Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[Pale Phoenix]

Shopify is effectively acting as an exchange. Are they FINCEN compliant? If not, only a matter of time before they get shut down.

*edit*

and bitpay was also acting as an exchange, which is probably related to their recent shutting down.

Bitpay shut down ?

In the process of doing so, within 4 weeks. Lots of posts about this. Bitpay is silent on the matter. But im sure eventually it will come out they were acting as an exchange without registering. READ THE FUCKING FINCEN GUIDENCE DOC!

I have read it and obtained legal counsel on the matter. You are incorrect but keep spreading misinformation if it suits your agenda.

SO have I. The key that everyone is missing is the word "BUSINESS". Pretty much anybody who is running a business must register. If you are exchanging bitcoin for a single good at arms length, then you are correct that no fincen reg is required.

Then you have terrible attorneys. Point them toward the payment processor exemption in 31 CFR § 1010.100(ff)(5), or have them get a guidance letter like the rest of the serious business people in this space.

Bitpay is registered with FinCen, by the way... I just looked it up. Go to http://www.fincen.gov/financial_institutions/msb/msbstateselector.html and type Bitpay in the legal name field.

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[Walsoraj]

Registration is the first step. Doesn't necessarily mean compliance.

[Pale Phoenix]

don't pay attention he's been singing that "compliance" song ever since... nothing but fear mongering bear desperately waiting for cheap coins...

Shopify is effectively acting as an exchange. Are they FINCEN compliant? If not, only a matter of time before they get shut down.

*edit*

and bitpay was also acting as an exchange, which is probably related to their recent shutting down.

Utter nonsense. You obviously don't know the first thing about FinCen regulations. Processing for the sale of goods is not a money transmission activity.

Also, Bitpay has not shut down. Wow.

Yeah, I figured as much.

Anyway, for the genuinely curious, here is Bitpay's response to FinCen related questions:

http://blog.bitpay.com/2013/03/how-fincen-guidelines-affect-bitpay.html

[gambitv]

Shopify is effectively acting as an exchange. Are they FINCEN compliant? If not, only a matter of time before they get shut down.

*edit*

and bitpay was also acting as an exchange, which is probably related to their recent shutting down.

Utter nonsense. You obviously don't know the first thing about FinCen regulations. Processing for the sale of goods is not a money transmission activity.

Also, Bitpay has not shut down. Wow.

I believe it is https://www.bitmit.net/en/hotauctions that is closing down.

This is on the top of that page.
Bitmit is closing
Bitmit is shutting down its services in two weeks. Please complete your orders and withdraw your funds asap!

2013 November 6th

[ChartBuddy]

[Walsoraj]

bitmit = bitpay as far as i am concerned.

[justusranvier]

bitmit = bitpay as far as i am concerned.

Probably that's why your Ignore tag has that color.

[r3animation]

bitmit = bitpay as far as i am concerned.

How are they related?

[molecular]

Really don't know what to make of it myself. Been holding fiat since $152. I really can't compare the April crash as I wasn't active during it, but can anyone else who was give opinion? Was the recovery as quick and strong when the price dropped ~£40 during mini dumps etc? I just can't see how this current price could be reversed hard as there is so much money waiting to purchase on every dip.....

Yes everyone is in a hypnosis thinking this way because there aren't any real sellers. Every sell right now (1,000 coins etc) is child's play. During a real crash, about 1,000,000BTC hit the market.

I think he was talking about the corrections during the runup in feb / march, not the april crash. As I remember these corrections were about equally quickly recovered from.

However if you want to know for sure, TERA, you can check it yourself by entering custom timeframes on bitcoincharts.com

[Nemesis]

why do you keep quoting him. God damn it, let him talk to himself because most ppl here ignored him.

[mb300sd]

I think the biggest difference this time it new people coming in... I've had people who have never considered bitcoin, and never traded stocks before asking me how to buy, and its so easy now to just direct them to coinbase.com instead of explaining exchanges and wire transfers to them.

[Walsoraj]

bitmit = bitpay as far as i am concerned.

Probably that's why your Ignore tag has that color.

This is a possibility.

[hlynur]

I think the biggest difference this time it new people coming in... I've had people who have never considered bitcoin, and never traded stocks before asking me how to buy, and its so easy now to just direct them to coinbase.com instead of explaining exchanges and wire transfers to them.

+1

compared to half a year ago a lot of people i talk to have at least read about bitcoin now, saw the positive media coverage and even kind of got the rough fundamentals (being no ponzi scheme).
service providers had to catch up since april and now we have the breeding grounds to take the next step for more adaption.
let's hope transformation will be a bit smoother this time...(doesn't look like it though atm)

feels good to see btc's heartbeat pumping a bit faster.

[Sitarow]

[ChartBuddy]

[BitChick]

I think the biggest difference this time it new people coming in... I've had people who have never considered bitcoin, and never traded stocks before asking me how to buy, and its so easy now to just direct them to coinbase.com instead of explaining exchanges and wire transfers to them.

Yes.  Same here!  I had told a few friends in the spring but we were using Bitfloor and it was tricky getting money into, not to mention the site did not even last (unfortunately because I really liked the trading platform there!)  None of my friends signed up then. Now Coinbase is so much better and self-explanatory and one of my friends was over at my house last night just getting signed up and getting more information. She has more money than I do to invest so even at this higher price she should get a nice little stash when she finally is able to buy.  Of course, at this rate it will be $400 when her account is activated!  I would feel bad about that but I told her she should really buy when it wasn't even $200 yet but she did not act fast enough.  I guess seeing the price rise so fast is an incentive to get involved.

[Syke]

*spewing crap*

Probably that's why your Ignore tag has that color.

No kidding.

/ignore +1

[molecular]

*spewing crap*

Probably that's why your Ignore tag has that color.

No kidding.

/ignore +1

seems his insanity level is proportional to price

[derpinheimer]

I think the biggest difference this time it new people coming in... I've had people who have never considered bitcoin, and never traded stocks before asking me how to buy, and its so easy now to just direct them to coinbase.com instead of explaining exchanges and wire transfers to them.

Yes.  Same here!  I had told a few friends in the spring but we were using Bitfloor and it was tricky getting money into, not to mention the site did not even last (unfortunately because I really liked the trading platform there!)  None of my friends signed up then. Now Coinbase is so much better and self-explanatory and one of my friends was over at my house last night just getting signed up and getting more information. She has more money than I do to invest so even at this higher price she should get a nice little stash when she finally is able to buy.  Of course, at this rate it will be $400 when her account is activated!  I would feel bad about that but I told her she should really buy when it wasn't even $200 yet but she did not act fast enough.  I guess seeing the price rise so fast is an incentive to get involved.

This is true, when I told people about bitcoin in April few were interested. Now that I've come back and told them its hitting ATHs again, I've had 3 people ask, "Well, where do I buy them?"

TBH though, I'm not sure thats a big deal. Its good, but not sure "how good" if that makes sense.

[the_sunship]

I think the biggest difference this time it new people coming in... I've had people who have never considered bitcoin, and never traded stocks before asking me how to buy, and its so easy now to just direct them to coinbase.com instead of explaining exchanges and wire transfers to them.

Yes.  Same here!  I had told a few friends in the spring but we were using Bitfloor and it was tricky getting money into, not to mention the site did not even last (unfortunately because I really liked the trading platform there!)  None of my friends signed up then. Now Coinbase is so much better and self-explanatory and one of my friends was over at my house last night just getting signed up and getting more information. She has more money than I do to invest so even at this higher price she should get a nice little stash when she finally is able to buy.  Of course, at this rate it will be $400 when her account is activated!  I would feel bad about that but I told her she should really buy when it wasn't even $200 yet but she did not act fast enough.  I guess seeing the price rise so fast is an incentive to get involved.

someone I know sold a violin for 30K and I told him - buy bitcoins ASAP, and he laughed. That was when they were at the SR rebound - $120 or so. Oh well, I've certainly made mistakes with trading, but never again will i underestimate the power of this coin...