Coinflash

Automatically invest your spare change into cryptocurrency.

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Coinflash rounds up your change to the nearest dollar from your credit and debit card purchases and invests it automatically into the cryptocurrency of your choice. It does this by first counting up your spare change from the previous week or month. It then uses your Coinbase account to make a purchase for that amount. Hit me up with questions!

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Reviews

  • Chad SupersDir, Business Development
    Pros: 

    Easy to set up and easy to get started

    Cons: 

    Transaction fees

    Highly suggest using the monthly transactions so there are less fees. Also, you could only invest in BTC or ETH and that will elimant one of the $1 fees. Besides that, its interesting and automated.

    Chad Supers has used this product for one week.
  • Pros: 

    It allows you to invest change in cryptocurrencies

    Cons: 

    Large transaction fees

    It does not work with small transactions. Basically it does not work with this business model. Why would anyone consent to $1 fee to invest $2. It is insanely stupid.

    Edit: There is a setting that allows me to delay transfers for a month. I estimate that $30-50 could then at this point be paid in with a transaction fee of $1.99. I think this is the correct fee. I cannot confirm where I first saw it.

    Will Howson has used this product for one week.

Discussion

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Hameto@hameto_
What's your biz model? Coinbase doesn't appear to have an affiliate program. I've heard Shapeshift has a good one. (no need to spill any secret sauce, just curious if this is a sell-my-data service)
Louis LapatMaker@louis_lapat · run, code, sleep, repeat.
@hameto_ holy crap, shapeshift looks awesome. This could be how I get more coins on board, they have an API: https://info.shapeshift.io/api I have more research to do but I think this could work, thanks man! I really want to get alt-coins in this thing. I do NOT sell your data, no plans to. As far as Coinbase, Coinbase gets like 35k users a day, which is insane: https://twitter.com/brian_armstr... So they have no idea I exist. Business model: I charge $1/month for this service, gonna add more goal-like-services down the road like https://www.qapital.com/, each one charging $1-$3/month. Kind of a tough road because only a percentage of the users are paying (I only charge if you have the service turned on) and I have API expenses, we'll see in a few months where I stand.
Louis LapatMaker@louis_lapat · run, code, sleep, repeat.
Any feedback on where I should be focusing my attention next few weeks? Was going to focus on Mobile App: https://imgur.com/a/lYayc
Michael Dempsey@mhdempsey · Partner at Compound
How does this work in relation to coinbase transaction fees?
Louis LapatMaker@louis_lapat · run, code, sleep, repeat.
Hi @mhdempsey, you get the same Coinbase transaction fee you would get if you went to Coinbase to buy that amount.
Michael Dempsey@mhdempsey · Partner at Compound
@louis_lapat I guess my point is that the smaller transactions seem like they'd get killed by the coinbase fees.
Louis LapatMaker@louis_lapat · run, code, sleep, repeat.
@mhdempsey yes for sure, best to set to weekly or monthly investments so your buying over $10 at least, then the CB fees aren't so bad.
Maxim Zubarev@mxmzb · Student
@mhdempsey @louis_lapat you should try to use gdax.com, it's the same business and even account as coinbase and doesnt charge you the fees coinbase charges. You can transfer your funds from coinbase to gdax and vice versa easily.
Louis LapatMaker@louis_lapat · run, code, sleep, repeat.
@mhdempsey @mxmzb I wonder how it will work with the API. I need to research this. Thanks Maxim.
Charley Ma@charleyma · Growth @ Plaid
Congrats on the feature Louis! What else do you have on the roadmap? :)
Louis LapatMaker@louis_lapat · run, code, sleep, repeat.
Hi @charleyma, Plaid Link is awesome! It's so insanely easy for everyone, except for when the bank isn't supported. I saw Plaid does support some Canadian banks, is it true for some random European banks too? Could have swore I saw some Australian banks on there. For roadmap: I would like international credit/debit card support but I'm assuming that's really hard or Plaid would be doing it. Otherwise, in order of priority as of today: -iOS App. -Support multiple banks from same person. Then maybe: Coinflash Goals: a) Come in under set monthly bank budget, put portion of that into crypto. b) Every time walk 20K steps in a day, put in crypto. c) Percentage of paycheck into crypto every month. Kind of like IFTTT for crypto but I don't know if people would really use it. Or... Support multiple coins with Shapeshift or something but I'm worried I'd have to handle people's wallets, don't want to take on that security risk. Oh yeah, and fend of competition from like 10 other spare change apps that are coming out in next month: Hoard, dust.io, etc...should be fun:)
Louis LapatMaker@louis_lapat · run, code, sleep, repeat.
@charleyma just for transactions not Auth.
Ryan Pearce@rpearce89 · Bd/Founding Team @ Omni Labs
Wow, this is great! Was a big fan of Acorns until I realized after 8 months nothing had changed in the investment and I had earned a whopping 15 cents. Realizing the volatility of crypto and understanding how/why it happens is really all you need to understand for this and accept. Signed up and very excited for this!
Louis LapatMaker@louis_lapat · run, code, sleep, repeat.
@rpearce89 awesome! Hit me up if you have any issues.