How Safecoin can be spend Wherever Bitcoin is Accepted

Thanks @gonefarmin I knew about Ripple allready.

Since this discussion we havenā€™t really pushed with any exchanges, although they would be able to plug in as an app via our API. I think a better option than a centralised exchange are decentralised exchanges, enabling peers to trade directly @dallyshalla is working on such a platform.

4 Likes

Thatā€™s awesome that DallyShalla is building that, but would it allow linking to a chequing account for example? Or at the very least, allow me to send cryptocoins or fiat to an exchange like Bitstamp?

As pre-emptive feedback, my own exchange is where some real Safecoin power would lie. As we know, exchanges exist to provide the (ideally) automated middle man software to connect a crypto wallet with a fiat based chequing or savings account, using Know your Customer (KYC) practices etc. If I could log into my personal MadeSAFE portal, and exchange my own fiat with my own crypto wallet (of course on the bankā€™s end thereā€™d be filters to catch fraud, human eyes for due dilligence etc), that would truly disrupt most exchanges that exist today.

Iā€™m not saying users will not exchange Safecoin for services in MaidSAFE, I understand that vision. However until thereā€™s a robust eco-system of apps, at least in the short term, some users would want to convert a fraction of their Safecoin into fiat currency.

I agree, I think both traditional and decentralised exchanges have their place. What is the name of your exchange?

Sorry, I wasnā€™t clear. I donā€™t run an exchange. I meant if I could log in to MaidSAFE and there was a native exchange application that carries out all the primary tasks that todayā€™s exchanges (like Bitstamp) execute, that would be disruptive, but more importantly, highly incentivize new registrations.

Thereā€™s something to be said about Bitstamp or Poloniex deciding, Ok letā€™s plug in to their API to offer an exchange for Safecoin users, but that would presumably be offered on their ā€œnormal Internetā€ login page, and would not be a fully encrypted app inside a MaidSAFE userā€™s portal.

@gonefarmin, what you describe is impeccable; certainly I am integrating libbitcoins with a gui using QT5 to accommodate initially at least to convert easily safecoins to bitcoins from the secure environment. In order to operate the exchange to trade safecoin for bitcoin you will need a safecoin private key to send and a safecoin receiving address to receive; also a bitcoin private key to send bitcoins and a bitcoin public key to receive them.

Then anyone can control their assets in the secure environment of SAFE Network, once you have bitcoins you can easily use the existing fiat infrastructure like bitstamp, coinbase, etc;

Hopefully those services adapt to the SAFE Network and see how they can integrate their infrastructure to SAFE; however, this is something Iā€™m thoroughly invested in to accomplishing post launch; The best thing right off the bat would be to bridge liquidity through bitcoin.

2 Likes

Thatā€™s exactly what Iā€™ve been working on for weeks, long story short: As you probably already know, it takes a long time to (first get the funds) then wire fiat out to an exchange. Keep up the good dev work! :wink: