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Author Topic: Bitcoin to fiat exchange in Somalia  (Read 1039 times)
bilotrace
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January 01, 2012, 02:13:01 PM
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Does any one know any bitcoin exchange in Somalia?
This is a great time to start one since US banks are stopping money transfers to Somalia.
http://www.youtube.com/watch?feature=player_embedded&v=xv3AhTL13BU


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deslok
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January 01, 2012, 08:19:32 PM
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are there enough somalians using bitcoin to try and open one?

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January 01, 2012, 08:33:40 PM
 #3

Does any one know any bitcoin exchange in Somalia?
This is a great time to start one since US banks are stopping money transfers to Somalia.
http://www.youtube.com/watch?feature=player_embedded&v=xv3AhTL13BU

For Somalians in the US it may be workable to transfer to a Bank account of a Bitcoin exchange and then transfer from there to the destination bank.

Zero Reserve - A distributed Bitcoin Exchange

Install - Getting Started - BitcoinTalk Thread - Github Source
jhn2001
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January 02, 2012, 02:57:24 PM
 #4

Does any one know any bitcoin exchange in Somalia?
This is a great time to start one since US banks are stopping money transfers to Somalia.
http://www.youtube.com/watch?feature=player_embedded&v=xv3AhTL13BU



and i always thought somalims always make ONLY a good pirate lol  Grin
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January 02, 2012, 08:28:28 PM
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Maybe we will see some pirates demanding bitcoins for ransom in the future?  Cheesy
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January 02, 2012, 08:44:18 PM
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Maybe we will see some pirates demanding bitcoins for ransom in the future?  Cheesy

It is funny, but when I first learned about bitcoins and saw its potential, I thought, yeah, it is going to be the way ransoms are demanded in the future.

The problem with ransoms are you either need to be incredibly smart with inter-bank systems so that you can effectively receive money that you know can't be taken back, or you have to physically receive a satchel full of actual cash or gold (a very dangerous part of the whole process).

Now you can deposit your captured person in a location, get your bitcoins sent to you, and then give over the info as to where the person is (the last part is optional).

Add in the coming escrow option, and this gets even more clear for both parties in the exchange.

This works well also for drug trade and a bunch of other illegal operations where working with banking systems are not a viable option.

So far, I think criminals are slowly drifting into bitcoin. The small scale drug dealers are the first (with the silk road). I can tell it is not major yet though, as the price of bitcoins will skyrocket once it becomes the standard of criminal currency. With the potential of only 9 Million currently available to go around, and a price of $5 each, that doesn't leave much to go around for major criminal transactions.

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January 02, 2012, 08:55:55 PM
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and i always thought somalims always make ONLY a good pirate lol  Grin

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Zero Reserve - A distributed Bitcoin Exchange

Install - Getting Started - BitcoinTalk Thread - Github Source
Libreyseco
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January 02, 2012, 09:15:40 PM
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Maybe we will see some pirates demanding bitcoins for ransom in the future?  Cheesy

It is funny, but when I first learned about bitcoins and saw its potential, I thought, yeah, it is going to be the way ransoms are demanded in the future.

The problem with ransoms are you either need to be incredibly smart with inter-bank systems so that you can effectively receive money that you know can't be taken back, or you have to physically receive a satchel full of actual cash or gold (a very dangerous part of the whole process).

Now you can deposit your captured person in a location, get your bitcoins sent to you, and then give over the info as to where the person is (the last part is optional).

Add in the coming escrow option, and this gets even more clear for both parties in the exchange.

This works well also for drug trade and a bunch of other illegal operations where working with banking systems are not a viable option.

So far, I think criminals are slowly drifting into bitcoin. The small scale drug dealers are the first (with the silk road). I can tell it is not major yet though, as the price of bitcoins will skyrocket once it becomes the standard of criminal currency. With the potential of only 9 Million currently available to go around, and a price of $5 each, that doesn't leave much to go around for major criminal transactions.

It's true, I agree with your ideas. The criminals will use BTC to send ilegal money.
RandyFolds
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January 03, 2012, 12:38:35 AM
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Maybe we will see some pirates demanding bitcoins for ransom in the future?  Cheesy

It is funny, but when I first learned about bitcoins and saw its potential, I thought, yeah, it is going to be the way ransoms are demanded in the future.

The problem with ransoms are you either need to be incredibly smart with inter-bank systems so that you can effectively receive money that you know can't be taken back, or you have to physically receive a satchel full of actual cash or gold (a very dangerous part of the whole process).

Now you can deposit your captured person in a location, get your bitcoins sent to you, and then give over the info as to where the person is (the last part is optional).

Add in the coming escrow option, and this gets even more clear for both parties in the exchange.

This works well also for drug trade and a bunch of other illegal operations where working with banking systems are not a viable option.

So far, I think criminals are slowly drifting into bitcoin. The small scale drug dealers are the first (with the silk road). I can tell it is not major yet though, as the price of bitcoins will skyrocket once it becomes the standard of criminal currency. With the potential of only 9 Million currently available to go around, and a price of $5 each, that doesn't leave much to go around for major criminal transactions.

So it sounds like we need to set up a ransom escrow service. We'll call it BitNap.

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