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Author Topic: Solution to MtGox European problems  (Read 1810 times)
zer0
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November 20, 2011, 02:36:39 AM
 #1

I emailed one of MtGox's addresses with this idea and just got a form answer back, telling me some nonsense. Somebody running that place, read this:

Create a clone of exchangezone.com except to trade MtGoxUSD. Goxchange.com or something.
You handle all the safe escrow of MtGoxUSD pins.

Now Europeans who want to cash out via SEPA, or local cash methods can do so.

Example:

GoxUSD to SEPA
GoxUSD to Local cash
GoxUSD to LR/WMZ/PM/anything
GoxUSD to Ukash/PSC
GoxUSD to Huh? whatever people want.

So if I'm a German and want to buy 3,000EUR worth of trading into MtGox I just go on this site, find somebody with it, and initiate transfer. System tells me they have received the Pin codes in escrow and it's safe to send this unknown guy money. (Your system takes their MtGox pin code, then changes it so they can't run away with it)

I send him 3k SEPA. He receives, then releases the codes to me through the system.
I then can instantly trade on Gox no waiting days for them to verify a transfer.

IRL you could be a cash exchanger, and then walk around with your phone and take cash payments, then in front of the buyer release them the MtGox pin code to their account.

Win/win? Liberty Reserve created exchangezone.com (free escrow) so they can expand trading into their system. Don't see how this wouldn't work for mtgoxUSD (or TradehillUSD..CryptoXchangeUSD..ect) Would only work if MtGox ran the site themselves for safe escrow, at zero fees just like exchangezone. Then traders can both negotiate fees between each other, significantly less than paying directly into MtGox itself. Yes, people can trade MtGox here but there's endless threads to go through. This is one easy point and click system.

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slush
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November 20, 2011, 02:40:46 AM
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Hm, why make such service for trading mtgox usd? Why not directly bitcoins?

zer0
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November 20, 2011, 02:41:42 AM
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True, but then would have to worry about the safety of the bitcoind escrow.
Actually, you could create a safe escrow for every currency and every alternative cryptocurrency using this method if you wanted.

**EDIT
Notice exchangezone.com has operated for years doing this, and you can trade up to $10k


nmat
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November 20, 2011, 06:20:31 AM
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You could also use bitmarket...
brendio
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November 21, 2011, 02:57:46 AM
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Hm, why make such service for trading mtgox usd? Why not directly bitcoins?

Maybe you can't agree on a BTC exchange rate? Someone offering a Gox to Fiat service could operate without taking on BTC exchange rate risk. The buyer could instead find plenty of willing trading partners for BTC on Gox.

Manko
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November 21, 2011, 01:35:39 PM
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I wouldn't bother using Gox, you're better off using a European exchange. Being in the UK, I use Britcoin, and can't fault their service  Smiley
Andrew Vorobyov
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November 22, 2011, 09:58:25 AM
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Gosh, I had a plan to do such service and bam.. it's already just around the corner... They already have BTC there

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