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Author Topic: Mark my words...  (Read 1792 times)
vpitcher07
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February 08, 2014, 01:57:47 AM
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Anyone who figures out a way to open a legit, US based btc exchange that doesn't require wire transfers or silly proof identity nonsense will be extremely wealthy. I love bitcoin and think it's the most important invention since the internet. However, the ways in which to purchase bitcoin have become more and more shady especially since the collapse of mt.gox. I should not have to wire money into some sketchy bank account in some random country to purchase btc. Obviously meeting up with someone is the best way to purchase however for people like me who live in the sticks, there aren't too many bitcoiners around who are willing to buy and sell.

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February 08, 2014, 02:03:35 AM
 #2

Anyone who figures out a way to open a legit, US based btc exchange that doesn't require wire transfers or silly proof identity nonsense will be extremely wealthy. I love bitcoin and think it's the most important invention since the internet. However, the ways in which to purchase bitcoin have become more and more shady especially since the collapse of mt.gox. I should not have to wire money into some sketchy bank account in some random country to purchase btc. Obviously meeting up with someone is the best way to purchase however for people like me who live in the sticks, there aren't too many bitcoiners around who are willing to buy and sell.

No one can - they will be required to implement KYC and AML, which require those.

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c0dex
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February 08, 2014, 02:12:24 AM
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If it were possible to do that - LEGALLY SPEAKING - then it would probably already exist.  That's not the direction this thing is headed in. 

It is not something to be complacent about, and anyone considering starting the kind of business you bring up would be asking for more trouble than they could ever predict.

vpitcher07
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February 08, 2014, 02:15:09 AM
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If it were possible to do that - LEGALLY SPEAKING - then it would probably already exist.  That's not the direction this thing is headed in. 

It is not something to be complacent about, and anyone considering starting the kind of business you bring up would be asking for more trouble than they could ever predict.

How so?

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D05GTO
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February 08, 2014, 02:15:40 AM
 #5

Anyone who figures out a way to open a legit, US based btc exchange that doesn't require wire transfers or silly proof identity nonsense will be extremely wealthy. I love bitcoin and think it's the most important invention since the internet. However, the ways in which to purchase bitcoin have become more and more shady especially since the collapse of mt.gox. I should not have to wire money into some sketchy bank account in some random country to purchase btc. Obviously meeting up with someone is the best way to purchase however for people like me who live in the sticks, there aren't too many bitcoiners around who are willing to buy and sell.

No US Based BTC will be around for long by not following regulations.   It's a FINCEN requirement for silly proof of identity nonsense.  It sucks but welcome to the Unites States of Regulation.  


 
 
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BrewCrewFan
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February 08, 2014, 02:17:10 AM
 #6

Anyone who figures out a way to open a legit, US based btc exchange that doesn't require wire transfers or silly proof identity nonsense will be extremely wealthy. I love bitcoin and think it's the most important invention since the internet. However, the ways in which to purchase bitcoin have become more and more shady especially since the collapse of mt.gox. I should not have to wire money into some sketchy bank account in some random country to purchase btc. Obviously meeting up with someone is the best way to purchase however for people like me who live in the sticks, there aren't too many bitcoiners around who are willing to buy and sell.

No US Based BTC will be around for long by not following regulations.   It's a FINCEN requirement for silly proof of identity nonsense.  It sucks but welcome to the Unites States of Regulation.  

This. We all know if it moves, tax it, if it keeps moving regulate it. ( something like that cant recall the exact quote on that )

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February 08, 2014, 03:01:19 AM
 #7

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cdog
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February 08, 2014, 03:12:05 AM
 #8

Anyone who figures out a way to open a legit, US based btc exchange that doesn't require wire transfers or silly proof identity nonsense

It isnt possible. Maybe its possible in some country where the people actually value their freedom, but not here.

In America, people pay lip service to the concept of freedom, but when it comes time to vote, they are too busy watching reality TV and reading about celebrity scandals to be a functional electorate.

D05GTO
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February 08, 2014, 03:22:15 AM
 #9

Check out Localbitcoins OP.

It sucks, but a new FINCEN reg came out 2-4-2014 that will be slamming the rogue traders on LBC.   Pro, you will want to get your ducks in a row quick.  There's an army of public servants wanting a piece of what you have.


 
 
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dissident
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February 08, 2014, 03:25:20 AM
 #10

anything that prevents the government from getting their piece of the pie will be targeted once it gets big enough. I'm surprised we went on with no sales tax on internet sales for so long... it only occured because of existing laws in place plus the fact it's a state issue, not a federal issue. That hole is being patched. The annoying part is if they expect people (I've mentioned this before) to log capital gains and losses for every purchase they make on top of paying sales tax. If they start, for example, auditing people for not recording their capital gains when using bitcoin to buy stuff on amazon.com, that will pretty much kill the currency... who's going to do that? A small percentage who use it as a store of wealth, that's about it.  

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February 08, 2014, 03:31:45 AM
 #11

Anyone who figures out a way to open a legit, US based btc exchange that doesn't require wire transfers or silly proof identity nonsense will be extremely wealthy. I love bitcoin and think it's the most important invention since the internet. However, the ways in which to purchase bitcoin have become more and more shady especially since the collapse of mt.gox. I should not have to wire money into some sketchy bank account in some random country to purchase btc. Obviously meeting up with someone is the best way to purchase however for people like me who live in the sticks, there aren't too many bitcoiners around who are willing to buy and sell.

As far as I'm concerned, it exists and it's called Coinbase.  I've never had to fax them jack shit and have put a ton of money through.  They simply leverage the good work that the bank has already done vis-a-vis all the KYC stuff and maintaining fiat accounts.  The key to success in a lot of businesses is to ride on the back of the work of others, and it seems that that is what Coinbase does.  Successfully.  And yes, I'm sure they are making a ton of money.  The fees and spread that I alone have given them alone are significant.

As for the not being an 'exchange', I couldn't give two shits.  When I decide to perform a BTC transaction, I'm hardly interested in playing around for quarters on some spike or dip or whatever.  I want my financial stuff to get done quickly, reliably, and predictably.  So far Coinbase has served me far better than anyone else.  And if they rip me off, there are known entities with reasonably deep pockets that I can go after.


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February 08, 2014, 04:48:05 AM
 #12

Anyone who figures out a way to open a legit, US based btc exchange that doesn't require wire transfers or silly proof identity nonsense will be extremely wealthy. I love bitcoin and think it's the most important invention since the internet. However, the ways in which to purchase bitcoin have become more and more shady especially since the collapse of mt.gox. I should not have to wire money into some sketchy bank account in some random country to purchase btc. Obviously meeting up with someone is the best way to purchase however for people like me who live in the sticks, there aren't too many bitcoiners around who are willing to buy and sell.

As far as I'm concerned, it exists and it's called Coinbase.  I've never had to fax them jack shit and have put a ton of money through.  They simply leverage the good work that the bank has already done vis-a-vis all the KYC stuff and maintaining fiat accounts.  The key to success in a lot of businesses is to ride on the back of the work of others, and it seems that that is what Coinbase does.  Successfully.  And yes, I'm sure they are making a ton of money.  The fees and spread that I alone have given them alone are significant.

As for the not being an 'exchange', I couldn't give two shits.  When I decide to perform a BTC transaction, I'm hardly interested in playing around for quarters on some spike or dip or whatever.  I want my financial stuff to get done quickly, reliably, and predictably.  So far Coinbase has served me far better than anyone else.  And if they rip me off, there are known entities with reasonably deep pockets that I can go after.



SO MUCH THIS

Coinbase is my go-to site when I want to cash in or out a significant amount. They have publicly-displayed figureheads, funding, grants, and most impressively, customer support tickets rarely take more than a day to be answered. They've suffered growing pains as many sites have during BTC's growth - but they have consistently proven to be the best option for U.S. customers.


By the end of next month at the latest we will have permanently left behind 3 digits. You can quote me on this.
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February 08, 2014, 04:52:20 AM
 #13

If it were possible to do that - LEGALLY SPEAKING - then it would probably already exist.  That's not the direction this thing is headed in. 

It is not something to be complacent about, and anyone considering starting the kind of business you bring up would be asking for more trouble than they could ever predict.

How so?

The general "environment" as well as the seriousness of Fincen's regulations makes it impossible to open the kind of exchange you are hoping for in the US.  To get all of the necessary licenses costs millions, which also does not make it easy.  I sold BTC for awhile, registered with Fincen, etcetera.  I wanted to do everything the right way.  Had to dissolve the company when our attorney looked into the cost of gaining full licensure in even a single state!

Regardless, they aren't going to let an unregulated exchange exist (or continue to exist, if it already does).

As for Coinbase --- they're fantastic, but they absolutely require proof of identity in many, many situations.

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February 08, 2014, 05:09:42 AM
 #14

Hmm... Legitimate, US Based, no wire transfer exchange account... Wait, have you just described Coinbase? (kind of)
c0dex
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February 08, 2014, 05:12:15 AM
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Hmm... Legitimate, US Based, no wire transfer exchange account... Wait, have you just described Coinbase? (kind of)

I just wish their withdrawals were faster so that I didn't have to sell on a Monday just to be sure it'd hit my bank by Friday (and then often delayed further!).

vpitcher07
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February 08, 2014, 05:24:47 AM
 #16

I guess my ignorance got the best of me, I always assumed coinbase was just a wallet service.....

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February 08, 2014, 05:39:16 AM
 #17

Anyone who figures out a way to open a legit, US based btc exchange that doesn't require wire transfers or silly proof identity nonsense will be extremely wealthy. I love bitcoin and think it's the most important invention since the internet. However, the ways in which to purchase bitcoin have become more and more shady especially since the collapse of mt.gox. I should not have to wire money into some sketchy bank account in some random country to purchase btc. Obviously meeting up with someone is the best way to purchase however for people like me who live in the sticks, there aren't too many bitcoiners around who are willing to buy and sell.
There is no way financial institutions operate without customers ID proof and their details. Companies have to keep their customers data for 3 -4 years mandatory in usa.
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February 08, 2014, 05:51:21 AM
 #18


actually, what's more disturbing, is the fact that we are handing over personal information to these exchanges that are not regulated.

we have no idea what these guys are doing, who they have working for them, or what safety precautions they have in place - if any.


and the wreckless mistakes, and business decisions by companies like Gox are hurting us all.
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February 08, 2014, 06:32:50 AM
 #19


actually, what's more disturbing, is the fact that we are handing over personal information to these exchanges that are not regulated.

we have no idea what these guys are doing, who they have working for them, or what safety precautions they have in place - if any.


and the wreckless mistakes, and business decisions by companies like Gox are hurting us all.


For everything new, there are growing pains that eventually get worked out. Doesn't make it any less stressful being involved early on while these struggles take place! A little more stability, a little less volatility, a little more time to sort through these things and btc could be (even more) awesome.

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February 08, 2014, 08:14:45 AM
 #20

Check out Localbitcoins OP.

He tried, but doesn't live near many people.

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