Bitcoin Forum

Hey!

I run https://cashintocoins.com.   I'd love to get out of the newbie section, so I am making trying to get 5 posts.

If you see me around, say hi, or feel free to ask any questions about running an exchange site in the US, regulation, banking, or bitcoins  in general.

nice to meet you all,
Will

How will you deal with the FBI breaking down your door? Is it a 60cm titanium door only opened by a passphrase (swordfish)? Are there tripwires and claymore mines around the compound? AA guns versus the inevitable copter based attack?

This is a great question.   I actually reside in an underground bunker and a m1-abrahams tank is parked on the only door into the facility.  I have multiple safety measures to open the door, including a 100 BTC payment to one of my addresses before you can even access the first of 6 biometric scanners.  yes, 6.  

Seriously, 6.

That sounds reasonable enough. Though I would advice adding guard dogs. They're great companions too.

Any thoughts on a referral program?

I may consider the dogs,  I hired 100 duck-sized horses but they don't really do much.

I have a beta version up right now.  interested?  send me an email will [] cashintocoins.com

Will

Hope you have a couple Million laying around to get the needed state licensing to do that..

You appear to have broken your link at the bottom of this page:
https://cashintocoins.com/pages/faq.php
View source on that page and look for fincen.gov:  you'll notice a lot of . . . problems.

Lucky me!

What banks do you support? It doesn't state in the FAQ it seems.

Indeed, you only need to make 1 post + wait 4 hours to escape this newbie zone :P

Welcome! Quick question. What are the laws in creating a online dice betting site in the us?

This one's simple. You create the online dice betting site in the us, then you go to jail.

Looks like I will be moving to the Netherlands now... Or at least I wish I could...

Damn. Is there any country where it is legal?

cashintocoins_will (Will),
I purchased btc from cashintocoins.com on friday and still have not received the bitcoin.  You did respond to me that you received the deposit receipt on friday but never got back to me after that.  Is there some sort of delay?  Please let me know. 

first post-..


It seems to me the governments of 1st world countries will all attack bitcoin and shut it down so to speak.  Exchanges will become illegal/effectively illegal/too difficult and regulated to operate.  If they can't control it- they'll shut it down.  Too dangerous for them to allow power to transfer unchecked like bitcoin does.  Power has to be controlled by those in power, so they can stay in power.

Bitcoin could threat that- and hence...

BTC is dead already.  like the tulip bubble of Holland-  those who get out in time may make a little money off of it. 



You can be a paper billionaire with bitcoin.   It means nothing.  I may own millions in Monopoly bucks, which is what BTC is, but it's worth nothing unless someone buys those MBucks from me.    Hmmm, how much money does your out-exchange actually have in reserves?  um... well.. maybe 40k?  Where does the withdrawal money come from?  New suckers, latecomers to the party buying in.  Bitcoin is a ponzi scheme.  A fun one- but a ponzi scheme no less.

In order to "get your money out" someone needs to put money in :)  It's great for awhile!


Millions in bitcoin mean nothing when people someday stop buying it.


sorry to burst your bubbles.   Just enjoy it for a little while-

You've nailed the naysayer's top 3 favorite talking points in your first post! Next time, remember the money laundering and exclusivity to child pron, guns and drugs in the same post and you just might be able to convert me back into fiat.

Back to topic. Welcome and congrats on the exchange, Will. Hope you're up to the task. Your thoughts on compliance and licensing for US operation?

Online gambling is legal in the UK but most online betting sites locate to the Antigua

http://en.wikipedia.org/wiki/Antigua

probably lower tax and the weather is nicer, but probably not advisable not fly into the US ever again if you let Americans use you site!

"When the scheme finally collapsed, Full Tilt Poker was unable to pay players the approximately $350 million it owed them."
http://www.huffingtonpost.com/2012/07/03/raymond-bitar-full-tilt-poker-arrested_n_1646626.html

lol sounds like a lot of Bitcoin exchanges around here  ;)

thx!  Na.. don't need to confuse the truth by muddying it up with nonsense about the child porn etc...  don't carry someone's logic to extremese with things they didn't say ;)

anyway back to the truth- 

I plan to be in bitcoin just like many people do, for a short ride on the way up- for the possibility of small profit etc.  So to that end I'm buying a little of it. 


remember-  just don't think that when bitcoin reaches $100 millionnnnn dollars per coin(!) that you can withdraw your 1,000 bitcoins for a profit of...  wait for it-   1 gazillion trillion dollars!!!!  along with millions of other new Trillionaires on the planet!  wow!!! 


And MT Gox will pay it all right?   lol.


-and then you can own the world!  mwahahahaa :)))



really, when btc reaches that  $1m, virtually no one will get any money.  That much is obvious ;)  You can't withdraw Billions of dollars from your btc account on BTC-e or elsewhere :( 

-but it's fun on the way up though for a few thousand isn't it?

Admittedly, the rhetoric was nonsense, but no less so than claims of a tulip mania and ponzi schemes. You're certainly entitled to your own speculation, but to use buzzwords like ponzi, not only shows your opinions as anecdotal, but also a stubbornly ignorant understanding of BTC altogether.

No, of course Gox won't pay out millions of dollars - they can't pay out now. Though, it is true that any other exchange is likely unable to handle massive cash withdrawals on a massive scale simultaneously. Even so, you do understand how an exchange works, yes? Gox, for example, isn't buying your coins and giving you cash out of their account (if one existed) ..if I sell $2 million worth of BTC on an exchange, it means that another individual has bought, and paid in, the necessary funds. Further, if BTC should ever reach $1 million, a person would be buying goods and services directly - no reason to exchange into a different currency, particularly one that loses value as you hold it.

I agree with you that if BTC reached $1million each it would enjoy greater acceptance to pay for physical goods- but- one can only buy so much sushi, coffee shop treats and ipads, mp3's and the like.  Withdrawing my 114,293 BtC (theoretical) would just not be possible to withdraw 114 Billion dollars out of Gox or anywhere.  To say one has no need to withdraw it into a hard currency is pointless and illogical.  Only so much goods can be bought with BTC and who really would keep their $114 Billion in BTC and not trade out to buy a small country?  Seriously do people think they will be able to do that? My guess is no, most are in it for the run up and get out quick before it ends, make a few bucks etc...  :(

That isn't too mention the fact of how many others would be in the same withdrawal conundrum boat with Billions or possibly Trillions of dollars in BTC-,  Will the Winklevosses or Donald Trump end up with possibly 999 Trillion dollars or more to withdraw???   There just wouldn't be that money IN the exchanges unless someone else PAID that amount into it.
 
Anyone literally envision someone else paying hundreds of billions into Gox for my withdrawal -let alone countless others?

somethings just not right about that...

Op your so funny.
anyway we also sell and exchange bitcoins.

Bitcoins are legal everywhere. It's how certain countries consider a bitcoin exchange as a money services business (or their country's equivalent) and whether or not you have the licenses to be an MSB or not that's the issue I think.

We were talking about bitcoin betting sites, not bitcoin exchanges.

OP only had to post once and be online for four hours to get Whitelisted. Instead...

Why? What would be so desirable about exchanging into another form of currency when you consider a single BTC reaching $1 million; extraordinarily high demand, there would likely be very few, if any, goods or services that couldn't be paid with BTC by that time. You are correct in that right now, the tangible items that can easily be bought with BTC are limited, but they are growing daily. Food, Clothing, Electronics, Autos, Media & Entertainment, Professional Services, even Real Estate can all be bought with BTC right now.

I can't say that I disagree with this; you may very well be right. I don't think there is any doubt that the largest majority of BTC holders at the moment are entirely speculative. What I don't think is fair to assume, is that being the case in 5, 10+ years. If in even a couple years, the landscape hasn't changed from speculators to consumers, the opportunity for BTC will likely have passed and it will be game over.

Again, this is with the assumption that people will actually want to exchange into the state currency. It isn't hard to imagine a very poor outlook for fiat money in the future when we can already see the state of disrepair it has become for many countries; and that our current methods of supporting our respective domestic economies are not producing desirable results. We are a global marketplace, and BTC is built perfectly well for that, without, and this is important, diminishing any benefits for small, local business. The largest uptake by merchants now are with small businesses, and it is only a matter of clarifying legislative gray area before the big fish decide it is time to jump in the pool. It will be the great benefits to the merchant<>consumer relationship that BTC, possibly another crypto, will eventually be the preferred currency of exchange.

To be fully honest about it, I don't expect BTC will reach the kinda of outlandish estimates of $100k - $1 million per coin, certainly not in less than 10 years. I also don't expect it will create as many billionaires and millionaires as everyone hopes for, but it will make many people very wealthy.

How did you start your exchange business?