:: Re: [unSYSTEM] BANK RUN! - P2P Fiat…
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Skribent: Enric Duran Giralt
Dato:  
Til: System undo crew, Manfred Karrer
Emne: Re: [unSYSTEM] BANK RUN! - P2P Fiat-Bitcoin Exchange





Well
      If fiat money is in users bank account, there are some central
      authorities that can shut down, 

      - Central banks

      - Private banks. 

      - Governments...


      Could be possible to think about substitution of banks

      by self managed  cash -> BTC centers with ATM  ?


      People that go to ATM realize market orders, and get their BTC, 

      People that sell this BTC, realize limit orders, when sell,
      receive a message about where can go to get the fiat money.


      These centers are registered only in the most friendly banks
      (until we dont have created a p2p fiat courrier, and could manage
      fiat  

      directly between cities and countries.  ;-) )

      if its necessary can make wire transfers between each other


      Anyway this model could be 

      - at local scale (completely without banks this is our model)

      - at the regional scale (with benefits in the banks conditions for
      example SEPA)

      - At global scale (with the problem and cost related to manage
      transfer between every part of the world)


      Cheers,

      Enric


      El 13/02/14 19:51, Manfred Karrer escribió:



I have written a concept for a P2P Fiat-Bitcoin Exchange.
I am looking for developers so if you are interested, let me know!
Otherwise any comment or review is highly appreciated!


BANK RUN! - P2P Fiat-Bitcoin Exchange

Basics:
- Pure P2P, cannot shut down by a central authority, no 3rd party involved.
- Collateral as warranty for fair behavior
- Fiat money will be transferred from one users bank account to the others bank account without any intermediary party. No identification that the money transaction is connected to a BCT trade.
- No fees beside the standard BTC transaction fees.
- Open source

Here is the paper:
https://docs.google.com/document/d/1d3EiWZdaM89-P6MVhS53unXv2-pDpSFsN3W4kCGXKgY

High-level overview of the protocol:
http://nucleo.io/bankrun/flow/bankrun.png


Bitcointalk:
https://bitcointalk.org/index.php?topic=462236.0

Reddit:
http://www.reddit.com/r/Bitcoin/comments/1xsona/bank_run_p2p_fiatbitcoin_exchange/

br,
Manfred







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