Maybe I’m missing something, but isn’t this exactly what Coinbase does? Coinbase is one of the top Android and IOS apps on their respective markets. Robinhood, as well, allows you to buy and sell BTC and stocks directly on their app.
Yes they do. They sell BTC. We are talking about selling SafeCoins not BTC. Sure if you convince gigants like coinbase or robinhood to sell safecoin than congrats, you solved the problem. There are multiple companies selling BTC via Credit cards. All have extra high fees and many limitations. The problem with buying crypto with CC are refunds. Refunding is so common with CC that it is very hard to manage profitable business with crypto. If scammer buys crypto with CC and asks for refund than issuing bank of CC will move the case to Visa or MasterCard those will decide whether refund should be done. The problem is the seller of crypto has to prove he paid and sent the product. This is a long and expensive process. And if buyer claims it was stolen CC seller will lose that case. If seller has higher number of such refunds he is in trouble. Visa and MasterCard will cancel credit card processing to that company or even to that CC processor - the bank that allowed to sell crypto for Cash for that company. This is probably main reason why banks avoid crypto, forex and virtual products in general. It is full of fraud and hard to prove product was delivered. For example google and Itunes have always refund policy on in-appproducts. Those app products are always virtual products. So devs who charge for them have very limited evidence of delivering of such product. So there is high probability they will lose the case with buyer when Credit card company will resolve the case. Since there are always costs when such case is being resolved and very few can prove the product was delivered they decided to avoid this process and always refund if buyer claimed CC was stolen. Or missused by family member or many other cases. Same is with paypal. Paypal even charge seller a fee of $10- $20 for fraud refund. For exapmle we had a user who made 140 purchases and than refunded all of them. He won every single transaction and Paypal charged us $10 for every such transaction. We lost $1400 on fines because some addicted user spending $1 many times in our game decided to refund by claiming his card was stolen. Crypto refunding is a very common fraud. Handling that requires lot of skills, lot of limitations for buyers, etc. Visa and Master card may now accept BTC transaction proofs in some cases. But Safecoin transaction proofs will for sure have much lower success win rate.
It is very complicated topic and now I realize how hard it us to explain it to public who has absolutely no idea about all the complications with CC processing and have never run such business.
Very informative @Antifragile, and definitely useful to have in mind when thinking about how to solve this in the future.
The other way to buy crypto with cards is to use third parties.
Total pita tbh.
I remember buying bitcoin with cards, but you had to go though a 3rd party to get fiat to the site, then you had to buy in game gold before trading that for bitcoin.
But that was a good few years ago.
For the record, Bittrex has USD pair with crypto. It just hit me that when they implemented USD last year, if it was around when they delisted MAID, wonder if they got scared of the securities regulation. If I remember correct the reach of 3 letter goverment agencies expandes when a company allows trading with USD or American customers, but I’am not sure, just think I heard it is that way. But I may be wrong.
Hey, fellow traders and fans!
Is there at present any official or community-driven effort to get MAID listed on a decent exchange?
It looks like we are stranded with Hitbtc and Poloniex, both of which are infamous for their insane withdrawal fees (317 MAID on Hitbtc, which is $40+ even with today’s prices). I am not pushing to “get MAID to as many exchanges because gainz and shill” but it would be nice to have a place, where a regular guy could scale in at and then transfer to a safe place. Which I am commited to doing more than ever, after the Crptopia still-officially-hack.
Hey Petri, withdrawal fees at Polo sit at around 10 MAID, which is as cheap as it gets.
Ughhh, OK, that’s my big bad, I didn’t check on there personally (only on Hitbtc), as I don’t have an account. Their reputation on Reddit was convincing enough. Well, never trust the internets they say. Thanks for the correction and hope, man!
NP mate. Quick search concluded, and it resulted in this:
Since it explicitly says 10 MAID, I say “beware of bewares”, as those may lead you astray
I will reg there and see for myself later today, hopefully they have not increased is (the Reddit post is 1y old), as 10 MAID is very reasonable. Cheers!
Hopefully 10 MAID will become a high withdrawal fee
I use Polo regularly, only have good things to say about them ever since I used them. Had trouble with a btc deposit not crediting once but still in a week or two support worked it out and credited my account. Ever since Circle took them over they have been cleaning things up a bit(And yes 10 maid withdraw is still accurate).
Polo market depth chart… looks mad for anyone else?
Edit: Looks like just mobile page. Hmm.
Seems like usual to me.
I have been a long-time use of Poloniex and have no complaints whatsoever.
almost all buy orders and sell orders are gone on polo, very odd…
That is odd. Time to put in a lowball bid or two in case there is a fat finger
Considering the maidsafecoin has been around almost 5 years now, is it a healthy that 90%~ of the supply sits in about 1000 addresses? If the hands are so strong its surprising the price is so low.
They all appeared again at roughly the same time, so has someone got a huge Polo stash simply for price manipulation to accumulate more?
This is kinda like the server argument yes, no, possibly and depends
Not really enough data out there to indicate how distribution has played out in full since 2014.
The number of 100k+ wallets on Omni had from memory dropped maybe 20%ish overall up to early 2018 (come to think of it could be more), but then again it was only half the picture as Polo and Trex obscured the real numbers quite heavily.
Nah, tbh prolly more a tonne of factors with this project around progress, perception and lack of liquidity that has it back in the 3k sat range.
That’s perfectly fine though if your horizon is 5-10 years post launch. Distribution will play itself out for better or worse during that period.
In the meantime traders and short term speculators will continue to get frustrated as per the norm around here