Quote from: Miner_Willy on May 22, 2013, 02:35:27 AM

Quote from: savantguy on May 22, 2013, 02:04:12 AM

Quote from: cypherdoc on May 22, 2013, 01:49:39 AM

Quote from: stretchwynand on May 22, 2013, 01:09:12 AM

Quote from: fellowtraveler on May 21, 2013, 10:08:20 PM

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.

Yeah I would like a process walkthrough to understand this better.

Process as per http://pastebin.com/SsLrxVP6. If I'm reading it right, Jorg has USD he's offering to put in Alice's nominated account (which might be her own or might be someone elses) and is willing to accept her BTC in exchange - the bitmessage is involved in the discovery process by which Alice and Jorg can meet in a distributed market. Alice sends BTC, Jorg wires USD to the other account.

If Alice wanted to send as Shekels, or Pesos, the discovery process finds someone who has those and wants to sell them, and presumably is located within that jurisdiction. Indeed if Alice has Russian Roubles and wants to pay a bill in South African Rand and doesn't have BTC at all then she could still do in two goes: discover someone who wants BTC in return for Rand: they provide a BTC address, she provides the South African bank details. Then she finds someone who offers BTC in return for Roubles -- she provides the BTC address from the first guy, he provides his bank account details. She pays in at the cashiers desk, he sends the BTC, the South African receives them and pays the bill denominated in Rand. (Obviously matters of escrow also, dealt with in the pastebin linked above.)

Arbitrary person-to- arbitrary person fiat A to fiat B transfer, no international aspect, "below the radar" in both source and destination country.
If I'm reading it right, that is

That's why I said the banking system is archaic by not providing cryptographically signed transaction receipt, to facilitate the whole process.