Is Maidsafe the company talking with businesses about creating the opportunity to buy Safecoin with fiat money ?
Not yet, somebody will have to though eventually. I think the first step will be BTC -> safecoin via exchanges like the master protocol and others may be able to do. I may be wrong though.
I personally think it is critical to the networks success that we have a decentralised exchange running on day 1 that at the very least enables safecoin purchases with BTC. If such an exchange was able to offer fiat to safecoin then even better as it would significantly reduce the barriers to enter the project safe eco system (we all know how terrifying it can be the buy BTC for the first time).
It’s absolutely critical to have the possibility to buy Safecoins on a few of the bigger exchanges from the start. I believe MasterCore will make it easier to add Safecoin to the exchanges right?
Besides the Bitcoinworld, there are a few billion people who haven’t even heard of Bitcoin yet but might be very interested in joining the Safe network :). In the Netherlands we’ve got a company called Bitonic (A company where you can easily buy and sell you Bitcoins for Euro’s) who already sold 100.000 Bitcoins in 2 years. Maybe it’s too early now but in the future a Bitonic for Safecoin might be a great businessplan.
- It seems to me that in the near future most jurisdictions (like the EU) will tax people who buy virtual currencies this way, so I can’t say I like the idea.
- And since BTC sellers must “know their customer”, the government would know Safecoin buyers and sellers by name (isn’t that wonderful?).
- If a person hasn’t heard of Bitcoin, how likely are they to buy Safecoin?
It is obvious to me that demand for Safecoin will be created through applications, at which point they’ll figure it out (e.g. a “This is just a preview, to watch|download|store more, click here to buy Safecoins” link in an app’s GUI).
I’d never buy Safecoins from a government-sanctioned bitcoin exchange.
Why not? You draw cash out of the bank I expect.
Yes, I do and it goes 2 ways, neither of which is taxable. One of them is crypto-assets/currencies. I am not a millioinaire (not even close) and don’t pay much tax; it’s not about tax, but about limiting my exposure to the government and their financial system. But that’s just my own preference.
To stay on topic: my arguments against buying for fiat are mentioned above (3 + 1). I am convinced that the bulk of demand for Safecoin will come from links embedded in SAFE applications and purchases at distributed exchanges.
Ofc - you find someone with Safecoin and offer them some cash. An exchange just simplifies this.
My earlier point was a that only a distributed exchange does that, while for the majority of users a government-approved exchange will complicate this.
- In the EU based on the recent recommendation by the EBA all member states are preparing regulations in order to tax and track bitcoin users.
- In the US New York State has drafted a set of regulations which would require all holders of bitcoins to register their addresses with teh government. Other states tend to follow the leader and NY is #1 in finance.
If I have to register with the government to buy and sell virtual currencies, be tracked as a user of SAFE, include all my virtual currency transactions in my tax returns and pay tax on all my transactions as well as on any capital gains, I might as well pay for Google Drive or Dropbox (okay, not really but…)
This would maybe also help
Exchanges want you to pay up if you want your coin on their exchange. So WE SHOULD ALL pick out the populair exchanges and send them some coins so they can include Safecoin.
Safecoin should also be in cryptocoin ATMs so Nick start socializing (Maybe I should start so…)
Prepaid Safecoins (i don’t know the Bitcoin site that does this and I’m to lazy to search)
We are selling our unorthodox coin in a webshop, but the price doesn’t fluctuate. Since Safecoins price will, somebody has to figure out how this can be solved.
A distributed exchange is just lots of different people trading. My point is, you don’t need to wait for some website or exchange to appear in order to trade Safecoin -you just need willing people.
Over-the-counter (OTC) or off-exchange trading is done directly between two parties, without any supervision of an exchange. It is contrasted with exchange trading, which occurs via exchanges. A stock exchange has the benefit of facilitating liquidity, mitigates all credit risk concerning the default of one party in the transaction, provides transparency, and maintains the current market price. In an OTC trade, the price is not necessarily published for the public.
But do they not need a platform to trade on?
I believe Mastercore is one option that could be used to link the block chain and the SAFE network (and by link I mean ensuring that safecoin purchased in BTC is recorded on the blockchain). There are probably many others, Bit Pay is maybe also another option worth exploring, I have this on my list of things to do.
The platform gives people something to base the exchange rate on but is not needed for the action of exchanging currencies if you have people nearby to trade with. In SF, there’s a weekly meetup specifically for in-person trading and I think that’s the sort of thing @Traktion was alluding to.
That said, most people in the world will need a platform to trade with.
Thanks for clarifying Paige. Yes I can see how that would work well in areas with high adoption but in areas like Scotland for example, face to face trading would be very time consuming. I think too get a decent volume of currency traded, a requirement of any healthy currency, an exchange is required.
This is true, but the brighter side is that with safecoin, access is not limited to buying or expensive mining. Almost anyone who wants to have some safecoin can set up a rather inexpensive node and farm for it. This is great because it will tend to put a sizable bypass on the need to exchange safecoin directly for fiat, which is the biggest barrier facing bitcoin and other cryptos. Mining is great for early adopters, but that gets out of hand relatively quickly on blockchain currencies. Farming on the other hand will produce a much more broad and even spread of the currency among the world’s population.
Getting exchanges set up is indeed important and we need to do it, but I think we can also push that PARTICIPATION is the real exchange that you can use to get some. Hopefully that will push proliferation and adoption out widely, opening up more opportunities for people to exchange directly rather than via KYC exchanges, and bypass fiat more quickly.
All this discussion about legality but I think it’s important to point out that platform or no platform if we have anonymous communication via the safe network then anonymous trade will occur whether it’s “legal” or not. User a private messages user b and offers fiat for safecoin at x location. They meet and exchange currencies. They recommend eachother to their friends and networks ensue. It’s called an underground economy folks. Platforms just make things more efficient. One could create a website for such a purpose and then just share it with known underground users, kind of like a private club idea, and leave all the legal quibbling folks on the outside to deal with the government regulation bullshit. Laws are meaningless if you refuse to obey them. Register your bitcoin addresses? Are you serious? Who is going to be stupid enough to do that or comply with that system. Moreover bitcoin addresses can be created with a click of a button. Register one and create a new unregistered one the next second. It’s unenforcubke,
Would it be useful to have Ripple worked into this?
Can’t we just use some kind of Ethereum contract to be sure user a pays user b and the other way around? So we don’t need even need to meet to get an honest transaction