US exchanges coming online

[inca]

Did I dream it or did Ben Lawsky say he expected US exchanges to come online in 2015?

It just occurred to me that this potentially great and bullish news. A regulated exchange in the US would become extremely popular and likely lead price. It would allow big players to safely enter the market. At the moment other exchanges such as bit stamp, finex, btce or the Chinese exchanges are not regulated and therefore we are forced to trust that they are not insider trading, moving the market or fractional reserving etc. After gox a fully regulated US exchange is just what bitcoin needs.

I just watched the coinbase AMA. They speculated on where they see the bitcoin price by next October. Obviously they have a vested interest, but the founders predicted 1500 dollars to 4000 dollars. Pretty much the only way that could happen is by another price bubbling. Their reasoning was that bitcoin adoption is steadily rising and that a 20 billion dollar market cap does not seem unlikely. They also pricked the myth that merchant selling accounts for any significant down pressure. I have long thought that was propaganda spouted by short sellers.

There have been hundreds of millions of dollars of VC funding this year alone. This forum is (understandably) obsessed about the price. And yes it does have to pass up through resistance before if can go on to make higher ATH's. But that process in the past has happened very quickly indeed.

The fundamentals around bitcoin have been improving steadily throughout the year, as the price has dipped lower and lower and lower. I think the bottom is in. The next year should be very exciting. Don't get shaken out of your positions if you made it this far holders!

[bajlox]

This might be good news or not.

If they predict this price they could done this last year or they try to do something else.

Dunno something is fishy about it.

[adaseb]

I think the reason why they are not popin up is because lately there has been nothing but negative news on bitcoin.

Why invest millions in a start-up and then have no customers. Like I said in my other thread, a lot of it was due to low volume these past fews months.

Exchanges only made money on trades, if there is no movement or volume. They can't make money.

[inca]

I think the reason why they are not popin up is because lately there has been nothing but negative news on bitcoin.

Why invest millions in a start-up and then have no customers. Like I said in my other thread, a lot of it was due to low volume these past fews months.

Exchanges only made money on trades, if there is no movement or volume. They can't make money.

I would say the reason they haven't appeared is the absence of a clear regulatory framework.

Where is this bad news that is driving the price lower? You are aware of the running joke on reddit the only thing driving the price lower is unending good news?

[NotLambchop]

...
Where is this bad news that is driving the price lower? You are aware of the running joke on reddit the only thing driving the price lower is unending good news?

Well, Russia is planning to criminalize Bitcoin, so there's that...  Not simply banning financial institutions from interacting with Bitcoin businesses like China, but making anything Bitcoin-related a criminal offense.
Russia Proposes Monetary Penalties for Bitcoin Use and Promotion

[MF Doom]

if its
-legit
-transparent in its activities
-people can withdraw and fund easily
-not associated with karpeles

it will be good for bitcoin, could finally bring in "wall st money"

[Melbustus]

I think the reason why they are not popin up is because lately there has been nothing but negative news on bitcoin.

Why invest millions in a start-up and then have no customers. Like I said in my other thread, a lot of it was due to low volume these past fews months.

Exchanges only made money on trades, if there is no movement or volume. They can't make money.

I would say the reason they haven't appeared is the absence of a clear regulatory framework.
...

Yup. This is why the biggest exchanges are currently not US-located. SecondMarket's exchange will probably launch with or shortly after BitLicense goes into effect, and itBit is waiting for that too before opening up to retail customers. I assume Kraken and others are also in wait-mode.

I agree that a solid, clearly regulated, US-exchange infrastructure is long-term bullish for price. But it may take a while. One of the positives is the potential to create liquid hedging products that businesses can use to hedge their exchange rate risk when accepting or using bitcoin. If those tools existed, bitcoin may more readily penetrate deeper into supply chains, especially for international customers. But it takes a while.

[brg444]

I think the reason why they are not popin up is because lately there has been nothing but negative news on bitcoin.

 

[brg444]

I think the reason why they are not popin up is because lately there has been nothing but negative news on bitcoin.

Why invest millions in a start-up and then have no customers. Like I said in my other thread, a lot of it was due to low volume these past fews months.

Exchanges only made money on trades, if there is no movement or volume. They can't make money.

I would say the reason they haven't appeared is the absence of a clear regulatory framework.
...

Yup. This is why the biggest exchanges are currently not US-located. SecondMarket's exchange will probably launch with or shortly after BitLicense goes into effect, and itBit is waiting for that too before opening up to retail customers. I assume Kraken and others are also in wait-mode.

I agree that a solid, clearly regulated, US-exchange infrastructure is long-term bullish for price. But it may take a while. One of the positives is the potential to create liquid hedging products that businesses can use to hedge their exchange rate risk when accepting or using bitcoin. If those tools existed, bitcoin may more readily penetrate deeper into supply chains, especially for international customers. But it takes a while.

yup,

that Lawsky is cockblocking all of us right now

[Nagle]

I would say the reason they haven't appeared is the absence of a clear regulatory framework.

There is a clear regulatory framework in the US. You register with the SEC as a broker/dealer. You buy SIPC insurance coverage. You get audited and regulated by FINRA. If you dip into customer funds, you go to jail.

There's a question as to whether you have to be a broker/dealer to operate a Bitcoin exchange in the US. If you are a broker/dealer, it's just another investment you can deal in.

[onlyu]

Will be too expensive to get license due to the "transferable" (since you can move the coin anywhere in the world) nature of bitcoin.

[Nagle]

Will be too expensive to get license due to the "transferable" (since you can move the coin anywhere in the world) nature of bitcoin.

Bitcoin exchanges aren't that cheap, either. Most US online stockbrokers (Etrade, TD, Schwab) charge about $9-10 a trade. Bitstamp charges about $10 on a $1000 trade, and $40 on a $10,000 trade. BTC-E is about the same; their terms are kind of vague about what they actually charge, so it's hard to tell. Buy $100 worth of Bitcoins through Robocoin, and you'll pay about $20 in spread and fees.

The track record of Bitcoin exchanges is that over half have gone bust, usually taking the customer's money with them. With a real SEC-registered broker, you get insurance on your funds on deposit.

[Honeypot]

The fact that these threads and topics are not gaining enough attention is enough to tell you people are little concern for legitimacy in crypto.

Professionals are coming.

[dadugan]

The fact that these threads and topics are not gaining enough attention is enough to tell you people are little concern for legitimacy in crypto.

Professionals are coming.

Professionals aren't really paying attention to crypto because they know anyone who touch it will get instant scrutiny from government.

[CryptoCarmen]

The fact that these threads and topics are not gaining enough attention is enough to tell you people are little concern for legitimacy in crypto.

Professionals are coming.

Professionals aren't really paying attention to crypto because they know anyone who touch it will get instant scrutiny from government.

this depends in which country you live in some companies are quite interested. Those countries will become new regional bitcoin information centers. Countries that ignore bitcoin will stay behind and wil have problems to catch up in future.

[NotLambchop]

...Those countries will become new regional bitcoin information centers...

[BrewCrewFan]

I think the reason why they are not popin up is because lately there has been nothing but negative news on bitcoin.

Why invest millions in a start-up and then have no customers. Like I said in my other thread, a lot of it was due to low volume these past fews months.

Exchanges only made money on trades, if there is no movement or volume. They can't make money.

I would say the reason they haven't appeared is the absence of a clear regulatory framework.
...

Yup. This is why the biggest exchanges are currently not US-located. SecondMarket's exchange will probably launch with or shortly after BitLicense goes into effect, and itBit is waiting for that too before opening up to retail customers. I assume Kraken and others are also in wait-mode.

I agree that a solid, clearly regulated, US-exchange infrastructure is long-term bullish for price. But it may take a while. One of the positives is the potential to create liquid hedging products that businesses can use to hedge their exchange rate risk when accepting or using bitcoin. If those tools existed, bitcoin may more readily penetrate deeper into supply chains, especially for international customers. But it takes a while.

Right here. I am sure there is tons of money that wants to flow into BTC, but the lack of regulations when your a trading company or whatever, you dont want to tie yourself nor your customers or investors up in something that has no regulation. Companies hate uncertainty. They are certainly not going to risk their multi million or billion dollar company in something that is not clearly regulated.

[BrewCrewFan]

The fact that these threads and topics are not gaining enough attention is enough to tell you people are little concern for legitimacy in crypto.

Professionals are coming.

Professionals aren't really paying attention to crypto because they know anyone who touch it will get instant scrutiny from government.

this depends in which country you live in some companies are quite interested. Those countries will become new regional bitcoin information centers. Countries that ignore bitcoin will stay behind and wil have problems to catch up in future.

Much of the problem is there are tons of people who think BTC= silk road. Why? Because that is what the media runs with. This casts a dark light on BTC, and people think that the only people who are into it or using it are only doing so for illegal activities. You can thank the media for that.

[NotLambchop]

...
Much of the problem is there are tons of people who think BTC= silk road. Why? Because that is what the media runs with. This casts a dark light on BTC, and people think that the only people who are into it or using it are only doing so for illegal activities. You can thank the media for that.

You can also thank bitcointalk users claiming black market is one of the reasons Bitcoin will succeed.  You can also thank all of the scams (Bitconica, Pirateat40, WeEx, TraderFortress, NeoBee, etc., etc.).  There's plenty of thanks to go 'round.

Edit:


https://bitcointalk.org/index.php?topic=828540.0;viewResults

[inca]

<btc talk users bad, black market bad, btc full of scams negative spin>

Black market is used by a financially skewed media to paint bitcoin badly which is unfortunate. But black market usage of btc gives the currency value and utility just as much as buying a laptop from dell. Not only that bitcoin was used when btc was 1000 dollars or 275 dollars.

As we have discussed on other threads bitcoin is still nascent and volatile. It is my view (and it could be wrong) that btc userbase is growing and could easily drive the btc marketcap up a couple of orders of magnitude without being more than a digital trading asset.

People discount the coming ETF's as being unlikely to be approved or being already priced in (LOL), but there is money to be made and regulated derivatives markets are now coming out so I think it is simply a matter of timing now.

It could be drawn out until the next halving, but once the multi trillion dollar pool of capital currently excluded for regular investors from a tax free regulated entry into btc opens up it will be fireworks.

The last runup took probably a few hundred million dollars to drive up the price into four digits. It doesn't take a genius to see the profit motive for large holders prior to ETF's being approved. People like to hold a portion of their portfolio in something high risk, btc will be an option. A rise of two or three orders of magnitude from here is not unreasonable IMO.