Proposal “Dash-Mexico-Qtr1-2020“ (Closed)Back
Title: | Dash Mexico Qtr1, 2020 |
Owner: | wikiwako |
Monthly amount: | 137 DASH (5269 USD) |
Completed payments: | no payments occurred yet (3 month remaining) |
Payment start/end: | 2019-12-15 / 2020-03-14 (added on 2019-12-05) |
Final voting deadline: | in passed |
Votes: | 476 Yes / 237 No / 54 Abstain |
External information: | app.dashnexus.org/proposals/dash-mexico-qtr-1-2020 |
Proposal description
http://app.dashnexus.org/proposals/dash-mexico-qtr-1-2020
Objective:
Dash Mexico aims to establish Dash as the main remittance cryptocurrency in Mexico by coordinating entities on both sides of the border. With the achievement of opening our first remittance gateway to Mexico through Remezaza.com in October 2019, we have now a way to coordinate efforts from USA remittance players and Dash exchanges.
Market:
Remittances to Mexico have been increasing continuously and 2020 is expected to be a new record year.The money Mexican workers send home from the United States is Mexico's top source of foreign income and represents more than twice the value of crude oil exports (https://www.newsmax.com/Newsfront/remittances-mexico-workers-dollars/2016/05/16/id/729091/).
Remittances sent to Mexico increased more than 10% year over year on the first 9 months of 2019 to $26,980 Million USD. They averaged 3008.21 USD Million from 1980 until 2019, reaching an all-time high of $9,725 USD Million in the third quarter of 2019.(https://www.jornada.com.mx/ultimas/economia/2019/11/02/bdem-entraron-mas-de-3-mil-mdd-de-remesas-en-septiembre-8691.html)
Remittances are generally received in some of the poorest communities in Mexico and play a strong role in supplementing government poverty assistance programs. Remittances are not taxed because they are transfers of previously owned money rather than payments for goods or services.
Mexico does not tax receptors of remittances as long as the transfers are for less than a predetermined amount. (https://thehill.com/latino/331579-remittances-to-mexico-at-near-record-levels)
Remittances with cryptocurrency are not new in Mexico. Ripple has made inroads partnering with Moneygram and Bitso to a claimed 5% of the remittance market by the end of 2019. Dash Mexico committed to helping Dash get its fair share of the pie by the end of 2020. (https://es.cointelegraph.com/news/the-sending-of-remittances-in-cryptocurrencies-from-usa-to-mexico-would-reach-five-percent-of-the-total-by-the-end-of-2019)
Who am I?
My name is Roel Castaño (aka @wikiwako) and I am a Systems & Industrial Engineer, MBA and an entrepreneur (https://www.linkedin.com/in/roel-castaño-01a30944/). I am 56 years old, based in Monterrey and a long time Dash community member / MNO. You can learn more about me and Dash Mexico in this interview with Dash News: https://youtu.be/smRz6DUahPY
I first proposed Dash Mexico in September 2019 and got funded at the end of the same month. Dash Mexico has been only me for the last quarter of 2019, but this new proposal aims to grow the organization to 2 members. The second person will help with social media, education, and management. If this proposal is approved I will devote my team to making Dash the leading remittance gateway and hopefully, in the future, the most used cryptocurrency in Mexico.
Strategy:
The new strategy to bring remittances in Dash to Mexico is based on the Remezaza.com gateway for the next 3 months, which is the period that covers this proposal. Remezaza is a business that will deliver Mexican pesos in less than 5 minutes to the beneficiary of the remittance once the sender deposits Dash to the Remezaza assigned Dash address. We have a three main strategies now that Remezaza.com is open for business:
http://app.dashnexus.org/proposals/dash-mexico-qtr-1-2020
Objective:
Dash Mexico aims to establish Dash as the main remittance cryptocurrency in Mexico by coordinating entities on both sides of the border. With the achievement of opening our first remittance gateway to Mexico through Remezaza.com in October 2019, we have now a way to coordinate efforts from USA remittance players and Dash exchanges.
Market:
Remittances to Mexico have been increasing continuously and 2020 is expected to be a new record year.The money Mexican workers send home from the United States is Mexico's top source of foreign income and represents more than twice the value of crude oil exports (https://www.newsmax.com/Newsfront/remittances-mexico-workers-dollars/2016/05/16/id/729091/).
Remittances sent to Mexico increased more than 10% year over year on the first 9 months of 2019 to $26,980 Million USD. They averaged 3008.21 USD Million from 1980 until 2019, reaching an all-time high of $9,725 USD Million in the third quarter of 2019.(https://www.jornada.com.mx/ultimas/economia/2019/11/02/bdem-entraron-mas-de-3-mil-mdd-de-remesas-en-septiembre-8691.html)
Remittances are generally received in some of the poorest communities in Mexico and play a strong role in supplementing government poverty assistance programs. Remittances are not taxed because they are transfers of previously owned money rather than payments for goods or services.
Mexico does not tax receptors of remittances as long as the transfers are for less than a predetermined amount. (https://thehill.com/latino/331579-remittances-to-mexico-at-near-record-levels)
Remittances with cryptocurrency are not new in Mexico. Ripple has made inroads partnering with Moneygram and Bitso to a claimed 5% of the remittance market by the end of 2019. Dash Mexico committed to helping Dash get its fair share of the pie by the end of 2020. (https://es.cointelegraph.com/news/the-sending-of-remittances-in-cryptocurrencies-from-usa-to-mexico-would-reach-five-percent-of-the-total-by-the-end-of-2019)
Who am I?
My name is Roel Castaño (aka @wikiwako) and I am a Systems & Industrial Engineer, MBA and an entrepreneur (https://www.linkedin.com/in/roel-castaño-01a30944/). I am 56 years old, based in Monterrey and a long time Dash community member / MNO. You can learn more about me and Dash Mexico in this interview with Dash News: https://youtu.be/smRz6DUahPY
I first proposed Dash Mexico in September 2019 and got funded at the end of the same month. Dash Mexico has been only me for the last quarter of 2019, but this new proposal aims to grow the organization to 2 members. The second person will help with social media, education, and management. If this proposal is approved I will devote my team to making Dash the leading remittance gateway and hopefully, in the future, the most used cryptocurrency in Mexico.
Strategy:
The new strategy to bring remittances in Dash to Mexico is based on the Remezaza.com gateway for the next 3 months, which is the period that covers this proposal. Remezaza is a business that will deliver Mexican pesos in less than 5 minutes to the beneficiary of the remittance once the sender deposits Dash to the Remezaza assigned Dash address. We have a three main strategies now that Remezaza.com is open for business:
- Promote the use of Remezaza.com using social media by creating videos that explain how it works and how to use it.
- Find American companies that may be interested in using Remezaza.com as partners in joint efforts to send remittances.
- Promote Remezaza.com to currently operating remittance companies (online and offline) as their efficient Mexican gateway for fast and cost-effective money distribution.
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Discussion: Should we fund this proposal?
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About the business investment by DIF, Mexican regulations won't allow new partners in fintech companies without a very lengthy and complicated process. We should still aim to get remittances in Mexico using Dash and Remezaza is our best chance for now. More than a 100M USD are sent daily and this would be one of the greatest use cases.
And vote No!
The business plan would also identify problem areas in the market or with your proposed product so that solutions can be developed.
A business plan covers all these and more which help know if a development project is worthwhile . You claim that it is not a business however anything involving money and creating a solution involves the same issues to be tackled that are covered by a business plan to determine if your development is even worth our while investing in.
a) asked for 30Dash again
b) had a budget
c) if the Ripple-Bitso partnership was featured more prominently in the proposal (instead of just hidden in the middle) --https://www.eleconomista.com.mx/mercados/Remesas-en-criptomonedas-representarian-5-del-total-al-final-del-2019-Bitso-20191126-0097.html
Ofcourse you dont need a business plan because most of it is personal compensation. Wow!! What a nice arrangement.
This is one more stupid idea out of many and I would rather see this dash burn rather than to give it to wikiwako as "executive pay".
These are some of the results of my work:
1. Cubobit listed the Dash/MXP pair. Now the only leading Mexican exchange to list Dash.
2. Remezaza was born out of my suggestion and support to Cubobit to pursue remittances exclusively with Dash.
3. Cubopay POS system will soon hit the market and will work with Dash as the main cryptocurrency.
4. Business development work has started with other entities to work with Dash now that the Mexican corridor is set up.
This is not trivial. If 10% of the USA to Mexico remittances are ever done with Dash, the daily volume of world traded Dash will pick up by almost 11%. This will also drive up awareness and most probably have a very positive effect on price.
I don't know of a better use case than this at this moment.
There are no budget details either which is always a red flag.
The DIF was created for specifically this purpose and this should come through them, if at all.
Remezaza is a subsidiary of Cubobit, which is the exchange that I, as Dash Mexico, worked with to create this USA to Mexico Dash remittance corridor.
The purpose of Dash Mexico is to promote Dash use, and if that means helping Remezaza/Cubobit be successful, that is what Dash Mexico will do.
Dash Mexico will also support any other platform that uses or promotes Dash.
About the budget, You are right. I did not post it and I am sorry. It was is the Dashnexus concept and did not transmit correctly to the proposal. You can see the budget here: https://app.dashnexus.org/proposals/dash-mexico-qtr-1-2020/budget
Also, how is this Dash Mexico? Isnt that misleading when this funding is meant to subsidize a private company's operations?
Dash treasury should invest in the largest remittance corridor in the world and, at least for now, Remezaza is the only one using Dash. Supporting Dash in this remittance market is the purpose of Dash Mexico.
About getting equity in Cubobit, Fintech laws in Mexico are strict and altering the owner structure of Cubobit would be extremely complicated. If the DIF is interested it would still be interesting talking to Cubobit about it. It would still take time and that we may not have. The window of opportunity may not be open for long before more competition jumps in.
Which is a for profit business I see no reason why dao should fund this.
Remezaza is a subsidiary of Cubobit, which is the exchange that I, as Dash Mexico, worked with to create this USA to Mexico Dash remittance corridor.
The purpose of Dash Mexico is to promote Dash use, and if that means helping Remezaza/Cubobit be successful, that is what Dash Mexico will do.
Dash Mexico will also support any other platform that uses or promotes Dash.
This doesnt create demand for dash, other than some few superficial transactions
Voting No
Regarding your assertion that "this does not create demand for Dash", I disagree because the remitter will have to buy Dash to use this platform and learn about Dash. Dash Mexico will further focus on educating users on the platform and the benefits of Dash as digital cash.
Also, as seen with the #'s below, Remazaza is substantially more expensive than remitting fiat with Transferwise (and that doesn't even include the fees the sender has to incur if they were to obtain Dash with their Fiat)
20 days ago
Remezaza Rate 1 DASH = 1,256.22 MXN
Real Rate 1 DASH = 1,303.60
MXN Difference = 3.77%
Transferwise 100 USD - MXN = 1.71% fee
Transferwise 1000 USD - MXN = 0.75% fee>
so for Mexicans living in USA, they are better off using the USD they already earn from their job and remit it with TransferWise. +This quote above DOESN'T even include the exchange fees of converting the USD they have into Dash (at a BTM that has Dash it could be 5 to 10%, on an exchange could be 0.25-1%, on localbitcoins could be 2 to 10%)
On the other hand, Remezaza may eventually adjust fees to be price competitive, but don't forget that it offers benefits that others can't match such as unbelievable speed and being able to send money from anywhere in the world.