RE: Hiring 1 Developer to Build a P2P Steem/USD Gateway!
@blocktrades thank you for again making a reply to this post because your guidance was valuable last time to the evolution of this and is again. Our primary purpose with this exchange is to empower users in places where no reliable option exists or where using Bitcoin first with often very high fees is the only option. Currently this description fits most countries in the world while not including the USA.
Given that there are several reliable exchanges available in the USA to change into fiat, the majority of the problems seem to be with laws in the USA, and my main vision for this is global, we may opt to exclude users from the USA and/or place additional limits on using this in the USA.
With doing this to benefit users, we obviously have the highest interest in protecting users from potential problems especially from money laundering and prison time.
We're doing almost exactly this with Bitcash (www.bitcash.org)
We'll have a reputation system. It will be peer-to-peer.
Proof of concept/MVP is at: trade.bitcash.org and our wallet is in maintenance mode.
The concern @blocktrades has is understandable, but I think for smaller volumes peer-to-peer exchanges will be fine.
My main focus right now is on this project. We use the Bitshares platform because it's easier to swap 1:1 between dollars for bitUSD and then go back and forth from Steem. I think you can do one just for Steem, but you'll be dealing with order books since Steem dollars don't hold a peg. Best.
yp great!
this will be huuuuge!
@steemrollin thank you for letting us know you are working on this project! I hope it goes well and think we benefit from getting as many projects like yours functional as possible! I got an error on the sign up page.
Thanks @jerrybanfield! Yes our wallet is in maintenance mode right now since it still is in MVP mode and didn't want too many people signing up (we get a lot of traffic from people thinking our website is related to Bitcoin cash).. but we'll get back up soon .. thx!
Amen to that @jerrybanfield! I've been ripped off several times already during the process of cashing-in and cashing-out of my small Steem/SBD earnings--not to mention the government is always wanting to scan my face every time I register for a local exchange services.
This initiative is very timely not only for the Steemit community but for the whole cryptocurrency community in general.
With all due respect to Bitcoin--I think it's about time for people to have a viable option to buy and sell cryptocurrency efficiently with zero transaction fee.
For us in the developing countries like the Philippines--who needs bank accounts and all those bullshit AML/KYC verification when you can have MTO services in every corner with near-instant payment processing. Although a bank account can be optional at times for those looking to trade peer-to-peer locally for maximum fee-less payment method similar to LocalBitcoins which offers a variety of Banks, MTO/Remittance and PayPal as a mode of payment.
@introvertspeaks exactly thank you for giving a clear example of what we are looking to create and what it is needed because you sharing about the challenges cashing out in the Philippines along with AML/KYC being unnecessary where you are transacting with anyone outside the USA shows us clearly that when we think global, we see a huge need for a Steem/fiat exchange that is user to user!
YW! This is very important to me because my application for KYC approval at Coins.ph has been the worst experience I've ever had.
They kept rejecting my legal document again and again solely based on their incompetence to determine what is genuine identification material and what is not--despite the fact that I wholeheartedly sent them the original photograph.
Out of desperation, I diligently made a Google search to which I found out I can cash out anytime using the LocalBitcoins escrow service without having to submit anything and with higher buying rates than them (Coins.ph)--since I can choose which buyer offers the best price.
It is important to note though that an independent reputation score system will be in place outside of Steemit to properly tag those scammers who are just looking to make free money with their deceptive activity.
thanks for all the help
Living comments for the upvotes.
hey @jerrybanfield,I have no words to say about you, bcoz you are to much intelligent and talented. I have learn many things from you like programming . I am very thankful to u , i really enjoy your concepts, you are my teacher. Thank you much for every thing <3
keep sharing sir <3
@sibtainali
Most Western European countries don't look kindly on unauthorized money transmitters either. Financial regulations is by far the most troublesome part of the deal. This is why becoming a notary requires years of study, and they are compensated very well for it. Users should exerce caution.
Jerry, this is a magnificent plan of action but once again, how can we avoid the Exchanges. The trouble in the U.S is just the start... It will spread worldwide extremely fast, like a virus. The moment you give your ID to the exchanges and link your bank account, your known - this is just not viable. How can we can we get around this please?
Do not use your bank account as a payment method. Instead, you use MTO and remittance services like Western Union, Moneygram, Xoom or Payoneer in order to receive and send crypto payments peer to peer.
Second is to avoid those retarded exchanges like Poloniex and Bittrex which are both government puppets.
Binance has been the exchange of choice for those small to medium volume traders with 2 BTC maximum withdrawal per day--without the need for KYC verification.
And since Steem/SBD are not listed on Binance for whatever reasons, you may want to register at Openledger or Hitbtc to exchange your Steem/SBD asset with other cryptos--no need for KYC shit.
Thank you for the helpful reply @introvertspeaks - I'm familiar with Western Union & Moneygram but once you go over a certain limit, were back to ID. Payoneer might work better for the U.S only. In the U.K they forced me to provide bank details and Gov I.D even before I made the 1st transaction and then refused to delete my account when I asked and to add insult to injury, they were nice enough to block my account so I couldn't leave, so sadly, after all of this, I had to tell them where to go... So pretty much a dictatorship just like the rest if your'e based here.
Apart from this, I've also used Paxful.com with Amazon Gift vouchers which is connected with hefty fees but Anonymous none the less .
However, I know we now have Bitcoin Atm's available with similar painful fees but still effective if you're willing to pay the price. Binance I'm def on, seems fair, & I've traded & tried to transfer to my wallets but they also have a limit on the amount you need within your account before withdrawal is allowed. Any thoughts on the conception of Atomic Swaps - Seems quite exciting! I'll def check out your other 2 suggestions though.
There are plenty of ways to get around with this actually--only that as you've pointed out it costs more than the conventional route like cryptocurrency exchange.
You may also want to use an e-currency as a bridge, like Perfect Money and fund your account with fiat via wire transfer and exchange them with various crypto asset using a gateway that supports Perfect Money. You can use the Best Change monitor to get the best price automatically.
But if your government is really implementing a maximum bank transaction cap, then you can use your PayPal account to buy Perfect Voucher online and convert them into Perfect Money with zero conversion fee. Purchasing vouchers online I guess is beyond the scope of government regulation, IMO.
I live in the Philippines, and in time if there is a buyer who is willing to buy my crypto asset using Perfect Money--I'd be willing to accept the deal.
Atomic Swap will be one of the most innovative upgrades in blockchain technology in the years to come. It has the potential to make exchanges unnecessary. But the thing is, it is only feasible for crypto-to-crypto transactions. Anything that involves fiat is still problematic.
The keyword here is to bring crypto payments into mainstream adaption--that way we could have efficient and seamless way to pay our bills.
Your'e a genius. Followed. Thank you
Shelley we will be building trust here primarily through what we contribute on Steem and we may combine a third party identity verification service to help show that who we are on Steem is linked to a "real" person according to a government which then will help us transact without revealing personal information. The methods of payment which reveal the least personal information will probably be preferred and it will be up to users to decide what to use and who to trust based on our recommendations.
I personally think it unappealing to many users requiring them to submit personal identification document--even if a third party service will be the one validating it. It basically ruins the essence of cryptocurrency, IMO.
How about giving the option to encrypt our username so that it will appear differently on the Steem peer-to-peer market?
Hence, our payment details will not be associated with our Steem account username. Is that a likelihood technically?
thanks for all the help. I am still getting a grasp on things.. as a trader mostly a chartist. i wish someone had this on the Meta4 platform. if you know of any i would appreciate the direction. thanks for all the help already.
Thanks for keeping us informed :)
Thank you for the videos. I am trying to weed through all this and learn. The videos help.
please vote me and follow me
Sorry to be a Debbie Downer but Blocktrades is more than correct. Jerry, you need a fat legal budget for this. If you need a top lawyer to CYA, message me and I'll forward you the contact. Get it wrong and you could land in a BOP facility faster than you can say 'grand jury.'
trying to get my head around it all now.