I really don't understand the purpose. If someone wants to buy and sell bitcoins, they can do it directly and digitally. If the ETF is for bags of corn or tons of copper, those can't easily be bought and sold because of their physical attributes, but bitcoins don't have this limitation.
With all ETFs you need to verify that they have the goods and can secure them and won't be shut down and don't have sinister motivations (such as walking away with the cash). These two guys made their fortune from suing FB. It just seems like you are adding a layer of risk on top of an already risky "asset".
They have ETFs for just about every major currency in the world so it isn't only about the difficulty of obtaining the underlying asset. However, since they're trying to define Bitcoin as a commodity and not as a currency, I think they will be fighting an uphill battle.
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I don't think there are any 3D printers that use aluminum.
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Looks like Viceroy is removing my posts too despite the fact that I really didn't say anything all that critical of him. I simply tried to point out to him that CoinLenders is not acting as a bank, it says so in the FAQ and individuals can be lenders. See Prosper, Lending Club, an Agreement of Sale, etc. etc.
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He makes it pretty clear that it's not a bank. I personally insure all BTC deposits. I have a significant amount of bitcoins and assets, and fiat income to cover the deposits. I run the investment fund BTCINVEST which previously insured the bonds and I paid out over 130 BTC as insurance. Please keep in mind this is not a bank with FDIC insurance and everything has risks.
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Never had any issues with them although some have reported having their transaction canceled. Only issue was it would take like 4-5 business days for the Bitcoin to clear but it looks like they have an instant option now (haven't tried it) which might make that issue moot.
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Reported site to Google Safe Browsing. Thanks for the heads up.
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Whatever you decide, average in, don't just dump the $25k in one buy.
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Today, Liberty gave me money! If you are going to trade with him, do not send money first!!!
A good rule of thumb for any sort of trade. Use escrow. Always. It isn't that hard to find someone reputable to do it.
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Are transfers to coinbase within the US?
Yes, Coinbase is domiciled in the US.
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Jump on irc, #mtgox, and see if you can get in touch with them that way.
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This sounds wholly inaccurate. It is perfectly legal to buy or sell bitcoins using a bank account. Coinbase does tends of thousands of transactions every day.
Can you post the letter from the bank?
Must be more involved here.
He was moving thousands of dollars through is personal accounts to do arbitrage across exchanges. You should at least talk to your branch manager before starting this kind of activity. Really. Because using a bank as a bank is a bad thing. But maybe he was using too many free wire transfers..... wait.... wire transfers are not free.... Ok. I get it. They were making too much money on him and wanted to stop. I could imagine if he was constantly moving money around for free, but not for fees. This is the way it works (in the US). If he were coming in and making a lot of cash deposits, which are not his usual activity, the teller could file a SAR (suspicious activity report). Even if it wasn't cash, if it was a negotiable instrument like a wire or money order, same thing. The SAR then goes to the bank's BSA/AML compliance department where they determine whether or not to file the SAR. It doesn't need to be a teller, it could really be anyone, bank manager, compliance themselves, or someone in the bank's BSA division. This doesn't mean he's doing anything wrong, just that the activity to them looks suspicious and needs to be examined further. If these steps are not taken, the bank can be fined. In this case, what's likely happened is they did a risk/reward determination. Is this one person's business worth possibly getting into trouble for. They determined it wasn't and said, "we no longer want your business, here's your money back." They might have very conservative AML laws compared to other banks, who knows. If they had frozen his funds that would be a whole different matter because then they're saying something illegal has occurred but that isn't the case. They just did a CYA move and said go find somebody else. It's not about making money, it's about operating under crazy regulation that will likely only get worse as time goes on.
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all i was doing is arbitrage. buying in one place sell them in other
Were you doing the arbitrage on your own or using a third party like this: https://bitcointalk.org/index.php?topic=251951.0Banks keep tabs on your normal account activity so if you suddenly spiked up with higher activity (high cash deposit frequency, lots of wires, etc.) they might be covering their ass by shutting you down. I would still try to find out what specific term or condition you violated as it will be beneficial to you and the rest of the community. Ask for it in writing, don't just talk to some customer service agent.
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Got letter today from U.S. bank (usbank.com) saying because i use my accounts to buy bitcoins they are closing my accounts. They say it against their rules. Can you guys help me and tell me what banks you use to buy bitcoins?
Doesn't sound right. Did they provide you with their ToS with the letter and exactly where you broke the terms? What are they doing with the funds in your account, are they freezing them or giving you them via official bank check, etc.?
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There is a 0.25 BTC bounty for anyone to prove that they have had a USD withdraw. https://bitcointalk.org/index.php?topic=251895.0Mt.Gox users are buying BTC and moving it out of Mt.Gox as evidenced by the spread between Mt.Gox, Bitstamp, and btc-e... nearly $6-8 now. Same thing happened a few weeks ago before a selloff to $66. Yup. What's amazing is people still go back to these guys and give them their business.
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It's back up although getting money in/out seems to be suspect going by what some are saying here.
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Have you considered Coinbase?
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So a drug dealer deposits cash into my account, which I then launder by purchasing Bitcoin and kicking it back to him by proxy (you). When shit hits the fan, where does the paper trail end? Oh, that's right, my bank account! Anonymous cash in, negotiable instrument (wire, ACH, whatever) with all MY info out. All for a measly 4% or whatever the margin is now. Ask yourself, why would the OP put it this way: They don't care about the price, the don't even care about the flavor of the ice cream...the just want whatever you got a whatever price. They want it at whatever price, they don't care. Seems legit. If it sounds to good to be true people...
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Just got the PM. Reported to the mods.
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bytemaster,
Perhaps you should put a link to the white paper in your signature or at least a general link to the project. I know you've posted the link here but since this is constantly evolving, it would make it easier for those trying to keep up to date.
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Yes you receive that if you try to connect from a location different than usual
Do you know if this includes using the app? I just flashed a new ROM on my Android and am wondering if that triggered it.
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