I don't want to HODL but I like crypto

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nooby_mcnoob

If I wanted to create a business that took advantage of crypto, it would look something like this:

1. As a vendor/customer, I use USDC
2. As a middleman I make conversion to/from USDC quick and easy

The concern I have is:

1. USDC runs on Ethereum which is expensive and slow
2. USDC value is centralized by reserves - there is no market mechanism to keep the peg

So how are we going to solve this problem in the future? What are the alternatives to Ethereum? Are there any stablecoins that have a market mechanism to keep a 1:1 peg?
 
I'm telling you right now you will probably not have many customers willing to pay in USDC. Because if they can get USDC then more than likely they can also get basic cryptos.

But if you still want to go that route and plan on selling off of a website, I would find a website that has different networks for USDC besides ERC20. (Which most of them don't) You want to look for BEP2 or BEP20 which is dirt cheap to transfer. (2.5 cents at most)

Where do you plan on getting your crypto from?

You will have a better successful business if you got your money transmitter liscense and accepted other forms of fiat payments. Because why should a customer pay you to convert USDC when they can do it themselves for almost nothing? And with more and more companies jumping on the crypto wagon it's becoming harder for individual retail crypto sellers to make decent money because it's easier for buyers to get it anywhere
 
Lol, and this is supposedly a step forward in comparison to plugging in a fiat currency processor? Click, done. But what you suggest sounds like an adventure with uncountable many stumbling blocks and issues and concerns. Like a totally hacky solution.

Trader Curt said:
I'm telling you right now you will probably not have many customers willing to pay in USDC. Because if they can get USDC then more than likely they can also get basic cryptos.

But if you still want to go that route and plan on selling off of a website, I would find a website that has different networks for USDC besides ERC20. (Which most of them don't) You want to look for BEP2 or BEP20 which is dirt cheap to transfer. (2.5 cents at most)

Where do you plan on getting your crypto from?

You will have a better successful business if you got your money transmitter liscense and accepted other forms of fiat payments. Because why should a customer pay you to convert USDC when they can do it themselves for almost nothing? And with more and more companies jumping on the crypto wagon it's becoming harder for individual retail crypto sellers to make decent money because it's easier for buyers to get it anywhere
More...
 
Mazedonia said:
Lol, and this is supposedly a step forward in comparison to plugging in a fiat currency processor? Click, done. But what you suggest sounds like an adventure with uncountable many stumbling blocks and issues and concerns. Like a totally hacky solution.
More...

Duh, the whole thing is hacky. Selling crypto is extremely risky.

And the poster never asked anything about a fiat currency processor, so I didn't say anything about one. Not trying to treat you like an idiot, but you did read the first post right? lol
 
nooby_mcnoob said:
If I wanted to create a business that took advantage of crypto, it would look something like this:

1. As a vendor/customer, I use USDC
2. As a middleman I make conversion to/from USDC quick and easy

The concern I have is:

1. USDC runs on Ethereum which is expensive and slow
2. USDC value is centralized by reserves - there is no market mechanism to keep the peg

So how are we going to solve this problem in the future? What are the alternatives to Ethereum? Are there any stablecoins that have a market mechanism to keep a 1:1 peg?
More...


Maybe get up to speed with the current conversation;

https://101blockchains.com/algorithmic-stablecoins/
 
My point was that other than a grand idea trying to implement any of that is nothing but an illusion at this point. It sure makes for volatile trading but using any of those concepts in the real world and for doing business is wishing pain upon you. I asked in another thread to explain in clear and concise words even a 5 year old understands...how this would all work and...nobody could. Turns out the only way to wrap one's head around all this is to dream big and imagine one is in another world, a dream world. We are far away from using any of those concepts to solve real world problems. A fiat payment processor can be popped in with a few lines of code and problem solved. Everyone is happy. But easy seems for some to be a convoluted idea. It must be hacky and complex as long as we can all surf the latest wave of trends...

Trader Curt said:
Duh, the whole thing is hacky. Selling crypto is extremely risky.

And the poster never asked anything about a fiat currency processor, so I didn't say anything about one. Not trying to treat you like an idiot, but you did read the first post right? lol
More...
 
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nooby_mcnoob said:
If I wanted to create a business that took advantage of crypto, it would look something like this:

1. As a vendor/customer, I use USDC
2. As a middleman I make conversion to/from USDC quick and easy

The concern I have is:

1. USDC runs on Ethereum which is expensive and slow
2. USDC value is centralized by reserves - there is no market mechanism to keep the peg

So how are we going to solve this problem in the future? What are the alternatives to Ethereum? Are there any stablecoins that have a market mechanism to keep a 1:1 peg?
More...
swaps and https://wormholenetwork.com/en/
 
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