Bitcoin Forum

Last days i heard about FinCEN investigation... so what will happen to altcoins world?
Are exchanges like bittrex or cyptsy in danger of closing? or what? should we be concerned with this situation?
Please discussion about it.

Nothing will happen. Even if Cryptsy and Bittrex goes down (what is quite unlikely) there are still many option outside FinCEN's reach. There is whole wide and financially relative free world outside of the US :).

But bittrex and cryptsy are two major exchanges right now, so what will happen if they goes down? alternative exchanges? there will not major and high volume exchanges after trex or cryptsy.

In the long run, an intervention of FinCen would be good for crypto. It would force the ecosystem to create and use p2p exchanges, anonymity and other good features. 

I hope so...

Major exchanges...and then what? Once upon a time there was a major exchange called MtGox... and quite lot more :). I think we could do quite well with distributed exchanges only. Moreover I think distributed exchanges are the natural way for the evolution of crypto economy.

So was MtGox, but trading continued after it went under.

I doubt that Bittrex will have any immediate problems. Cryptsy on the other hand, deals in fiat and are more vulnerable. They are working on becoming compliant, but from what I understand, are only compliant on the federal level. They are still noncompliant in most states.

Re: distributed exchanges, have you tried Multigateway? multigateway.org, main exchange is for BTC right now but supports 5-6 others.

I don't think people will move from centralized options until they are forced to, i.e. by their absence

I for one am sort of glad that FinCEN is cracking down on these shitty IPO coins to be honest.
FOr the most part their should never be a need for an IPO to launch your coin.

I honestly think this is a good thing and people may think twice about posting garbage IPO coins from now on.

what does FinCEN mean? and how will the altcoin exchanges bittrex and cryptsy or all other exchanges will be in danger of closing if they are from different countries and far from each other? i think it will be hard to close them all

Just call poloniex. The UI design is so great.

FinCEN is basically useless since exchanges can just be located or move out of their jurisdiction. Fiat exchange can still be regulated, but it is impossible for them to regulate pure crypto trades. The White House just got a moderate Bitcoin advisor, and Nasdaq is going to use the blockchain. I see a more moderate future.

-415 trust?  What did YOU do?!  er, what do people claim you did ...

Don't be lazy, just click on his trust rating.

FInCEn bites only that which it can reach. Which is the U.S only.

Exchange software has been open sourced, there is no reason why new exchanges from other parts of the world will not take over.

OMG
-415 trust.

How did you do that?  ;D


Altcoins are not dead.
If BTC is alive it also means that alts are alive.

Big news gonna come from an alt soon its due.

Decentralised ones are safe and the untraceable are safer ;)

FinCEN is regulating bitcoin related business and won't kill them IMO. It enforces them comply with the anti money laundering law. It is good for their development. Bitcoin has more applications coming. It will attract ppl's attention and thrive!

Distributed exchanges are the future. There are a lot of scams and hacks happened at the centralized exchanges! Users are always picking up the exchanges to trade carefully! Once ppl have the option to choose the decentralized exchanges, I believe most of them will choose to trade there!

bittrex and cryptsy have nothing to do with fincen, it's just a trade site which involve nothing more than btc and altcoins, code and scripts. coinbase is a different story and it's already became a huge fish.

Maybe you haven't been to Cryptsy for a while, but they trade in fiat too. Besides, it hasn't been determined if dealing exclusively in crypto will insulate a site from FinCEN or not.

Exchanges like Bittrex and Cryptsy are in danger not matter if FinCEN investigation is true or not. Decentralized exchanges are the future and will fully replace centralized exchanges.

fincen can touch cryptsy fiat to crypto and crypto to fiat side, which they can just turn it off. other than that there is nothing fincen can touch. also crypto exchange soon will be none exist as tyz stated above, decentralize wallet with their groupies coins would take over it. fiat to bitcoin or bitcoin to fiat like coinbase will be always exist. third party which handle crypto to fiat/fiat to crypto will always exist.

Ripple Labs was fined for violations committed in the past. Cryptsy can also be fined for what happened in the past. Shutting down fiat to crypto transactions would make no difference. Besides, it hasn't been determined yet if they could fine an entity for crypto to crypto transactions. Many people say that crypto to crypto is safe, but they really have nothing to base that on.

No matter how much those hacks try to fuck with your freedoms, we will always find a way out and the cryptoworld will continue, with Bitcoin, the few good alts, and the lot of shitcoins altogether. This is unstoppable forever.

Agreed.

Really? Where's the repo(s)?

Ya know, it's May 2015 and there is no distributed exchange with volume > $10,000/day.

So there is obviously some sort of problem developing liquidity on the existing ones...
It's not an "education problem" since 99% of trading volume is done by sophisticated, hi-volume day traders.

Liquidity is the result of 100s or 1000s of traders creating a dynamic environment of price discovery...
That's why you cannot "manufacture liquidity" by placing big buy/sell walls 3-4% apart.

And current exchanges will disappear... but will be replaced by Wall Street ETFs and derivatives...
It's better to make $1,000,000 and pay tax... than make $10,000 and pay no tax.

Nxt Asset Exchange has (at time of writing) $11,138 worth of trade in the last 24hr and $368,402 in the last 30 days ($12,280). It is still a distributed decentralised exchange  ;)

Do you think that the FinCEN investigations will affect NXT or NXT assets? Or is it not an issue?

There is no way of stopping crypto to crypto transfers. If they shut down the exchanges they just make it more unsafe for the users but it won't stop anything. They can tax and regulate exchanges but closing them or taxing them to death will have the opposite effect of what they hope to accomplish.

I have no idea.

I don't think it's a major issue for NXT yet... NXT is not "low hanging fruit" like centralized Ripple.

But the NXT community needs to vote "outlaw" or "compliance"... and plan accordingly...
Like locating as many nodes as possible in places with vague laws and anti-US ideology...
Like China, Eastern Europe, other parts of Asia/Africa, etc.

And Daedelus...
I've made about 300 trades on NXT AE and it ROCKS, man... but $10,000/day is not "liquidity"...
I personally do $2-3 million in volume on the NYSE every day... plus about the same in Forex...
And I'm a tiny, weeny minnow as far as stocks go.

But Polo now has mandatory verification as of May 20th...
And, on principle, I will NOT give personal info to anon people for hobby level trading.

So NXT AE's day in the sun is fast approaching...
But you guys need a better solution than MGW to trade Alts and non-NXT Assets...
We will see what InstantDEX looks like soon enough  :) :) :)

What kind of things do you need to verify your account?

If you don't want to verify do they keep all your coins in your account?

I withdrew everything from polo. Not gonna wait till the 20th and find out. Im quite sure you wont be able to even access your account without verifying. Get your money out NOW!

I don't think either of us claimed liquidity, that is a new topic ;D I was just pointing out there was an exchange that met your criteria



There AE 2.0 in the works too, but I don't know much about it  ;D I think there was a thread on nxtforum somewhere though.. big discussions on what was on people's 'wish lists'.

Where one exchange falls another will rise.

I am closely following it.  Hope that u guys can keep us up to date

bittrex is involved in scamming people anyway hope it closes.