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I noticed this the other day. My question is how the heck has Coinbase remained open for such a large operation that is US-based? All CB requires is an email address and bank account. I don't remember ever having to provide documentation like on bitfloor and they got shut down. Only a matter of time?
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Are you guys a registered MSB?
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You need to be registered to exchange currencies too, but if I gave you some dollars for some euros I sincerely doubt anyone would have an issue with it.
Also, aren't Bitcoins money like objects?
Yes the question is actually if you will engage in the act of money exchange as a regular feature of your business or if it's more or less a 1 off thing. Person to person transactions are unregulated as long as they aren't regular, but if the amount gets big enough, the IRS & DEA are going to want to have a papertrail or they will give you a free colonoscopy. Businesses are different depending on how they treat the transaction. Walmart will cash your paycheck and they make a business out of the cashing of it, so they had to register as a money service business (bank actually). However the small local grocery store down the street from my house will cash your paycheck if you ask them to, with the understanding that you will be using some portion of the paycheck there to buy your groceries. They do not make a business of cashing payroll checks, it's just a customer convenience and they don't charge a fee for cashing it. There is an underlying assumption that you will buy groceries, and that is the primary motive in the money exchange, i.e. most of it will be spent there. Either way, it's not a regular part of their business thus they don't have to register. If you have a stand selling hotdogs and people pay you in bitcoins, you don't have to register. If you regularly exchange bitcoins for cash out of your hotdog stand as part of your business then you do. Same thing if you regularly cash payroll checks, or even give cash back on debit (this rule is under debate and subject to change, usually though it's not you that registers but your provider, who then subjects you to limits on it). The same is true of all virtual currencies, pre-paid cards, money paks, and anything which can be treated for all intents and purposes like money. At some point it may just come down to a determination of the US Treasury department as to whether or not you need to register. However as a Treasury Agent once told me, "If you are even asking the question, then the answer is yes. This is because if you register and don't engage, there is no penalty. But if you engage and are unregistered the penalties are very severe and they do have the power to "pull back corporate veil" and hold officers of a company personally liable for money laundering." It's a bit like realizing you're staring down the wrong end of a gun. I would not be at all surprised to find out that some of these collapsed exchanges and bank seizures we have been seeing lately are the result of the company failing to register as an MSB. Any company which takes money for money and deals with people in the USA should probably register as an MSB prior to taking on their first customer. Hope that's helpful. Best thing to do is stay current with this link http://www.fincen.gov/financial_institutions/msb/msb.registration.htmlEnjoy! So does that mean companies like Bitinstant/ZipZap and Coinbase are registered MSB's?
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Is this a well-funded start-up or what? Even if you use Google Checkout, you'd need at least 1 business day to receive funds, gather BTC and send to paying customers. Verification seems like minimal protection against charge-backs and what's with the membership fee? Some sort of legal loophole?
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Just gotta think outside the box ppl. I think Bitinstant offers a USD to btc-e coupon or you can just do USD to a BTC address. That address could be a wallet or you even might be able to send it right to the bitcoin deposit address btc-e provides for you.
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Did the Winklevoss Twins cash out? I heard they invested $11,000,000 into BTC and last week prices dropped quite a bit when someone dumped $12 million in coin right before the weekend. Anyone know?
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(currently using Coinbase, they charge 1%+15 cent)
I haven't tried yet but I'm thinking transfer them to MtGox and sell them there and then use Dwolla to get them to your bank account. Dwolla has very low fees. However you have to get verified at MtGox which can take a couple of weeks at this point. I started out #23000 in the queue but down to 13000 after about 4 days. But this is my strategy and it will hopefully have the lowest fees, even though may take awhile longer than some other options. Mt Gox lost my business when pressing the sign-up button constantly showed an error page. Recently opened a CoinBase account, still waiting to verify, but seems like a great wallet/exchange if the deposits end up being fairly quick. My $0.02.
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Has anyone heard anything besides the 10 day ETA for them to receive a check for our money? I mean if they had their bank account closed, how do they expect to cash this "check"?
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I don't see any changes on the website any more, and no one has answered my support email at bitfloor yet, so wondering what is going on.
Anyone heard anything?
I haven't heard anything and I've been nice enough not to bug them via email. I'll wait this "10 days" but after that, I'll definitely be emailing them.
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I would look at FeatherCoin more like a very long term investment. Bitcoin still has a very long road ahead before it becomes a standard currency and Litecoin is the go-to alt BTC right now. FeatherCoin gains weight if one of those two goes under.
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- snip - Should you use a new address every time you send? - snip -
You don't choose the address that you are sending to. The recipient chooses the address that they are receiving at. You have to send to the address supplied by the recipient for the them to receive the bitcoins. What I meant was create a new address, transfer BTC between wallet addresses and send BTC.
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I've heard ppl should use a new address every time they receive coin to help anonymity. Should you use a new address every time you send? Can you just use the same address for everything? Thanks!
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My ACH option got approved overnight, so I went ahead and started the USD transfer. Will know in a couple days if it went through.
Hmm, now I'm wondering if I'll be seeing my money soon.... 2013.04.20
The bank has issued us a check for the remaining account balance. Once this check is received, we will be working to establish a way to return the remaining USD funds.
The ETA for receiving the check is around 10 days. Until then, we will be unable to make any further payouts. We are exploring various options for returning your funds.
Says that at the top of the website now. Well this sucks! I was hoping to see my ACH deposit tomorrow but since I was in the 4/18 group, I guess the waiting game continues. ![Angry](https://bitcointalk.org/Smileys/default/angry.gif)
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Started the verification process yesterday and was approved today. (knock on wood) I hope I get my money. Another positive sign bitfloor is trying to do the right thing.
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i don't think if mt.gox goes down it will be that big of a problem, as long as not to many users loose bitcoins if it happens. There are plenty of other exchanges and online stores that except bitcoins. There is even an exchange in Canada ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) I thought I read an article somewhere on the interwebs that said Gox processes around 70% of all BTC transactions. If true, yeah, this would be the end of BTC. Why would they suspend trading last week? Assuming a large amount of coins are not lost and other exchanges step in and pick up the slack, the fall of Gox would certainly mean a significant price drop for BTC.
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instaDice - are you acquainted with instaBoost by any chance ? ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) I'm actually really new to the community, so I haven't heard of InstaBoost. I actually discovered Bitcoins earlier this year and I've been really intrigued by the whole idea of it... I decided to start focusing on creating more services to be used with Bitcoin and... here I am ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Is coinbase safe?
if I sell my BTC to them how will I get my money via bank
ACH,or some other method like wire?
one of the trusted btc wallet out there, and the site is clean simple and professional. i created my 1st btc address there. What's the difference between an exchange and a wallet? Sounds like CoinBase could be considered both. Also, why are people always looking for easy cash deposit places when you can just create a BTC address with Bitcoin-Qt and fund the address via Bitinstant cash deposit? An exchange allows sellers and buyers to purchase currency from each other for the current market price (that's my rough understanding of it.) They make money by charging a small fee for each transaction. I think Coinbase can be considered both, seeing as they allow both the buying and selling of Bitcoins, as well as allowing you to store your coins in a nice safe place. I think Coinbase also allows merchants to take payments in Bitcoin as well, I read that they had something to do with OKCupid being able to accept Bitcoin. Fascinating service, I hope the best for them! Sounds like CoinBase is pretty similar to bitfloor. Bitfloor did go down indefinitely today and history does have a tendency to repeat itself, so only risk what you don't mind losing. BOL. ![Cool](https://bitcointalk.org/Smileys/default/cool.gif) PS Oh yeah. And I guess I just figured out the answer to my second question because apparently Bitinstant is being accused of scamming people. Thankfully my ZipZap transaction went through without a hitch but I would be so irritated if they took my money and said the order was lost in the pipeline somewhere. True or not, either fix the problem or terminate service.
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Is coinbase safe?
if I sell my BTC to them how will I get my money via bank
ACH,or some other method like wire?
one of the trusted btc wallet out there, and the site is clean simple and professional. i created my 1st btc address there. What's the difference between an exchange and a wallet? Sounds like CoinBase could be considered both. Also, why are people always looking for easy cash deposit places when you can just create a BTC address with Bitcoin-Qt and fund the address via Bitinstant cash deposit?
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I maybe Nieve bhere being new and all but it would seem keeping bitcoins if you are based out of the US is a huge risk in a very volatile market. Why not flip each bitcoin for guaranteed backed usd cash regardless of the market rate. That's just my philosophy to mitigate risk?
For instance i know the rate used to be above 200 usd then it cut in half last week when i jumped in at 120 then it fell to 50 then back up to 90s at the time of this post. I wouldn't horde btc. If i was able to flip 1 a week even at the price of 90 usd then move that to my say Roth IRA you release all the risk. Are people really buying these low and holding them hoping the value goes back up and selling them high? What if you were holding on to a 100 BTC would you not rather take the 90 guaranteed then to risk it all being worth zero as a possibility hours later?
What? ![Huh](https://bitcointalk.org/Smileys/default/huh.gif) Nobody is talking about hoarding BTC. We are talking about the collapse of a BTC exchange with approximately 4% of the market.
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try btc-e.com as an alternative, or as suggested, try googling local bitcoin trade ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) btc-e.com seems shady to me... After Gox suspended trading last week and bitfloor collapsed today, all exchanges are pretty much shady. OP, if Gox goes down then I think BTC goes right along with it. Just my $0.02.
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