Author Topic: Have you all realized that we have fiat on the blockchain!?  (Read 4792 times)

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Offline dannotestein

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Re: Have you all realized that we have fiat on the blockchain!?
« Reply #15 on: March 17, 2016, 05:52:41 pm »
Any plans to trade (@blocktrades) OPEN.USD into USD and OPEN.EUR into EUR? with a reasonable spread? :)
We don't plan on supporting any type of fiat transfer until our backend software is capable of doing bank transfers on a fully-automated basis. After we've completed our public offering, that will be our next focus. The other part of the picture we will need to add is AML/KYC support, which we're beginning as part of the work being done to support automating the public offering itself.
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Offline xeroc

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Re: Have you all realized that we have fiat on the blockchain!?
« Reply #16 on: March 17, 2016, 05:54:08 pm »
Any plans to trade (@blocktrades) OPEN.USD into USD and OPEN.EUR into EUR? with a reasonable spread? :)
We don't plan on supporting any type of fiat transfer until our backend software is capable of doing bank transfers on a fully-automated basis. After we've completed our public offering, that will be our next focus. The other part of the picture we will need to add is AML/KYC support, which we're beginning as part of the work being done to support automating the public offering itself.
Solid plans! I like it! Once all of that is done, you could even extend for credit cards that use the withdraw_permission feature of the blockchain!!!
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Offline karnal

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Re: Have you all realized that we have fiat on the blockchain!?
« Reply #17 on: March 17, 2016, 05:57:45 pm »
Any plans to trade (@blocktrades) OPEN.USD into USD and OPEN.EUR into EUR? with a reasonable spread? :)
We don't plan on supporting any type of fiat transfer until our backend software is capable of doing bank transfers on a fully-automated basis. After we've completed our public offering, that will be our next focus. The other part of the picture we will need to add is AML/KYC support, which we're beginning as part of the work being done to support automating the public offering itself.

Sorry, that was ambiguous of me. I meant into Bit{EUR,USD}.

Offline dannotestein

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Re: Have you all realized that we have fiat on the blockchain!?
« Reply #18 on: March 17, 2016, 06:21:03 pm »
Any plans to trade (@blocktrades) OPEN.USD into USD and OPEN.EUR into EUR? with a reasonable spread? :)
We don't plan on supporting any type of fiat transfer until our backend software is capable of doing bank transfers on a fully-automated basis. After we've completed our public offering, that will be our next focus. The other part of the picture we will need to add is AML/KYC support, which we're beginning as part of the work being done to support automating the public offering itself.

Sorry, that was ambiguous of me. I meant into Bit{EUR,USD}.
Oh, yes, we do plan on supporting bridges between those asset types. I'm about to test some changes related to supporting those bridges soon. The spread will mostly be dictated by the market, however, so that's not really under our control.
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Offline karnal

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Re: Have you all realized that we have fiat on the blockchain!?
« Reply #19 on: March 17, 2016, 06:41:13 pm »
Cool!

Do you think blocktrades is in a position to help with BitEUR/USD/CNY liquidity?

Offline dannotestein

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Re: Have you all realized that we have fiat on the blockchain!?
« Reply #20 on: March 17, 2016, 08:15:08 pm »
Cool!

Do you think blocktrades is in a position to help with BitEUR/USD/CNY liquidity?
Possibly, but first, we need to get our market makers tested and operational on graphene. Most of the code is written, but very little of it has been tested yet as we've been sidetracked a few times by other work.
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Offline Rune

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Re: Have you all realized that we have fiat on the blockchain!?
« Reply #21 on: March 18, 2016, 08:51:55 am »
What's the process for depositing EUR or USD to openledger?

Offline xeroc

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Re: Have you all realized that we have fiat on the blockchain!?
« Reply #22 on: March 18, 2016, 09:48:56 am »
What's the process for depositing EUR or USD to openledger?
First, what you get if you deposit USD and EUR is an IOU called OPEN.USD and OPEN.EUR.
Secondly, you need to verify your identity. If you go to your account in the wallet->withdraw/deposit -> CCEDK, it will show you a FIAT block and tell you to verify via some URL.
After that the block will turn into a fields that show you how to deposit and withdraw ..
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Offline Chris4210

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Re: Have you all realized that we have fiat on the blockchain!?
« Reply #23 on: March 18, 2016, 10:17:35 am »
It is also very important to get other existing Crypto Currency Exchanges to accept BitShares and BitAssets. That would help our growth
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Offline karnal

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Re: Have you all realized that we have fiat on the blockchain!?
« Reply #24 on: March 18, 2016, 10:22:10 am »
What's the process for depositing EUR or USD to openledger?
First, what you get if you deposit USD and EUR is an IOU called OPEN.USD and OPEN.EUR.
Secondly, you need to verify your identity. If you go to your account in the wallet->withdraw/deposit -> CCEDK, it will show you a FIAT block and tell you to verify via some URL.
After that the block will turn into a fields that show you how to deposit and withdraw ..

Is it really necessary to re-submit docs if the user is already verified on CCEDK?

Offline soarhevn

Re: Have you all realized that we have fiat on the blockchain!?
« Reply #25 on: April 25, 2016, 01:17:58 am »
What's the process for depositing EUR or USD to openledger?
First, what you get if you deposit USD and EUR is an IOU called OPEN.USD and OPEN.EUR.
Secondly, you need to verify your identity. If you go to your account in the wallet->withdraw/deposit -> CCEDK, it will show you a FIAT block and tell you to verify via some URL.
After that the block will turn into a fields that show you how to deposit and withdraw ..

The biggest issue IMHO now for U.S. based users is the method to deposit USD to OpenLedger. Looks like right now it requires an international wire and that simply is not going to be either comfortable or cost effective (US$50-$75) for most people. Not comfortable because the vast majority of people have never sent a wire, let alone a foreign wire (and many banks forbid or make you walk through hell to do a foreign wire to an account not in your name).

What's the solution for this? If it is being worked on, what are the hurdles and ETA? What could I do to help this along?

Offline xeroc

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Re: Have you all realized that we have fiat on the blockchain!?
« Reply #26 on: April 25, 2016, 06:51:06 am »
and many banks forbid or make you walk through hell to do a foreign wire to an account not in your name)
Seriously?

I was wondering about that already as a potential partner has had a lot of trouble sending funds from outside into the U.S. via wire transfer. I essential couldn't do that without risking seizure or freezing of funds. That's just ridiculous!
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Offline karnal

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Re: Have you all realized that we have fiat on the blockchain!?
« Reply #27 on: April 25, 2016, 09:29:48 am »
and many banks forbid or make you walk through hell to do a foreign wire to an account not in your name)
Seriously?

I was wondering about that already as a potential partner has had a lot of trouble sending funds from outside into the U.S. via wire transfer. I essential couldn't do that without risking seizure or freezing of funds. That's just ridiculous!

That can't be true.

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Re: Have you all realized that we have fiat on the blockchain!?
« Reply #28 on: April 25, 2016, 11:08:26 am »
What's the process for depositing EUR or USD to openledger?
First, what you get if you deposit USD and EUR is an IOU called OPEN.USD and OPEN.EUR.
Secondly, you need to verify your identity. If you go to your account in the wallet->withdraw/deposit -> CCEDK, it will show you a FIAT block and tell you to verify via some URL.
After that the block will turn into a fields that show you how to deposit and withdraw ..

Is it really necessary to re-submit docs if the user is already verified on CCEDK?

yes, CCEDK and Openledger are not the same structure or business, they are two different entities supported by the same banking connections and legal framework.
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Offline Stan

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Re: Have you all realized that we have fiat on the blockchain!?
« Reply #29 on: April 25, 2016, 12:46:49 pm »
and many banks forbid or make you walk through hell to do a foreign wire to an account not in your name)
Seriously?

I was wondering about that already as a potential partner has had a lot of trouble sending funds from outside into the U.S. via wire transfer. I essential couldn't do that without risking seizure or freezing of funds. That's just ridiculous!

Sad, but true.

« Last Edit: April 25, 2016, 12:49:24 pm by Stan »
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