Quote from: ThePeePs on January 15, 2015, 09:45:05 PM

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.

I've decided to take the discussion to the next level,

Quote from: Armis on January 15, 2015, 10:14:28 PM

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.

In this way now exchanges have great incentives and are well motivated to create EMC2 markets