Bitmit is Folding
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Couple of options we might have.
1. Add BTC to Feathercoin market, rebrand with inclusive name. With people being able to do auctions with both we may pick up those orphaned by Bitmit and find and build in perks for those that do their buying/selling in FTC.
2. We come together and group-buy Bitmit, throw in ability to buy/sell with all cryptocurrencies with the restriction of receiving whatever crypto on individual items set by the seller, eliminate transaction fees for those that list their item only in Feathercoin.
Thoughts? Throw out some ways to deal with this.
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i’m on board for #2 :D
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but someone else might out bid out for bitmit.net/
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Option #1 might be not too difficult since moving the market to it’s own domain and renaming it is in the works.
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I got ahead of myself on option 1, as well. List ability to do Bitcoin as well, but charge 3+% transaction or something. Make exclusive FTC 0-1% depending on whatever promotion or whatever can logically give running the site profit.
Point is to force the value of FTC in relation to it being as fluid on the/a site as BTC but with additional benefit over it, encouraging adoption.
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I think accepting BTC on the feathercoin market is a great idea. I also think accepting fiat currency on the feathercoin market is a good idea. It would be a great way to trade for coins also. We can let paypal do the work of transferring actual money around. Why not merge it somehow. Paypal is already accepted many places and they may not want to touch crypto currencies but that doesn’t preclude crypto using paypal as a viable means of exchange.
FTC Accepted
BTC Accepted
PayPal Accepted.Why the heck not. :)
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At first step, someone should try to buy the domain.
There is a Discussion ongoing, whether to move the FT Market to a dedicated domain or not.
The trend is toward a separated domain for the Feathercoin market.
Well, Bitmit would be the perfect domain, as it is already known and a lot of offers listed.
With that there is a good chance, that the Feathercoin market would become more vital.
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If we would get that Bitmit domain, that would be a huge push for Feathercoin. But I think it could be kinda expensive.
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Just sent a PM to the guys in A’dam.
They’ll look, if somebody from Bitmit is there and will try to have a chat ;)
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Bitcoin at a higher percentage than Feathercoin is an interesting idea. It would perhaps get more traffic to the market with a clear incentive to use Feathercoin. So using Feathercoin should be half the cost of using Bitcoin.
I wonder why Bitmit is closing and how much the business or domain costs. I expect it would be out of my price range but who knows, perhaps we could form a cooperative to buy and run such a thing.
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[quote name=“Bushstar” post=“33557” timestamp=“1383927202”]
I wonder why Bitmit is closing and how much the business or domain costs.[/quote]While I doubt we’ll get a direct answer, Bitmit gets slammed with either traffic or maintenance issues pretty regularly. It’s rumored they got tired of having to fix things or find new hosting all the time (I think they’ve moved twice in the past year? Could be wrong.)
[quote]I expect it would be out of my price range but who knows, perhaps we could form a cooperative to buy and run such a thing.
[/quote]I wonder what the legality would be for going in as a group and buying shares and netting whatever .000001 of each transaction as a result of buying the share.The mind reels at the possibility of that and possibly employing people to handle customer service issues in exchange for a percentage of the transactions per day as payment.
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Bush, I’d be interested for all of us to have a discussion about this.
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Iam interested in buying a piece ;)
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[quote name=“Bushstar” post=“33557” timestamp=“1383927202”]
Bitcoin at a higher percentage than Feathercoin is an interesting idea. It would perhaps get more traffic to the market with a clear incentive to use Feathercoin. So using Feathercoin should be half the cost of using Bitcoin.
[/quote]That’s the opposite of how free markets work. Encouraging competition among currencies is a good thing, but putting your buyer AND your seller at a disadvantage for choosing one currency over another just means that you’ve created a market gap which will be filled by your competitor and your customers will go somewhere where their not being purposefully disadvantaged.
But let’s talk about the larger issue: The moment EBay starts accepting Bitcoins, which they’ve just announced they will, the marketplace party is over. You can’t compete with them, so your best bet becomes open sourcing the marketplace and letting others drive competition at a level of fiscal commitment that you can’t match. It just doesn’t make sense when you look at the numbers… 1 niche marketplace with 1 niche community and no mass marketing ability can’t possibly hope to remain relevant long term in the face of such competition.
The software that powers the virtual marketplace revolution and allows communities all over the world to build virtual marketplaces for their virtual currencies?
That’s worth doing. Big time. That has the potential to be as disruptive as Feathercoin has been.
Limiting payment options? That doesn’t encourage competition, it just limits freedom.
Which story would you be more apt to read about in Coindesk? Virtual Marketplace makes it more expensive for people to buy things on purpose unless they first convert their currency, forcing you to use their preferred block chain? Or Feathercoin releases open source marketplace software for creating virtual marketplaces driven by Feathercoins and other virtual currencies?
[quote]I wonder why Bitmit is closing and how much the business or domain costs. I expect it would be out of my price range but who knows, perhaps we could form a cooperative to buy and run such a thing.[/quote]
Now that idea has a whole lot of merit… [b]if and only if you wanted to get into the serious business of running a market place full time instead of just as a hobby[/b]. What you’re proposing is basically a fund raising campaign to purchase an asset with the understanding that the asset will make money, which will then be redistributed to the shareholders at a percentage equal to their investment contribution.
This is a real business and if you’re going to bring on investors in order to keep it running, you should be really clear what it is they’re purchasing and what they can expect to get in return for their investment. I’m not saying it’s a bad idea, I’m just saying that it’s a really far cry from what you’ve been doing so far.
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I’ve seen that PayPal is “watching” bitcoin, but nothing about them announcing that they’ll accept it. Can you please back up your claim.
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[quote name=“tuneman1980” post=“33598” timestamp=“1383938408”]
I’ve seen that PayPal is “watching” bitcoin, but nothing about them announcing that they’ll accept it. Can you please back up your claim.
[/quote][url=http://www.coindesk.com/ebay-president-john-donahoe-paypal-bitcoin/]http://www.coindesk.com/ebay-president-john-donahoe-paypal-bitcoin/[/url]
[quote]The president of eBay has revealed that his company is preparing to expand the range of digital currencies it accepts.[/quote]
Original article here: [url=http://www.ft.com/cms/s/f374ed54-4328-11e3-8350-00144feabdc0,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Ff374ed54-4328-11e3-8350-00144feabdc0.html%3Fsiteedition%3Duk%26siteedition%3Duk&siteedition=uk&_i_referer=http%3A%2F%2Fwww.coindesk.com%2Febay-president-john-donahoe-paypal-bitcoin%2F#axzz2je3tYfsn]Registration required[/url]
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I see what you are saying. Besides adding Bitcoin to the Feathercoin market may be a bit of an odd move anyway as I would rather add alts but then it is no longer the Feathercoin market. There is competition for Bitmit out there which will take the Bitcoin traffic anyway.
I would not be able to take the lead on buying BitMit as there is already not enough time in the day. We would also buy what ever problems BitMit face.
The idea of forking WeBid has occurred to me but I think I will continue to make commits to the original WeBid project which requires a lot of work. Their Buy Now system is brokena, when I have the time I would like to get this running in the vanilla package and put the changes on GitHub.
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[quote name=“Bushstar” post=“33638” timestamp=“1383988651”]
I see what you are saying. Besides adding Bitcoin to the Feathercoin market may be a bit of an odd move anyway as I would rather add alts but then it is no longer the Feathercoin market. There is competition for Bitmit out there which will take the Bitcoin traffic anyway.I would not be able to take the lead on buying BitMit as there is already not enough time in the day. We would also buy what ever problems BitMit face.
The idea of forking WeBid has occurred to me but I think I will continue to make commits to the original WeBid project which requires a lot of work. Their Buy Now system is brokena, when I have the time I would like to get this running in the vanilla package and put the changes on GitHub.
[/quote]+1 Bushstar. Completely agree. :)
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[quote name=“Bushstar” post=“33638” timestamp=“1383988651”]
I see what you are saying. Besides adding Bitcoin to the Feathercoin market may be a bit of an odd move anyway as I would rather add alts but then it is no longer the Feathercoin market. There is competition for Bitmit out there which will take the Bitcoin traffic anyway.I would not be able to take the lead on buying BitMit as there is already not enough time in the day. We would also buy what ever problems BitMit face.
The idea of forking WeBid has occurred to me but I think I will continue to make commits to the original WeBid project which requires a lot of work. Their Buy Now system is brokena, when I have the time I would like to get this running in the vanilla package and put the changes on GitHub.
[/quote]If the Feathercoin Market doesn’t take Bitcoin, it will be the death of the Feathercoin Market. When credit cards entered the fray in the 70’s, you either started accepting them, or you got left behind. If paypal and ebay are seriously looking at Bitcoin you better damn well follow those decisions or the Feathercoin Marketplace will have a rough time competing. It comes right down to volume.
Accept Bitcoin in the Feathercoin Marketplace. Just because you take the competitions form of payment doesn’t make your product look worse, in fact it strengthens it by saying we’re confident enough in our own product to accept the competitor’s also. It’s almost like coupon matching. Shop with us, bring in other peoples money, we don’t care JUST SHOP WITH US. :)
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Add BTC, but make pin to fiat work for both FTC and BTC.
