Let's brainstorm on getting your hands on ETN


#1

Hi all!

This topic is dedicated to generate ideas. My question to you guys:

What would be the BEST way to buy ETN if you are not have any experience in cryptoworld and don’t care about it either. You just want to get your hands on ETN.

Let me know!


#2

Online fiat banking. Can buy fiat currencies so why not ETN.


#3

yes online via a link on a site, click buy x etns & pay by card or paypal.
however, when I buy FIAT like Euros or Dollars I go to a shop and get them.


#4

And that is what a exchange is doing right? The problem however, an exchange is not necessarily something very user-friendly. It’s interesting to think about exchanging…

So; let me rephrase: How do new users gets their hands on ETN by doing everything they already do in their life, but they don’t buy ETN?

I mean, you can install the app, but you don’t have any ETN available.


#5

Key issue is trust. :slight_smile:


#6

Could be, but trust it not functional right?


#7

How 'bout this:

You’re heading to the bar with friends. You are paying the night and request everyone to pay you back the day after. I payed everything with euros, but want to get payed back in ETN. Is it possible?


#8

Yes but the function must be trustworthy before I hand over my fiat :wink:


#9

When is it trustworthy in your opinion?


#10

When I trust the organisation behind it, the person behind it, has others using, and more if it is regulated and accountable/transparent, and more if it holds reserves or is a strong custodial.


#11

I just had the same sort of convo about this a couple of days ago.
The problem with buying crypto online through our ‘normal’ channels like the bank is that it opens the transaction up to scams.
ie. you send a seller some fiat via the bank, he says he sent you etn but you didn’t get it but he didn’r really send it, or you are send FIAT online, you then send your ETN to the buyer but then the buyer says his bank was hacked and the bank takes the money back of you.

What @storm says is correct that trust is needed and a degree of accountability if anything goes wrong.

What coinbase do when you join is only let you buy £50 a week at first then increase this value slowly over time. They charge heavily imo for this service, so I’m guessing their profit margin absorbs the scams.

I used to trade on localbitcoins, but now I have a handful of customers who buy from me directly, via the bank or even drop cash off with me. They trust me to send them the btc they have paid for. But it took me months & years to develop that relationship. Besides from that I would only deal with someone local & with cash.


#12

This is freaking interesting. Especially your last paragraph. You are acting like an exchange to people close to you who trust you.

Question rephrased again: Can we give users a possibility/feature/functionality to convince their inner-trust circle to get ETN? And how would that look like or function?


#13

There are a number features that can partly do this but depends on your objective.


#14

Can you explain the features?

My objective would be: Request a certain amount of ETN from a specific close friend from anywhere at any time.


#15

That’s the key.
To be either close enough so it’s not a burden to go out and get what you want.
or… to be trusted enough to sell your hard earned cash without the worry of losing it.

When I buy euros I would go to my local store (about 5mins in the car) and pay with my card or with cash. I wouldn’t ‘trust’ the postal service to look after cash in any currency. Keeping in mind ETN is as good as cash.

I tell everyone I know about ETN and the benefits of having it. I was talking to a fellow developer about it just this morning as he is working on a alipay integration solution & he just barely knew what bitcoin was. Yet a builder friend of my must have a portfolio of a dozen or more altcoins. (inc ETN) crazy world.

Certain members within my circle of trust have bought a few grand of ETN but that was mainly when it was 4c last year. They buy it for investment not for everyday use.

So as others here may know I’m developing a site to bring people together to buy and sell ETN. My objection would be to turn as many people who know how to get ETN through the normal routes ie via btc coinbase exchanges etc in to ETN Traders to sell to more novice ETN Traders who would just pay via cash or Bank transfer. At a small profit to them.

https://etntraders.com


#16

So, this platform makes me able to sell ETN to someone else (my friends) who do not have the knowledge to buy ETN via the complicated route: exchanges?


#17

The concept is still in development,
Advertise to sell to your friends, family, club, work, shop customers, neighbourhood etc.

You can advertise your services from within the site & how you are happy to do the trade.
The area, amounts, currencies, limits

People that have traded with you get to have their say of their experience & leave feedback.
I can do confirmation of identity or the user can stay anonymous.

for example If you don’t trust anyone you could accept cash only within your location for a maximum of £100.

The idea is that I am not involved with any trades & would not be monetising any trades or adverts.


#18

I think a huge potential for ETN would lie in groups. That is, get together a group of friends interested in buying some ETN, take your “orders” from them in your local Fiat, then buy as much ETN as that collective Fiat can buy, and then transfer your friends their respective allocation of ETN.

This reduces that hurdle of exchange hopping, buying and trading BTC, etc. A large group of friends and family would only then need to rely on one trusted “crypto-savy” individual to do all their ETN purchases for them.

What would be nice is a community app for assisting in the management of such group-buys, to handle the math behind the allocation of Fiat/ETN orders.


#19

Like ‘Avon’ sales rep :slight_smile:
You have a rep, who takes everybodies orders and payment once a week/month
Then buys ETN with what he has then distributes it amongst the group depending on how much they put in.
How do you think this could be organised @Satsukeshi


#20

Actually, that’s a pretty good idea. Could be an amazing business model for people by region, to handle face-to-face orders, with a minimal (single-digit percentage) fee for handling.

I originally intended this idea to be something restricted to friends and family, as the trust is already there. Hence, to barrier to entry is lowest from that vector. That doesn’t mean such an idea can’t be elevated to that business model for further lowering the entry barrier for an entire town!

As far as how it can be organized… I think your website idea could go a long way towards that, as it assists users in finding local “ETN Dealers” via a directory model. Further it with providing a means for users to give feedback on a particular dealer, to promote trust building. Can do it Ebay style, tracking the ratio of positive and negative feedback with user comments.