Community Innitiative #1 -- ISO 4217 Currency Codes

GreyGhost

GreyGhost

Well-known member
Foundation Member
I had an extensive discussion over at the Bitcoin talk but was advised to move, and organize these discussions / ideas here. So I will try... the general idea, out of which all of this is coming is herein:

"But the bottom line is this - let us discuss what we can DO instead of bickering with the morons. (on the Bitcoin talk) It is time to leave the kindergarten behind."

DASH, as all other crypto currencies are already classified as "assets" (link). In order for DASH to live in a "grown up world" (thinks mass adoption) the problem to solve is DASH to CASH dilemma. Try to explain a retailer the chain of events he or she would have to face if they want to accept DASH.

"You get DASH, than you have your wallet (which can be "cold" or "hot"), where your DASH goes, than you have to send it to an exchange, a crypto exchange at that, where you have to buy Bitcoin and than your Bitcoin can be exchanged for fiat etc., etc., etc." - and you can imagine a blank expression on the face of such a person.

There's already an initiative: SIX Interbank Clearing: Include a symbol for Bitcoin in ISO 4217 (https://www.change.org/p/six-interbank-clearing-include-a-symbol-for-bitcoin-in-iso-4217) and the Bitcoin already has an informal ISO code that is XBT ("X" like gold and sliver, XAU, XAG) because "the prefix 'X' denotes a non-national affiliation or a monetary metal". So we'd be XDA os something similar.

But check this out: http://innotribe.com/2015-finale-at-sibos-singapore/ and note Bitspark ("Bitspark is the world’s first cash in cash out remittance platform leveraging Bitcoin and Blockchain technology for Money Transfer Operators (MTO’s) to send and receive remittance payments to emerging markets quicker cheaper and with zero bitcoin knowledge required," https://www.bitspark.io/) and compare their level of development with the DASH's. (this brings a huge money remittance business back to mind - I'd like to see all these criminals like Wells Fargo, also enablers of criminal activities outside of their own, out of business - for DASH could be ideal, almost fee free way for immigrants or any other human being to send the money back home or wherever, without being killed by exorbitant fees the Financial Crime Cartel is charging. A dilemma, as always - DASH to CASH and how to do it.)

The Masternode Network can perform all they dream off better, faster and cheaper, while circulating its own currency within its own secured network. What I try to convey is that the world is HUNGRY for initiatives and the money is plenty to support them. Come on, a robust network, supported by a $7,285,000.00 or so value (DASH in USD based on 3,100 MN and $2.35 per DASH) only in DASH (think now of the added value of the infrastructure) might wet someone's appetite.

But the "appetite" belong to another discussion.

Fore herein, I proposed that we establish an Exploration Committee (give me a less beurocratic name, please...) for in-dept exploration of ISO 4217 Currency Codes and prepare a document re: what's needed to achieve a status of a currency, if possible at all.

IMHO, this is one avenue for us to explore ... (more discussion is going on the Bitcoin talk anyway...)
 
GreyGhost said:
(...)
But check this out: http://innotribe.com/2015-finale-at-sibos-singapore/ and note Bitspark ("Bitspark is the world’s first cash in cash out remittance platform leveraging Bitcoin and Blockchain technology for Money Transfer Operators (MTO’s) to send and receive remittance payments to emerging markets quicker cheaper and with zero bitcoin knowledge required," https://www.bitspark.io/) and compare their level of development with the DASH's. (this brings a huge money remittance business back to mind - I'd like to see all these criminals like Wells Fargo, also enablers of criminal activities outside of their own, out of business - for DASH could be ideal, almost fee free way for immigrants or any other human being to send the money back home or wherever, without being killed by exorbitant fees the Financial Crime Cartel is charging. A dilemma, as always - DASH to CASH and how to do it.)
(...)
Click to expand...

An idea, regarding the temporary solution of a Bitspark like service, needed while there's still a demand for fiat worldwide remittances.

Local DASH service provider startups and trusted DASH members (with enough reputation in the community) from different countries/cities could serve as local "branches", coordinating this global service.

It would work like this:
  • There could be a "central" database/website listing the availability of such local "branches" worldwide.
  • The (previously registered?) customer (sender) would select "to" and "from" branches (countries/cities), would inform the receiver's bank info, and how much fiat (USD/EUR/BRL/RUB etc) he would like to send.
  • The system would calculate and tell the customer how much and where to deposit his "original/local" fiat to be sent.
  • The respective local branches would do the job (receiving "here", transfering enough DASH to the selected "receiving branch", which will be paying "there" the fiat deposit to the receiver of the remittance).
There will still be the need of enough liquidity in each branch, in order that it works properly. But the branches could have a database registry of local trustworthy traders in order to gain liquidity.

The main problems are:
  • It is a centralised service (the customers will have to trust it);
  • It would be demanded that the service comply with governments regulations;
  • The "service", itself, will have to rely and trust on the honesty of the "branches";
  • Having enough liquidity;
  • Not a simple solution (as far as I can see).
Possible solutions:
  • In order to be accepted (and listed) as branch, the DASH member/startup would have to keep a "minimum DASH deposit" in an escrow multisig address.
  • This deposited amount (the equivalent, converted to fiat at a current exchange rate) could serve as that branch's maximum transaction limit.
  • The global monthly profits could be equally divided by all participating branches in that period (of course, in proportion to their guarantee deposit).
  • The remuneration for each branch could also be calculated considering the total amount of remittances performed by that branch during the period, and that branch's "level of trust" from a reputation system (e.g. from rates given by customers).
  • etc...
 
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As a follow up to the remittances subject. I was watching the BBC news channel today and there was an "infomercial" about a very clever service, TransferWise (transferwise.com)

According to Wikipedia, it works as follows:
How it works
800px-Transferwise.jpg


Usual money transfer services concept Vs Peer-to-Peer money transfer concept

"From the customer's point of view, money transfers with TransferWise are not essentially different from conventional money transfers: The customer chooses a recipient and a currency, the money to be transferred is taken from his or her account, the transferring company charges for the service, and some time later, the recipient receives the payment in the chosen currency."

"The difference lies in how TransferWise routes the payment. Instead of transferring the sender's money directly to the recipient, it is redirected to the recipient of an equivalent transfer going in the opposite direction. Likewise, the recipient of the transfer receives a payment not from the sender initiating the transfer, but from the sender of the equivalent transfer. This process avoids costly currency conversion and transfers crossing borders."

"In 2012, the company's charges were €1 or 0.5% (whichever is larger) an equivalent amount in the customer's currency. Conventional money transfer using British banks usually charge considerably higher fees, or require minimum transfer sums and give less competitive rates."


As it seems, they are currently doing a great PR job:
http://transfersreview.com/how-does-transferwise-work
http://www.telegraph.co.uk/sponsore...fers/11435428/how-does-transferwise-work.html
etc...
 
I proposed we do something about the lack of - ISO 4217 Currency Codes - back when DRK was making the move to DASH - BUT - very few people could even understand the concept. And the DEV's wanted nothing to do with it...

I've said it before and I'll say it again: XDD

But I'm not going to waste my typing fingers any more.... but - most people do not realize the importance of obtaining the ISO 4217 Currency Code status.... and obviously - they don't care....

...pretty sad actually...

We can either join the REAL WORLD - or stay in this sandbox...
 
MangledBlue said:
I proposed we do something about the lack of - ISO 4217 Currency Codes - back when DRK was making the move to DASH - BUT - very few people could even understand the concept. And the DEV's wanted nothing to do with it...

I've said it before and I'll say it again: XDD

But I'm not going to waste my typing fingers any more.... but - most people do not realize the importance of obtaining the ISO 4217 Currency Code status.... and obviously - they don't care....

...pretty sad actually...

We can either join the REAL WORLD - or stay in this sandbox...
Click to expand...
Agree. Dash needs to get serious in the financial world to become a viable payment system.
 
Don't count on anybody actually joining in the conversation - I've tried and nobody cares

- again - it's just sad...
 
thelazier said:
FYI, ISO 4217:2015 is release http://www.iso.org/iso/catalogue_detail?csnumber=64758

More Info from the News : http://www.iso.org/iso/home/news_index/news_archive/news.htm?refid=Ref1989
The new standard states that only applications from central banks or other government authorities will be processed, as opposed to the previous version that allowed applications from private organizations.​
Click to expand...

I guess a decentralised database "à la Namecoin" is also needed here. That's the problem with centralisation: there's always despotism, as in this case with ISO.
 
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