RE: A Discussion about SPS, Exchanges and Market Makers
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I personally agree with Dave... Maintaining all three is a bit expensive right now, but maintaining one is feasible. Crypto.com just partnered with PayPal as the 'official exchange' for the new PP stablecoin. They have also been working hard to comply with US regulatory obstacles, while other exchanges (such as Binance) have just given US citizens the finger. Having a CDC account for years, I can say from experience that the fiat on/off has very low friction (especially the ON part). They are a legal fiat banking entity, part of the swift system, that fully embraces crypto, and I see them potentially becoming one of the largest exchanges in the world if they continue the course they have been on for years now.
We may very well find that we are already on one of top exchanges in the world next bull cycle.
I would fully support maintaining our CDC listing exclusively at this point.
That would like cost the DAO $3500 USD a month + liquidity + maybe 50-60k in liquidity in their custody. I'll get a few quotes for different scenarios and make another post sharing those options soon. Going to keep gathering feedback or now.
Awesome!! It would be a matter of weighing the pros and cons. And we'd be front running... speculating that CDC will indeed continue to grow and become one of the biggest out there. I honestly think it will, but that's still just a guess at this point... although they have definitely been moving steadily in that direction. Being able to literally send SPS to my CDC acct, and then use that SPS to load up a Visa Debit card I can spend anywhere that accepts Visa is almost groundbreaking at this point. I can certainly see that ease of use as a HUGE incentive for players in other countries that use SPS earnings in the real world.
ALmost had a visa card for SPS with unbanked a comnpany i was a start up investor in that ended up failing bc of the regulations in the US which caused them not to be able to operate anymore. They were actually on board with doing a white label with SPL and it would have been cool as there card had a DEFI aspect to it where RUNI could have been subsituted for there Banker NFT and used as collaterol just like the banker NFT was for LOCs if people wanted and SPS could have replaced the tiered staking which allowed you to get cash back from 1-6% depending on the stake which for unbanked was its unbanked token and to get 6% was like 1k of staked tokens so way better than the enormous amounts needed to get CB on CDC for its card. Coinbases card is what i use now but all the crypto must be in usdc to spend it which is a down fall as I would rather leave it in say BTC and borrow against a portion to avoid taxes and use additional cash flow to replenish it and never sell my portfolio that I accumulate. It was also a noncustodial wallet which was better than having things on a CEX. Having the noncustodial wallet was a key advantage of that card. It did work well also I tested it out for a while and the 6% cash back worked flawlessly as well as I was able to move crypto to it and store it in the noncustodial wallet until I wanted to spend it then it was converted to USDC when I swiped it and the cash back took care of any fees that were charged or slippage etc. To bad they died lol fuck the US govt my option to aquire shares was about to be able to be excersised at a 20X gain lol.
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I would second Crypto.com as a US user that is the easiest fiat on-ramp. Get SPS with USD then transfer into Metamask then straight into the game. Very few hoops to jump, though get BTC or ETH on Coinbase then into Metamask then into Hive Engine is also fairly straight forward.
They need to just allow people to buy what ever they want when ever they want where ever they want. Someone needs to open up a service that is a totally decentralized on off ramp run by the users and make it so it has a large amount of buyers and sellers willing to transact in various methods to get the tokens from fiat to crypto and back again for a smaller fee than all the swaps and current methods. I hopefully will be able to do this on a smaller scale behind the curtain once I can use a escrow contract ensuring I do not get screwed then ill have bids and asks all day bc I could care less about regulations that restrict me from using my money for what I want.
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