[NEW GATEWAY][Serving: XAG,NXT,CAD, and BTC IOUs] RippleCan

Re: [NEW GATEWAY][XAG] RippleCan

Postby freequant » Fri Jul 11, 2014 2:25 pm

OP sorry to rain on your parade, but after reading this thread I am not convinced that you are ready yet to launch your gateway.
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Re: [NEW GATEWAY][XAG] RippleCan

Postby epsilon » Fri Jul 11, 2014 8:51 pm

freequant wrote:OP sorry to rain on your parade, but after reading this thread I am not convinced that you are ready yet to launch your gateway.

OP, I'm agreeing with the above.

I believe your thread was hijacked with unqualified opinion and superfluous "ISO" terminology. If you want to deal in grams of silver then you should deal in grams of silver and ffs call your IOU whatever you want. Sit back, relax, and look at it again.

When you're ready, and your IOU is "100% backed" with Canadian metal then I'm interested for 30g/1oz/month to get your hobby rolling.
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Re: [NEW GATEWAY][XAG] RippleCan

Postby twarden » Sat Jul 12, 2014 8:27 pm

I'll post to the gateways section once I have heard back from [email protected] about the project name and TLD for this gateway. I have researched the gatewayd installation and setup an will be purchasing a VPS as soon as I hear back from the fine people over at ripple, as I need to know if the name Ripple Silver would be violating the naming guidelines, as mentioned on the first page.

I have been and am now actively ignoring this thread. I did't have any personal ounces on hand when I posted this idea, so I opted to use a few grams of silver as a basis while writing it out and presenting it and now this thread has been hijacked. Thanks. I understand ISO codes and chemistry perfectly well, thank you all very much, it was just an idea to create another IOU in exchange for precious metals. That all changed after it was suggested to use XAG (instead of another IOU) like I was originally planning to do; basically emulating the idea of TTbit's DYM IOU with the wishful thinking of XSG in the beginning.

Don't get your panties in a bunch for no good reason at all, guys.
XAGATE Thread~PreciousWallet.io Thread

Don't worry! I'm pretty sure that I got this under control, the last crazy visionary was was far too insane, but I struck the correct balance.
BCT Thread

I am not affiliated with Ripple Labs.
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Re: [NEW GATEWAY][XAG] RippleCan

Postby Sukrim » Sat Jul 12, 2014 8:59 pm

The point is that Ripple does not know that XAG.yourgateway == 1/31th of XAG.someothergateway, it will treat them as equal by default when rippling is enabled. This can lead to bad usability and scams, just like somone handing out "US-Dimes" called "USD".

If you don't care about this stuff, well, you're of course free to do whatever you want and deal with the angry customers that got ripp(l)ed off later. You were warned.

https://dev.ripple.com/guidelines.html

"Ripple Silver" likely falls into the "Use names or titles that include Ripple followed by a generic noun, adjective, etc. that doesn’t provide any unique value to your product branding." category, but maybe their lawyer and you lawyer (you have one, right?) can come into an agreement. In general I'd recommend not to stick too closely to the Ripple brand anyways - who knows, maybe in 5 years we'll all be using something else and then you're stuck with that specific name... How about something like "digital silver" or the like? Anyways, as you're ignoring this thread anyways I'll just make sure that my panties are in order and wish you all the best with your upcoming gateway.
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Re: [NEW GATEWAY][XAG] RippleCan

Postby epsilon » Sun Jul 13, 2014 10:11 pm

OP's IOU was "XSG" when originally posted. Things became muddled after he was persuaded to alter it.
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Re: [NEW GATEWAY][XAG] RippleCan

Postby freequant » Mon Jul 14, 2014 12:32 pm

twarden wrote:I have been and am now actively ignoring thithread. [...] now this thread has been hijacked. Thanks. I understand ISO codes and chemistry perfectly well, thank you all very much [...] Don't get your panties in a bunch for no good reason at all, guys.

I've seen mostly constructive criticism in this thread. You are not going to survive long in the crypto community if you get that easily offended.
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Re: [NEW GATEWAY][XAG] RippleCan

Postby RafOlP » Mon Jul 14, 2014 12:58 pm

freequant wrote:I've seen mostly constructive criticism in this thread. You are not going to survive long in the crypto community if you get that easily offended.

+1
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Re: [NEW GATEWAY][XAG] RippleCan

Postby twarden » Mon Sep 29, 2014 3:42 pm

This gateway project is not dead. Here is an update on this project, which unfortunately, will be a late release than originally expected due to legal reasons.

The web site is running with a registered TLD and I have registered the business in Canada. I am currently seeking a money services license to operate my business within Canada and have been having issues with the red tape involved with this process. It has been a waiting game since I emailed the money services business registration system at Fintrac. I sent a request for login detials on September the 10th and have not received them.

Today, I called the hotline and discovered that this government organization does not issue the licenses, it just registers the businesses. I have been calling a ton of different regulatory bodies in Ontario to find the proper information about how to obtain such a license. Needless to say, no one has a clue. I have sent off a second request for Fintrac to issue me the login credentials so I can register my business as a money services business, but I am still searching for the information regarding the license and ServiceOntario and the Financial Commission of Ontario just haven't got the slightest clue what I am talking about or how to go about getting such a license, so they just refereed me back to Fintrac's web site in both cases.

I will be hiring a lawyer to investigate the legality of starting this gateway without such a license if I do not hear back from Fintrac within the next few weeks.
XAGATE Thread~PreciousWallet.io Thread

Don't worry! I'm pretty sure that I got this under control, the last crazy visionary was was far too insane, but I struck the correct balance.
BCT Thread

I am not affiliated with Ripple Labs.
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Re: [NEW GATEWAY][XAG] RippleCan

Postby twarden » Fri Oct 10, 2014 2:40 pm

Good news at last.

Dear Twarden,

Thank you for contacting the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Canada's independent agency responsible for the collection, analysis, assessment and disclosure of information in order to assist in the detection, prevention and deterrence of money laundering and financing of terrorist activities in Canada and abroad.

I am writing further to your e-mail of September 10, 2014, and the business model you provided on October 3, 2014, where it appears you are requesting to be registered as a money services business (MSB) with FINTRAC.

As you may know, the Government of Canada has made changes to what services make an individual or an entity an MSB in Canada to include virtual currency services; however, these changes are not yet in force. Individuals and entities engaged in the business of dealing in virtual currency services will be MSBs, but cannot yet register with FINTRAC. Before these individuals and entities will be subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, regulations need to be written to define what it means to be engaged in the business of providing services such as dealing in virtual currency.

Until these regulations are drafted and in force you are an MSB, and are required to register with FINTRAC, if you are engaged in the business of providing any of the following services:

• Foreign exchange dealing (conducting transactions where you exchange one type of fiat currency for another fiat currency);

• Remitting or transmitting funds by any means or through any person, entity or electronic funds transfer network; or

• Issuing or redeeming money orders, traveller's cheques or other similar negotiable instruments (except for cheques payable to a named person or entity).


Unless you are carrying out any of the services listed above, you cannot, at this time, be registered with us as an MSB.

Based on the information you provided as well as the information on your website, it appears that you will be offering a trading platform for exchanges in silver to virtual currency or virtual currency to fiat currency through the Ripple network. You state that your business “allows clients to hold in trust, at a third party “gateway”, where digital IOUs are issued over the Ripple network.” For this reason, it is our understanding that your business is dealing in virtual currency services and is not, at this time, engaged as an MSB within Canada and cannot be registered with us.

It is, however, important to note that you may be considered a dealer in precious metal and stones (DPMS). Subsection 1(2) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR) defines a DPMS as “a person or entity that, in the course of its business activities, buys or sells precious metals, precious stones or jewellery.” However, as indicated in section 39.1 of the PCMLTFR, it is only once a DPMS engages in the purchase or sale of precious metals, precious stones or jewellery in an amount of $10,000 or more in one transaction, regardless of how it is paid, that they become subject to the PCMLTFA and the obligations outlined therein. While DPMS businesses are not required to register with FINTRAC, should reporting obligations arise, you would need access to F2R, which can be obtained by contacting our RE Assistance Unit. Their contact information is available here https://www6.fintrac-canafe.gc.ca/f2r/C ... s-eng.html.

With respect to the virtual currency aspect of your business, we encourage you to check the FINTRAC website regularly for information on the status of regulations and the need for virtual currency businesses to register as MSBs in Canada.

I trust this information will be of assistance.

Best regards,

Stephanie Stoddart

Compliance Officer | Agente de conformité
Financial Transactions and Reports Analysis Centre of Canada | Centre d’analyse des opérations et déclarations financières du Canada
Government of Canada | Gouvernement du Canada
234 Laurier Avenue West, Ottawa, ON K1P 1H7 | 234, avenue Laurier Ouest, Ottawa ON K1P 1H7
Email | Courriel [email protected]


The next steps include getting registered at F2R in the case of a large deposit/withdrawal occuring and to complete the Terms of Service, then publish it to the web site. Last thing is to apply for membership at the IRBA once the site goes live.

Deposits and withdrawals will still be done manually during the site's beta release.
XAGATE Thread~PreciousWallet.io Thread

Don't worry! I'm pretty sure that I got this under control, the last crazy visionary was was far too insane, but I struck the correct balance.
BCT Thread

I am not affiliated with Ripple Labs.
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Re: [NEW GATEWAY][XAG] RippleCan

Postby epsilon » Sun Oct 12, 2014 3:29 am

Well, that took ages and didn't cost anything.

Whack me down for an oz or 30g (w/e your denomination) when you crank it up.
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