[2014-06-30] wsj: Regulation Around Bitcoin Starting to Clear, Says Circle CEO

[LiteCoinGuy]

Regulation Around Bitcoin Starting to Clear, Says Circle CEO

http://blogs.wsj.com/digits/2014/06/30/regulation-around-bitcoin-starting-to-clear-says-circle-ceo/?mod=ST1

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[Chef Ramsay]

It's possible that the Wall Street phase gets off the ground in the aftermath of this SR auction. Circle was saying how all these big shots were trying to set up trade desks to get some exposure. We all wanted it to come to this and now all bets are off.

[LiteCoinGuy]

i think wall street will happen in 2015/2016 but thats just my thoughts 

2014 is play-time

[passionsurf]

“What we’re hearing is that some of the big broker dealers on Wall Street are setting up small trading desks just to get exposure to the asset and understand it. That’s the approach now as opposed to a year ago when people thought governments would never allow it, and banks just wanted it to go away. All of the major banks now have teams trying to make sense of bitcoin,” he said.

[jbrnt]

Since the IRS ruled bitcoin as a commodity, bitcoin is gaining interest from the Wall Street. Commodity means it is not illegal to own bitcoin. The SR auction also gave a boost of confidence because the fact that the government is selling them means they must be considered a legal asset.

The clouds are indeed clearing, and bitcoin does have a bright future. However, once Wall Street has moved in, we might be loosing control over the supply of bitcoin. We cannot issue more than 21M bitcoin, but they can, just like they did with fiat. Who knows what derivatives they could think of to trade future bitcoin and warp the supply?

[passionsurf]

Since the IRS ruled bitcoin as a commodity, bitcoin is gaining interest from the Wall Street. Commodity means it is not illegal to own bitcoin. The SR auction also gave a boost of confidence because the fact that the government is selling them means they must be considered a legal asset.

The clouds are indeed clearing, and bitcoin does have a bright future. However, once Wall Street has moved in, we might be loosing control over the supply of bitcoin. We cannot issue more than 21M bitcoin, but they can, just like they did with fiat. Who knows what derivatives they could think of to trade future bitcoin and warp the supply?

That's a good point, soon we'll be able to buy the option to buy the option to short-sell the option to buy a bitcoin option.