• Content count

  • Joined

  • Last visited

  • Days Won


Mercury last won the day on August 27 2016

Mercury had the most liked content!


About Mercury

  • Rank
    Veteran Member

Profile Information

  • Location
    Ottawa, ON. Canada
  1. Let's not forget that countries such as India have several roadblocks besides government/ regulation. Cell coverage is spotty at best. Wired infrastructure even more so. Same for power, financial education and more. So much has to come together just to operate the basic infastructure for digital currencies.
  2. I think somebody should tap them on the shoulder and point out that CGI, a Canadian company, has a payments connector for RCL built right in... I just had the sudden urge to head downtown and do just that. Or to stop in CGIs office on the way to work tomorrow.... The thing with the central bank, Royal Mint and basically any other Crown subsidiary in Canada is that they are great at putting out papers and studies and then not following up on them.
  3. Check out this thread: There is some weird holding/ owner ship and private wallets/ coins going on, but there are still operational. Any gateway that continues to use Ripple in their name without Ripple's permission is a little suspect in my books
  4. I was wondering if the issue is access to XRP or the network? If it's just ease of network access rather than the same subscription model could be done but for an IOU like Bitstamp.USD. Going USD to USD IOU, and one not issued by the service would ease a lot of regulation issues as I understand them. I was thinking more of a passive accumulator of XRP. I am a horrible trader [emoji2]
  5. Got you, makes sense
  6. lol I wasn't sure what to expect. I mean I had a simple request but Fincen is the bogeyman right?! We even ended it by trading thank yous' a few times.
  7. How much do you think brokerage fees from Japan will be? I am just curious because besides large block purchases I don't see a system being accessible once fees start piling up (including international settlements). Fidelity posts this: The costs associated with international trading include: A commission charged on the trade that covers any clearing and settlement costs and local broker fees. Additional fees (i.e., stamp duty, transaction levy, trading fees) that are specific to some foreign exchanges and will be identified as Other Fees at the time of the trade. A foreign currency exchange fee if U.S. dollar is chosen as the settlement currency (see above for more information). I feel we would be faced with the same issues that we have now, whales and institutional players may have more options but not rest.
  8. So I just got off the phone with a lovely lady from Fincen (it is interesting to get a phone call that starts off with 'this is so and so from the US government...). I was primarily interested if ACH payments could take the place of micro deposits for KYC as the relevant info collected is the same. Short answer is no *. She seemed surprised that a none US resident would ask such questions, and even more surprised I would be proactive for a hypothetical situation once I explained my interest. Since I had someone on the phone from Fincen I asked if such a business would have to be registered as MSB. I was given the warning to consult a lawyer and that they could not give legal advice. In short the situation depends on structuring, use, etc **. In short, get legal advice. I must say for my first direct interaction with Fincen I was pleasantly surprised at the quick and helpful interaction. * Long answer is they might be used if there is an existing customer base and/or to do periodic re-verification/ validations. It depends on use case and legal advice should be consulted. ** Long answer a corporation that acts as an agent for an issuer of money orders is not required to register (I think this means if there is gateway that is already a MSB and we are just selling XRP on their behalf? Or since Ripple 'issues' XRP' and is registered as a MSB? Totally thowing that out there- I am late for lunch and not thinking clearly) Or if the asset is a store of value registration is not needed- this might be a tough sell as its convertible. Other things of impact is XRP is just sold and not traded/ exchanged by the same entity. Apparently the subscription model adds a dimension as well.
  9. I was thinking US specific, they are outside the SEPA zone unfortunately
  10. Is this cross border transfers in house- intra branch with another bank? if in house then its good news, but tempered. If with another bank then I will get excited
  11. Chargebacks would be an issue. The best way around it I can see is to keep the subscription values low and the fees higher. ACH charge backs are more difficult to obtain, but are risk as well. A tiered service with increasing ID levels and increased purchasing amount levels can also help, as well a few approval pages and permissions. Clear and concise descriptors and billing info helps tremendously when disputing charge backs. I may be wrong, but I also believe in the a consistent subscription model a customer would, depending on provider, have to prove or ask for each separate billing to charged back? Accepting a few months offering makes it more difficult to claim ignorance or dissatisfaction.
  12. First off I am not saying I going to offer the service, just seeing if there is an interest in such an offering. Perhaps if there is overwhelming interest anexisting gateway might take a look into this as a value added or complimentary offer, or if there is a LOT of interest I might look into it myself. 1) There a lot of ways this could be done and would depend on who offers it. If a gateway takes this up I imagine they would go through their own services. If an independent business/ individual offering it could be through a separate website (with a e-cheque checkout), app etc. The independent business/ individual could decide to operate their own gateway or group all subscriptions together into a trading account at another gateway. 2) I think it would depend how subscriptions are grouped together, but I imagine with a constant steady flow and calculable user base an operator could plan ahead and build up stockpile for disbursement. The issue I think is that subscribers can see daily prices and would wonder why X dollar amount is not getting them the exact XRP amount on the day off- something that could be disclosed prior to sign up. Would this be eligible for Ripple MM incentives I wonder? 3) Depends on who offers. I would hope a gateway offering this as a service charges a very low fee as they stand to benefit on transaction, cash out fees and increased liquidity. Individually some fees would have to be charged to cover costs. ACH services in the US are not too bad, a small monthly fee and about 10-25 cents per transaction. If I were to do this personally I think it would be on a cost recovery bases, and more a community oriented labour of love. 4) I believe that the terms of the subscription set the time interval? Ex: a monthly recurring fee for a year's term with auto renewal unless the subscriber unsubscribes. I also think ACH can be cancelled at anytime with notice.
  13. From other peoples posts and my own experience it seems that either there is difficulty in acquiring XRP in some regions/ in a consistent manner/ at a affordable rate/ in a timely manner. I have brought up the idea of a 'subscription' system off the cuff in the past and after some time thinking about see no real reason why it couldn't actually work. I was just wondering if anyone else would be interested? Was thinking a ACH could be set up for a recurring billing of whatever monthly amount OR for a lower subscription amount even a credit card could be used. Yes its a hassle to do ACH payments, but once authorized a recurring billing means it would have to be done only once. I think a credit card amount could be tiered, increased subscription amounts increasing the level of ID needed and limits raised over time. Of course the amount of XRP would differ month to month dependent on market rates, but over time it would net out. Curious what monthly amount anyone would be interested in? Could be a beneficial feature for a gateway to adapt. Not only would there be a steady income it would also inject constant liquidity, gateway's could even provided low service fees as they would collect a secondary fee off every trade. A monthly credit card subscription of $25 (possibly the lowest tier requiring only the standard checkout basket questions of name, age, address, etc.) at the current rate would give near 3963.54 XRP per month. It is a low fairly risk free constant acquiring, and if pooled with several other subscribers can increase constant buying pressure.
  14. I can see pathfinding as a business growing out of, or complimenting, a market maker. Say someone specializes in a specific group of currency corridors they could offer 'safe paths' between a vetted group of exchanges, injecting liquidity as needed. It would be a race between quality vs quantity as various market makers lay claim to certain safe paths, perhaps paying gateways a fee to link directly, or to be whitelisted... This all of course depends on a vastly more mature product and ecosystem.