[ANN][PreSale]🔵 Share and Token Offering - Smarts Scan&Go - Shop with Crypto🔥

[holydarkness]

Doesn't this lead us to the classic volatility problem? So you'll give a possibility where the SMT will automatically converted to FIAT, correct? What would be the solution for a case where a customer pay with SMT and during your conversion to FIAT, or at any step during the whole transaction process, the base rate changes due to the volatility? Someone will have to suffer a small amount of loss?

Great point. First, with crypto payments, we will be selling short in the exchange, which covers 90% of the loss risk. The rest will be covered by a small increase in the transaction fee. So whatever the volatility will be, we will be taking and covering the risks.

Second, we dont see the SMT's as a new cryptocurrency, they will be something to pay for our service fees with - whether for a vendor to set themselves up in our system or for a customer to cover the crypto transaction fees, when they pay with Ether or Bitcoin. Our prototype already works with Ether and the MVP will also have Bitcoin transactions available.

The more people will start using crypto daily, the less there will be volatilty issues so we will be accepting and managing them as growing pains.

So, to sum up your answer,  in case of token rate changing up to few points during the process of selling/buying/payment transaction between seller and buyers, you will handle the price gap with the money you got from trading profit and transaction fee?

This transaction fee, I assume shall be billed to the end-user?

You are basically correct, yes : )
The transaction fee, if its needed (if the trading profit will not cover it), will be billed to the vendor, much like currently mastercard and visa act.

Vendor as in to the owner of the store where the buyer buy the items or as in the manufacturer of the items?

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[smartsofficial]

Doesn't this lead us to the classic volatility problem? So you'll give a possibility where the SMT will automatically converted to FIAT, correct? What would be the solution for a case where a customer pay with SMT and during your conversion to FIAT, or at any step during the whole transaction process, the base rate changes due to the volatility? Someone will have to suffer a small amount of loss?

Great point. First, with crypto payments, we will be selling short in the exchange, which covers 90% of the loss risk. The rest will be covered by a small increase in the transaction fee. So whatever the volatility will be, we will be taking and covering the risks.

Second, we dont see the SMT's as a new cryptocurrency, they will be something to pay for our service fees with - whether for a vendor to set themselves up in our system or for a customer to cover the crypto transaction fees, when they pay with Ether or Bitcoin. Our prototype already works with Ether and the MVP will also have Bitcoin transactions available.

The more people will start using crypto daily, the less there will be volatilty issues so we will be accepting and managing them as growing pains.

So, to sum up your answer,  in case of token rate changing up to few points during the process of selling/buying/payment transaction between seller and buyers, you will handle the price gap with the money you got from trading profit and transaction fee?

This transaction fee, I assume shall be billed to the end-user?

You are basically correct, yes : )
The transaction fee, if its needed (if the trading profit will not cover it), will be billed to the vendor, much like currently mastercard and visa act.

Vendor as in to the owner of the store where the buyer buy the items or as in the manufacturer of the items?

The vendor, as in the store who sells the items, yes : )

[kemancok]

Doesn't this lead us to the classic volatility problem? So you'll give a possibility where the SMT will automatically converted to FIAT, correct? What would be the solution for a case where a customer pay with SMT and during your conversion to FIAT, or at any step during the whole transaction process, the base rate changes due to the volatility? Someone will have to suffer a small amount of loss?

Great point. First, with crypto payments, we will be selling short in the exchange, which covers 90% of the loss risk. The rest will be covered by a small increase in the transaction fee. So whatever the volatility will be, we will be taking and covering the risks.

Second, we dont see the SMT's as a new cryptocurrency, they will be something to pay for our service fees with - whether for a vendor to set themselves up in our system or for a customer to cover the crypto transaction fees, when they pay with Ether or Bitcoin. Our prototype already works with Ether and the MVP will also have Bitcoin transactions available.

The more people will start using crypto daily, the less there will be volatilty issues so we will be accepting and managing them as growing pains.

So, to sum up your answer,  in case of token rate changing up to few points during the process of selling/buying/payment transaction between seller and buyers, you will handle the price gap with the money you got from trading profit and transaction fee?

This transaction fee, I assume shall be billed to the end-user?

You are basically correct, yes : )
The transaction fee, if its needed (if the trading profit will not cover it), will be billed to the vendor, much like currently mastercard and visa act.

Vendor as in to the owner of the store where the buyer buy the items or as in the manufacturer of the items?

The vendor, as in the store who sells the items, yes : )

hopefully there will be many who use crypto from now on, and the team will work hard to promote this project well so that there are many people who are interested and many use it.

[holydarkness]

~snip~

You are basically correct, yes : )
The transaction fee, if its needed (if the trading profit will not cover it), will be billed to the vendor, much like currently mastercard and visa act.

Vendor as in to the owner of the store where the buyer buy the items or as in the manufacturer of the items?

The vendor, as in the store who sells the items, yes : )

How do you plan to keep the vendors from billing the buyers of those transaction fees? It's not an impossible scenario where the sellers decide to reap better profit by subjecting those (or any fees involved) to the buyers by increasing the product price.

[smartsofficial]

~snip~

You are basically correct, yes : )
The transaction fee, if its needed (if the trading profit will not cover it), will be billed to the vendor, much like currently mastercard and visa act.

Vendor as in to the owner of the store where the buyer buy the items or as in the manufacturer of the items?

The vendor, as in the store who sells the items, yes : )

How do you plan to keep the vendors from billing the buyers of those transaction fees? It's not an impossible scenario where the sellers decide to reap better profit by subjecting those (or any fees involved) to the buyers by increasing the product price.

This would only be an issue, if the cryptopayments were more expensive than fiat ones but since cryptopayments are cheaper (no middle-men such as mastercard or visa taking their share + the upkeeping of POS bank terminals) there will be no reason for the sellers to add extra price to the products. To be fair, for those vendors who do not wish to receive cryptopayments directly, form them Smarts will be the middle man who takes care of crypto and will return fiat to the seller. But even those costs will be less than half of what they are paying right now.

So in a nutshell, Vendors will have no need to increase the pricing.

[smartsofficial]

Yesterday, Smarts was among a few others at a "Future of Finance" event, many of the participants saw cryptocurrencies as a part of our future.

[holydarkness]

How do you plan to keep the vendors from billing the buyers of those transaction fees? It's not an impossible scenario where the sellers decide to reap better profit by subjecting those (or any fees involved) to the buyers by increasing the product price.

This would only be an issue, if the cryptopayments were more expensive than fiat ones but since cryptopayments are cheaper (no middle-men such as mastercard or visa taking their share + the upkeeping of POS bank terminals) there will be no reason for the sellers to add extra price to the products. To be fair, for those vendors who do not wish to receive cryptopayments directly, form them Smarts will be the middle man who takes care of crypto and will return fiat to the seller. But even those costs will be less than half of what they are paying right now.

So in a nutshell, Vendors will have no need to increase the pricing.

I'm sorryx I reviewed your conversation back on previous page and I realized that you explained this transaction fee to maitseasi, and said that customer can have an option to may for the transaction fee and make their purchased items cheaper. And you informed me that the tx fee shall be billed to vendor. I got.confused

And to answer 'maitseasi', the Tokens will can be used if you want to set up a Vendor account (store owner and want to use Smarts) or a customer using the app - the SMTs can be used to cover crypto transaction fees, so your purchases will be cheaper than it says on the price tag.

How can price be lower then on pricetag? Only with crypto?

Very good question. Since the platform is free to use for the end-user, all expenses will be covered by the vendor. So, when a vendor accepts cryptocurrency, they will also cover the transaction fees. But, if you have SMT's, you can use them to cover the transaction fees yourself and so, your purchase will be cheaper.

[kemancok]

Thank you for the address you provided. I will read and study again and will ask you if there is something that feels odd, fighting and good job, thanks.

[holydarkness]

It's funny that I tried to recall this certain project these last few days with "what was the project about smart shopping cashless automated something that I had a discussion with several months ago?" and this thread bumped out of nowhere abd saved my time.

Is this project still even going? Their thread seems abandoned.