Crypto Guys

[Tonis]

Hey Zab and PO gang,
It's been a while. Ricki mentioned your looking for some crypto solutions and that's what I've been dealing with since I stopped playing poker.

I think your best bet for versatile crypto redeem options would be to use a conversion exchange service like shapeshift.io
This allows you to pick your preferred payment method in whatever currency you want and users get to choose from the 25+ coins they convert to.

No matter what the sender always pays a fee in the crypto world, so you start saving a ton by using something OTHER than BTC.
If they're ok with the exchange rate then they redeem it, if they don't then they pick something else.

There's the added benefit that depending on if you integrate as an affiliate/business they have thier own version of rakeback on transactions. It adds to the things that generate revenue for your site rather than take away from it.

I've built this service into a couple of my trading apps and thier API is pretty straightforward for your dev guys.
You don't have to deal with managing any wallets other than the one you use to move from escrow to crypto and it doesnt have to be Coinbase or any other Cloud based wallet. In fact I'd highly recommend against that as you do not own the keys to those wallets.

This approach is going to be the best bet for all websites offering redeems in the future. BTC is just too costly for this purpose anymore.
You get the stable PO points exchangeable with that chaotic crypto world without having to build your own blockchains.

Tony

[astub1975]

That's a deep comment (BTC wise), I'm serious... take note PO.

[lethal2all]

i agree with ton

[Zab]

Tonis -

How would that work?

I deposit money (Paypal? Bitcoin) to shapeshift.. Then there's an API that I put on pokerowned.. Users pick their currency?

Do you have an example on another site?

So I am looking at.. Am I able to keep a large balance on the site so users can withdraw to any crypto? Or hows that work

[astub1975]

Shapeshift looks a bit unstable, Zab... why don't u just use Coinbase https://www.coinbase.com/join/53f2868d2f61fed25f000004 ? just a thought... =)

https://www.youtube.com/watch?v=EVtNqPV691E

[astub1975]

https://www.youtube.com/watch?v=EVtNqPV691E

"I'll be Missing you......" Bitcoin.. lol

http://prntscr.com/hunq47

"Literally".... =(

[Zab]

Coinbase banned me a long time ago

[astub1975]

oh, that's too bad, yep, coinbase been around BTC since day 1.. zab.. brb

[Tonis]

How you convert from USD to a crypto is a big part of your business decision process.

If your main escrow is in USD (like PO Points are) then no matter what you're going to need someplace to move from a bank/cc/USDT to a crypto for sending. Yes Coinbase and several other exchanges will let you buy BTC, LTC, ETH, from USD accounts or cards but they are not necessarily your smartest routes for reloading and definitely not the most cost effecient.

That's another discussion however and if you'd like to have that one privately on your best and smartest options let me know and we'll set that call up. In terms of solving redeems with conversion through a service that I mentioned earlier this is what it would entail.

You have at least one crypto wallet in one of the major coins that are cheaper than BTC to use (LTC,XMR,DASH,BCH,XRP).
Loaded by whatever way you choose from wherever you choose with an amount able to handle business for a set amount of time. (probably like how you deal with paypals)

So if you chose to payout redeems for instance with LTC, and I went on and requested one for say $10 to a BTC wallet I'd see a message stating how much btc I'll get for $10.

If Im ok with the exchange rate and PO has accepted the transaction it goes into the service contract escrow and you send out as LTC with a much cheaper fee than BTC and it gets sold and turned into the amount specified into my BTC wallet. (BTC for me without you paying the BTC mining fees to send)

The important thing to recognize here is that there are 2 fees going on in this process.
PO as the sender is your big concern. Send $5 as BTC and you have to pay $1+, or send $5 as LTC and pay .05 cents. It adds up quick if your running a business.
You are in control of this and you should decide what crypto your going to use to bridge your USD escrows. Use something cost effecient or go broke.

The user isn't aware of what you use to payout with, They can't bitch at you about market rates.
It is what it is and you dont have to worry or deal with that directly to keep the PO points market fungible.

[Zab]

So what I should do is stock up on 1 certain crypto (Doesn't matter which one as long as it isn't BTC because of the fees) correct?


It's not like I can load an account with $1000 cash and then you guys decide what crypto you want?