[ANN] StableCoin Shop - Amazon.com and Steam Integration

[artos]

We are pleased to announce that the StableCoin Shop is nearing completion. The back end is  about 75% done and our web design guy is in the process of designing a clean front end.  Originally, we just planned to offer digitally delivered goods at launch, but competing services have forced our hand. Therefore, we have decided to include Amazon.com integration as well. Here's the specifics:

* Users will have an account that they can transfer SBC into
* After a certain number of confirms (currently 50, subject to change), SBC will be posted to the account
* SBC can then be converted to USD credit based on an algorithm that invokes several market variables

USD credit can be spent in the following ways:

* Users can submit an Amazon.com wish list which will be purchased for them
* Users can have steam games gifted to them
* Users can have gift cards codes delivered to them via email

The shop is set to be launched as soon as SBC has a fair market price establish (aka gets on an exchange). I'm sure a few of you will question this, but anyone who has taken an economics class will understand why we can not just launch the service and ascribe an arbitrary value to the coins.

I hope you are all as excited about launching this service as we are

[krasnyoktyabr]

So you are going to buy everyone's stablecoins and buy amazon products for them. You are going to sell the stablecoins you premined to the suckers on the exchange to pay for this service, I assume?

EDIT: Let me add to this, because I don't want to bash something if I don't have the right idea.

But you are going to have people create an account with you. They are going to deposit SBC and you are going to "convert" it to cash (aka, sell it on an exchange). Instead of the user getting cash, you are going to either buy a steam game or an amazon product with the money from selling the coins on an exchange, and then they will receive the product.

The problem I see here is that you need to have a hefty cashflow to back this kind of operation. The fees you would pay in converting your SBC to LTC, then to BTC, then to USD on exchanges is going to be steep. You will need to charge ~5% to make that happen. Additionally, I'm worried for you about the low volume of buyers on exchanges. There is a very real chance that you will end up buying all of the SBC and selling it down into oblivion to cover the expenses of running this kind of operation. There won't be any reason for people to buy SBC to utilize this service, because they will have to pay fees to use the service, when they could just cash out and then buy on Amazon for themself.

Please correct me.

[artos]

Services like these add value to the coin. If you recall, the catalyst for LTC surpassing $2 was caused by Atlantis. Having a single gateway where people can convert their SBC into something more tangible is inherently valuable. Instead of doing all the currency conversions you've mentioned, SBC holders can simply go through our site, which not only cuts down on fees, but is faster, easier, and more convenient.

As far as expenses go, we expect to (initially, at least) lose money from this operation. A portion of SBC received will be kept, the rest will be sold off to continue to fund operations. The goal, of course, is to develop the coin to the point where our initial losses are recovered by the SBC we keep appreciating in value. In regards to the volume, we will be using a conversion formula that accounts for key market variables (the specifics of which we will not release, as to deter gaming the system).

I appreciate the constructive post; there has been a lot of vitriol on these forums lately.

[krasnyoktyabr]

I'm interested to see how it works.

I think it could add a lot of value to the coin if it doesn't bleed you dry financially before the coin income from the service starts to payoff in higher exchange prices. Best of luck, and I apologize for the initially hostile response. I was more curious than anything and it came out a bit harsh.

[FiiNALiZE]

Very nice idea.

SBC will probably get on Cryptsy by the end of next week, if not sooner.

[ManOfKnight]

I am happy to see a shop made for it.  Just like other stores that have opened...hopefully 3-5 of these alts survive and can be used in stores such as the one Artos and crew are creating.

[artos]

Now that SBC is on cryptsy, market trends will be monitored closely during the coming days as we prepare for launch.

[fendlestick]

While your waiting spend some SBC at www.cryptosextoys.com the time will fly by.

[FiiNALiZE]

Can't wait till the shop launches 

[scotjam]

Any news on this, now that SBC has been reborn?

[cocales]

lol, good one.   

[artos]

Any news on this, now that SBC has been reborn?

https://bitcointalk.org/index.php?topic=349198.msg3782202#msg3782202

[cctekh]

Wow, you are moving fast now that you are back.  Can't wait to see what else you have planned.

Keep up the great work!

[btcrich]

Services like these add value to the coin. If you recall, the catalyst for LTC surpassing $2 was caused by Atlantis. Having a single gateway where people can convert their SBC into something more tangible is inherently valuable. Instead of doing all the currency conversions you've mentioned, SBC holders can simply go through our site, which not only cuts down on fees, but is faster, easier, and more convenient.

As far as expenses go, we expect to (initially, at least) lose money from this operation. A portion of SBC received will be kept, the rest will be sold off to continue to fund operations. The goal, of course, is to develop the coin to the point where our initial losses are recovered by the SBC we keep appreciating in value. In regards to the volume, we will be using a conversion formula that accounts for key market variables (the specifics of which we will not release, as to deter gaming the system).

I appreciate the constructive post; there has been a lot of vitriol on these forums lately.

Atlantis was the reason LTC went above $2?  I didn't notice that.  I did notice however that Bitcoin very quickly jumped to over $1000 after Silk Road got shut down.

EDIT:  I didn't realize that scotjam had bumped this really old thread.  Nonetheless, here's hindsight. I guess it's probably a good thing for SBC that you're not selling illegal drugs or weapons.