Coinlab Bringing Bitcoin to Wall Street with MtGox Deal

[meebs]

chimminy christmas.. and here us coinlab miners were wondering if this company was going to do anything with that gpu compute thing and the pool...

then BAM! they're the new mtgox.

I'm excited about this though. buying/selling needs to be made a LOT easier for increased trading.

[evolve]

It's not bad business to wave off 2 in the bush for 1 in the hand, especially if you know you got your hands full!

You shouldn't own a business without first being prepared for success.

If you can't handle a business as the sole proprietor and employee, then hire people who can help handle the workload. If you are incapable of doing that, then you shouldn't be a business owner in the first place IMO.

[Zomdifros]

It's not bad business to wave off 2 in the bush for 1 in the hand, especially if you know you got your hands full!

You shouldn't own a business without first being prepared for success.

If you can't handle a business as the sole proprietor and employee, then hire people who can help handle the workload. If you are incapable of doing that, then you shouldn't be a business owner in the first place IMO.

Yes, but there is a difference between what people 'should' and 'ought' to do and the dreadful day-to-day reality where it may just happen that the right people aren't always in the right position. The market can fix that and it seems to have done so now.

[Melbustus]

It's not bad business to wave off 2 in the bush for 1 in the hand, especially if you know you got your hands full!

You shouldn't own a business without first being prepared for success.

If you can't handle a business as the sole proprietor and employee, then hire people who can help handle the workload. If you are incapable of doing that, then you shouldn't be a business owner in the first place IMO.

Oh, come on. Have a little perspective. Scaling is hard. This CoinLab deal is a pretty decent solution.

Even Larry and Sergei brought in a new CEO to handle Google's mega-growth phase. Smart business operators realize their own limitations and proactively seek solutions. I agree with Mike that that's what Karpeles did here.

[xcsler]

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.

At this point, how many coins does one need to be considered the new wealthy elite? 

[annette786]

The risk of a problem with MtGox has been the greatest risk in Bitcoin's recent rise to stardom, and this is a plausible (and exciting) fix for that.  

Nailed it!

Note though, I am coming from a perspective of understanding to some extent how business actually works, and not some pie in the sky fantasy of how MtGox should be some sort of anarchist stronghold waging some kind of cyber war with the big bad government and banks.  Those who are saying "this sucks, Bitcoin as we know it is ruined" ought to sell their coins now and get out while they are ahead!

I suspect most of them have already sold.

[notig]

I agree with casascius and I'd even go further.. I think this is amazing news.  At the same time I am kind of sad with all this good news floating in too soon....  before I could get as many coins as I wanted.

[Peter Lambert]

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

At this point, how many coins does one need to be considered the new wealthy elite? 

About 7.

[notig]

a pertinent post I saw on reddit:

From what I understand of how the international banking system works, whenever a foreign bank holds USD (i.e. mt.gox bank that you wire your USD to), what's actually happening is their bank has partner bank in the US that holds their USD for them. So it would already be possible to seize or prevent Mt.Gox from transacting in USD the way it's set up now. This move would just simplify the process for US customers as there would be no foreign intermediary bank involved.

[tvbcof]

At this point, how many coins does one need to be considered the new wealthy elite? 

I'd put the figure at whatever number can be mined in one day.  This is admittedly pretty arbitrary.

So if one has, say, around 1800 BTC now, they might be in the 'wealthy elite' category in a little under 4 years.  If they don't sell or lose them, or if the system does not collapse that is.

[QuestionAuthority]

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

At this point, how many coins does one need to be considered the new wealthy elite? 

About 7.

Unless you place them in Lambert Investment Funds on GLBSE. In that case you would need 507. 500 to throw away on a fucking worthless scam with 7 saved to be the wealthy elite.

I can’t believe people here don’t understand that Gox is already in U.S. held territory. They are in Japan after all! Here's a link to the Japanese government’s official website: http://www.usfj.mil/ 

LOL

[xcsler]

At this point, how many coins does one need to be considered the new wealthy elite? 

I'd put the figure at whatever number can be mined in one day.  This is admittedly pretty arbitrary.

So if one has, say, around 1800 BTC now, they might be in the 'wealthy elite' category in a little under 4 years.  If they don't sell or lose them, or if the system does not collapse that is.

I guess we have a new metric to measure one's wealth: "BTC Mine-days"

[jgarzik]

Just to highlight some text from http://coinlab.com/transition

Q. What if I don't want to be a CoinLab customer? Can I stay with Mt. Gox if I'm in the US or Canada?

A. We'll miss you, but you can always leave us. If you are in the US/Canada, you can't stick with Mt. Gox, though. Part of our agreement with Mt. Gox is super-strict about locale: Mt. Gox really wants to be 100% out of the US/Canada market.

Presumably that is because foreign regulatory hassles are significant, and having a US partner to handle that is greatly preferred by MtGox.

[Monster Tent]

[jimbobway]

I noticed tijan seale, former bitcoinica investor now is an investor at coinlab.

[tvbcof]

I noticed tijan seale, former bitcoinica investor now is an investor at coinlab.

The expression 'glutton for punishment' comes to mind.

Actually this is pretty promising if one hopes to use Coinlab because if there is one person who is going to be demanding due diligence with an eye toward spotting technically incompetent clowns it would probably be Tijan Seale.  After the Bitcoin Consultancy set of fiascoes and all that.

[No_2]

I agree with casascius and I'd even go further.. I think this is amazing news.  At the same time I am kind of sad with all this good news floating in too soon....  before I could get as many coins as I wanted.

+1

[No_2]

Bitcoin magazine states that the aim is to have customer's money moved to Silicon Valley Bank by March 22nd. The Coinlab official Transition Plan press release page states that they are aiming to provide services to customers on March 31st.

When US and Canadian citizens are able to do a direct bank transfer to buy Bitcoins I'm assuming this will remove a barrier to access and produce a requisite increase in the price of Bitcoin.

So my question is: what date will this capability come on-line for US and Canadian citizens? Please site sources if possible.

[Peter Lambert]

Bitcoin magazine states that the aim is to have customer's money moved to Silicon Valley Bank by March 22nd. The Coinlab official Transition Plan press release page states that they are aiming to provide services to customers on March 31st.

When US and Canadian citizens are able to do a direct bank transfer to buy Bitcoins I'm assuming this will remove a barrier to access and produce a requisite increase in the price of Bitcoin.

So my question is: what date will this capability come on-line for US and Canadian citizens? Please site sources if possible.

So instead of going Bank-->Dwolla-->MtGox-->Bitcoin, we in the US will be able to just go Bank-->MtGox-->Bitcoin?

[coinuser4000]

This is terrible news for alll the CAN and US people who want to avoid using banks altogether.

All I see lately is more and more moves toward centralization and regulation. I started with bitcoin because you could circumvent all this government oversight garbage.