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Online ripplexiaoshan

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First American Bitcoin exchange --- Good or bad to BTS?
« on: January 25, 2015, 03:01:03 AM »

https://gigaom.com/2015/01/23/winklevoss-twins-plan-to-launch-new-us-based-bitcoin-exchange/
Winklevoss twins plan to launch new US-based bitcoin exchange

Is it a good news to BTS? At least there is now a way  for all US friends from USD--->BTC--->BitUSD.
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Offline Ander

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Re: First American Bitcoin exchange --- Good or bad to BTS?
« Reply #1 on: January 25, 2015, 04:20:28 AM »
Of course its good.  Bitcoin going up directly pushes up BTS as well.
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Offline merlin0113

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Re: First American Bitcoin exchange --- Good or bad to BTS?
« Reply #2 on: January 25, 2015, 04:21:49 AM »
Of course its good.  Bitcoin going up directly pushes up BTS as well.

You are making assumption. It's not a truth. isn't it?

Offline gamey

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Re: First American Bitcoin exchange --- Good or bad to BTS?
« Reply #3 on: January 25, 2015, 04:28:13 AM »
Of course its good.  Bitcoin going up directly pushes up BTS as well.

You are making assumption. It's not a truth. isn't it?

It is safe to call it a truth when talking in the short term value as measured in fiat.
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Offline biophil

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Re: First American Bitcoin exchange --- Good or bad to BTS?
« Reply #4 on: January 25, 2015, 04:31:05 AM »
AFAIK, Poloniex is US-based. Just to nitpick.

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Offline merlin0113

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Re: First American Bitcoin exchange --- Good or bad to BTS?
« Reply #5 on: January 25, 2015, 04:34:28 AM »
Of course its good.  Bitcoin going up directly pushes up BTS as well.

You are making assumption. It's not a truth. isn't it?

It is safe to call it a truth when talking in the short term value as measured in fiat.

A product we refer to as proof of waste? Now I'm really comfused about the BTS price movement. All the time, actually.

Offline Ander

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Re: First American Bitcoin exchange --- Good or bad to BTS?
« Reply #6 on: January 25, 2015, 04:49:26 AM »
BTS has been 5000 satoshis +/- 10% for a couple months straight now. It wont last forever, but we ride the tide up and down.
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Offline cube

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Re: First American Bitcoin exchange --- Good or bad to BTS?
« Reply #7 on: January 25, 2015, 06:58:13 AM »
If this turns out to be the first regulated btc exchange, it will give a boost to confidence in btc and it indirectly benefits other cryptos. Yes, it helps bts too.
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Offline graffenwalder

Re: First American Bitcoin exchange --- Good or bad to BTS?
« Reply #8 on: January 25, 2015, 10:28:33 AM »
I'm not so sure. It might give a huge initial boost. And who knows we might see a newer all time high because of it. If anything, bringing in wall street is a catalyst.

This would also mean, that once we go down like BTC has done for the last year, we might get to lower lows. Dare I say a possible death of BTC?

Offline fuzzy

Re: First American Bitcoin exchange --- Good or bad to BTS?
« Reply #9 on: January 25, 2015, 02:17:29 PM »
Of course its good.  Bitcoin going up directly pushes up BTS as well.

You are making assumption. It's not a truth. isn't it?

It is safe to call it a truth when talking in the short term value as measured in fiat.

A product we refer to as proof of waste? Now I'm really comfused about the BTS price movement. All the time, actually.

Crypto doesnt exist in a vaccuum. The more time I spend I  crypto the more I realize that it was likely created to be the beginnings of a world currency ...most likely by the same people who meet at bilderberg group meetings every year.

With their trillions of bullshit fiat that they print to indirectly tax us they can manipulate the entire market with ease.  Manipulation if done well and over time can and will effect the psychology of most people.  Despite the fact that this movement started out to free everyone from a technocratic international tyranny, it seems that the vast majority of crypto holders have grown to care more about the illusion of "becomming wealthy" than about the reality that freedom and liberty for all is the only true wealth we have.

It is pure, market manipulation...and then organic buy-ins by rhose chasin the "get rich" train.
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Offline Akado

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Re: First American Bitcoin exchange --- Good or bad to BTS?
« Reply #10 on: January 25, 2015, 10:29:15 PM »
I can't read the full article but they make it seem like it's going to open on monday? That fast? I'm confused.

http://www.wsj.com/articles/first-u-s-bitcoin-exchange-set-to-open-1422221641

edit: sorry this is about coinbase, not about winklevoss


First U.S. Bitcoin Exchange Set to Open Coinbase Has Backing From the NYSE, Banks and Venture Capitalists

By GREG BENSINGER

Jan. 25, 2015 4:34 p.m. ET

The virtual currency bitcoin is getting a very real boost on Monday, with the opening of the first licensed U.S. exchange.

Coinbase Inc., a startup backed by $106 million from the New York Stock Exchange, banks and venture-capital firms, said its exchange will offer greater security for individuals and institutions to trade bitcoin and monitor real-time pricing of the cryptocurrency.

The exchange could bring needed legitimacy to the currency, which isn’t backed by a central government and is traded over virtual exchanges, primarily overseas. Coinbase said it has insurance, offering traders some assurance that their money won’t disappear.

Bitcoin enthusiasts have been buffeted by the collapse of Japan-based exchange Mt. Gox last year—taking with it around half a billion dollars of investors’ money—and a security breach earlier this month at Slovenia-based exchange Bitstamp. The value of a bitcoin itself, determined by trading on existing exchanges, has fallen to about $240, from a peak in late 2013 of more than $1,200.

“To have an organized exchange that has the backing of thoughtful venture capitalists and investors addresses one of the main problems with bitcoin: its extreme volatility,” said Campbell R. Harvey, a Duke University finance professor who has studied cryptocurrencies. “Bitcoin has been sorely in need of something like this.”

Coinbase’s founders say they have been working for five months to win licenses from state financial regulators. They have regulatory approval in half of U.S. states, including large population centers like New York and California. For now, Coinbase can do business with account holders only in states where it has approval.

Coinbase will take a small percentage—likely less than 1%—of most transactions, said Fred Ehrsam, 26 years old, a co-founder. The exchange will initially be limited to users in the U.S., but Chief Executive Brian Armstrong, 32, said he plans to expand overseas.

Mr. Armstrong said he expected to attract both individuals and businesses looking to trade bitcoin. “Our goal is to become the world’s largest exchange,” he said.

Others are looking to open U.S.-based bitcoin exchanges, including Tyler and Cameron Winklevoss, the twin brothers known for their early feuds with Facebook Inc. founder Mark Zuckerberg .

Financial regulators, including the U.S. Federal Reserve, have been scrutinizing bitcoin recently. Benjamin Lawsky , the superintendent of the New York State Department of Financial Services, is working on a so-called BitLicense for firms looking to offer digital-currency services in the state; Coinbase is operating under earlier regulations. Mr. Lawsky’s plan is seen as a template for legislation in other jurisdictions, and it may give outsiders more confidence in the currency.

Bitcoins are created using high-powered computers that “mine” for the currency by solving complex mathematical equations. They are exchanged digitally either for currency, or goods and services. Ownership and transactions are recorded, anonymously, in a so-called blockchain, which backers say reduces the risk of fraud.

Bitcoin grew to prominence in recent years in part because of the ease with which it can be transferred.

Coindesk, which tracks the price of bitcoins, says 82,000 businesses accept the currency, double that of a year earlier, including e-commerce site Overstock.com Inc. and Expedia Inc., as well as many small retailers. The value of all bitcoin is $3.2 billion, according to Coindesk’s price index.

The NYSE invested in Coinbase during a $75 million round of fundraising that closed this month. Other investors include USAA Bank, the venture arm of Spain’s Banco Bilbao Vizcaya Argentaria SA, former Citigroup Inc. CEO Vikram Pandit and former Thomson Reuters Corp. CEO Tom Glocer. Venture backers include Draper Fisher Jurvetson, Andreessen Horowitz and Union Square Ventures.

The NYSE’s investment was intended in part to “keep an eye on bitcoin as it matures as a legitimate currency,” President Tom Farley said. “Any currency relies on its acceptance.” The Coinbase exchange “is an important step for the currency to become socially acceptable.”

Coinbase counts about 2.2 million consumer wallets and nearly 40,000 merchants that use its services. The company has about 75 employees and plans to operate in 30 countries by year-end, up from 19 today.
« Last Edit: January 25, 2015, 10:31:30 PM by Akado »
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Offline Empirical1.1

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Re: First American Bitcoin exchange --- Good or bad to BTS?
« Reply #11 on: January 25, 2015, 11:11:24 PM »
In isolation this news should make BTS rise vs. dollar, fall vs. BTC

Offline Ander

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Re: First American Bitcoin exchange --- Good or bad to BTS?
« Reply #12 on: January 25, 2015, 11:13:07 PM »
In isolation this news should make BTS rise vs. dollar, fall vs. BTC

I think this already happened over the past few days.
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Offline Empirical1.1

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Re: First American Bitcoin exchange --- Good or bad to BTS?
« Reply #13 on: January 25, 2015, 11:18:03 PM »
In isolation this news should make BTS rise vs. dollar, fall vs. BTC

I think this already happened over the past few days.

Don't know if it's finished though.

Offline Ander

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Re: First American Bitcoin exchange --- Good or bad to BTS?
« Reply #14 on: January 26, 2015, 12:17:19 AM »
Don't know if it's finished though.

Yeah it could continue, especially if other altcoins get good news.
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