:: Re: [unSYSTEM] BANK RUN! - P2P Fiat…
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Autor: Manfred Karrer
Data:  
A: Enric Duran Giralt
CC: System undo crew
Assumpte: Re: [unSYSTEM] BANK RUN! - P2P Fiat-Bitcoin Exchange
> The bank not see a transaction related to bitcoin, but see a transaction
> an unknown transfer between to individuals not registered as a business,
> and perhaps some of them can have ilegal activities...
> this could be only functional with very few money but with more ...there
> are too much possibilities for shutdown accounts!
> of for problems with Taxes.


Hm I dont know the situation here in spain so well as I use my spanish bank account only for the minimum and I have heard that you have 0 privacy. But for my bank acocunt outside spain I never run into such problems and did quite a lot of bitcoin.de trades with rather small volumes.
But there will be a limit when you get suspicious for the bank. They have to report suspicious activities. The btc-24.de owner used his bank account to do all the transactions for fiat payments of his exchange, and that was working quite long, but some day he got problems and accusations for money laundering. He did not have the license to operate such an exchange.
But if banks does not allow anymore to send money private to private in more or less normal quanities (< 10 000/month?), they get completely useless.

> But these actions are not registered for the government because no banks
> are part of it,
> its a proposal for a completly autonomous network


As far as I understand the legal issues (I am not expert at all in that), you get troubles with regulations as soon as you are in touch with Fiat money and are dealing with money on behalf of others.
Pure crypto currency stuff is yet not regulated as far as I know in the EU, but with Fiat you have to take care, that is the realm of the government. Government money not peoples money ;-).

>
> I am talking about a countereconomic p2p system, not some legal one…


If you dont mind legal consequences you are free to do what you like. But better to know the risks...

>
> We dont need a p2p system to be registered inside the governments rules,
> yes?


I think its not the question if it is P2P, but if it is Money (BTC is not yet).




>
> cheers
>
> >
> >
> >>
> >> 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
> >>>
> >>>
> >>>
> >>>
> >>>
> >>> _______________________________________________
> >>> unSYSTEM mailing list: http://unsystem.net
> >>> https://mailinglists.dyne.org/cgi-bin/mailman/listinfo/unsystem
> >>
> >
> >
>
>