Nominal US$ transfers

[mda]

Maybe there is an answer somewhere but I can't find it.
I just want to know why no exchange allows nominal US$ transfers between members.
Thanks.

[1714905550]

1714905550

[1714905550]

1714905550

[Stephen Gornick]

Maybe there is an answer somewhere but I can't find it.
I just want to know why no exchange allows nominal US$ transfers between members.
Thanks.

Not sure what you asking.  There are many exchanges which operate by matching buyers and sellers where BTCs are traded using USDs (less exchange fee):
 - https://en.bitcoin.it/wiki/Buying_bitcoins

There is an over-the-counter exchange where trades occur with no intermediary that performs escrow as well:
 - http://www.bitcoin-otc.com
 - http://webchat.freenode.net/?channels=#bitcoin-otc-foyer

[mda]

I can transfer the US$ on MtGox to any bank but not to another MtGox member, can't understand why.

[grue]

I can transfer the US$ on MtGox to any bank but not to another MtGox member, can't understand why.

yes you can, just create a mtgox code.

[Meni Rosenfeld]

I can transfer the US$ on MtGox to any bank but not to another MtGox member, can't understand why.

You do this using vouchers. You withdraw USD as a redeemable code, and send the code to the recipient.

They used to have an option to transfer to a member by his email address, but it was problematic.

[Kluge]

I can transfer the US$ on MtGox to any bank but not to another MtGox member, can't understand why.

https://mtgox.com/trade/funding-options -> Withdraw Options -> USD as redeemable code -> email code to other user. Instantly transfers when receiver pastes code into MtGox.

[mda]

I appreciate your instant replies but MtGox redeemable code isn't technically a nominal transfer since I don't have a proof that the money have been credited to his account.
Therefore it requires an additional layer of trust.

[gusti]

I appreciate your instant replies but MtGox redeemable code isn't technically a nominal transfer since I don't have a proof that the money have been credited to his account.
Therefore it requires an additional layer of trust.

All redeemed codes do appear in your account transaction history, you can use that as a proof.

[mda]

I appreciate your instant replies but MtGox redeemable code isn't technically a nominal transfer since I don't have a proof that the money have been credited to his account.
Therefore it requires an additional layer of trust.

All redeemed codes do appear in your account transaction history, you can use that as a proof.

There is no information about who and when has redeemed them, sorry.
And even if that information would be there it wouldn't have any purpose because the receiver could just postpone the redemption.

[Stephen Gornick]

There is no information about who and when has redeemed them, sorry.

That information is recorded and accessible by Mt. Gox, and (presumably) reported as part of their their aml compliance.  But you as the sender aren't made aware of that, correct.

Though you don't know when, you can tell if they've been redeemed (as you can cancel any code that hasn't yet been redeemed).

[mda]

OK, in this case I have to put it another way.
I will move the money (not very much) to the first exchange that implements nominal US$ transfers between members.
Also I am ready to pay a reasonable fee for each transfer.

[Stephen Gornick]

OK, in this case I have to put it another way.
I will move the money (not very much) to the first exchange that implements nominal US$ transfers between members.
Also I am ready to pay a reasonable fee for each transfer.

I don't know of any exchanges that offer that.

If you are both in the U.S., one method would be to simply withdraw USD from the exchange into Dwolla and then do a Dwolla account-to-account (A2A) transfer.  Then the recipient can simply move the funds from Dwolla back into the same exchange (e.g., Mt. Gox).  The total cost is $0.25 to you and $0.25 to them.  And the turnaround time is from just a few minutes to about under an hour, depending on the timing of some cron jobs.  Since you aren't ultimately trying to do a bank transfer then neither Dwolla account even needs to have a bank account linked to it then (though if the amount is large enough or other situations exist then Dwolla may ask for proof of identity).

Outside the U.S. you can try about the same tactic using Liberty Reserve as the intermediary.   There are delays and fees though when using LRUSD.

[VVS dump]

I appreciate your instant replies but MtGox redeemable code isn't technically a nominal transfer since I don't have a proof that the money have been credited to his account.
Therefore it requires an additional layer of trust.

have a look at mtgox API