Sending Euro on the bitcoin blockchain. EURt will replace Transferwise

[TKeenan]

Finally - send Euro on the bitcoin blockchain.  Transferwise is a multibillion startup to do the same thing you can now do for free!

https://cointelegraph.com/news/tether-and-its-partners-to-disrupt-conventional-trading-on-bitcoin-blockchain

[shinratensei_]

Finally - send Euro on the bitcoin blockchain.  Transferwise is a multibillion startup to do the same thing you can now do for free!

https://cointelegraph.com/news/tether-and-its-partners-to-disrupt-conventional-trading-on-bitcoin-blockchain

And appearing a USD digital coin and EURO digital coin. and the real currency is represented by the digital currency. But I think this can become a threaten for bitcoin later.

[TKeenan]

Finally - send Euro on the bitcoin blockchain.  Transferwise is a multibillion startup to do the same thing you can now do for free!

https://cointelegraph.com/news/tether-and-its-partners-to-disrupt-conventional-trading-on-bitcoin-blockchain

And appearing a USD digital coin and EURO digital coin. and the real currency is represented by the digital currency. But I think this can become a threaten for bitcoin later.

Nope, it's all done on top of Bitcoin.  If Bitcoin goes away, then Tether is gone too.  Doesn't threaten Bitcoin at all.  IT IS BITCOIN!!!!

[European Central Bank]

tether is owned partly by bitfinex isn't it? and the bfx shitcoin was created on Omni. I don't find that type of background a big turn on.

[morantis]

honestly, this completely confuses me, what is the difference between this new eurocoin and another new bitcoin token?  if there is a balance in your wallet you still cannot hit a standard ATM and get real Euros.  It is just another Bitcoin colored/token right?

[unamis76]

Using this vehicle, the Omni Layer Foundation will engage market making in the EUR/USD pair across both decentralized exchanges and other exchange partners.

No! We want USD/BTC and EUR/BTC...

EURT is fully backed by a banking trust in Taiwan on a 1 to 1 basis of deposits to coins issued.

This doesn't sound good at all.

It looks like this will complicate things instead of simplifying them, I think... You will need an extra token to trade another token, so to speak.

[morantis]

Using this vehicle, the Omni Layer Foundation will engage market making in the EUR/USD pair across both decentralized exchanges and other exchange partners.

No! We want USD/BTC and EUR/BTC...

EURT is fully backed by a banking trust in Taiwan on a 1 to 1 basis of deposits to coins issued.

This doesn't sound good at all.

It looks like this will complicate things instead of simplifying them, I think... You will need an extra token to trade another token, so to speak.

i actually imagined a placeholder token once that would be untouched by the public, but to represent a group of alt coins, it could be used behind the scenes on a site to put together "hedge funds" of multiple coins, i guess that is the type of thing that would be needed here to give a controllable mutable value, but a standard alt coin could be entirely controlled by a dev, while another person could get control of a unannounced token on the blockchain, i do not fully understand the protocol of tokens and how transparent those TX's are from viewing the Bitcoin blockchain, i would have to tinker and see

[TKeenan]

Using this vehicle, the Omni Layer Foundation will engage market making in the EUR/USD pair across both decentralized exchanges and other exchange partners.

No! We want USD/BTC and EUR/BTC...

EURT is fully backed by a banking trust in Taiwan on a 1 to 1 basis of deposits to coins issued.

This doesn't sound good at all.

It looks like this will complicate things instead of simplifying them, I think... You will need an extra token to trade another token, so to speak.

Trade whatever you like.  It goes in all directions.  Any pair you want in/out of, bam! Omni does that.  

The big deal is that everyday a shitload of $$$ want to go to Europe and a shitload of EUR want to go to the US.  All that traffic is now done on conventional channels.  Bitcoin can carry this traffic very easy and can do it today without modification.  Further, the cost is just over .05% whereas with Transferwise (cheapest way) it is still over 1%!!!  $ Millions in savings each day.  No exaggeration about that.

It is only complicated to slow thinkers.  But, since it will save you tons of money, even slow thinkers will use it.

[morantis]

Using this vehicle, the Omni Layer Foundation will engage market making in the EUR/USD pair across both decentralized exchanges and other exchange partners.

No! We want USD/BTC and EUR/BTC...

EURT is fully backed by a banking trust in Taiwan on a 1 to 1 basis of deposits to coins issued.

This doesn't sound good at all.

It looks like this will complicate things instead of simplifying them, I think... You will need an extra token to trade another token, so to speak.

Trade whatever you like.  It goes in all directions.  Any pair you want in/out of, bam! Omni does that.  

The big deal is that everyday a shitload of $$$ want to go to Europe and a shitload of EUR want to go to the US.  All that traffic is now done on conventional channels.  Bitcoin can carry this traffic very easy and can do it today without modification.  Further, the cost is just over .05% whereas with Transferwise (cheapest way) it is still over 1%!!!  $ Millions in savings each day.  No exaggeration about that.

It is only complicated to slow thinkers.  But, since it will save you tons of money, even slow thinkers will use it.

well, the issue i always had with any sidechain in understanding was the representation of the hard assets.  i went fully through creating a colored coin the long way and there is never any point where a true link is made between the "promise" of redemption and a vehicle that can be proven.  the basics are simply attaching side data to the blockchain to send along additional info and the promise is that one party will redeem these coins for an asset of true value.  what i cannot understand is the mechanism of proof.  i can create another alt coin and tell everyone that if they come to my office i will give them $1 worth of services for each of the alt coins they have.  i can encode this data into the TX of each coin, but that promise is only as good as the action taken to make it happen.

i can understand if a colored coin transaction contained the private key to a BTC wallet or perhaps a digital key to open a FIAT bank account, but those can both be emptied easily.  i simply do not see how the attached meta data can ENSURE that the receiver and only the receiver can directly access funds/assets permanently held until redemption, the blockchain displays the meta data for everyone

[TKeenan]

  i simply do not see how the attached meta data can ENSURE that the receiver and only the receiver can directly access funds

It can't.  Not any more than having bitcoin on the blockchain can assure that somebody will give you $600 for it.  But, people still give $600 for a bitcoin.  Similarly, people still gives one real hard USD for a tether.  Everyday.  Every time.

[morantis]

  i simply do not see how the attached meta data can ENSURE that the receiver and only the receiver can directly access funds

It can't.  Not any more than having bitcoin on the blockchain can assure that somebody will give you $600 for it.  But, people still give $600 for a bitcoin.  Similarly, people still gives one real hard USD for a tether.  Everyday.  Every time.

see then other than using yet another protocol/handling procedure for Crypto I do not understand the purpose of these tokens and/or colored coins.  I understand developing the initial prototype as a proof of concept, but going beyond that just seems silly.  i would rather see the scripting within Bitcoin used for something more interesting or useful.  i can see a software wallet on a mobile device combined with sidechain data only allowing a client access to the balance at specific locations or giving bonus coins at certain places or even using blockchain scripting in more games that use Bitcoin or an altcoin.

The only one way that i can see using this to ensure redemption is to provide one part of a key pair in the meta data and another part through another method, i still think that leave the receiver open to losing the funds to the sender, but at least that is the only weakness

[TKeenan]

  i simply do not see how the attached meta data can ENSURE that the receiver and only the receiver can directly access funds

It can't.  Not any more than having bitcoin on the blockchain can assure that somebody will give you $600 for it.  But, people still give $600 for a bitcoin.  Similarly, people still gives one real hard USD for a tether.  Everyday.  Every time.

see then other than using yet another protocol/handling procedure for Crypto I do not understand the purpose of these tokens and/or colored coins.  I understand developing the initial prototype as a proof of concept, but going beyond that just seems silly.  i would rather see the scripting within Bitcoin used for something more interesting or useful.  i can see a software wallet on a mobile device combined with sidechain data only allowing a client access to the balance at specific locations or giving bonus coins at certain places or even using blockchain scripting in more games that use Bitcoin or an altcoin.

The only one way that i can see using this to ensure redemption is to provide one part of a key pair in the meta data and another part through another method, i still think that leave the receiver open to losing the funds to the sender, but at least that is the only weakness

It doesn't matter whether or not you can 'see using'.  Today $ 2,243,960 changed hands on Tether.  Daily average is over a million.  Loads of people find it very useful to trade USD on the blockchain.  After more learn how this works, volume is going WAY up.

If you have no need whatever to trade crypto-USD for crypto, no problem go buy Omni and you will be paid .05% for all that volume.  At today's Omni prices that is over 6% annual return.  If volume goes up, you win big.  No other crypto today is paying dividends like that.  Not even close.  All those depend on a prayer and a hope.  Omni is paying dividends NOW!

[morantis]

  i simply do not see how the attached meta data can ENSURE that the receiver and only the receiver can directly access funds

It can't.  Not any more than having bitcoin on the blockchain can assure that somebody will give you $600 for it.  But, people still give $600 for a bitcoin.  Similarly, people still gives one real hard USD for a tether.  Everyday.  Every time.

see then other than using yet another protocol/handling procedure for Crypto I do not understand the purpose of these tokens and/or colored coins.  I understand developing the initial prototype as a proof of concept, but going beyond that just seems silly.  i would rather see the scripting within Bitcoin used for something more interesting or useful.  i can see a software wallet on a mobile device combined with sidechain data only allowing a client access to the balance at specific locations or giving bonus coins at certain places or even using blockchain scripting in more games that use Bitcoin or an altcoin.

The only one way that i can see using this to ensure redemption is to provide one part of a key pair in the meta data and another part through another method, i still think that leave the receiver open to losing the funds to the sender, but at least that is the only weakness

It doesn't matter whether or not you can 'see using'.  Today $ 2,243,960 changed hands on Tether.  Daily average is over a million.  Loads of people find it very useful to trade USD on the blockchain.  After more learn how this works, volume is going WAY up.

If you have no need whatever to trade crypto-USD for crypto, no problem go buy Omni and you will be paid .05% for all that volume.  At today's Omni prices that is over 6% annual return.  If volume goes up, you win big.  No other crypto today is paying dividends like that.  Not even close.  All those depend on a prayer and a hope.  Omni is paying dividends NOW!

ok, i have not touched them much but will check them out, i appreciate the info, i have traded and invested for a while now and while see these have to offer, thanks again

[pooya87]

this is interesting for sure but i am having a little bit of trouble for trusting tether and similar coins that are the same value as a fiat (USDT = $1) and the way they work.

for example tether price has always been $1 for a very long time but when bitfinex was hacked the price went down to ~$0.9 for the first time and it makes me a little bit worried.

[hl5460]

Translated into Chinese and released:
http://www.8btc.com/blockchain-based-omni-foundation-adds-euro-coin-pair

[Kakmakr]

Correct me if I am wrong, but Tether is somehow pegged to the fiat currencies and then linked to fiat bank accounts. What happens with the funds in these accounts, when the banks block these accounts? Is this not centralization based on the Blockchain to transfer fiat value?

Give the slow thinkers a boost here. ^smile^

[JeffBrad12]

  i simply do not see how the attached meta data can ENSURE that the receiver and only the receiver can directly access funds

It can't.  Not any more than having bitcoin on the blockchain can assure that somebody will give you $600 for it.  But, people still give $600 for a bitcoin.  Similarly, people still gives one real hard USD for a tether.  Everyday.  Every time.

see then other than using yet another protocol/handling procedure for Crypto I do not understand the purpose of these tokens and/or colored coins.  I understand developing the initial prototype as a proof of concept, but going beyond that just seems silly.  i would rather see the scripting within Bitcoin used for something more interesting or useful.  i can see a software wallet on a mobile device combined with sidechain data only allowing a client access to the balance at specific locations or giving bonus coins at certain places or even using blockchain scripting in more games that use Bitcoin or an altcoin.

The only one way that i can see using this to ensure redemption is to provide one part of a key pair in the meta data and another part through another method, i still think that leave the receiver open to losing the funds to the sender, but at least that is the only weakness

It doesn't matter whether or not you can 'see using'.  Today $ 2,243,960 changed hands on Tether.  Daily average is over a million.  Loads of people find it very useful to trade USD on the blockchain.  After more learn how this works, volume is going WAY up.

If you have no need whatever to trade crypto-USD for crypto, no problem go buy Omni and you will be paid .05% for all that volume.  At today's Omni prices that is over 6% annual return.  If volume goes up, you win big.  No other crypto today is paying dividends like that.  Not even close.  All those depend on a prayer and a hope.  Omni is paying dividends NOW!

But there are possibilities for that is will become disrupt the crypto exchange? Thank for your explanation about that but i doubt about it because this is my first time heard about Token currency.

[morantis]

For some reason here at my office and even through my mobile phone here the Tether website is really slow when trying to register.  You actually have me curious now and I want to rty it but I will see what happens from my house.  There are no internet issues here, all good and fast, but their site is having issues, hopefully later.

[TKeenan]

Correct me if I am wrong, but Tether is somehow pegged to the fiat currencies and then linked to fiat bank accounts. What happens with the funds in these accounts, when the banks block these accounts? Is this not centralization based on the Blockchain to transfer fiat value?

Give the slow thinkers a boost here. ^smile^

Yep.  It is centralized.  That is a horrible, evil thing.  But we have to live with some centralization.  A bank (awful four letter word) does hold the funds and can impound the account.  All true.  For those who need a 100% bank free world, tether is not suitable.  

Now, for all the others, it is a very handy system that enables USD/EUR exchange and transfer all over the world for free!  Presently, people are paying very large sums for the same thing.  If you can get over the fact that Tether is not decentralized, then you can take good advantage.  Those seeking 100% decentralization in their lives will be left dissatisfied.

For some reason here at my office and even through my mobile phone here the Tether website is really slow when trying to register.  You actually have me curious now and I want to rty it but I will see what happens from my house.  There are no internet issues here, all good and fast, but their site is having issues, hopefully later.

You don't need to visit the tether website.  Just open an account on Poloniex and get your tether there.  I don't think anyone goes to the tether site.

[mobnepal]

honestly, this completely confuses me, what is the difference between this new eurocoin and another new bitcoin token?  if there is a balance in your wallet you still cannot hit a standard ATM and get real Euros.  It is just another Bitcoin colored/token right?

This is not just another bitcoin colored token as they have stated EURt available are backed by same number of EURO in taiwan bank account so value of EURt will be stable just like their USDt which is being used by few bitcoin/altcoin exchanger already. And tether have already won trust for few years now, however if any complication arises with their bank account than it may create problems. Hope they have not deposited all backing funds in a single bank account.