Budget Proposal: Dash to Fiat Payment Processor

DartPayments

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Feb 17, 2016
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Thanks TaoOfSatoshi

Votes are looking goo with 97.4% currently in favour (highest of all active proposals).

A little concerned that there might be slightly too few Dash in this budget cycle to pass all approved proposals plus ours (though should still get paid the following 2 months). How can we look up the exact amount in the budget?
 
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tungfa

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Apr 9, 2014
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Thanks TaoOfSatoshi

Votes are looking goo with 97.4% currently in favour (highest of all active proposals).

A little concerned that there might be slightly too few Dash in this budget cycle to pass all approved proposals plus ours (though should still get paid the following 2 months). How can we look up the exact amount in the budget?
talk to rango or ericsammons , they have the numbers straight
 
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ericsammons

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ericsammons.com
The actual amount available is 7449.7959183673. Unfortunately, my tool dashvotetracker.com was rounding up, while rango's DashWhale was (properly) rounding down. So I don't believe there is enough in the budget for this proposal and all the other approved proposals, even if it passes the 10% barrier. I have changed dashvotetracker to round down as well to be more conservative.

You can see the exact number from DashWhale's API: https://www.dashwhale.org/api/v1/budget.
 

DartPayments

Member
Feb 17, 2016
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The actual amount available is 7449.7959183673. Unfortunately, my tool dashvotetracker.com was rounding up, while rango's DashWhale was (properly) rounding down. So I don't believe there is enough in the budget for this proposal and all the other approved proposals, even if it passes the 10% barrier. I have changed dashvotetracker to round down as well to be more conservative.

You can see the exact number from DashWhale's API: https://www.dashwhale.org/api/v1/budget.
Interesting. I was going off dashvotetracker.com when it said 7,450. Just after the proposal went live I noticed the discrepancy between the dashvotetracker.com number and the dashwhale.org number.

Will the amount in the budget move up or down with the fluctuations in the mining reward, or is it already set at 7449.7959183673?
 
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TanteStefana

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I haven’t had a chance to really read through the pre-proposal thread until now. I have to agree with GreyGhost in that we need to have more of an idea of how you intend to make this work, so that we can assess the likelihood of success. Basically, here are a few questions I still have after reading the pre-proposal thread :

1. Why do you need a bank account in different countries? Is this so that you can transfer money faster to the merchant? Or maybe it’s to avoid overseas transfer fees?

2. How long does it take for a merchant to see his funds in his bank account?

3. How are you avoiding KYC, etc… is it because you’re putting it on the BTC to fiat exchanges? Will regulations accept that? Do you still have to do KYC for the businesses that work with you, and if so, do you need a license?

4. Can you really process a payment utilizing all these services for under 1% of value? Really? Will they be done in batches?

I’m fine with helping a business like this, which would do a world of good for Dash, with budget funding, I’m just wondering about you guys, do you really know enough about banking and have a way to do this for the price you (seem to be) saying you can do it for and for the price (1200 Dash) which seems really anemic? I’m still trying to wrap my head around all of this.
 

qwizzie

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Aug 6, 2014
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Interesting. I was going off dashvotetracker.com when it said 7,450. Just after the proposal went live I noticed the discrepancy between the dashvotetracker.com number and the dashwhale.org number.

Will the amount in the budget move up or down with the fluctuations in the mining reward, or is it already set at 7449.7959183673?
it is set at 7449 untill the next 7% block reward reduction next year. This means the budget amount will decrease over time as planned. Budget proposal owners should take this into consideration when creating budget proposals. Specially when budget proposals are created while being close to a yearly 7% block reward reduction.
 
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DartPayments

Member
Feb 17, 2016
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1. Why do you need a bank account in different countries? Is this so that you can transfer money faster to the merchant? Or maybe it’s to avoid overseas transfer fees?

2. How long does it take for a merchant to see his funds in his bank account?
The existing banking system is complex (that's why we support Dash!).

BitPay supports 8 fiat currencies (USD, AUD, NZD, EUR, CAD, GBP, MXN, ZAR).

Having accounts is different countries will help to make transactions faster, and avoid expensive foreign transfer fees.

The time it takes for a deposit to show in the merchants account will depend on the processing systems in each country.

3. How are you avoiding KYC, etc… is it because you’re putting it on the BTC to fiat exchanges? Will regulations accept that? Do you still have to do KYC for the businesses that work with you, and if so, do you need a license?
We expect to undertake some AML/KYC activities to satisfy regulators. It's anticipated that because we are dealing with businesses rather than the general public that compliance will be easier. Initially at least we expect to be able to fly under the radar to a certain extent.

4. Can you really process a payment utilizing all these services for under 1% of value? Really? Will they be done in batches?

I’m fine with helping a business like this, which would do a world of good for Dash, with budget funding, I’m just wondering about you guys, do you really know enough about banking and have a way to do this for the price you (seem to be) saying you can do it for and for the price (1200 Dash) which seems really anemic? I’m still trying to wrap my head around all of this.
Most of the system will be automated so the marginal cost of processing another transaction should be verly low. BitPay and Coinbase even process some transactions for free.

We don't expect to build out the full service with 1,200 Dash. The core functionality will be there and a few currencies supported. We will also contribute additional funds of our own.
 

DartPayments

Member
Feb 17, 2016
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it is set at 7449 untill the next 7% block reward reduction next year. This means the budget amount will decrease over time as planned. Budget proposal owners should take this into consideration when creating budget proposals. Specially when budget proposals are created while being close to a yearly 7% block reward reduction.
In this upcoming budget cycle 3 proposals (totalling 2,868 DASH) will receive their final payment.

Even if we miss out this month we should see or proposal include in the next two.
 

TroyDASH

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Jul 31, 2015
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At the current time I don't think I can support this budget item. Please do not take this personally, I am very happy to see a startup such as yours and I wish you the best in your business. I have an open mind and am willing to continue considering as the discussion continues -- but here are some more thoughts:

- I do not think that "This would be the first time a business has been funded straight from the blockchain." is a sufficient reason to seek funding from the network itself, instead of private or crowdsourced funding. If this risk/reward was a great deal for the network, there would be private investors (possibly even DASH users) rushing to cut in front of the network offering to make a deal with you first. Any positive news from the funding could be offset if the later news says DASH is the first crypto to have funded a failed company directly from the blockchain, calling into question the effectiveness of its governance model which was supposed to be its selling point. I also do not see why this contributes towards "This also serves to align our interests with those of the network." Your business interest is already aligned with that of the network because the increased usage of DASH, through your processor, is precisely how you intend to make money.

- Re: "Our family is very entrepreneurial family, so we know a thing or two about running a business (especially about dealing with difficult banks and regulators). You won't find much about us online though. We tend to keep a fairly low profile." -- I would be less concerned if you had a higher profile. With a low profile you have very little reputation for us to base our decision on and also very little reputation at stake for yourself.

- When you mentioned "we will be investing some of our own funds as well and have already spent a bit", how much is that? Is there an itemized list? What percentage of the seed money does the 1200 DASH represent?

- Have you already identified vendors who have actually expressed interest in implementing your product, and if so, which ones? Without market research I do not think we should assume that your marketing efforts will be successful even if your product is easy to implement.

- The 15% equity to the DASH Foundation -- do you have a contract with the DASH foundation contingent on the budget approval? Do we know what the DASH foundation intends to do with this equity? Is this agreement formally tied to the foundation itself, or an individual?

- This is a multi-month proposal, and after the Transform PR fiasco I think we need to err on the side of caution on proposals that are intended to be multi-month until we get this issue hammered out in the protocol. Even though you have it broken up into 5% equity for each month, it would not look good if the funding was discontinued after one month, which is a real possibility, especially if there is a new shiny thing for the masternodes to flock to next month.
 
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