Mercury

Member
  • Content count

    577
  • Joined

  • Last visited

  • Days Won

    7

Mercury last won the day on August 27 2016

Mercury had the most liked content!

3 Followers

About Mercury

  • Rank
    Veteran Member
  • Birthday

Profile Information

  • Location
    Ottawa, ON. Canada
  1. No, it was not for Gatehub, however if Gatehub is interested I am more than happy to share our experience, although I would suspect they have already looked into it.
  2. Whenever someone balks at paying I start suspecting solvency...
  3. Just a follow up- this is not discounting ACH payments as an option. However for those business looking to doing a few one off crypto sells of various amounts, the regulatory, costly and time consuming process is just not worth it. Not to mention that not all banks work with all payment providers, or have online banking, or offer merchant ACH access or charge too much. Not to mention extreme legacy systems that demand the use of third party system to work smoothly with a web based presence. That being said one of the ACH options I do find appealing is perhaps a monthly subscription type of system. Over time the costs per user acquirement drops and the stability of a subscription model can allow the merchant to anticipate demand closing the risks of delayed asset purchasing.
  4. Hi all, just closed a project I was working on where several payment methods for US customers was considered. Credit payments was ... negatively viewed (understatement), but in the end was adopted as ACH was unwieldy and complicated to say the least. While I was aware of the shortcoming of most direct bank payment systems I didn’t realize how bad it was in the US. For those of you that were wondering why there are not more exchanges or American ACH payment options for Crypto here is what I encountered in brief. Also, most of the following can be found vie Stripe and other payment provider sources (Stripe was actually the most helpful). Note some of the following is copy and paste to save time and this is not a verified universal guide- it’s just what we encountered. As most you know US Automated Clearing House (ACH) payments allow you to receive payments directly from a customer’s account. For those in other countries this is NOT a debit card transaction that might be found in other EFTPOS systems (ex: Canada’s Interac ). ACH offers lower fees and ‘instant direct’ payment that should compliment crypto ... ‘Should’ is the optimal word- in reality ACH is slow, provides delayed confirmation andallows uncontestable disputes . With ACH payments you’ll need your customer’s name, account type, account number, and routing number. Typically, bank accounts can be verified using a micro-deposit process. Several micro-deposits are sent to the customer’s (taking 3-4 business days to appear on their account) the amounts for each deposit will need to be provided to you by the customer to verify that they have access to their account statement. Alternatively a third party services can allow customers to sign into their online bank accounts to provide instant verification. In addition to verifying their bank account information, you must also get the customer’s authorization to deduct funds from their account as per NACHA rules (https://www.nacha.org/rules). From Stripe: Credit and debit cards are typically reflected in a merchants pending balance almost instantly, but payments via ACH take 4-5 business days to and are often have limits on the amounts allowed (or to be reported adding more regulatory compliance requirements). Refunds also take the same amount of time, even if initiated right after a completed process. So if you decide to refund a few minutes after a completed payment it will still take 4-5 business days. This is because ACH doesn’t actually support refund; you are starting a new payment process of an equal amount just in the reverse direction. Unlike other payment methods ACH disputes cannot be contested, though they are more difficult for customers to initiate (your customer must inform their bank in writing within 90 days of the original payment.). In addition, retrieval of funds is also affected by the 7 day settlement time period that comes with ACH transfers. With the lower fees and complexity involved there are less payment providers offering ACH options limiting direct cart plugins, while increasing the costs to the merchant for extra services (such as micro payment verification). For businesses outside of the US ACH requires a US bank account requiring more regulatory obligations. For those operating in countries with special banking relations with the US (Canadians can open US accounts in their domestic banks) there is added delay to the ACH payment (up to two weeks).
  5. Where are you based? There might be an exchange or gateway covering your region
  6. Agreed, a million dollars, while retaining mythic statues among average peoples, is an odd amount in the business world. Its either way too much or too little for Bitstamp's planned expansion goals. Ex: expanding the credit card business worldwide. Either they are starting from scratch, in which a million is nothing near enough, or they are nearing completion of the goal and a million would not make much a difference. If they needed the money they should have no difficulty raising it either through traditional sources after being valued at 60 million, or opening a crowd sale. They are uniquely situated to doing so with a ready built platform, customers, payment channels, KYC, etc. And why stop at 2%? If the purpose was to raise money throw open the floodgates and let the market decide. The bitcoin crowd is desperate for real value returns, and with a lot of bitcoins already parked at Bitstamp it would be easier to sell directly then have people send their coins to a third part escrow to only have it sent back... Until you stop and consider that perhaps its not the money at all. I am looking at this as a show of base support. Anything George Frost backs puts an premium on 'good' money over pure quantity. Bitstamp has and could raise the money. So why this route? One they can show the public (term used loosely as its only credited investors allowed) interest which could be in turn used to go after more serious money who may be worried about locking their funds in (with the added benefit of having said public constrained and limited by its low ownership). Two it illustrates active support of its product, key if they want to expand. Yes they can track deposits and trades, but that is mostly bots or passive, this investment will be active personal involvement. Three, brush up on public accreditation of being open, honest and for the average person (again term used loosely). Fourthly, if the money raised shoots past its target it could be used to raise their total evaluation. I am sure there are many more reasons, but you get the idea.
  7. Crunched the numbers and decided that this is a great funding round for Bitstamp, bad for the investors. To be honest 2% is a low number, especially with shares being diluted (adding 'new' shares to the pie and no one selling theirs). Bitstamp raises another million without debt and without adding another seat to the table. While 2% does allow an investor to pull up a chair, that 2% will be subdivided among many investors. So far 84 investors have raised $349, 846 CAD in a couple days of early bird access. Lets say Bitstamp makes their target of $1,592,768 CAD for 2%, and lets assume the rate of investors is at least 2 a day. In the next 50 days there will be 184 investors sharing 2%, (or less than 15 equal shares per investor out of 141112, it won't actually be equal as the amount is divided by individual contribution). $1,327 CAD only gets you 0.0017%, $13,273.07 CAD only gets you 0.0167% equity of the company total. If they overshoot their goal they still only release 2%, its a fixed valuation. There is also class shares. Only 'A' shares ($10,000 USD and over) get one voting right, and the right to purchase new future shares before other investors, and drag and tag along rights. 'B' shares (under $10,000 USD) get no voting rights. You would need a massive IPO or a strong buyback to make any returns of note. These are low variables and I know I am over simplifying things, but it looks like, especially with the bitcoin early access, that this is a way for fanboys to say they own a piece with no chances of actual return. The only way I would consider buying is as an activist. Lets say 100 of the most active XRPChat members raise $100,000 USD or $132,731 CAD and say they work collectively to get 10 Class A shares (and 0.1667% total company equity). While it would be a very small piece of the pie that would entail voting rights and a seat at the table. We could be the small but insistent voice to add XRP as a main trading pair, improve ripple facing access and cash in/out options, etc. I for one would much rather whatever trading pumps there are to come from a legit exchange rather than Polo. Also, with the expected push in new markets and credit cards their would be more volume and trading options as well as access.
  8. They are looking for a min investment goal of $796,384 CAD, with total aim of $1,592,768 CAD for a 1.76/2% Equity stake. No debt, employees 38 people with previous investments being personal or VC. Top 5 share holder are: Nejc Kodric: 45000; Damijan Merlak: 45000; Pantera Venture Fund, Lp : 30000; Daniel Wayne Morehead: 16362; George Frost: 1113. Current number of shares is currently 138345. If total 2% are invested 2767 new shares will be added and then total number of shares will be 141112. Adding new 'native trade' currencies such as GBP, JPY, AUD and CAD. Will start trading Ethereum and looking to expand their credit card coverage to global levels. The IPO is a long term option. Seems most of this investment will be used to expanding its liquidity and compliance reach of becoming the exchange of choice for major partners, nothing on returns, dividend of payouts. A long term investment, accepting bitcoin (early bird sign up) as well as fiat.
  9. I also know far about shoes then I thought possible.
  10. Might explain the recent ad and public exposure for XRP
  11. Until Trump coin is officially adopted and all others outlawed...
  12. Because it's the logical extension of the original Ripple idea. Anyone know the hardware requirements yet? I assume minimal for a 'bootstrap'?
  13. Sounds a little like a implementation of the original Ripple idea
  14. I for one have been happy to hear there has been a renewed focus on XRP. Today when I typed 'ripple' into a google search I was pleasantly happy to see an ad for XRP. The link leads to the XRP Portal, but still - it's a paid ad, and the sub links are for buying, contrasting with other coins, etc.
  15. If there is a paper released it should appear here (along the other research papers already released): http://www.bankofcanada.ca/research/e-money/ In a related vein I have contacted RBC to ask about its involvement in CAD Coin, the Ripple steering committee, R3 and other Ripple engagements. Got this: Got similar responses from other interesting Canadian parties. Anyone knows a uncle, or someone who knows someone on Bay Street?