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Author Topic: Interested in wholesaler, fully AML'd credit-card accepting exchange in US?  (Read 592 times)
BoardGameCoin
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October 17, 2012, 10:15:52 PM
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So, buying and selling bitcoins is way tougher than it should be. Part of the reason for this is that the ways of getting money to an exchange all take too much time, and this is because the exchanges can't accept credit card because of its reversible nature. What is the level of interest in an exchange where you have to 'sign up' with a significant, notarized process acknowledging your intent to use a credit account to fund your account, and made it slow and manual human-in-the-loop to set up or update your payment information. The intent behind this would be to give the exchange operator full legal recourse to prevent a charge reversal from sticking, and to allow clients to move significant amounts of money without paying wire transfer fees. Additionally, an exchange like this wouldn't have the time-lag of money getting to the exchange so it should find true market price faster than existing methods of exchange. As an additional layer of security, all bitcoin funds could remain entirely offline, and you would queue up your daily withdrawal, allowing another point of gating to prevent fraud.

I view this kind of thing as being useful for those who would want to start selling bitcoins at their existing point of sale (e.g. coffee shops), large wholesalers like tangible cryptography or mike caldwell, and people who wish to do smaller scale local selling.

What's the level of interest?

-bgc

I'm selling great Minion Games like The Manhattan Project, Kingdom of Solomon and Venture Forth at 4% off retail starting June 2012. PM me or go to my thread in the Marketplace if you're interested.

For Settlers/Dominion/Carcassone etc., I do email gift cards on Amazon for a 5% fee. PM if you're interested.
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TradeFortress
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October 18, 2012, 12:53:01 AM
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You'd be rich if it's easy to use.

It shouldn't be too hard actually, you can easily keep fraud rates below 1% already. Just require SMS auth, ban tor and open proxies.
someguy123
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October 19, 2012, 12:16:12 AM
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You'd be rich if it's easy to use.

It shouldn't be too hard actually, you can easily keep fraud rates below 1% already. Just require SMS auth, ban tor and open proxies.
The creator of CoinPal has a few tactics that would be pretty suitable in this case too:
https://bitcointalk.org/index.php?topic=93770.0

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moni3z
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October 21, 2012, 12:28:09 AM
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This has already been tried with Webmoney, Liberty Reserve and other digital currencies. The result was massive fraud, even with phone call verifications, mailing to addresses and filling out tons of paper with notarized ID scans. A few still do this but only for a small handful of long term customers and for 20% in fees. Liqpay I think still does Visa/MC transactions to Webmoney but for a maximum of $200 and you have to live in a CIS country.

I would also imagine that you would get so many fraud attempts that all processors would drop you in a heartbeat and your charge back insurance partner would drop you too.

Seems easier to let somebody else handle this, like a site that allows users to use their own card to fund their own accounts, and then later transfer the non-returnable internal funds to you after they clear. Russian service wallet one http://www.walletone.com/ lets users do this, though I think it's through Liqpay and won't work with any US or Europe cards. There are a lot of similar services everywhere.

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October 21, 2012, 07:21:29 AM
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allow clients to move significant amounts of money without paying wire transfer fees
what makes you think that cc fees are lower than wire fees ?

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