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Author Topic: there is only ONE thing we really need  (Read 3486 times)
silvercardbank
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April 17, 2011, 09:47:41 PM
 #21

A p2p distributed exchange client is an idea that is much easier said than done.>

Please explain the difficulty and the problems to be overcome to enable this .

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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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grondilu
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April 17, 2011, 09:51:28 PM
 #22

A p2p distributed exchange client is an idea that is much easier said than done.>

Please explain the difficulty and the problems to be overcome to enable this .

Well, amongst the difficulies I see, there is the problem for automatisation of paiements for currencies that are not purely digitals.  Basically I'm talking about interfacing the current banking systems.


A peer-to-peer exchange system would be feasible I guess if all currencies were bitcoin-like.  But they are not.  We have to deal with the obsolete currencies.  And it's tricky.



There is the Ripple project.  But as far as I know, there is currently no real functionnal implementation yet.
matonis
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April 17, 2011, 09:53:20 PM
 #23


You need bitcoin dealers who deal with national currencies and can transmit money to other countries. The problem is, we're very dispersed so it's actually hard to setup a network of bitcoin cash dealers so it is hard to set up these kind of things. That way you can set up a peer to peer network of currency exchangers.

The exchanger network is sophisticated and established, although most today deal with WebMoney, Liberty Reserve, c-Gold, Pecunix, gBullion, etc, etc. It is only a matter of market demand before the leading ones add bitcoin. They are already localised for their regional focus into and out of some national currencies. I would estimate that there are over 2,000 digital currency exchangers in the world today.

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I also cover the bitcoin economy for Forbes, American Banker, PaymentsSource, and CoinDesk.
marcus_of_augustus
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April 17, 2011, 10:09:45 PM
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You need bitcoin dealers who deal with national currencies and can transmit money to other countries. The problem is, we're very dispersed so it's actually hard to setup a network of bitcoin cash dealers so it is hard to set up these kind of things. That way you can set up a peer to peer network of currency exchangers.

The exchanger network is sophisticated and established, although most today deal with WebMoney, Liberty Reserve, c-Gold, Pecunix, gBullion, etc, etc. It is only a matter of market demand before the leading ones add bitcoin. They are already localised for their regional focus into and out of some national currencies. I would estimate that there are over 2,000 digital currency exchangers in the world today.

This is a valid point, essentially Bitcoin is an Internet currency and knows no borders or is location agnostic, unlike any other national currency.

To make it useful and easy for international transfers, including a 'last mile' step in/out of local currencies it may be as simple as single piece of application s/ware. An app. that any of the local exchanges can run and use to verify that a currency transfer has taken place with a partnered exchange on the other side of the globe running the same app.

Hmmmm .... may not be that difficult.

silvercardbank
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April 17, 2011, 10:25:54 PM
 #25

The world currencies are not quite yet obsolete. a stepping stone or bridge is required to link the old system to the new system  , gradually introducing new people. The problem i see is that those who control the old system also control the network machines/card readers at point of sale, so for now bitcoins must be able to be converted to mastercard or visa using them as this bridge. a bitcoin exchange company could be set up that issues all of its members with a pre paid visa/mastercard. in much the same way as a company issues each of it's employees with one to pay wages and or expenses. mutltiple cards linked to one account.
if this company start up trusts bitcoin and issued these cards the problem would be solved. as anyone wanting exchange or there card topped up could send bitcoin to it in any amount from any country.use somthimg like this
http://www.cashpassport.com/

Like my input ? inspire any ideas ? Tips gratefully accepted in Devcoin here:16tLwjjyTgGKWfh6xLnD5k4E7zWpHq4hLC
nelisky
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April 17, 2011, 10:59:31 PM
 #26

Say I have a point of entry into 2 banks. Unfortunately not small local banks but rather big financial institutions, and also unfortunately my contacts on both accounts are low on the food chain, but can introduce me to the next levels in the pyramid.

What would I, as a tech dude not that much knowledgeable in economics, use as ice breaker? Remember that these dudes will not care for the pseudo-anonymous side of bitcoins, and will require knowing the color of your underwear before giving you money for your bitcoins, which means they'll then report that back and make you traceable for tax purposes.

Is it wise at all to consider doing this?
marcus_of_augustus
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April 17, 2011, 11:09:38 PM
 #27


The world currencies are not quite yet obsolete. a stepping stone or bridge is required to link the old system to the new system  , gradually introducing new people. The problem i see is that those who control the old system also control the network machines/card readers at point of sale, so for now bitcoins must be able to be converted to mastercard or visa using them as this bridge. a bitcoin exchange company could be set up that issues all of its members with a pre paid visa/mastercard. in much the same way as a company issues each of it's employees with one to pay wages and or expenses. mutltiple cards linked to one account.
if this company start up trusts bitcoin and issued these cards the problem would be solved. as anyone wanting exchange or there card topped up could send bitcoin to it in any amount from any country.use somthimg like this
http://www.cashpassport.com/

Snap, already got it ....
https://www.bitcoin2cc.com/

grondilu
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April 17, 2011, 11:12:56 PM
 #28

Snap, already got it ....
https://www.bitcoin2cc.com/


Yeah this service is great, but it would be even greater if the cards were physical and reloadable.

There is a guy who provides such a service but unfortunately it doesn't work very well out of USA.
silvercardbank
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April 17, 2011, 11:29:04 PM
 #29

Nelisky,

 To break the Ice regards your bank contacts,i would like to ask them if they were interested in making a boat load of money ! that usually gets ones attention. Then i would ask them how you go about setting up a company that can issue pre paid credit cards for world wide use and what sort of commissions you are likely to get paid by provider for doing so. no need to mention bitcoin as it will not even be on there radar.

  well that's something i would like to know anyway . how much commision do the banks get for new pre paid credit  card customers ?

Like my input ? inspire any ideas ? Tips gratefully accepted in Devcoin here:16tLwjjyTgGKWfh6xLnD5k4E7zWpHq4hLC
silvercardbank
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April 17, 2011, 11:35:51 PM
 #30

Moa,

 Thanks for the link, i am still finding my way around.and will add that link to my alternative currency website.  www.bear-river-dollar.com

Like my input ? inspire any ideas ? Tips gratefully accepted in Devcoin here:16tLwjjyTgGKWfh6xLnD5k4E7zWpHq4hLC
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