Topic: [eMunie] Latest update, lots of new features and improvements. - page 3. (Read 10005 times)

looks like next launch schedule is end of July.

did u read op?

Launch date?

Now if people are only allowed to buy in (without the ability to cash out in fiat), from legal point of view, I'd imagine the process would be simple.

Each EMU will be treated like a digital product/commodity that the exchange (acting as the merchant) can just sell at a certain price in $ fiat, like selling stock photos, ebooks, audio files.

Then the network can just function like a core framework on which other third party entities can establish shops to sell EMU (similar to how ppl can simply install ecommerce plugins to sell things with WordPress - but wordpress itself is not the merchant, nor shopping cart).

The legal challenge is when ppl want to cash out in $ fiat - now it suddenly touches the money laundering regulations because it has become a two way money transfer system.

I'm not a lawyer, so this may sound dump, but how about making those two entities separate and independent from each other?

• Entity A to handle all buy in orders
• Entity B handles all cash out orders

==> Could entity A and B in this case classified as auction service providers, instead being legally treated as money exchanges?

Whats this about a built in escrow system? Can you touch on that for I don't remember reading that anywhere before.

For exchange to/from other crypto currencies, the process is quite simple and fairly easy to implement (in theory, isn't that always the case).

Hatchers/Mediators in the system will keep a ledger of all buy/sell orders in the system, and these will be possible to access from the client.  When an order is completed, buy or sell, then that process of transfer, as other crypto's have the BCAPI, is simple to achieve and can be automated, the eMu's transferred to the appropriate party as with the other currency.

Fiat exchanges are a different ball game, as you need a link to the outside world, and all the red tape that comes with it.  Although we haven't worked out all the details of this just yet, I imagine something like the following would be implemented.

Assuming that the necessary fiat transfer mechanisms (merchant accounts and such, any legal requirements) are in place, then the actual process can remain pretty similar and all happen behind the scenes. 

The structure to handle fiat I would like to be as follows but first about the foundation (more detailed thread later):

The foundation will ultimately be a number of members with an interest in eMu, voted into that position by other foundation members and has some requirements.  The foundation will regulate SERVICES of the eMunie system, to ensure that any unscrupulous characters are kept OUT, the foundation will also work to further roll out other eMunie services that use the main system and be a platform to push development of eMunie features forward through a general consensus, perform fund raising for this development and so on.

Entities wanting to offer fiat exchange services would apply to the eMunie foundation (thread on this later on) for a license (essentially a special key). Those entities would be heavily vetted to ensure that they are trustworthy and that they have all the required licenses and funding available to run a fiat exchange.

These fiat exchanges would then be allowed onto the system, and will provide eMu <-> Fiat services.

From a users perspective, it will simply be an exchange panel to view the buy/sell orders, and a button to Buy/Sell fiat from one of the fiat exchanges.

As I said all of this is still very much in the air regarding fiat transfers, so suggestions and thoughts are welcome.

Looking forward to the launch 

Seeing Emu in the making from the very early days has made me love this innovation and support its advantages more and more every day.

Every time Fuserleer showed up and wrote something, it's something new and innovative.

I have a lot of faith in this and hope it will set the record for digital currency and the way transactions are processed and secured.

I do hope to see the P2P exchange built into the system/client itself. If this is the case, dumping and pumping could be controlled within the system to secure the market even more. More security = more interest in investment = more adoption and useability.

It's good to have updates on BitcoinTalk sometimes too, it will help eMunie, making it a bit more famous

It will be different for sure, and that is exactly what i am looking for.

Don't know all the details but there is talk on the eMunie forum that an exchange will be built right into the wallet.

this is perhaps the most innovative idea of all cryptos to date.

How would it work in practice?

Assuming I'm a regular Joe who just got interested in emunie, how do I buy emu?

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this is finally something new and look promissing to be even better !

%r3wt loves eMunies%

BitCoin you were fun while you lasted, LiteCoin who?

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Some complex and long discussion going on here:
http://forum.emunie.com/threads/new-supply-demand-model-interest-and-inflation.111/

I'm going to go ahead and guess that it's based on transaction information over some time frame and some fun math is applied.

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