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

[TheBible]

I honestly don't know what exactly is possible and what isn't. We'll be working with Aqoba, our lawyers and their lawyers to figure out exactly what is possible and what isn't.

Seems like you probably should have done more research before opening this thing up.  Of course, this kind of fly-by-the-seat-of-your-pants unprofessionalism is pretty typical of bitcoin by now.

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[mrvision]

Correct, don't care. They won't be doing business with me. And I'm not concerned about them controlling anything Bitcoin because I realize they can't. I've been reading threads about how authorities can attempt to control Bitcoin for over a year now. I assume at some point they will try, but I'm not concerned about it because I know they will fail. The cat is out of the bag.

So, if people want to work with the banks, who cares? This won't change how I use Bitcoin, or how Bitcoin works.

Why don't you drop the condescending remarks and converse like a gentleman? I don't know what you do in life, but constantly belittling your peers is no way to share your ideas. Maybe if you'd relax a bit, you would realize that I am no fan of banks or government either. How do you expect to spread knowledge about their abuses when you attack anyone that doesn't agree with you?

Also, since you are so passionate about the current banking system, let me ask you a question. Have you used fiat money in the past day? Week? Month? Year? You need to realize this isn't a race, it's a marathon. If services like this make Bitcoin accessible for more people, that is a win for freedom whether you realize it or not.

Holliday, I've been developing (with a friend) a site for 3 months; i think we'll finish in a year. Imagine 'they' seize our website. This isn't hard to imagine, after GBLSE. Do you think i will ever spend more than a year developing another bitcoin site? Will anyone do it? You're being naive thinking that there won't be consecuences, the cat is out of the bag, we all have the bigest dicks and so on... as I SAID, they cannot close the network, that's easy to understand... but they can go after the merchants and close their websites (or shops) where they sell goods and/or services.

By the way, bitcoin is fully accessible for almost everyone. It's open source and free. Anyone can start selling for bitcoins. This is not about you buying, but about EVERYBODY SELLING. Bitcoin is not yet mass-adopted ONLY because it's not READY. Do you really think that nike could start tomorrow running all the company with bitcoins? It's not because their providers won't accept bitcoins... but because the software to run a company is not ready (yet).

And this has nothing to do with any bitcoin bank, exchange or whatever, it is because of REALLITY.

Even if you say, ok then the shops can still work with fiat, and i can buy with bitcoins, so i will be able to convince more people. You are fooling your self.

If you go and explain to people that they can now buy stuff using bitcoins to people who don't. They will say, ok and why don't i use my fiat money like allways?

And by the way. If this was 'huge' then the price would have gone up. So this is my prediction: There's nothing disruptive in bitcoin central, so i don't expect it to be the gamechanger. Another exchange more, with diferent marketing and blessed by their masters. Ok.

[LightRider]

Because banks manipulate markets.

Unless you can provide some specific examples, that statement is about as relevant as "Because banks give you savings accounts." Banks can't manipulate things as deviously as many people think.

Seriously?

[Rassah]

Because banks manipulate markets.

Unless you can provide some specific examples, that statement is about as relevant as "Because banks give you savings accounts." Banks can't manipulate things as deviously as many people think.

Seriously?

Seriously. Well, they can seriously fuck things up and need bailouts. But they don't quite have the international power to manipulate prices and or affect economy the way Rob E seems to assume. They do try. Then we bail them out.

[becoin]

But they don't quite have the international power to manipulate prices and or affect economy the way Rob E seems to assume.

Banks do manipulate prices in unprecedented scale giving absolutely false signals to the real economy. This is why economic uncertainty for ordinary entrepreneurs is increasing. People claiming the opposite just don't know what they are talking about!

[LightRider]

Because banks manipulate markets.

Unless you can provide some specific examples, that statement is about as relevant as "Because banks give you savings accounts." Banks can't manipulate things as deviously as many people think.

Seriously?

Seriously. Well, they can seriously fuck things up and need bailouts. But they don't quite have the international power to manipulate prices and or affect economy the way Rob E seems to assume. They do try. Then we bail them out.

Did you miss the LIBOR news?

Have you not paid attention to the last 100 years of monetary policy?

On Topic: I will quote myself from an earlier episode of OMG SLEEPING WITH THE ENEMY news:

This is seriously awesome. I wonder how long the establishment will tolerate you leveraging their ancient and hard won infrastructure to beat them at their own corrupt game.

[MPOE-PR]

I can only let you imagine the catastrophic consequences of an unlicensed exchange being sued to bankruptcy by a state, a bank or some other party.

In this he has a good point. If a troublemaker were to take Tibane to court seriously, injuctions & all, MtGox would not be legally able to repay anything it holds for "customers". Those BTC/whatever would possibly be used to satisfy the claim of the plaintiff, leaving the MtGox average user as an unsecured creditor holding the empty bag.

[evoorhees]

Because banks manipulate markets.

Unless you can provide some specific examples, that statement is about as relevant as "Because banks give you savings accounts." Banks can't manipulate things as deviously as many people think.

Seriously?

Seriously. Well, they can seriously fuck things up and need bailouts. But they don't quite have the international power to manipulate prices and or affect economy the way Rob E seems to assume. They do try. Then we bail them out.

Did you miss the LIBOR news?

Have you not payed attention to the last 100 years of monetary policy?

On Topic: I will quote myself from an earlier episode of OMG SLEEPING WITH THE ENEMY news:

This is seriously awesome. I wonder how long the establishment will tolerate you leveraging their ancient and hard won infrastructure to beat them at their own corrupt game.

Rassah's not saying that banks don't manipulate markets. He's saying they are less able to manipulate markets than many people think, and I agree with him on this. Also, people need to be careful to distinguish between "manipulating markets" and "influencing markets".

[becoin]

Also, people need to be careful to distinguish between "manipulating markets" and "influencing markets".

Do you know what LIBOR is? Do you know how is it technically calculated by the panel of member banks? If a bank offers interbank deposits at a certain interest rate in effect only to other member banks this is not just "influencing markets" or "manipulating markets". This is rigging markets!

[matonis]

e-Gold's Doug Jackson complied w/all licensing and money business regulations until they suddenly changed the rules on him; now he sports an ankle bracelet.



Bullion and Bandits article here: http://www.wired.com/threatlevel/2009/06/e-gold/

[davout]

e-Gold's Doug Jackson complied w/all licensing and money business regulations until they suddenly changed the rules on him; now he sports an ankle bracelet.



Bullion and Bandits article here: http://www.wired.com/threatlevel/2009/06/e-gold/

Jon, please stop now

You know perfectly well that this is not going to happen since the state knows that this would mean instant, free and massive publicity for Bitcoin. Apple and oranges Jon, apples and oranges.

[Boussac]

e-Gold's Doug Jackson complied w/all licensing and money business regulations until they suddenly changed the rules on him; now he sports an ankle bracelet.



Bullion and Bandits article here: http://www.wired.com/threatlevel/2009/06/e-gold/

Jon, please stop now

You know perfectly well that this is not going to happen since the state knows that this would mean instant, free and massive publicity for Bitcoin. Apple and oranges Jon, apples and oranges.

I think davout got a point here: Doug jackson'ankle looks awfully like a single point of failure..

[evoorhees]

We've written a blog piece on this fascinating and controversial subject of bankhood...

This is generally a response to the controversy around Paymium's announcement, and more specifically Matonis' Forbes piece yesterday.

http://blog.bitinstant.com/blog/2012/12/10/the-controversy-of-bankhood.html

[minimalB]

Excellent!

[n8rwJeTt8TrrLKPa55eU]

We've written a blog piece on this fascinating and controversial subject of bankhood...

This is generally a response to the controversy around Paymium's announcement, and more specifically Matonis' Forbes piece yesterday.

http://blog.bitinstant.com/blog/2012/12/10/the-controversy-of-bankhood.html

Fantastic article.  Sums up all my thoughts on this topic, exactly.

No one will be forced to use BitcoinCentral.  Don't like it?  Don't use it.

[Rassah]

Did you miss the LIBOR news?

  Shit, forgot about that. Point taken, I was completely wrong.

[lucb1e]

And this has nothing to do with any bitcoin bank, exchange or whatever, it is because of REALLITY.

Once people start writing in full-caps and talk about "It's just reality", you've automatically lost the argument in my opinion, even disregarding the typo. Whether you are right or not, by saying it's "reality" you're grasping at empty air.

[Rob E]

 Re: http://blog.bitinstant.com/blog/2012/12/10/the-controversy-of-bankhood.html


WHAHAHAHAHA LOVE THIS ONE.. "how long would it take before the entire system was branded criminal (not that this would kill Bitcoin, but is it prudent to encourage such a destiny?"

You mean branded criminal by criminals themselves.. WhaHaHaa. Sure.  But hey now "licenced and approved by the " White shoe boy's " EEeehhh..!  Its all good now . capice? ? ..

We got a licence crom the white shoe boys and were all legit now.. Yeh !!

[SgtSpike]

Re: http://blog.bitinstant.com/blog/2012/12/10/the-controversy-of-bankhood.html


WHAHAHAHAHA LOVE THIS ONE.. "how long would it take before the entire system was branded criminal (not that this would kill Bitcoin, but is it prudent to encourage such a destiny?"

You mean branded criminal by criminals themselves.. WhaHaHaa. Sure.  But hey now "licenced and approved by the " White shoe boy's " EEeehhh..!  Its all good now . capice? ? ..

We got a licence crom the white shoe boys and were all legit now.. Yeh !!

Why is this guy's ignore button not bright orange by now?

[jgarzik]

Why is [Rob E's] ignore button not bright orange by now?

It's getting there   He only has 70 posts under his belt, so he's a new troll (or new sockpuppet).