Bitcoin Forum

Second Market wants to institute a bitcoin fix.
http://www.bizjournals.com/newyork/news/2014/02/25/secondmarkets-prescription-for-bitcoin-a-hair-of.html?page=all

Quote: "Also, the exchange would set prices once or twice daily, along the lines of the gold market. Executives believe more stable pricing would allow more regular businesses to accept the currency and foster confidence from users."

However, we shall agree to it only if we want bitcoin market to be destroyed.
See what happened when bankers were doing gold fix (for a decade!):

http://www.bloomberg.com/news/2014-02-28/gold-fix-study-shows-signs-of-decade-of-bank-manipulation.html

Barry should stay away from bitcoin and play with $$, euros and yen or gold if he likes to FIX things..

Must admit I think this is a pretty good idea. It will only be required whilst the market cap is as low as it is IMO. Volatility will be irrelevant at a certain cap. Secondmarket is currently Bitcoin's biggest and most serious ally (Maybe Circle too, but no-one even knows what they are).

The idea of a FIX is as contadictory to bitcoin core values as it could possibly be, in my opinion.

I wholly agree, but the secondmarket exchange is only going to be one of many exchanges and they want to set a spot price and run daily auctions, so it's a different model. The Bitstamps' and Krakens' of this world will still exist as they do. Bitcoin is an experiment, I'm intrigued to see what secondmarket come up with. I know that when I next cash out a large amount, it will be via their private buying pools.

It wouldn't be just another exchange. It would be whit listed, not everyone would be able to join from providers side. It all is rather blurry "The company is planning a hub-and-spoke style exchange, where only member firms can directly transact business, a la the New York Stock Exchange. ". Of course it is they choice and it might attract different kind of crowd.

just a bunch of elitist trying to thwart the bitcoin revolution which threatened their existing privilege.  their proposal sounds like mpex.  I think treating bitcoin like forex market is far better.

Wall street money playing with a currency that cannot be manipulated.... That's progress, and profitable for all of us.

Price fixing is a form of manipulation. Not a free market phenomena. I'm against this.

Price fixing gold is one thing. Price fixing a completely transparent digital currency that is already traded publicly on many exchanges is, IMO, not something to be worried about. If it increases merchant confidence, it's a winner in my book.

Feel free to quote me in a year, but I think Silbert is exactly what we need to propel Bitcoin into the mainstream along with increasingly professional exchanges like Stamp and Kraken. Mainstream is SO much closer now Gox is dead.