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What r/fatFIRE can learn from the book, Psychology of Money
My favorite author, Morgan Housel, released his new book, The Psychology of Money, last week. In the book, Housel discussed many interesting psychological phenomenon, through the lens of finance. As I flipped through the pages, I started to realize so much of what's happening in fatFIRE are examples of what's discussed in the book. No One's Crazy The book begins with how your personal experiences with money make up maybe 0.000000001% of what's happened in the world, but maybe 80% of how you think the world works. For example, if you were born in 1970, the S&P 500 increased almost 10-fold, adjusted for inflation, during your teens and 20s. That's an amazing return. If you were born in 1950, the market went literally nowhere in your teens and 20s adjusted for inflation. Two groups of people, separated by chance of their birth year, go through life with a completely different view on how the stock market works. Takeaways forfatFIRE: When you read other posts and comments about what stocks to buy, what startups to join, what's the economy going to be like, what's the best asset allocation, etc., remember that is just a single person's point of view. That person may be from a different generation, earns different incomes, upholds different values, keeps different jobs, and has different degrees of luck. And remember, don't be mean to others. A view about money that one group of people thinks is outrageous can make perfect sense to another. Luck & Risk The next chapter discusses the big role luck and risk plays in someone's life. Luck and risk are two sides of the same coin. Examples from the book: Countless fortunes (and mistakes) owe their outcomes to leverage. The best (and worst) managers drive their employees as hard as they can. "The customers are always right" and "customers don't know what they want" are both accepted business wisdom. The line between "inspiringly bold" and "foolishly reckless" can be a millimeter thick and only visible with hindsight. Risk and luck are doppelgängers. Takeaways forfatFIRE: Be careful who you praise and admire. That commenter who joined a unicorn at Series A may look like a genius on the outside, but they may just be lucky and cannot repeat it again. Be careful who you look down upon and wish to avoid becoming. That poster who joined WeWork may look like a fool, but they made the best decision based on the information they had at a time. They took a risk and got unlucky. Therefore, focus less on specific individuals and case studies and more on broad patterns. Furthermore, when things are going extremely well, realize it's not as good as you think -- like the stock market right now. On the other hand, we should forgive ourselves and leave room for understanding when judging failures -- like the stock market in March. Never Enough The hardest financial skill is getting the goalpost to stop moving. It gets dangerous when the taste of having more -- more money, more power, more prestige -- increases ambition faster than satisfaction. Social comparison is the problem here. A rookie baseball players who earns $500k a year envies Mike Trout who has a 12-year, $430 million contract envies a hedge fund manager who makes $340 million a year envies Warren Buffett who had a $3.5 billion increase in fortune in 2018. There are many things never worth risking, no matter the potential gain. Reputation is invaluable. Freedom and independence are invaluable. Friends and family are invaluable. Being loved by those who you want to love you is invaluable. Happiness is invaluable. And your best shot at keeping these things is knowing when it's time to stop taking risks that might harm them. Knowing when you have enough. Takeaways forfatFIRE: When you make a big gain, it's totally okay to take profit, as long as you keep your ambition down and acknowledge the possibility that it may go higher. If that happens, no need to play the would've should've could've game, because it very well might've gone the other way. When you see someone who got 20x return on Shopify or bet big into Ethereum in 2016, remember they may envy the pre-IPO employees at Shopify or the genius who held Bitcoin since 2010. At the end of the day, do not risk more than what's comfortable in your life for the sake of making huge amount of money, because even if you do make it, you may not find it worth it. Tails, You Win Skipping a few chapters to talk about the prominence of tail events. At the Berkshire Hathaway shareholder meeting in 2013 Warren Buffet said he's owned 400 to 500 stocks during his life and made most of his money on 10 of them. Charlie Munger followed up: "If you remove just a few of Berkshire's top investments, its long-term track record is pretty average." In 2018, Amazon drove 6% of the S&P 500's returns. And Amazon's growth is almost entirely due to Prime and Amazon Web Services, which itself are tail events in a company that has experimented with hundreds of products, from the Fire Phone to travel agencies. Apple was responsible for almost 7% of the index's returns in 2018. And it is driven overwhelmingly by the iPhone, which in the world of tech products is as tail--y as tails get. And who's working at these companies? Google's hiring acceptance rate if 0.2%. Facebook's is 0.1%. Apple's is about 2%. So the people working on these tail projects that drive tail returns have tail careers. Takeaways forfatFIRE: When we pay special attention to a role model's successes we overlook that their gains came from a small percent of their actions. That makes our own failures, losses, and setbacks feel like we're doing something wrong. When you accept that tails drive everything is business, investing and finance you will realize that it's normal for lots of things to go wrong, break, fail and fall. If you are a good stock picker you'll be right maybe half the time. If you're a good business leader maybe half of your product and strategy ideas will work. If you're a good investor most years will be just OK, and plenty will be bad. If you're a good worker you'll find the right company in the right field after several attempts and trials. And that's if you're good. Freedom The highest form of wealth is the ability to wake up every morning and say "I can do whatever I want today." The ability to do what you want, when you want, with who you want, for as long as you want, is priceless. It is the highest dividend money pays. Research has shown having a strong sense of controlling one's life is a more dependable predictor of positive feelings of wellbeing than any of the objective conditions of life we have considered. People like to feel like they're in control -- in the drivers' seat. When we try to get them to do something, they feel disempowered. Rather than feeling like they made the choice, they feel like we made it for them. So they say no or do something else, even when they might have originally been happy to go along. Takeaways forfatFIRE: Most of you probably are working thought-based and decision job, your tool is your head, which never leaves you. You might be thinking about your project during your commute, as you're making dinner, while you put your kids to sleep, and when you wake up stressed at three in the morning. You might be on the clock for fewer hours than you would in 1050. But it feels like you're working 24/7. If this feels like you, and you do not like it, it is totally fine to switch to a job that pays less but gives you more freedom and independence, because freedom and independence are what FatFire is all about. --- I'm only half way into the book, but I can tell this will be one of the best finance book of 2020. If you guys find this useful, happy to come back next week with more insights once I've gotten to the end. I like talking about these things on Twitter too. Edit: here's part 2 and here's a Twitter thread of the best snippets
If you are a Bitcoin trader either in Australia or New Zealand, good news! Coke vending machines now accept Bitcoin as a form of payment.
What does this mean for Bitcoin?
Although a coke vending machine that accepts Bitcoin may at first seem silly or insignificant, it is actually yet another sign that adoption of the cryptocurrency is progressively increasing. The 1,200 or so machines available between the two countries means more exposure for the project. Even if many will never actually pay for a soda with Bitcoin, the simple awareness that such an option exists is already a positive. For those who do wish to experience paying for an instantly redeemable physical product with Bitcoin, they will simply need to download the Sylo payment app. With it, they can scan a QR code in a manner reminiscent to China’s Alipay or Wechat Pay system. The crypto will then be automatically converted into the relevant local currency.
With the current health crisis involving COVID-19, any initiative that lowers customers’ physical contact with machines is beneficial. Particularly so when these machines are frequently used by hundreds of people and tourists every day. QR codes limit a user’s need to interact with both potentially contaminated surfaces and cash. Fortunately, even bitcoin derivatives traders and spot traders that do not live in these countries can still benefit. As suggested above, the more Bitcoin is adopted as a form of payment, the more relevant and strong the cryptocurrency becomes. Other similar efforts to facilitate the use of Bitcoin for transactions include BitPay. This payment processor already works with large brands such as Shopify and Newegg to help their users pay with Bitcoin. Stay tuned for more blog articles on different concepts and ideas that will improve your knowledge of Bitcoin Trading.
Headphones.com is stoked to be accepting Raiblocks
Hey, I'm Andrew the CEO at Headphones.com and a huge Raiblocks fan. We're accepting Raiblocks for payment. It's pretty low-fi right now, but send me a DM if you'd like to pay for anything on our store in Raiblocks. If anyone knows a more elegant way to accept Raiblocks through a Shopify store, let me know! P.S. I will give you a 10% discount for paying with Crypto ;) Edit: email [email protected] to pay with RaiBlocks (we're looking at RaiPai et. al.)
Cryptomarketing in 2020: successful application of strategies from MLM and the beauty industry
Cryptomarketing in 2020: successful application of strategies from MLM and the beauty industry Over the past decade, the crypto-industry has proven to be a unique industry with a specific audience, which requires a no less specific approach. In this regard, in 2020, the advertising activity of crypto companies is significantly different from that to which banks and various financial companies resort. Industry leaders prefer not to rely on traditional online advertising on Facebook, Instagram and YouTube. They follow a different path: they work with bloggers (opinion leaders and influencers), rely on MLM marketing referral programs and actively organize various contests and sweepstakes with generous prize pools. The CoinDesk portal claims that crypto marketing this year is strikingly reminiscent of marketing in the beauty industry, and here it is no less effective.
Michelle Fan, a blogger with a million YouTube subscribers, is using the same techniques to spread skin care life hacks and the idea of financial freedom through bitcoins. Moreover, she assures that the leaders of the crypto industry, like her, use marketing schemes from the beauty industry, even if they themselves do not know about it. Both areas prefer to use the DTC (Direct to Customer) business scheme, independently creating and then promoting and selling goods / services, working as closely as possible with the community. Sales are built through aggregated retail platforms like Amazon, Etsy and Shopify, or even through accounts in popular social networks. Industry leaders in developing countries often resort to the latter option, where large sites like Amazon simply don’t work or aren’t popular. For example, Michelle Haber, a bitcoin maximalist from Libya, made it clear in CoinDesk’s comment that social networks and chats are today the most effective way to distribute goods / services in crypto topics. He said that local traders in order to “educate” the audience help buy hardware wallets, selling them through groups on social networks. Buying yourself Trezor or Ledger in another way is often simply impossible.
Work with opinion leaders
Michelle Fan is not the only person from the crypto-community who notices the similarities with the beauty industry. So, Maria Paula Fernandez, who actively uses the services of the DeFi sector and is seriously interested in the topic of skin care, gave the CoinDesk portal a similar comment. She notes that in both cases, society has become accustomed to relying on the opinion of society itself, rather than trusting the views of the world’s leading media. Therefore, in both sectors, the so-called influencers are very popular — opinion leaders and bloggers who disseminate information among their audience on YouTube, Instagram, TikTok and other social networks, receiving a reward for this. Crypto-companies very often, like firms from the beauty industry, provide their products to opinion leaders for review and further “instruction” of their subscribers. Maria Paula Fernandez does not see anything shameful in this. Observing the experience of bloggers, subscribers begin to acquire a kind of crypto-education and disseminate the information through the word of mouth. Thus, the crypto-community grows. The most successful bloggers over time can count on sponsorship from one or another crypto company. For example, the podcaster Marty Bent, whose show is now funded by Unchained Capital and Square, the developer of Cash App, witnessed this scenario. The latter, by the way, in addition to Bent sponsor also podcast Joe Rogan and rapper Lil B. Many other large companies, including the Kraken exchange, have resorted to this strategy. They are just as interested in sponsoring reputable content creators who promote products among loyal subscribers. The U.S. exchange sponsors the Reckless VR crypto start-up, founded by Udi Wertheimer for crypto-conferences in virtual reality, and the famous podcast Peter McCormack, who launched his own media brand Defiance last year. Having started his career as a hobby, McCormack turned it into a business of his life, thanks to which he earned about $1 million for 2019. With all this, working with bloggers is a great opportunity to enter foreign markets. This is understood at Crypto.com, where they use opinion leaders to attract the Russian-speaking and Turkish-speaking community. Does this approach give a result? Judge for yourself: over the past six months, the number of startup users has doubled and currently stands at more than 2 million people.
Referral Bonuses and MLM Marketing
The development of products within the community often turns into MLM marketing strategies, which require the presence of referral bonuses and bonuses “in depth” — favorite schemes of cosmetic brands. They use a multi-level reward system for attracting partners, where you can usually get a bonus not only for personally invited, but also for “friends of friends and their friends”. Thus, opinion leaders who distribute crypto products often receive a portion of the funds that people invited by them will pay for the product / service. The relevance and effectiveness of the trend is confirmed by the fact that these methods are not shy to use not only crypto start-ups, but also top cryptocurrency companies, widely known throughout the industry. A prime example is SatoshiLabs, a company that manufactures and distributes Trezor wallets. The head of communications, Iva Fizerova, confirmed that she is actively resorting to “affiliate marketing” with bloggers as an alternative to paying them for direct advertising. No less vivid examples are the largest crypto exchanges Binance and Gemini, which managed to succeed not without the help of referral systems copied from the multi-level marketing campaigns Avon and Mary Kay, which they have been using for decades. Instagram blogger Chjango Unchained has been earning good bonuses for several months running after posting a referral link to Gemini on her profile. When her subscribers register on the exchange and buy cryptocurrencies worth more than $100, she receives $10 in BTC. According to her, she is doing a good deed. The blogger wants people who are interested in her opinion on digital money to start their crypto path on Gemini, and not, for example, on Coinbase, because the latter charges “crazy commissions”. Referral system bonuses are a typical phenomenon for many crypto companies, and successful bloggers are happy to use this. A prime example is Michael Gu, known by the pseudonym Boxmining. It has been distributing information about digital money since 2012, having gathered an audience of more than 200,000 subscribers on YouTube and more than 3,500 participants in Telegram chat during this time. Despite the fact that the manufacturer of hardware wallets Ledger does not sponsor its activities, it places referral links in the video descriptions and collects voluntary donations from subscribers. As you might guess, he feels rather well. At the same time, he emphasized that user activity during the coronavirus pandemic is only growing, especially after YouTube began to put sticks in the wheels of the creators of crypto-content.
Gifts, contests and sweepstakes
Making a small gift is a great way to introduce an audience to a new product. In the cryptocurrency market, this has long been relevant. Coin creators eagerly carry out airdrops and bounty campaigns, allowing the crypto community to test the new coin. A similar approach is popular in the beauty industry. Samplers of perfumes and branded magazines with smells have led many girls to buy full-fledged versions of the fragrance. In addition to the cryptocurrency developers themselves, a similar approach is also used by cryptocompanies of a different direction, which cannot conduct airdrops due to their technical features (for example, this is true for manufacturers of hardware wallets). Therefore, they organize more classic contests and sweepstakes. For example, they play a wallet for reposting on social networks or videos published on YouTube. It is noteworthy that cryptobrands in this area are even more active than cosmetics manufacturers. They work not only with trusted bloggers with many subscribers, but also help to become less “untwisted” users. Therefore, they periodically assist them in organizing draws in order to attract subscribers who could potentially become new customers. Iva Fizerova from SatoshiLabs confirmed that Trezor manufacturers periodically help users attract new followers through the distribution of gifts. Moreover, this approach brings excellent results. By working with the community this way, they have managed to sell hundreds of thousands of wallets. But most importantly, a reputation of the brand has formed around the product, warmly received by the audience. And this effect is so strong that the company simply does not see the point in spending money on traditional expensive advertising. Most importantly, despite all the problems of 2020, including the coronavirus pandemic, which seriously hit the global economy and, accordingly, people’s wallets, demand for products did not fall. This approach remains effective, while the percentage of successful conversions in traditional advertising has probably decreased. Fizerova noted that over the past three months they have recorded a steady increase in demand for goods. Moreover, they even had to solve delivery problems, if only the buyers got the desired devices in a timely manner. A similar approach and results are observed with other manufacturers of hardware wallets. Thus, Rodolfo Novak, co-founder of Coinkite, confirmed the growth in demand for products, despite the pandemic. Working with the community is their main marketing strategy, because it really gives results. Over the past three years, they donated about 50 wallets to YouTube reviewers. Novak is proud that their “users help other users.” According to him, this approach allows you to sell products at a lower price, since the cost of goods does not include high costs for familiar marketing campaigns.
Are marketing strategies effective? More than
The cryptocurrency market relies on marketing strategies that have established themselves in the beauty industry, which in the new field are no less effective. Maximum performance is achieved with a killer combination of all three of the above methods. It’s about when the founders of cryptocompanies themselves become opinion leaders. Just look at Changpen Zhao, the head of Binance, or Justin Sun, the project manager of TRON. Both entrepreneurs are bloggers with a huge army of subscribers and are personally engaged in the promotion of their brands, regularly rewarding their audience with pleasant gifts. It’s easy to guess why industry leaders rely mainly on this type of marketing. Advertising products in the traditional way is expensive, especially for startups, behind which there are still no attractive products with a good reputation. But more importantly, crypto products are quite complex in themselves, so they often need detailed explanations, which are difficult to implement in the framework of traditional advertising. Agree that selling a bottle of Fanta with a new taste is much easier than a hardware cryptocurrency wallet, especially since most people don’t understand what it is. On top of that, regular advertising is complicated by the fact that media giants regularly block crypto content. In such a situation, marketing borrowed from the beauty industry seems to be the most acceptable and most effective option. By focusing their marketing budgets on opinion leaders and working with the community, cryptocompanies achieve the desired result, even taking into account the coronavirus pandemic. The crypto community is getting bigger and stronger every day. But the best part is that this growth cannot be stopped. Subscribe to our Telegram channel
I want to start accepting bitcoins for products on my website. Is there any reason I need a service like bitpay or can I just have the customer send the amount directly to my wallet?
I was thinking the customer could just use a coupon code like "bitcoin" to get a 100% discount to bypass being charged in USD, then send the amount in bitcoins to my wallet. What would be the implications of doing this instead of using a service like bitpay?
Why Cryptocurrency is Failing at Adoption - We're Giving Control Back to Banks, Corporations, and Government
Why Cryptocurrency is Failing at Adoption
Cryptocurrency has come a long way in a short amount of time. That said, one area I think cryptocurrency is falling short is adoption. By adoption I mean people buying things from stores, people buying things online, and people conducting transactions between themselves ie I pickup dinner for a buddy and he pays me back with say Litecoin for example. Now I'm not saying this is a small feat, the concept of getting people to change their entire worldview on money and commerce is a tall task. That said, until we see greater adoption and use of cryptocurrency, it remains nothing more than something we can speculate and gamble on. The utility is there, but if that utility is not being used, it's just something to speculate on and nothing more. Now before you start thinking I'm being overly critical of crypto, I'm one of cryptos biggest cheerleaders. I'm self employed and work full-time in e-commerce. One of my businesses is considered "high risk" by the merchant processing industry and therefore it's very difficult to get credit card processing. I had to contact over 300 processors to find one who would take me on, even then I had to jump through hoops to get accepted, and I pay 7% for processing when your average business pays 2.9% or even substantially lower, so I have a personal use case for crypto in my business, the problem is not enough of my customers are willing to pay in crypto.
Where is Crypto Falling Short?
So you may be asking okay smart guy, where have we gone wrong? With cryptocurrency the beauty of it is that there's no central authority, however that's also a shortfall as there's not necessarily one person to give direction, and when things do fall short there's nobody to blame but "they" or "we", basically the community itself, so this makes it challenging to make changes. Here's where I feel cryptocurrency has fallen short at adoption...
Crypto Debit Cards
Crypto debit cards were way overhyped. I get it, people are used to using debit cards so tying crypto into debit cards makes it familiar and makes it more usable to many people. That said, as we've seen, when you have a Visa or Mastercard logo on the front of a credit or debit card that puts all the power back into Visa and Mastercards hands. All the benefits of crypto ie anonymity, no chargebacks, no rules about what can and can't be sold, no holds or reserves, all these things go out the window as soon as Visa and Mastercard get involved. We've seen this happen time and time again when we hear stories about Visa and Mastercard shutting down various crypto debit cards. Also on a KYC and compliance front, there's often rules such as you can only load $500 or $1,000 onto a debit card without providing name, address, ID, social, etc. While I'm not saying crypto debit cards are completely pointless, they aren't the answer to mass adoption as they remove nearly all the benefits of cryptocurrency, I may as just be using my regular debit card. I think the community fucked up making these things seem like the best new thing since sliced bread.
Focusing on Merchant Processing Instead of Payment Gateways
I'm sure you guys have heard of Bitpay and Coinbase's crypto merchant processing programs. You use a third party company like Bitpay or Coinbase to accept crypto on your behalf. This kind of goes back to the problem above, introducing third parties. The whole point of cryptocurrency is getting rid of third parties and intermediaries who tack on fees and try to control you and make rules for you. By using a third party processor were back to the problem of introducing unwanted third parties. The point of cryptocurrency is to be direct payments from consumer to merchant. Now I realize that some companies sell products with a hard cost and can't be subject to the volitility of crypto. We'll take someone selling DSLR cameras for example, if they buy a Canon SL2 for $500 and they sell it for $700 that leaves a $200 profit. That said if they accept crypto as payment and they accept $700 worth of Bitcoin, and don't sell it right away, it's possible that the camera they paid $500 for, they now only have $400 in Bitcoin for the payment, because of that volatility. Because of that I think it's understandable that some merchants will need to use a merchant processing company to immediately convert crypto to fiat, or at least a portion of each transaction to at least cover their hard costs. On the flip side however someone who is selling digital products which have no hard cost, they can afford the volatility since they won't necessarily be losing money. Imagine I create digital wallpappers and sell them online. The cost to create them is my time, and whether I sell 1 of them, or whether I sell 1,000 of them, it's not really costing me anymore money to sell more so I can afford a bit more volatility. Here's what it basically boils down to though. We need more Payment Gateways and not Merchant Processors. So what's the difference? A Merchant Processor is like Paypal or Stripe. They collect the money from the customer, and then a day or so later issue it to you. They are actually holding the funds. Because of this they have to follow KYC policies, they need to be registered as an Money Transmitter or Money Services business, and they are also required to offer chargebacks. It's for these reasons that they often have such stringent rules and high fees. In the world of eCommerce when we bring in a third party, in a large way that kind of defeats the point of cryptocurrency. So Coinbase rolled out a new service called Coinbase Commerce. I havn't personally used it, but from the research I've done it seems that this is a payment gateway and not a merchant processor. I say this because the money goes to your own wallet where you control the keys. Coinbase never touches that money, they simply offer the software that allows it to be sent and which helps you on the backend of your SHopify store matchup a payment on the site to a transaction on the blockchain. This solves a huge problem. A while back I tried to accept crypto through a Shopify store and there was no good way to do it. It wans't streamlined or automated. I would have to add a custom payment option. The customer would then have to say I want to pay with Bitcoin. I would need to e-mail them to give them an address to send to. They would have to send me the Bitcoin at which point I would then have to manually check the transaction on the blockchain to make sure it was actually sent and to make sure the amount was correct, and then I could ship their product. This process was not convenient or easy on myself or my customer. What Coinbase Commerce does from my understanding is pretty much automate and streamline this whole process. This means my customer and I don't need to talk with one another just to make a simple crypto transaction, the whole process is automated, and I can easily see that the customer has made payment through my Shopify store. If my understanding of Coinbase Commerce is correct this also means that at no point during this process does Coinbase actually touch the money. The beauty of Coinbase never touching the money is that they aren't a money transmitter or a money services business. They don't have to follow rules about chargebacks, they don't have to track my business and issue a 1099 at the end of the year, and they don't have to place rules on what I can and can't sell, that's completely on me. I think this is what crypto needs more of. We need more payment gateways and less merchant processors. Merchant Processors while they do serve an important role for businesses with hard costs, for other businesses they just get in the way and have too many costs and too many rules.
I guess my point is this. Cryptocurrency is unique to money and payment processing. We need to embrace this uniqueness and take advantage of the lack of power and control it allows corporations and government. To date most of the adoption of crypto I have seen is nothing more than partnering with and giving power back to banks, credit card companies, and merchant processing companies. *** I neglected to add something about Litepay. Litepay came to a screetching halt before it even began because it relied top much on the current banking system allowing it. Only a registered business can accept Litepay where as with stripe or paypal anyone can start as a soleprop today in minutes
Silicon Lottery now accepts Nano as the sole Crypto payment option!
Those who are computer hardware enthusiasts may know about us, but we're a Texas company that sells binned and delidded computer processors. For CPUs that are able to be overclocked, we effectively take the "silicon lottery" out of the equation by selling processors by their overclocking capabilities. This is a premium service for those looking to get every last inch of performance. From day one when we started this business four years ago, we accepted Bitcoin as a payment option through Coinbase. December of last year was a bad time for us, as we had several orders placed in Bitcoin that took even up to a week to confirm. It was a pain to manage refunds for the Bitcoin payments that took too long to confirm. What used to be a clean and simple process became a mess. We temporarily stopped accepting Bitcoin for about a month until things settled down. Fast forward to this month, we took some time to research all the different cryptocurrencies that have come about over the years. Out of everything we looked at we determined Nano made the most sense for our use case. Instant transaction confirmations with high throughput and zero payment fees. Simple and easy. The fact that Nano isn't a mining crypto is also a big plus. The GPU shortage this past year has been directly hard on our own customers, inflating the cost of building PCs. In a way, supporting cryptocurrencies that require mining is against our own best interest. Thanks to BrainBlocks, we were able to easily integrate Nano payments through our Shopify store. We're not going to accept any other cryptos as a payment method at this point because it's simpler for our own bookkeeping purposes (zero transaction fees for moving crypto around is also an understated benefit for bookkeeping) and it should be simple enough for other crypto holders to convert to Nano first if they need to. https://siliconlottery.com/
Hi Bitcoiners! I’m back with the 32nd monthly Bitcoin news recap. For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you an overview of what happened in bitcoin over the past month. You can see recaps of the previous months on Bitcoinsnippets.com A recap of Bitcoin in August 2019 Adoption
Cryptocurrency News: 5 Benefits of Crypto Payments
The demand from consumers is increasing as the benefits of digitally native payments are becoming more apparent. Crypto can save both customers and businesses money and time and can also increase the security of transactions. Crypto payments may not be mainstream yet, but more and more businesses are responding to the growing trend and are now accepting crypto payments either directly or indirectly through a third party. For example, online retailer Overstock accepts crypto payments directly from any customer, around the globe instantly. Overstock: Benefits of Bitcoin Purchases Overstock was one of the first major retailers to accept Bitcoin in 2014 and has continued to make a name for itself in the crypto space launching its own blockchain based capital markets solution, tZero. Others such as Microsoft, Dish, and Shopify have followed, accepting crypto payments in exchange for their goods and services. Keep reading to learn how crypto payments offer benefits above fiat from the analysis of https://www.m8x.com/ For Customers... Less Fees Banks make a lot of money off of your money. They charge fees for a variety of services like credit cards, savings accounts, ATM deposits and withdrawals, and more. Managing your funds in a crypto wallet versus a bank offers significant savings. In most cases, opening and holding a crypto wallet, unless one chooses to purchase a hardware crypto wallet or prepaid card, and using it for crypto payments is completely free. Of course, this largely means that maintaining custody and responsibility of your crypto (through keys, seeds, hardware, or otherwise) is almost entirely up to you. Owned Data Financial institutions and retailers collect and retain a wide range of customer’s personal and financial information. Your bank tracks anything from your name, address and social security number to your net worth, investments, account balances, and credit score. On the other side of the transaction, retailers are collecting your browsing and purchasing history as well as your basic personal information. With crypto, the only data needed to process payments is two strings of numbers – the customer’s address and the recipient's address. Of course, crypto transactions aren't completely anonymous because most blockchains are public, and personal information like your name and address are often still collected by retailers. Despite this, crypto transactions collect and retain significantly less personal information than standard credit card transactions. The fewer intermediaries involved in a transaction, the fewer opportunities there are for your data to be commercialized. Not to mention, by making transactions peer-to-peer, business yield more profit and are less pressured to gain revenue through sales of customer data. Borderless Payments Crypto assets are borderless by nature. Bitcoin, for example, isn’t owned by a centralized body or issued by a single country. It’s decentralized which means it’s also global. Crypto payments can instantly cross borders with minimal fees and without the need for an intermediary like a remittance business or a bank. All that’s needed to process an international payment is an internet connection and a device like a cell phone or laptop. Removing the third party from the equation opens the doors for millions of people around the globe without access to banks (“the unbanked”), giving them access to the global economy. The opportunity for crypto payment adoption in places like Nigeria where an estimated 100 million people have access to the internet, mostly through mobile devices, but only 31 million hold bank accounts, is huge. For Businesses... No Charge Backs The current electronic payment system forces businesses to take a substantial risk when processing payments. When you purchase something with a credit card, you’ll often see your transaction as pending on your statement. That’s because your payment isn’t actually as instant as it appears. It has to travel between a customer, two banks, then finally, to the merchant. The lack of speed and the need for multiple parties gives customers the chance to take an item only to cancel their payment before it’s processed, leaving the business high and dry. With a crypto payments, it can't be reversed once it is processed. It’s instant and permanent, which means companies don’t have to worry about chargebacks. Loyal Customers CheapAir – an American online travel agency – has reportedly processed more than $5 million in Bitcoin payments since 2013. The CEO of CheapAir Jeff Klee told Forbes that he likes "customers who pay in crypto because they are loyal." He also noted that they’re more likely to “buy higher ticket items.” Many crypto users are seeking out businesses that accept crypto and are likely to be loyal to those who do. Not to mention, studies predict crypto assets could be used as a mainstream means of payment in the next decade. Businesses that get ahead of the curve will likely reap the benefits of mass adoption. While crypto payments have a long way to go both in terms of adoption and scalability, the benefits to both businesses and customers are significant enough to radically improve the way transactions are conducted globally.
Shopify/Stripe said I couldn't sell Hair Extensions
Just got notice today that my Shopify payments powered by Stripe does not support hair extension sales. After, 4 successful years in business selling hair extensions both sterile human and synthetic hair online and in store Shopify is blocking me from selling a perfectly legal mainstream product. BTW we are in great standing with Shopify. They just said its against there policy. WTF???! The chargebacks, fees and the big one - banning my products to sell! You just have no idea as a business owner how fed-up I am with the credit card companies! I am disgusted with there ridiculous actions! We just need a better option and there toast! We had people come in our shop and buy products with there cards. We ID them, get signatures, take a picture of them holding our products and ID in front of our store sign. Only to get chargeback the full amount for Fraud! The ID will match there card but the card is fake! They are buying the fake cards with someone's stole cc info on the mag stripe! The fraud is out of control, in-store and its even worse online! What can we do to get clients to pay in Bitcoin? We are hopeless b/c if we suddenly start only accepting cash (Internet sales not an option) we will lose tons of business! We already have a Bitpay account and even give the clients 5% off when they pay in Bitcoin but over the whole year of doing that we have gotten like 2 sales from it! Please help bitcoin. What can we do to get them to pay in Bitcoin?
How Blockchain & E-Commerce Makes A Successful Combination?
It’s been a decade when the revolutionary concept of online selling was introduced to the world and the evolution of this industry has been exemplary. Within the past few years, the concept of ecommerce has been intensely affected by continuous technological advancements and blockchain is one of them. Blockchain offers a variety of new opportunities for the industry through its unparalleled potential; eliminating mediators to centralize operations, reducing complexities for ecommerce businesses to resolve their long-term challenges. However, it’s important to mention that this technology is the foundation of cryptocurrency payments which makes it more important for the e-commerce domain. It would be appropriate to say that blockchain is poised to change the way transactions are made. In continuation, both traditional selling stores, as well as e-commerce businesses, should be prepared for radical changes. Our focus will set on analyzing the impact of blockchain technology on e-commerce businesses in coming future. But prior, we need to clarify some important questions about the Blockchain technology. Those buzz will be helpful for you to spend on the services of a professionalshopify development company in an effective manner. What is E-commerce Blockchain? A traditional ecommerce store always has a large number of customers, inventory and transaction data, which requires adequate management & storage for effective results. In blockchain technology, this situation is addressed by combining transactions in block form and connecting those blocks in the form of a chain. Here every block is stored on individual computers hereby making it secure & scalable. How are Blockchain transactions verified? Transactions in Blockchain has a legitimate process of verification. Every node has a complete history of transactions and whenever there is a new happening transaction, the node performs several checks to ensure that it’s a genuine one. The process starts with a signature validation and if not valid then gets denied promptly hereby making it impossible to falsify the authenticity. Hiring a professional developer is most suitable if you are new to Blockchain technology integration. But prior to having a look at the unleashed potential of blockchain for the e-commerce industry, it’s required to understand the potential challenges and pain points it faces. The survival, sustenance and growth in E-commerce is difficult due to its complexity as a domain and to start here is a challenge in itself. Let’s have a look at some of the key challenges faced by the sellers on a day-to-day basis as well as in the long run. The e-commerce industry is becoming highly competitive, with existing players offering similar products and services and more sellers are joining the bandwagon at a rapid pace. It requires businesses to adapt smart business models & technologies to sustain in the race. Another pain point of the sellers is the presence of a middlemen in traditional business models who shares a hefty percent of earning in the selling process. Also the sellers have to pay a transaction processing fees to facilitate payments for completing the transactions. This fee reduces the profits of sellers to a considerable extent and result in lower revenues. Another key concern for these businesses is the protection of consumer data as they require to build the customer’s trust by assuring them about the complete safety of their personal as well as financial details. The implementation of data security regulations; General Data Protection Regulation (GDPR) has made data security an important concern for ecommerce companies. This is prime reason for sellers to invest more in data encryption and other measures for preventing hacks. There is an array of operations like supply chain, logistics, payments included in ecommerce business and management of these operations is a key challenge for the industry. From correct inventory replenishment, proper arrangement of shipping and delivery functions, to managing customer relationships are few of a lot things needed to be managed by the merchants. And since all these challenges can be overwhelming the sellers from very start of online selling, they have been searching for a technology that’s capable of handling them all. Fortunately, blockchain technology is a suitable answer for all these questions and being a decentralized system, it offers a lot of benefits for the e-commerce domain. E-Commerce Will Be Driven By Blockchain In Future Regardless of all the positive impacts e-commerce industry has on the world economy, things have not been fruitful for the sellers in the domain because of the challenges since the origin. Also, it has been seeking for a secure technological backbone to support it and address the diverse challenges it faces. Luckily, the Blockchain technology is ready to give it the same today through an array of features: Operational Efficiency: The decentralized model in Blockchain makes it capable of assigning operations and drive efficiently. Smarter contracts are passed down to regulate the intermediates like logistics and payment processing partners. It facilities the integration with several management systems to streamline the overall workflow as well. Blockchain offers the clients complete ownership of their assets like digital storefronts, product photos, and videos, and reviews. Assured Payments: Another significant advantage is the transparency in transactions, which increases a buyer’s trust. Every transaction is taped in a shared ledger which cannot be modified by anyone. Users avail high-security, faster processing speed, and radical visibility along with traceability through decentralized system. Also cryptocurrencies lower the transaction costs for international e-commerce stores. Cost-Effectiveness: Bitcoin is a well-known and most utilized case for this technology. Online sellers can trust bitcoin and other cryptocurrencies to get in-budget payment solutions and since there are no payment processes involved, currency can be accepted at a zero processing fee by the sellers. Additionally, blockchain offers a decentralization of marketplaces, letting the inherent costs going down automatically. It also provide better pricing for online retailers for the customers as the savings are passed to them. Data Security: Consumer data of an e-commerce store is always on a vulnerable point due to weak encryption, since well-encrypted systems can be hacked by the tips and tricks used by modern hackers. The presence of a decentralized ecosystem makes it impossible to hack from a single point, enabling sellers to safeguard the sensitive customer information and databases. Conclusion Since there are extensive benefits of e-commerce Blockchain making it imperative for businesses to grasp for massive growth. If you require transparency in business transactions and manage your consumer data reliably, this technology is the best solution for you. Having a right technology partner is must for you to use this futuristic technology at fullest and take your business to the next level. AtPro Web - Unisys we develop robust e-commerce solutions to open unlimited opportunities and take your e-commerce business to the next level. Blog Source URL:https://www.prowebtechnos.com/how-blockchain-e-commerce-makes-a-successful-combination/
Shopify Merchants Can Now Accept Bitcoin Payments via Lightning Network
https://preview.redd.it/b80t9hp3bhk31.png?width=696&format=png&auto=webp&s=321a118500c3cf8ff3b72f391875ed2011ff7c47 News by Altcoin Buzz: Luc Lammers Shopify, one of the biggest e-commerce platforms with over 500,000 merchants, now features a Lightning Network plug-in for Bitcoin payments. OpenNode, a payment processor that facilitates Bitcoin payments for individuals and businesses, has built a Shopify plug-in that allows stores that use the platform to accept Bitcoin payments through the Lightning Network. OpenNode CEO, Afnan Rahman, said about the Shopify plug-in: “Other payment processors have failed to provide a smooth experience for both the customers and the businesses using them and we intend to improve the overall experience” On-chain Bitcoin payments on Shopify have been possible for some time through BitPay, but OpenNode is the first company to bring cheap, split-second Lightning payments to the platform. Currently, the plug-in features:
The payment amount is calculated using real-time exchange rates;
Allows for fee-less and instant Bitcoin payments through Lightning Network;
Supports traditional on-chain transactions using the new native SegWit addresses (bech32);
No setup or recurring fees;
Free Lightning Network and scheduled withdrawals.
Besides Shopify, OpenNode has also integrated with other major e-commerce platforms like OpenCart, PrestaShop, and WooCommerce. OpenNode, founded in 2018, received an investment of $1.25 million from venture capitalist Tim Draper and early-stage investment firm Draper Associates. According to Almeida, the continuous development of infrastructure from protocol developers would see the company grow even further. “By 2019, we plan to be the leading bitcoin payments platform. Also, more importantly, we aim to push microtransactions onto gaming/streaming/content platform and create payment models never before possible.”
He started with little to no product or business experience.
The product went somewhat viral - he sold all 1,000 units within 25 days of launch.
Has since launched hundreds of unique products.
Here's the interview - hope you enjoy:
Hello! Who are you and what are you working on?
Hi, my name is Jeff Phillips and I am the inventor of the Beardo beard hat. We started out with one product which is our patented hat with a detachable beard (the Beardo), but have since launched hundreds of unique products and have even moved into branded promotional products. Beardo really started out as a bit of a gamble and we never really took it that seriously. I knew the Beard hat was fun and functional and that I really liked it, but my friends weren’t so convinced that others would feel the same and actually purchase it. I really just trusted my gut and went for it. I am glad I did because within the first 25 days of launch we had sold out of our entire years stock of 1,000 units, and pulled in over $40,000. What our product looks like
What's your backstory and how did you come up with the idea?
I suppose I get my creativity from my Dad and Grandpa. They both were always looking for ways to improve things and generally just liked working with their hands. I’ll never forget the day my dad designed a ‘can crusher’ so that our recycling didn’t take up so much space. He never wanted to put it to market or anything like that, but just wanted it for himself. When he saw that someone had released one a few months later and was probably making millions on it, he was pretty annoyed! Like Dad and Grandpa, I am constantly thinking of crazy inventions and edits around the house to make life simpler. It’s not something I can turn off, so I started writing my ideas down in a journal. I guess it was just a matter of time until one of us went into mass production with a crazy invention! The Beardo came about organically and out of sheer necessity. At the end of 2006, I was snowboarding in Whistler, and it was an absolute chiller of a day. We had made our way to the top of a run called ‘7th heaven’ and I was certain that the wind was going to be the end of me. I had this old brown knit scarf in my bag and had tied it around my face to stay warm. About halfway down we stopped on the side for a bit of break and instead of taking off the scarf, I just spread a hole in the knit and popped my water bottle through to take a drink… one of our group cracked up laughing because it looked like a real beard! I got back to where we were staying, cut the scarf up to refine the beard a bit and the first Beardo beard was born! I used it a few more times until I got some better prototypes knit, and the true form took shape into the World’s only hat with a foldaway, detachable and adjustable beard! I did keep the original though and I have been meaning to get it framed to hang on my wall!
Describe the process of designing, prototyping, and manufacturing the product.
Though I didn’t have any design experience, I had run a few small businesses before and knew a little about graphic design as well. I also had a couple degrees (B.A and a film and TV diploma) that gave me a lot of great experience and the know-how to do things myself. All of these experiences really came in handy while designing the beard hat because it helped limit the startup budget. When this really started to take off, I was living in a friends garage to save a bit of money. We had no internet and things were pretty tight. Getting Beardo off the ground with trademarks, patents, and web design was costly, so again I did a lot of it myself and leaned on friends for help when needed. I remember that I used to drive around the suburbs with my laptop open trying to find a wireless internet signal that was unlocked! Most of the designing, patents, and trademarks were created in my wagon. I remember one house must have picked up on what I was doing because I had been in front of their place for a week when they started to peer out the window and the next time I went back the free wifi was no more. The design process was pretty straightforward though, it was easy enough to get an actual knit prototype made and from there I went off looking on Google for manufacturers. My early focus was to stay in Canada, but after seeing the quality issues with the first round of samples and a price tag of more than I could sell them for, I had to look elsewhere. I ended up finding some great companies in asia who specialize in knitwear and went back and forth for a while before deciding that they were a great company to work with. After getting the patents, trademarks, website design and the first batch of beard hats, I had spent about $8,000 and was ready to launch. I still wasn’t sure what would happen, but I figured that at worst case, I could take the beard out of these really nice knit hats and sell them to a store for cost. That was my backdoor if the whole thing crashed and burned.
Describe the process of launching the online store/business.
I’ve seen a lot of changes since I started Beardo and there are definitely a lot more people launching sites and small brands. I think it’s great and it makes things that much easier to get going, but it also means you have a lot of competition and you need a point of difference. Luckily for me, I had created a unique product so I didn’t have to contend with any similar businesses. The best advice I can give is that before launching you need to have a rollout plan in place. A lot of people think that getting the site and product made is the hard part and that all you have to do is wait for orders to roll in. In reality, the launch and promotion are the hard parts. Before going live, you should be ready to contact media (local and otherwise), start advertisements, run promotions, send out free samples to bloggers and influencers and keep pushing and expanding your reach every day. For example, one major undertaking was to search for direct email contacts for all the magazine, Newspaper, TV, and University newspaper editors that I could find. Then one by one, I hit them up and try to get a story, collaboration or even a paid ad. Below is a short list of some of the neverending projects I would also work on in those early days:
Facebook Pages: Write on walls/hockey teams, fan clubs, and ski pages.
Bloggers: Find some and pitch them an angle (ie. winter is coming), free gear or reviews.
Free magazines to be included in (movie theatre mags etc)
Paid Magazine editors (UK, USA, CAN)
University/college paper editors - Stories or collaboration/contests.
Newspaper editors - Angle: "Lead into winter".
Playoff Beard Promos: Hit up hockey teams, shops, etc.
Ski Season Promos: Hit up slopes, shops, events, etc.
Look for and contact retailers for wholesale accounts.
Look into potential of running market stalls and mall kiosks.
Daily deal sites: Reach out to them.
Tradeshows: Organize and set some up.
Now I am not saying that you need to have everything ready to go before you launch, but you need a rough plan. Truth is you’ll never launch if you try to get everything all lined up. it’s going to be messy and constant and that’s ok. Just roll with it and keep planning and pushing. I had a pretty good plan in place but was really surprised when the first order came in - it was from South Korea! It seems my planning had worked and Beard hats were quickly picked up by global bloggers and the media, which was unreal! The best part was, after only one live-to-air interview on the Canadian news, it quickly went viral and more and more bloggers and ‘cool product’ sites started listing the Beardo.
What has worked to attract new customers?
Without a huge media boost, it can be tough to get new customers. I would always keep a list of ideas I had, or things I saw that other brands were doing that seemed to work. That pretty much became my neverending to-do list. The MOST exposure and returns we have seen were directly resulting from being featured by the big fish like ‘Good Morning America’, our Kickstarter, or our appearance on ‘Dragons Den’ and also having exposure from celebrities. A company called FAB (daily design deals) liked our product so much that they used it in their online campaign in 2011/12 which resulted in HUGE social media growth and a lot of sales. One thing leads to another though, so the more exposure you can get will almost certainly lead to more and more. It’s kind of a snowball effect, and that’s what you want. Out of everything we do, social media and SEO are consistently the best returns for us. When you set up your website, the first thing you should think about is SEO, and making a list of all your top keywords is just a small part of that. There are some really great google SEO guides out there and I recommend that anyone starting out should take night classes or online course for the basics, like: SEO. blogging for business, HTML, photoshop, photography. A good place to start for SEO are on the guides that Google provides. SEO is constant and you need to keep on top of it. Not only in terms of your site changes, but also google is constantly changing their own algorithms and with that, suggestions to improve your strategy. One thing I would recommend everyone do is to start following @SEOMOZ and even signing up for a trial. You’ll learn alot about SEO really quickly and it’s a great way to look into what your competitors are doing too.
How is everything going nowadays, and what are your plans for the future?
I joke with friends that I thought Beardo would be a short-lived business, and beard hats would be a fad that would be dead in 12 months. I don’t think anyone thought it would do so well, or be around so long. As long as I am still meeting people who have never seen it yet, there is always room to continue. Today, Beardo has warehouses in 5 countries and has a range of over 140 fun and functional winter headwear products and we are always coming up with new ideas! We do have plans for new products, but they are top secret!
Through starting the business, have you learned anything particularly helpful or advantageous?
As I said earlier, I have seen a lot of changes in the e-commerce space and I think the number one regret I have is not blasting Facebook ads more. When I first started advertising beard hats on facebook it was just to grow the fanbase as the objectives today simply didn’t exist. I started out with about $10-20 a day and at a cost of about $0.01- 0.02 per fan - it grew really fast! Back then I thought $70-140 a week was quite a lot of money to spend on advertising, and kinda thought things would stay the same… I was dead wrong. Facebook changed their algorithm and cost per reach, which basically means to get that same fanbase growth you would have to spend thousands a day. It’s also now nearly impossible to speak to your own fans through organic reach with your posts without paying, so that’s a big bummer. Back when we had 10k fans, we would get 500-1000 likes per post. Now we have 330k and are lucky if we get 10 likes. We should have been focused more on channeling our fans into email subscription as it allows for a direct method for contact. I think there is no real model for success that covers all brands and products, you really never know what will work and what will fail and just because something works for one brand doesn’t mean it can be reproduced. You should try everything and don’t be afraid of failure and definitely don’t get hung up on failure. Move forward and try your next idea. If you are out of ideas, Google, follow others or ask around. I think a major attribute of a successful entrepreneur is not just driven but creativity and the ability to think outside of the box, so trust your weird ideas.
What platform/tools do you use for your business?
We now use Shopify because it is nearly impossible to crash it! We have tried and have even had hundreds of thousands of concurrent visitors on the site with no issues. Not even a flicker. One of my friends just had her bikini site crash last night because she wasn’t prepared for a big rush of visitors and it’s been down for nearly 15 hours now. Do yourself a favor and go with Shopify. We also use the Product Upsell App through Shopify as well as discounts, reviews, and BitPay which allows people to pay using bitcoin and other cryptocurrencies. We also accept Paypal and Shopify payments too.
What have been the most influential books, podcasts, or other resources for your business?
I really liked the 4-Hour Workweek by Timothy Ferris. It’s a bit of fiction, but gets you thinking out of the box! Besides that, I don’t really look for business motivation. I am more interested in design inspiration, so I just look at lots of strange art, and try to travel as much as possible to open my mind to new ideas.
Advice for other entrepreneurs who want to get started or are just starting out?
If you are looking to start out online, you should remember that simple is better. When designing your website try to make it as streamlined as possible. That goes for product design, packaging and ads as well! Simple is better and trial and error is the key, so keep testing. Some issues I see are things like spending too much money before you have even started. These days you can start with an idea and turn it into millions before you even have product! Just look at Kickstarter.com. It’s a perfect place to launch and trial your product or idea to see if others are even interested. If it gets funded, perfect! If not, you hopefully haven’t spent too much and can move to the next idea. We did a kickstarter of our own in 2013 and it was the reason we were able to launch our line of ski masks! You can also start out on the cheap by selling on a platform like Etsy and try to grow a fanbase and revenue that way before blowing your paycheque on a fancy website. Things like patents and trademarks are important but easily done without spending tens of thousands on legal fees. Trademarks are especially easy, so before getting a lawyer, check it out yourself! The most important thing is to trust your gut and go with it. There are lots of people out there with great ideas but who are too afraid to start. Interview at https://www.starterstory.com/beardo-beard-hat
Note: New Reddit look may not highlight links. See old look here. A copy is hosted on GitHub for better reading experience. Check it out, contains photo of the month! Also on Medium
dcrd: Significant optimization in signature hash calculation, bloom filters support was removed, 2x faster startup thanks to in-memory full block index, multipeer work advancing, stronger protection against majority hashpower attacks. Additionally, code refactoring and cleanup, code and test infrastructure improvements. In dcrd and dcrwallet developers have been experimenting with new modular dependency and versioning schemes using vgo. @orthomind is seeking feedback for his work on reproducible builds. Decrediton: 1.2.1 bugfix release, work on SPV has started, chart additions are in progress. Further simplification of the staking process is in the pipeline (slack). Politeia: new command line tool to interact with Politeia API, general development is ongoing. Help with testing will soon be welcome: this issue sets out a test plan, join #politeia to follow progress and participate in testing. dcrdata: work ongoing on improved design, adding more charts and improving Insight API support. Android: design work advancing. Decred's own DNS seeder (dcrseeder) was released. It is written in Go and it properly supports service bit filtering, which will allow SPV nodes to find full nodes that support compact filters. Ticket splitting service by @matheusd entered beta and demonstrated an 11-way split on mainnet. Help with testing is much appreciated, please join #ticket_splitting to participate in splits, but check this doc to learn about the risks. Reddit discussion here. Trezor support is expected to land in their next firmware update. Decred is now supported by Riemann, a toolbox from James Prestwich to construct transactions for many UTXO-based chains from human-readable strings. Atomic swap with Ethereum on testnet was demonstrated at Blockspot Conference LATAM. Two new faces were added to contributors page. Dev activity stats for May: 238 active PRs, 195 master commits, 32,831 added and 22,280 deleted lines spread across 8 repositories. Contributions came from 4-10 developers per repository. (chart)
Hashrate: rapid growth from ~4,000 TH/s at the beginning of the month to ~15,000 at the end with new all time high of 17,949. Interesting dynamic in hashrate distribution across mining pools: coinmine.pl share went down from 55% to 25% while F2Pool up from 2% to 44%. [Note: as of June 6, the hashrate continues to rise and has already passed 22,000 TH/s] Staking: 30-day average ticket price is 91.3 DCR (+0.8), stake participation is 46.9% (+0.8%) with 3.68 million DCR locked (+0.15). Min price was 85.56. On May 11 ticket price surged to 96.99, staying elevated for longer than usual after such a pump. Locked DCR peaked at 47.17%. jet_user on reddit suggested that the DCR for these tickets likely came from a miner with significant hashrate. Nodes: there are 226 public listening and 405 normal nodes per dcred.eu. Version distribution: 45% on v1.2.0 (up from 24% last month), 39% on v1.1.2, 15% on v1.1.0 and 1% running outdaded versions.
Obelisk team posted an update. Current hashrate estimate of DCR1 is 1200 GH/s at 500 W and may still change. The chips came back at 40% the speed of the simulated results, it is still unknown why. Batch 1 units may get delayed 1-2 weeks past June 30. See discussions on decred and on siacoin. @SiaBillionaire estimated that 7940 DCR1 units were sold in Batches 1-5, while Lynmar13 shared his projections of DCR1 profitability (reddit). A new Chinese miner for pre-order was noticed by our Telegram group. Woodpecker WB2 specs 1.5 TH/s at 1200 W, costs 15,000 CNY (~2,340 USD) and the initial 150 units are expected to ship on Aug 15. (pow8.com – translated) Another new miner is iBelink DSM6T: 6 TH/s at 2100 W costing $6,300 (ibelink.co). Shipping starts from June 5. Some concerns and links were posted in these twothreads.
A new mining pool is available now: altpool.net. It uses PPLNS model and takes 1% fee. Another infrastructure addition is tokensmart.io, a newly audited stake pool with 0.8% fee. There are a total of 14 stake pools now. Exchange integrations:
Upbit added DCKRW and DCUSDT pairs. A user reported that DCR deposits and withdrawals are now available.
CoinEx announced the launch of DCBTC and DCBCH pairs.
Bleutrade added DCUSDT pair. Note their reply to our tweet. It was the first exchange to list Decred minutes after launch.
Brazilian exchange OmniTradeadded DCBRL fiat pair following a poll. Worth noting that it is one of the first to integrate Trezor sign-in.
There are reports that DCR was added to Abucoins and Tor Exchange but we don't know much about them.
OpenBazaar released an update that allows one to trade cryptocurrencies, including DCR. @i2Rav from i2trading is now offering two sided OTC market liquidity on DCUSD in #trading channel. Paytomat, payments solution for point of sale and e-commerce, integrated Decred. (missed in April issue) CoinPayments, a payment processor supporting Decred, developed an integration with @Shopify that allows connected merchants to accept cryptocurrencies in exchange for goods.
michae2xl: Voto Legal: CEO Thiago Rondon of Appcívico, has already been contacted by 800 politicians and negotiations have started with four pre-candidates for the presidency (slack, source tweet)
Blockfolio rolled out Signal Beta with Decred in the list. Users who own or watch a coin will automatically receive updates pushed by project teams. Nice to see this Journal made it to the screenshot! Placeholder Ventures announced that Decred is their first public investment. Their Investment Thesis is a clear and well researched overview of Decred. Among other great points it noted the less obvious benefit of not doing an ICO:
By choosing not to pre-sell coins to speculators, the financial rewards from Decred’s growth most favor those who work for the network.
One project that stands out at #Consensus2018 is @decredproject. Not annoying. Real tech. Humble team. #BUIDL is strong with them. (@PallerJohn)
Token Summit in New York, USA. @cburniske and @jmonegro from Placeholder talked "Governance and Cryptoeconomics" and spoke highly of Decred. (twitter coverage: 12, video, video (from 32 min)) Campus Party in Bahia, Brazil. João Ferreira aka @girino and Gabriel @Rhama were introducing Decred, talking about governance and teaching to perform atomic swaps. (photos) Decred was introduced to the delegates from Shanghai's Caohejing Hi-Tech Park, organized by @ybfventures. Second Decred meetup in Hangzhou, China. (photos) Madison Blockchain in Madison, USA. "Lots of in-depth questions. The Q&A lasted longer than the presentation!". (photo) Blockspot Conference Latam in Sao Paulo, Brazil. (photos: 1, 2) Upcoming events:
The Long-Term Bullish Case for Decred by Ben Davidow (medium.com)
Hardware Companies Are Launching Dedicated ASIC Miners for Decred (btcmanager.com)
Iterative Capital partner Chris Dannen and journalist Ben Schiller speak with Marco and Jonathan from Decred at Consensus 2018 (soundcloud)
Decred Review: What is DCR, the Decred Community & Possible Challenges by BitBoy Crypto (youtube)
Decred Founder: Bitcoin Paved Way, Phase 2 Will Shock You! (Marco Peereboom) by Pure Blockchain Wealth (youtube)
Decred & Blocknet: Revolutionary governance for every community feat. JZ at Consensus 2018 (youtube)
Decred coin - Will it be better than Bitcoin? by Bitassist (youtube)
Community stats: Twitter 39,118 (+742), Reddit 8,167 (+277), Slack 5,658 (+160). Difference is between May 5 and May 31. Reddit highlights: transparent up/down voting on Politeia, combining LN and atomic swaps, minimum viable superorganism, the controversial debate on Decred contractor model (people wondered about true motives behind the thread), tx size and fees discussion, hard moderation case, impact of ASICs on price, another "Why Decred?" thread with another excellent pitch by solar, fee analysis showing how ticket price algorithm change was controversial with ~100x cut in miner profits, impact of ticket splitting on ticket price, recommendations on promoting Decred, security against double spends and custom voting policies. @R3VoLuT1OneR posted a preview of a proposal from his company for Decred to offer scholarships for students. dcrtrader gained a couple of new moderators, weekly automatic threads were reconfigured to monthly and empty threads were removed. Currently most trading talk happens on #trading and some leaks to decred. A separate trading sub offers some advantages: unlimited trading talk, broad range of allowed topics, free speech and transparent moderation, in addition to standard reddit threaded discussion, permanent history and search. Forum: potential social attacks on Decred. Slack: the #governance channel created last month has seen many intelligent conversations on topics including: finite attention of decision makers, why stakeholders can make good decisions (opposed to a common narrative than only developers are capable of making good decisions), proposal funding and contractor pre-qualification, Cardano and Dash treasuries, quadratic voting, equality of outcome vs equality of opportunity, and much more. One particularly important issue being discussed is the growing number of posts arguing that on-chain governance and coin voting is bad. Just a few examples from Twitter: Decred is solving an imagined problem (decent response by @jm_buirski), we convince ourselves that we need governance and ticket price algo vote was not controversial, on-chain governance hurts node operators and it is too early for it, it robs node operators of their role, crypto risks being captured by the wealthy, it is a huge threat to the whole public blockchain space, coin holders should not own the blockchain. Some responses were posted here and here on Twitter, as well as this article by Noah Pierau.
The month of May has seen Decred earn some much deserved attention in the markets. DCR started the month around 0.009 BTC and finished around 0.0125 with interim high of 0.0165 on Bittrex. In USD terms it started around $81 and finished around $92, temporarily rising to $118. During a period in which most altcoins suffered, Decred has performed well; rising from rank #45 to #30 on Coinmarketcap. The addition of a much awaited KRW pair on Upbit saw the price briefly double on some exchanges. This pair opens up direct DCR to fiat trading in one of the largest cryptocurrency markets in the world. An update from @i2Rav:
We have begun trading DCR in large volume daily. The interest around DCR has really started to grow in terms of OTC quote requests. More and more customers are asking about trading it.
Like in previous month, Decred scores high by "% down from ATH" indicator being #2 on onchainfx as of June 6.
David Vorick (@taek) published lots of insights into the world of ASIC manufacturing (reddit). Bitmain replied. Bitmain released an ASIC for Equihash (archived), an algorithm thought to be somewhat ASIC-resistant 2 years ago. Threepure PoWcoins were attacked this month, one attempting to be ASIC resistant. This shows the importance of Decred's PoS layer that exerts control over miners and allows Decred to welcome ASIC miners for more PoW security without sacrificing sovereignty to them. Upbit was raided over suspected fraud and put under investigation. Following news reported no illicit activity was found and suggested and raid was premature and damaged trust in local exchanges. Circle, the new owner of Poloniex, announced a USD-backed stablecoin and Bitmain partnership. The plan is to make USDC available as a primary market on Poloniex. More details in the FAQ. Poloniex announced lower trading fees. Bittrex plans to offer USD trading pairs. @sumiflow made good progress on correcting Decred market cap on several sites:
speaking of market cap, I got it corrected on coingecko, cryptocompare, and worldcoinindex onchainfx, livecoinwatch, and cryptoindex.co said they would update it about a month ago but haven't yet I messaged coinlib.io today but haven't got a response yet coinmarketcap refused to correct it until they can verify certain funds have moved from dev wallets which is most likely forever unknowable (slack)
About This Issue
Some source links point to Slack messages. Although Slack hides history older than ~5 days, you can read individual messages if you paste the message link into chat with yourself. Digging the full conversation is hard but possible. The history of all channels bridged to Matrix is saved in Matrix. Therefore it is possible to dig history in Matrix if you know the timestamp of the first message. Slack links encode the timestamp: https://decred.slack.com/archives/C5H9Z63AA/p1525528370000062 => 1525528370 => 2018-05-05 13:52:50. Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research. Your feedback is precious. You can post on GitHub, comment on Reddit or message us in #writers_room channel. Credits (Slack names, alphabetical order): bee, Richard-Red, snr01 and solar.
Community-led Discord AMA Transcript - October 12th, 2018
On October 12, our CEO - Marshall, Director of Product - Patrick, Director of Business Operations - Kristal, and Senior iOS Engineer - Ephraim stopped by the community-led Discord channel to answer your questions. Here’s a transcript of the questions and answers.
meakkineni: Can you give us some Crumbs stats? Like the number of downloads, total amount managed by Crumbs etc
Patrick: Unfortunately cannot go into detail but we are into the thousands of users.
meakkineni: From the jobs postings looks like you are recruiting more people for Crumbs. Can you tell us about some of the exciting new features that are going to be implemented?
Patrick: Expect to see on-demand purchase of crypto bundles, mainnet deposits and withdraws, integration with Metal Pay, and more coins! Over the coming months, we plan to offer lower fees for MTL holders, unlock features, and more!
Abu: Is Crumbs going to include any gamification aspects in the future? How is the marketing strategy for Crumbs differ from pay?
Patrick: Yes, we will add an element of gamification in the future, the current focus is user acquisition Marshall: Yes big surprise coming here, but I'll save that one for later. the marketing strategy will be closely tied together for both apps as they are tied together, and you will see this from a technical and feature perspective as time progresses
On Metal Pay…
red: How come we don't have referrals yet? Are we holding the feature back for some reason?
Ephraim: Referrals is one of the most exciting features we have in the works, because not only is it a technical challenge on both front-end and back-end, but it also introduces a new way to earn Pop. In fact, we’re just about wrapping up and finalizing the details for this feature, while making plans to translate the tech to support even more ways to earn rewards in the app. Something to look out for in version 1.1.0 😏
flumpson: My biggest hurdle in getting people to sign up is that their bank doesn’t work. In my case it was Citi. When will there be router and account number signup for people who aren’t served by plaid?
Ephraim: Currently the app integrates Plaid, a bank-linking SDK that supports over 90% of U.S. banking customers and is used by some of the biggest names in FinTech. We are aware however that online banking is required with your financial institution, and one way around that is routing/account number input. This feature is on our roadmap as a new service that will verify your account via micro-deposit. TLDR; it’s definitely coming!
Mondo: How do you see Metal Pay taking market share from the more popular apps like Venmo and CashApp? What will convince new users to switch over?
Marshall: I really believe through innovation, amazing user experience and specifically the value proposition to users on new behaviors and new technology. Specifically, I believe PoPP and the interactions with crypto to be completely new behaviors that the mass market is yet to be introduced to. Being paid (currency not points) for making a payment? I think this is a new concept and one that Metal owns. What will convince them? This is the hard question. A viral campaign that gets our apps out there, with proper messaging and the right endorsements I believe is key. Finding the viral loop, increasing our K factor (number of invites that every new user brings). When I started this company I recognized that design, user interface, user experience, incentives, and proper information were the biggest holes in cryptocurrency. We are hitting on all of these pieces.
Mondo: “A viral campaign that gets our apps out there, with proper messaging and the right endorsements I believe is key. Finding the viral loop, increasing our K factor (number of invites that every new user brings)" - is there an estimated date for this campaign? I'm sure your community would love to help where possible as well.
Marshall: We are in the process now of smoke testing our campaign strategies, and we will certainly be involving the community as we begin.
biyamin: "I am not okay putting my social security number in [Metal Pay]. Is there another way?"
Ephraim: This is one of mostly heard feedback, and we’re aware of the friction it can cause among new users. However, it is due to our financial partners' requirements, U.S. law, and FDIC insured Cash balance (we create a bank account on behalf of users) that prompt us to ask for SSN during on-boarding. Rest assured, we have a plan in placed to make onboarding as streamlined as possible, especially when SSN no longer serves as a fool-proof means of identity verification, due to recent security breaches by large firms. Finally, we have in our roadmap to allow users onto the Metal platform with limited KYC. Marshall: Yes in the future you will be able to skip over this requirement, however linking in personal information will make you eligible for PoPP (this serves as the anchor), without it you won't be able to access those rewards and some special features like having a bank account with us.
jake_eisenberg11: When will Metal Pay release in New York happen?
Marshall: This is a tough one, it will happen upon one of two things coming to fruition. An exchange partner joins us who has a Bitlicense and will deeply integrate their back-end with us or us acquiring our Money Transmission License for NY and the accompanying Bitlicense (which if this is the case will take at least 1 year). That being said we're shooting for the former obviously, a partner to help us fast track and we've got a few in the pipeline
[A bunch of different people]: When will Metal Pay release in [insert location here]?
Kristal: I can assist with all the WHEN will Metal Pay release in MY STATE or COUNTRY. We have no firm timelines on either, but we are pursuing all states and expanding to Europe/Asia simultaneously… Ditto for Crumbs.
Jan: Quick one - Metal Pay debit cards?
Marshall: VERY SOON, it's next up on our feature roadmap
redruggles5: Really excited about Metal Pay for merchants, particularly micro-business. Are you able to tell us how that will look and where in the timeline that is? Do you have plans to integrate with current bookkeeping software like QuickBooks, plans for accepting credit cards/integration with Pay, etc? The biggest objection I get is in regards to integration with their current system, the ability to accept cards, addition of QR codes or another private way for customers to pay besides their phone number. Lastly, will there be a separate referral system for merchants?
Marshall: We are very excited as well, in terms of merchants we are going to start with the integrations into existing POS. Integrating with QuickBooks and Intuit are a must for crypto record keeping for S/M/L business, we have ambitious plans for this. Referral system for merchants via consumer - YES.
ekasu: Is there a possibility to increase the Metal Pay bank transfer speed (from 1 day or so currently to within the same day like Venmo) to increase competitiveness/attraction?
Marshall: Yes with Instant ACH for US customers, a feature we will be adding and is in the PF board on Jira
Bitcoinbella: Are there any plans for retail stores to use Metal yet?
Marshall: Yes, a big part of our plan of attack here is to launch first with the debit card so we can go anywhere Visa/MC is accepted. The next step is to go after small business with technical integrations through payment partners as well as simple QR codes at the register similar to Wechat/Alipay (China really inspires me). Technical integrations - this means WooCommerce, WordPress, Shopify, Authorize.net, etc, and for physical brick and mortar stores working directly with processors (lots of them see Square as a threat and are much larger, eventually Square will go to cut out interchange and stick it to the credit card companies, many partnership opportunities abound)
jake_eisenberg11: When cannabis merchant service?!?!?!
Marshall: We have pivoted away from high-risk merchants, that being said crypto is like cash and is permission-less. The bank poses no restrictions on what you do with cash withdrawn from the ATM unless you are doing something that could be considered illegal or pose harm to the bank. Very similar to us, replace paper cash with crypto.
ekasu: What is the deadline looking for these features: (a) transfer Metal to erc20 wallet/Metal vault; (b) use Metal Pay with merchants
Marshall: Mainnet deposit/withdrawal early end of this year or January. Metal merchants will kick off with our card integration for consumers, integrations for Merchant will start next year (upon hiring more developers) Glenn very early on built a very cool WordPress plugin for WooCommerce. These integrations for WP, Shopify, etc will come first and most likely early in 2019.
meakkineni: Looking at things so far, I have a feeling that PoPP score implementation has barely started. What is the time frame we are looking for it to go live?
Marshall: PoPP score is implemented just not integrated into the UI, this is a high priority one for us.
Decoder1: There's been talk about making the MTL token more prominent in both Crumbs and MetalPay. Some things which have been mentioned are discounted fee's, moving it to the top of the buy list, unlocking special features and obviously the increased POPP score which has already been confirmed. Are these still in the works or have they been shelved? If so are there any other bonus features Metal are considering?
Marshall: I'm really looking forward to adding these additional features to highlight the special function of MTL inside the Metal ecosystem of apps. Some things that have not been talked about yet are early access on special features for users with a MTL balance, gamified features to unlock surge PoPP, partner integrations and more.
NilesCrane: What will be the utility of the MTL token when other tokens are available to be popped? What will being the 'native currency' for the Metallicus apps involve and why would you expect this to drive the token price higher when other tokens are available in the same network? kt: When will we start to see some other utilities for the MTL token through pay and Crumbs etc, other than the existing PoPP mechanism, and what are they likely to be?
Ephraim: We have a grand vision of how Metal and Pop will play a role in your daily experience on the Metal platform. Although we can’t go into too much detail into the features we have in our roadmap, we can say that MTL token will be an essential part of the Metal platform and overall ecosystem. Earning Pop when making payments is the stepping stone to realizing this vision, as we become the best, most rewarding, and user-friendly payments/crypto platform on the market.
Deaethtofiat: Will Metal's [ticker] still be changing?
Marshall: That [$XMT] is something we want to do upon announcing our mainnet chain.
Tblgu: Did Metal pay a fee for Bittrex relisting?
Kristal: Simple answer is no. We haven't seen any American-based exchanges charging for listings, and we believe the Bittrex re-listing was based entirely on the merits of our company.
marc0o: I know it might take a while until Metal reaches Europe. My favorite and IMO very promising exchange (Lykke) often gets the question whether PayPal can be used to deposit EUR or FIAT in general. Do you think it would be possible and useful to partner up with exchanges to provide FIAT deposits/withdraws?
Marshall: Yes we absolutely do and are talking to top exchanges right now, there are so many exchanges that are crypto/crypto only and we think we make a very nice fit for an integration to be the onramp/offramp, p2p payments, spending and link to the merchant world. This is a critical part of our business model and so far we are seeing HEAVY interest.
lemme: Why is Metal selling so much $MTL from the operational pool for such a low price?
Marshall: Selling and spending are two different things, so I think one of the assumptions is that selling = spending which is not the case. Yes, we are selling MTL to fund our operating bank, but not spending it at the rate that we are selling it. We are doing this because of three reasons: (1) We raised a very small amount last year to build out our apps (which arguably we have delivered) $3m vs most crypto startups raising $20m+ and we have delivered much, much more. (2) We need to demonstrate a full year of burn in the bank account to close the audit. (3) We need to close the audit to retain our money transmission licenses to get all fifty states, Europe as well, in addition to certain features like in app-exchange that we do directly. We're actively growing the company and as soon as we close Series A we will stop selling and focus on accumulating (not only MTL, but certainly as much MTL as we can get our hands on while diversifying).
ekasu: How likely is that more MTL is taken out of the operational pool in the short term, which can decrease the price much more?
Marshall: MTL will be taken out of the operational pool until the successful closing of our financing round which we are in the process of right now
meakkineni: Have you come up with any other significant use cases for MTL apart from BNB style use case in Crumbs and building a better PoPP score?
Marshall: Yes, and you will be hearing more about that as we plan to release an updated paper showcasing the fully decentralized aspects of the chain we are building.
marc0o: I hope I remember it right. A while ago Marshall talked about Metal being a service targeting people that do not have a bank account. Is this still on the roadmap?
Marshall: Yes it is. I know it may not appear that way right now but I firmly believe a good product keeps a narrow execution and a large vision. So the first part of the network and what will eventually become decentralized is starting on the equivalent of testnet or centralized (this is not too different than Bitcoin or Ethereum in the early days). We’re starting with linked bank accounts and moving to keep that as an option that people can skip over and opt to choose a stable coin, all while creating a Metal profile and [obtaining a] PoPP score.
Parker: Would Metal consider doing token buybacks (a la BNB)? Are they even legal in the U.S.? Could doing so make Metal a security?
Marshall: As a company, we will buy different cryptocurrencies at different times depending upon the market situation, buying MTL is something that we will do, as far as any guarantee to x amount being bought back per quarter or percentage of profit, that is most likely indefinitely off the table for a US company.
CryptoSheffield: Do you “own” the PoPP concept?
Marshall: We own trademarks yes, the first mention of media and are working on a provisional patent. This type of thing is very hard to get a patent for even harder to defend right now.
Future: Some people noticed Sid no longer on the website. Has he moved on? If so what's the story there?
Kristal: Sid put together some beautiful designs and helped shape and create the early stages of Metal until it's launch. As we move into the next stage of post-launch, we amicably parted ways with Sid and wish him continued success wherever he goes. As a company, we're on the hunt for a Principal Designer to continue our progress on great design and user interface, to push us into the next phase of our product. Marshall: I'd also like to add design is incredibly important to me and the reason I hired Sid. If you follow my work from my first crypto/fintech startup I've always been a stickler for amazing user experience and design, specifically with Metal I'm going above and beyond and creating what I believe to be a work of art, something that will be on showcase in the Moma in 20 years from now on a design exhibit.
SciGuy: You guys still thinking of launching in Korea? Of all the places, this is where I'm actually going to be paying very close attention. Korea loves crypto.
Marshall: BIG TIME. We want to enter the Korean market ASAP as we know we have quite a few fans there. The goal is to quickly enter the international market by the end of this year. Now that Nebula is working the next hurdles are bank/FI partners, licensing, localization and marketing (its more complicated than that but those are the critical pieces to expansion). Keep in mind we will be allowing anyone in the world to sign up in the future and skip bank while choosing a stablecoin as their "bank" fiat choice. This goes back to the unbanked question. If we just release a crypto wallet and say tada we've banked the unbanked... have we really? I'm serious when I say it. And you can see it in the progression with our products and the vision. Gotta link existing banked citizens along with merchants and unbanked, they all must be in the same ecosystem. Otherwise, the dream can't become a reality.
andrea: I would like to ask about timing. I remember there was a talk about things that could be done before EOY such as new crypto implementing PoPP; debit card, series A round.
Marshall: Yes, I'm happy to say this is all on track. In terms of fundraising round, I believe the missing link for us is demonstrating user growth and b2b client acquisition, something we are working on fiercely right now. One of the things I saw in Dogecoin community that was really awesome was the involvement of the community in viral campaigns (especially for good) such as NascaJosh Wise, Doge for water, Sending the Jamaican bobsled team to the Winter Olympics.
nofomo: Anything you can share about things to look forward to before EOY? Any big partnerships, etc.? From a marketing perspective, are there ways that MTL can showcase or communicate SEC compliance more? Not to flaunt it, but as people scramble out of bad projects/Tether, etc., it might help to get more info out there. When Desk, and can we expect to see USD/MTL pairs?
Marshall: We have quite a few new features coming: PoPP in under ten minutes always, PoPP notifier so you can know if a payment is PoPP eligible, API for other companies (exchanges, cryptos, FIs), adding more cryptos for PoPP funnel, buy functionality, mainnet deposit/withdrawal. Partnerships we have a few big ones in the pipeline 😉 In terms of compliance I think our actions speak louder than words, we operated very differently than 99% of the other companies in the space and focused heavily on compliance in a rapidly evolving landscape. We were chastised initially for keeping the token offering private and to accredited but in the long run this was the correct way to operate and we're seeing that now. Desk/Vault is postponed until next year as we have more than enough to conquer right now on Pay/Crumbs... USD/MTL pairs, soon!!! Not just with us, but on other exchanges we anticipate.
meakkineni: Has any other banks shown interest in Metal lately?
Marshall: Yes, a few big ones, as well as smaller tier 2 banks
meakkineni: Is there any tangible benefit Metal has gained so far by sponsoring Necker Cup?
Marshall: Yes, quite a bit with partners we are in talks with now, in addition to bringing in investors in our next financing round... Not to forget influencers!
cryptoandcannabis: Is there any institutional support for Metal being shown, even in preliminary stages? Now that traditional asset custodians such as Fidelity are in the mix maybe MTL can become a slice of people's crypto asset class
Marshall: We are starting to see interest from the big custodians in the space, very exciting times. Fidelity recently entering has really helped this, in addition, several trust companies are opening up.
On Metal Blockchain…
1Chance: Will [Metal] consider supporting any of the stablecoins?
Marshall: Yes, all of the good ones we will be supporting.
Yannik: Will be some parts of the new Metal Blockchain open source? And based on Stellar?
Marshall: Yes it most certainly will be open source and anyone can connect to our public network. Based on Stellar? Where are you getting this information? 😛
Québécoiserie: Are you working on Metal Blockchain now or has it not started yet?
Marshall: We are in the very beginning phases and testing the assumptions for PoPP on our centralized back-end. Additionally, we are in the process of raising a funding round, The Metal Foundation will be running the open source initiative when we launch it next year.
Decoder1: There is a lot of talk about a Metal blockchain - this sounds exciting but also quite ambitious because it can take years to achieve the fine tuning and security required to develop a new blockchain. Would it be PoW? PoS? Wouldn't it be easier to build a side chain on Ethereum like Loom, or build something on Cosmos SDK to take advantage of existing layer 1 security solutions? If you plan to one day PoPP with other tokens Cosmos might be a good idea. My concern is that with a small team and many things like Desk, Merchant, revamped Vault, new features on the App, Android, new regions, that Metal might be biting off more than it can chew. So if you could elaborate more on these plans that would be great!
Marshall: This is a correct assumption and we are already doing a lot, there is a reason we have put Vault/Desk on hold while we focus on Crumbs and Pay. In terms of the blockchain side, we are staying agnostic and specifically with the consensus mechanism we are looking at lots of options. We will, without a doubt, be leveraging other chains for interoperability. Jae Kwon is a good friend of mine and I think Cosmos has a lot of potential (I'm an investor full disclosure), I also look at the work that has been done with Komodo leveraging the bitcoin blockchain, I find this very interesting as well. The idea here is that this will be a non-profit initiative under The Metal Foundation and not directly intertwined with Metallicus Inc. the private company.
meakkineni: Lately we have been talking more about Metal Blockchain than Metal Merchant. Has the focus shifted?
Marshall: The focus has not shifted, one of the things that did change from the inception of the project until now is that we've decided to stay away from re-inventing POS and merchant software, we feel that it is better to partner with processors than try to replace them ala Square
Sporklin: I did warn I came with a vital question. @Marshall Shoes, you are known in the crypto space for having good taste in clothes. What is on your feet at the moment?
Ever since digital currency (bitcoin) emerged ten years ago, users have asked one key question: What we tend to use it for? Some enthusiasts expected cryptocurrencies to interchange paper money. Some skeptics says Bitcoin was simply cash for nerds. Now, ten years plus the reality lies somewhere within the middle. Bitcoin has thrived and plenty of different altcoins have hit the market, however the long run of cryptocurrency continues to be obscure. Till now people still don’t use bitcoin in everyday trade, the quantity of things you can buy with crypto is growing each day. Although 15,418 companies round the world presently settle for bitcoin. Obviously, that’s not enough to succeed in thought of adoption. Perhaps it’ll never be, because of bitcoin’s little offer and unequal distribution. We need a brand new coin with higher characteristics and a new use that most closely fits cryptocurrency, to search out that coin, let’s take a look at the trade that works best with cryptocurrency. E-commerce! E-commerce businesses are growing fast and changing the way of doing business. The main aspect of ecommerce involves doing business on the web with includes: . Business to business, trading which involves a business such as a company trading with another business on the internet. . Business to consumer, trading which involves a business such as a company directly dealing with consumers over the internet. E-commerce has affected businesses positively. . Business to consumer, trading which involves a business such as a company directly dealing with consumers over the internet. E-commerce has affected businesses positively. . E-commerce makes it easier for businesses to reach the world audience at less expense than would be required if the usual retail method was to be applied. With E-commerce, there is no necessity to acquire expensive shops in high streets. You can produce or store your goods in underdevelope counties and still advertise and sell them worldwide. While the cost of developing a good website may be substantial, it is much cheaper than letting expensive high street storefronts. Additionally, once you have your website operational, you will reach a wide client base. The next thing is to ensure that you have access to appropriate means of transporting goods to customers who make orders. I can’t think of anyone who hasn’t bought one thing over the internet at some stage. Indeed, e-commerce has mature enormously over recent years, and it’ll still grow in years to come.'' Statistics shows that In 2017, e-retail sales accounted for 2.3 billoin USD of all retail sales worldwide. This figure is predicted to succeed in 4.8 billion USD by 2021. As you’ll see, the potential of e-commerce is nice, and it’s growing each day. however will this work into the long run of cryptocurrency? Let’s take a glance at cryptocurrency ! Although e-commerce is growing, the obsolete international economic system represents the most important barrier to its enlargement. Currently, banks act as intermediaries between buyers and sellers on the internet. That is a giant drawback for people that already look on-line. However, there are many users that may benefit from on-line, however can’t open an account. I’m talking concerning users from third-world countries wherever banking systems are undeveloped and also deprived users from developed countries. With estimates there are quite 2 billion users worldwide that fall into this class. Cryptocurrency will connect those users around the globe for E-commerce. After all, they merely would like a web affiliation to get started. There’s no list of necessities for downloading a wallet of any kind with digital coin as a method of payment. You don’t even have to offer your personal data. There are different advantages, of course. Cryptocurrencies aim to interchange centralized systems like banks, eliminating the necessity for associate intermering. which will greatly alter the looking method, yet as reducing fees for all who are involved. Some advantages of decentralization to E-commerce: . No intermediaries — banks cannot impose their rules. . A larger level of autonomy for merchants. . No frozen accounts. . No middleman fees, in contrast to on eBay or Amazon. . A larger level of privacy for patrons . International transactions while not exchange rates. . A new level of protection against counterfeit and dishonorable purchases. Where’s the catch? We need an operating platform that enables buyers and sellers to trade with one another. however not simply, like i said before now, we’d like a brand new coin with characteristics specially designed for E-commerce. In different words, we’d like a coin created specifically for — and embedded into — this platform. that’s attainable solely with a cryptocurrency designed from the bottom to shield up buyers. So, once you hear that Amazon, eBay, Aliexpress, Shopify and other on-line distributer goes into the blockchain business, that’s not the solution. Merging any random cryptocurrency with a longtime E-commerce platform is promising, however it won’t be effective within the future. That isn’t the long run of cryptocurrency we’re hoping for. by solely making a redistributed marketplace with its own embedded coin will we actually build vital amendment. This is where REONCOIN comes in. Reoncoin:A blockchian company in e-commerce that provide a lasting solution(s) to the present drawback. Reoncoin is delivering possible solution in the form of Dapps. We are building severals decentralize applications, which include Reonxswipez to easy swipe of crypto assets to fiat and otherwise, also T.E.A for product and services Purchase on-line and many more. Just to give real value to your crypto asset. What is Tokenized E-commerce Algorithm (TEA)? TEA is a decentralize E-commerce search engine algorithm that allow users shop from various E-commerce website from one application and allow them pay for the goods with crypto assets. This commerce site includes Amazon, AliExpress, Ebay and Shopify. TEA payment system is independent of the above mentioned sites. So if they accept crypto currency on such site or not TEA will allow users to buy with crypto currencies. TEA allows you to: . Compare product effectively both in price and quality from different online shopping site. . Tackle Credit Card Theft issue faced by many on-line shopping sites. . Buy product easily with BTC, ETH, XRP, BCH, XMR, ERC20 Tokens etc . Overcome cookie theft completely . overcome Identity theft by providing only your shipping address. Conclusion There are little or no doubt that crypto traders will own a major impact on the e-commerce world, We are far from determining all the advantages of crypto coins around the on-line services. Get Reoncoin wallet today get security and also take part on our airdrop Givealway campaing. For more visit our site Www.Reoncoin.io
Merchant Adoption - Using Bitcoin as a payment method, a Merchant’s perspective
Throughout the bitcoin subreddits the conversation about merchant adoption and 3rd party payment processing systems looks to lack merchant-side discussions. I thought here would be a good place to further the discussion regarding merchant adoption, specifically focused on what it would take for a merchant to begin processing bitcoin as a payment method. It’s increasingly common for merchants to use a POS management system, such as Shopify and Square. These systems manage all aspects of a ‘sale’ - the payment, inventory, accounting and reporting, and in an many cases a linked ecommerce platform with payment gateways. For a merchant, it’s not simply selling a product and accepting a payment or the ‘peer to peer’ narrative that many preach. The ideology tends to get in the way of the reality of what it means for a merchant to process that sale, beyond the payment itself. Expecting merchants to perform external processes to pre-exisiting systems is naive - like manual adjustments after a payment transaction. This would take most of the technological advancement in merchant systems, backwards. A majority of merchants are not Amazon level, equipped with developers or custom built systems - most are small, and use existing systems to manage their business efficiently, in one linked platform. This is predominately why 3rd party merchant systems like Square, etc exist. Beyond payment methods, how does a business expect to manage that bitcoin sale within a linked management system - Fiat conversion, and customer processing (and privacy) for example. NB - I am a merchant looking at integrating bitcoin payments, but due to limitations with integrating bitcoin into our current POS system (and my own knowledge) - we don’t accept it. Be good to hear from other merchants on both sides - accepting crypto payments and how it works for you, or if not, why? And developers who are working on merchant related projects, what are the hurdles or possible solutions to incorporating or adapting to bitcoin.
05-18 16:54 - 'Merging e-commerce with cryptocurrency' (self.Bitcoin) by /u/Reoncoin_dapps removed from /r/Bitcoin within 560-570min
''' Ever since digital currency (bitcoin) emerged ten years ago, users have asked one key question: What we tend to use it for? Some enthusiasts expected cryptocurrencies to interchange paper money. Some skeptics says Bitcoin was simply cash for nerds. Now, ten years plus the reality lies somewhere within the middle. Bitcoin has thrived and plenty of different altcoins have hit the market, however the long run of cryptocurrency continues to be obscure. Till now people still don’t use bitcoin in everyday trade, the quantity of things you can buy with crypto is growing each day. Although 15,418 companies round the world presently settle for bitcoin. Obviously, that’s not enough to succeed in thought of adoption. Perhaps it’ll never be, because of bitcoin’s little offer and unequal distribution. We need a brand new coin with higher characteristics and a new use that most closely fits cryptocurrency, to search out that coin, let’s take a look at the trade that works best with cryptocurrency. E-commerce! E-commerce businesses are growing fast and changing the way of doing business. The main aspect of ecommerce involves doing business on the web with includes: . Business to business, trading which involves a business such as a company trading with another business on the internet. . Business to consumer, trading which involves a business such as a company directly dealing with consumers over the internet. E-commerce has affected businesses positively. . Business to consumer, trading which involves a business such as a company directly dealing with consumers over the internet. E-commerce has affected businesses positively. . E-commerce makes it easier for businesses to reach the world audience at less expense than would be required if the usual retail method was to be applied. With E-commerce, there is no necessity to acquire expensive shops in high streets. You can produce or store your goods in underdevelope counties and still advertise and sell them worldwide. While the cost of developing a good website may be substantial, it is much cheaper than letting expensive high street storefronts. Additionally, once you have your website operational, you will reach a wide client base. The next thing is to ensure that you have access to appropriate means of transporting goods to customers who make orders. I can’t think of anyone who hasn’t bought one thing over the internet at some stage. Indeed, e-commerce has mature enormously over recent years, and it’ll still grow in years to come.'' Statistics shows that In 2017, e-retail sales accounted for 2.3 billoin USD of all retail sales worldwide. This figure is predicted to succeed in 4.8 billion USD by 2021. As you’ll see, the potential of e-commerce is nice, and it’s growing each day. however will this work into the long run of cryptocurrency? Let’s take a glance at cryptocurrency ! Although e-commerce is growing, the obsolete international economic system represents the most important barrier to its enlargement. Currently, banks act as intermediaries between buyers and sellers on the internet. That is a giant drawback for people that already look on-line. However, there are many users that may benefit from on-line, however can’t open an account. I’m talking concerning users from third-world countries wherever banking systems are undeveloped and also deprived users from developed countries. With estimates there are quite 2 billion users worldwide that fall into this class. Cryptocurrency will connect those users around the globe for E-commerce. After all, they merely would like a web affiliation to get started. There’s no list of necessities for downloading a wallet of any kind with digital coin as a method of payment. You don’t even have to offer your personal data. There are different advantages, of course. Cryptocurrencies aim to interchange centralized systems like banks, eliminating the necessity for associate intermering. which will greatly alter the looking method, yet as reducing fees for all who are involved. Some advantages of decentralization to E-commerce: . No intermediaries — banks cannot impose their rules. . A larger level of autonomy for merchants. . No frozen accounts. . No middleman fees, in contrast to on eBay or Amazon. . A larger level of privacy for patrons . International transactions while not exchange rates. . A new level of protection against counterfeit and dishonorable purchases. Where’s the catch? We need an operating platform that enables buyers and sellers to trade with one another. however not simply, like i said before now, we’d like a brand new coin with characteristics specially designed for E-commerce. In different words, we’d like a coin created specifically for — and embedded into — this platform. that’s attainable solely with a cryptocurrency designed from the bottom to shield up buyers. So, once you hear that Amazon, eBay, Aliexpress, Shopify and other on-line distributer goes into the blockchain business, that’s not the solution. Merging any random cryptocurrency with a longtime E-commerce platform is promising, however it won’t be effective within the future. That isn’t the long run of cryptocurrency we’re hoping for. by solely making a redistributed marketplace with its own embedded coin will we actually build vital amendment. This is where REONCOIN comes in. Reoncoin:A blockchian company in e-commerce that provide a lasting solution(s) to the present drawback. Reoncoin is delivering possible solution in the form of Dapps. We are building severals decentralize applications, which include Reonxswipez to easy swipe of crypto assets to fiat and otherwise, also T.E.A for product and services Purchase on-line and many more. Just to give real value to your crypto asset. What is Tokenized E-commerce Algorithm (TEA)? TEA is a decentralize E-commerce search engine algorithm that allow users shop from various E-commerce website from one application and allow them pay for the goods with crypto assets. This commerce site includes Amazon, AliExpress, Ebay and Shopify. TEA payment system is independent of the above mentioned sites. So if they accept crypto currency on such site or not TEA will allow users to buy with crypto currencies. TEA allows you to: . Compare product effectively both in price and quality from different online shopping site. . Tackle Credit Card Theft issue faced by many on-line shopping sites. . Buy product easily with BTC, ETH, XRP, BCH, XMR, ERC20 Tokens etc . Overcome cookie theft completely . overcome Identity theft by providing only your shipping address. Conclusion There are little or no doubt that crypto traders will own a major impact on the e-commerce world, We are far from determining all the advantages of crypto coins around the on-line services. Get Reoncoin wallet today get security and also take part on our airdrop Givealway campaing. For more visit our site [link]1 ''' Merging e-commerce with cryptocurrency Go1dfish undelete link unreddit undelete link Author: Reoncoin_dapps 1: Www.Reoncoin.io
Merchant Mondays - pay with Vtc today! New stores & Shopify plugin
Show your appreciation for the businesses that lead the way in the adoption of cryptocurrencies. Instead of paying with fiat for your next purchase, use this Monday initiative to pay with VTC instead. Did you buy anything with Vertcoin recently? Please share your experience. Vertcoin Merchant website This past two weeks we've really started noticing more interest in accepting Vertcoin. This is undoubtedly thanks to all the interest everyone here is creating in the subject. Furthermore, it now became even more trivial to accept VTC payments online with the Shopify plugin. The stars are ligning up people :) We have a couple of new additions since last week. Some examples are Learncrypto.io, who are set out to teach crypto trading and Astronaut Apparel, who are bringing business and Crypto together in a way that doesn't involve making your own ICO. If a business should be added to or removed from the list, let me know!
With UQUID, buying online and sending money to friends is made easier and safer than ever: all you need is an email address. Your money is protected, no personal information is revealed, and you can retrieve the details of every payment at any moment.
Royal Queen Seeds is amongst the fastest growing cannabis seed companies in Europe. After building up many years of experience in growing cannabis seeds in the Netherlands, we decided to launch our own line of cannabis seeds and are now able to offer you quality feminized, autoflowering and medical seeds at a good price.
Giftoff is a "digital gift card retailer with the largest range on offer in Europe. Since 2014 we’ve been enabling digital currency users to shop with major retailers like Amazon.co.uk, Steam and Marks & Spencer. We stock over 70 gift cards and accept over 40 digital currencies as well as UK credit and debit cards."
Astronaut Apparel makes every effort to operate in a transparent and ethical manner. We will be integrating blockchain features to help with supply chain management, so that you can see exactly where your apparel was made.
Cyroline is on "the tireless hunt for the special in the fashion world, the perfect fusion of individual styles, quality and sustainability." In physical stores you can pay with Vertcoin in Germany: Lübeck, Berlin, Hamburg, Cologne, Stuttgart.
GeekBox "offers a wide variety of services including but not limited to basic computer setup, repair, virus removal, server setup, network setup, consulting, purchasing, cloud computing advice, gaming system and electronic repair." As a nice special GeekBox IT provides a Vertcoin T-shirt.
RB gives "independent artists a meaningful new way to sell their creations. Today, we connect over 400k artists and designers across the planet with millions of passionate fans." RB provides a huge sortiment of designed products like bags, wall art, home decor, apparel, stationary & more.
Jzzsxm's Online Store provides a 1.5" diameter metal Vertcoin Medallion. Each medallion costs 2 VTC and comes with a metalized label containing a wallet address QR code of your choice affixed to the back.
Zazzle is a "marketplace, you'll find customizable products, art and create-your-own products just waiting for you. We're PhD's, professional artists, manufacturing gurus, patent holders, inventors, musicians, and more. Everything we do is an expression of love." As a nice special Z provides Vertcoin shirts.
RDS is Central Virginia’s drone service specialists. From preparation to content delivery, we perform all work to perfection. We can act as both an aerial film consultant or as the remote pilot in charge on your next projects.
Burrell Law "Our New York City-based attorneys provide a broad range of transactional legal services" Every large business was once a small business. We are here to help you find a solution for your legal needs.
Bitcoin Tax is "calculating capital gains/losses for any crypto-currency. Do you know the cost-basis of every coin you own? Are you tracking the profits and new basis when you spend or sell? Can you work out the best way to identify your trades to optimize your taxes? Let us do it for you."
The Crypto Lawyers - "we are a team of U.S. qualified lawyers dedicated to helping individuals, businesses, and organizations navigate the legal intricacies of cryptocurrency and blockchain technology. We commit ourselves to strategically and aggressively represent our clients in their transactional and litigation matters."
"Catdi is a commercial printing company with additional specialization in web design. Offering cost-effective commercial printing, direct mail, graphic design and web solutions to small businesses. Proudly Serving Houston and surrounding communities for over 10 years."
"FastTech is the techno-centric destination for all your geeky needs and more. FastTech is committed to become the most loved and trusted electronics marketplace by offering superior shopping experience, timely shipping, and stellar customer service."
"Keys4Coins is one of the first pc game stores who only accept cryptocurrency as payment. Our store is simple to use and you can shop anonymously. Only an e-mail is required so you can receive the license."
Toys4Sex is Australia's Online Adult store retailer intended for men and women. Toys4Sex comes with a specially selected range of products that has made its mark within the Australian adult market place.
After you enable a payment method that supports cryptocurrencies, you can accept Bitcoin, Ethereum, Litecoin, amongst 300+ digital currencies. Note. You'll still be charged transaction fees each time a customer makes a purchase using this payment method, unless you also activate Shopify Payments. How to Accept Bitcoin, Ether, Stellar Lumens, or Other Crypto Payments with COINQVEST for Shopify. This guide teaches you in a few simple steps how to easily accept Bitcoin, Ether, Stellar Lumens, or other cryptocurrencies in your Shopify store and automatically settle in your national currency. Here we’re going to talk you through the steps of setting up your checkout so you can safely accept Bitcoin with Shopify. Customers looking to Buy Bitcoin Mining Hardware should check out StrikeMine. Step 1 – Open a Shopify Store. The first thing you’ll need is a Shopify store so if you haven’t got one now is the time to open a demo store. It will take you around 10 mins to do this. If ... Shopify (Shopify stores) You may be familiar with Shopify, a world-renowned e-commerce platform that allows merchants to set up their own online shops and sell goods in a similar way to Amazon, eBay, and other online giants. In 2013, all Shopify merchants received the option to accept Bitcoin payments with the help of a service called BitPay. How to accept Cryptocurrencies on Shopify Stores. In this article we are going to be discussing the benefits of accepting Cryptocurrencies on Shopify, as well as show you how to integrate the CryptocurrencyCheckout Platform into your Shopify store so that you can start accepting Cryptocurrencies like: Bitcoin, Litecoin, Ethereum, Dash, and many more as payment for your sales.
This is how you can accept Bitcoin and other cryptocurrencies in your Shopify store. I’ll show you how to accept payments with Bitcoin, Ethereum, Litecoin, and Bitcoin Cash through your checkout ... Coinbase has recently rolled out Coinbase Commerce which is a new site and feature which allows merchants to accept cryptocurrency directly into their wallet. You may be wondering how is this any ... Why and How Fortune 200 Tech Provider Avnet Began Accepting Bitcoin BitPay Interviews Avnet at MRC - Duration: 7:01. BitPay 118 views Want to accept Bitcoin on Shopify? Check out the video to find out how! HTML Code: https://pastebin.com/DyNhvDG4 Helpful How To Bitcoin Videos: https://www.y... If you own a store, coffee shop or customer facing business you can now accept payment in Bitcoin and other cryptocurrencies and you can even sell Bitcoin and other Crypto to customers using ...