Operational idea for trusted members :
1、Buy Bitcoin at local exchange , sell it on BTC-E , you get BTC-E USD balance . With this balance , you can generate any amount of BTC-E USD Redeem code .
2、Accept BitUSD payment for BTC-E USD redeem code , once you get the BitUSD , you send the code to the buyer by Memo or other means .
The above is BitUSD to BTC-E redeem code ( Thus , balance on BTC-e) . The can also operate through escrow , but with escrow the risk is the buyer can claim the code is not valid and refuse to pay . Without escrow , the risks is all for the buyer to trust the seller .
3、For a two way gateway , you also need to buy back BTC-E code . But if you buy BTC-E code from an bad guy who just stole BTC-E account from somebody , BTC-E will freeze the code once there is complaint .
I haven't figure out how to mitigate this one , the method I saw from a guy who offers to buy BTC-E code is that "We need those who sells BTC-E code to us , to enable the Google 2 Factor Authentication(2FA) in their BTC-E account and screen grab the user name and security option and send to us " ., to proof the seller is the rightful owner of this account . I don't know if that's enough .
Background : BTC-e is a big fiat exchange with multiple deposit method , one of them is "redeem code" , it's a code that generates from your account and can redeem them once .
The downside with this plan is that it can't be automatic .
Topic: Ideas for BitUSD<--> BTC-E redeem code (Indirect Fiat On/off ramp ) (Read 1184 times)
