Have any big sellers considered their own currency?

Well with the huge success of LR, has anyone else ever considered making their own currency? Similar to Paypal, but actually support virtual sales as well. Considering the entire world is shifting majorly to virtual transactions and everything's going digital, I'm sure it'd be a huge success.

Some people on here have a lot of money and I'm sure they could back it. Has anyone ever considered doing something like this?

Obviously just don't allow illegal activities like LR did.

 

Too many complications in doing so, legally you'd be fucked as soon as people started to use your services to transfer money illegally. How do you tell the difference between legal and illegal? Nobodies going to tell the truth and it'd all be automated anyway.

 

If that were true then why are PP and WU able to operate? They comply with the laws. As long as the owner follows all guidelines and makes certain checks to make sure peoples information is correct, it should be fine.

LR was notorious for laundering because they didn't check real information, all they needed was an e-mail (even fake).

 

If they were to comply fully within the law surely you would have to be sceptical of virtual trades as well otherwise people could just say I didn't receive my goods constantly as they do with paypal.

 

How does Sythe deal with disputes? With PHOTO or VIDEO proof. Just like Paypal does for any real trade. But for some reason they won't do it for virtual too, which ANOTHER SITE COULD TAKE ADVANTAGE OF AND DO IT. Then any virtual traders would want to use that instead.

 

I think you're underestimating the magnitude of this undertaking. I would guess that even the big sites couldn't afford to run it, let alone start it.

Not to mention security. Designing security for a gold selling website is one thing. Designing it for a large scale online currency is a totally different ball game.

Oh, and PayPal basically has the market cornered

 

You could set up your own Litecoin based coin, call it MMO Coin and you could mine it etc, but you need something to give it value and people to pick up on it

 

Most major gold sellers make a lot of money on Sythe, you'd be surprised.

Really not too difficult to make secure software...

Since when does anyone who uses Paypal like using it? From their high fees to being charged back because they don't support virtual trades. It would be easy to grab users from sites like Sythe.

I'm not asking for myself, I'm asking in general if anyone in the community ever thought about it or wanted to do it.

 

It takes a lot of investment to create a currency that carries worth. People have to trust that their currency won't become valueless. Not to blatantly advertise, but we are in the process of setting up a multi-game currency for trading between diablo/WoW/PoE/RS on www.playerswap.com.

 

PlayerSwap is a pretty bad forum that has a small currency plugin using Nexus and a custom made gambling plugin. This is nothing like what I'm talking about, and I could not see it succeeding. I've even had Dragon Dyce hosts tell me that it's a terrible idea and they'll never use it.

As for the rest, obviously.

 

I must really disagree with this. Even one tiny flaw could be very very costly

 

Wu and Paypal are both financial registered companies. This is the only way to build up a alternative virtual currency without problems.

I've read this article about BTC Global today there's more information for you to find:
https://btcglobal.net/press/info/bi...llel-licensing-program-launch-overcomes-regul

Another problems is the security. If people have $$$ put into your concept and a very brilliant hacker decides to pick on you and he's successful you'll lose tons of cash.

To build up something like this I think the only way is to be the very first or have millions of $$$ to invest. I like the idea however.

Cheers!

 

I can only think of two things.

1. Security
2. Legal

Good luck on getting those two working perfect and being protected against illegal stuff.

 

The amount of licenses you'd need to do this legally would cost somewhere in the millions. And without connections to the banking industry, good luck ever getting approved on them. The financial system is a lot more complicated than you think.

 

*cough*
complicated = corrupt