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

in #budget4 years ago

Are we ready to buy and sell Steem with any fiat currency through peer to peer transactions without ever needing to leave the Steem blockchain or sign up for another exchange? While thousands of us said yes on the last post, we did not have a way to fund it in 2017. Today we do! Will you read the executive summary of this post below because it quickly explains how our gateway/exchange will work and how we will collaborate to build it?

Executive Summary!


  1. The Problem and Solution! Getting started buying and selling cryptocurrency online is challenging. We have the opportunity to be the first blockchain to build a successful peer to peer fiat gateway/exchange with instant transactions and no fees. In other words, anyone with a Steem account will be able to use our application to buy and sell Steem directly with other users in any fiat currency like USD, EUR, KRW, etc.
  2. No licensing or regulations are needed because our gateway with never touch any of the money. Functionally our application will be more like a dating app which helps people meet up while not actually participating in the date, sex, or marriage. Compliance with any financial regulations will be the responsibility of the users. Our application will assist both by educating users about what laws apply and by guiding transactions through the path of least regulatory resistance.
  3. The key features of the app will include a trust score, private messaging, dynamic pricing, feedback system, and filters by location and payment method. Our application's key strength will be the ability to use nearly any established method of payment to buy Steem directly from another user with Steem. Exploitation by users is our key weakness ranging from fraudulent charge backs on PayPal to getting robbed on an in person cash transaction. Our features will help manage this limitation by guiding users to the safest transactions based on all of our trust signals.
  4. Now Hiring! Starting today we have a job opening for one developer willing to build a functional first version and then continue improving it. The requirements to apply are that the developer be/become a Steem witness and earn at least 100 votes to validate a foundation of support among our community. If there are two or more developers wanting to apply, the first with a minimum viable product wins. Collaboration among multiple developers is also acceptable if everyone agrees and splits the same payment.
  5. Pay and Benefits? Each month, our chosen developer will earn the lesser of 1,000 Steem or $10,000 USD in Steem paid from @budgets as long as the developer is actively coding and improving the application. Additional perks of building this will include a witness vote from me, upvotes on updates from bids by @budgets, and 1 on 1 interviews.
  6. How To Apply? To apply, join my discord server from https://jerrybanfield.com/contact/ and ask Michel Gerard who is @gmichelbkk on Steem to upgrade to the member role in order to gain access to the "steemf" channel where I am available to discuss getting started. For those of us wanting to play a support role such as doing graphics for the website or testing the first functional version prior to public release, we are welcome to join the channel as well while being asked to avoid chatting until the time for help is needed.

Details!


For the 1% of us that want to get deeper into how this will work, let me explain in the rest of the post and matching video!

Why Hire 1 Steem Witness to Build a P2P Fiat Gateway?


I think a peer-to-peer exchange would be fantastically useful in the cryptocurrency world because right now one of the hardest things to do is to buy in or even to sell if we have earned cryptocurrency without having signed up on an exchange somewhere. We often experience high fees, long transaction wait times if we are going through things like Bitcoin and we have to go through cumbersome processes to get our accounts ready to handle higher levels of transaction.

The difficulty for the majority of us to change fiat currency like USD into digital currencies like Steem seems ridiculous in a world filled with ACH transfers, instant PayPal payments, wire transfers, Western Union, and thousands of other ways that we are already using to move money around all the time. Our problem is that up until today the majority of buying and selling of cryptocurrencies is forced through regulated exchanges and financial institutions which then defeats a significant part of the purpose of having cryptocurrencies to begin with.

While most other cryptocurrencies have almost no chance to build a peer to peer exchange/gateway because of a lack of trust signals and high transaction fees, on Steem we have a unique opportunity to use all of our existing contributions to Steem to establish a foundation of trust for transactions. All we need is a developer to code it for us based on how I already see it working.

Now Hiring 1 Steem Witness to Build a P2P Fiat Gateway!


Today I am now hiring one developer to build a decentralized peer-to-peer exchange that we will use on Steem to directly buy and sell US dollars and other fiat currencies directly with Steem on this exchange.

Now, I'm calling it an exchange and a gateway interchangeably because almost everyone understands the idea of an exchange. However, more technically it will be a peer to peer gateway application that assists users in identifying other users to directly transact with. This means functionally it is more like a dating app which helps users identify other users to meet and does not participate in the date, sex, or marriage that may follow.

In yet another way of saying it, no centralized authority will touch any of the money going back and forth. That gives it huge advantages over many of the existing exchanges and also creates some unique disadvantages because users will be completely interacting with each other which opens room for potential issues when it comes to trust. I have already seen a long way into how to build the app to minimize the ability for users to scam others and to maximize the rate of successful transactions. If you'd like to try to build this or you know someone who might like to try to build this, would you please continue reading because this will explain exactly how to do it?

Funding?


The money comes from the @budgets account on Steem. We have essentially crowdfunding through the bidding bot on my account funded by my Steem power and the delegations to me which in total brings in thousands of dollars a day. Today the expected total bids for upvotes are over $5,000. About half of this is paid back every day to delegators in automatic payments while the other half fund projects for Steem paid directly into the @budgets account. This post is a proposal through the budget proposal system to request funding for this project.

Value for Steem?


This project will be fantastically helpful for the Steem blockchain to not only help us buy and sell Steem directly to US dollars and other fiat currencies with each other, but also to bring in users all over the crypto world struggling to buy in using other exchanges, to buy in straight to Steem, and then if desired change to other currencies. This will empower users already having cryptocurrencies to transact into Steem, and then sell directly to US dollars or other fiat currencies from there.

Job Requirements?


The minimum requirement to build this is to be a Steem Witness because this requires a minimum of entry level experience setting up a server and a dedication to the Steem blockchain on an ongoing basis to maintain it. For any developer new to Steem wishing to participate, becoming a Steem Witness is something I've already written a lot of guides for at Steem.guide. I already have all the tutorials needed and links to other tutorials to get a witness set up if you haven't started yet on Steem.

While anyone can just throw up a server, the second requirement is to have 100 or more votes for the Steem Witness, which means that there is confidence in the network in your witness and that you are a part of the community.

More than likely I think one or more of the existing witnesses be interested in developing this. This would potentially be the number one app on the Steem blockchain when it runs at full scale. If there is competition, then whoever gets a functional app finished first and agrees to continue developing it will immediately get two months of pay at once along the rest of the rewards listed below. If just one person wants to do this, then this job starts as soon as the the witness joins my discord channel, starts communicating with me, and commits to making it.

If no existing witness wants to give it a shot, anyone setting up a witness, getting the 100 votes, and committing to making the app in my discord channel will get the first month of pay. After any month where no functional app is ready, anyone else wanting to give it a shot and making a functional app will be able to take over.

Developer Rewards?


Whoever makes this for us successfully will enjoy a lot of rewards including a paycheck every month of 1,000 Steem or $10,000 USD worth of Steem (whichever is less) from @budgets account as long as continuing improvements are made to the application. Additional perks will include upvotes on updates about the project, a link on every page of the application to the developer's Steem profile, and a witness vote from me if not having one already.

When the application is at full scale doing millions of dollars of transactions a day and bringing thousands of new users into Steem a day, the witness will probably stand a very good chance to become and remain one of the top 20 witnesses on Steem based largely on the success of the application. At this point, the payments from @budgets will be put on hold because top 20 witnesses currently earn 260 Steem a day.

Features?


This is what the app will have:

  1. No fees.
  2. Peer to peer transactions.
  3. Clear feedback system.
  4. Ongoing improvements.
  5. Effective marketing.

The critical feature for this application is the trust score will be the system's calculation of how trustworthy it is to do a transaction with that particular user. Generating the trust score through all of the available data on the Steem blockchain combined with transactions through the application and user feedback will then allow us to present exchange rates by user and trust score with a built in messaging system for communication. Every profile will need to help qualify what kinds of transactions are possible by country, payment method, and wait time. For any application to be considered functional, the app must be able to do all of this.

With the trust score being the key feature of this gateway application, let's discuss how this is calculated further. The number of followers, the reputation, the account age and wallet data can be used on Steem to help generate a trust score. In my case, with a lot of followers, with a high reputation, with a long account history, with how much I have in my wallet today on Steem, at least according to the app, I would be a trustworthy user to do transactions with from the beginning.

Now, the trust score will also be heavily modified by the actual transactions. While I would be able to easily start out on the app with a high trust score based on my previous activity on Steem, if I had some failed transactions and users provided negative feedback about transacting with me, then my trust score would go down very quickly despite the other data.

What helps on the Steem blockchain is we have somewhere to start with because from a coding and usage view this is the most difficult part of the equation. How do we handle new users? If new users all have a zero trust score, how can anyone get started using the app? Fortunately on Steem we have a ton of existing signals to begin with that will allow us to get off the ground. For example, we can use all these blog posts that we have done to essentially to eliminate the need to start from zero.

Difficulty?


A month ago I originally posted about this and received the following feedback from @blocktrades who is one of the top witnesses and investors in Steem along with maintaining one of Steem's top exchanges at https://blocktrades.us.

"The issue is not one of software but one of regulation. I could develop a software platform to do this in a few weeks."

This feedback was extremely helpful because we can see that the difficultly of getting the software created to do this should be relatively low meaning we should easily be able to hire someone to do this!

As for the legality, I responded, "You're exactly right," which is why none of the money is touched by the app we are building here. The application we will build here acts only a communication tool that makes peer-to-peer transactions easier without charging any fees. Users are responsible for how the app is used just like with dating apps, snapchat, etc.

No Need for Licensing or Regulations!


On our gateway, users will set prices and deal directly with each other while relying on the application to help decide who to trust initially, NO LICENSING IS NECESSARY FOR THIS APPLICATION because users individually will be responsible for understanding the requirements to make fiat/cryptocurrency transactions based on country and state. If we do not trust users to do this or we say it is wrong to pass these requirements on or we demand that some centralized authority be a part of these transactions, why are we bothering with building any of this blockchain technology to begin with and not just sticking with using our existing banking system? Users are fully capable of handling the responsibility and will do it more effectively in some cases and less in others than existing exchanges.

Fortunately for users, financial regulations vary by country. If someone is doing business in one country and in another country, it doesn't matter what the US regulations are for transacting money, if neither of those users is in the US. Unfortunately with our current system today, we have very limited options for exchanges in most countries because of the need for centralized exchanges to comply with financial regulations from so many different countries.

The app in later stages will help facilitate education with country specific training for any regulations users need to know. For example, when a user signs up in the state of New York, users will be required to read and review both USA laws and NY state laws regarding cryptocurrency transactions. An optional test based on location could even be offered to improve the trust score for new users and to verify the rules are understood.

Limitations!


While centralized systems are limited in the ability for new users to sign up and participate, our application will allow anyone to use it which introduces opportunity for a lot of problems. We maximize the good and minimize the bad primarily with a clear feedback system. We are fully aware that many users might sign up with the intent to scam through sending transactions and reversing them, or put orders up, and not following through with them. We are aware that someone could come in and launder a bunch of money while becoming one of the most trusted users.

We will maximize the legal transactions between users and setup barriers to limit problems primarily with a clear feedback system to help users connect with each other. The nice thing is once users get connected with each other, they can do repeated transactions with each other, and don't need to interact with the entire market, but just have one or two, or maybe a handful of buyers and sellers to work with directly. This will also facilitate some huge buyers and sellers creating businesses through the system that will interact with lots of different people, and all the trust for that will be easy to see on Steem.

Vision?


Cryptocurrencies have the potential to open the global economy up to everyone. To make this vision reality, we need to be able to change fiat currencies directly with cryptocurrencies without having to go through a centralized authority. I see this application having a gigantic impact on not just the Steem blockchain, but the crypto world altogether as millions of users sign up for Steem to use our gateway not just to buy Steem but as an entry point to buy into thousands of different cryptocurrencies.

How to Apply?


I would be honored to collaborate with you if you would like to build this or if you know someone who would like to build this. To apply, will you please go to jerrybanfield.com/contact/ and join my Discord channel because I have a private channel there named "steemf" for us to chat in? To get access to this private channel, will you please ask Michel Gerard in discord who is @gmichelbkk on Steem to upgrade to the member role because all members on my server have access to the steemf channel?

SteemF is my tentative name for this, and that stands for "Steem Fiat" or whatever you want to abbreviate SteemF. I already own the steemf.com domain.

Witness Update?


This week my primary witness and backup servers ran smoothly with no interruptions. My seed node meanwhile crashed and I am trying to restart it myself while being willing to ask for help if I cannot do it on my own. Most of my time and energy this week has been devoted to getting this project up along with continuing existing projects like ads for Steem, tutorials on YouTube for Steem, interviews with Steemians, and working more effectively within my limitations..

In addition to this getting this job posting launched, I have been scaling up the ads for Steem on Facebook, YouTube, and Google to prepare for the hardfork 20 "velocity" update which will help us onboard more effectively. I am currently spending over $200 a day with Google and Facebook for ads on Steem. So far the ads have reached over 2 million people in 2018 resulting in thousands of shares, visits to steemit.com, and new followers from those seeing the ads, joining Steem, and then following me. A detailed report will follow soon after this project update.

I am very grateful to be in the top 30 among witnesses on Steem and plan to continue my service here indefinitely. My biggest challenge as a witness so far has been judging other witnesses for not doing enough. This comes a bit from my own insecurity combined with my all in approach to Steem. I do not invest in other currencies and devote the majority of my productive play time (aka work) to serving Steem. The rewards I am earning are fantastic for this and I continue to think of more effective ways to give back. One realization I had is that resteeming others more often is a simple thing I would love to do and am now starting to do about 10 times as often as I have done so far.

Today I am remembering my gratitude for the service of every witness that came before me and is working alongside me now without which would not give any of us a chance to experience the miracle of Steem. Some of those that have provided the most critical feedback of my service here have also helped me see exactly how to improve. The book I am listening to named Judgement Detox by Gabrielle Bernstein has been helping a lot with this along with drawing some playful counterarguments from @laurabanfield.

Thank You for Reading!


I'm excited to have the chance to get this application built on the Steem blockchain and I appreciate you learning all about it here.

If you found this post helpful on Steem, would you please upvote it and follow me because you will then be able to see more posts like this in your home feed? All SBD author rewards from this will go back to @budgets to help fund the payments to the developer meaning any upvote contributes directly to the funding for this project.

Made a witness vote for me yet? If not, would you please also make a vote for jerrybanfield as a witness or set jerrybanfield as a proxy to handle all witness votes at https://steemit.com/~witnesses because votes for witnesses are the most important we make on Steem? Every vote for me as a witness helps fund growth projects for Steem indefinitely via @budgets and my voting bot along with allowing me to represent our views and opinions about the future of Steem most effectively. Thank you to the 3,000+ of us voting already as seen at http://www.steemreports.com/witness-votes-info/?account=jerrybanfield

Love,

Jerry Banfield with edits by @gmichelbkk on the transcript from @deniskj

Shared on:

Let's stay together?

Sort:  

Hey @jerrybanfield, one of our developers could take this on, feel free to contact us if you're interested

Done! Thank you for helping me see this here on the post!

i wish he will contact you ! i tried to contact him but no way :|

Yes bro!!!!!absolutely correct

It is just another publication nothing more, false promises do not waste time.

This is great news, the more that we can make crypto peer to peer the better. having third party exchanges just seems to archaic. Hopefully a platform like this will enable us to deal with each other, rather than a faceless exchange like binance

What does BernieSanders know anyway. I commend @jerrybanfield for his time and thought to maks this a success. @Privex do your thing!!! STEEEEEEM IT!!!

Hi im odeniz.İ just upvoted you.visit my page and follow please :)

Please allow trading of Steem and SBD to and from AUD!!
I have introduced a few friends to Steem and this would make it sooo much more convenient than bittrex, steem into btc into ltc then send ltc onto coinspot then sell on market, or vice versa for powering up!

You can use AUD to buy and sell STEEM at coinspot.com.au

The only thing with coinspot.com.au is that they don't have wallet address for STEEM so if you want to cash out your STEEM to AUD you just have to exchange your STEEM to DOGE coin using blocktrades or bittrex then send it to coinspot.com.au to exchange it to fiat.

Definitely we will be including as many fiat currencies like AUD as possible to allow for maximum local trading! I expect we will be able to launch or quickly have almost every local currency and show local currencies by default.

That sounds incredible! Will follow you for future updates, cheers!

@cryptoeater thank you very much for following me just now! I followed you as well and took a look at your profile on https://steemd.com/@cryptoeater.

I see you have not voted for any witnesses at https://steemit.com/~witnesses yet. Witness votes are the most important we make on Steem because witnesses create our blockchain in real time and are our chosen community leaders.

The easiest way to fully participate is to choose one person we trust as a "proxy" to make all of our witness votes for us. Will you please either add me to your witness votes or set me as a proxy at https://steemit.com/~witnesses because this will empower you to indefinitely support me for witness and increase the funding for @budgets?

I'm getting into bed now, I'll definitely have a look tomorrow, thanks!

i added you as a witnesses

@cj31bbe thank you very much for setting me as your proxy!

I love the idea. To me its like PAYPAL meets UBER wraped up for steem. PAYPAL = P2P transactions UBER = Technology company (not a cab company) bye bye regulations!!

Don't forget to add RON(New Romanian Leu )

I think the trust-issue should be solved by multisig fiduciary accounts like BlackHalo or BitHalo did it... it is much better than calculating a trust score. Here someone who would not do the transaction correctly would loose his blocked assets (Steem or SBD).

New users could not onboard to Steem or use Steem to convert to other currencies as they have no history at the beginning.

With BlackHalo that is not necessary and I think Steem could implement it as well, perhaps your app could add BlackHalo functionality? That would be huge!! (But using an additional artificial trust score is not the right way I think)...

https://steemit.com/steem/@mexbit/p2p-steem-usd-exchange-trust-issue-solved-by-steemhalo

Maybe we can build something like that in!

That would be amazing and a game changer! Excellent!

This looks incredible. Can't wait to see it in action!

There is already an open source tool to handle escrow transactions. What you are proposing is already built (for the most part):

https://steemit.com/escrow/@xtar/open-source-standalone-gui-for-steem-escrow-transactions

@onthewayout thank you for linking this! If we use an escrow, then I believe we need licenses in the USA which we are not prepared to get! Trust scores will mostly eliminate the need for an escrow.

It seems like localbitcoin or locallitecoin project. How about STEEM only exchange where most coins will be traded against STEEM and STEEM will be traded heavily against USDT. It is more like HitBTC or Poloniex where getting out or in with fiat is a hard task, but trading with USDT is not a big deal. People can buy BTC/LTC/BCH/ETH/STEEM (in future?) from coinbase or any proper exchange, then trade with STEEM (i.e. instead of BTC/ETH) or USDT. However, it will require money transmitting license. With high speed, scalable TPS and zero fee, STEEM can work as transaction currency for all kinds of arbitrages among exchanges

Great hope you find one!

@jsteem your working good steem

Sounds like you've got a lot of work ahead of you. The banking laws in the US will be enough to give anyone an aneurism!

very informative post thanks for sharing with us
@jerrybanfield
steemit is best platform and the steem crepto is big chance to rise 1000 dollar soon

This is a great idea, it needs to be as noob friendly as possible. I've used similar services to buy bitcoin and it always felt like a decent way of transacting although it was heavily based on trust. Still, as long as people have a reputation to protect they will be incentivised to act in a responsible and honest way.

Brah, wanna chat? Will do a revenue share. Also, it takes way more than 1 developer to do this on even a small scale... promise!

As a fellow Floridian I’m about to upvote you as witness. Keep up the great work !

This is soo important. we have to get products and trade happening soon. I'm all in steemit and so much more. Thanks to you Jerry

Why not to use Utopian.io you have always been bullish about this open source , and it’s not costy !

  • are you or any one else knows any problems associated with them?? Coz I am thinking to use them to develop an idea I have .

Thanks for anyone gives advice

2FEA94BB-3AEA-44D6-B872-BD0724A20ED7.jpeg

You are very genius. It's amazing. I can understand a lot from your post very easily. Thanks a lot!

Wish I could help, but if you’re hiring in general on your team then I’m in!

We don't use USD currency in my country.
Can it still benefit me?

jerrybanfield, you came out of nowhere and you are killing it in Steem with stunning content. This truly shows that when one is dedicated success does not take long to follow.

jerrybanfield is a straight shooter and I am glad to see that he continues to give solid advice.

you must be kidding.

It would be much better to just add support at "BTCPayServer" by Dorian what is running hardcore stable already, feature BTC & LTC. Helping & adding Steem would give much more sense in my eyes.

It is a top docker setup with NGNIX auto-reverse DNS incl. free SSL auto-renewal.

Sounds like OTC over STEEM and fiat trading pairs

It would be a good news as it becomes more friendly to new comers!

I really like the idea, but will you support only USD? What about CAD, EUR etc..?

We will support almost every fiat currency as early as possible!

can we see indian currency also really excited about it

What not using something like bitpay to blocktrades?

Sounds great, the more options we have the better.
Hope there was an easy delegation option too, could be very beneficial !

It's really a brilliant idea. I agree it will become number one app on steemit and bring steemit to higher level

Very interesting idea...

Have you seen this ? https://steemit.com/@localsteem

My question is what lang do they want this built in. Depending on the language depends on the cost of development. A p2p exchange is no issue but what you want it made on could more or less tell us if you can afford a team or not for the amount you have stated.

Also watch out for people who will offer cheap prices most the time they are not up to date with the current forms of libs or up to date with the programming languages you want.

The developer can choose the language to build it in!

Hello!!! That would be great! It's such a pain having to go through another crypto to buy into steem. I'm pretty sure that I'm loosing money on top of the fee due to quick market fluctuations every time. You'd think at least once it would work in my favor but it never does! Hahah😂😂😂 This would be a tromendous help to the community! Thanks!

Brett you're welcome thank you for validating the need for this application!

I am followed you @brettcalloway

Love this idea!

Great idea!

Waiting to see who will get selected for this opportunity. All the eligible candidate try your luck here. Golden duck is waiting ..

looks cool!!!

I love to hear about this project, especially since I believe, that BTC is about to die soon and there have to be alternatives independently from BTC.
The only thing I find questionable in your concept is the trust factor. Trust has so many factors and is horribly complicated to calculate. There are new concepts of P2P exchanges (like Altcoin.io) that are based on Atomic Swap (or other alternatives for P2P exchange), which eliminates the trust factor at all. I think, this would spare you of the hard (or even impossible?) undertaking of making trust a calculable number.

This is exactly the way that Steemit needs to go in order to grow and evolve as a community. Peer to peer exchanging of Steem in fiat currencies. I can't wait until this becomes implemented, and this is the very first step in bringing awareness to the completion of this project.

Loading...

A great idea.. I lack the needed skills...

I really love your commitment to Steemit Jerry, Keep up the good work.

Nice!

This sounds like a great idea, and could really add to the value of STEEM! Good luck!

If there are two or more developers wanting to apply, the first with a minimum viable product wins.

That is working on spec and is damaging to the development industry. This is not how business is done in a professional environment. While I can understand wanting something to put your hands on before spending money, you don't tell 2 contractors to go build a house for you and decide to pay for and hire the one that finishes first.

I'm pretty annoyed that you even thought that this type of practice would be acceptable and hope no quality developers are bored enough to entertain this. Surely no professional devs will unless they are just bored.

This is an insult to the development industry.

You not only have a shaky product with all sorts of risks and dangers for the users, but the way you wish it to be developed is insulting to the developers themselves. I'd be surprised if you get anywhere this way with any sort of actual quality.

I was actually excited when i saw this post.

Then i read it. Excitement vanished instantly, replaced by a bit of disgust.

if that gateway opens - it would be huge for steem I mean 10 x + huge

I very much so would look forward to this. It would honestly be ground breaking for steem as well as not many cryptos can be traded from fiat to crypto. This is why nearly everything right now goes through bitcoin, litecoin and ethereum these are the main gateway cryptos right now.

Exactly this will help us pull a huge amount of users worldwide straight into Steem and then some will go out into the rest of the cryptocurrency world. That said, I can see a ton of potential problems for running this and I am prepared for the challenge!

Not only is this the case that its hard to trade Fiat into Crypto, there just is no viable platform for this.
I have been waiting for a month with Coinbase just for my money i sent them to show up in my account! Crazy, right?
Not when you take into account that ive been waiting for 2 months with Bittstamp just to get verified.
At least i havent sent them money.
If Steemit succeeds in fixing their failure that could be a huge thing.

Because OF you I have decided to Join Steem... I feel bummed out because I feel that my very first post (this one) may be seen as a negative...
Oh well here goes..
I just joined steem but have not set anything up yet.. Basically pissed at YT..
Anyways. You just can't blow off regulations, AT least as far as the USA goes. By not opening a legit exchange, then you set up the individuals to break laws. which may or may not get them in deep crap with the IRS or maybe even arrested.
#2 if you set up the platform and some one gets ripped off, then they could sue steem because Steem was the platform that brought them together to do the transaction in the first place

3 you have to have an escrow account for people to put funds and Steem into. Just because you have trust factors is not enough.

#4 why would you blow off a great developer to hire a mediocre guy just because the mediocre guy is a witness???
#5 I would advise you don't pay by the month but buy the project.
Anyways its a great idea and would be a great addition.
You may be able to have robin hood and Gemini take on a term and be way ahead... Hope it all works out for you.
I watch your vids a lot so hopefully when I get going on Steem/DTube your info would have made it less painless...

There is already a tool to handle escrow transactions but it seems that people have forgotten about it:

https://steemit.com/escrow/@xtar/open-source-standalone-gui-for-steem-escrow-transactions

@g755 thank you for making your first comment here! I hear you and will keep in mind what you said. What we are creating is based on trust which will have different benefits and limitations than existing exchanges. When combined with existing changes, we will have a system anyone can use to get involved in crypto!

I watched every second of the video on this post this morning through my phone while I was on break. I didn't get a chance to comment and now (tonight) I wanted to say that this is one of the most solid ideas I have heard this and last year. Salute to you my friend, you have my respect!

@generation thank you for watching the video proposal for this on YouTube and remembering to comment here!

Incredible idea, next step something like BitPay for Steem so we can start working on merchant adoption!

Don't let the skeptics keep you down, @jerrybanfield!

I think this will be very difficult from a regulation perspective. If you trade directly you have to make sure that the buyer of fiat really receives it - this will be difficult to achieve without a central counterparty.

Wow it will be great to have direct fiat to sbd exchange. Instant moon!

Good initiative, never underestimate Metcalfe's law. The more infrastructure around steem, the more valuable the platform.

The problem is not the development but tge regulations!

This would be a huge step for the entire crypto space. It does have a lot of regulatory challenges, but it's def worth attempting.

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.



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.

It would be great to have something like this for altcoins. I think the initial fiat to crypto transfer tends to be the biggest barrier to entry.

u got new fan here jerry

@yassine04 thank you very much for upvoting several of my posts today! I just followed you!

I see you have not voted for any witnesses at https://steemit.com/~witnesses yet. Witness votes are the most important we make on Steem because witnesses create our blockchain in real time and are our chosen community leaders.

The easiest way to fully participate is to choose one person we trust as a "proxy" to make all of our witness votes for us. Will you please either add me to your witness votes or set me as a proxy at https://steemit.com/~witnesses because this will empower you to indefinitely support me for witness and increase the funding for @budgets?

i will have a look at it mate .. cheers

Awesome thank you!

You have already funds, you should start a company that cater for Steem and look for remittance partner instead.

Excellent post.....you are really a very talented writer I love reading your articles

Thank you for sharing but I think this is so risky

Wooo! thats sound very interesting ! I think that will be a excellent project!
Go ahead!

Thanks Thanks Bro!!!

Great idea!!! This is HUGE news! Thank you for taking this on @jerrybanfield and for helping our amazing community here on STEEMIT! One of the biggest questions I get asked is "How Do I Buy Steem / SBD" and the current exchange process sucks! Tons of fees, exchanges to go through, ECT! This will solve a HUGE problem! Excited to see this come to life!! :D

Sincerely,
@joeparys

Great idea but i dont think it is going to work too many possibilities for people to get scammed with no legal protection

my point exactly

Really cool article Jerry, I really appreciate your stuff I guess so long Youtube... :)

@jerrybanfield All I can say is those who have been there know what can be done by those are now free of the bondage. One Day at a Time you get to be YOU. I am Grateful for what you do for STEEM and I am Grateful for one more day. Thank you my Friend

Yes @stokjockey thank you for continuing to help remind me of what is important each day and I am happy to see we are sticking with it!

@jerrybanfield You are Amazing and I believe you are exactly in the right place in time here......

Hi @jerrybanfield sir,I am a software developer and I have a very good command on dot net technology and I love coding.I also want to contribute in great steemit community.I am a big fan of you sir,You are the best.I will also try to make the app which fulfills your requirement but It will take time because it will need to write thousands of line of coding and it must have good user Interface and we have to work on security also.By the way great initiative you have started.All the best sir,upvoted and resteemed.

@alidanish786 thank you would you join us on discord from https://jerrybanfield.com/contact/ because this is where we will collaborate on the project?

I hope you find someone to make this happen. ..this is really helpful for many Steemians. .. Btc to usd its really hight transaction fee and long transaction!

Couldn't BLOCKTRADES do the job?

Good Job Jerry, I am a big fan of you.

[email protected] ilike your post it,s importante for us.

I will follow

Wow! 16000+ post that's a lot. You're such a legend @jerrybanfield. I like the idea too of this peer to peer exchange using fiat. Excellent!

I think regulation will not make this an easy task.

We have the opportunity to be the first blockchain to build a successful peer to peer fiat gateway/exchange with instant transactions and no fees. In other words, anyone with a Steem account will be able to use our application to buy and sell Steem directly with other users in any fiat currency like USD, EUR, KRW, etc.

This is the best thing I've read today.

One of the reason I love the Steemit platform is the innovative and intellectual individuals here. People who always strive to make this platform better, people who wants the steem blockchain to be better and better, people who research and gives solutions to problems

This is an identified problem that needed a solution and I'm glad @jerrybanfield saw the need to proffer a solution and come up with the idea of developing a s
P2p steem/usd gateway.

I see this becoming the next Coinbase - A decentralised version.

Thanks @jerrybanfield for this. It'll keep getting better and better with innovative ideas like this.

Happy Steeming

@enolife you're welcome thank you for being one of the first to comment and provide feedback here because what you shared helps me stay excited and motivated!

Thanks man - you're the best.

Thank you for a good article. Have a good day :)

Will it support payza or perfectmoney for USD? Just curious...

I really like your article, how do you get so many votes. if I @kusdianto as a beginner can achieve a vote like you @jerrybanfield

How I wish this could be implemented here in the philippines. We are struggling to cashout our earnings due to verification requirements.

If this works it will be absolutely brilliant.I do admit thou that the current hurdles associated are great. Once mechanism's to prevent fraud and the like are put in place there will still be the regulatory hurdle. Obviously for most countries this will be easy to work around but for U.S citizens it may be close to impossible and as seeing the US is one of the biggest markets it will be impossible to ignore. I can testify to the difficulty associated in trying to buy steem. I recently had a rant about it myself. It's awful. on the other hand, @jerry good to see all the good work you are doing here. Did some of your courses on udemy so its awesome to see your contributions to the blockchain here. Thumbs up!

@topgeek thank you for being here with me after taking the courses on Udemy and sharing about your difficulty with buying Steem because it helps us collectively make sure we bring what was an idea into a reality that we are now working on today!

Interesting idea but seems a bit pie in the sky.

I'm trying to get steem listed on crypto-bridge using rewards from this pay as the listing fee:

https://steemit.com/steemit/@dhouse/let-s-get-steem-on-crypto-bridge-right-now

Was just on LocalBitcoins.com today checking to see if they allowed other coins. They don't, it seems.

We really need this.

Voted for your witness as well. If you can get this done, you'll advance to legend status.

@coolenglish thank you very much for mentioning this because it confirms my exact purpose for making essentially our own localbitcoins. After months of struggling to get this launched we will have the app available to test in a month or two.

That would really be nice.

What an amazing idea. Thank you for all the thought you put into this! Resteeming!

-CryptoRocky

I am waiting to look it go forward.

"A trust score."

I reward you ZERO trust points for underlining your comments which are only there because any time someone purchases your Snake Oil Votes, a bot sends a comment over to that member's blog under your name. In other words, you're a spammer. I don't trust spammers. I don't trust Snake Oil salesmen either.

Also

When you purchase votes for yourself, like you usually do, that raises your reputation. In other words, you bought your reputation.

You bought a trophy that says, "World's Greatest Bowler," even though you've never bowled a game in your life. Now you're sitting here polishing your trophy and acting like you earned the goddamn thing for being a good bowler.

Now your trust points are in the negative.

Better luck next time.

I should also add: This post of yours is an infomercial(paid programming) sitting at the top of a trending page. This post doesn't belong at the top of a trending page, it belongs in the promoted tab. The trending tab is for deserving content receiving high ratings, not advertisements. The moment you bought the votes, you turned this post into a promotion. You're misleading people into thinking this post is here because it is popular.

This is not how you build trust. It's deceitful superficial nonsense.

Have a nice day.

If everyone agreed with everything I did, this world would be unbearably boring!

I'm not disagreeing with anything. I'm simply pointing out what you're doing, because you neglected to do that yourself.

An observation generally includes what was done without judgement. For example, I see @buildawhale voted on your post. That is an observation.

A judgement or position is one that can be debated or argued with including whether what is observed was right or wrong. Labeling as a spammer for buying snake oil votes is one way of looking at it. Another is advertising what is a valuable project for our blockchain in my opinion using the established methods for marketing a post here. Neither position contains the whole truth and both can be argued with. You have a valid point as do I. I both agree with you and disagree with you.

You might enjoy the book Nonviolent Communication: A Language of Life by Marshall B. Rosenberg as I did because it helps separate what we see/observe from what we think of it which is a very valuable skill!

Loading...

This would really make Steemit the total package and would make the most impressive Blockchain platform bar none.

@jerrybanfield just wanted to thank you, your knowledge and videos have helped me a lot!

hey Jerry, can I get some of that money?

Sounds like a good project. Unfortunately not my skill set, but good luck.

Thank you @jerrybanfield for the well put together and informative blog. I too have been reinvesting and slowly seeing the fruits of my labor. I appreciate the people like yourself that continues to help and educate those of us still new to the Steemit community. In an effort to grow I will follow and upvote anyone that does the same for me. Cheers!

Just go for it - upvoted and resteemed...

If @blocktrades won't incorporate this type of feature into his platform--this is going to be huge potential threat to his business.

I'm glad you're making this initiative @jerrybanfield. This would be the first of its kind to get rid of those unnecessary conversion losses and over-the-top transaction fee of BTC.

LocalBitcoins has been a great platform which empowers individual traders from across the globe to meet in one place without the need to bend our knees from the all-seeing malicious eye of the governments.

Once this becomes a reality--Steem will become the most efficient store of value--which is apparently better than Bitcoin and Ethereum.

This is definitely what the Steemians are looking for!