Jump to content
Sign in to follow this  
tomb

I want to go from iou.usd to paypal.me

Recommended Posts

I want to go from iou.usd to paypal.me.  Currently, when I rarely sell my xrp, I have to go xrp > btc > amazon gift card to buy my wife a gift without going through my bank account (if it goes to my bank account she sees).

Going bitstamp.btc to coinbase.btc and then deposit in my bank account takes days anyway....

Just saying... would be awesome!

Share this post


Link to post
Share on other sites

I want to be the one to champion this thread created by @tomb to be the discussion about what Gateways should consider as withdrawal methods they may want to develop after discussing this in the chat box.  I would also encourage others to describe how they currently withdraw their ripple IOUs and describe alternatives as how it may be easier to receive a payout from a Gateway.  

Gateway Operators should know that our business is mostly based upon trust, it is important to build the payment systems that people want to use, not what is easy for use to create for easy revenue.

Edited by Twarden

Share this post


Link to post
Share on other sites
11 minutes ago, yvv said:

Open another bank account. It is much easier in your country than "xrp > btc > amazon gift card". Several clicks online.

Maybe fidor or something. Woman finds out would that be bad news?

Share this post


Link to post
Share on other sites
17 minutes ago, yvv said:

Open another bank account. It is much easier in your country than "xrp > btc > amazon gift card". Several clicks online.

BTW - coinbase takes 3 days to make a transfer to my bank account (or my bank's fault).  Paypal could be nearly instant.

Edited by tomb
When I need money, I need it now.

Share this post


Link to post
Share on other sites
5 minutes ago, tomb said:

BTW - coinbase takes 3 days to make a transfer to my bank account (or my bank's fault).  Paypal could be nearly instant.

That is most likely due to the usage of the SWIFT of ACH system. I know it is frustrating but that is what you need to wait through for those sorts of payments to arrive; That is also the reason why we love ripple payments being near-instant :)  

The issue I would see with Paypal being a deposit method for Gateways is fraud via charge back, but I believe that Gateway operators should investigate the option of adding Paypal as a withdrawal method for their clients.  

Edited by Twarden

Share this post


Link to post
Share on other sites
Just now, Twarden said:

That is most likely due to the usage of the SWIFT of ACH system. I know it is frustrating but that is what you need to wait through for those sorts of payments to arrive; That is also the reason why we love ripple payments being near-instant :)  

The issue I would see with Paypal being a deposit method for Gateways is fraud via charge back, but I believe that Gateway operators should investigate the option of adding Paypal as a withdrawal method for their clients.  

but wouldn't it just be a paypal.usd so when converted, it would become a regular usd.  It would convert to usd so charge backs would be past the xrp stage and would be on paypal.

paypal.usd to xrp wouldn't have charge back because the actual usd would be there

Edited by tomb

Share this post


Link to post
Share on other sites
11 minutes ago, tomb said:

but wouldn't it just be a paypal.usd so when converted, it would become a regular usd.  It would convert to usd so charge backs would be past the xrp stage and would be on paypal.

paypal.usd to xrp wouldn't have charge back because the actual usd would be there

I believe that Paypal has issues with the sale of "virtual currency" so that could pose a problem for Gateways trying to sell XRP for Paypal USD, which I believe you were inferring. I am not sure what you were trying to explain within your first sentences.

Edited by Twarden

Share this post


Link to post
Share on other sites
3 minutes ago, Twarden said:

I believe that Paypal has issues with the sale of "virtual currency" so that could pose an problem for Gateways trying to sell XRP for Paypal USD, which I believe you were inferring. I am not sure what you were trying to explain within your first sentence.

Yea... I don't understand the first sentence.  Thanks for feedback.

i think i was trying to say why can't we buy xrp through paypal?

Edited by tomb

Share this post


Link to post
Share on other sites
9 minutes ago, tomb said:

Yea... I don't understand the first sentence.  Thanks for feedback.

i think i was trying to say why can't we buy xrp through paypal?

I found the link to the discussion regarding the sale of 'virtual currencies' where the policies are discussed.  The issue with accepting Paypal payments and then issuing a balance on the network is that user could receive their IOU and charge back the payment and then sell or otherwise transfer the IOUs thereby causing more of a headache for the Gateway Operators.  Only tangible items are covered by Paypal Sellers' Protection.

Edited by Twarden

Share this post


Link to post
Share on other sites

In terms of enhancing liquidity for direct XRP ownership by individuals, I'm predicting that Ripple will go in the direction of supporting XRP trading through investment vehicles that can remove the transaction from the layer of the network, such as the SBI trading platform. 

In other words, if I'm a trader using the SBI platform, I can take some of my fiat money in an account and directly buy assets - but only through a third party like SBI - even though the transaction will be instantaneous.  The IOU within the Ripple network will be from the investment house that's already received a settled payment (from my bank account to fund my trade account).  That IOU (SBI IOU in Ripple) will not face any chargeback issue whatsoever, since it will only be provided (behind the scenes) after my trade account is fully funded.  If the trade platform (SBI) wants to give credit to a trader, they take on that risk directly; the risk never transfers to the network, and never has to be reflected directly in the network. 

In the above example, Ripple is only used for final settlement.

If we want more options for direct liquidity for direct, private ownership of XRP outside of a trade platform, we will need to place more gateways on the network such as BITSTAMP or others.  What I can't figure out is, it is beneficial for others to provide this service, but it has not yet been provided; if I was a bank, I'd make a gateway, and charge for the services of moving the money into and out of the network, using my own IOU.  Why haven't more banks done this now that its 2016?  It's easy money for them.

Share this post


Link to post
Share on other sites
5 hours ago, Hodor said:

In terms of enhancing liquidity for direct XRP ownership by individuals, I'm predicting that Ripple will go in the direction of supporting XRP trading through investment vehicles that can remove the transaction from the layer of the network, such as the SBI trading platform. 

In other words, if I'm a trader using the SBI platform, I can take some of my fiat money in an account and directly buy assets - but only through a third party like SBI - even though the transaction will be instantaneous.  The IOU within the Ripple network will be from the investment house that's already received a settled payment (from my bank account to fund my trade account).  That IOU (SBI IOU in Ripple) will not face any chargeback issue whatsoever, since it will only be provided (behind the scenes) after my trade account is fully funded.  If the trade platform (SBI) wants to give credit to a trader, they take on that risk directly; the risk never transfers to the network, and never has to be reflected directly in the network. 

In the above example, Ripple is only used for final settlement.

If we want more options for direct liquidity for direct, private ownership of XRP outside of a trade platform, we will need to place more gateways on the network such as BITSTAMP or others.  What I can't figure out is, it is beneficial for others to provide this service, but it has not yet been provided; if I was a bank, I'd make a gateway, and charge for the services of moving the money into and out of the network, using my own IOU.  Why haven't more banks done this now that its 2016?  It's easy money for them.

I wholeheartedly agree with your assessment of how Ripple wishes for XRP adoption to grow.  Ripple (Labs) has shifted its focus away from creating Gateways and Gateway Growth in lieu of on-boarding FIs through various partnerships, such as SBI (like you had mentioned) and Earthport.  However, in this thread, we are instead identifying methods of settlement to and from the network with Gateways which are not settlement banks or established trading platform; we are talking about the expansion of the network through enthusiastic entrepreneurs entering the Ripple Gateway industry an developing the deposit and withdrawal systems that users want to use because that is what they are passionate about doing. 

As for your questions as to why more people have not provided beneficial services using Ripple, I can definitely tell you that it is due to regulations which cause barriers to entry within many legal jurisdictions at this time.  I feel very bad for Americans because the legal environment in Canada is much more kinder for cryptocurrency based start-ups in comparison to the initial investment (time and capital) with current FINCEN regulations.  As for your contrasting question about why Banks have not created Gateways, I don't know if I could provide a factual reason with the evidence to back but (an I clearly highlight this opinion on the matter as speculation) that currently, most FIs are not interested in their transactions being recorded to the public RCL ledger, therefore they are working on a fork of Ripple which is a private ledger.  That could be the reason why we are not seeing these services being provided by banks.  In all likelihood, they are in the process of developing their own proprietary systems for settlement using Ripple Forks, which could be why we are waiting for products and services to be offered because they are still in development.  I don't believe that fidor has any services released to their clients as of yet that are built on Ripple but someone please do correct me with a news article or another source if I am incorrect.

Share this post


Link to post
Share on other sites

Only if Bitstamp were to allow debit card issuance for United State customers, then you could simply make a purchase with your bitcoins directly using your Debit Card, but since that option is missing for USA customers the only withdrawal method that I know of that is as quickly as possible is by selling Bitcoin for Cash using Local Bitcoins.

Well, you dont want your deposit to be seen in your bank statement, you can sell a Bitcoin locally using LocalBitcoin, not only will you make more money than Bitcoin's fair market value (current price of BTC is $384, you might sell for $420 in cash) earning you more profit than what coinbase would allow you to sell, you will have your money the same day (if you find a buyer that quick, almost for sure depending on your area), you will have the cash in your hand the very same day.

PRO of going LocalBitcoins route:
  * Sell your Bitcoin for cash in person the same day
  * Obtain more cash than what you see posted in Bitstamp.net's quote often by a huuuge margin.
  * Gets to bypass having to enter your bank account which is great for your privacy if other users have access to your bank statement.
  * Have cold hard cash in your pocket without having to go through any process such as ATM, Gateway withdrawal, etc that MAY charge you hefty fees.

CONS of going LocalBitcoins route:
  * Your customer who purchased the BTC from you on the street may use it for nefarious purposes, you may get questioned later by the cops specially if that BTC that you just sold originated from your coinbase account, also risking getting banned from Coinbase.
  * You might get robbed if you dont choose a nice safe neutral location to conduct your LocalBitcoin transaction.
  * Depending on your jurisdiction, you might get into legal trouble for not having a Money Services License, but there is an exception (needs further confirmation) that allows you to sell up to a certain limit without having to obtain such license or permit.

Another method of withdrawal is to buy in a store that accepts Bitcoin, that way you can pay with Bitcoin directly for your merchandise, or you can offer your retailer to accept payment in Bitcoin and hope for an agreement.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

×
×
  • Create New...