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Author Topic: mtgox fast pay - looking for investors  (Read 3747 times)
Gareth Nelson
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June 13, 2011, 04:04:20 AM
 #1

Hi everyone
As you know, mtgox is famously slow to pay into and cash out from. I've been pondering fixing this issue by setting up a new site which will make use of the mtgox API to speed up payments (users pay on my site, they get mtgox USD instantly minus a small 1.5% fee).
To do this requires holding a large reserve, so i'm looking for potential investors.
The site itself will be hosted on google app engine for now and external payments will be through liberty reserve and moneybookers. I'm also thinking about integrating direct payments on other exchanges such as sending BTC instantly from mtgox to bitcoin-central, btcex, tradehill or bitcoinmarket without delays.
Basically there's lots of ways to speed up trading but doing so requires investment.

The 1.5% I quoted above is the 1% mtgox fee + a 0.5% premium, I will take 0.1% myself leaving 0.4% to be split between any investors proportional to what they invest. To get started I will need at least $1000USD.

Would anyone here be interested?
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Yankee (BitInstant)
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June 13, 2011, 04:21:59 AM
 #2

Why can't exchanges like mtgox or tradehill take ACH Deposit directly?

"In a free society, private payments should be covered by merchant-customer privilege just as attorney-client privilege covers confidential legal communication." - Jon Matonis, Director, Bitcoin Foundation
Gareth Nelson
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June 13, 2011, 04:26:19 AM
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Why can't exchanges like mtgox or tradehill take ACH Deposit directly?

Some can (and do), but of course that's even slower due to the delays in bank processing (average of 3-5 working days for UK banks).
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June 13, 2011, 04:26:40 AM
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i wired money in twice when i initially bought into mtgox straight from my bank and without expedited charges it still takes up to 3 days for your bank to process shit
Yankee (BitInstant)
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June 13, 2011, 04:30:31 AM
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Why can't exchanges like mtgox or tradehill take ACH Deposit directly?

Some can (and do), but of course that's even slower due to the delays in bank processing (average of 3-5 working days for UK banks).

so whats the fastest known way?
I think wiring domestic is the best.

"In a free society, private payments should be covered by merchant-customer privilege just as attorney-client privilege covers confidential legal communication." - Jon Matonis, Director, Bitcoin Foundation
Gareth Nelson
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June 13, 2011, 05:07:00 AM
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Right now the fastest way is probably to send bitcoin and sell it for a high price, but that is what i'm trying to change with the site i'm setting up.
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June 13, 2011, 05:10:30 AM
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Or take credit cards or even Western Union Where I can send money (CASH) direct to them and have my account credited with 2 hours or less.
or make Dwolla a instant payment once they get a confirmation money has be transferred I started transferring $200 to Dwolla Thursday from my bank and Jease im still waiting to get to dwolla funds so i can wait maybe another 12 hours from there to Mt.Gox. this sucks with regular stock i can use credit card and debit card buy them direct. If we had a direct reseller and seller a broker! I would be buying right freaking now.
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June 13, 2011, 05:40:38 AM
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Good to see some level of interest in faster mtgox payments Smiley
I'm writing the code for this site right now, but it really does need investors to work.
killer2021
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June 13, 2011, 07:33:58 AM
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Just ask friends and family for the investment or go to the bank to get a loan. You can also use services like prosper.com to get funding.

Personally I'd rather see a new bitcoin exchange that has free buy/sell trades and maybe like 1% fee to withdraw money.

Anonymous Cash-By-Mail Exchange: https://www.bitcoin2cash.com
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datz
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June 13, 2011, 07:55:41 AM
 #10

That sounds sweet. Could it be integrated into merchant shopping cards to allow instant conversion to cash through a trading house? I believe a service like that is in demand.
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June 13, 2011, 08:03:49 AM
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i'll throw down if I can see a CV, have a lot of ideas for integrated functionality. do you have an operating agreement?
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June 13, 2011, 10:55:26 AM
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Be careful and check with a good lawyer first.

You would probably be considered a money transmitter if you do this.

Being a money transmitter requires a large bond in most states.
Gareth Nelson
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June 13, 2011, 12:03:08 PM
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Be careful and check with a good lawyer first.

You would probably be considered a money transmitter if you do this.

Being a money transmitter requires a large bond in most states.

I'm based in the UK.
What i've read up on the matter seems to suggest that I don't need a license unless i'm transmitting money into people's bank accounts.
Gareth Nelson
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June 13, 2011, 12:06:17 PM
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That sounds sweet. Could it be integrated into merchant shopping cards to allow instant conversion to cash through a trading house? I believe a service like that is in demand.

This could be possible, but I believe it's wise to start small and then to scale out. I'm thinking of a first launch with liberty reserve as it would be quite simple to fund mtgox from the same LR account and the target market (mtgox userbase) tends to already be familiar with liberty reserve.

As for CV, i've responded to your PM.
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June 13, 2011, 12:38:04 PM
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I'm based in the UK.
What i've read up on the matter seems to suggest that I don't need a license unless i'm transmitting money into people's bank accounts.

I'm not sure that this is true. I suspect you might well need a license as you're transmitting money.

It's an interesting idea though as the delay on mtgox is quite large.

I'd be interested in helping with funding too so I'll PM you too.

If this post was useful, interesting or entertaining, then you've misunderstood. 1N6rmaDiPf8ke3mx8217NykAMDZXkX713x
Gareth Nelson
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June 13, 2011, 01:00:19 PM
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I'm based in the UK.
What i've read up on the matter seems to suggest that I don't need a license unless i'm transmitting money into people's bank accounts.

I'm not sure that this is true. I suspect you might well need a license as you're transmitting money.

It's an interesting idea though as the delay on mtgox is quite large.

I'd be interested in helping with funding too so I'll PM you too.

I'll look over the FSA rules again and seek proper legal advice on whether this may be an issue, but I truly believe it will not be.

Some background:
Previously when I was running a small virtual world hosting provider (think Second Life) I investigated the issue of currency and determined that a license would be required to handle any paying out of my service into a bank account but none is required for currencies that are purely virtual. My service at that time was accepting USD for providing hosting services paid in advance, users would hold a balance with my company and there was a conversion rate of $1USD to 0.25C (C for "credit"). Credits could be traded with other users who could only use them for funding further hosting, giving the currency value by backing it with the ability to host servers.

Now, in the case of "Fast MTGox" (working title for this new idea) I will not even be holding deposits but simply accepting money for a virtual currency (the mtgox USD - this is not "real" USD as mtgox is not a bank). I therefore believe the law to be on my side.

Of course I may be incorrect in my interpretation of the law, in which case i'd be grateful to anyone who points out my error.
Yankee (BitInstant)
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June 13, 2011, 01:27:18 PM
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I'm based in the UK.
What i've read up on the matter seems to suggest that I don't need a license unless i'm transmitting money into people's bank accounts.

I'm not sure that this is true. I suspect you might well need a license as you're transmitting money.

It's an interesting idea though as the delay on mtgox is quite large.

I'd be interested in helping with funding too so I'll PM you too.

I'll look over the FSA rules again and seek proper legal advice on whether this may be an issue, but I truly believe it will not be.

Some background:
Previously when I was running a small virtual world hosting provider (think Second Life) I investigated the issue of currency and determined that a license would be required to handle any paying out of my service into a bank account but none is required for currencies that are purely virtual. My service at that time was accepting USD for providing hosting services paid in advance, users would hold a balance with my company and there was a conversion rate of $1USD to 0.25C (C for "credit"). Credits could be traded with other users who could only use them for funding further hosting, giving the currency value by backing it with the ability to host servers.

Now, in the case of "Fast MTGox" (working title for this new idea) I will not even be holding deposits but simply accepting money for a virtual currency (the mtgox USD - this is not "real" USD as mtgox is not a bank). I therefore believe the law to be on my side.

Of course I may be incorrect in my interpretation of the law, in which case i'd be grateful to anyone who points out my error.

PM some more info, I could work with you

"In a free society, private payments should be covered by merchant-customer privilege just as attorney-client privilege covers confidential legal communication." - Jon Matonis, Director, Bitcoin Foundation
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June 13, 2011, 03:19:34 PM
 #18

I would invest in you.  However,  i would also want to know more business information, expected launches, testing, and what prospective dividends would be.  And a model of something would get me to invest in you more likely.  I would also request a phone number of yours and some kind of picture identification if im going to invest the full amount of $1k usd or more.
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June 13, 2011, 03:41:50 PM
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If they accepted credit and debit cards that would fix all this.  But I do think there should be some kind of site that allows for quick transfers of cash, with a special agreement with the major BTC exchanges.  Unless all my money is in BTC it takes days some times weeks to move it from one exchange to another and sometimes converting it to BTC to move it moots the point of moving it in the first place.

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Gareth Nelson
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June 13, 2011, 09:30:50 PM
 #20

I've now setup a deal with a sole investor as may be read here:
http://forum.bitcoin.org/index.php?topic=16472.0
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