Combining the above Bitmessage capabilities--which we already proved out experimentally--with Open-Transactions, makes possible fully-decentralized p2p markets, as well as p2p escrow across OT federated servers, easy p2p and server-to-server wiring of funds and conversion of currencies, both within OT and also between OT and the conventional banking system.
How does this enable wiring of funds and conversion of currencies between OT and the conventional banking system?
i am wondering about this too.
perhaps fellowtraveler could take us thru an example of how to convert BTC to USD and the exact steps involved.
I suspect this relates to a discussion
waxwing and I were having on another thread,
cypherdoc.
Integrating knowledge of SEPA and ACH into the software doesn't appear to be that difficult. Software-driven settlement on the network through ACH/SEPA becomes feasible. (And yeah - you'd want any account that was OT-enabled to be completely isolated from your normal banking structure, obviously)
The big problem hasn't been settlement
within a single currency - it's been settlement
across different currencies - that is, cutting out the currency exchange vigorish and regulatory structure. And this looks like a solution.
But, like you, I have some studying to do. I'm optimistic though.