@blocktrades thank you for again making a reply to this post because your guidance was valuable last time to the evolution of this and is again. Our primary purpose with this exchange is to empower users in places where no reliable option exists or where using Bitcoin first with often very high fees is the only option. Currently this description fits most countries in the world while not including the USA.
Given that there are several reliable exchanges available in the USA to change into fiat, the majority of the problems seem to be with laws in the USA, and my main vision for this is global, we may opt to exclude users from the USA and/or place additional limits on using this in the USA.
With doing this to benefit users, we obviously have the highest interest in protecting users from potential problems especially from money laundering and prison time.
We're doing almost exactly this with Bitcash (www.bitcash.org)
We'll have a reputation system. It will be peer-to-peer.
Proof of concept/MVP is at: trade.bitcash.org and our wallet is in maintenance mode.
The concern @blocktrades has is understandable, but I think for smaller volumes peer-to-peer exchanges will be fine.
My main focus right now is on this project. We use the Bitshares platform because it's easier to swap 1:1 between dollars for bitUSD and then go back and forth from Steem. I think you can do one just for Steem, but you'll be dealing with order books since Steem dollars don't hold a peg. Best.
yp great!
this will be huuuuge!
@steemrollin thank you for letting us know you are working on this project! I hope it goes well and think we benefit from getting as many projects like yours functional as possible! I got an error on the sign up page.
Thanks @jerrybanfield! Yes our wallet is in maintenance mode right now since it still is in MVP mode and didn't want too many people signing up (we get a lot of traffic from people thinking our website is related to Bitcoin cash).. but we'll get back up soon .. thx!
hey @jerrybanfield,I have no words to say about you, bcoz you are to much intelligent and talented. I have learn many things from you like programming . I am very thankful to u , i really enjoy your concepts, you are my teacher. Thank you much for every thing <3
keep sharing sir <3
@sibtainali
Most Western European countries don't look kindly on unauthorized money transmitters either. Financial regulations is by far the most troublesome part of the deal. This is why becoming a notary requires years of study, and they are compensated very well for it. Users should exerce caution.
Jerry, this is a magnificent plan of action but once again, how can we avoid the Exchanges. The trouble in the U.S is just the start... It will spread worldwide extremely fast, like a virus. The moment you give your ID to the exchanges and link your bank account, your known - this is just not viable. How can we can we get around this please?
Shelley we will be building trust here primarily through what we contribute on Steem and we may combine a third party identity verification service to help show that who we are on Steem is linked to a "real" person according to a government which then will help us transact without revealing personal information. The methods of payment which reveal the least personal information will probably be preferred and it will be up to users to decide what to use and who to trust based on our recommendations.
thanks for all the help. I am still getting a grasp on things.. as a trader mostly a chartist. i wish someone had this on the Meta4 platform. if you know of any i would appreciate the direction. thanks for all the help already.
Thank you for the helpful reply @introvertspeaks - I'm familiar with Western Union & Moneygram but once you go over a certain limit, were back to ID. Payoneer might work better for the U.S only. In the U.K they forced me to provide bank details and Gov I.D even before I made the 1st transaction and then refused to delete my account when I asked and to add insult to injury, they were nice enough to block my account so I couldn't leave, so sadly, after all of this, I had to tell them where to go... So pretty much a dictatorship just like the rest if your'e based here.
Apart from this, I've also used Paxful.com with Amazon Gift vouchers which is connected with hefty fees but Anonymous none the less .
However, I know we now have Bitcoin Atm's available with similar painful fees but still effective if you're willing to pay the price. Binance I'm def on, seems fair, & I've traded & tried to transfer to my wallets but they also have a limit on the amount you need within your account before withdrawal is allowed. Any thoughts on the conception of Atomic Swaps - Seems quite exciting! I'll def check out your other 2 suggestions though.
Your'e a genius. Followed. Thank you
Thanks for keeping us informed :)
Thank you for the videos. I am trying to weed through all this and learn. The videos help.
please vote me and follow me
Sorry to be a Debbie Downer but Blocktrades is more than correct. Jerry, you need a fat legal budget for this. If you need a top lawyer to CYA, message me and I'll forward you the contact. Get it wrong and you could land in a BOP facility faster than you can say 'grand jury.'
trying to get my head around it all now.
This is not great news I am in the USA and would love to buy others Steem and SBD legally for cash but the laws seem so sketchy and would not want to get in any trouble but I think it should be made for world wide use please find a way to make it legal for the USA
@introvertspeaks exactly thank you for giving a clear example of what we are looking to create and what it is needed because you sharing about the challenges cashing out in the Philippines along with AML/KYC being unnecessary where you are transacting with anyone outside the USA shows us clearly that when we think global, we see a huge need for a Steem/fiat exchange that is user to user!
thanks for all the help
Living comments for the upvotes.