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RE: Hiring 1 Developer to Build a P2P Steem/USD Gateway!

in #budget7 years ago

Jerry, the problem is the legality of turning the USD into a CryptoCurrency it actually needs to be physically stored. Real banks and trading firms have real world brick and mortar locations to store financial instruments. AND COPIES DON'T SUFFICE. If you walked into a bank with a copy of a dollar they put you in jail for forgery. You must physically hold the stock or cash.
Chase Manhattan in NYC has vaults underground the size of 5 football fields. For that express purpose. The crypto-exchanges for the most part do not take cash because you would need to fall under banking regulations f the country your dealing with. In addition you would need to react quickly with other exchanges to prevent runs because of arbitrage....
And you have to keep enough money on line to cover the currency available.

It would be better to get it accepted on Kuboin, Coss or Binance...It create an exchage which has it trading with Tether which is supposedly tether to the USD.



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Hmmm...I think you missed one important point. The app or the gateway or whatever will not hold any money, it will just connect people so that they can exchange crypto and fiat the way they want. So there is no need for stock or anything like a regular exchange.

It still needs to go from one cold storage wallet to another. No exceptions.