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Author Topic: A proposed method to facilitate p2p trading between fiat and cryptocurrencies  (Read 2218 times)
CasinoBit
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May 26, 2013, 03:48:11 AM
 #21

Any form of trading based on existing non physical fiat (e.g. computer debt) is unstable. The only solution seems to be to create an efficient person-to-person transfer device and then guerrilla warfare that fiat system.

Your assertion that the "guerrilla warfare" must be based on physical fiat is based on what?

If you read my post a few posts up and follow the links, I hope you can see that leveraging the power of P2P software and using it *specifically* to create a fiat to crypto transfer using wire transfer is likely to be much more powerful than in person exchanges.

What is constantly happening on this forum is people saying "I've solved it!" then describing a purely crypto currency solution for real time decentralized exchange. Great (if they can actually do it), it's a fascinating and worthwhile project. But what happens next is always "this does not address the fiat transfer problem". Because most of us understand that it's not only a matter of convenience, we need decentralised transfer of fiat into crypto to stop the banks shutting Bitcoin down.

By the way I don't deny that in person physical exchanges addresses this; I just think it's worth finding a better way. The average man on the street is never going to feel very comfortable with it, for obvious reasons.

What I meant is guerrilla warfare against the fiat system, as-in small portable devices that are so widespread you can literally go down the street and purchase some BTC from the first person that walks by.
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waxwing
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May 26, 2013, 04:15:43 AM
 #22


What I meant is guerrilla warfare against the fiat system, as-in small portable devices that are so widespread you can literally go down the street and purchase some BTC from the first person that walks by.

Yes, I understood that. Of course you mean "against" the fiat system, so do I (what else would it mean?.)

Someone else has also proposed that portable device idea (or maybe it was you, I forget).

It improves convenience (if you live in a populated area), but I don't think it addresses the main disadvantages of the in-person model. In this post I described the safest possible localbitcoins-type transaction, and the obvious flaw:
https://bitcointalk.org/index.php?topic=210903.msg2255327#msg2255327

Would be interested to hear your feedback. Can the safety of in-person be improved further? Even if so, a P2P with wire transfer would to my mind be far superior if it could be made to work.

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May 26, 2013, 04:21:18 PM
 #23

This decentralization is where capitalism excels: Turning fiat into crypto is a profitable a business model and there are a dozen unexploited ways to do it at the local level, through as many separate business entities as desire to do it. It's simple buying and selling, the only snag being that reversible payment methods don't suit it.

If credit cards are out, what's left? Paying in-store for the aforementioned bitcoin cards, using 900 numbers, texting services, even adoption by existing IRL currency exchanges, to name a few.
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May 26, 2013, 04:59:18 PM
 #24

dUSD already exists, it's called Liberty Reserve

Apparently I spoke about 5 minutes too soon.

Liberty Reserve officially does not exist anymore... Smiley

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snailbrain
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May 26, 2013, 05:00:38 PM
 #25

can you not just make a namecoin "Name", and call it a coloured coin, and transfer it around?

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