Closing the loop - helping retailers not to sell their coins

[crazyivan]

What do you think about this idea CEO of 21 shared with the public?

Would introducing BTC vendors, besides consumers and merchants help BTC adoption and price increase?

http://www.coindesk.com/21-ceo-balaji-srinivasan-bitcoin-job-fair/

[fancy_pants]

Does 21 pay salaries in bitcoin?  I don't think the question was asked.

[crazyivan]

Does 21 pay salaries in bitcoin?  I don't think the question was asked.

Hah. A good point.

However, he only hinted they ll have something to do with including vendors in the loop.

[SpanishSoldier]

I like how he has named his presentation...

[Chef Ramsay]

I like how he has named his presentation...

They a picture is worth a thousand words and in this case - many thousand dollar + coins down the line.

[jjacob]

What do you think about this idea CEO of 21 shared with the public?

Would introducing BTC vendors, besides consumers and merchants help BTC adoption and price increase?

http://www.coindesk.com/21-ceo-balaji-srinivasan-bitcoin-job-fair/

Yes. Ideally a bottom up approach would have worked.
The vendors at the start of the business chain should have adopted Bitcoin, followed by B2C companies.
The reverse would work too.
Having said that, we shouldn't really be bothered about the price now.

[crazyivan]

What do you think about this idea CEO of 21 shared with the public?

Would introducing BTC vendors, besides consumers and merchants help BTC adoption and price increase?

http://www.coindesk.com/21-ceo-balaji-srinivasan-bitcoin-job-fair/

Yes. Ideally a bottom up approach would have worked.
The vendors at the start of the business chain should have adopted Bitcoin, followed by B2C companies.
The reverse would work too.
Having said that, we shouldn't really be bothered about the price now.

Yes, this would be a way towards life exclusively on BTC.

However, I do think his presentation s a bit too optimistic. Alternatively, maybe he s got more info then I do about the current state of crypto economy.

[Light]

The problem is that without selling them the retailers are assuming risk that the exchange price will fall - meaning their value falls. Not to mention they don't currently have a means of using the coins they earn, a majority wouldn't accept BTC as an alternative to fiat for their pay packet, mainly because they don't know what it is or don't have an easy means of spending them in comparison to fiat (let's be honest here - nearly everyone accepts fiat, very few accept BTC).

[crazyivan]

The problem is that without selling them the retailers are assuming risk that the exchange price will fall - meaning their value falls. Not to mention they don't currently have a means of using the coins they earn, a majority wouldn't accept BTC as an alternative to fiat for their pay packet, mainly because they don't know what it is or don't have an easy means of spending them in comparison to fiat (let's be honest here - nearly everyone accepts fiat, very few accept BTC).

I fully agree. This is why people speculate 21 s going to be something about bringing vendors in the story. Cause if I am a retailer and I can purchase my inputs for BTC and replenish my stock the moment I sell an item, why would I exchange BTC for FIAT. If nothing else, this would reduce the amount being exchanged for FIAT.

[Kakmakr]

I think it will be hard for people not to convert back to fiat currencies and to stay within the BTC loop. The general public and vendor's wants to measure the value of BTC against their fiat currency value. It would be interesting to see how this play out in the long run. ^heh^

[Cryddit]

We need to compile a list of businesses that sell for bitcoin things useful to other businesses (office supplies, machinery, commercial kitchen equipment, wrappers/containers/cups, dishes/flatware/plates,  uniforms, safety shoes, etc) and distribute the list to all businesses that accept bitcoin.  

If they can avoid a 2% "tax" for conversion to fiat and get their purchases done anyway, they'll probably like that idea.

[Amph]

The problem is that without selling them the retailers are assuming risk that the exchange price will fall - meaning their value falls. Not to mention they don't currently have a means of using the coins they earn, a majority wouldn't accept BTC as an alternative to fiat for their pay packet, mainly because they don't know what it is or don't have an easy means of spending them in comparison to fiat (let's be honest here - nearly everyone accepts fiat, very few accept BTC).

why they can't simply exchange the bitcoin gained by customers with other item instead of fiat? then those item are sold again to the previous customers for other bitcoin

fiat shouldn't exist in the first place when someone is dealing with bitcoin

[H.W.Z]

The problem is that without selling them the retailers are assuming risk that the exchange price will fall - meaning their value falls. Not to mention they don't currently have a means of using the coins they earn, a majority wouldn't accept BTC as an alternative to fiat for their pay packet, mainly because they don't know what it is or don't have an easy means of spending them in comparison to fiat (let's be honest here - nearly everyone accepts fiat, very few accept BTC).

why they can't simply exchange the bitcoin gained by customers with other item instead of fiat? then those item are sold again to the previous customers for other bitcoin

fiat shouldn't exist in the first place when someone is dealing with bitcoin

The problem is that there are not enough merchants, who are accepting bitcoin payment. The customers, who gained bitcoin, still are fear to keep bitcoin in hand. We need more time to spread the bitcoin concept.

[Troonetpt]

A closing loop could help stabilization of the price of bitcoin, but I doubt such loop can really be setup.

[chennan]

A closing loop could help stabilization of the price of bitcoin, but I doubt such loop can really be setup.

I think at the bitcoin's adoption rate is increasing, more and more merchants, individuals, vendors are adopting and using bitcoin. The bitcoin's ecosystem is forming. Ppl will find the benefit of just keeping bitcoin rather to dump to cash paying the conversion fees every time.

[crazyivan]

A closing loop could help stabilization of the price of bitcoin, but I doubt such loop can really be setup.

I think at the bitcoin's adoption rate is increasing, more and more merchants, individuals, vendors are adopting and using bitcoin. The bitcoin's ecosystem is forming. Ppl will find the benefit of just keeping bitcoin rather to dump to cash paying the conversion fees every time.

Not so sure. Some recent research show that the speed of merchant adoption s actually decreasing. Coindesk latest report for example.

[Hazir]

A closing loop could help stabilization of the price of bitcoin, but I doubt such loop can really be setup.

I think at the bitcoin's adoption rate is increasing, more and more merchants, individuals, vendors are adopting and using bitcoin. The bitcoin's ecosystem is forming. Ppl will find the benefit of just keeping bitcoin rather to dump to cash paying the conversion fees every time.

As you said for not there is no incentive to keep bitcoin really, because you can't buy everything for it and you MUST sell it to be able to pay your bills, contractors and clients with FIAT. People are scared because of that bitcoin price is not growing constantly and they think it is because bitcoin is failing, which is not true. In couple years I know that situation will change and people will be willing to keep btc instead of selling it. Just wait.

[futureofbitcoin]

I like how he has named his presentation...

They a picture is worth a thousand words and in this case - many thousand dollar + coins down the line.

In fact this particular picture is worth exactly 11 words.

[ensurance982]

This is definitely the way to go! The bootstrapping process is - like most times - the hardest part, though. Think of it as the "hen and egg problem": You need to have enough incentive to accept BTC, companies and people need to have enough places where they can spend their BTC - where do you begin?

[Snail2]

This is definitely the way to go! The bootstrapping process is - like most times - the hardest part, though. Think of it as the "hen and egg problem": You need to have enough incentive to accept BTC, companies and people need to have enough places where they can spend their BTC - where do you begin?

Companies can start by accepting BTC as one of the payment options. (As more and more doing.) Chicken and eggs served piping hot in one go .