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Author Topic: Exchanges should allow fiat xfers between my verified accounts.  (Read 444 times)
finder_keeper
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April 12, 2013, 06:10:54 PM
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I have $$ on MtGox and I want to trade on Bitfloor. (both accounts verified). I should be able to do an instant transfer of the fiat between my 2 accounts without having to do a withdrawl to Dwolla, then a bank deposit, then a transfer to Capital One 360, ultimately into Bitfloor.

How can we raise this feature request with these 2 (as well as other) exchanges?

-- FK



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hplus
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April 12, 2013, 07:19:32 PM
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you don't even have instant transfer between banks at the current time so i really doubt they're going to implement that feature.

Stephen Gornick
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April 12, 2013, 09:30:17 PM
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How can we raise this feature request with these 2 (as well as other) exchanges?

Presumably you are looking to do this to take advantage of the price difference (arbitrage).

That arbitrage exists because of the difficulty in moving cash into the exchanges.

So once this friction is removed there will not be the price differences.

And thus little need to move your cash from one exchange to another.

If Bitfloor offered account-to-account (A2A) transfer, then at least you could have private individuals willing to sell their USD funds at a premium.  For instance, instead of withdrawing to a bank a person might be willing to deliver those funds directly to you in exchange for your consideration elsewhere (e.g., a deposit of cash into that person's bank account.)

That would possibly qualify them as being a money transmitter though, which is insanely expensive to offer due to compliance requirements.  That's why Mt. Gox quick completely offering their redeemable codes.

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April 12, 2013, 09:42:59 PM
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If Mt Gox and Bitfloor both accepted each other's Ripple IOUs, and if they allowed their respective users to buy those IOUs, then users of both exchanges would effectively be able to send USD from one to the other. It's a lot easier for Mt Gox and Bitfloor to send wires between each other periodically to settle accounts than it is for hundreds or thousands of customers to do the same thing. Throw Coinbase into the mix and all of a sudden it gets a lot easier to fund trading accounts.

I don't really see any advantage Ripple brings to the table when it comes to dealing with BTC that can't just as easily be gained by UI improvements to Bitcoin applications, but for dealing with legacy currencies it could potentially be a game changer.
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