Concept for a Sia-supporting business: Siacoin credit card subscription with anti-fraud Bitcoin deposit
I have this idea for a service that I occasionally toss around in my idea and would like to hear the Sia community's take on it.
Crypto unfortunately still lacks a common standard for a pull-based payment method. I don't really want to go around every month and actively fund every crypto-based service that I pay for. This is especially true for Sia, because if I forget to add funds, then my files are at risk. Ideally, I'd like it to automatically pull from my wallet within some limits that I set. I think within the Ethereum ecosystem there are some approaches to this, but nothing yet that is really catching on, from what I can tell.
So it seems to me the more practical near-term solution is to try to somehow get my Sia storage cost to appear on my credit card. But how to go about that? I could use goobox.io or filebase.com. They bridge my credit card to Sia for me - great! However, the safety of my files now depend not only on Sia, but also on the health and competence of some random startup. That's not an attractive option for me.
What is needed, it seems to me, is a service that takes my credit card and just sends me siacoins every month. Maybe it would also be able to watch my Sia wallet and automatically top up to a certain amount. The big problem of course is fraud risk. The moment you take credit cards and give out hard-to-trace digital cash you become very interesting to fraudsters. What can be done about this, if you are not a big player, like Coinbase, with a fancy anti-fraud department? My proposed solution: Require a Bitcoin deposit. True, this takes back some of the convenience. But among all cryptocurrencies Bitcoin is comparatively easy to acquire and it would just be a one time thing. After the costumer builds some history, the deposit can be sent back or turned into more siacoins.
Could the fraud risk be further reduced by the service not sending me siacoins but fully funded file contracts instead? I'd like to learn more about this option. Is the...