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Author Topic: Bitcoin-Central, first exchange licensed to operate with a bank. This is HUGE  (Read 166082 times)
davout
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December 07, 2012, 12:35:38 PM
 #161

In a grocery store I pay with dollars coz noone accepts bitcoins. In 20 years the situation will be the same. Because some guys made a bridge between dollars and bitcoins. Because they hid a wallet with coins in a bank vault and gave ppl paper money. Because they made Bitcoin an instrument to store wealth.
Please, go be stupid somewhere else.

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Come-from-Beyond
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December 07, 2012, 12:40:34 PM
 #162

In a grocery store I pay with dollars coz noone accepts bitcoins. In 20 years the situation will be the same. Because some guys made a bridge between dollars and bitcoins. Because they hid a wallet with coins in a bank vault and gave ppl paper money. Because they made Bitcoin an instrument to store wealth.
Please, go be stupid somewhere else.

Personal insult as a final argument? *facepalm*
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December 07, 2012, 12:50:49 PM
 #163

In a grocery store I pay with dollars coz noone accepts bitcoins. In 20 years the situation will be the same. Because some guys made a bridge between dollars and bitcoins. Because they hid a wallet with coins in a bank vault and gave ppl paper money. Because they made Bitcoin an instrument to store wealth.

I don't mind at all if a merchant do not accept bitcoins.  It is, in the pure sense of the expression, his business.  It's just the same with gold.  I own most of my wealth in gold, yet I don't care if I can't buy anything directly in gold.  Most of the things I buy, I buy them with euros I freshly converted from a gold sell.   I only convert what I need when I need it, so I don't have to hold the silly money the merchant wants during too a long time.

Hell it's even great that merchants want me to pay them with crappy currencies.  Because they are so cheap!

With a bicoin-friendly bank, I could convert my real money (gold and bitcoins) into shitty money (USD, EUR) in an even faster, more efficient way.  What's not to like?
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December 07, 2012, 12:57:31 PM
 #164


I don't mind at all if a merchant do not accept bitcoins.  It is, in the pure sense of the expression, his business.  It's just the same with gold.  I own most of my wealth in gold, yet I don't care if I can't buy anything directly in gold.  Most of the things I buy, I buy them with euros I freshly converted from a gold sell.   I only convert what I need when I need it, so I don't have to hold the silly money the merchant wants during too a long time.

Hell it's even great that merchants want me to pay them with crappy currencies.  Because they are so cheap!

With a bicoin-friendly bank, I could convert my real money (gold and bitcoins) into shitty money (USD, EUR) in an even faster, more efficient way.  What's not to like?
+1
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December 07, 2012, 01:07:05 PM
 #165

In a grocery store I pay with dollars coz noone accepts bitcoins. In 20 years the situation will be the same. Because some guys made a bridge between dollars and bitcoins. Because they hid a wallet with coins in a bank vault and gave ppl paper money. Because they made Bitcoin an instrument to store wealth.

I don't mind at all if a merchant do not accept bitcoins.  It is, in the pure sense of the expression, his business.  It's just the same with gold.  I own most of my wealth in gold, yet I don't care if I can't buy anything directly in gold.  Most of the things I buy, I buy them with euros I freshly converted from a gold sell.   I only convert what I need when I need it, so I don't have to hold the silly money the merchant wants during too a long time.

Hell it's even great that merchants want me to pay them with crappy currencies.  Because they are so cheap!

With a bicoin-friendly bank, I could convert my real money (gold and bitcoins) into shitty money (USD, EUR) in an even faster, more efficient way.  What's not to like?

OK. I got ur point of view. For u a bitcoin-friendly bank is a handy tool to make ur life more comfortable. For me a bitcoin-friendly bank is an obstacle on the way to world-wide adoption, which would make life of a lot of people more comfortable. Let's return back to the original topic.
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December 07, 2012, 01:15:23 PM
 #166


Dave, as you're the one exposed to this stuff, please make super sure you have fully researched this topic. The US will force you to follow its rules whether you like it or not and the French government will not save you - this is not a paranoid hypothetical but a phenomenon that is already happening. Your best bet is to do what all other financial institutions are doing and deny access to "US persons"  (citizens, residents and people who have held a green card in the last 10 years, iirc). This doesn't exempt you from FATCA but it minimizes the amount of paperwork and reporting to the IRS you'll have to do.



Most all smaller Switzerland banks have also gone this route and kicked all US citizens out (with friendly grace period and all funds returned of course).  This may be partially what Mike is referring to.  

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December 07, 2012, 01:16:28 PM
 #167

Half-measures == Half-reached goals.

When you want to buy something in a grocery store that does not accept bitcoin and does not even know what it is, what do your "full measures" consist of, exactly??   Forcing the marchand to accept your bitcoins anyway?  With a gun or something?

This is silly.   Bitcoin is about monetary freedom so if you like the idea you must accept that a lot of people will NOT know about your currency and/or will NOT accept it.   Hence it makes sense to have bridges between different currencies.   A bitcoin-friendly bank would be a very efficient way of accomplishing this.

In a grocery store I pay with dollars coz noone accepts bitcoins. In 20 years the situation will be the same. Because some guys made a bridge between dollars and bitcoins. Because they hid a wallet with coins in a bank vault and gave ppl paper money. Because they made Bitcoin an instrument to store wealth.


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December 07, 2012, 01:17:58 PM
 #168

The reason some people are querying that you allow US customers is FATCA. It isn't correct that you aren't subject to US regulations. Yes, obviously, in a reasonable and just world that would be the case, however the US is trying to change that as hard as possible as it appears that they are succeeding, FATCA implementation is proceeding at the moment - though it's not yet in force.

[...]

Dave, as you're the one exposed to this stuff, please make super sure you have fully researched this topic. The US will force you to follow its rules whether you like it or not and the French government will not save you - this is not a paranoid hypothetical but a phenomenon that is already happening. Your best bet is to do what all other financial institutions are doing and deny access to "US persons"  (citizens, residents and people who have held a green card in the last 10 years, iirc). This doesn't exempt you from FATCA but it minimizes the amount of paperwork and reporting to the IRS you'll have to do.
I hear you and that makes sense, I guess we'll find out.

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December 07, 2012, 01:23:27 PM
 #169

For me a bitcoin-friendly bank is an obstacle on the way to world-wide adoption, which would make life of a lot of people more comfortable.

It's not for you to decide what would make the life of other people more comfortable.   Bitcoin does need this kind of proselytism.

Do you know that there are a lot of people that know that bitcoin exists, and yet reject the idea and don't want to use it?  If one of this person happens to own a commerce, you might want to buy stuff from him anyway.   Thus you'll have to exchange some of your bitcoins against USD/EUR/Whatever.   And to do so  you might have to use the banking system.
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December 07, 2012, 01:44:32 PM
 #170

Congratulations because it must have been hard work, and it's quite an achievement.
It will be at worst very interesting, and at best very good for bitcoin adoption.

It's funny that you are partnering with CM, which is tightly tied to CIC.
Good luck !

Edit : you've been lucky to get this done 15 days before the end of the world (as we know it ?)

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December 07, 2012, 01:51:39 PM
 #171

In a grocery store I pay with dollars coz noone accepts bitcoins. In 20 years the situation will be the same. Because some guys made a bridge between dollars and bitcoins. Because they hid a wallet with coins in a bank vault and gave ppl paper money. Because they made Bitcoin an instrument to store wealth.

I don't mind at all if a merchant do not accept bitcoins.  It is, in the pure sense of the expression, his business.  It's just the same with gold.  I own most of my wealth in gold, yet I don't care if I can't buy anything directly in gold.  Most of the things I buy, I buy them with euros I freshly converted from a gold sell.   I only convert what I need when I need it, so I don't have to hold the silly money the merchant wants during too a long time.

Hell it's even great that merchants want me to pay them with crappy currencies.  Because they are so cheap!

With a bicoin-friendly bank, I could convert my real money (gold and bitcoins) into shitty money (USD, EUR) in an even faster, more efficient way.  What's not to like?

OK. I got ur point of view. For u a bitcoin-friendly bank is a handy tool to make ur life more comfortable. For me a bitcoin-friendly bank is an obstacle on the way to world-wide adoption, which would make life of a lot of people more comfortable. Let's return back to the original topic.
This is also a convenient way to buy bitcoins.
I guess you'll be able to manage two accounts (1 BTC, and 1 EUR which accepts bank wire) in a web interface, that allow you to buy BTC with your EUR (and vice-versa).

This is far more comfortable to buy bitcoins like that than existing solutions (bitcoin-otc, western union, etc).
Won't new people be attracted by that ?

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davout
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December 07, 2012, 01:52:39 PM
 #172

Edit : you've been lucky to get this done 15 days before the end of the world (as we know it ?)
Haha, it's not the end of the world.
It's the end of *a* world.

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December 07, 2012, 02:04:42 PM
 #173


I don't mind at all if a merchant do not accept bitcoins.  It is, in the pure sense of the expression, his business.  It's just the same with gold.  I own most of my wealth in gold, yet I don't care if I can't buy anything directly in gold.  Most of the things I buy, I buy them with euros I freshly converted from a gold sell.   I only convert what I need when I need it, so I don't have to hold the silly money the merchant wants during too a long time.

Hell it's even great that merchants want me to pay them with crappy currencies.  Because they are so cheap!

With a bicoin-friendly bank, I could convert my real money (gold and bitcoins) into shitty money (USD, EUR) in an even faster, more efficient way.  What's not to like?
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December 07, 2012, 02:18:41 PM
 #174

So now we have a Bitcoin friendly bank, which is exactly what every exchange and Bitcoin business wants (and all Bitcoin users except 1) - will other exchanges and your competitors be free to open business bank accounts with you? Will you support these businesses?
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December 07, 2012, 02:25:57 PM
 #175

So now we have a Bitcoin friendly bank, which is exactly what every exchange and Bitcoin business wants (and all Bitcoin users except 1) - will other exchanges and your competitors be free to open business bank accounts with you? Will you support these businesses?
What do you mean exactly ?

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December 07, 2012, 02:32:22 PM
 #176

This is absolutely gorgeous news!
Chapeau to all you already achieved, and best of success to all there will come!

What do you think about this:

a) I receive bitcoins on one of my account addresses
b) They are immediately and automatically converted to Eur
c) Those Eur are left in the account, or automatically transferred to another bankaccount every x days or once y Eur are accumulated

Basically the all-in-one hassle-free NGO Bitcoin donation program! :-)

Ente
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December 07, 2012, 02:33:46 PM
 #177

This is absolutely gorgeous news!
Chapeau to all you already achieved, and best of success to all there will come!

What do you think about this:

a) I receive bitcoins on one of my account addresses
b) They are immediately and automatically converted to Eur
c) Those Eur are left in the account, or automatically transferred to another bankaccount every x days or once y Eur are accumulated

Basically the all-in-one hassle-free NGO Bitcoin donation program! :-)

Ente
We thought about this one, thought about making it a standalone service, however days are only 24h long, so it'll have to wait a tiny little bit.

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December 07, 2012, 02:36:17 PM
 #178

So now we have a Bitcoin friendly bank, which is exactly what every exchange and Bitcoin business wants (and all Bitcoin users except 1) - will other exchanges and your competitors be free to open business bank accounts with you? Will you support these businesses?
What do you mean exactly ?

If I have a business idea and need a bank account, but my idea encroaches into the other bitcoin services you provide will you still be happy for me to use your banking services?
Could mt.gox open an account with you for banking services if they felt uncomfortable with their current banking arrangements?
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December 07, 2012, 02:42:04 PM
 #179

If I have a business idea and need a bank account, but my idea encroaches into the other bitcoin services you provide will you still be happy for me to use your banking services?
Could mt.gox open an account with you for banking services if they felt uncomfortable with their current banking arrangements?
mtgox could open an account with us, but not to store their user's funds. to store their own funds would be OK.

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December 07, 2012, 02:48:15 PM
 #180

If I have a business idea and need a bank account, but my idea encroaches into the other bitcoin services you provide will you still be happy for me to use your banking services?
Could mt.gox open an account with you for banking services if they felt uncomfortable with their current banking arrangements?
mtgox could open an account with us, but not to store their user's funds. to store their own funds would be OK.


Yes, I was thinking of you as purely a bank with specialist knowledge of Bitcoin - that would make you very attractive to a lot of businesses in the Bitcoin world as you have already done all the legal legwork.
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