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Author Topic: Putting Bitcoin on forex  (Read 1833 times)
tymothy
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June 21, 2011, 11:48:27 PM
 #1

Everyone seems to be immediately focused on the recent Mt Gox crash and the need for enhanced trade security and are designing new exchanges. What about the bigger picture? When Bitcoin gains traction as a real currency, the only place that could provide the security and resources for such a large volume of trades of such value would be forex, and indeed, the acceptance of Bitcoin as a currency on forex would cement its legitimacy and speed its global adoption. Does anyone know what it would take to be listed on such an exchange?
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clonedone
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June 22, 2011, 12:30:56 AM
 #2

this idea would be awesome, only problem is its only 24/5 not 24/7.
if btc is not be regulated, it should be 24/7

tymothy
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June 22, 2011, 12:34:03 AM
 #3

this idea would be awesome, only problem is its only 24/5 not 24/7.
if btc is not be regulated, it should be 24/7

You'd still be able to trade with local folks on non-business days. Forex wouldn't regulate bitcoin, just offer a trusted platform for trading it.
Vince Torres
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June 22, 2011, 12:35:26 AM
 #4

Would destroy the whole reason behind bitcoin. Decentralized currency.

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Anonymous
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June 22, 2011, 12:36:19 AM
 #5

Nobody said it would have to be exclusive to Forex.
SgtSpike
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June 22, 2011, 12:37:09 AM
 #6

Would destroy the whole reason behind bitcoin. Decentralized currency.
:facepalm:

Being decentralized doesn't mean you can't make use of already-established companies or exchanges.
clonedone
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June 22, 2011, 12:39:30 AM
 #7

this idea would be awesome, only problem is its only 24/5 not 24/7.
if btc is not be regulated, it should be 24/7

You'd still be able to trade with local folks on non-business days. Forex wouldn't regulate bitcoin, just offer a trusted platform for trading it.
true true.
i second this post anyone have any idea how this would be started?

Anonymous
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June 22, 2011, 12:44:09 AM
 #8

this idea would be awesome, only problem is its only 24/5 not 24/7.
if btc is not be regulated, it should be 24/7

You'd still be able to trade with local folks on non-business days. Forex wouldn't regulate bitcoin, just offer a trusted platform for trading it.
true true.
i second this post anyone have any idea how this would be started?

1-877-FOREXGO

All it takes is a phone call. If you provide me with a recorded, serious, professional and valid phone call involving getting Bitcoin on Forex (to said number), I will pay the caller .15 BTC.
bitcoinminer
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June 22, 2011, 12:44:39 AM
 #9

Putting foreskins on bitcoin, that is where the real action is at.

Be fearful when others are greedy, and greedy when others are fearful.

-Warren Buffett
tymothy
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June 22, 2011, 12:46:17 AM
 #10

this idea would be awesome, only problem is its only 24/5 not 24/7.
if btc is not be regulated, it should be 24/7

You'd still be able to trade with local folks on non-business days. Forex wouldn't regulate bitcoin, just offer a trusted platform for trading it.
true true.
i second this post anyone have any idea how this would be started?

I'm very unclear on the structure of forex, so if anyone knows better, please chime in.  I emailed forex.com, which appears to be a broker of some kind for forex. They replied to my message and said:

"Thank you for your email.

For a currency to be added for trading, this decision would need to be made by our trade desk.  Currently we do not have any plans to offer Bitcoin but if this were to become available we would notify all clients.

If you have any other questions please email us again or call 1-877-FOREXGO"

So I'm not sure if individual brokers just have to list it or if there's a formal process for getting it added. ISO may have to be petitioned to get an official currency code (BTC or whatever fits with their standards.

EDIT: Does this get me .15 BTC from Atlas?
Jack of Diamonds
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June 22, 2011, 12:58:55 AM
 #11

Forex markets have gigantic liquidity, with volume in the trillions of dollars per 24 hours.

Even relatively small hedge funds and investors with $200m-1bn dollars could play the currency like a fiddle
and reap substantial profits daily over huge fluctuations that would be a mere pipe dream with established currencies or metals.

Probably not the best idea at this stage.

1f3gHNoBodYw1LLs3ndY0UanYB1tC0lnsBec4USeYoU9AREaCH34PBeGgAR67fx
Chick
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June 22, 2011, 01:00:03 AM
 #12

Forex markets have gigantic liquidity, with volume in the trillions of dollars per 24 hours.

Even relatively small hedge funds and investors with $200m-1bn dollars could play the currency like a fiddle
and reap substantial profits daily over huge fluctuations that would be a mere pipe dream with established currencies or metals.

Probably not the best idea at this stage.

LOL, agreed.

Anduril
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June 22, 2011, 01:05:32 AM
 #13

There is a bit of a Catch 22 situation here.

I've been having an argument with people in this forum who assure me that Bitcoin is not a currency for legal purposes. Forex is a currency exchange, so the inclusion in Forex would seem to indicate that Bitcoin is a currency. However, if it is, then it might be regulated, as all other currencies exchanged in Forex are subject to regulation of some sort.

Seeing how EFF dropped Bitcoin today, I would be extremely surprised if Forex picked it up, particularly because BTCs may have negative implications due to money laundering and drug dealing. Lawyers and investors can be very conservative when it comes to unknown liabilities.
tymothy
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June 22, 2011, 01:16:45 AM
 #14

Forex markets have gigantic liquidity, with volume in the trillions of dollars per 24 hours.

Even relatively small hedge funds and investors with $200m-1bn dollars could play the currency like a fiddle
and reap substantial profits daily over huge fluctuations that would be a mere pipe dream with established currencies or metals.

Probably not the best idea at this stage.

Except with higher volumes come greater stability as the spread between buy and sell will decrease as there will simply be many more buyers and sellers. Yes, initially the currency will likely shoot up enormously , but once you have billions in bitcoin, the currency simply will not fluctuate all that quickly with hedge funds. You'll have billions buying and billions selling and come to a much greater price stability.
Maria
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June 22, 2011, 01:27:50 AM
 #15

OK. Here is what we need:

   A- A Metatrader 4 platform that only trades the pair BTC/USD
   
   B- A BitForex.com site that like fxopen.com but all you need to fund and setup your account is a bitcoin address. 100% Anonymous registration.

   C- Liberty Reserve Deposit and Withdrawal Options

And that's the formula.

Maria.
truckingeek
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April 16, 2013, 03:40:13 AM
 #16

So how much does the MT4 server setup cost, and what else is required to start a BTC exchange (aside from a metric butt-ton of cash)?

If this post totally rocked your socks, you can donate to1BEoHyMZ3VmFiQiFAaw3iAdNT6Zdjdp1Rm
bitcoinminer
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April 16, 2013, 03:41:57 AM
 #17

So how much does the MT4 server setup cost, and what else is required to start a BTC exchange (aside from a metric butt-ton of cash)?

Apparently nothing.  You don't even really need to be trustworthy or competent.  If it gets popular enough, you can GOXXX people all day long and they'll keep coming back!

On a side note why are you resurrecting a two year old zombie thread?

Be fearful when others are greedy, and greedy when others are fearful.

-Warren Buffett
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