AndrewWilliams
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Fourth richest fictional character
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September 15, 2013, 07:33:36 PM |
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You would have to front a very large amount of money for an exchange to work, to have enough capital to trade. Think in the $100,000 range.
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Make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you lose access to your BTC.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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johny1976 (OP)
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September 15, 2013, 08:49:25 PM |
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You would have to front a very large amount of money for an exchange to work, to have enough capital to trade. Think in the $100,000 range.
Why? Capital is the part, which people must deposit.. |
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Love btc
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September 17, 2013, 12:58:34 AM |
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Good idea，but difficult to achieve~
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johny1976 (OP)
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September 18, 2013, 08:49:35 AM |
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For how long?  This projects is supposed to die from just start. The main requirement for this projects to work is absolute independence on well-established money systems, banking systems, financial institutions and government. All of those wants to kill Bitcoin, and have no problem to block your accounts & freez your money whenever they want. Russion servers or good & expensive lawyers could be solution. |
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nitrous
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September 18, 2013, 09:10:35 AM |
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For how long? This projects is supposed to die from just start. The main requirement for this projects to work is absolute independence on well-established money systems, banking systems, financial institutions and government. All of those wants to kill Bitcoin, and have no problem to block your accounts & freez your money whenever they want. Russion servers or good & expensive lawyers could be solution. There is no commission at CoinMKT until launch. I don't think you understand the implications or the risks of working outside of the system. Inevitably, if you are independent of existing money systems, and trade for USD, you WILL have your accounts frozen, lose your customers' money, and be labelled as just another scam. Also, since you said you're not investing any capital, you won't be able to hire any lawyers to protect you. If you want your exchange to trade fiat, you have to agree to the rules of fiat trading, which means you have to accept regulations. I very much doubt that CoinMKT will have their accounts frozen, as they have gone through all the correct protocols. Sorry, I know this might sound harsh, but you really need to read up a lot more and understand these regulations before you go starting as massive a project as a new exchange. If you do not understand these regulations, and you do not register with the appropriate organisation, it will all end badly. Please don't put in any major planning or effort until you do, or you will inevitably bankrupt yourself, and receive a class action lawsuit from your customers. You might be able to get away with a cryptocoin-only exchange (it's still risky though), but without accepting that you need to abide by AML and Fincen regulations you just can't safely trade fiat. Nor will you be able to have even one withdrawal/deposit method, let alone the 20 you want. Don't put yourself through this. |
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johny1976 (OP)
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Activity: 1135
Merit: 1002
Developer
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September 18, 2013, 09:20:52 AM |
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For how long? This projects is supposed to die from just start. The main requirement for this projects to work is absolute independence on well-established money systems, banking systems, financial institutions and government. All of those wants to kill Bitcoin, and have no problem to block your accounts & freez your money whenever they want. Russion servers or good & expensive lawyers could be solution. There is no commission at CoinMKT until launch. I don't think you understand the implications or the risks of working outside of the system. Inevitably, if you are independent of existing money systems, and trade for USD, you WILL have your accounts frozen, lose your customers' money, and be labelled as just another scam. Also, since you said you're not investing any capital, you won't be able to hire any lawyers to protect you. If you want your exchange to trade fiat, you have to agree to the rules of fiat trading, which means you have to accept regulations. I very much doubt that CoinMKT will have their accounts frozen, as they have gone through all the correct protocols. Sorry, I know this might sound harsh, but you really need to read up a lot more and understand these regulations before you go starting as massive a project as a new exchange. If you do not understand these regulations, and you do not register with the appropriate organisation, it will all end badly. Please don't put in any major planning or effort until you do, or you will inevitably bankrupt yourself, and receive a class action lawsuit from your customers. You might be able to get away with a cryptocoin-only exchange (it's still risky though), but without accepting that you need to abide by AML and Fincen regulations you just can't safely trade fiat. Nor will you be able to have even one withdrawal/deposit method, let alone the 20 you want. Don't put yourself through this. I didn't say that I dont want to invest some capital, only dont' wanna invest too much, until I musn't invest too much. My answer is Russian money server. It's bad for USA non-russian speaking people, but BTC-e solved it same way, and people trading with BTC-e. |
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nitrous
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September 18, 2013, 09:24:00 AM |
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/.../
I didn't say that I dont want to invest some capital, only dont' wanna invest too much, until I musn't invest too much. My answer is Russian money server. It's bad for USA non-russian speaking people, but BTC-e solved it same way, and people trading with BTC-e. Hmm, well good luck then, but you should still be very careful. |
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tskweres
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September 20, 2013, 12:39:23 PM |
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Hi All,
I just had a chance to read up on this thread. I can say in short that:
We are working incredibly hard to be compliant in the US and provide a great service at the same time. A couple of points I'd like to make:
1. Just because it's hard doesn't mean we shouldn't do it.
2. The US market is the largest in the world.
3. We live here, and we want to trade cryptocurrency too.
4. So we're going to give it a shot.
We're doing everything we possibly can to lower risk, work with regulators, and build an awesome exchange. Is doing anything in the Bitcoin space "risky" by traditional standards? Probably. But we're willing to take that risk because we love the space, love crypto, and think we can provide a great service.
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Endgame
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September 20, 2013, 01:08:49 PM |
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Personally I don't mind paying exchange fees, as long as they are reasonable. Exchange fees give me peace of mind that the exchange's business model is sustainable, and that my money will still be there tomorrow. I probably would never use a fee free exchange, for that reason.
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joesmoe2012
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September 20, 2013, 05:33:41 PM |
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I wouldn't mind an exchange with a flat fee per trade though.
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