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Who is interested in investing in a BTC Exchange?
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Topic: Who is interested in investing in a BTC Exchange? (Read 3770 times)
SgtSpike
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Re: Who is interested in investing in a BTC Exchange?
June 03, 2011, 03:57:26 AM
#21
Quote from: Anonymous on June 03, 2011, 01:47:12 AM
Sure I would throw in a few bitcoin - if it's not hosted somewhere that will end up with an fbi badge on it.
Dwolla is ok but it's US only. Create a platform that anyone can use to host their own - like a franchise, with a shared order book and agents in different countries. This makes it modular and more decentralized.
Mmmm, a franchise or licenseable system is an interesting idea as well.
Anonymous
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Re: Who is interested in investing in a BTC Exchange?
June 03, 2011, 04:26:42 AM
#22
Think how powerful 100 mt gox's would be as opposed to 1 . Decentralized order book ftw.
darbsllim
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Re: Who is interested in investing in a BTC Exchange?
June 03, 2011, 06:26:23 AM
#23
If you are in the USA you have to worry about the Patriot Act.
When you are paying out more than $600 USD to a person, and accepting payments from people for something like BitCoin, you will have to worry about the headaches of the Patriot Act requirements.
Just saying don't overlook that headache.
Brad Mills,
Investor - Former miner - Former Bitcoin Business Owner - Survivor of the Great Bitcoin Crashes of 2011 and 2012, the MtGox Heist of 2014 & the 2017 crypto bubble.
Bitrated user: bradmillscan.
cunicula
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Re: Who is interested in investing in a BTC Exchange?
June 03, 2011, 07:21:38 PM
#24
How about a US dollar-based credit union which also offered USD/BTC exchange services?
Users would be required to verify their identity and maintain a minimum US dollar CD accounts at the credit union.
Users could also maintain demand deposits for trading purposes. Deposits would be made via US dollar checks and wire transfers like a normal bank.
The union would offer a limited number/currency amount of free transfers between demand deposits held by users. These transfers would facillitate BTC/USD trades between users. The union would provide USD escrow for these transfers. The union could allow members to handle BTC escrow independently through clearcoin. The availability of demand deposit transfers would be proportional to the CD account deposited at the union. Excess transfers would incur USD fees.
The union could earn revenue to pay salaries by loaning out US dollar CD deposits and through fees on excess transfers.
Regulatory compliance might be easier because the credit union would have verified all the users identity and would operate similarly to a normal USD credit union. The only thing special is that all the users would be bitcoin enthusiasts. Also, nothing about the union would require it to ever touch BTC or directly facilitate BTC trading, since BTC escrow and order books could be handled by other entities. If holding BTC is a legal issue in the US, this might be a way to get around it.
Is this a good/bad idea? Why?
broker11
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Re: Who is interested in investing in a BTC Exchange?
June 06, 2011, 07:57:09 AM
#25
I am interested.
What to you estimate as the start up costs?
You should try talking to whoever is running Mt Gox to determine the regulatory hurdles and problems in running an exchange.
dumb_mother
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Re: Who is interested in investing in a BTC Exchange?
June 12, 2011, 10:54:05 PM
#26
Keep me posted, I'm interested in getting involved with something like this if the startup cost and plan seem reasonable.
SgtSpike
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Re: Who is interested in investing in a BTC Exchange?
June 13, 2011, 07:11:37 AM
#27
I will not be continuing this idea. With tradehill, and a couple of other very competitive-looking exchanges, as well as the potential legal ramifications of running one, it's just not something I want to get in to right now.
However, it's still a very viable idea for anyone else who wants to see another exchange out there. So go for it!
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