I will support it, too.
I looked into it more and this is what I’m coming back with:
It is very difficult to withdraw USD from CCEDK. Your choices are Payeer with a volume cap or straight up wire transfer. This is why no one wants to trade anything in USD at CCEDK. This is unfortunate as it is our only nbt/usd open market. Reasons like this are why coinbase is so successful.
So what are we doing?
We are the withdrawal pathway for CCEDK. We allow usd arbitrage of its markets, allowing people to actually trade USD/BTC on CCEDK.
I see numerous people talking about re-establishing business with CCEDK.
The questions whirring in my head:
Are you aware that CCEDK has v e r y low volume? http://coinmarketcap.com/exchanges/ccedk/
Have you completely forgotten what happened a couple of weeks ago? Quick reminder from my side:
Withdrawals were delayed because of a hack, that was never publicly dealt with by CCEDK, people were insulted on this very forum and a lot of questions are still open.
I support the idea of fiat-pegs, but getting one of the major exchanges (e. g. cryptsy?) with USD support to integrate NuBits would be far better way to go.
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How do we do that? I like that option way better.
Cryptsy uses a voting system and we have 3,000 votes when we need 30,000. It would cost something like 5 BTC to get to the top of the list. I’m not sure how or if we could specify USD.
How about exmo?
cex.io?
There really aren’t that many high volume alt/usd exchanges out there.
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No. CCEDK claims that they haven’t found the bottom of the problem and doesn’t want to talk about it due to it. @ronny has allowed wuthdrawl for all users except KTm. So there is risk. That is why I support Nagalim to ask for a 0.25% fee to offset it.
I would like to re-iterate what I have said elsewhere: exchanges don’t make real money accepting users’ fiat. They probably lose money doing so due to regulatory overhead. So there are very few exchanges that offer this.
Although I support the effort but do realize NBT/USD, of which the price chart is a flat line, is not interesting to exchanges. I’ll just put what said in a link here
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We participated in that coin vote but I think there was a paradigm shift…
0.25% per day? That would be the exact same amount the NuPool operation offers as max on a seemingly less problematic exchange (Bittrex.com.)
I agree, we need something like coinoUSD has. How do we blend a decentralized liquidity process with something like that? The NuLagoon might blend better than the NuPool.
Can we build a wallet that accepts USD debit and credit and registers as NBT? Selling is funded by the NuLagoon and uses payment options. Is this very difficult? I really have no clue about that kind of thing.
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Is that too high or too low in y our opinion? price needs to be discovered.
Not sure. I would tend to say, that an exchange with higher risk potential would require higher fees.
But yes, I agree, the actual price needs to be discovered.
Here is how:
The bittilicious motion is already starting the first method.
Here is exactly how for the “better” method. We give people the power.
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Note that nupool and nulagoon are on nbt/btc with high rate risk (BTC price is volatile and LPC could lose money). On these exchanges the interest rate for nbt/usd should be 10 times lower I think, because there is 0 rate change and 0 risk. So i think 0.25% perday on CCEDK for nbt/usd to compensate residual exchange risk is in the ball park.
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You mention two examples of buying NBT but no examples of selling NBT. Is selling also possible with the “better” method? You say it’s really lightweight, what is preventing us from coding it and implementing it at nubits.com?
It was actually relatively easy for me to withdraw usd from ccedk. Ronny was professional and helpful, in my case.
My example covered both examples of buy and sell.
customer enters Nubits address and PerfectMoney-USD (e.g. e-voucher) -> server verifies fund has arrived at own PM account -> server sends Nubits
Selling is even easier because you can use pre-made payment buttons to collect fiat and send NBT to the NBT address customers provides.
What keep this from being implemented are:
- manpower is limited in Nu dev team
- shareholders don’t realize the importance of NBT/USD yet;
- crisis of BTC price volatility is not bad enough yet;
- many shareholders know relatively little about payment processors because many shareholders are from strictly regulated contries where traditional financial services are dominating;
Note that nubits.com might not be a good place to sell nubits directly because of regulations where nubits.com is hosted. That is why I advocate prodcing reference code and let people of the world use the code sell Nubits.
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Could this in theory be worked directly into the Nubits wallet?
That is certainly interesting. I was thinking about it but crossed it out. Because there is a lack of standard APIs amoung payment processors, the wallet will have different wrappers for different processors, like the nubot. This is perhaps not easily done with the wallet which is a high reliability application. We should prove the concept with standalone programs first.
If we just give the standalone program an encrypted nubits wallet and parking capabilities, it would act as a powerful program for traders who don’t use nushares.
But yah, I love this idea, there are so many possibilities for it. Is it necessary that we wait until Bittylicious has been set up? Ultimately we’re just waiting for someone to do it right? How much do you think Nu would be willing to pay for just the basic implementation?
Ultimately yes. But the task ahead is to identify and define requirements, and form consensus among shareholders.
A grant or a motion could be thinkable to finance getting NBT on cryptsy, I suppose.
These 4 quotes sum it up very well -
NBT, by its stability nature vs the USD is to be sold on payment processor/gateways as NBT/USD pair (or whatever NBT/fiat pair),
not on cryptocurrency exchanges as NBT/BTC pair (or whatever NBT/crypto pair)
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