On the topic of exchanges

[Marshall]

I’m considering making a motion to create a site similar in nature to shapeshift.io to facilitate NBT <=> BTC conversion (without the exchange transfer).

Why involve an exchange at all when you could just have a site with published rates that would dole out payments? No registration required… Seems pretty logical to me

[tylergillies]

Oh man, you just made my day.

[mhps]

I’m considering making a motion to create a site similar in nature to shapeshift.io to facilitate NBT <=> BTC conversion (without the exchange transfer).

Make something like this. It’s a mile stone – nubits <-> fiat w/o going through exchanges.

[Cybnate]

Did someone already approach them to add NuBits? They have Peercoin and I actually used them a while ago as a trial to withdraw the value of a number of Peercoins to my creditcard. It did work as advertised although there was a bit of delay suspecting some manual handling.

They also have an API in development: https://coinomat.com/news/en/13/. So maybe one time we can integrate them into the Android wallet as a service besides Shapeshift. Will keep on dreaming

[CoinGame]

Coinomat has their own stable unit called CoinoUSD. They were advertising it as better than NuBits pretty heavily on twitter a while ago. I’ve approached them in the past but it seems they prefer to stick with their own stable offering.

[Cybnate]

Another one thinking a mono culture would work… It is a shame.

[mhps]

I have got the impression from coinomat that once you become a business costomer of, say, PerfectMoney, all you need to do to provide crypto<-> fiat service is making a web page that call the APIs PerfectMoney provides.

If true, Nu could provide a reference implementation of such page / widget so that anyone who wishes can copy the code to sell/buy NBT with USD on his/her site.

This enable a lot of money-changers to offer nubits with low entry difficulty. They don’t have to apply for custodianship and are free to set rates according to market. They are custodians on the bazaar (not in the cathedral a.k.a exchanges).

[Cybnate]

I think more value is in their service to withdraw to your creditcard. The other services are not that popular.
Would be good to have something like it for Nu. The hoops of registering and the friction on exchanging Nu back and forward to fiat is still relatively high.

[tylergillies]

I think more value is in their service to withdraw to your creditcard.

This would be amazing. Ive been wanting to have a bit-card. a Nu card would be a great fit because you’re transferring USD to Nu and it just works. No exchange prices or any of that bollocks.

[mhps]

The other services are not that popular.

The other services (Perfect Money, OKpay, payeer etc) are not popular in developed countries where traditional financial infrastructures are relatively well regulated, competed, and reliable. Incidentally for the same reason (traditional services being well regulated and reliable) cryptocurrencies are not popular for lack of urgent need.

In the developing world however financial services are not as reliable and expensive due to low efficiency, monopoly, corruption etc cryptocurrency has a geater adoption potential.

[Cybnate]

This would be amazing. Ive been wanting to have a bit-card. a Nu card would be a great fit because you’re transferring USD to Nu and it just works. No exchange prices or any of that bollocks.

Theoretically you can make a BitCard yourself. With NuBippy you can create a BIP-0038 NuBits encrypted private key. You can store this onto a NFC tag (like these) and you have your own custommade NuColdWallet.
I believe you can import the BIP0038 code into the NuBits Android wallet in case you want to easily spend them.

Disclaimer: I said theoretically because I haven’t tried this myself and I’m wondering whether anyone managed to do this successfully.

[mhps]

I have got the impression from coinomat that once you become a business costomer of, say, PerfectMoney, all you need to do to provide crypto<-> fiat service is making a web page that call the APIs PerfectMoney provides.

I have taken a closer look at PerfectMoney. An PM account can receive fiat funds from bank transfer and many e-currency exchangers. One can also fund with bitcoin

From the API document ( mostly the python example ) it does seem straight forward to setup a server to sell NuBits from an open wallet after receiving clients’ PM-USD (to be stored off the server in a PM account), and vice versa. The result would be like this or this, except with NuBits it gets rather easy because there is no need to get a price feed and do conversion.

[mhps]

If someone can code it I would test with running the server on a rented droplet even on a Rasp-pi. There is no exchange rate risk nor exchange default risk that plagues Nu LPC operations. It is decentralized and trustless for liquidity providers, too.

[mhps]

OKPay is a big players in online payment processing. I took a look at its business account. To add fund one can use bank wire, transfer from a number of banks I have never heard of, visa/master international, sofort, many kinds of e-currency services, BTC, LTC, DOGE.

So the quickest way to use OKpay to exchange Nubits is perhaps to add Nubits to the supported coins.

Here is the developer’s page for using APIs to automating payment on a web page.

Besides APIs one can use auto-generated buttons to collect payment from one’s own html page.

[cryptog]

It seems that [Passed] Bittylicious.com liquidity provision is one way to start with these payment processors.

[mhps]

Yes it is the direct support case I was referring to here.

[woolly_sammoth]

We are just waiting for the integration to take place into the Bittylicious platform once Marc arrives back from Holiday.
The advantage that Bittylicious has over a home grown processor is that they take care of the AML/KYC regulations on our behalf. It would be great if others with UK or european bank accounts signed up as Bittylicious sellers for NuBits as it would give the platform more resilience than if it’s just me.

I’m not saying that creating our own processor wouldn’t be worthwhile but we would need to consider the regulations that we would need to comply with. I wouldn’t mind having a play with the various APIs myself as it does seem a valuable resource for Nu. I’ve got my hands fairly full at the moment with NuBot and the trustless liquidity pool. Hopefully someone will hop on this and get some code together. If nothing has happenend in a month or so, I’ll tentatively put my name down for having a look. The bulk of work would be in making the resulting service look pretty, which isn’t my strong point. If anyone wants to take some design on, we can bolt the apis in once the front-end is working.

[mhps]

The advantage that Bittylicious has over a home grown processor is that they take care of the AML/KYC regulations on our behalf.

The advantage of a piece of code that collects money and sends nubits is that it’s up to the user how AML/KYC is handled according to local regulations.

For example the code allows to do this:

customer enters Nubits address and PerfectMoney-USD (e.g. e-voucher) -> server verifies fund has arrived at own PM account -> server sends Nubits

and

customer asks for a Nubits payment address and enters a payment processor account numner -> customer sends Nubits to the address -> server verifies payment has arrived and sends fiat from own account to the account provided.

There doesn’t have to be registration. It’s like roll-your-own shapeshift with fiats. It’s simple with Nubits because there is no need to have an exchange rate feed for conversion. The code with a nubits wallet is so lightweight it can be deployed anywhere.

It doesn’t have to be stand-alone, or for trading Nubits per se. For example, a small webshop owner can add nubits to payment method to her shop by simple web programming using the reference code. The possibilities are endless. We can’t see the future. We just need to enable it.