Nostr Web Client

nostr:nevent1qgsy2ga7trfetvd3j65m3jptqw9k39wtq2mg85xz2w542p5dhg06e5qpzamhxue69uhhyetvv9ujumn0wd68ytnzv9hxgtcpz4mhxue69uhhxarjvee8jtnfwf5hxtn5duhsqgzuw7me7uuxavjztzx2jews2n6kwqphy4n6wcqktcy9hvqrewa2tqtcgxy9

I was thinking of doing this in Finland, but then you'd be a money transmitter and probably have to do KYC, which trashes the UX and defeats the purpose.

Setting up BTCPay Server or https://opennode.com for my favorite online stores might be a better way to make them accept bitcoin. Help them with bitcoin storage, exchange and accounting. The EU kindly doesn't yet require KYC from them.

What would be even more rad? Crawl online stores onto Shopstr, let users send orders that are paid in Cashu. Notify merchant of pending orders and let them redeem the nuts. User can reclaim the payment if merchant did not respond.

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Discussion

Sirius 9mo ago

Nostriches could maintain collections / virtual stores of their favorite items by various merchants, and get a referral bonus when people buy from them 🤔

I'd do a "non-fiat swag" virtual store that lists high quality merchandise made of durable materials like wood, leather, hemp or steel, instead of the usual plastic made in China.

Max 9mo ago

I don't think this is a money transmitter business.

It's a regular trading merchant who buys and sells goods at a spread. Just make sure the contracts reflect this.

ynniv 9mo ago

It is in New York. You can buy something with Bitcoin, and accept Bitcoin as payment, but you can't facilitate the exchange of Bitcoin into something else on behalf of someone without a license:

200.3 License.

(a) License required.

No person shall, without a license obtained from the superintendent as provided in this Part, engage in any virtual currency business activity. Licensees are not authorized to exercise fiduciary powers, as defined under section 100 of the Banking Law.

(b) Unlicensed agents prohibited.

Each licensee is prohibited from conducting any virtual currency business activity through an agent or agency arrangement when the agent is not a licensee.

The following persons are exempt from the licensing requirements otherwise applicable under this Part:

(1) persons that are chartered under the New York Banking Law and are approved by the superintendent to engage in virtual currency business activity; and

(2) merchants and consumers that utilize virtual currency solely for the purchase or sale of goods or services or for investment purposes.

23 CRR-NY 200.3

Current through June 30, 2022

Jimmy 9mo ago

How do you become money transmitter as a reseller? Many online shops are just fronts for multiple sellers. If it is legal to accept payments in bitcoin, then all is good. Probably the bigger issue is that you have to store customer's data. That is probably unavoidable in most countries.

Sirius 9mo ago

If you had your own inventory and order process, that argument would be easier to make. But if you're just filling order forms, exchanging bitcoin and intermediating payments for any online store, I believe the authorities at least in Finland would like to consider you a payment processor.

Jimmy 9mo ago

Buy a box of marbles and sell them directly, there is your inventory 😅 I think it is crazy if you have to pre-buy and store yourself bunch of things before you can sell them online. If you can reliably use an AI agent to order stuff from other sellers, which someone else orders from you, you have already saved lots of costs in comparison to other similar online shops which use payed workers for that. So it should be a viable advantage for an online shop, and you shouod be able to hide your real agenda 🤞

ede3d957... 9mo ago

With all this foresight it's necessary to build parallel rails. If merchant adoption raises substantially they will just make it KYC. They want to get rid of cash and they fight non KYC cryptocurrency use.

And as long as they have power they will enforce anything that keeps it that way.

In my opinion it's a waste of time building solutions for the status quowhen the trajectory is more than clear.

Think about merchants who want to opt-out. What do they need? How would they do it? That'll be the real market!