CoinLab should move on and create a new US Market

[CompNsci]

Hopefully Coinlab will move on and create a new U.S. market, rather than trying to quickly turn a $500k VC investment into $50M of stipulated damages.

Why on earth are they still directing people to Mt. Gox to trade?

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[RodeoX]

I think your right. I would like to give my business to a legal U.S. company. I suppose taking MtGox's U.S. orders would have given them a revenue stream from opening day. But just opening their own exchange could bring in customers very quickly. This economy is itching for a licensed and bonded/insured money transmitter to explode onto the market.   

[cypherdoc]

Coinlab hasn't accomplished a single thing yet in the bitcoin community except jump around to multiple projects none of which has born fruit.

[Stampbit]

We already have one US exchangers no one seems to be using - campbx.com (1% volume of gox).

[kokojie]

We already have one US exchangers no one seems to be using - campbx.com (1% volume of gox).

Problem is who knows when it will pull a "bitfloor" or ZhouTonged when it gains popularity, I would put money at a company that has VC support (coinbase, coinlab). They are less likely to have their bank account banned for playing exchange as a teenager, or get hacked due to lack of technical expertise.

[RodeoX]

We already have one US exchangers no one seems to be using - campbx.com (1% volume of gox).

Problem is who knows when it will pull a "bitfloor" or ZhouTonged when it gains popularity, I would put money at a company that has VC support (coinbase, coinlab). They are less likely to have their bank account banned for playing exchange as a teenager, or get hacked due to lack of technical expertise.

Agreed. For me  a legitimate exchange must be insured or bonded and be licensed as a money transmitter. FinCen has already stated that exchanges are going to need this. Any new startups that think they can avoid such regulation are not going to survive.

[proudhon]

We already have one US exchangers no one seems to be using - campbx.com (1% volume of gox).

Problem is who knows when it will pull a "bitfloor" or ZhouTonged when it gains popularity, I would put money at a company that has VC support (coinbase, coinlab). They are less likely to have their bank account banned for playing exchange as a teenager, or get hacked due to lack of technical expertise.

Agreed. For me  a legitimate exchange must be insured or bonded and be licensed as a money transmitter. FinCen has already stated that exchanges are going to need this. Any new startups that think they can avoid such regulation are not going to survive.

And this is exactly why VC interest is more relevant and important than ever.  The startup costs of a bitcoin exchange in the US have significantly increased.

[acoindr]

We already have one US exchangers no one seems to be using - campbx.com (1% volume of gox).

Problem is who knows when it will pull a "bitfloor" or ZhouTonged when it gains popularity, I would put money at a company that has VC support (coinbase, coinlab). They are less likely to have their bank account banned for playing exchange as a teenager, or get hacked due to lack of technical expertise.

Agreed. For me  a legitimate exchange must be insured or bonded and be licensed as a money transmitter. FinCen has already stated that exchanges are going to need this. Any new startups that think they can avoid such regulation are not going to survive.

It sucks to see guys who deserve credit get none.

CampBX.com is one of the only exchanges to never be hacked, as far as I know. They made security part of their image from day 1. They seem to be the epitome of responsibility and honesty. They have been around now for what well over a year? Without a single incident.

As for regulation the FinCEN guidance is taking the entire Bitcoin community a while to digest, at least those based out of the US.

[RodeoX]

We already have one US exchangers no one seems to be using - campbx.com (1% volume of gox).

Problem is who knows when it will pull a "bitfloor" or ZhouTonged when it gains popularity, I would put money at a company that has VC support (coinbase, coinlab). They are less likely to have their bank account banned for playing exchange as a teenager, or get hacked due to lack of technical expertise.

Agreed. For me  a legitimate exchange must be insured or bonded and be licensed as a money transmitter. FinCen has already stated that exchanges are going to need this. Any new startups that think they can avoid such regulation are not going to survive.

It sucks to see guys who deserve credit get none.

CampBX.com is one of the only exchanges to never be hacked, as far as I know. They made security part of their image from day 1. They seem to be the epitome of responsibility and honesty? They have been around now for what over a year? Without a single incident.

As for regulation the FinCEN guidance is taking the entire Bitcoin community a while to digest, at least those based out of the US.

It's true that I had forgotten about CampBX. I will have to take another look at them. Hopefully they are working on becoming a transmitter.

Oh, and +1 to Proudhorn's comment.

[mindtomatter]

Hopefully Coinlab will move on and create a new U.S. market, rather than trying to quickly turn a $500k VC investment into $50M of stipulated damages.

Why on earth are they still directing people to Mt. Gox to trade?

Have you read the complaint?   We reached out to Coinlab for comment and after reading the complaint I see what the problem is.

1 - Gox signed an exclusivity agreement promising integration and swap-over by march 22 - They did not perform
2 - Gox agreed to provide a number of both physical and digital items - they did not perform
3 - Gox agreed to pay 50M as a non-exclusive penalty if they did not deliver (more can be sought, that's just something they already signed themselves up for)

The complaint is only 12 pages long, if you'd like to give it a read http://www.scribd.com/doc/139281443/Coinlab-v-Mt-Gox

Seems pretty open and shut to me, I've reached out to Mt.Gox for comment but I'll be suprised if they want to talk.

[acoindr]

We already have one US exchangers no one seems to be using - campbx.com (1% volume of gox).

Problem is who knows when it will pull a "bitfloor" or ZhouTonged when it gains popularity, I would put money at a company that has VC support (coinbase, coinlab). They are less likely to have their bank account banned for playing exchange as a teenager, or get hacked due to lack of technical expertise.

Agreed. For me  a legitimate exchange must be insured or bonded and be licensed as a money transmitter. FinCen has already stated that exchanges are going to need this. Any new startups that think they can avoid such regulation are not going to survive.

It sucks to see guys who deserve credit get none.

CampBX.com is one of the only exchanges to never be hacked, as far as I know. They made security part of their image from day 1. They seem to be the epitome of responsibility and honesty? They have been around now for what over a year? Without a single incident.

As for regulation the FinCEN guidance is taking the entire Bitcoin community a while to digest, at least those based out of the US.

It's true that I had forgotten about CampBX. I will have to take another look at them. Hopefully they are working on becoming a transmitter.

Oh, and +1 to Proudhorn's comment.

I like them. I posted a thread about the community supporting other exchanges besides defaulting to Mt.Gox, and I promised to try myself. CampBX.com I think has a great foundation, but they need to work on usability a bit. Their site isn't smooth feeling to use, and their depth table, with the increasing volume, is now pretty useless in practice. They need a visual chart.

I agree about proudhon's comment too.

[epetroel]

We already have one US exchangers no one seems to be using - campbx.com (1% volume of gox).

Problem is who knows when it will pull a "bitfloor" or ZhouTonged when it gains popularity, I would put money at a company that has VC support (coinbase, coinlab). They are less likely to have their bank account banned for playing exchange as a teenager, or get hacked due to lack of technical expertise.

Agreed. For me  a legitimate exchange must be insured or bonded and be licensed as a money transmitter. FinCen has already stated that exchanges are going to need this. Any new startups that think they can avoid such regulation are not going to survive.

It sucks to see guys who deserve credit get none.

CampBX.com is one of the only exchanges to never be hacked, as far as I know. They made security part of their image from day 1. They seem to be the epitome of responsibility and honesty. They have been around now for what well over a year? Without a single incident.

As for regulation the FinCEN guidance is taking the entire Bitcoin community a while to digest, at least those based out of the US.

Other than Gox and Intersango (which hardly exists anymore) I believe they are the oldest exchange that's still around.  I started trading there in July of 2011.

[Peter Lambert]

We already have one US exchangers no one seems to be using - campbx.com (1% volume of gox).

Problem is who knows when it will pull a "bitfloor" or ZhouTonged when it gains popularity, I would put money at a company that has VC support (coinbase, coinlab). They are less likely to have their bank account banned for playing exchange as a teenager, or get hacked due to lack of technical expertise.

Agreed. For me  a legitimate exchange must be insured or bonded and be licensed as a money transmitter. FinCen has already stated that exchanges are going to need this. Any new startups that think they can avoid such regulation are not going to survive.

It sucks to see guys who deserve credit get none.

CampBX.com is one of the only exchanges to never be hacked, as far as I know. They made security part of their image from day 1. They seem to be the epitome of responsibility and honesty. They have been around now for what well over a year? Without a single incident.

As for regulation the FinCEN guidance is taking the entire Bitcoin community a while to digest, at least those based out of the US.

Other than Gox and Intersango (which hardly exists anymore) I believe they are the oldest exchange that's still around.  I started trading there in July of 2011.

I've never used campbx before, but after reading this thread I decided to give it a try, so I moved some money off MtGox and onto CampBX, let's see how it goes.

[acoindr]

We already have one US exchangers no one seems to be using - campbx.com (1% volume of gox).

Problem is who knows when it will pull a "bitfloor" or ZhouTonged when it gains popularity, I would put money at a company that has VC support (coinbase, coinlab). They are less likely to have their bank account banned for playing exchange as a teenager, or get hacked due to lack of technical expertise.

Agreed. For me  a legitimate exchange must be insured or bonded and be licensed as a money transmitter. FinCen has already stated that exchanges are going to need this. Any new startups that think they can avoid such regulation are not going to survive.

It sucks to see guys who deserve credit get none.

CampBX.com is one of the only exchanges to never be hacked, as far as I know. They made security part of their image from day 1. They seem to be the epitome of responsibility and honesty. They have been around now for what well over a year? Without a single incident.

As for regulation the FinCEN guidance is taking the entire Bitcoin community a while to digest, at least those based out of the US.

Other than Gox and Intersango (which hardly exists anymore) I believe they are the oldest exchange that's still around.  I started trading there in July of 2011.

I've never used campbx before, but after reading this thread I decided to give it a try, so I moved some money off MtGox and onto CampBX, let's see how it goes.

Nice!  

As I said before as a community we should make a conscious effort to support more exchanges. Centralization, 80% of all trades at one exchange, is a weakness. It's a weakness economically - note the price drop on the Gox lawsuit, or ddos, etc. - and it's a weakness from a security and regulation standpoint.

[Brushan]

MtGox should be sold too. I feel bad for Mark, it's obvious that he has no real knowledge of managing a big company. I'm pretty confident that Mark's incompetence is one of the root reasons for the lawsuit. He was just a lucky guy that rode on Bitcoins success and now he should sell it and retire before he does anymore fuckups with big businesses involved. For his and for Bitcoins best.

[proudhon]

Hopefully Coinlab will move on and create a new U.S. market, rather than trying to quickly turn a $500k VC investment into $50M of stipulated damages.

Why on earth are they still directing people to Mt. Gox to trade?

Have you read the complaint?   We reached out to Coinlab for comment and after reading the complaint I see what the problem is.

1 - Gox signed an exclusivity agreement promising integration and swap-over by march 22 - They did not perform
2 - Gox agreed to provide a number of both physical and digital items - they did not perform
3 - Gox agreed to pay 50M as a non-exclusive penalty if they did not deliver (more can be sought, that's just something they already signed themselves up for)

The complaint is only 12 pages long, if you'd like to give it a read http://www.scribd.com/doc/139281443/Coinlab-v-Mt-Gox

Seems pretty open and shut to me, I've reached out to Mt.Gox for comment but I'll be suprised if they want to talk.

First, Wow.  When I first came on board, MtGox daily volume in USD was often just a couple thousand USD.  That bitcoin businesses are now talking in terms of tens of millions of USD is really remarkable.

Second, that's quite a condition to agree to.  Seriously, is that typical?  That seems like a huge penalty to sign up for in case things go wrong.  Are there any conditions in there about hardships or factors that could except MtGox from being penalized?  I have to think the DDoS and trading engine problems of the past month or so haven't helped them prioritize getting the keys ready for the CoinLab guys.

[kiba]

Remember, bitcoin exchanges are one of the hardest business to be in. The fatality rate is around 45 percent, and the average lifespan of a bitcoin exchange is about a year.

[RodeoX]

Remember, bitcoin exchanges are one of the hardest business to be in. The fatality rate is around 45 percent, and the average lifespan of a bitcoin exchange is about a year.

Sounds like the restaurant business. That is one market I avoid investing in at all.

[Brushan]

Remember, bitcoin exchanges are one of the hardest business to be in. The fatality rate is around 45 percent, and the average lifespan of a bitcoin exchange is about a year.

That's because teenagers are running them on a Mac in mom's basement.

[mindtomatter]

Hopefully Coinlab will move on and create a new U.S. market, rather than trying to quickly turn a $500k VC investment into $50M of stipulated damages.

Why on earth are they still directing people to Mt. Gox to trade?

Have you read the complaint?   We reached out to Coinlab for comment and after reading the complaint I see what the problem is.

1 - Gox signed an exclusivity agreement promising integration and swap-over by march 22 - They did not perform
2 - Gox agreed to provide a number of both physical and digital items - they did not perform
3 - Gox agreed to pay 50M as a non-exclusive penalty if they did not deliver (more can be sought, that's just something they already signed themselves up for)

The complaint is only 12 pages long, if you'd like to give it a read http://www.scribd.com/doc/139281443/Coinlab-v-Mt-Gox

Seems pretty open and shut to me, I've reached out to Mt.Gox for comment but I'll be suprised if they want to talk.

First, Wow.  When I first came on board, MtGox daily volume in USD was often just a couple thousand USD.  That bitcoin businesses are now talking in terms of tens of millions of USD is really remarkable.

Second, that's quite a condition to agree to.  Seriously, is that typical?  That seems like a huge penalty to sign up for in case things go wrong.  Are there any conditions in there about hardships or factors that could except MtGox from being penalized?  I have to think the DDoS and trading engine problems of the past month or so haven't helped them prioritize getting the keys ready for the CoinLab guys.

Gox isn't small any more, they've got a functional monopoly on new money coming into BTC and they take a % based cut - The potential from the Coinlab partnership (from my outside perspective) was pretty massive - Coinlab promised to make it easy, safe, and legal for US and Canadian citizens to become Mt. Gox customers, without having to jump through all the hoops.  In exchange for that Mt.Gox agreed to functionally hand over its NA and Canadian customers to Coinbase, as well as a bunch of other things.

Coinbase has invested time and resources into fulfilling their part of the bargain, and seem to have their system up to snuff - Mt. Gox on the other hand appears to have failed to deliver on several major parts of the agreement.  Coinbase would have asked for this type of clause because of that expenditure on their part, and Mt. Gox would have agreed to it because they intended to deliver.   It appears something happened that borked the deal.

I really want to know Mt. Gox's side of the story, can anyone recommend a good contact?   Coinlab has agreed to an interview on Let's Talk Bitcoin and I'd love to run the counterpoint in the same show.