Bitcoin Forum

Tighten your seat belt, the ride is going to be wild  8)

https://blog.gemini.com/welcome-to-gemini/

I'm gonna shit, the site is back! what r we talking about again? Oh yeah, go Winks! I';m for it.

Good stuff, not sure what's easier to push through ETF or a full exchange  ??? maybe at least one will come through

WTF is main street?

You would rather say "Tyler and me".


The domain is registered at the Scamhost "GoDaddy" with the email "geminiholdingsllc@gmail.com" LoL. (https://who.godaddy.com/whoisstd.aspx?domain=gemini.com&prog_id=GoDaddy)

A quick search for "Gemini IP, LLC" gives multiple results on google from 2013 and before in different states like Wisconsin and Texas LoL.

They don't have an impress on their site.

Lol
Fools..
Nothing is going to happen... Except for another big crash

Just glancing over this and it appears both the Twins follow the Gemini twitter.

https://twitter.com/geminidotcom

I twattered them... lets see if they twatter back confirming.

When is the launch date for this?

This is huge  :o

I thought they meant the twin towers by Gemini :D well I'll be damned, I was wrong. To Da Mon.

if they do not fuck it up it is quite big news.

one of the most legimate critiques on bitcoin is the bottleneck problem, e.g. the point where the system interoperates with the fiat world.

this was up to this point valid, because you had to trust exchanges, which were run at best in a grey area of jurisdiction. these exchanges were almost solely responsible for the external price determination of bitcoin.

if they manage to reduce this problem they really strengthen the ecosystem of bitcoin.

It means, obviously not you.

Hell No, CoinBase funding, BrainTree and now a New Exchange to much good news crash incoming.

Nor you, Capatain Obvious.

#

The ETF is a totally fresh beast that'll need to convince lots of powerful people yet. An exchange would be a piece of piss to set up and operate in comparison.

Dead on man.  Especially being a well funded New York exchange.

Let's hope they have lock down security.

Wow good news!  Bitcoin is coming from the seedy shady back alley underground currency to the mainstream, high profile tradeable by institutions currency!

I love it.  Every little bit helps.  Good job by the Winklevii in bringing Bitcoin to the masses, rather than the niche techie market.

This is great!
Just on time for their talk at the ETF conference on Monday :)

NASA had

 Gemini --> Apollo --> Moon

Just remember that there were a bunch of rockets that blew up a few deaths along the way.

Yup, Challenger was indeed MtGox.

continue hodling guys
the roller coaster will be going up to levels never seen before
2015 won't disappoint 8)


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This is amazing!

I think I read somewhere like "as soon as the etf goes live" or "after bitlicense comes out"

I can't remember where or if I read that correctly.

This is also my understanding.

I think NYTimes said the launch date was "later this year."

Hands up who actually knows what an "ETF" is.

Winkdex lol.

Since we have to be able to interact with the real (fiat) world, this is great news. I would also like to see more decent "Wild West" exchanges which build a good reputation, while being based in offshore locations.

Thanks guys! It is about time we had this. And frankly, it is more compelling to me than an ETF.

I like the sound of this exchange. It is operated by well known businessmen in a country with developed regulations on accounting, audit and laws. The Winklevoss can sustain losses if exchange is hacked, and would not disappear. There would be no more wiring money to shady accounts to get fiat into an exchange. I have always believed we need a trusted exchange for bitcoin to prosper and this is going to be the start of a global mega exchange.

Can anyone explain me why are they coming up with yet another exchange? how are they going to get liquidity? i don't see the point. The point of the ETF was that people can dump stocks and get bitcoin, or sell bitcoins and buy stocks. This new, separated, exchange made no sense, there's already a toon of exchanges.

It's a good thing :)

Don't you worry your lil socks off!

Maybe they were getting a hard time from the SEC about not having any high-volume regulated bitcoin exchanges in the USA, for the Bitcoin ETF.

Their own exchange will be a source for buying/selling coins for the ETF.

Awesome news! Bitcoin starting to get exciting again!

Indeed. Toward that end, the bitcoin community should press them for:

1) Details about their hot/cold wallet management plans (to the extent that it's appropriate to divulge, obv)

2) A proof of reserve plan, in addition to whatever legacy audits BitLicensure requires

3) Multisig

4) Transparency (this is vague, but the more open they are in terms of addresses, dark/light pools, short/long interest, proof that they're not allowing naked shorting, etc, the better)

Does the fact that the Winklevosses are setting up an exchange suggest that their ETF application is not going to be approved? A fully licensed and regulated exchange could serve as an on-ramp for institutional investors.

The exchange's existence would certainly help the ETF application. I can barely believe they sent it in with the state of exchanges as they were.

'There's this one somewhere in E Europe but no one knows who runs it. There's this one registered to a small box in the UK that got broken into the other day. Then, er, there's this Hong Kong one with some offshore Chinese account that's in Beta still and the only contact details are on email.'

From their blog:

Time for the winkleyvossys to bring in the big money... bitcoin must look good to investors who wanna create a bubble for a nice x10 x20 move.

Shit is about to get real serious.

Well, just go ahead and do whatever you can to push BTC forward! I think it's a great thing to have more and more competitors. People and investors will profit from the competition and the increased supply. It looks like there's a good 2015 ahead of us!

Interesting. Should we take that literally or as optimistic boilerplate?

If it was a definite they'd be shouting it already surely?

I'm with you, bro.
It's all smoke and mirrors - a big zero.

Security through absurdity?

Rocket to Gemini :)

We should take it like this:

Interesting.

Plus I see insured I think that is a big part of what is keeping people out.

What do you people think: Do the twins already know the day their fund goes online or are they just as oblivious as anyone of us is? They could time the release of their projects in order to generate the "biggest bang possible" and boost their products.

They could even lie to the media spreading FUD so that they could buy up cheap coins.

action speaks louder than words....
so far only words. people get excited for nothing.

Yeah but do you see them doing such a thing? I've yet to see them releasing negative rumors about their ETF or the exchange. This would just ruin their reputation. I guess it really bugs them they're not allowed to tell the media about the release date!

Not only that but the image of BTC is really fragile right now where the normal joe to this day still thinks that BTC is used for nothing but illegal activities... because that is all the big headlines they see repeated in the news.

Yeah, but I'm certain there are enough people at least slightly interested in Bitcoin who will jump on the train as soon as the next bubble starts and the media start reporting on Bitcoin on a daily basis again.

Looks like a very interesting venture. They seem really interested in Bitcoin. Not only the ETF, but also an exchange... I'm impressed, really! Even if their projects don't go to the moon instantly, it's important to have the vehicles ready as soon as the money starts to flow!

You mean the rocket?

 ;D

You're right, in the Bitcoin world, investment vehicles are actually rockets  :D :D :D Man, I'm really anticipating all those rocket-train pictures in the wall observer! I just can't wait! :D

It is a mistake for them to create yet another disaster-waiting-to-happen mtgox style exchange. It should only be open 8 hours a day and should allow floor, dark pool, and OTC trading. Only gamblers want 24/7 exchanges and they will die out as they get hacked.

You want those exchanges as well, yeah. But Bitcoin is a currency made for the Internet. You want to be able to trade it 24/7 and not being impeded by bank holidays dictated by a certain country. Would you really want to wait for your exchange to open the doors when a crash or a rise is currently happening?

8h open every day while all other exchanges operate 24h?

Who would be dumb enough to use such exchange?

... and here is your legal way out of the fiat pain gents..
i deeply congratulate the twins with outstanding work that they've done over the course of almost two years.  this exchange might not be perfect as of now - but if it grows enough they would obviously be making it more trader-friendly. they really pushed the legal boundries of our current wounded system. we might be able to be a bit more naughty in future.

Yeah but if I read right it would have FDIC insurance right? If that is the case that is nothing like Gox. At least your money has some insurance on it and that is something that is sorely lacking in the cryptoworld. That is something big fish like.

insurance is too low for big fishes, at leas where I live.

But is good for people that are scared of Gox events and don't dare to invest more than 1% or 2% of their savings, as many finance dudes advice.

That's the thing: They want to bridge the gaps between the "new" system - Bitcoin - and the old monetary system with its limitations and constraints. It's not easy to comply with all the regulations and the ETF has not gone live yet, but the mere fact that they're progressing and pushing everything forward is a remarkable endeavour!

Im not sure. I agree that this is a good bridge to have old people like, someone like Ron Paul who is sound on Gold but clueless about cryptos, to invest and get some, but at the same we know how bad it can go with centralized exchanges.

FDIC is stupid for a Bitcoin exchange. First of all, that is only for money held in the bank, not on the exchange. Second, hackers don't steal fiat, they steal bitcoins which cannot be insured by FDIC. Thirdly, if a hacker does manage to withdraw cash from the bank to trade for bitcoins, the bank will claim it was a legitimate withdrawal and refuse insurance coverage.

If you do not hold your life saving there, it should be OK. It is just a trading account.

regarding time fram (semi-speculative).

I remember lawsky saying that he expects a regulated exchange soon aftern bitlicense goes live, I think he even said around march.

I'm too lazy to look it up now but I think he said it in the course of discussion of the improvement of the bitlicense (around mid-december, maybe little earlier).

if he meant this exchange is written on a different piece of paper

The guy from LinusTechTips did a video on the Gemini Bitcoin exchange, this guy gets tons of traffic:

https://www.youtube.com/watch?v=41r8OM5fA0U

Some people do trade large portions, though! And even if it's just a fraction of someone's wealth, it's better if it is protected properly! Exchanges should at least be as safe as humanly possible!

Well, if it really is a regulated and supervised exchange this time, the risk of it going belly up should be much lower. They have to adhere to much stricter rules and supervision. People with a a couple spare million USD lying around don't want to mess with unprofessional exchanges. They want, and need, exchanges that operate in the field they know.

Looks like the Winklevii are late to the big dance once again:

http://blog.coinbase.com/post/109202118547/coinbase-launches-first-regulated-bitcoin-exchange

They can't catch a break, first Facebook, now this.

They're only hope at saving face from being the laughingstock of Crypto is launching the COIN ETF before another one shows up.

Do anyone think Gemini will disclose the numbers of their institution clients in the audit?

I am very much interested in this piece of information.

This looks promising

https://i.imgur.com/swLyRBU.jpg

ETA for this? If these "next-gen" exchanges get rolling soon it'll be a good start to 2015.

Hopefully when the release it they actually have people buying.

Fucking Coinbase seriously....

When you launch your NYSE exchange BS at least launch it buying some BTC... :P