Being able to anonymously turn wealth -> btc -> drugs was a boom. The same thing for Gold could be a bigger boom.
It has always struck me that Bitcoin could be very useful as a medium for transferring many things, but particularly PM's, across the world. Provided that there are parties in both locations who want their PM's in the other.
A transaction could be 'ratcheted in' is what I mean. So, if we are doing 10 Krugs, some BTC is transferred, then one KR is handed over and BTC (plus some more) is transferred back. Rinse and repeat until the transaction is done. No one party can rip off the other party for anywhere near the total value. Could be done with other types of money than BTC, but Bitcoin is probably the best choice at this time due to the speed, robustness, and privacy properties that it has.
A bonus is that it would not be illegal (as far as I know...and if it is, it shouldn't be.) Should work as long as the exchanges are open so that, of course, a person left holding BTC as the result of a ripoff would not be high and dry.
I even registered a domain name the other day in case I someday decide to build a platform to facilitate this class of transactions. Likely I'll never do it though.
Some countries like China regulates transferring money very strictly. They even have policy on exchange (limit the amount of USD being exchanged per individuals/business)
I dont know what their governments can do to block bitcoin, but i'm sure as hell they can shut down any btc exchange operating in their countries.
For the system I was thinking of, I'm not expecting that it would be an exchange or anything resembling one in a structural way. It would be more of a place which would assist in laying out plans and schedules , and provide users with an ability to review one-another's performance.
The system I am thinking of would bend over backward to avoid any sort of tracking, and would not provide any escrow-like services or deal with user's money in any form. Possibly it could check things out in a block-explorer manner, but that's about it. Escrow services could be arranges with third parties if they are desired by the participants.
A different (but related) class of problem then exchanging something like Krugerrands on a 1-to-1 basis would be something like this:
- I want an old motorcycle engine that can only be found in Thailand and I want someone there to go through a sequence of steps including locating a shop, finding out prices for various kinds of work, commissioning the work, arranging shipping, etc.
- I would be happy to pay incremental fees as the work proceeds, particularly if it were clearly layed out and agreed upon up front. If a suitable item cannot be located, the transaction can stop, but the party in Thailand will have gotten some reimbursement for his efforts.
- If things are proceeding well, Bitcoin would allow multiple transactions per day so the whole thing could be expedited relative to other solutions if things are going smoothly.
A framework such as I am envisioning would allow me to obtain hopefully valid feedback on the person I'm dealing with (and he on I) in addition to helping lay out and agree upon a plan of action. Common things would probably develop templates and require not very much work at all.
