Idea In Progress: Earn money by paying with crypto and saving on costs

[ethconomy_official]

Ideation
A good way to earn money is to save on irreducible every day expenses such as food, groceries, consumer goods, etc.

This is what we set out to do with Ethconomy.io, a platform that allows you to cover everyday expenses using crypto at a discount.

For example, you can purchase Amazon gift cards with up to 30% discount, which can then be used to buy groceries, food deliveries, consumer products, and giftcards to other stores/services.

How and Why it Works
We are advocates for the privacy of online personal data, and looks to explore the potential and power of cryptocurrency as a payment method.

There are two roles in the world of Ethconomy:
Consumers are people looking to spend their crypto to purchase for giftcards. They can place orders from retailers on Ethconomy using crypto at a discounted price.
Brokers are people looking to purchase crypto. Once a consumer order is placed, it is settled by a network of brokers who fulfill orders on behave of consumers in exchange for cryptocurrency. They benefit from receiving crypto anonymously by paying a slight premium.

Technical Details
The platform will be ran on the Ethereum blockchain in the form of a dapp and all transactions will occur on smart contracts. Consumers can directly access the dapp using wallets such as Metamask, Trust, or Coinbase wallet without having to create an account on the dapp itself.

When an order is placed by a consumer, it goes into an orderbook and funds are locked in an escrow contract. Brokers can see all orders on the orderbook, and choose which ones they want to fulfill.

Brokers fulfill orders by inputing the code for the giftcard corresponding to the order. The code is encrypted with the consumer's public key.

Once an order is filled, the consumer will be notified and can view the code by decrypting with his private key.

Throughout the transactions, no personal data is provided by either parties.

Avoiding Spam and Fraud
To avoid spam and fraudulent activities, brokers will need to deposit a stake equivalencing to a portion of the order price. The stake will then be held in escrow for a period of time.

If the consumer finds the code inputed to be invalid or purchased through fraudulent methods, he/she can initiate a dispute by depositing the same amount of stake.

Once a dispute is initiated, the platform will intervene as a third party to resolve the dispute based on evidence provided by both side of the transaction. And the winner of the dispute takes all the stake in escrow.

We plan to make this process more distributed in the future and allows for decentralized resolution of disputes with some incentivization mechanism placed in.

Development Progress
We have currently developed a network of brokers to ensure fast fulfillment of orders for a smaller amount of consumers, and we are currently finishing up the consumer facing application. We are also opening up early access to the first 100 people that signs up (limiting to 100 to ensure supply can meet demand). If you are interested in the service, you can checkout www.ethconomy.io.

Any feedback is appreciated! And we are specifically looking for feedback and discussion around the dispute process as we believe that will make or break the user experience.

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[crwth]

Great concept. I have a couple of questions with regard to what you are offering.

• How would you address the amount of volatility cryptocurrency has?
  • Knowing that people are looking at USD prices most of the time, not the amount of Crypto
  • Fast paced changing of prices might affect the sellers and buyers.
• With the discounted prices, are you still able to provide profits for your own business? Taking the volatility and other variables that could affect your growth.

There's no question about the How and Why it Works in your claims because that's one of the things that you need to consider when protecting yourself, especially in this technological age. I'm just wondering how are you going to address my concerns above.

[ethconomy_official]

Great concept. I have a couple of questions with regard to what you are offering.

• How would you address the amount of volatility cryptocurrency has?
  • Knowing that people are looking at USD prices most of the time, not the amount of Crypto
  • Fast paced changing of prices might affect the sellers and buyers.
• With the discounted prices, are you still able to provide profits for your own business? Taking the volatility and other variables that could affect your growth.

There's no question about the How and Why it Works in your claims because that's one of the things that you need to consider when protecting yourself, especially in this technological age. I'm just wondering how are you going to address my concerns above.

Thanks for the questions crwth!

Price volatility is definitely a valid concern, and we will be adding support very soon for stable coins such as DAI and USDT in addition to Bitcoin and Ether as currencies on the platform. This provide an alternative for people what are sensitive to volatility.

[hugeblack]

I think we need to wait until seeing the site working to judge technical matters, but there are some questions:

 - Guarantee Cards: How can we ensure that these cards are from reliable sources and not stolen, hacked or reused?
 - Discount: you talked about a 30% discount but did not specify the exact level, as there are a lot of competitors such as https://purse.io, which provides discounts and reliability.
 - Escrow: How can third parties ensure that you are selling valid codes and that plaintiffs can prove that the code you sent them is not working?

[DiamondCardz]

Note to moderators: In response to my concerns the OP edited their post to address that it wasn't really related to Project Development, just a second announcement. I still think that there should be either a thread in Project Development on this topic or one in Service Announcements - one or the other. Not both.

Previous post: Can you stop using Project Development as a place to announce your service? You posted this thread in Project Development originally and it was appropriately moved to Service Announcements. Now you have created another thread in Project Development so that you can announce it twice. That's not what this section is for. You have a commercial, developed service, nothing in anything you have written anywhere indicates that it is a project in development.

This thread shouldn't have even been created. It would be appropriate in Service Announcements, but it rehashes what you have already put in your announcement thread without adding anything new.

[ethconomy_official]

Can you stop using Project Development as a place to announce your service? You posted this thread in Project Development originally and it was appropriately moved to Service Announcements. Now you have created another thread in Project Development so that you can announce it twice. That's not what this section is for. You have a commercial, developed service, nothing in anything you have written anywhere indicates that it is a project in development.

This thread shouldn't have even been created. It would be appropriate in Service Announcements, but it rehashes what you have already put in your announcement thread without adding anything new.

Apologies if I'm posting this in the wrong channel.

Our project if not yet finished and is currently under development which is why i've choose to post the idea here to get feedback and discussion. I appreciates all the comments and questions I've received so far.

When it was moved to service announcement channel last time there were comments concerning that it was not appropriate for that channel since the service is not even available yet.

[DiamondCardz]

Can you stop using Project Development as a place to announce your service? You posted this thread in Project Development originally and it was appropriately moved to Service Announcements. Now you have created another thread in Project Development so that you can announce it twice. That's not what this section is for. You have a commercial, developed service, nothing in anything you have written anywhere indicates that it is a project in development.

This thread shouldn't have even been created. It would be appropriate in Service Announcements, but it rehashes what you have already put in your announcement thread without adding anything new.

Apologies if I've posted this in the wrong channel.

Our project if not yet finished and is currently under development which is why i've choose to post it here to get feedback. When it was moved to service announcement channel last time there were comments concerning that it was not appropriate for that channel since the service is not even available yet.

You should make it explicitly clear. Your thread right now is just an advertisement. "Use our website to get gift cards at a discount", etc. If it's actively in development and not yet 'commercial' per se then you should be making that clear in your thread, rather than making it one big ad. This section is for talking about your progress in development, asking for ideas, feedback on sections, where you are exactly, etc. It's not a section for only saying 'come check us out'.

Edit: Looking at your other thread I don't see any comments concerning that it's not appropriate. The service is available, just in early access. But a thread titled 'Earn money by paying with crypto and saving on costs' - if you just saw that title, would you think a thread like that belongs in Service Announcements or Project Development?

I'm still convinced that your thread shouldn't be in this section, gl with your service though.

[ethconomy_official]

You should make it explicitly clear. Your thread right now is just an advertisement. "Use our website to get gift cards at a discount", etc. If it's actively in development and not yet 'commercial' per se then you should be making that clear in your thread, rather than making it one big ad. This section is for talking about your progress in development, asking for ideas, feedback on sections, where you are exactly, etc. It's not a section for only saying 'come check us out'.

I see. I will make updates to the post accordingly to be more fitting to the channel.

[ethconomy_official]

I think we need to wait until seeing the site working to judge technical matters, but there are some questions:

 - Guarantee Cards: How can we ensure that these cards are from reliable sources and not stolen, hacked or reused?
 - Discount: you talked about a 30% discount but did not specify the exact level, as there are a lot of competitors such as https://purse.io, which provides discounts and reliability.
 - Escrow: How can third parties ensure that you are selling valid codes and that plaintiffs can prove that the code you sent them is not working?

I've updated the original post with some more details and hopefully answering some of the questions you've listed!

In terms of discount, it will be a fixed ratio based on the price of the card. Smaller valued cards will have lower discounts while larger value cards will have higher discounts. The exact discounts themselves is floating, and adjusted based on supply and demand from consumers and brokers.

[Harlot]

Ideation
A good way to earn money is to save on irreducible every day expenses such as food, groceries, consumer goods, etc.

This is what we set out to do with Ethconomy.io, a platform that allows you to cover everyday expenses using crypto at a discount.

For example, you can purchase Amazon gift cards with up to 30% discount, which can then be used to buy groceries, food deliveries, consumer products, and giftcards to other stores/services.

The idea of "saving" money here isn't really good. If you will just spend something in order to save that 30% for something in order to buy those basic needs then you aren't saving at all you are just spending more on unnecessary things just to get that discounts. The 30% "saved" on something when buying from your service should have been 100% if they had not bought anything from the service. I'm not ruining your idea but don't fool people that they are earning something when they are buying from you. The 30% discounts looks great if people are really looking for that bargain hunt but discounts, cashbacks, and rebates are a direct opposite for people who want to save money for their basic needs.

[royalfestus]

• How would you address the amount of volatility cryptocurrency has?
  • Knowing that people are looking at USD prices most of the time, not the amount of Crypto
  • Fast paced changing of prices might affect the sellers and buyers.
• With the discounted prices, are you still able to provide profits for your own business? Taking the volatility and other variables that could affect your growth.

I think recommending already listed coin is better than raising a crowdfund at the moment . Any time I recommend a stable coin instead of bitcoin or any volatile coin in this forum for such a trade, my posts would be deleted. I dont know if its coincidental or part of the forum rules but the volatility of bitcoin does not always encourage the use especially for maximalist.

[Vod]

I've updated the original post with some more details and hopefully answering some of the questions you've listed!

Yet this spam remains in PD - an area reserved for bitcoin projects. 

OP is a newbie, yet he is asking people to deposit coin first.  No different than lending a newbie coin without collateral.

[ethconomy_official]

Ideation
A good way to earn money is to save on irreducible every day expenses such as food, groceries, consumer goods, etc.

This is what we set out to do with Ethconomy.io, a platform that allows you to cover everyday expenses using crypto at a discount.

For example, you can purchase Amazon gift cards with up to 30% discount, which can then be used to buy groceries, food deliveries, consumer products, and giftcards to other stores/services.

The idea of "saving" money here isn't really good. If you will just spend something in order to save that 30% for something in order to buy those basic needs then you aren't saving at all you are just spending more on unnecessary things just to get that discounts. The 30% "saved" on something when buying from your service should have been 100% if they had not bought anything from the service. I'm not ruining your idea but don't fool people that they are earning something when they are buying from you. The 30% discounts looks great if people are really looking for that bargain hunt but discounts, cashbacks, and rebates are a direct opposite for people who want to save money for their basic needs.

What we mean is we can help you save money on everyday expenses that you already have.

For example, if you order take outs on Uber eats every so often, you could use ethconomy to save on those orders.

Or if you were planning to buy a pair of shoes on Amazon, you can get a discount on it through ethconomy.

[ethconomy_official]

• How would you address the amount of volatility cryptocurrency has?
  • Knowing that people are looking at USD prices most of the time, not the amount of Crypto
  • Fast paced changing of prices might affect the sellers and buyers.
• With the discounted prices, are you still able to provide profits for your own business? Taking the volatility and other variables that could affect your growth.

I think recommending already listed coin is better than raising a crowdfund at the moment . Any time I recommend a stable coin instead of bitcoin or any volatile coin in this forum for such a trade, my posts would be deleted. I dont know if its coincidental or part of the forum rules but the volatility of bitcoin does not always encourage the use especially for maximalist.

That is what we are going for. We are not planning to run a crowdfund. And we will support major coins such as BTC, ETH along side of stable coins such as DAI, USDT as payment methods.

[Harlot]

The idea of "saving" money here isn't really good. If you will just spend something in order to save that 30% for something in order to buy those basic needs then you aren't saving at all you are just spending more on unnecessary things just to get that discounts. The 30% "saved" on something when buying from your service should have been 100% if they had not bought anything from the service. I'm not ruining your idea but don't fool people that they are earning something when they are buying from you. The 30% discounts looks great if people are really looking for that bargain hunt but discounts, cashbacks, and rebates are a direct opposite for people who want to save money for their basic needs.

What we mean is we can help you save money on everyday expenses that you already have.

For example, if you order take outs on Uber eats every so often, you could use ethconomy to save on those orders.

Or if you were planning to buy a pair of shoes on Amazon, you can get a discount on it through ethconomy.

You aren't getting my point, with your example you are just promoting people to spend on something they don't need like will they really earn something when they buy shoes or will they just spend on another unnecessary stuff just to get that discount? I know this is a useful website for people trying to get the best bang for their buck but this is not a website to promote saving money or earning anything. It's like one of those e-commerce sites having discounts frequently and trying to say how much money they will save if they buy and buy from them but the truth is they are just flushing more money out from this people without them realizing it.

[ethconomy_official]

The idea of "saving" money here isn't really good. If you will just spend something in order to save that 30% for something in order to buy those basic needs then you aren't saving at all you are just spending more on unnecessary things just to get that discounts. The 30% "saved" on something when buying from your service should have been 100% if they had not bought anything from the service. I'm not ruining your idea but don't fool people that they are earning something when they are buying from you. The 30% discounts looks great if people are really looking for that bargain hunt but discounts, cashbacks, and rebates are a direct opposite for people who want to save money for their basic needs.

What we mean is we can help you save money on everyday expenses that you already have.

For example, if you order take outs on Uber eats every so often, you could use ethconomy to save on those orders.

Or if you were planning to buy a pair of shoes on Amazon, you can get a discount on it through ethconomy.

You aren't getting my point, with your example you are just promoting people to spend on something they don't need like will they really earn something when they buy shoes or will they just spend on another unnecessary stuff just to get that discount? I know this is a useful website for people trying to get the best bang for their buck but this is not a website to promote saving money or earning anything. It's like one of those e-commerce sites having discounts frequently and trying to say how much money they will save if they buy and buy from them but the truth is they are just flushing more money out from this people without them realizing it.

In my example I mentioned you could use Ethconomy to save on cost for thing you need to buy regardless of Ethconomy, such as food, groceries, and other thing that you are already planning to buy. So by using Ethconomy you are affectively saving since you are now spending less money than you were before.

I personally make 99% of my daily life spendings on Amazon (i.e using Prime Now for groceries and food, and Prime for other goods), these spendings are inevitable. We can agree that by getting 30% off of all my Amazon spendings, I am saving 30% on all my daily expenditures.

[ethconomy_official]

hmm not sure why this post was moved to the service announcement section. To be clear, the project is still in development, and am looking for general feedback and interest.