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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