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Author Topic: Solidcoin to USD exchange  (Read 1591 times)
bansal
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August 28, 2011, 09:26:50 PM
 #1

I'm toying with the idea of creating a solidcoin to USD exchange (and perhaps support for other forks), but obviously there would be quite a bit of work involved so I'm wondering if there is strong interest in this?  I'm thinking of allowing deposits directly by ACH, I've discovered that ACH transfers are not reversible after 5 days so I could implement something reasonable with that, and I can allow credit card deposits with about a 3% fee (there would be some verification involved initially), and wire transfers.  Also Coinhunter any bounty on this, didn't see one for USD exchange.
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Bobnova
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August 28, 2011, 09:44:58 PM
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I could have sworn that ACH was how Dwolla got burnt and had a 90 day turnaround.

A solidcoin-USD exchange would be great, really.  It'd certainly help solidcoin stick around!

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bansal
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August 28, 2011, 09:50:14 PM
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I could have sworn that ACH was how Dwolla got burnt and had a 90 day turnaround.

A solidcoin-USD exchange would be great, really.  It'd certainly help solidcoin stick around!
I think Dwolla must have burned them with their own dispute process.  I talked to my bank & looked up ACH rules directly, they are not supposed to be reversible after 5 days.
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August 28, 2011, 11:05:16 PM
 #4

The banking system has determined that combating fraud is hard, so they just don't bother fighting it. Chargebacks are everywhere.

http://en.wikipedia.org/wiki/Automated_Clearing_House

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the consumer can dispute the transaction until day 90

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bansal
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August 28, 2011, 11:23:13 PM
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The banking system has determined that combating fraud is hard, so they just don't bother fighting it. Chargebacks are everywhere.

http://en.wikipedia.org/wiki/Automated_Clearing_House

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the consumer can dispute the transaction until day 90
Well Wikipedia is great and all, but hardly an authority on any subject.  According to subsection 2.8.3 of the ACH rules it says there is a 5 day limit on reversals, and that's what my banking rep says as well (although they have been wrong before).  I agree credit cards are a nightmare, they give you no support at all.
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August 28, 2011, 11:43:46 PM
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The banking system has determined that combating fraud is hard, so they just don't bother fighting it. Chargebacks are everywhere.

http://en.wikipedia.org/wiki/Automated_Clearing_House

Quote
the consumer can dispute the transaction until day 90
Well Wikipedia is great and all, but hardly an authority on any subject.  According to subsection 2.8.3 of the ACH rules it says there is a 5 day limit on reversals, and that's what my banking rep says as well (although they have been wrong before).  I agree credit cards are a nightmare, they give you no support at all.

There are a lot of people who cash out stolen credit cards who would love an easy method to launder stolen funds. Credit card -> SolidCoin -> BitCoin -> MTGox would be about as untraceable as you can get.

If you take credit cards you are going to attract a lot of credit card thieves.
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August 28, 2011, 11:44:18 PM
 #7

You already have competition...

Ruxum is rolling out with theirs Sept 1st http://help.ruxum.com/customer/portal/questions/30158-solidcoin

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RandyFolds
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August 28, 2011, 11:45:25 PM
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Bansal; parting fools from their money in less steps.

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bansal
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August 28, 2011, 11:54:46 PM
 #9

The banking system has determined that combating fraud is hard, so they just don't bother fighting it. Chargebacks are everywhere.

http://en.wikipedia.org/wiki/Automated_Clearing_House

Quote
the consumer can dispute the transaction until day 90
Well Wikipedia is great and all, but hardly an authority on any subject.  According to subsection 2.8.3 of the ACH rules it says there is a 5 day limit on reversals, and that's what my banking rep says as well (although they have been wrong before).  I agree credit cards are a nightmare, they give you no support at all.

There are a lot of people who cash out stolen credit cards who would love an easy method to launder stolen funds. Credit card -> SolidCoin -> BitCoin -> MTGox would be about as untraceable as you can get.

If you take credit cards you are going to attract a lot of credit card thieves.

My thought in this is that initially I would send them code in the mail to their verified billing address the first time they used the credit card which they would have to enter on the website.  It would be a little bit of a hassle the first time but after that you would have the convenience of using your credit card going forward.
CoinHunter
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August 29, 2011, 12:24:13 AM
 #10

There is no bounty for this because the people who can set it up get a lot of reward from the visitors, and a ~$1000 bounty isn't really going to entice them. Ruxum will have added USD support soon and 2 more exchanges are looking at adding it. I've also discussed this with MTGOX and they appear interested but are waiting on some checkpoints to be reached first.

Part of what needs to be done to make any cryptocurrency successful globally is finding easier ways to get traditional fiat money into the system. I hope to find a solution to this with SolidCoin.

Try SolidCoin or talk with other SolidCoin supporters here SolidCoin Forums
bansal
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August 29, 2011, 01:02:19 AM
 #11

There is no bounty for this because the people who can set it up get a lot of reward from the visitors, and a ~$1000 bounty isn't really going to entice them. Ruxum will have added USD support soon and 2 more exchanges are looking at adding it. I've also discussed this with MTGOX and they appear interested but are waiting on some checkpoints to be reached first.

Part of what needs to be done to make any cryptocurrency successful globally is finding easier ways to get traditional fiat money into the system. I hope to find a solution to this with SolidCoin.
Will really depend on the volume, with Mt. Gox bitcoin level of volume it is definitely worth it, with the volume that the lesser bitcoin exchanges do honestly not sure that it is worth it.  I will probably still end up doing it, bounty would have been nice though...  Smiley
CoinHunter
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August 29, 2011, 01:23:46 AM
 #12

There is no bounty for this because the people who can set it up get a lot of reward from the visitors, and a ~$1000 bounty isn't really going to entice them. Ruxum will have added USD support soon and 2 more exchanges are looking at adding it. I've also discussed this with MTGOX and they appear interested but are waiting on some checkpoints to be reached first.

Part of what needs to be done to make any cryptocurrency successful globally is finding easier ways to get traditional fiat money into the system. I hope to find a solution to this with SolidCoin.
Will really depend on the volume, with Mt. Gox bitcoin level of volume it is definitely worth it, with the volume that the lesser bitcoin exchanges do honestly not sure that it is worth it.  I will probably still end up doing it, bounty would have been nice though...  Smiley

If you do it we will still link to you and give you customers, provided you offer a nice clean service. Smiley


Try SolidCoin or talk with other SolidCoin supporters here SolidCoin Forums
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