Topic: EMC2 Wants An Exchange With EMC2/USD Market (Read 1000 times)

I support it as long as it is legal and the back end isn't too cumbersome to maintain. As you mentioned earlier, this valuation problem affects most alts. Perhaps we could get a campaign going to get as many coins as possible on board, as long as they can be vetted, to lighten the load of management, maintenance and cost. Form a consortium perhaps a CC Union as it were...

Also, doesn't Circle.com do exactly that for Bitcoin right now? It offers direct USD to Bitcoin conversion and back, fluid value, one goes up so does the other etc. You can move both in and out. Perhaps they might be open to adding other coins?

Question, what's your position on The Einsteinium Foundation doing cryptobanking as indicated above, having a resource for direct EMC2 to Fiat and Fiat to EMC2?

 

Pretty good idea that, not sure how and if it would work with EMC2, but something to think about.

This is the breakout year for coins and potential uses beyond gambling on exchanges.  Biggest problem is acquisition and entry into the market by people who don't want to have to learn everything and send id to random websites every time they want some currency.

thanks for that but I don't see how this would help solve the problem

please explain and enlighten

Maybe this could solve the problem.
You can try to contact them.
http://www.coinffeine.com/

I'm all for it too.  I think this would also help other coins that are stable and have been around for a while.  If EMC2 can get this market, then other coins could too.  Seems like a win/win to me.

Up for discussion at the board level is the notion of cryptobanking EMC2 -- buying and selling EMC2 for fiat -- what coinbase is to BTC in the US, with a more humble beginning.

About a year ago someone created a website specifically for the sale of Gold coin for fiat, the site was a big hit and drove the CC's market rates magnificently high.  But as the US gov discussed rule changes and issued wholesale arrests and prosecution of various people for a sundry of offenses related to bitcoin it cause widespread fear in the CC community, so much so that the webmaster for the subject site shut it down opting to be safe not sorry. 

The uncertainty of gov regulations caused unreasonable actions that resulted in real loss.  The site owner may have looked into compliance and decided against it, but if he did he would have found very little paperwork to do and a reasonable amount of expected accountability, well worth the headache if he knew the down side of closing his site's doors.

Given BTC's nose-dive performance throughout the year of 2014, and the fact that EMC2 has been dragged down numerous times because of btc's performance, I'm proposing that we seriously discuss the implementation of cryptobanking EMC2.

My recommendation is to have a 100% legitimate, by-the-book, money transmitting site that buys and sells EMC2 for fiat.  Furthermore, for the safety, security, and integrity of the CC perform all transactions manually. to limit the size and quantity of transactions, and limit the number of individuals and exchanges that have access to the EMC2 bank.

All account holders would be vetted by community standards which would include all legally mandated verification processes -- no anonymity, yes confidentiality.   

Members would be required to maintain reserves ie: 500K EMC2 for individuals and 1M EMC2 for exchanges, we would provide interest on those cold storage reserves.

This system will remove lots of coin from the open market, will provide a direct CC-fiat connection that would allow exchanges to set-up other markets for EMC2.

This subject is wide open for thorough discussion.

Here is some info for US compliance,

www.fincen.gov
www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html
www.fincen.gov/news_room/speech/pdf/20130613.pdf
www.fincen.gov/financial_institutions/msb/msbstateselector.html


keep in mine different countries have different laws, we will focus on countries that are the most CC friendly. 

Great idea. I completely agree with you Armis.

I support the idea.