Brainstorming ideas for Reddcoin

Hello,

Me and RDDRocket have been brainstorming a few ideas on #Reddcoin IRC channel today, trying to come up with a good idea for what could help and be very useful for the Reddcoin community. tho without luck of getting the right idea.

So we both agreed that we should make this thread, so the users of Reddcoin could come with their ideas for what would be good and useful.

So people, BRAINSTORM AWAY!

hi Convertor,

So the idea of tipping on social media is a great, but in my mind people are always sceptical, especially when money is involved so the idea of a new currency is crazy to a lot of people.

I think too many RDD will get ‘lost’ or forgotten about as people are sent them as tips but never get involved in sending the coins on.

Example –

Person A receives 10K RDD in tips, current worth around $0.13. They decide they want the cash from their hard earned tips, however then realise then they have to go to an exchange and signup etc with all the headache that can be, for $0.13, I think they will forget about the RDD pretty quickly.

If there was a site where you can quickly transfer (sell) their RDD to $ hassle free, it think it would be a winner.

I would suggest bank details are out of the question, as I mentioned people are sceptical, but to pay into a pay-pal account, you don’t need much more than an email address.

i.e -
Your X amount of RDD is worth $1.43.
Send to this address ‘ABC123’ and enter your email address to payout to your PayPal

The biggest issue would be funding the site, obviously the price the RDD are sold for on this site would be a statoshi or 2 less than the going rate for RDD. Therefore anyone interested in buying RDD could put some money into the sites ‘pot’ knowing they will be buying under the current price when someone is wanting to cash out.

I do understand that this is not a perfect solution because it does sort-of go against the idea of mass adoption if people are getting rid of their RDD rather than using it, but for people who are not (yet) willing to get involved with crypto I think it would have them see RDD in a positive light and keep the RDD in circulation rather than in someone’s wallet who decides it is worth the hassle to try to cash them out.

This idea did make more sense in my head before I wrote it out, but hey that’s brainstorming for you.

11 Likes

ninjo That is a good idea, indeed. I need to read up on the new rules from PayPal about using crypto as it would be sad if the account got frozen.

Would anyone be interested in doing such a site with me?, I can program the whole site, so thats not going to be a problem.

2 Likes

Im not sure of PayPal’s rules but there would not be any crypto involved from their point of view, it would simply be $ sent to an account from the site.

Would that class the site an exchange though?? im sure that would lead to all sorts of regulatory requirements.

Hats off to the idea, really. An easy way to cash out is mandatory imho. The end user doesn’t care about miners, block times, algorythms, exchanges and so on. They only want 2 things: ease of use as crypto AND as hard cash.

A workaround for the paypal thingie could be something like linking the wallet to the user paypal’s account (a RDD-only account reccomended, no bank accounts or anything) and whenever they want to cash out they put on sale a downloadable file (think of something like https://www.payloadz.com/) containing a private key with the RDDs. It could be as simple as a button in the wallet and could work like this:

  • User clicks “cash out”.
  • The wallet automatically exports a .dat file (it also psw-protects it and only the owner gets the psw) containing the desired amount. A protected zip would be prefferable, but It can be zipped passwordless (in the end we’d only really need the checksum feature) since the funds need to be checked at some point by the provider.
  • The wallet directly contacts the service and uploads the file to their servers.
  • The service now has the coins. They can know the amount BUT not retrieve the coins without the psw.
  • If the amount is correct, an email (or via REDD-ID) is sent to the user giving them the A-OK, but requesting the wallet psw to retrieve the RDDs.
  • Once the user sends the psw and the RDDs are unlocked and spendable, he/she gets paid in $ (for a fee oc).

All of the above could be fully automated… i wish i had the knowledge and/or resources to pull this off.

As a bonus, the “pot” idea is genious. A great way to acquire cheap(er) RDDs, but it also has to pay for the service ongoing expenses, at the very least.

Typos.

6 Likes

One thing to look into first (at least in the US) are the regulations & limitations around money transmission. I agree though - this is would be huge for Reddcoin.

1 Like

I agree, we need a fast way for people to cash out.

PayPal is a good option, as it would mean that the whole world is supported.

As a minimum, it should include:

  • Cash out instantly --> Create order, send coins, receive fiat
  • fully automated --> If funds.
  • Exchange script --> backend automatically trade the received coins, so funds can get back into the system
  • Limitations --> Limits for cash out amount to make sure funds ain’t drained.

Fee’s included:

  • PayPal’s sending fee.
  • Fee for operating. --> To cover the exchange / transfer fee there would be

I could make this working, wouldn’t be the hardest thing to code

3 Likes

Would anyone be interested in doing a partnership in this?

IMO it would be nice to have some more devs working on reddsight to extend the official blockchain explorer and add more POSV related features. And stuff like statistics.

I have currently two pending change requests. But not the experience (in node.js) and time to solve it myself:

https://github.com/reddcoin-project/reddsight-api/issues/4
https://github.com/reddcoin-project/reddsight-api/issues/2

Another change request that is still open:
https://github.com/reddcoin-project/reddsight/issues/1

5 Likes

ReddcoinRocks very good point, Sadly I can’t do node.js either.

I’ll pass it along to my coding mates, some of them can do node.js, maybe that can get them into Reddcoin aswell…

5 Likes

Convertor thanks!
to make this more interesting to your coding mates, I will give 1.000.000RDD to the person who can provide a solution for https://github.com/reddcoin-project/reddsight-api/issues/2 (Prio 1 ;)) and the same amount for https://github.com/reddcoin-project/reddsight-api/issues/4

4 Likes

I want to avoid RDD to be removed from small exchanges so when the price is the same I buy from little exchanges
https://www.allcoin.com/pub/user_regist?ref=152657 this one even pay sone of the stacked coins

ninjo very good idea. This is awesome and I am willing to put some money in the pot

RddStacker said:

I want to avoid RDD to be removed from small exchanges so when the price is the same I buy from little exchanges
https://www.allcoin.com/pub/user_regist?ref=152657 this one even pay sone of the stacked coins

about 2 hours ago • read more

RddStacker said:

RddStacker
I like the innovative project but while it is complete you can make a little interest by keeping a reserve of your coins in this exchange
https://www.allcoin.com/pub/user_regist?ref=152657 just take a wiew

about 2 hours ago • read more

RddStacker said:

Someone with little amount of coins can gain interest close to stacking by having his/her coins in this exchange.
https://www.allcoin.com/pub/user_regist?ref=152657

about 2 hours ago • read more

Something tells me you want people to sign up to that site…

2 Likes

BrownSlaughter People is free to do anything is good for them without affecting others. I do not have many coins in
https://www.allcoin.com/pub/user_regist?ref=152657 but is nice I am able to get some extra coins without having to wait days for stacking with such small amount. When I have resources in Crypsy.com I do not get anything.

1 Like

I’ve now partnered up with one of my coding buddies, which are also into Reddcoin.

We’ll be working on a easy solution for people to cash out via PayPal.

ReddcoinRocks I’ve now forwarded the issues, and looks like he’ll be doing a PR soonish :slight_smile:

6 Likes

One of the hardest part of being a developer is to come up with a name for a service, same issue here :slight_smile:

So, asking for help to come up with a perfect name for this cash out service.

2 Likes

www.webuyrdd.com? :stuck_out_tongue:

ReddPay.com? Redd(e)em.com? ReddPal.com? ReddCash?

If this really comes to life it can be just the service that would certainly bring in a lot of positive momentum… i can’t wait! :smiley:

The name should be something that reflects the philosophy of the coin (social, content creation tips, great posts and articles…), and associates the $ sign with it in a creative way i guess. But i’m not very good at names and stuff.

3 Likes

Didi Thanks bud :), might go for one of those names.

The site is being made right as we speak.

1 Like

ReddConverter perhaps?

1 Like