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submitted by /u/mccormack555 [link] [comments] |
Tuesday, 2 May 2023
The biggest hurdle for bitcoin payment adoption might not be what you think...
Upon talking to merchants over the years about accepting bitcoin payments on their online stores, the biggest roadblock that most of them point out is not volatility but regulatory complications.
Most companies tend to shy away from bitcoin if there is a legal grey area surrounding crypto in their region of business and this seems to be the biggest roadblock for most online merchants.
We might say that bitcoin is giving power back to the people and taking it away from banks and central institutions but for any business to operate in a region, regulatory compliance is necessary [even if they are central authorities].
So how can honest businesses operate using bitcoin in such circumstances?
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Monday, 1 May 2023
Would it be possible to have a BCH onchain contract like a PUT option, to then create a BCH backed over collateralized dollar stablecoin?
Lets over collateralize the example to make sure its safe against even a 90% crash.
1) So lets say BCH is $100
2) We make you create a dollar backed token contract with 10x collateral required, so in this case you would need to fund it with 10BCH to create $100 of USD tokens (lets call it BCHDollar).
3) The term for the contract is set to 12 months. At which point at settlement either: A) some of your collateral will be given for each BCHDollar, B) you buy some BCHDollar on the open market to close your contract out before expiry.
4) if the value of your collateral reached some threshold, maybe 2x-5x, then part of your collateral is just sent directly to BCHDollar current holders or maybe some collateral is liquidated for USDC to back the BCHDollar, the contract gets canceled and the BCHDollar is instantly redeemable for the USD or BCH.
This is all basically a very overcollateralized option contract, now what are the benefits of doing this?
Well BCH holders can have 10% of their BCH as a sort of dollar token to be used as they like, its a cool free loan (well requires your crypto to be locked up while you have it, as the price of having it).
Users can have access to a 10x collateralized USD token, that is not subject to banks or anyone, to use as they wish, its an option contract that has a $1 value built in, and can be used as money.
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source https://www.reddit.com/r/btc/comments/1345od0/would_it_be_possible_to_have_a_bch_onchain/
Banking crisis the best thing to ever happen for Bitcoin?
So some say the current baking crisis is just beginning and others suggest first republic will be the last to fall. A lot of the short term bonds that reach maturity over the next 60 days are the main source of regional banking’s unrealized losses. If the fed decides to raise rates this Wednesday (which is almost a certainty), this would only put more pressure on struggling banks. Who knows if we will see more failures but if we do, it could be a significant shift in Bitcoins public opinion.
As many of us know, one of the reasons Bitcoin was created is to offer an alternative option to the corrupt, unsound, centralized, debt driven modern day banking system. If a chain reaction of bank failures pushes mass adoption of Bitcoin, only to be followed by government bailouts and further devaluation of the dollar, we may be in one of the most exciting times for Bitcoin.
What do you guys see happening over the next two months?
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