm *

edit: https://www.247exchange.com/ is asked in this post.

3. Help the processors and gateways to integrate

I expect contacted processors and gateways to do most of the integration work. However to accomplish a solid step using Method 1 and 2 in the OP, the Nu team and community might need to give some help to the processors and exchanges, because they may have various levels of development and cryptocurrency expertise, to vote on LPC proposals, and to help with testing. Nu should treat the interested processors and gateways as potential partners.

Once there are several processors and gateways that have Nubits integrated, we will contact price comparison and rating sites such as bestchange and OKchanger to suggest NBT be included. This will not only get more users to see NBT, but will help other exchanges to see the need to offer NBT, too.

4. Contact more potential partners

There are about 200 entries on PerfectMoney certified partners list . I looked at the first 60 or so and picked out about half of them using the same criteria above.

Have PM, PY, OK
https://www.rchange.net/
https://xchange.cc/en/ *
http://www.xmlgold.eu/ *
https://naira4dollar.com
http://www.superchange.ru/ *
https://www.instantexchangers.net/
https://www.instantgold.ng/
http://www.digitalchanger.com/
http://exchanger.org.ua/english/ (no automatic processing) *

Has PM and OK
https://www.alfacashier.com/ *
https://wmglobus.com/en/
https://coinomat.com *
https://www.e-xchange4u.com/
http://24pay.me/en/ *
http://e-dollar.ng/ wm
http://www.zharifsofiaexchanger.com/site/home.php eg PPC
http://www.zitcexchange.com/ wm
https://qcashpay.com/

Has PM
https://nxt.am/en/
http://pm2btc.me/ *
http://www.nicciexchange.net/ wm eg
https://www.velaex.com pm wm
http://www.standardgoldng.com/ wm eg
https://xzzx.biz/ wm *
https://www.exhere.es/ eg
http://www.abijanexchange.com/ wm eg

5. Make Method 3 code available

Once there are quite a few processors and gateways that have successfully integrated NBT/fiat, we will offer to acquire core code described in the OP, in exchange of bounty or nushares. The plan will get details once first several steps are done.

Please comment, especially from the Nu team. I see strategic importance in getting this done. I will put this forward as a motion if needed.

[creon]

I cannot stress enough how much I like this whole idea. In fact you could imagine making a Peershares DAC out of it. The DAC implements these services and is responsible to fund the custodians. Revenues made from a service fee can be passed back to its shareholders, just like in B&C. You could support many various formats like NBT, BitUSD or this ethereum thing coming up, just as B&C is expected to support BTS soon.

For Nu this surely will be of great benefit in the long term, and this way you don’t depend on NSR funding.

[cryptog]

I am shocked by the huge number of payments processors and gateways.
This is surely something Nu needs to tap into for increasing the ways to buy/sell nubits.

The question that I would have is how much liquidity could be expected to be offered by such payment processor/gateways compared to liquidity offered by exchanges?

. I will put this forward as a motion if needed.

Please go ahead.

The DAC implements these services and is responsible to fund the custodians

Regardless whether such DAC would be funded by NSR dilution or not, I feel such DAC would be very useful.

[mhps]

The question that I would have is how much liquidity could be expected to be offered by such payment processor/gateways compared to liquidity offered by exchanges?

If you go to bestchange and select “give PerfectMoney USD” and “get BTC” you will get this list of exchanges that offer this pair: http://www.bestchange.com/perfectmoney-usd-to-bitcoin.html

Below the list on the right side of the page I can read “The total number working with the Perfect Money USD → Bitcoin direction is 29 reliable exchangers. Total reserve in exchangers: 7 686.68 BTC.”

Due to volatility I imagine the exchanges don’t hold much more BTC than needed. If they sell Nubits, since there is no exchange rate risk, there could be much more NBT liquidity held by these exchanges.

This is just data from exchanges affiliated to bestchange.

[cryptog]

s: 7 686.68 BTC."

Tks. That is not bad; 1.5m USD in reserve.

[crypto_coiner]

I really like this plan too -
Perhaps you could introduce a motion to modify the marketing roadmap and/or development roadmap:

Nu Marketing Roadmap

Introduction: I’d like to present a first draft of a marketing roadmap for Nu over the next eighteen to twenty-four months. It builds upon the branding vs. business development discussion I started. My intentions for sharing this roadmap are two-fold: 1) I’m hoping that our community will see with more clarity what our marketing strategy is, and where they can contribute their energy. 2) I’m hoping we can begin to change the existing culture of passivity. Right now the culture of Nu (and in…

NuBot development roadmap - From 0.1 to 1.0

In its simplest interpretation, NuBot is the tool custodian uses to automatically keep orders at 1$ in open markets. While being open source, shareholders can steer the wheel to direct development direction. To put shareholders in control, the first step is to create awareness around the project current and future direction. Here is the first attempt to create a shared vision on how NuBot can evolve. Priority has been given to loss-reduction items, which can be both goals and features. …

cc @tomjoad @Ben @desrever

[mhps]

Perhaps you could introduce a motion to modify the marketing roadmap and/or development roadmap:

Thanks for the suggestion. I have taken a more focused approach and will post a draft motion specifically for the “5-steps” maybe today.

[mhps]

I have taken a more focused approach and will post a draft motion specifically for the “5-steps” maybe today.

Motion posted. Please comment and make suggestions.

[desrever]

I have finally got some time to read and enter in this discussion, will try to make significant comments only otherwise I risk opening up too many discussions

Impressive stuff.

[desrever]

Here are a list top e-currency issuers listed in Method 1 in the OP

I’d add Neteller, they recently started taking money in via BTC and it is definitely a top tier player.

I want to also notify a slightly different category that allow users to convert cryptocurrencies in physical cash (and vice-versa) by using existing networks of ATMs and BTMs and partnerships with banks. Pioneers in this category are https://btcpoint.com/en/ and https://chip-chap.com/en using the HalCash network, with more players emerging. Still small market (Spain and Poland) , but worth analysing maybe.

[mhps]

I’d add Neteller, they recently started taking money in via BTC and it is definitely a top tier player.

I want to also notify a slightly different category that allow users to convert cryptocurrencies in physical cash (and vice-versa) by using existing networks of ATMs and BTMs and partnerships with banks. Pioneers in this category are https://btcpoint.com/en/ and https://chip-chap.com/en using the HalCash network, with more players emerging. Still small market (Spain and Poland) , but worth analysing maybe.

I have added http://www.neteller.com

ATMs and BTMs are a very promising direction. Also kiosks such as Qiwi. They deserve their own thread.

[creon]

ATMs and BTMs are a very promising direction.

Regarding this our friends from @bitcoincoid made some great news today: http://digitalmoneytimes.com/crypto-news/lamassu-dominates-the-indonesian-bitcoin-atm-market

[mhps]

The fees charged by btc-e for deposite USD using e-currency (PM-USD etc) is about 1% - 2% probably depending on liquidity. CCEDK doesn’t allow it any more (allowed Payeer at 3% before). All allow wire transfer but the hassle and fee will be equivalent 1-2% for average users.

So I expect PEGs can set 1-3% spread on selling/buying NBT and expect to profit. Because of low friction of NBT transfer, increase of NBT adoption will lower handling fee of PEGs across the internet. But there is a limit of this lowering effect, because the fee includes the cost of setting up and operate PEG business, which won’t become 0 with the presence of Nubits.

[nmei]

I invoke thread necromancy…but the reality is this has been mentioned a couple times already because of BTCs volatility recently.

If NBT mass adoption is a key than easy and quick exchange between NBT/USD(fiat) must be a priority.

Has anyone in the community been thinking about this or working on it? There needs to be a gateway as easy as coinbase where users can simply put hard currency in from their bank accounts and get out NBT. And vice versa it needs to allow users to accept NBT and then deposit it to their account.

All this wire transfer business is black magic to the majority of the population. Also the fees are VERY steep except for large transactions. For example right now coinbase charges a 1% exchange fee. One click and done.

Things need to be simple like coinbase/paypal for mass adoption. Just some thoughts to perhaps get a ball re-rolling.

[mhps]

Things need to be simple like coinbase/paypal for mass adoption.

The strategy was to 1) convince payment processors, money exchanges, and e-currency gateawsys (PEGs) to offer NBT, then 2) buy their code (or have it written) that makes simple web page that converts between e-USD and NBT (“Method 3”)

A motion was passed for step 1. @tomjoad has been contacting PEGs. It’s still on-going. As I know no one of the ones contacted has given a positive answer.

I am thinking if we should start to work on “Method 3” by passing a custodian vote and pay someone to write a conversion page for Nu.

[nmei]

I’d vote. But we’d need someone to step up to do it.
It is a little more through…because while it is good for it to be light and anyone could do it.
There should be a central server that has trust that we can point people to.

[Nagalim]

Phrase the motion as: the Nu Team will be awarded 200,000 nsr for successful implementation of method 3.

Do we need a motion to specify the Nu Team as a group of pseudonyms, or is that taken for granted?

[mhps]

There should be a central server that has trust that we can point people to.

Centralized solution is problematic in the long run. My idea is to let Nu demonstrate the technical solution, and let many competing sites offer the actual service for their own profit.

Then we can point people to them in the Nu Excanges page

[mhps]

the Nu Team will be awarded

If that is a bounty, anyone should be allowed to take it. I thought someone already running his own BTC-USD exchange could do it over the weekend.

[Nagalim]

If we want a bounty, sure. If we want the NuTeam to do it, we’ll have to reserve the funds for them.