Idea for developers - wallets with fiat monitoring loss/win

[Perlover]

Hi,

I have an idea for developers of wallets
It will help people to make decisions in the world where a fiat money have a priority

Sometime we put bitcoins in wallet and sometime pay by bitcoin.
But we can remember how many bitcoins we put and what rate in our loved fiat currency was there and same for paying by bitcoins.
A wallet can take in account all these parts (bitcoin +rate) and always shows to user he loses fiat money or if not if he will pay some bitcoins.

For example, now user have:
Input in wallet - 0.5 BTC, to be inputted at 2014-05-02 by rate $430 for BTC
Input in wallet - 0.3 BTC, 2014-07-20, $620 for BTC

For example today (2014-08-20) user wants to pay $96, today rate is $480 for one BTC, It's 0.2 BTC (when bitcoin costs $480), the wallet should calculate best sum of losing/winning what happens if user will pay. So wallet take best price and part for best for user side  - $620 and calculate before paying and shows:

0.2 BTC - $96 (480 * 0.2) - you win: $28 (630*0.2-96) [wallet will take a most costed part of bitcoins first]

Ok, the user thinks - super and and he pays. After in database we have two records:
0.5 BTC for $430
0.1 BTC for $620

Tomorrow for example BTC costs $520. The user decides to buy something again.
He opens the wallet, go to site and there price - $280. Now he has 0.6 BTC in wallet to be derived from 0.5*430 + 0.1*620.
The wallet calculate how many BTC he will pay now - 280/520 = 0.53846. Wallet calculate before paying and shows to user a following:

$280, 0.53846 BTC, you win $29.46 (how we got: 280-0.1*620+(0.53846-0.1)*430)

OK, user thinks - it's super, bitcoin is super and press "To pay" button.
Now he has in wallet 0.06154 for $430.

So if then he will go to pay a rest of bitcoins in next payment when the bitcoin will cost $520 he will see:

$32, 0.06154 BTC, you lost $5.54 (32-0.06154*430)
May be he will decide to pay by other payment system by fiat money.

So for this implementation a wallet should keep all parts of bitcoins (pairs as BTC + rate of bitcoin in day when its was put to wallet)

Really i think this will help people to make decisions in the world where a fiat money have a priority!

Thanks!

P.S. If you will realize it you can donate here - 1MtuNUZJ571Bcvre7VDpidDTR884n58rqS (there are 1 mBTC is mine
I cannot time and possibilities to make it

Perlover

[pocesar]

good idea
but it's entirely centralized on exchanges APIs, because the price is always determined by public exchanges and their APIs.

[Mirdude]

Seems like a good idea to me

[Willisius]

Some users are trying to get away from fiat, and they wouldn't like that.

[mintmoney]

Hi Perlover!

If I'm totally understanding your idea, it is to create a site that allows users to track investments? I was actually working on a site like this up until a few days ago when I saw these:

https://coincpa.com/
and
http://www.libratax.com/

I wish I didn't have to work 40 hours at a regular job and had time to focus on these types of projects, maybe then we could've beat these guys to market with a viable product!

If anyone is interested I was using the Sails MVC Framework for Node.js and MongoDB... But I think CoinCPA has done it quite nicely honestly.

So now I am in active search mode for a BTC project (since my last dream was dashed). I have another excellent idea for a SaaS startup but it's not BTC related and I want to support the community, so if you have any cool project or ideas message me!

[Perlover]

Mintmoney, i don't know how it can be called but may be "allows users to track investments".
I as user of Bitcoin think about money as fiat money. And real world operates prices in fiat money.
If user begins to use the Bitcoin i think this idea will help to him to operate money invested in bitcoins when the Bitcoin rate jumps as crazy.

If wallets will show him a win/loss delta fiat (given, at what price, how much and when he got Bitcoins) if he will want to buy something for bitcoins - i think it will be super.

[mintmoney]

Totally agree! CoinCPA & CoinReporting are both paid services I believe... It would be awesome to see that functionality implemented in the wallet clients!

[mintmoney]

I always read techcrunch in my AMs while I have my coffee and came across this article today:

http://techcrunch.com/2014/08/23/san-francisco-open-exchange-aims-to-be-the-e-trade-of-bitcoin/

Looks pretty promising