Re: The Holy Grail! I wish I could kiss the author of Bitmessage on his face.
A colored coin issuer can demand KYC info from anyone converting in/out directly through that issuer.
Therefore the issuer is compliant. (Consult an attorney -- that's my opinion, and it's not legal advice.)
This is no different than MtGox is today: users are giving each other BTC all the time outside of MtGox -- but only the ones who cash out through a MtGox bank wire actually have to cough up their identification info.
Therefore the issuer is compliant. (Consult an attorney -- that's my opinion, and it's not legal advice.)
This is no different than MtGox is today: users are giving each other BTC all the time outside of MtGox -- but only the ones who cash out through a MtGox bank wire actually have to cough up their identification info.
You're probably right. But IANAL either.
Question: Wouldn't a p2p marketplace for escrows which do not hold your fiat be even better than that? The escrows only need to intervene when there's a dispute. But traders are still responsible for transferring funds to one-another, as in OTC. BTC-funds would be locked in 2-of-3 addresses, waiting for the fiat transfer to complete. No "bank-account to hold them all". If you have an API to access your bank account (think merchants) you can even automate everything, as the look-up for escrows could be based on deterministic criteria.
This is similar to what I have proposed. Stick the BTC in a multi-sig voting pool for safety, and then use Open-Transactions escrow and Open-Transactions markets for the actual exchanges.
(Except in my proposal, everything is automated.)
Fantastic.
I really need to read more about it. Since my first introduction to OT I was impressed by it. It seems its time is finally coming.
As soon as have my hands on my wallet, you'll receive a small contribution of my part for your great work.
Thanks!