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Author Topic: they accept Bitcoin??  (Read 6273 times)
marcus_of_augustus
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June 05, 2011, 01:34:34 PM
 #21

Yes we could trade BTC for coding.  Kindly send your CV to info@fnib.co

Please explain private keys.

How about consultancy?

E.g. if I will explain private keys in a PM,

would you send 5.56 BTC to this address?

Code:
1FhZkF9jUEWhbYmHWdMHbkXugM7kEtmB7q

(probably better if you go http://en.wikipedia.org/wiki/Public-key_cryptography for your financial health though.)

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befuddled
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June 06, 2011, 09:49:15 AM
 #22

Hello FNIB-

Thanks for taking this first step.

What I would like to see is you folks be a market-maker in BTC against the other currencies, and allow us to hold balances in bitcoins, just as I can be long any other currency. If you did that, I _will_ open an account with you! I hope you would see the opportunity in doing so; the fees Mt. Gox charges far exceed anything FX traders normally pay (65 pips vs 2-3 pips?), so there's a lot of room for this to be a high-margin business for you. Any chance of that happening? Pretty please?

Merely allowing one to transfer in bitcoins, which are then immediately converted to some other currency and held in that form, is nice. But it's merely a small convenience, from my POV. I hope this is just your first step of many...

ptshamrock
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June 06, 2011, 10:30:53 AM
 #23

Hello FNIB-

Thanks for taking this first step.

What I would like to see is you folks be a market-maker in BTC against the other currencies, and allow us to hold balances in bitcoins, just as I can be long any other currency. If you did that, I _will_ open an account with you! I hope you would see the opportunity in doing so; the fees Mt. Gox charges far exceed anything FX traders normally pay (65 pips vs 2-3 pips?), so there's a lot of room for this to be a high-margin business for you. Any chance of that happening?

Merely allowing one to transfer in bitcoins, which are then immediately converted to some other currency and held in that form, is nice. But it's merely a small convenience, from my POV. I hope this is just your first step of many...



i second this!   would love to see BTC against other currencies in mt4 with me template etc !

also for hedging and speculation purposes it could be awesome ! 

"Money needs to be depoliticized, and the time has come for the separation of money and state to be accomplished."
allinvain
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June 06, 2011, 02:03:41 PM
 #24

Guys trust me you do not want to trade traditional currency pairs with a market maker broker let alone BTC. A market maker loses when you win and wins when you lose, so they have an economic incentive to rig the game against you sorta speak if you are too successful. 90% + of forex traders lose so the majority of the time a market maker gets by just letting the trader do his thing and take the other side of the trade. However if you're successful you will quickly find out how a market maker operates and how quickly you will be given excuses as to why you must stop trading with them.

Plain and simple if you want to trade forex do it with a STP broker or a ECN broker. If you want to trade BTC against other currencies then wait until some ECN type platform comes on the scene where the platform operator is compensates via a commission per trade. This way there is no conflict of interest involved.


befuddled
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June 07, 2011, 03:45:32 AM
 #25

allinvain- Thanks for that. I don't doubt anything you said. Your understanding is more sophisticated than mine. I'm not now, nor do I ever intend to be, an active trader. To me it looks like a zero sum game with a slight negative bias due to transaction costs. I just want a "legit" financial institution to come in and make buying and selling bitcoins more like dealing with any other financial asset. Of course it's a tiny thinly traded market right now, but if it is ever going to get to the kind of market Citadel and PIMCO can trade in, it's going to need some kind of exchange that doesn't require you to transfer money through Dwolla, or mail checks to a PO box. If FNIB does it first then I'm their new biggest fan, and New Zealand is my favorite country. I hope a huge first mover advantage accrues to them and they make a ton of money doing it.
allinvain
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June 07, 2011, 05:15:08 AM
 #26

allinvain- Thanks for that. I don't doubt anything you said. Your understanding is more sophisticated than mine. I'm not now, nor do I ever intend to be, an active trader. To me it looks like a zero sum game with a slight negative bias due to transaction costs. I just want a "legit" financial institution to come in and make buying and selling bitcoins more like dealing with any other financial asset. Of course it's a tiny thinly traded market right now, but if it is ever going to get to the kind of market Citadel and PIMCO can trade in, it's going to need some kind of exchange that doesn't require you to transfer money through Dwolla, or mail checks to a PO box. If FNIB does it first then I'm their new biggest fan, and New Zealand is my favorite country. I hope a huge first mover advantage accrues to them and they make a ton of money doing it.

It is very much a zero sum game.

I agree a more liquid and faster loading exchange is a good idea, but you gotta keep in mind that even with a traditional brokerage firm you still have to deal with banks and other financial institutions as the intermediary. Transferring money still takes time unfortunately unless you can become a part of the ACH (automated clearing house) system the banks use.

AFAIK with this FNIB company you aren't actually tarding with BTC just that they're going to credit your account with the dollar equivalent of whatever BTC you deposited. This works like wonder for them because you gave them a currency that will likely increase in value yet your account has been credit with a rapidly depreciating currency - USD. This is a clever way for the brokerage firms to make additional profit and tap the potential explosive growth of the bitcoin system. I'm surprised I don't see many more forex brokerage firms taking on bitcoin. Since we have a very liquid exchange (mt gox) I don't see any risk on their part if they did - well there would be risk but its very small IMHO.


Stephen Gornick
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July 02, 2011, 08:58:11 PM
 #27

This site has gone away, apparently.

Jaime Frontero
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July 02, 2011, 09:21:21 PM
 #28

This site has gone away, apparently.

no great loss.

who would trust any money to an entity on the internet who won't even give a straight answer to the question: "what country are you registered in?"  not i.  and re-reading the thread, i still don't know for sure.

waste of electrons...
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