Bitcoin-Central, first exchange licensed to operate with a bank. This is HUGE

[BitcoinSuite]

Really? Judging by bitcoincharts.com mtgoxUSD 30d volume of 844k to EUR's 96k, I would have guessed it was US based.

Really? Judging by Google Maps Tokyo's coordinates are 35° 41′22.22″N 139°41′30.12″E, I would have guessed it was Japan based.

Ummm....isn't bitcoin decentralized? I VAGUELY recall seeing it somewhere hmmmmmmmmm......

[gweedo]

Really? Judging by bitcoincharts.com mtgoxUSD 30d volume of 844k to EUR's 96k, I would have guessed it was US based.

Really? Judging by Google Maps Tokyo's coordinates are 35° 41′22.22″N 139°41′30.12″E, I would have guessed it was Japan based.

Ummm....isn't bitcoin decentralized? I VAGUELY recall seeing it somewhere hmmmmmmmmm......

Go learn about exchanges and how they work, bitcoin is decentralized, no here even knows what they are talking about.

[repentance]

We'll see when most large exchanges and >51% of the commercial miners "partner" with the banks and their government regulators in their respective countries.  Not only are they going to be "bought out", but there will be no way to prevent the banks and governments from changing the fundamental rules of the Bitcoin software, and making it into a p2p PayPal with their usual rules.

Nobody is required to use exchanges.  People appear to do so largely in the hope of making a profit - we saw people gravitate towards HYIPs when the price of Bitcoin was low and stable earlier in the year.

Within the Bitcoin ecosystem there are different factions with very different agendas - it is up to each faction to advance their own agenda.  What Bitcoin ultimately becomes will be determined in part by how people use it.  If the majority of people want to use Bitcoin as a p2p currency outside of the conventional financial system, then services which are substantially based on interacting with the conventional financial system will decline in both number and size.

If it looks like at the moment Bitcoin is replicating existing financial services/products "but with Bitcoin", then it's because people are demanding/using those services.

[Rob E]

I give it two months before there are real problems between Paysius and their fiat banking partners.  It won't be their fault, of course, but this will not last.

There's something seriously wrong with estalishing partnership with liquid dough fixing psychopaths . i held my tongue until at least someone who has some feeling put it in a just perspective . . i think .. I am absolutely blown a way i can not fully fathom or grasp what i'm feeling  .

[repentance]

I give it two months before there are real problems between Paysius and their fiat banking partners.  It won't be their fault, of course, but this will not last.

There's something seriously wrong with estalishing partnership with liquid dough fixing psychopaths . i held my tongue until at least someone who has some feeling put it in a just perspective . . i think .. I am absolutely blown a way i can not fully fathom or grasp what i'm feeling  .

If your fellow Bitcoin users were happy to simply use Bitcoin for transactions then there'd be no need for services which hold fiat funds on behalf of users and no need to mitigate against the loss of those fiat funds. 

[SgtSpike]

I give it two months before there are real problems between Paysius and their fiat banking partners.  It won't be their fault, of course, but this will not last.

There's something seriously wrong with estalishing partnership with liquid dough fixing psychopaths . i held my tongue until at least someone who has some feeling put it in a just perspective . . i think .. I am absolutely blown a way i can not fully fathom or grasp what i'm feeling  .

Liquid dough fixing psychopaths?  I am trying to figure out what that is a euphemism for... eccentric pretzel-makers, perhaps?

Regardless, why are you getting all worked up about this?  If you don't like the service, you don't have to use it.

[Rob E]

You mean I can actually buy Bitcoins now without it being a complete bitch to do?

No, I presume they will only sell bitcoins to customers that have gone through all the identity checks. This is a way to get easily get rid of all your bitcoins in your favourite shop, again once you have gone through all the identity checks.  Please correct me if I am wrong.

So the other side of the (bit)coin is that the banksters and the eurocrats will know how many bitcoins you have in there, how do you trade them (capital gains? repent!) and above all they will be enabled to lock your bitcoin-backed credit card if you end in some black list of them.
Thanks, but no thanks.
After all these efforts and complications to get out from the banksters' matrix, it is ironic to get back at square 1.

Ffs  somebody is fucking seeing it. I can't believe the amount of people who are as dumb as shit .. literally get the fuck out.

[Rob E]

I guess this was the great news of "Le monde" reporting on bitcoin. . my guess .. they'll turn it into a bubble up the value like face book ( or the countless of other scams) artificially inflate it's value milk it for all it's worth (your money) and then kill it collapse it . . they win. .

DONT ASK ME HOW . YOU THINK THAT A BANKING SYSTEM THAT IS INGINERING ECONOMI COLLAPSE  AND  is formulating slavery. . is gonna save " Bitcoin"  ..  My god doesn't  any body know about this ..

[Hexadecibel]

You mean I can actually buy Bitcoins now without it being a complete bitch to do?

No, I presume they will only sell bitcoins to customers that have gone through all the identity checks. This is a way to get easily get rid of all your bitcoins in your favourite shop, again once you have gone through all the identity checks.  Please correct me if I am wrong.

So the other side of the (bit)coin is that the banksters and the eurocrats will know how many bitcoins you have in there, how do you trade them (capital gains? repent!) and above all they will be enabled to lock your bitcoin-backed credit card if you end in some black list of them.
Thanks, but no thanks.
After all these efforts and complications to get out from the banksters' matrix, it is ironic to get back at square 1.

Ffs  somebody is fucking seeing it. I can't believe the amount of people who are as dumb as shit .. literally get the fuck out.

http://cdn2.sbnation.com/imported_assets/1151814/oh-noes-everybody-panic.gif

[Rob E]

Now wait, I thought one of the main points of Bitcoin was to get away from big centralized banks and federal regulation.  Of course, you guys have never been shy to call in the Feds to solve your problems, so I guess this latest display of hypocrisy should come as no surprise.

But hey, congratulations for discovering why all modern currencies use banks and government backed insurance.  And at what fine establishments can I use this bitcoin debit card?

Friend .^.

[stick_theman]

This will allow the premise of enforceable legal contracts.  A foundation for freedom.  Fantastic news.

[Rob E]

Integrate, integrate, integrate, and Bitcoin will succeed, because it is superior.

If I wanted to go out to dinner, or needed to go to the store for some groceries, where can I go that will accept this superior currencies debit card?

Anywhere debit cards are accepted.

But way to come out swinging before you understand what is being discussed.

But I'm still ultimately paying in cash. The bitcoins are just converted into real money by this bank. I've added this bitcoin middleman because...

It's a better store of value than fiat.

Is that why it is effectively backed by fiat?  Or why the only community to really embrace it is absolutely plagued by scams and baffling incompetence?

Back to the initial point, isn't part of the entire mythos of bitcoin getting away from federal regulation and banks?  If you are just going to have your bitcoins processed through a bank that then converts them to fiat money, you are just taking a worthless middle step.  

You're still paying in fiat money, this is not a win for bitcoin, just a confirmation that for anyone to take it seriously, you have to back it with the very fiat money you are trying to overthrow.

JESUS FUCKING ChrIst someone talking sense.

[Rob E]

Oh my God are there 80% lunatics on here .. i see hundreds of people cheering and 2 3 4 5 people speaking out .  it's like an obama election .

[SgtSpike]

Oh my God are there 80% lunatics on here .. i see hundreds of people cheering and 2 3 4 5 people speaking out .  it's like an obama election .

It's ok... you're making up for it in double-postings.

Let me ask you this:  Is it wrong for people to trade Bitcoins for goods and services?
Let me further ask you this:  Is money (yes, even fiat) not a representation of goods sold and services performed?
And to take it further:  Is it wrong for people to trade Bitcoins for fiat currency?
And another step:  How are people supposed to EASILY trade Bitcoins for fiat currency without using fiat currency's existing infrastructure?
Still going:  How can it be a bad thing to make Bitcoins easier for people to get their hands on?

That is all.

[Monster Tent]

I don't understand people who dismiss this news.

Half-measures == Half-reached goals.

To get anywhere, you have to get halfway there first. Unless you're a quantum particle I suppose

Do you really support bitcoin users getting bailed out by taxpayers if bitcoin-central fails in the marketplace ?

This is abhorrent.

[Hexadecibel]

Oh my God are there 80% lunatics on here .. i see hundreds of people cheering and 2 3 4 5 people speaking out .  it's like an obama election .

It's ok... you're making up for it in double-postings.

Let me ask you this:  Is it wrong for people to trade Bitcoins for goods and services?
Let me further ask you this:  Is money (yes, even fiat) not a representation of goods sold and services performed?
And to take it further:  Is it wrong for people to trade Bitcoins for fiat currency?
And another step:  How are people supposed to EASILY trade Bitcoins for fiat currency without using fiat currency's existing infrastructure?
Still going:  How can it be a bad thing to make Bitcoins easier for people to get their hands on?

That is all.

Don't worry, he's just trolling.

[franky1]

reading through it all and i have come to the conclusion that the scenario is much like anyone setting up a prepaid debit card system. where the company own a corporate card and have their own personalised design cards for their clients to have their very own numbers to use that is recognised at banks and ATM's etc

if someone wanted to buy bitcoins, the FIAT funds will come out of clients card to the corporate card which in this case is bitcoin central's. who then on receipt of "funds sent confirmation" by an API callback from the PSP server to bitcoin centrals server. bitcoincentral would pass bitcoins from bitcoin-centrals wallet to the clients wallet on the bitcoincentral server.

the fiat funds are on the bank server, the bitcoin funds are on the bitcoincentral server.. all talking to each other by API calls.

the french banks are not regulating bitcoin, do not control bitcoin and pretty much do not care about bitcoin. all they care about is the fiat side. ensuring amounts and volume of FIAT do not exceed AML/KYC regulations and if they do they have enough personal information about the people to investigate, oh and not forgetting the names on the accounts are not on government watchlists.

bitcoincentral will basically just ensure amounts never exceed the limits and ensure the same house address does not open several accounts to counter the limits.

if bitcoincentral ran off.. the fiat funds that people paid into the corporate account would be reversed.because they are held in credit mutuel accounts but the bitcoins would be lost. as they wont be on the PSP's server. bit bitcoincentrals servers

so dont be afraid folks. the government aint moving in. the only thing that counts is if bitcoin central (quoted as 2 months) will have actual bank account numbers and debit cards.. but will bitinstant have them sooner??

we do not know what stage of negotiations bitinstant is with their PSP to know exactly who came first. but just like the ASIC wars.. its going to be busy couple of months for the who's first to get an bitcoin->ATM card to market.

bitinstant for the US market and merchants and bitcoincentral for the european market. let the mass expansion into merchant shops begin....... in 2 months  

[justusranvier]

I can kind of see the reasoning for pursuing the "legal" (violence backed) recognition in hopes of making Bitcoin seem more appealing to the majority of sheeple , but at the same time you are giving legitimacy to the very criminals who want to have people thrown in jail for suggesting money be provided by the free market

The criminals and the cartels they operate shouldn't have the power they have, but there's nothing we can do about it. The reality of the situation is that we don't live in a voluntary society, and sometimes dealing with the state on its terms is an unfortunate necessity.

Merely using government provided (and mandated) services by itself does not constitute an endorsement of the state in the same way a prisoner does not endorse the criminal justice system merely be eating food provided by the jailer.

[Rob E]

Cripes that was real helpful.  Bitcoin is the currency of the freedom fighters the ones who want to create a better world it doesn't belong to those who want to make a buck who want to suck up to bankers of the established system making deals . . so they can join in on profits onbeknownst  to them. They belong to free spirits trying to create a new world a new financial system understanding .. that the core destruction aswell  financialy mentally and socially is caused by the current banking system that aims  on a global system hopes; expects  we  people bow down to.

[Rob E]

If you want money join this cause  . if you want freedom .
Dont .  one can survive without money .  but one cannot survive being a slave. . at least i cant  .

wel i don't know what authorities re gonna be knocking on my door soon i suggest everyone speak up . that way it could be overwhelming. And the people can have a common voice . And the people can be in charge . like a democracy .