tempaccount987

6 ms·

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by tempaccount987 15y ago
There is a precedent for doing it legally, Paypal, Facebook Credits, etc are all digital currencies. They do it by getting licensed as a money transmitter and complying with all AML and know your customer laws. It's an expensive and long
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by tempaccount987 15y ago
Can you link to the paper? Happy to read it. My thoughts/plan in general though: basically do what facebook credits did. Get licensed as a money transmitter, collect info on all users to comply with AML and know your customer laws. It's
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by tempaccount987 15y ago
I think Dwolla is a valid approach that is better in the short term (doesn't ask people to change as much) but is not as good in the long term. They are built on ACH which still takes 1-3 business days. The way I think of it is Credit car
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by tempaccount987 15y ago
Paypal, Stripe, Square etc all use credit cards which cost 2.x% plus 30 cents. Bitbank uses a digital currency with low or no fees. It's more competing with Visa/Mastercard than with Paypal, Stripe, etc. Those companies could become part
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by tempaccount987 15y ago
Thanks! Fixed some grammar items, you're right about that. For your dry cleaner I would say: How much do you pay now per transaction for credit cards? Would you like to pay x instead? They probably won't care or think about digital curren
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by tempaccount987 15y ago
It's a good point - I added some details under dmix's comment. Thanks!
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by tempaccount987 15y ago
It's a good point - I was trying to stay semi-anonymous. For now I'll just say, I've built one startup previously to profitability and 20k users. Have also worked at 2 YC companies, one as employee #2 and the other in a role that is releva
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Apply with me to YC in the next 3 days and change the world
144 points by tempaccount987 15y ago|72 comments