After quite a heated discussion last night this is our stance on fiat (at this point) and private selling of cards for fiat (or noble for that matter – as fiat/credit card is still required to receive the bought Amazon card). It is an IRC convo I have pulled together - feel free to keep discussion going and PM me, but there is a lot to it.
'Just a heads up, with BTC being enabled (with profits going to purchasing noble) and amazon.cn getting added shortly the bulk of this is in some ways addressed. I’m sorry I lost my cool but the amount of heat on us at the moment is ridiculous. As well as my own reporting for regulatory and tax reasons we already appear like were acting as an unofficial money laundering business if someone wants to be critical and assume we’re doing the wrong. We aren’t, but as you can see with all the arrests lately we have to stay as public and professional as is possible in this current scene, with easy to track payments, accounts and orders for anything FIAT related.
If I purchase Amazon cards from international individuals (with either fiat or Noble), the amount of CC fraud (the same as hit our Water Project) means many of the codes are reversed before they are redeemed with no way of retrieving Noble or cash. *I could wait for the codes to sell to confirm it, but even then they can still be 'reported' and reversed if not spent/item not shipped, and if someone has to wait a week for the code to sell and the price plummets or soars - we're now dealing with an entirely situation.* It also means I’m directly dealing with individuals I don’t know who could be up to anything, rather than buying through single Amazon official regional channels only – to make things easier for tracking and record-keeping. There is a lot more to this than simply opening a WooCommerce store and enabling CoinPayments – I don’t deny that part is easy. The problem is the crypto scene (especially at the moment). PMs and dealing with everyone takes up the bulk of the time, dealing with DDOS attacks, account & order spams, bot spam, covering exchange rates and making sure we can trade Marketplace items internationally and legally.
I apologise if immediate expectations aren’t met, we want to grow this coin and we’re doing a damn lot more than most – but because we are public, because we are legit and because we want to stick around we have to be careful and do things ‘properly’. The last thing I want is to be another figure scrutinized and thrown in jail for 'shady' practices. Crypto is publicly, indirectly ‘accepted’ by Australian law (bitlegal.com also shows it positively). We just have to keep things simple, above table, on the books and pay any taxes on my account and credit card, or extreme heat is on me. Again I apologise for swearing and getting worked up (it was 2am here) - I'm up late and we are doing a lot of work here.'
The second fiat is involved there is regulation, investigation, licensing, huge fees and reporting - any coin that does and has thrown this term around you need to take a critical look at what they are 'sprouting' (it's easier to BS when you're anonymous and have no intent to stick around) and the reality of the situation. There are a lot of angles and things to consider when working here at the moment – don’t think we are ignoring you or brushing aside suggestions. We take everything mentioned, look at it from different angles, and prioritise what we feel offers the best potential for amount of work required.
Cheers.
Damn i wish i dint miss that... but was asleep
Those are actually very valid concerns..
The fact is a FIAT system can only be instituted after the marketplace is up and running for at least a month and even then it would take at least another month to get most of the kinks out on paper in the setting up of a FIAT-Noble exchange. Hopefully, most of whatever bugs that crop up in the marketplace will be resolved by then.
I do have a question the discount on products at the marketplace. Does it apply for other coin payments as well? We want to improve NOBL circulation so its best if you leave the discount open only for Nobl purchases.
Credit card purchases aren't exactly what i had in mind for a Fiat-Nobl exchange. It could be an end goal on the Fiat-Noble exchange system but definitely not the first. Currently, there are a very few places which even accept a credit card purchase of BTC for the same above reasons. Baby steps are a lot better if we plan on building up the system but its a big step forward and it needs to be well thought out and planned before execution otherwise we will end up with another similar WDC meltdown.
Beside's that jail sucks..
now as for getting heated up... i dont think any financial system can get up and running without ppl blowing up as there are so many concerns to deal with.. and everyone having an idea of how to best do it..
