I wonder if there are any developers here who can help me with creating a html5 wallet that can hold SAFEcoins and fiat in the future.
The idea is this wallet, can also bundle SAFEcoins and turn them into fiat. To get an idea how this works, take a look at Bitreserve.
To explain how this would work. Let’s say that I want to create 1 USD. 1 Maidsafecoin is now $ 0.024393 (coinmarketcap), that means that I need 41 Maidsafecoin to create 1 USD. When I send somebody with the same wallet this 1 USD, they would see 1 USD ofcourse. When I send this amount to someone with a normal SAFEcoin wallet, they see 41 Maidsafecoin.
What I describe above also indicate how you issue fiat in this wallet. I Know that the SAFEcoin price will keep changing, so for instance 1 USD, might become 30 Maidsafecoin after a month. But we’ll talk about that later
Bitreserve is a counterparty to their customers. So you can’t just “create” 1 USD out of nowhere.
When a Bitreserve customer “creates” 1 USD, Bitreserve buys (or claims to have bought, but instead just records an obligation to pay) 1 USD for him.
If something like that was possible on the MaidSafe platform, your users would have to have a counterparty who would actually hold USD for them (for example, you). You would also have to know all your customers, have anti money laundering provisions, be a registered money transfer service, exchange, etc.
Assuming you can fund all that, you’d also need a full time developer on board to fix any security issues and keep the wallet up to date.
This idea looks completely unrealistic, unless you’re funded enough to create a startup.
The Fed can, yeah I know that I’m not the Fed, but here is where things get funny. A Paypal 1 USD is different from the bank’s 1 USD. A bank 1 USD is different from the Bitreserve’s 1 USD. A Bitreserve 1 USD is different from the Ripple’s 1 USD. A Ripple 1 USD is different from the Coinapult 1 USD. But what they all got in common is that they are all IOU’s, the whole fiat concept is IOU. There is a difference with the wallet, that I have in mind, because your 1 USD representation is backed my above example 41 Maidsafecoin.
The users would be each others counterparty. If I send you 1 USD (41 Maidsafecoin) and you didn’t have the same wallet as me, you would still get 41 Maidsafecoin. When you ask are Nubits, BitUSD and Tether worth a Dollar? Well the users think it does and that’s what matters. I’ll be honest it’s not only the users, it’s also apps like Shapeshift that support Nubits and BitUSD.
There are two way to go to create this coin, a static or dynamic approach. With a static approach, you deposit 41 Maidsafecoin and this becomes 1 USD. When I send somebody this 1 USD they accept it as 1 USD, regardless of how many Maidsafecoins backs it. The thing is the SAFEcoins price will constantly change.
The dynamic approach would be, whoever holds that 1 USD, has to pay extra Maidsafecoins to keep it’s value. So If I made 1 USD with 41 Maidsafecoin and the price is now 60 Maidsafecoin for 1 USD. Then you as holder of that coin will have to add 19 Maidsafecoin to keep your 1 USD.
Yes, so 1 EddyJohnCoin would be an IOU issued by you. How many can you issue before it becomes clear that you’re just making things up? And even early on, why would anyone trust you?
That’s what I’m trying to explain to you.
Bitreserve publishes their assets (daily I suppose), so if their liabilities are X BTC and Y USD, and their assets within 10% of each holding, it’s not nearly as risky as your assurance would be.
Banks wouldn’t be much more insecure than that.
After all, by holding USD, you’re trusting the current banking system.
That’s not possible. Don’t forget MAID is now on the blockchain, but SAFE won’t be.
You are not asking for a new wallet, but for a new application which would cost a lot more than $500K to develop and it would probably still suck.
Exactly, so why do you think people would trust anonymous guys with a Freelance.com-sourced wallet with their USD rather than they would trust Bitreserve or a regulated bank with actual development team, capital, investors, maybe even some sort of insurance.
You need at least a few hundred thousand dollars for your idea. It’s not just a wallet and it can’t operate without full compliance with the current banking system.
Off topic but the OP just prompted an imagining of the future, where a person could have some random flavour of money in their wallet, that is independent of other people’s choice of currency and yet could be transferred at the point they action that, without their thinking on the difference. Being able to spend and receive any currency, would make the issue of many alt-coins moot… it would just be that exchange rates are worked in the background. Affiliation to a currency then would be like voting for a cause or a politics.