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Offline MaxPWR

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Petition - MMCBank - Community Trust & Fiat Exchange
« on: February 05, 2014, 01:41:08 AM »

To support MAXCAT development for P2P trust-based exchange standards. send 1 Satoshi to:
MAXVTE4cT7LDocsfBnavQHvcnsXaUhYrzL
_____________________________________________________________________

MtGox "unverified" my account's AML registration.  I registered some domain names at domains4bitcoins and used the mtgox merchant check out.  Now I can't withdraw USD or BTC until I mail notarized and apostilled ID docs.  No more scanning and waiting 2 days.  An apostille requries a 6-hr round-trip to the state capital or a $300 online service fee.  To access my virtual currency in a distributed global economy...What happened?

CampBX had just added ACH bank withdrawals a few months ago.  Now their ACH and wire transfer provider has suspended service to CampBX.  BTC-e refuses to work with US banks.  The IRS has no clear tax guidance on virtual currencies.  All this pushes the economic empowerment offered by virtual currencies farther and farther away from the individual by reducing accessibility and increasing barriers to entry for the small business.

People forget about the non-MVTE voting applications in MMC.  For example, it can be used to show community support for anything the owner of the address states and valued based on community reputation.  It can be used to create and/or promote "sub-memes" or individual campaigns for community involvement within MMC.  It can also be used to show person-to-person "trust" or "approval" between individual accounts on the MMC blockchain.

I believe the MMC community should promote individual person-to-person exchanges and trades based on an individual's out-of-network trust in an address and in-network MMC network history.  I believe we can develop standard community methods to build distributed trust and overcome "scammer FUD" and chargeback issues on a person-to-person scale.

For example, never sell virtual currency over paypal.  If you buy, receive virtual first.  We all know why, someone else write a wiki guide to explain to our newbs.  But, personally, I think I would trust selling to FreeTrade in small amounts, relative to history and trust.  I "know where he lives" - on this forum.  I can vote publicly and raise a campaign to hassle him, etc.  Or, someone could make a...ahem..."security deposit" with me, and the community or I could trust them to different degrees to say...mail an R9 290x with payment upon receipt  (P2P MOD: MMC on Delivery).  If I break that trust...they have both me and Freetrade to come blame :P 

I propose a first step of posting some other ideas for "how would I trust Max with my MMC" exchange methods below.  We could maybe develop a list of "P2P trust-based" problems and methods that an MMC "KYC" web development community could employ to overcome exchange and pool weaknesses, etc.  We could assign an MMC address to vote for it and support further development - petition community development, etc.

I like the name: Max's Community Acceptable Trust Standards, or...MAXCATS :)

Reply below with ideas, or vote to show MAXCAT pride and promote community development.

Send 1 Satoshi to:
MAXVTE4cT7LDocsfBnavQHvcnsXaUhYrzL
You can't stop the signal, Mal. Everything goes somewhere, and I go everywhere.

PWR UP: MAXVTEoYhDfWJjvkNm2ZmUhHpYbsPYuybg

Offline FreeTrade

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Re: Petition - MMCBank - Community Trust & Fiat Exchange
« Reply #1 on: February 05, 2014, 05:23:39 AM »
I think MtGox might have been having severe difficulties - I heard they weren't able to provide BTC to customers any more.
“People should be more sophisticated? How are you gonna get that done?” - Jerry Seinfeld reply to Bill Maher

Offline MaxPWR

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Re: Petition - MMCBank - Community Trust & Fiat Exchange
« Reply #2 on: February 05, 2014, 08:43:46 AM »
This makes it sound like just some processing delays for some people:
http://www.coindesk.com/poll-mt-gox-withdrawal-issues/

For me, it's like Gox just "reset" my account status...which will require a buncha money to submit physical docs.  Not sure if they did that for others b/c of low reserves, etc...reserves and AML/debt access are the tricky back-end of exchanges.

For MMC, I'm thinking something like a distributed public "bank" - e.g., agran's top100 MMC site with people publicly claiming those accounts and their purpose.  Information affects markets, and info like...a site where people post "hold X MMC for Y days"... could move prices and provide network info. 

Re-start agran's top100 thread, but with people publicly claiming accounts.  Should only be self-disclosure of individuals - no hearsay or witch-hunting.  Maybe business (e.g., bter) are fair game? 

Longer MMC-days-gained for an account, the higher the possible price signal.  And the user then gains "community trust" based on "bond size." That trust or reputation can be used to overcome escrow / fraud / etc issues in person-to-person trades in an open manner.   Could be used by a site (e.g., exchange) as "public reserves" for front-end user-business in other currencies.  Accumulated stats could affect market.  Build that "trust rating" algorithm into an account (i.e., wallet) management function client-side.  Maybe make it separate from the main qt-client?
You can't stop the signal, Mal. Everything goes somewhere, and I go everywhere.

PWR UP: MAXVTEoYhDfWJjvkNm2ZmUhHpYbsPYuybg

Offline FreeTrade

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Re: Petition - MMCBank - Community Trust & Fiat Exchange
« Reply #3 on: February 05, 2014, 08:51:04 AM »
Mtgox lies a lot.

If they are asking for unreasonable docs, it's a delaying tactic.

My advice with mtgox - cut your losses.
“People should be more sophisticated? How are you gonna get that done?” - Jerry Seinfeld reply to Bill Maher

Offline MaxPWR

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Re: Petition - MMCBank - Community Trust & Fiat Exchange
« Reply #4 on: February 05, 2014, 09:01:07 AM »
There's zero-access to any withdrawals - btc or fiat.  Only a "pay $300 to someone us and mail us docs and maybe we'll let you see your money in 2 weeks...trust us".  No real way to cut my losses....gox already cut them for me.
You can't stop the signal, Mal. Everything goes somewhere, and I go everywhere.

PWR UP: MAXVTEoYhDfWJjvkNm2ZmUhHpYbsPYuybg

Offline MaxPWR

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Re: Petition - MMCBank - Community Trust & Fiat Exchange
« Reply #5 on: February 05, 2014, 09:42:27 AM »
bwhaha - it's because I used bitinstant to transfer funds...maybe 2x a year ago...you know, back when there was market liquidity instead of isolated reserves with distorted prices from fiat / reserve access? 

From the web:
http://www.forbes.com/sites/kashmirhill/2014/01/27/winklevosses-bitcoin-community-shocked-by-arrest-of-bitinstant-ceo-charlie-shrem/

From Gox:

Dear valued customer,

Following the arrest of BitInstant CEO, we believe it necessary to confirm and improve the information we hold on all customers using or having used BitInstant in the past. We understand that this request may create inconveniences but we believe that this is a necessary process to enforce MtGox policy not to tolerate any illegal usages of its platform.
You can't stop the signal, Mal. Everything goes somewhere, and I go everywhere.

PWR UP: MAXVTEoYhDfWJjvkNm2ZmUhHpYbsPYuybg

 

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