So , Gemini exchange was a failure ?

[OmegaStarScream]

I thought it would be something big but since they opened , I didn't read anything about them honestly ? was the launch a failure ?
I'm not sure how the twins could own 1% of the bitcoins out there and not have a good exchange .

[Boosterious]

I thought it would be something big but since they opened , I didn't read anything about them honestly ? was the launch a failure ?
I'm not sure how the twins could own 1% of the bitcoins out there and not have a good exchange .

yeah,thanks for remind us about gemini,on promotions they have strong dev and good plan to be better exchange than everr,but yes maybe gemini exchange was failure because i'm also dont see any opening and now what's the official site of that exchange?

[countryfree]

Why do you think it's a failure? The fact that we don't have any press release explaining that the company is making millions doesn't prove it has failed. Let just says that there are many exchanges out there, and that Gemini isn't different enough from the others, besides its rich backers.
You may also look at BTC as a whole which remains far from its $1,000 record of 2014.

[The Sceptical Chymist]

Yeah but I would definitely expect some sort of hype around it.  Do they really own 1% of all bitcoin?

I haven't heard anything about Gemini in months.  A year, maybe.

[tuvok007]

With them your bitcoins are safely stored in the atmosphere https://gemini.com/

[thretolium]

Why do you think it's a failure? The fact that we don't have any press release explaining that the company is making millions doesn't prove it has failed. Let just says that there are many exchanges out there, and that Gemini isn't different enough from the others, besides its rich backers.
You may also look at BTC as a whole which remains far from its $1,000 record of 2014.

I think it's a huge success. Now if their bitcoin ETF is half as successful...

[Slowturtleinc]

Seems to be a company looking to get every duck in a row before they step into the advertising aspect and they are a group that can actually afford this process,unlike a lot of other exchanges that need to be up and running out the gate right away or die.

[broseph]

If I remember correctly, their volume was slowly growing and one day somebody fat fingered a sell order at really really low prices, others had some buy orders ready to scoop up the super cheap bitcoins and thought they had made a killer deal.  Somebody sent a message to the admins of the site and they reversed the transaction!  Obviously this scared off everyone and now very few people want to use it.

[Jordan23]

If I remember correctly, their volume was slowly growing and one day somebody fat fingered a sell order at really really low prices, others had some buy orders ready to scoop up the super cheap bitcoins and thought they had made a killer deal.  Somebody sent a message to the admins of the site and they reversed the transaction!  Obviously this scared off everyone and now very few people want to use it.

This is why Ill never put $1 of my money there. I emailed them and let them know too when this happened. Unacceptable. Probably a media stunt.

[alyssa85]

If I remember correctly, their volume was slowly growing and one day somebody fat fingered a sell order at really really low prices, others had some buy orders ready to scoop up the super cheap bitcoins and thought they had made a killer deal.  Somebody sent a message to the admins of the site and they reversed the transaction!  Obviously this scared off everyone and now very few people want to use it.

This. It started off successful but the fat-fingered client got his trades reversed, and the counterparties lost money and exited the exchange.

[magemist]

I never use them so they were not in the news recently so yes they were a failure to me.

[Jushe]

I wouldn't go so far to say they were a failure but I would say that they did not live up to their hype.

[Hazir]

I don't think that 'failure' is a good word which can be used to describe Gemini. In this case I'd rather say that lack of news is a good news.
Gemini is first fully regulated and normalized exchange  - that is a huge success in NY, where they had to met all requirements of BitLicense - how that is not a success?

[The Sceptical Chymist]

If I remember correctly, their volume was slowly growing and one day somebody fat fingered a sell order at really really low prices, others had some buy orders ready to scoop up the super cheap bitcoins and thought they had made a killer deal.  Somebody sent a message to the admins of the site and they reversed the transaction!  Obviously this scared off everyone and now very few people want to use it.

This. It started off successful but the fat-fingered client got his trades reversed, and the counterparties lost money and exited the exchange.

That's totally a shitty thing to do, and it's crap like that that tarnishes bitcoin's reputation--as unjust as that is.  I'll have to read more about this.  No wonder I haven't heard anything about them in so long.

Edit:  Thanks for the links, Alyssa.

[alyssa85]

If I remember correctly, their volume was slowly growing and one day somebody fat fingered a sell order at really really low prices, others had some buy orders ready to scoop up the super cheap bitcoins and thought they had made a killer deal.  Somebody sent a message to the admins of the site and they reversed the transaction!  Obviously this scared off everyone and now very few people want to use it.

This. It started off successful but the fat-fingered client got his trades reversed, and the counterparties lost money and exited the exchange.

That's totally a shitty thing to do, and it's crap like that that tarnishes bitcoin's reputation--as unjust as that is.  I'll have to read more about this.  

Here you go:

https://www.reddit.com/r/Bitcoin/comments/3ss945/just_got_this_email_from_gemini_about_the_2200/

https://www.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/

There's 192 comments on the first thread and 132 on the second...

[gentlemand]

I assume you can only use it in certain US states, not from abroad. Also there's no margin trading. People don't give enough of a shit about legitimacy when there's fake coins to bet on elsewhere.

[7788bitcoin]

I think everyone has a high expectation for the twins and their exchanges. They are rather quiet recently- are they up to some surprises? Hope they are still working on something that will promote bitcoin mainstream adoption.

[gentlemand]

I'd be very interested to know what their time frames are. They must be burning a mountain of money and at some point you have to cut your losses if it's not happening.

[mayax]

It's very, very expensive to maintain  a financial license. You need a lot of money monthly for salaries,accountant, due diligence shit, taxes, compliance, rent, lobby expenses, advertising and many, many other things.
It's a legit business and the legit businesses in the financial field are costing A LOT

Coinbase is doing the same. They have licences in almost all USA...much more expensive than Gemini. . IMO, they will go bankrupt if nobody will pump money in them(no stupids to "invest" in a black hole from where they will never see any money back).

The exchangers who have financial license cannot survive from exchanges. The fees are too low to cover everything. I don't say about any profit because it doesn't exist.

I think Coinbase is burning at least 200K-300K per month only to keep the business as it is. Gemini a little bit lower.

It's so funny. I am looking to Coindesk.com and other similar websites.They are promoting the financial licenses and the regulation even these things mean the end of Bitcoin as it is.

BTC with financial licensed exchangers will not exist anymore because it was not made for such things.
Regulation means the exchangers will be forced to ask you a lot of papers(as the banks do).

Then, why would someone still use BTC when you can trade/speculate gold/FX in the same conditions and with giant brokers and not with Bitstamp shit, Coinbase shit or Gemini crap?!

More than that, you have the peace of the mind that nobody will steal your "commodity" as it can happen with Bitcoin

[alyssa85]

It's very, very expensive to maintain  a financial license. You need a lot of money monthly for salaries,accountant, due diligence shit, taxes, compliance, rent, lobby expenses, advertising and many, many other things.
It's a legit business and the legit businesses in the financial field are costing A LOT

Coinbase is doing the same. They have licences in almost all USA...much more expensive than Gemini. . IMO, they will go bankrupt if nobody will pump money in them(no stupids to "invest" in a black hole from where they will never see any money back).

You need massive volume to make it work. Which is why Coinbase is so upset about the blocksize limits - they cap the amount BTC is used and are therefore a threat to their business model.