Future GoldCoin Feature WishList Open Thought Discussion

[tadspoles]

I think GLDCoin could be the first to implement a p2p exchange rating system built right into a tab of the client. 

So you want to buy GLDCoins.  You pick one of the listed GLDCoin addresses that are sellers and are rated on this tab by rank(1-5) and a number/total transactions.  You pick someone with a 4 because all the 5s you assume are real busy.  You send them your desired number of coins and they send you a signed message with a response.  At this point you can rate them--this way you can't just rate folks you've had no interaction with.

I know this would be a huge implementation with a lot of sticky details but the upshot is, you send them money via paypal or money wire, whatever and they send you coins.

No one is doing this currently and I think it would blow the doors off the competition.  It doesn't have to be perfect at first.   Maybe it's not doable at all.  I don't know.  But basically you give the world a way to avoid being money transmitters,etc to buy and sell gldcoins--all p2p.  No FINCEN to worry with.

[tadspoles]

This is open thought so shoot it down at will.  I have a ton of crazy ideas I have to get out.  If I keep all the crazy bottled up, it could just drive me insane. 

[AZIZ1977]

I love your idea.

[dreamwatcher]

Variation of this idea have been tried before. A couple of issues that will need to be overcome.

The use of Paypal, credit cards and anything to do with a bank (other then cash deposits) will always be  non-starter. Conventional payment methods such as those are reversible. Cryptocurrency is not reversible.
When BTC started many people got burned by scammers that would tender payment in Paypal and such, then once they received the coins, turn around an reverse the payment. The coin seller had little recourse in that situation.

The part about rating transactions (like a Goldcoin WOT) built into the client is a nice idea, but some sort of moderation needs to be built into it. Blackmail could become a serious problem otherwise."Unless you give me xxxx GLD I will give you a low rating and label you a scammer". While transactions are transparent, who holds the keys to an account is not.

Perhaps a combination of a moderated trade site the clients could hook into would be the answer. Like an escrow/trading site that one could browse from the client.

[akumaburn]

Variation of this idea have been tried before. A couple of issues that will need to be overcome.

The use of Paypal, credit cards and anything to do with a bank (other then cash deposits) will always be  non-starter. Conventional payment methods such as those are reversible. Cryptocurrency is not reversible.
When BTC started many people got burned by scammers that would tender payment in Paypal and such, then once they received the coins, turn around an reverse the payment. The coin seller had little recourse in that situation.

The part about rating transactions (like a Goldcoin WOT) built into the client is a nice idea, but some sort of moderation needs to be built into it. Blackmail could become a serious problem otherwise."Unless you give me xxxx GLD I will give you a low rating and label you a scammer". While transactions are transparent, who holds the keys to an account is not.

Perhaps a combination of a moderated trade site the clients could hook into would be the answer. Like an escrow/trading site that one could browse from the client.

Also,

I don't see anyway of making it P2P without including the transactions in the blockchain itself, which is a problem given that the information would be public. People would know the paypal email addresses involved in the transaction unless some sort of direct link between your specific client and theirs could be established, but then moderation is difficult.

[tadspoles]

Unless you give me xxxx GLD I will give you a low rating and label you a scammer". While transactions are transparent, who holds the keys to an account is not.

I would think volume of transactions would somewhat nullify the idea of an address being labeled a scam seller.  Not sure what you mean by who holds the keys. As far as the negotiations go, both sides can sign their messages to verify they own the public key.

[tadspoles]

I don't see anyway of making it P2P without including the transactions in the blockchain itself, which is a problem given that the information would be public. People would know the paypal email addresses involved in the transaction unless some sort of direct link between your specific client and theirs could be established, but then moderation is difficult.

There's no rule saying we can't have two databases included with the client, the blockhain and the exchange transaction log or combine them.  I imagine it's possible to encrypt the messages stored in this database since we are dealing with encryption.

Also, after x number of days/etc.  It could get erased as part of the protocol.

[tadspoles]

Thanks for the feedback.  Maybe the problems can be overcome.  I bet some currency will in time.

By the way, I'm likely being naive.  Seriously....thanks for the discussion. 

[tadspoles]

The use of Paypal, credit cards and anything to do with a bank (other then cash deposits) will always be  non-starter. Conventional payment methods such as those are reversible. Cryptocurrency is not reversible.
When BTC started many people got burned by scammers that would tender payment in Paypal and such, then once they received the coins, turn around an reverse the payment. The coin seller had little recourse in that situation.

This one is tough.  I suppose it's up to the seller to protect himself.  I know on Ebay they raise the prices and likely have some people they are more comfortable selling to once a history is established.

I imagine most sellers would start off with smaller transactions OR...ooh...I'm gettin' excited now perhaps some type of escrow system built right into the rating system...oooooh.  I think I just busted a capillary in my brain.