Suggestion about kickstarter-like tool/portal based on Slellar

slav01

Greetings, everyone.

Some time ago i get aquainted with Stellar, have build several projects on it. And have had some practice. So I think in context of operating/programming - it's the best crypto/payment system. ( Once I needed system for micropayments, and I have searched and investigated most of popular crypto-systems, and.. I found Stellar - is the best of them. )

So on topic.

Stellar is developed as a system suitable for micropayments. With minimal commission. So it is also suitable for money collection between people, and also for crowd-funding.

What about idea to build such a system/tool based on Stellar? I think it would be nice to have crowd-funding system based on crypto-currency.

I cannot suggest it only as my idea, cause it connected to Stellar anyway.

But my suggestion - the system should be free, with commission 0. So everyone can use it.

I have found that idea nice and suitable. And I can build it by myself.
But I have found one bottleneck, that spoils the idea..

Well, I live in CIS. And as I found I cannot just exchange USD from my debit/credit card on StellarX-exchange. It is not supported.
So the bottleneck is - the commission on buying and selling stellar and converting it to fiat-money. In CIS, not USA.

My countings are following: if I can buy/sell XLM via StellarX, my 'commisson' would be ₂%. It's good enough and almost 0.
But now, as I cannot exchange it via StellarX - my commission would be 10% - via other exchanges. 10% - it's very much, and no one would use a system with such high and difficult procedure of funds withdrawal. And that fact spoils the idea, and make it useless...

So my suggestion to developers and community. How about support for debit/credit VISA/Mastercard from CIS, and generally for any VISA/Mastercard? So that withdrawal of funds would become easy for everyone. Or maybe VISA-cards.

Is it possible? So that idea explained here would be implemented.

NetworkSkullRipper

If I am understanding the problem correctly, the main issue you are facing is getting in and out of crypto from your fiat currency in the jurisdiction you live in.

It seems that what is lacking in the ecosystem is either:

an anchor in your jurisdiction that works with your local currency or USD and sufficient volume so you would be able to exchange XLM/other stellar assets to your currency and then withdraw it to your bank account
a stellar anchor that provides an international debit card against the deposited in the anchor. Here it would be likely that you would have enough transaction fees that it would still make it not feasible.
an actual exchange in your jurisdiction where you can trade, deposit and withdraw directly.

You might want to look into fostering, encouraging or creating an anchor in the place where you live. That makes the ecosystem larger and attracts more interest to the Stellar platform. It might not be easy but it seems to be a hard requirement to build other stuff on top.

slav01

Hello, NetworkSkullRipper

"The main issue you are facing is getting in and out of crypto"

Aah, yes.

"from your fiat currency in the jurisdiction you live in."

But there: I don't need exactly "my fiat currency", I think "common currency" for my and other places would be enough. USD would be enough.

So I would like to withdraw XML just to USD account connected to VISA/Mastercard.

"You might want to look into fostering, encouraging or creating an anchor in the place where you live. That makes the ecosystem larger and attracts more interest to the Stellar platform."

Yes, I understand your suggestion.
You are suggesting to open anchor/collaboration with bank, where I live. Hm.

The point there is.. looks like I'm leaving that place. So I cannot do it. Also I think the idea would need 'anchors' in several or all countries of CIS. For example Russia, Belarus, Ukraine.

So, i would ask following:

If there is an already opened collaboration with anchor with any bank in Russia. For example - with Sberbank?
Or the second way, as I understand. May I open an account via internet in bank for example in Great Britain or in USA to sell and buy XML? I know it is possible nowadays. Would it be enough?

And what about credentials for CIS countries now?
Are they actually supporting now?

Screenshot there

I can see that zip/post codes are marked as invalid, while the country is in list. Also with phone, and taxes.

NetworkSkullRipper

slav01 But there: I don't need exactly "my fiat currency", I think "common currency" for my and other places would be enough. USD would be enough.

True. Likely an USD Anchor that works in your jurisdiction is a good enough solution

slav01 Also I think the idea would need 'anchors' in several or all countries of CIS. For example Russia, Belarus, Ukraine

Yeah. I don't know how regulations work. I think it is actually better if you have a single anchor or some ramp-on ramp-off institutions that work with another anchor's asset. For example: someone who exchanges USD by AnchorUSD in exchange for USD in a local account. Otherwise you need to swap USD by AnchorUSD to USD by localAnchor and liquidity can be a problem.

slav01 If there is an already opened collaboration with anchor with any bank in Russia. For example - with Sberbank?

Ni idea. This seems to be a potentially good question for the Stellar Foundation in one of their AMAs.

slav01 Or the second way, as I understand. May I open an account via internet in bank for example in Great Britain or in USA to sell and buy XML? I know it is possible nowadays. Would it be enough?

I do not know the answers for that, sorry. Likely depends on the legislation governing the exchanges.

Note: I am not a lawyer nor an advisor of any kind. Everything I say is my personal opinion and should be taken as such

slav01

NetworkSkullRipper I do not know the answers for that, sorry. Likely depends on the legislation governing the exchanges.

I mean would it be enough for side on Stellar Platorm. To operate with it. Technically now. Is it working technically now?
For example I live some-where. I'm opening bank account in USA, or ordering VISA card from USA. Then can I register an account on StellarX to operate with it? In this case.

The question is about: what about 'international cards'? And working with them on StellarX.
Why.. because commissions on StellarX are low enough. 🙂

No laws needed now. Just technical moment. 🙂

NetworkSkullRipper Ni idea. This seems to be a potentially good question for the Stellar Foundation in one of their AMAs.

Do you know where exactly to ask about it?

Thanks for your replying anyway.