Hi Cryptofiend. My idea in short is to allow investment in Steem via Paypal. I realised this was necessary after struggling for over a day to try and get the hang of buying, holding and sending bitcoins. It's still in the early stages at present but I've come up with a way around the Paypal ability to reverse transactions after the fact. At the risk of breaking Steem etiquette (I've only been actively participating for a week!) here's my third post about which goes into a little more detail. https://steemit.com/bitcoin/@nikflossus/3-bringing-paypal-into-the-mix-and-making-our-own-market
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OK thanks:) An interesting idea. Let's see what others think of it.
Edit: according to @ontofractal (link) it would be contrary to their rules.
Where there's a will there's a way! Here's my reply to @ontofractal: Yep I was aware of that. That's why my plan has a solution. Paypal transfers are donated to Steem rather than exchanged. A donation is then very very very likely to be made in the opposite direction, perhaps from a separate account. Remember Paypal's preferences for making their platform profitable are not our sacrosanct rules. If we thought in those terms we'd still all be stuck on Facebook. All new markets begin like this. The key issue is refining the process to minimise risk.
The problem is that Paypal have a habit of banning people for infringing any of their rules. It is based on their interpretation - you would need someone willing to take that risk with their account.
Yep I'm hearing a lot about Paypal being like that. So we'd have to work out a way to not break their rules and still get what we want. This might involve adding extra steps to the chain of transfer. Paypal don't forbid people paying into their accounts and they cannot regualate where the money they handle ends up. So we would simply implement degrees of abstraction (in this case additional transfers outside of paypal) until we are in compliance. Once the process is in place and refined it would take minimal effort. And imagine how much more capital it could bring into Steem currency. I'll go into more detail in post #4
Yes I'm not shooting it down. We will just need to be careful so as not to get blacklisted. Hopefully one day services like Paypal will be replaced by bitcoin or even Steem Dollars so we won't have to jump trough those kind of hoops!