Author

Topic: SEPA/Banking Forum? (Read 824 times)

hero member
Activity: 784
Merit: 1000
May 27, 2013, 10:27:06 AM
#5
For a highly resilient/sufficiently paranoid exchange system, the bank transfer must be carried out between buyers and sellers, rather than service providers and buyers/sellers, too many activities on a single account(personal or business) and you will be suspected.

basically in a nutshell if you want to buy bitcoin for investment legally using bank wire transfers then use a exchange that has all of the licences for AML KYC. if your a SR user wanting no paper trail, just requiring 1-2 bitcoins. search localbitcoins.

if there were no shady fiat exchanges, and every exchange followed regulations there would be no problems.

banks are not after bitcoin. they are just after risk free movement of their beloved FIAT that cannot be linked to a criminal act. so they need to account for every penny's movement through the electronic networks of fiat.

I would say their biggest concern is probably to be able to reverse or hide anything they have done so they can away, thus they still refuse to implement digitally signed proof of transfer.

One noble and honored tradition that comes from the original Bitcoin design is the maximal paranoia principle, development which following this principle should be encouraged, after all you can never eliminate the possibility that the local guy selling you BTCs is an informant of FBI.
legendary
Activity: 4270
Merit: 4534
May 27, 2013, 09:48:31 AM
#4
For a highly resilient/sufficiently paranoid exchange system, the bank transfer must be carried out between buyers and sellers, rather than service providers and buyers/sellers, too many activities on a single account(personal or business) and you will be suspected.

basically in a nutshell if you want to buy bitcoin for investment legally using bank wire transfers then use a exchange that has all of the licences for AML KYC. if your a SR user wanting no paper trail, just requiring 1-2 bitcoins. search localbitcoins.

if there were no shady fiat exchanges, and every exchange followed regulations there would be no problems.

banks are not after bitcoin. they are just after risk free movement of their beloved FIAT that cannot be linked to a criminal act. so they need to account for every penny's movement through the electronic networks of fiat.
hero member
Activity: 784
Merit: 1000
May 27, 2013, 06:14:09 AM
#3
For a highly resilient/sufficiently paranoid exchange system, the bank transfer must be carried out between buyers and sellers, rather than service providers and buyers/sellers, too many activities on a single account(personal or business) and you will be suspected.
legendary
Activity: 2618
Merit: 1007
May 27, 2013, 04:07:42 AM
#2
The thing is that banks (if they even have payment APIs) will never give you direct access to a payment system - they will always have to be the middle man to make sure to keep KYC, AML and other regulations are being kept. Also they earn quite a bit of money on transacting your money a little bit later than immediately...

I guess you could contact consultants for banking interfaces about specifics, but I'm not sure what's to gain from there - probably a lot of the rotocols will require NDAs anyways, to make sure nobody can somehow exploit a small bank and then with no further problems insert his/her own well formed transactions into the SEPA network. Banking and mobile phone sectors = security by obscurity at it's best.
legendary
Activity: 1036
Merit: 1000
May 27, 2013, 04:01:08 AM
#1
Three things seem clear from the recent discussions on forming decentralized exchanges.

1) The actual transfer of actual fiat money is the bottleneck

2) Banks and other existing institutions will have to be the trusted parties, meaning they must be interfaced with, with or without their knowledge

3) Not enough people here know enough about banking systems and protocols to discuss the possibilities at the necessary level (myself included)

Does anyone know of a forum for such topics? There seem to be forums for everything nowadays.
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