BitShares will be big for remittance in the Philippines & one of their remittance partners already has relationships with a receiving bank there. BitShares is waiting for the release of 1.0 in the next month before they officially push hard on some of these markets.
https://bitsharestalk.org/index.php?topic=11125.0We have relations with a receiving bank where they will be the official offramp and partner of Remitabit.
Thank you for taking an enthusiastic interest in our emerging presence.
We will be sharing our plan progressively over the coming weeks and months, some of it publicly and some of the confidential details to those we work more closely with.
To clarify whilst we are developing the business in the Philippines we are focused on all major receiving markets and have discovery meetings underway with known partners in South America and China.
Our business model is not obvious but to let you in on its objectives; we pay respect to the hardships endured by migrant workers, the legal framework of the receiving country and are working with banks to ensure our off-ramps are ensured.
In summary we enter this market keen to improve the lives of our constituents and are pragmatic regarding the need to work with institutions.
BitShares has BitUSD which is fully decentralised, an average of 300% collateralised & holds the value of USD, (currently 34 on coinmarketcap)
http://whatisbitusd.com/http://bitsharesblocks.com/assets/asset?id=USD(They also have all major currencies, BitGold & BitSilver trading too.)
Wow, I thought Pirate was in jail. Did he create BitShares as a more technically magical Ponzi scheme?
“If you have a thousand bitcoins and you convert them to BitBTC, and then you hold it for six months, then you convert the BitBTC plus the dividends you received back to bitcoins, you’ll end up with more bitcoins than you started with.”
Wow...a Bitcoin generating alt!
But wait, where do they get the extra bitcoins to give to people that held for six months? Surely not from new people investing their bitcoins...
No, they don't get the extra USD/Bitcoin/Other from requiring more people to invest more and more Bitcoins
If you want to buy 1 BitUSD it costs you $1 worth of BitShares.
People who want to take a leveraged position on BitShares can short a BitAsset like BitUSD at the price feed.
The shorts are required to lock up $2 worth of collateral and they compete on how much interest they're willing to pay the longs.
When a long (Someone who wants 1 BitUSD) meets a short, a new fungible BitUSD is created.
So the interest that you earn on BitBTC or BitUSD and other BitAssets doesn't require new BitCoin coming in, it is the result of people competing to take a leveraged position on BitShares & paying interest to people who want to hold BitAssets.
http://bitsharesblocks.com/assets/asset?id=USD - You can see this system maintains an average of 300% of collateral to back BitAssets and is able to generate interest for BitAsset holders.
http://bitshares.org/the-value-proposition-of-bitshares-part-ii-bitassets/So BitUSD lets you send a dollar stable asset, globally, in 10 seconds, for 1¢ per transaction regardless of size.
With the partnerships being set up in the Philippines mentioned above, it will hopefully revolutionise remittance.
