you know, i bet this project would have done a lot better if it was never talked about
as it is its back to looking like a joke, but hey, good luck, maybe just say less about it
Topic: [ANN] RealPay [A new e-commerce business platform][Release Date: TBA] (Read 20271 times)
February 17, 2012, 10:40:06 PM
February 17, 2012, 05:23:43 AM
UPDATE: The client will be released some time next week (the exact date to be announced soon). It is ready and currently going through the testing phase to ensure that it is bug free.
The forum as well as the official page will be soon online as well.
Thanks to all for your support!
The forum as well as the official page will be soon online as well.
Thanks to all for your support!
February 16, 2012, 11:30:38 AM
Want to know the biggest surprise in the Bitcoin community in 2012 ?
This will soon be announced as SolidCoin 3.0 !
Even RS coin is better than this insane plan ( $10 billion, really ) !
Still no client ? Fail.
Delays after delays ? Yes.
Pairing the old banking system ( PayPal ) with cryptocoin ( Bitcoin ) theory = will not work, ever IMHO.
They stand for totally different things.
- $10 billion doesn't matter. If that cap is never reached, it makes no difference to the operation or purpose of the project.This will soon be announced as SolidCoin 3.0 !
Even RS coin is better than this insane plan ( $10 billion, really ) !
Still no client ? Fail.
Delays after delays ? Yes.
Pairing the old banking system ( PayPal ) with cryptocoin ( Bitcoin ) theory = will not work, ever IMHO.
They stand for totally different things.
- Delays are inevitable when things are changed. They've made several major changes (for the better) since starting this thread. I'd rather see a product released later with better features due to community feedback than a project that is forgoes benefits for the sake of meeting deadlines.
- Why wouldn't pairing Bitcoin technology with the USD work? It doesn't matter what either stands for in order to use it.
February 16, 2012, 06:17:40 AM
Want to know the biggest surprise in the Bitcoin community in 2012 ?
This will soon be announced as SolidCoin 3.0 !
Even RS coin is better than this insane plan ( $10 billion, really ) !
Still no client ? Fail.
Delays after delays ? Yes.
Pairing the old banking system ( PayPal ) with cryptocoin ( Bitcoin ) theory = will not work, ever IMHO.
They stand for totally different things.
This will soon be announced as SolidCoin 3.0 !
Even RS coin is better than this insane plan ( $10 billion, really ) !
Still no client ? Fail.
Delays after delays ? Yes.
Pairing the old banking system ( PayPal ) with cryptocoin ( Bitcoin ) theory = will not work, ever IMHO.
They stand for totally different things.
February 11, 2012, 04:22:09 PM
UPDATE:
Change #1: We will be changing the name to resemble a financial service rather than a cryptocoin. The new name is "RealPay" and the use of the symbol "R" will be kept at least for the beginning.
Change #2: We are keeping the number of 10 billion units but dropping the price to $1. The number has to be high because of our plans to expand in markets where PayPal is either not offered or has certain limitations like India, China, Japan and others.
Change #3: Profit from investments will be returned back to RP users in the form of dividends thus keeping the price at $1 at all times which will make things easier for users as well as merchants since you will not need to do any conversions much like with PP.
Change #1: We will be changing the name to resemble a financial service rather than a cryptocoin. The new name is "RealPay" and the use of the symbol "R" will be kept at least for the beginning.
Change #2: We are keeping the number of 10 billion units but dropping the price to $1. The number has to be high because of our plans to expand in markets where PayPal is either not offered or has certain limitations like India, China, Japan and others.
Change #3: Profit from investments will be returned back to RP users in the form of dividends thus keeping the price at $1 at all times which will make things easier for users as well as merchants since you will not need to do any conversions much like with PP.
Note that bitcoin marketcap as of now is about $46 million. You are hoping to be 200x bigger than bitcoin. This may happen, but I have serious doubts about it.
The second thing you have to be aware of is how the already paranoid bitcoin community will perceive this: They will basically think: "This guy is asking us to give him 10 billion dollars in exchange for a hashcode". Even if your intentions are honest and you keep everything in AAA bonds that pay 6% a year, assuming you take 1% fee thats easily 100million/year. Basically, you are trying to be a large bank (and the govt will probably view it this way, which leads to its own set of problems).
On the other hand, if you dont have a fixed number of coins (generate as people want to buy) and focus on providing a tiny fee for transactions, you may make the same kind of money, but people will focus on the 0.1BTC fee instead. The govt may also ignore you.
February 11, 2012, 02:16:19 AM
You should read up on Suspicious Activity Report requirements.
You probably need to know at minimum name, address, and DOB for every account holder. If people can generate anonymous accounts and transfer thousands of dollars between them, your AML plan portion of your MSB application probably isn't going to be approved.
I am rooting for you, but I don't see how you will be able to get a MSB license in the US.
You probably need to know at minimum name, address, and DOB for every account holder. If people can generate anonymous accounts and transfer thousands of dollars between them, your AML plan portion of your MSB application probably isn't going to be approved.
I am rooting for you, but I don't see how you will be able to get a MSB license in the US.
Thank you for your guidance.
Actually we have a team (lawyer, consultant etc.) that is working on this so i guess they will look into it as deep as it needs to go. I am no expert in this so i am just pointing out the steps we are taking or will take in the future by regularly updating the thread with our moves.
What you mention above is definitely going to be the case within the exchange. I actually pointed our team to Mt.Gox and the AML regulations they follow. They are also looking at other similar services and taking advice from much more experienced lawyers in this area.
You will need to follow AML procedures for both the exchange and transfers of funds across individuals via the client. To do this, you will need to link all payment addresses to verified identities and addresses. If anyone attempts to buy or send money using RealPay without verifying their identity, you will have to refuse the transfer, freeze their funds, etc. If your lawyer has told you don't need to do this, they may be incompetent.
You cannot administer an anonymous USD payment system for drugs, weapons, and human trafficking. This will never be allowed, don't kid yourself. Would governments like this? If the answer is no, then why would they choose to allow it? If they don't want to allow it, how can you force them to?
It could still work however if the peer-to-peer system has lower overhead than something like paypal and thus can allow users to earn interest, pay low fees, etc. If you think this is possible, then you should pursue your project. Just give up on anonymity because it is a pipe dream.
Get Real!
February 10, 2012, 08:41:27 PM
You should read up on Suspicious Activity Report requirements.
You probably need to know at minimum name, address, and DOB for every account holder. If people can generate anonymous accounts and transfer thousands of dollars between them, your AML plan portion of your MSB application probably isn't going to be approved.
I am rooting for you, but I don't see how you will be able to get a MSB license in the US.
You probably need to know at minimum name, address, and DOB for every account holder. If people can generate anonymous accounts and transfer thousands of dollars between them, your AML plan portion of your MSB application probably isn't going to be approved.
I am rooting for you, but I don't see how you will be able to get a MSB license in the US.
Thank you for your guidance.
Actually we have a team (lawyer, consultant etc.) that is working on this so i guess they will look into it as deep as it needs to go. I am no expert in this so i am just pointing out the steps we are taking or will take in the future by regularly updating the thread with our moves.
What you mention above is definitely going to be the case within the exchange. I actually pointed our team to Mt.Gox and the AML regulations they follow. They are also looking at other similar services and taking advice from much more experienced lawyers in this area.
February 10, 2012, 08:35:38 PM
To make sure that our business is 100% legitimate, together with our planned incorporation in the US we will also register as an MSB and follow all guidelines by the respective authorities.
As for transactions happening within the blockchain and outside the exchange, it is pretty much understood that they cannot be tracked and we cannot do anything about it.
As for transactions happening within the blockchain and outside the exchange, it is pretty much understood that they cannot be tracked and we cannot do anything about it.
You should read up on Suspicious Activity Report requirements.
You probably need to know at minimum name, address, and DOB for every account holder. If people can generate anonymous accounts and transfer thousands of dollars between them, your AML plan portion of your MSB application probably isn't going to be approved.
I am rooting for you, but I don't see how you will be able to get a MSB license in the US.
February 10, 2012, 07:57:21 PM
UPDATE:
Change #1: We will be changing the name to resemble a financial service rather than a cryptocoin. The new name is "RealPay" and the use of the symbol "R" will be kept at least for the beginning.
Change #2: We are keeping the number of 10 billion units but dropping the price to $1. The number has to be high because of our plans to expand in markets where PayPal is either not offered or has certain limitations like India, China, Japan and others.
Change #3: Profit from investments will be returned back to RP users in the form of dividends thus keeping the price at $1 at all times which will make things easier for users as well as merchants since you will not need to do any conversions much like with PP.
Change #1: We will be changing the name to resemble a financial service rather than a cryptocoin. The new name is "RealPay" and the use of the symbol "R" will be kept at least for the beginning.
Change #2: We are keeping the number of 10 billion units but dropping the price to $1. The number has to be high because of our plans to expand in markets where PayPal is either not offered or has certain limitations like India, China, Japan and others.
Change #3: Profit from investments will be returned back to RP users in the form of dividends thus keeping the price at $1 at all times which will make things easier for users as well as merchants since you will not need to do any conversions much like with PP.
Great to hear. Since you are not a cryptocoin anymore, you dont need an upper limit on the number of coins. Advise users that you currently plan to issue 10 billion for sale and more may be offered if market conditions warrant it (so that they dont get upset)
But your business plan is a lot more clearer and simpler now. Wish you the best.
February 10, 2012, 06:52:32 PM
UPDATE:
Change #1: We will be changing the name to resemble a financial service rather than a cryptocoin. The new name is "RealPay" and the use of the symbol "R" will be kept at least for the beginning.
Change #2: We are keeping the number of 10 billion units but dropping the price to $1. The number has to be high because of our plans to expand in markets where PayPal is either not offered or has certain limitations like India, China, Japan and others.
Change #3: Profit from investments will be returned back to RP users in the form of dividends thus keeping the price at $1 at all times which will make things easier for users as well as merchants since you will not need to do any conversions much like with PP.
Change #1: We will be changing the name to resemble a financial service rather than a cryptocoin. The new name is "RealPay" and the use of the symbol "R" will be kept at least for the beginning.
Change #2: We are keeping the number of 10 billion units but dropping the price to $1. The number has to be high because of our plans to expand in markets where PayPal is either not offered or has certain limitations like India, China, Japan and others.
Change #3: Profit from investments will be returned back to RP users in the form of dividends thus keeping the price at $1 at all times which will make things easier for users as well as merchants since you will not need to do any conversions much like with PP.
February 10, 2012, 06:32:16 PM
I meant they cannot be tracked in terms of the KYC procedure. We know as you correctly point out the amount and the addresses involved but not the actual sender/receiver which is what the authorities want to know...
February 10, 2012, 06:17:41 PM
To make sure that our business is 100% legitimate, together with our planned incorporation in the US we will also register as an MSB and follow all guidelines by the respective authorities.
As for transactions happening within the blockchain and outside the exchange, it is pretty much understood that they cannot be tracked and we cannot do anything about it.
As for transactions happening within the blockchain and outside the exchange, it is pretty much understood that they cannot be tracked and we cannot do anything about it.
February 10, 2012, 03:20:02 PM
That AML compliance nonsense is for the exchange. The idea seems to be that they can pretend that transfers within the blockchain exist in lala land and that the company is not responsible for reporting information on them. There is no way the justice administration in the US or EU will buy that. They need to go to a country where you can bribe the gov't to leave you alone.
OTOH, how is it any different from physically issued gift certificates or "town money" that can be redeemed for cash? (EDIT: Or even banks giving out cash, for that matter?) The issuing entity has no way of tracking user-to-user transactions to report to the government in those cases either, but that sort of trading is still allowed.It'll be interesting for sure. I don't think it's safe to say that it will be completely free of government intervention, but I don't believe it falls under violation of any already-established rules or laws either.
February 10, 2012, 02:49:01 PM
I agree with you, but TheGobbler said he was complying with all AML regulations (which I would assume means he is registering as a MSB, but he should clarify that for us).
Evidence that TheGobbler has no idea what he is doing has been pretty abundant. See the thread.
February 10, 2012, 02:46:46 PM
That AML compliance nonsense is for the exchange. The idea seems to be that they can pretend that transfers within the blockchain exist in lala land and that the company is not responsible for reporting information on them. There is no way the justice administration in the US or EU will buy that. They need to go to a country where you can bribe the gov't to leave you alone.
February 10, 2012, 02:27:36 PM
I do like the idea of a crypto bearer bond. Lets call the issuer a cryptobank.
A cryptobank issues coins that are redeemable for cash. It invests the cash in AAA rated investments and gives interest to holders in RLC. This would be great because you dont need to keep account ledgers. You would get dividends based on the number of coins you own. This may not be different from flexcoin but a 'bank' that invests your coins may raise lots of interest (no pun intended)
The above definitely seems like the winning model to me. Problem is that the outlook for this system still bleak as 1QaZ points out.
Here are some scenarios.
1) Company is located in Moldavia. US can't bother it, but "Bank" runs off with everyone's money.
2) Company is located in Western, developed country. Can't run off with everyone's money, but quickly gets shutdown for violating AML rules.
3) Company never gets off the ground because investors anticipate outcomes (1) and (2).
Hard to be optimistic. I'd just hope that the people behind it have some fancy lawyers. Might want to make the legal stuff clear to the public to avoid outcome (3).
In the US, whatever the SEC decide are being violated?
Bitcoin is somewhat grey area but new US AML regulations required anyone issued prepaid access (doesn't have to be dollars) resister as a "money services business". They need to keep detailed records for 7 years on transactions, submit a money laundering prevention program to the SEC financial crimes division for approval, put in place protocols to limit daily purchase & redemption amounts, and creates an obligation on the business entity to file "suspicious activity reports" as determined by SEC.
Now you or I can say "Bitcoin or RealCoin" isn't currency it is a commodity but it doesn't really matter. If the SEC determines that stored value is being exchanged for currency then the entire business falls under SEC "money services business" regulation which opens a whole mountain of red tape, audits, compliance costs, and legal overhead.
If a company sets up shop and takes a "gamble" that SEC will agree they aren't a "MSB" well that opens up liability.
February 10, 2012, 02:10:30 PM
I do like the idea of a crypto bearer bond. Lets call the issuer a cryptobank.
A cryptobank issues coins that are redeemable for cash. It invests the cash in AAA rated investments and gives interest to holders in RLC. This would be great because you dont need to keep account ledgers. You would get dividends based on the number of coins you own. This may not be different from flexcoin but a 'bank' that invests your coins may raise lots of interest (no pun intended)
The above definitely seems like the winning model to me. Problem is that the outlook for this system still bleak as 1QaZ points out.
Here are some scenarios.
1) Company is located in Moldavia. US can't bother it, but "Bank" runs off with everyone's money.
2) Company is located in Western, developed country. Can't run off with everyone's money, but quickly gets shutdown for violating AML rules.
3) Company never gets off the ground because investors anticipate outcomes (1) and (2).
Hard to be optimistic. I'd just hope that the people behind it have some fancy lawyers. Might want to make the legal stuff clear to the public to avoid outcome (3).
In the US, whatever the SEC decide are being violated?
Bitcoin is somewhat grey area but new US AML regulations required anyone issued prepaid access (doesn't have to be dollars) resister as a "money services business". They need to keep detailed records for 7 years on transactions, submit a money laundering prevention program to the SEC financial crimes division for approval, put in place protocols to limit daily purchase & redemption amounts, and creates an obligation on the business entity to file "suspicious activity reports" as determined by SEC.
Now you or I can say "Bitcoin or RealCoin" isn't currency it is a commodity but it doesn't really matter. If the SEC determines that stored value is being exchanged for currency then the entire business falls under SEC "money services business" regulation which opens a whole mountain of red tape, audits, compliance costs, and legal overhead.
If a company sets up shop and takes a "gamble" that SEC will agree they aren't a "MSB" well that opens up liability.
February 10, 2012, 01:12:59 PM
I do like the idea of a crypto bearer bond. Lets call the issuer a cryptobank.
A cryptobank issues coins that are redeemable for cash. It invests the cash in AAA rated investments and gives interest to holders in RLC. This would be great because you dont need to keep account ledgers. You would get dividends based on the number of coins you own. This may not be different from flexcoin but a 'bank' that invests your coins may raise lots of interest (no pun intended)
The above definitely seems like the winning model to me. Problem is that the outlook for this system still bleak as 1QaZ points out.
Here are some scenarios.
1) Company is located in Moldavia. US can't bother it, but "Bank" runs off with everyone's money.
2) Company is located in Western, developed country. Can't run off with everyone's money, but quickly gets shutdown for violating AML rules.
3) Company never gets off the ground because investors anticipate outcomes (1) and (2).
Hard to be optimistic. I'd just hope that the people behind it have some fancy lawyers. Might want to make the legal stuff clear to the public to avoid outcome (3).
February 10, 2012, 12:57:56 PM
I do like the idea of a crypto bearer bond. Lets call the issuer a cryptobank.
A cryptobank issues coins that are redeemable for cash. It invests the cash in AAA rated investments and gives interest to holders in RLC. This would be great because you dont need to keep account ledgers. You would get dividends based on the number of coins you own. This may not be different from flexcoin but a 'bank' that invests your coins may raise lots of interest (no pun intended)
The above definitely seems like the winning model to me. Problem is that the outlook for this system still bleak as 1QaZ points out.
Here are some scenarios.
1) Company is located in Moldavia. US can't bother it, but "Bank" runs off with everyone's money.
2) Company is located in Western, developed country. Can't run off with everyone's money, but quickly gets shutdown for violating AML rules.
3) Company never gets off the ground because investors anticipate outcomes (1) and (2).
Hard to be optimistic. I'd just hope that the people behind it have some fancy lawyers. Might want to make the legal stuff clear to the public to avoid outcome (3).
February 10, 2012, 12:29:13 PM
These are nuts and bolts questions about release dates.
1. How much notice do you you intend to give?
2. Will there be a delay before switch on to enable users to get the software installed and running?
1. How much notice do you you intend to give?
2. Will there be a delay before switch on to enable users to get the software installed and running?
Jump to: