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I'm new here. What can I get for a buck?

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Avatar for nyusternie
Written by   189
1 year ago

I'm BUIDLing an on-boarding, insta-wallet for (Bitcoin Cash) newcomers, called Nito.cash. And I keep asking myself that question? Over and over again...

TL;DR—Newcomers MUST FIRST BENEFIT from an "enjoyable" crypto experience, BEFORE we inundate them with all the "cool-ass features" we've spent years developing...

The more I advance development of the app, the more it seems like a tip-bot, with a built-in wallet. So the most obvious question becomes, "Where's the best place to spend my tip(s)"?

FYI—I expect to have a "Developer Preview" for Nito.cash online by end-of-month (Friday, < 48hrs away). Until then, please visit r/NitoCash for the latest info, updates and roadmap.

On-boarding newcomers to the Wonderful World of Crypto was a passion of mine during my earlier years. I had very profitable crypto business that afforded me the opportunity to pay-it-forward to pretty much everyone that I came in contact with, for more than 5 minutes.

A $10 donation to their newly created Airbitz (now Edge) wallet, gave the uninitiated a little skin in the game. (years later, those folks were more than pleased with my generosity)

However, Bitcoin Legacy (aka Core), never quite lived up to my expectations of allowing anyone to "be their own bank" and discover a new world of opportunity from the power of "discrete money".

HODL took hold, and that was the end.

Let's discourage HODLing and inspire SPEDNing

Is that not the power of Bitcoin Cash? Actually "spending" crypto is a complete joke to the BTC HODLers, so why not make that the absolute strength of Bitcoin Cash?

BCH is far and above the ideal medium for making crypto "payments." When BitPay added it back in '18, was actually the first time I found a use for it (and the first time I realized it had tremendous "value").

That was 2 years ago...

IMO, the focus right now is clearly on merchant adoption. But merchants are the lowest hanging fruit. A "reasonable" flyer/brochure and a "confident" attitude will on-board just about 95% of all merchants. And considering that merchant service providers will drop crypto as "dollars" into their account's within 24 hours, it's just a no-brainer.

What merchant doesn't want more business and greater revenue? Srsly?

The real challenge is in offering the "average consumer" a reason to not only want to SPEND it, but to also make it effortless AND valuable for them to do so.

Time to STOP with the "seed phrases", cause they're just awful.
Awful I say! (smh)

So where are the SPEDNers?

I just don't see where the effort is in on-boarding the people that the merchants NEED in order to justify that extra app (Bitcoin Cash Register) on their devices.

Like I started by saying, "I'm new here", so If I'm wrong, then please educate me, because I just don't see it...

Where are all the users? Who will SPEDN at the PoS?

If there's advertising, I don't see it .. If there are street teams beating the concrete path, I don't see them .. Yes! many people "know" about Bitcoin (and crypto), but how many have ever used it? Did they see a benefit?

Today, I'm NOT in the same position I once was, but I'm very willing to still sponsor newcomers as much as I can.

So that's why I ask, "What could I possible offer a newcomer to crypto as a beneficial use-case for say $5? Or even better, just a $1?"

Before I continue, I'd like to take a sec, just to comment on the recent popcorn drama surrounding the IFP for Bitcoin Cash. There were oh so many passionate people on both sides of the debate (I wish to recognize everyone for their ❤️ for this community).

...and yes, I'm still waiting to hear about the "real plan" to deal with the developer funding issue. (it is still an issue, isn't it?) But, I must say, it was sooo refreshing to hear from "actual miners" that subsequently .. SHUT THAT SHIT DOWN!

During it all, the tips were outrageous .. could only hear "ka-ching" and see $$$ in support of the read.cash platform, which is fuckin' awesome!!

In the end, I learnt one thing though .. Bitcoin Cash has ONLY 3% of the sha256 hashrate? WT(mutha)F?!?

Blockstream is WINNING! Score is 97 to 3

I knew Bitcoin Legacy (seized by the Blockstream cartel back in '16) was on top, but I just had no idea by how much. I entered this community less than a month ago, with the idea that BCH was like "a little brother" to BTC, but it's more like "its pet!"
(whatever .. I said it .. truth can hurt)

Who wants "charity" from BTC miners?? FUCK THEM and the Blockstream they rode in on!!

It's probably best that I didn't know this a month ago, when I ventured down this rabbit hole, but hey! this is the reality, so it is what it is.

It's a great NEW challenge is all. I haven't been dominated like this since .. since .. I've NEVER been dominated like this. FUCK ME!

IMHO though, this fact "helps" to maybe explain the desperation moves recently made by a few of the leading mining pools .. are these desperate times? is it time for desperate action? i dunno, but crazy-shit is definitely happening...

More users? Is that the answer?

How does this get fixed? Short-term or long-term. Could someone please explain this to me? What are the economics of how BCH comes out from under BTC?

What is the percentage of hashrate that would give BCH, Bitcoin Cash, The "True" Bitcoin, the position in crypto that I KNOW it deserves and WILL surely achieve? (one day .. one way or another)

Just how the hell is BTC able to dominate over BCH like this? I need to do some math.

$379.87 / $9,271.81 BTC = 4.10% (as of 20.1.29)

Ugh .. I see...

So let's go V!RAL

As newcomers are awakened, so should they proceed to awaken others?

Would it be so difficult to create a Twitter or Facebook campaign where everyone paid it forward with $1 or $2 in BCH. Personally, I don't think so.

I believe just a lil' tiny bit from EVERYONE would make ALL the difference!

I knew it when I first got here, something just didn't smell right:

  1. BCH has FASTER confirmations

  2. BCH has greater MERCHANT adoption

  3. BCH has lower TRANSACTION fees

Basically, everything on BCH is superior to BTC, so WTF?!?

It's time to find something "shiny, but inexpensive" to dangle in front of the crypto curious so they finally see a "value". Then .. just let social media do what it does.

Okay, okay. I just reloaded..

Nito.cash was meant to be my all-in-one solution to privacy and convenience in crypto. But now, I'm ONLY interested in the convenience of it all. The privacy features on the Roadmap will come, though I'm committed now to taking things one-baby-step-at-a-time.

Let's get NEW people SPEDNing, then we can worry about the bells and whistles. First thing that needs to go are the Goddam "seed phrases" .. did I say that already?

Perhaps BCH could use a friend

So, I saved the worst for last..
So glad you made it this far..
(sigh)
Time to take a seat though..

My hope is that this community can see past ETH as a "competing" chain, and recognize the value that it presents as a "compliment" to BCH.

Crypto is Crypto .. Can't we all just get along?

Is ETH, BCH competition? I think NOT!

From what I know, it appears that Ethereum 2.0 (PoS) could "potentially" serve as a payments channel. But ETH 2.0, and for what its worth, the Lightning Network (Layer-2) are likely planning a Joint Press Release, sometime in the year twenty-possibly-never .. Until then, I say, "Let's work with what we have!"

IMHO, Ethereum solves a few "key" issues that can't be solved by Bitcoin Cash alone. Notably, a few of its most impactful applications are:

  1. Cryptokitties—the FIRST viral, blockchain DApp to attract "everyday" users.

  2. InstaDApp—makes DeFi (Open Finance) "nearly" approachable by anyone.

  3. MakerDAO Dai—the ONLY "decentralized" (read fully-transparent) stablecoin.

The last item (DAI) is where I would like to focus (just briefly -- i promise). I believe Bitcoin Cash NEEDS a stablecoin integration in EVERY one of its wallets, if it's truly meant to serve as a mechanism for "payments" by average consumers.

TL;DR—I have absolutely ZERO issues with the team behind (USDH) HonestCoin; they appear to be more than capable of managing their SLP token.

However, unless the Nevada-chartered trust company, PrimeTrust, whom guarantees this stablecoin's deposits (the team has ZERO control of the funds), is willing to provide username/password access to their holding accounts at Bank of America, Wells Fargo (or wherever), then I see this as a non-starter.

HOW IS THIS ANY DIFFERENT FROM TETHER?

But that's just me .. I'd love to hear your thoughts .. Please do educate me!

I really believe that Bitcoin Cash works best with a stablecoin, to assure its users that if they want to maintain their crypto value, they can!

  1. Point of Sale (POS)—consumers retain their FULL value until checkout.

  2. Remittance—reduce/eliminate dependency on banks to cash out to fiat.

I'm ready! So very ready! But it takes a village

Please comment with your thoughts below or over on Reddit.

For the record, I'm NOT asking for ANY funding (so let's not go there).

I'll get this done! I only ask that you "help" in guiding me through the Blockstream of darkness (that I've suffered these last few years) .. and into the light!

Cheers!


Photos curtesy of Unsplash

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Avatar for nyusternie
Written by   189
1 year ago
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Comments

i hope you can get what you need at all

$ 1.00
1 year ago

i hope you can get what you need at all

thank you .. just taking things one step at a time .. not in any hurry .. i feel everyone here is committed to the long-haul

$ 0.00
1 year ago

This article is very helpful. I know you said you don't want donations, but I want to help a little bit. Right now, I don't really have any funds. I'll come back later and donate a little.

$ 0.10
1 year ago

This article is very helpful.

😉

$ 0.00
1 year ago

I never knew about the apps you mentioned there, Edge, InstaDApp or Nito wallet. All of it seems interesting. I'm going to read up on them now, thanks for bringing them to my attention & I look forward to future development of Nito!

$ 0.00
1 year ago

how about a contracts as a solution to volatility (https://anyhedge.com/)? or algorithmic, non-backed stablecoins?

$ 0.00
1 year ago

how about a contracts as a solution to volatility

absolutely! although my preference is that we have a "transparent" BCH stablecoin; unfortunately USDH is NOT transparent, as it's backed by PrimeTrust, whom isn't transparent at all..

I plan to reach out the AnyHedge team, at some point, about incorporating their tech into a better BCH stablecoin.

$ 0.00
1 year ago

fantastic. i suspect that would go much better with the bch folks than dai.

$ 0.10
1 year ago

I love you!

$ 1.00
1 year ago

I love you!

thank you!! this community has got a lotta love to give, and I feel all of it .. the last 30 days have been amazing!

$ 0.00
1 year ago

"Let's get NEW people SPEDNing, then we can worry about the bells and whistles. First thing that needs to go are the Goddam "seed phrases" .. did I say that already?"

Admin of read.cash proposed a possible idea for recoverable BCH funds without a seed phrase a month or two ago here:

https://read.cash/@Read.Cash/recoverable-bitcoin-cash-wallets-8dc2ed40

For a wallet like Nito.cash you might want to try out that idea!

Welcome to Bitcoin Cash btw. :)

$ 2.50
1 year ago

Admin of read.cash proposed a possible idea for recoverable BCH funds without a seed phrase a month or two ago here:

thank you for the warm welcome and the great recommendation .. i've added it to my reading list

$ 0.00
1 year ago

https://read.cash/@Read.Cash/recoverable-bitcoin-cash-wallets-8dc2ed40

finally reviewed this proposal. whew!

it forced me to take an "off-ramp" into the world of P2SH (something I've been wanting to understand much better). and that, subsequently, led me to discover that Blockstream nearly destroyed all of Bitcoin with CVE-2018–17144 (which doesn't surprise me at all -- smh).

What's important, CHECKDATASIG enables us to do something interesting (among other things) - it enables us to limit "where" the money goes.

I'm still struggling to wrap my head around the Fancy Things you can do with CHECKDATASIG, scriptSig, etc.. These are things I NEVER "really" understood about the protocol -- hopefully I'm changing that now. "Fancier and fanciest" will hopefully just click too.

Anyhoo, back to "Recoverable wallets". As novel this solution is for "experienced" wallet users (requiring a 2nd, trusted address), this just wouldn't apply to the "first-time" users, whom I've targeted this application for (at least not in the form described).

Although, this has me thinking about the countless applications for utilizing a contract (P2SH) wallet. The most interesting to me is two-factor authentication. Perhaps, that could make an "ephemeral/burner" much more secure? (maybe?)

Coming from Ethereum ecosystem (being turing-complete), I was initially very skeptical about the "novel" capabilities and "creative" versatility of Bitcoin Cash. However, each day I'm realizing just how powerful a protocol BCH really is (to be fair Bitcoin Script was already powerful), how it continues to grow, as well as the incredible talent behind this community.

$ 0.25
1 year ago

I loved the article, though I have a hard time understanding what exactly do you need help with :)

Before that I think USDH is good enough. One thing that I always thought about when considering stablecoins in wallets (which I agree are important) is the time. It takes 10-60 minutes to convert BCH to any stablecoin and back. If we get the Avalanche soon on BCH (and it seems we could), we could potentially get finality for BCH in seconds, that would mean it would be safe to conver BCH<->USDH in mere seconds instead of waiting for an hour. That would be tremendous win for the user experience.

Tobias Ruck is working towards making a DAI-like coin possible on BCH, but even if that works, it will take probably a few years.

Other than that, let me know what kind of help do you need :)

$ 1.10
1 year ago

I loved the article, though I have a hard time understanding what exactly do you need help with :)

I don't know, I'm pivoting by the day, lol

If we get the Avalanche soon on BCH (and it seems we could), we could potentially get finality for BCH in seconds

yeah, i just heard about this, haven't read about it yet, but I understand that it makes BCH that much better

Tobias Ruck is working towards making a DAI-like coin possible on BCH,

yeah, I just saw your (10-day old) comment TODAY. his work is extremely encouraging .. I fully expect BCH to be able to perform DAI-like functionality, but as you said (and I agree) .. YEARS away!

It takes 10-60 minutes to convert BCH to any stablecoin and back.

this may NOT be true .. I haven't had a chance (or even started) to evaluate Liquality's solution to Cross-chain Atomic Swaps between Bitcoin (Cash) and Dai .. if this does what I "think" it can do, then we're talking (~15) SECONDS!

(I really wish I had the time to work on this)

Other than that, let me know what kind of help do you need :)

just time .. there's just sooo much to digest .. been trying to absorb the last 3 years in the last 30 days, lol .. it's going though

thanks for the support!

$ 0.00
1 year ago

Great to have you! BCH needs more passionate people BUIDLing :)

$ 0.00
1 year ago

You make some great points overall.

I'm concerned with one aspect, and that is making convenience vs privacy a tradeoff. I know it is in a way (development is faster and revenue potential greater if one sacrifices a little user privacy).

Adding privacy later on is always hard. So I worry that it may not even be possible. Once a user's data is no longer private, it is really hard for them to regain that privacy.

Please don't take this the wrong way, and you don't have to provide any more info if you don't want, but I'd like to ask:

Do you have any more of a track record in Bitcoin development that you are willing to show us, or have people who can vouch in any way for you in the community?

There is a post in your subreddit that is only 7 days old and says "Basic wire-framing of the app is done. Here's a preview of the splash page" . So it seems like wallet development is still in early phase.

Esp. with mobile or web-hosted wallets, it's very difficult for users to really know what is happening in the innards, even if the code is open.

I haven't found anything about the code openness, but I assume it would be open source so at least available for basic review? Please let me know.

Again, looks very interesting, and looking forward to seeing it built. You have a good roadmap, I just hope that it becomes a wallet users can really trust with ALL their data.

$ 2.10
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1 year ago

I'm concerned with one aspect, and that is making convenience vs privacy a tradeoff.

no, no, nooooo .. perhaps it's no better, but I suggest trading "security", NOT privacy. and really JUST in the beginning. I believe newcomers NEED "real value", before they will care enough to grasp the security (that shit ain't easy) in crypto.

I WOULD NEVER COMPROMISE PRIVACY. was there an aspect that gave you that impression? i'd like to work on the message; and make it clear that this project is about "initial on-boarding" for crypto newcomers.

Do you have any more of a track record in Bitcoin development that you are willing to show us, or have people who can vouch in any way for you in the community?

I don't know if you read my first article. Ash2.cash gives my long (summarized) history in technology. TL;DR—I built a Bitcoin ATM (network) from scratch, both hardware and software about 5 years ago.

I haven't found anything about the code openness

its still private until i can make it NOT dangerous to use. will open the repo with the first "Developer Preview". I'm still expecting that to happen by end-of-January (umm, so today, hopefully, lol). i'll post an announcement here over the weekend (just need to polish the article).

thank you so much taking the time to read and comment. i warmly welcome ANY and ALL constructive feedback and/or criticism. the last 30 days in this community have been amazing. can't imagine where I'll be 30 days from now.

$ 0.00
1 year ago