Coinlab Bringing Bitcoin to Wall Street with MtGox Deal

[notig]

http://bitcoinmagazine.com/coinlab-bringing-bitcoin-to-wall-street-with-mtgox-deal

 

The safeguards they have set up is a move to drive more U.S. volume in Bitcoins along with paving a way for institutional investors and high net-worth individuals to buy and hold large amounts of the digital currency.

[Zomdifros]

Amazing, this could be the best thing ever. Congrats Coinlab!

[cypherdoc]

I wonder what matonis will say about this?

[Piper67]

Wow. Nice going! I wonder how the bears will spin this into a negative. 

[jimbobway]

Wow. Nice going! I wonder how the bears will spin this into a negative. 

Not a bear but this means more regulation.  Buy or sell on mt gox from the u.s. and everything will be reported to the irs.

[cypherdoc]

Wow. Nice going! I wonder how the bears will spin this into a negative. 

Not a bear but this means more regulation.  Buy or sell on mt gox from the u.s. and everything will be reported to the irs.

thats what i was thinking.  i wonder if one could still buy directly from mtgox as a US citizen?

and i suppose one could still buy from an intl exchange.

[str4wm4n]

[casascius]

Wow. Nice going! I wonder how the bears will spin this into a negative. 

Not a bear but this means more regulation.  Buy or sell on mt gox from the u.s. and everything will be reported to the irs.

THe way I see it, there are now, and always will be, too many good ways to get in and out of bitcoin besides MtGox for this to be a problem.

I want there to be a "we report to IRS" official way to get bitcoins, because then there will be someone to fill the role of being an exchange viewed as legitimate, to fulfill the need of providing liquidity and helping the market accurately reflect a market price.  MtGox's current shortcomings (understaffed, no audit, sometimes arbitrary delays and actions with your money, worry about whether they might have assets seized) have a negative effect on the bitcoin economy, we would all benefit for these issues to be resolved, and that can only happen by playing by the rules.

[Piper67]

Wow. Nice going! I wonder how the bears will spin this into a negative. 

Not a bear but this means more regulation.  Buy or sell on mt gox from the u.s. and everything will be reported to the irs.

THe way I see it, there are now, and always will be, too many good ways to get in and out of bitcoin besides MtGox for this to be a problem.

I want there to be a "we report to IRS" official way to get bitcoins, because then there will be someone to fill the role of being an exchange viewed as legitimate, to fulfill the need of providing liquidity and helping the market accurately reflect a market price.  MtGox's current shortcomings (understaffed, no audit, sometimes arbitrary delays and actions with your money, worry about whether they might have assets seized) have a negative effect on the bitcoin economy, we would all benefit for these issues to be resolved, and that can only happen by playing by the rules.

Precisely. If you want to buy or sell bitcoins without anyone else's involvement, try localbitcoins or one of the other exchanges. There are many ways to do it. Anything that makes the process of buying and selling more fluid for the overwhelming majority of US residents can only be a good thing. If it then goes a step further and institutes for Bitcoin the same insurance fail-safes of the regular banking industry (with or without a formal connection to a given bank), even better.

Regulation, when it comes to Bitcoin, will always be an option, not an obligatory quality.

[Zomdifros]

Regulation, when it comes to Bitcoin, will always be an option, not an obligatory quality.

Complying with the law and paying taxes makes sure that there is absolutely no legal ground for any western government to ban Bitcoin. No government would be able to bring the network down of course, but any ban would hurt businesses using Bitcoin significantly.

I can imagine a future where Bitcoin is seamlessly integrated in the existing banking world, with ordinary consumers hardly noticing the difference yet without ever having to worry about inflation. Only the early bitcoiners would still access the blockchain directly.

I am pretty confident we are the new wealthy elite, gentlemen.

[dacoinminster]

Wonderful, but where's my bitcoin ETF?

So frustrating to have money in my 401k, but nothing I can buy there to invest in bitcoin growth. Even a penny stock investing in bitcoin would make me happy. Right now the number of ticker options for exposing a normal trading portfolio to bitcoin is: zero.

[Zomdifros]

Wonderful, but where's my bitcoin ETF?

So frustrating to have money in my 401k, but nothing I can buy there to invest in bitcoin growth. Even a penny stock investing in bitcoin would make me happy. Right now the number of ticker options for exposing a normal trading portfolio to bitcoin is: zero.

Together with Google Wallet accepting Bitcoin, having a Bitcoin ETF would be the greatest step forward for our beloved currency.

[Nemesis]

Wow. Nice going! I wonder how the bears will spin this into a negative. 

Not a bear but this means more regulation.  Buy or sell on mt gox from the u.s. and everything will be reported to the irs.

thats what i was thinking.  i wonder if one could still buy directly from mtgox as a US citizen?

and i suppose one could still buy from an intl exchange.

I wonder how they handle this.

Many USD fund acct are not from US or Canada.

[markm]

I wonder if it means MtGox is going to sell people's identity information to Coinlab.

-MarkM-

[Rygon]

Wow. Nice going! I wonder how the bears will spin this into a negative. 

The part about adding a way to short bitcoin should make the bears happy.

Perhaps it'll be a "futures" exchange where bitcoin can be traded between parties that don't have any physical coins, lol. TPTB would love to have that, I'm sure!

[Anth0n]

Doesn't sound like anything is official yet. Mt. Gox has not commented on this deal.

[The Fool]

Doesn't sound like anything is official yet. Mt. Gox has not commented on this deal.

Mt. Gox hasn't even fixed the typo in its Google description yet. I don't think a comment will be expected. Their PR is a mess.

[jwzguy]

Doesn't sound like anything is official yet. Mt. Gox has not commented on this deal.

Mt. Gox hasn't even fixed the typo in its Google description yet. I don't think a comment will be expected. Their PR is a mess.

LOL. You'd think with the amount of business they are doing, they'd run a tighter ship.

This announcement sounds like really good news, for all of us. Hopefully it will address a lot of the problems I've seen with mtgox, at least for US customers. If the 80% figure is accurate, that may help the rest of their userbase out as well, as the customer service issues should be cut by ~80% for the mtgox HQ.

[Luno]

Just finished reading the article a third time and besides being clear cut in the "good news" category, this is also a very sad day for Bitcoin.

For those of you wanting a return on your time and money invested in Bitcoin fine, you've just got it.

For those of you wanting Bitcoin to be decentralized and out of the control of international banking, this is the end!

1. Having an entity clearing all transactions in and out of Bitcoins for all Americans should make you wonder. The excuse of saving a few percent in bank transactions fees, should make you outright scream!

If you for a second let yourself allure into thinking that this is paving the way for Bitcoin adoptation and still preserving all it's strengths, you have not really understood what this is all about, and you could as well have invested in any other startup. Bitcoin is turning green, and I'm not talking about the lower power usage of ASIC miners, It's becoming the new Dollar, it is on the course to nationalisation of the worst possible kind.

2. Having a single business or a few, legally handling Bitcoin bank transfers in the US gives total government control of Bitcoin for all Americans.
I can't really understand that this forum where a lot of people would love to have less government control in general don't see the dangers of this.

3. Future Bitcoin users will conceive Bitcoin as an American legal alternative currency or asset and not as an international unregulated censor free internet cash payment system.

4. If Coinlab get's in trouble, do they get government backing or bailouts?

5. If a central entity handles money in and out of Bitcoin, how would that, with the help of marketing, not promote such an entity as the authority of Bitcoin?

Wake up, this is not the future you want for your children.

[Bitobsessed]

This could be a good thing or a bad thing depending on how it plays out.  But what I have found about Bitcoin is that if it tries to be controlled by a central authority or government through a certain exchange, the core principal of Bitcoin will win.  Its decentralized and people using it will do what they have to do to avoid centralization.  That exchange will fall flat on its face...