Good point. Remember though, just look at c-cex - they already have a BAY/USD pairing. One day I'd hope to see the same pairing in place on cryptsy. The reason being is that cryptsy also has fiat/fiat exchanges. Wouldn't it be awesome to see the day cryptsy had a Bay/BTC, Bay/USD, Bay/EUR, Bay/GBP,  etc... If so, then we could have a stable coin that could help hedge against all the others (crypto & fiat) in unison!  

At least that's my hope and dream on the matter!!

Cheers!

I'd say that's putting it upside down. Bitcoin is the volatile currency. You will be able to exchange Bay directly to US$ in the client and on exchanges

OMG!!! That's great news!!! This coin is so awesome!

In theory some of us can start selling Bay for cash, yen, peso etc P2P using smart contracts in the markets. However, once the template for cash is finished that will make it more obvious on how to perform a deal like that.

That can already be done right now, its just that there is no user friendly template (only custom template right now). For example lets say someone is selling 1 million BitBay. He deposts 1 mil and so does the buyer (there is also the 1 mil amount advanced).

Thus sellers in for 2 mil buyer is in for 1. Buy sends cash any way he wants (paypal ok but wait at least 30 days or open a support ticket to avoid chargeback) for example, bank wire, cash in the mail, money wire like Western Union, MoneyGram etc.

That wire covers 1 million and now buyer is out 2 seller is out 1 (1+1 deposit - cash which was 1)

So both parties have to confirm the deal and release to get their money out. We won't automate the wire but we can set up a template that fills in all the forms for any payment option. Things like wire info or western union info and the buyer would fill out their half as well.

To illustrate how the balance shifts its like this

2:1
1:2
even (contract complete)

So, I'm not too dopy. I buzz on over to AltQuick.com where I can buy me some Doggie coins for a few bucks, right? I pick some likely lookin' coins and I drop down to the pay window and it tells me this:

Please Read The Following Terms Carefully

Cash deposit or SEPA transfer (EU customers) only. Wire transfers, ACH transfers, online banking transfers, check deposits, Wells Fargo Sure Pay, Bank of America transfers and any other unauthorized deposit methods will not be accepted.

I'm like, WUT? I just wanted to bust some doggie? I cant even spell SEPA transfers. Where's bitbay on this list? Where do I check out please? I have my visa card right here. I need some service over here, SUP?

Is there anyplace where I can exchange USD for Altcoins?

OK. Check yourself Deezzy. Cryptsy will trade USD for altcoins, no problem. DeezCoinz dropped over Cyptsy ready to cop some coin. Made the official DeezCoinz account. Gave the wrong state. haha. they took it. I got my CC out and, WUT?, they want my drivers license or passport? I'm too young to drive and can't leave the country either. I CAN'T USE MY $$ without DOXXING myself.

Am I nutz here?

I can't help it. The air is full of 1P tonight.

Hahahahah. Work with me here. Me and any other 15 year old idiot with enough sense to do some BTC, tor network and some crypto shit and I got all the CC I got BTC for. Pick me up some local BTC on the street. Money talks and bullshit walks. On a clear day you can see birds.

Did I really make those statements? I was quoting my mom. Sorry for the confusion. I'm actually one of the sons.

All inanity aside, Let's say I'm willing to dox myself to spend dollars. How does bitbay plug into the USD transactional system?

PS: Next week I might have DeezCoinz T-shirts with my own natty designed logo and shit, on the bay market. Lemme know if you want to be a part of that action.

Who said anything about drivers license and passport? The buying or selling of ANY coin not just BitBay can happen in the wallet. Its peer to peer cash. If you want, I will walk you through how to do it we can do a cash deal right now if you want. Basically, a person selling cash would not need a drivers license or photo id or anything like this. Thats up to the seller and i highly doubt they will care. Here is the various way cash can get done in the markets.

Most common:
Wire transfer - Buyer supplies checking account number and bank name, seller wires funds. Everyone releases deposits.
Western Union - Buyer gives name and country of cash pick up. Seller sends western union, gives confirmation number. Deposits released after cash is picked up.
MoneyGram - Exactly like western union
Cash in the mail(your mom doesnt need to know the address) - Buyer gives address. Seller sends cash in mail and insures it with carrier. Buyer gets it, deposits released.
Prepaid credit cards - Buyer gives prepaid credit card information. Seller refills card. Deposits released.

No as common, risky due to chargebacks(personally not recommend):
Credit card - Buyer allows for credit card funding, seller makes payment (with possible hold). Deposits released.
Paypal - Buyer gives paypal etc.

Anyone can be a cash seller, so it is clearly the sellers responsibility if they want to do large volume, they will have their own know your customer policies.
But many countries dont have those and most people wont care. Hope that explains it, its by far the most superior way to transfer cash.

ALSO...
You are NOT doxxing yourself at all!! The information you send will only be known by the seller. If you only want to reveal an address for cash in the mail then do that. If you want to only give your name for western union, do that. The information is ENCRYPTED so only the other party knows

I think that u are talking about 2 different things here. Coinbase is a dedicated web for to sell and buy BTC but what u get with Bitbay is a complete and decentralize marketplace... u can not automatize that... and it will be not so easy to learn for ur grandkid

pd: sorry for my english