Quote from: solid12345 on April 25, 2015, 01:39:19 AM

Quote from: dzimbeck on April 25, 2015, 01:11:13 AM

Quote from: 3r197 on April 24, 2015, 11:29:56 PM

Quote from: Munti on April 24, 2015, 11:12:26 PM

You will be able to exchange Bay directly to US$ in the client and on exchanges

OMG!!! That's great news!!! This coin is so awesome!

In theory some of us can start selling Bay for cash, yen, peso etc P2P using smart contracts in the markets. However, once the template for cash is finished that will make it more obvious on how to perform a deal like that.

I imagine some kind of paypal to bay and vice-versa smart contract could be developed?

That can already be done right now, its just that there is no user friendly template (only custom template right now). For example lets say someone is selling 1 million BitBay. He deposts 1 mil and so does the buyer (there is also the 1 mil amount advanced).

Thus sellers in for 2 mil buyer is in for 1. Buy sends cash any way he wants (paypal ok but wait at least 30 days or open a support ticket to avoid chargeback) for example, bank wire, cash in the mail, money wire like Western Union, MoneyGram etc.

That wire covers 1 million and now buyer is out 2 seller is out 1 (1+1 deposit - cash which was 1)

So both parties have to confirm the deal and release to get their money out. We won't automate the wire but we can set up a template that fills in all the forms for any payment option. Things like wire info or western union info and the buyer would fill out their half as well.

To illustrate how the balance shifts its like this

2:1
1:2
even (contract complete)