Topic: Oz Exchange? Is the demand there? (Read 709 times)

With the utmost respect for your views, I'm simply stating that I don't think the banks here would take the risk of a negative publicity hit (tech blogs would take up a story about banks closing accounts for suspected bitcoin activity etc quite quickly) to block what would essentially be a few grand of low risk turnover for them (in other words an insignificant customer).

I'm not sure what you mean by protection - we're talking about account > account wire transfers - there is no chargeback/refund or product warranty/refund/buyer protection schemes that come with things like Paypal or Credit Card purchases.  I'd be interested in where you think banks see additional risk in account > account wire transfers?

If you're talking about protection as in an industry protecting itself from cryptos then I don't really see that as a positive argument, cryptos will go nowhere if prospective entrants to the market all give up because they might get shutdown or their banks might make life hard for them and so on - the key is to adapt to changing circumstances and landscapes working with what you have to stay above water.

With that said, if they did close our accounts, I certainly don't claim the arrogance (or financial resources) to think I could beat a globally traded bank via our legal system.  Were that to happen all I could do is raise public awareness and look for some out of the box thinking to implement workarounds depending on the situation at hand.

You also mention many scenarios that have tried this and failed - good market research is key to any venture so if you can cite any sources that would be very useful.

As always, appreciate the feedback.

I've had this discussion many a time with people who've tried, and each time they act exactly like you right up until their bank accounts have been closed.

In fact unlike the US our laws allow for private citizens to exchange goods by whatever means all parties agree on, and people even have the rights not to accept government issued currency. Hence if private citizens get too carried away with these ideas then unlike the US the banks have no protection.

So their best protection is to close the accounts of anyone exchanging non fiat for fiat, which despite your protest it is perfectly legal for them to do so.

And everyone that happens too bitches they have no right, they can't do this, I''l fight this.....and the usual bs.

Are the banks scared of cryptos.....hell yeah...representitives from all the major banks spent much of last month in silicon valley, to come to terms with all the new forms of internet currencies.

id use it

Appreciate the feedback

Why would the banks close business accounts if they were involved in trading bitcoin?  Unless that's explicitly against the ToS for the account they have no basis for closing accounts - it's not like crypto currencies have been deemed illegal - as far as they'd be concerned I'd be involved in a business of virtual goods like any other.

Obviously before embarking on such an endeavour I'd get some help from legal to make sure we had a good framework that wass resilient to those types of issues.

Judging by the responses so far it seems like it would be viable from a perspective of happy Aussies able to transfer fiat quickly, but perhaps not enough of a market in terms of size.  Thus the question then becomes how to attract international users and that's a much broader question (same day fiat is not viable for international transfers).

I'm still considering this, though any experienced coders interested in looking at this with me please throw me a PM (payments would be milestone based & you need to have a significant rep around here to help grow trust in the brand).

Cheers

if you are trading AUD against altcoins then it will be a success

Reserved...

Why do you think one doesn't exist? Though quite a few have tried, and the current few that trade btc as a business do it via manual bank deposits giving the bank no connection to the btc trade.

You use any Aus bank to trade cryptos for fiat as a business, its not if but when all your associated bank accounts will be closed.

I'd use it based on your main selling point. Getting funds in & out for aussies atm is a major pain in the ass and we get raped at every turn.

As far as volume goes it would suck right now. Compare the ASX volume to the NYSE.

There would be plenty of growth in the coming years.

I would use it also

I'd use it

Hence the query - if the demand isn't there it's never going to be a viable venture.  If the demand is there however, that's another story.  Appreciate that there are probably more than a few that have failed, I'm just looking to gauge whether the Aussie market is big enough & whether same day fiat transfers are a significant carrot.

Note, also for clarity - I don't have an exchange with lots of alts planned, this would be just for the majors like btc/ltc/nmc/ppc and maybe a voting system for anything else to begin.

Re links, this is just at the enquiry stage - market evaluation - no product/service exists.

Cheers

Can you provide some links for information about this?

And the chance of having one last more then a few weeks/months is almost zero, already knowing the outcome to many many previous attempts

For the record, my only option atm is localbitcoins

There is demand as far as I'm concerned.

Spendbitcoins used to be great for selling BTC and having funds deposited in an AUD account, but that option is no longer available (Not jeremy's fault)

I'd be very interested in such a service

Please provide feedback (honest & critical is fine!)...

I'd like to know if there is a demand in Australia for a local crypto exchange. 

The main driver would be speed of handling fiat, thus target audience would be residents/those with financial holdings of Australia.

In a nutshell:

* Regular plain old exchange without too many bells & whistles (less complexity = less to go wrong)
* The ability to do stop-loss trading
* The main selling point - same day fiat withdrawals & deposits (AUD) - this would be achieved by holding fiat in accounts with each of the major Aus banks, as I believe transfers in Aus within the same bank are immediate (correct me if I'm wrong).  For example if you wanted to withdraw to a CBA account, we'd send the withdrawal via our own CBA account and so on.

I don't claim anything at the moment, just suffering from ongoing delays depositing at Gox which has made me interested what demand there is for same day fiat deposits & withdrawals. 

If there is demand there I may consider funding something (I'm in infrastructure so can handle the architecture side but I'd need to fund coders & business minds too).