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CoinoUSD asset has been launched. singapore
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Author Topic: CoinoUSD asset has been launched.  (Read 11817 times)

coinomat

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CoinoUSD asset has been launched.
« on: September 04, 2014, 03:01:17 pm »

We have launched CoinoUSD asset which we announced a while ago. Its goal is to create NXT/USD trading market directly on NXT Asset Exchange. In- and out- exchange to fiat is provided at coinomat.com,  you can transfer USD valued e-currencies to/from CoinoUSD, bank wire transfers are possible for now privately. We can send your fiat to your bank card also (soon we're launching custom debit cards too). Besides, we're working on accepting credit cards. All transactions with CoinoUSD at coinomat.com are automated (also we re-enabled NXT incoming payments, using custom message field)

Eventually we plan to have it integrated with altcoins exchangers, thus enabling USD value deposits and withdrawals for them. Basically we want to provide USD valued transfer directly through NXT blockchain, and there of course can be various ways to use it.

AssetID: 12982485703607823902

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msin

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Re: CoinoUSD asset has been launched.
« Reply #1 on: September 04, 2014, 03:37:46 pm »

This is great, thanks Coinomat!
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Jacinto

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Re: CoinoUSD asset has been launched.
« Reply #2 on: September 04, 2014, 03:49:05 pm »

Amazing.

 :o
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Mexxer

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Re: CoinoUSD asset has been launched.
« Reply #3 on: September 04, 2014, 06:05:54 pm »

Awesome!

In yo face, bitUSD!  ;D
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jeff jefferson

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Re: CoinoUSD asset has been launched.
« Reply #4 on: September 04, 2014, 09:00:58 pm »

CoinoEUR upcoming? I would def use THAT  ::)
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damon

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Re: CoinoUSD asset has been launched.
« Reply #5 on: September 04, 2014, 11:06:17 pm »

Can you explain how the coinomat asset and the coinoUSD asset will play together, it at all?  Will coinomat see any gains from the USD Fiat exchanges?
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mczarnek

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Re: CoinoUSD asset has been launched.
« Reply #6 on: September 05, 2014, 02:30:13 am »

Awesome!

In yo face, bitUSD!  ;D

The difference is that at any point in time you can cash out your CoinoUSD.. meaning it's actually worth $1!

I'm still staying away from bitUSD.. I'm convinced we'll see a bank run at some point and it could all crash.
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damon

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Re: CoinoUSD asset has been launched.
« Reply #7 on: September 05, 2014, 02:32:58 am »

I think I understand - you might buy a bunch of CoinoUSD just before you have it transferred to your AnonCard?

I wonder what the ETA release date for the AnonCard is?
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_mr_e

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Re: CoinoUSD asset has been launched.
« Reply #8 on: September 05, 2014, 02:35:19 am »

Isn't there pretty serious legal or mafia attracting implications in doing something like this?
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coinomat

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Re: CoinoUSD asset has been launched.
« Reply #9 on: September 05, 2014, 06:37:46 am »

If CoinoUSD is successful - yes sure we'll launch CoinoEUR
CoinoEUR upcoming? I would def use THAT  ::)
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coinomat

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Re: CoinoUSD asset has been launched.
« Reply #10 on: September 05, 2014, 06:41:43 am »

They have no direct connection of course, but CoinoUSD transaction volume is accounted for in the total stats according to which we pay the dividends. So yes, there should be an indirect influence
Can you explain how the coinomat asset and the coinoUSD asset will play together, it at all?  Will coinomat see any gains from the USD Fiat exchanges?
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coinomat

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Re: CoinoUSD asset has been launched.
« Reply #11 on: September 05, 2014, 06:44:08 am »

I wish BitUSD all the best but to be frank I don't get the idea completely. They manage to keep the market peg by some manipulations but it seems to be artificial.
Awesome!

In yo face, bitUSD!  ;D

The difference is that at any point in time you can cash out your CoinoUSD.. meaning it's actually worth $1!

I'm still staying away from bitUSD.. I'm convinced we'll see a bank run at some point and it could all crash.
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coinomat

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Re: CoinoUSD asset has been launched.
« Reply #12 on: September 05, 2014, 06:46:31 am »

Yes, you can transfer it to YOUR bank card even now.
We plan to have debit cards in September
I think I understand - you might buy a bunch of CoinoUSD just before you have it transferred to your AnonCard?

I wonder what the ETA release date for the AnonCard is?
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coinomat

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Re: CoinoUSD asset has been launched.
« Reply #13 on: September 05, 2014, 06:49:41 am »

Why? This is just a decentralized token we offer market making services for. Naturally this is the same legal area as cryptocurrencies itself. But we're figuring out a way now to make it legally bulletproof (that would probably entail obtaining financial services license in some major jurisdiction like UK)
Isn't there pretty serious legal or mafia attracting implications in doing something like this?
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Mexxer

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Re: CoinoUSD asset has been launched.
« Reply #14 on: September 05, 2014, 06:58:06 am »

I wish BitUSD all the best but to be frank I don't get the idea completely. They manage to keep the market peg by some manipulations but it seems to be artificial.
Awesome!

In yo face, bitUSD!  ;D

The difference is that at any point in time you can cash out your CoinoUSD.. meaning it's actually worth $1!

I'm still staying away from bitUSD.. I'm convinced we'll see a bank run at some point and it could all crash.

It's basically just a derivative that can blow up in their face if the btsx value plummets and their hypothesis is that just because everyone believes in bitUSD holding the value of 1$, it will hold 1$. Which I think is bound to fail.

We actually have something now that is backed by real USD :)
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qbd1313

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Re: CoinoUSD asset has been launched.
« Reply #15 on: September 05, 2014, 07:39:26 am »

I wish BitUSD all the best but to be frank I don't get the idea completely. They manage to keep the market peg by some manipulations but it seems to be artificial.
Awesome!

In yo face, bitUSD!  ;D

The difference is that at any point in time you can cash out your CoinoUSD.. meaning it's actually worth $1!

I'm still staying away from bitUSD.. I'm convinced we'll see a bank run at some point and it could all crash.

It's basically just a derivative that can blow up in their face if the btsx value plummets and their hypothesis is that just because everyone believes in bitUSD holding the value of 1$, it will hold 1$. Which I think is bound to fail.

We actually have something now that is backed by real USD :)

+1
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msin

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Re: CoinoUSD asset has been launched.
« Reply #16 on: September 05, 2014, 05:17:54 pm »

Yes, you can transfer it to YOUR bank card even now.
We plan to have debit cards in September
I think I understand - you might buy a bunch of CoinoUSD just before you have it transferred to your AnonCard?

I wonder what the ETA release date for the AnonCard is?

Really looking forward to that.
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yin

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Re: CoinoUSD asset has been launched.
« Reply #17 on: September 05, 2014, 06:42:04 pm »

This is good and inevitable.

I wish to propose that all capable NXTers from all countries in the world provide a similar NXT <-> FIAT exchange service and perhaps core dev
or MGW can provide support to make it easier.

I've also wondered whether in countries where mobile money platforms are established, NRS could provide a similar exchange service via a smart-phone
attached to a PC with a NXT node?

Regards.
« Last Edit: September 05, 2014, 06:57:07 pm by yin »
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domsch

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Re: CoinoUSD asset has been launched.
« Reply #18 on: September 06, 2014, 06:51:07 am »

We are working on something similar and I suggest you to do extensive legal research especially in the country you operate in (Germany I suppose).

What I would like to see is to create a consortium that consists of companies that operate a more "decentralized" Fiat Asset (meaning more than 2 - 3 parties where the Fiat Asset can be bought and exchanged). So if any other company in the space is interested in collaborating feel free to contact me :)
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mczarnek

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Re: CoinoUSD asset has been launched.
« Reply #19 on: September 09, 2014, 04:34:50 am »

I really like this asset.  Also, if you want to short your Nxt.. this seems like a good way to do it :)

We are working on something similar and I suggest you to do extensive legal research especially in the country you operate in (Germany I suppose).

What I would like to see is to create a consortium that consists of companies that operate a more "decentralized" Fiat Asset (meaning more than 2 - 3 parties where the Fiat Asset can be bought and exchanged). So if any other company in the space is interested in collaborating feel free to contact me :)

How do you do it in a 'decentralized' manner?  Basically every company holds on to 1/3 of your fiat, so if any one gets hacked you only lose 1/3 of it?  Not sure how else you'd do this.
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