3

Bitcoin and Ven seem to have very different properties, so are there any complementary ways for them to interact? Maybe with Ven acting as a universal fiat representative?

4

At present I'm not aware of any ways that Bitcoin and Ven interact, but from what little I know of Ven there's no reason they couldn't interact in the same ways as any traditional currency. I see no compelling reason why a Bitcoin<->Ven exchange couldn't be opened, though I don't know if Ven allows chargebacks. Ven might also be useful as an analysis tool, since it essentially represents a "basket of currencies" and therefore the price of Bitcoin in Ven might be a better indicator of Bitcoin's actual worldwide value since differences in value of local fiat currencies would have less of an effect on the BTC/VEN price than say BTC/USD or BTC/PLN.

Update: Apparently, Ven is a private, local currency which cannot be converted back into other currencies, so the above may be inaccurate. Ven does allow private exchanges, though, so it may still be possible to build an exchange.

  • 2
    According to their FAQ, Vens can't be converted back to local currencies, so there's no chance of having an exchange. Pointless. – o0'. Mar 27 '12 at 21:53
  • 3
    Ven's a private, local electronic currency, like Facebook credits. – David Schwartz Mar 27 '12 at 23:27
-2

Ven does allow person-to-person (P2P) transfers, so just like how over-the-counter (OTC) transfers occur enabling the conversion from PayPal to BTC, anyone wishing to give up their bitcoins in exchange for Ven, or vice-versa, can do so as long as they find a counterparty willing to trade.

I might have been the first to offer to exchange my Ven for BTCs. At one time I had an open listing on the #bitcoin-otc marketplace. I've never known of anyone holding Ven nor have I seen anyone wishing to exchange the Ven currency.

I currently have 15.0 Ven available. The exchange rate is about 1 Ven = $0.10 USD. At about $4.50 BTC/USD that means the BTC/Ven is about 45.0. I'll even double that -- and give up my 15.0 Ven for just 0.15 BTC. Any takers?

The Hub online store has goods and services you can purchase using Ven, but the prices are not competitve from what I've seen. e.g., if you were to convert the price in Ven to dollars using the exchange rate, the listed price is much much higher for the same item than the price from other merchants.

I suppose if there was a distressed sale by someone who held a fairly large enough amount of Ven then the buyer could use the Ven to exchange it for something like bullion sold through the Hub Culture online store and then make a profit doing that kind of trade.

But if you'ld like my 15 Ven, make me an offer. :-)

I'm on the #bitcoin-otc marketplace (IRC channel).

  • Heh, why the downvote? – Stephen Gornick Mar 29 '12 at 0:20
  • I didn't downvote, but probably for the advertising. Mentioning that you tried to sell Ven for BTC is not relevant to the question. Once was a joke, twice is IMO too much. – BinaryMage Mar 29 '12 at 23:35

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