Winklevoss Twins Aim to Take Bitcoin Mainstream With a Regulated Exchange

[mayax]

(legal, usg gov stamped) fractional reserve btc, here we go...

you forgot IRS.

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[fatguyyyyy]

nobody is going to use their joke exchange lol

[jehst]

They had the idea for a social network, but they were too slow for Zuckerberg. They qualified for the Olympics, but again they were too slow. They wanted to launch the first licensed American exchange, but again, they were too slow for Coinbase. At first it was funny, but now it's getting tragic. These guys can't catch a break.

[mayax]

They had the idea for a social network, but they were too slow for Zuckerberg. They qualified for the Olympics, but again they were too slow. They wanted to launch the first licensed American exchange, but again, they were too slow for Coinbase. At first it was funny, but now it's getting tragic. These guys can't catch a break.

Coinbase is the same. What's the difference between the Coinbase's shareholders and Winklevoss?  2 gangs...same shit

[bitcoin_bagholder]

They had the idea for a social network, but they were too slow for Zuckerberg. They qualified for the Olympics, but again they were too slow. They wanted to launch the first licensed American exchange, but again, they were too slow for Coinbase. At first it was funny, but now it's getting tragic. These guys can't catch a break.

Coinbase is the same. What's the difference between the Coinbase's shareholders and Winklevoss?  2 gangs...same shit

Several magnitudes of savviness. The bros are still wet behind the ears.

[ChuckBuck]

Well it looks like they failed to launch Gemini ahead of Coinbase's exchange.

At least they can still launch the first Bitcoin ETF, COIN.

Win?   

[sethminer14]

Bitcoin, or at least the idea behind, can't be centralised. Even if the government had 51%, We would just use the same principle but with a new coin.

[seriouscoin]

This will be really good when it's finally up. I believe it will help the overall bitcoin price.

BUT Bitcoin was made with other AIM, you hypocrites (according to the BTC hard core).

Bitcoin was made for freedom, right? All over you can read " Bitcoin is anonymity, Bitcoin is not like a bank, Bitcoin bla bla"

Are not these your beliefs?Are you not libertarian anymore?

 If so, why are you excited about a REGULATED market? Why would someone use ANOTHER regulated market ?

There is a VERY big one outside of Bitcoin. You can use it right now.
There are a lot of Forex, Stock markets, ALL OF THEM ARE ALREADY REGULATED.

A regulated market means ALL the papers that a bank requires you now. Nothing more, nothing less.

you will be reported to IRS(or similar tax authorities, you will be reported for so called suspicious transactions, etc) .

REGULATED = CENTRALIZED  and everywhere i see on this forum, it is written:"we want DE-centralized services "

Why do you still use Bitcoin if you want all of these, you hypocrites ?

WTF are you talking about? Exchanges are for exchanging fiat. We have wallets for exchanging bitcoins. The only wallets for fiat are in your purse, you silly goose.

How will you fund or cash out BTC, Mr. SmartAss? Will you make a magic for that? You will need an exchanger, grandpa

You will tell me the old story now: that you use BTC for buying anything you want and you don't need cash, you hypocrite ! lol

Well, I have a bad news for you, grandpa. BTC is not used for that. BTC is used for speculation and black market.

Please stay away of drugs for a while.

What do you mean? Why would anyone do such a stupid thing? Go back to your piggybank, Junior.

Can you just put him on ignore? His intelligence has been shown rather low from all his posts. We dont need to waste bandwidth on him.

[manselr]

Well it looks like they failed to launch Gemini ahead of Coinbase's exchange.

At least they can still launch the first Bitcoin ETF, COIN.

Win?   

Competition is good so its good that Coinbase is taking the lead, maybe it makes the Winklevii wake up and go faster.

[colinistheman]

Well it looks like they failed to launch Gemini ahead of Coinbase's exchange.

At least they can still launch the first Bitcoin ETF, COIN.

Win?   

Competition is good so its good that Coinbase is taking the lead, maybe it makes the Winklevii wake up and go faster.

Yeah they're too slow. Regulation or not, the slow one does not win the race.

[Lauda]

I don't know how they are going to make it regulated in a way. Or in a way, does bitcoin need to be regulated in the first place? Even if they have managed to do that, what impact would it bring especially when you already have tons of other bitcoin exchangers around.

So do you want the exchanges to keep going down? People who are from the US and trade even here can get arrested (look at BurtW).
The exchanges have to legalize their trading of fiat.

[Cryddit]

I don't know how they are going to make it regulated in a way. Or in a way, does bitcoin need to be regulated in the first place? Even if they have managed to do that, what impact would it bring especially when you already have tons of other bitcoin exchangers around.

Now that someone with money stands to gain more in the absence of competition, expect that law enforcement against all traders not in complete compliance will start ratcheting up.

Remember, their goal is a monopoly.  They will do what it takes to eliminate the competition, especially if it is as easy as  subverting US law enforcement with bribes.  

If you think the law enforcement doesn't take bribes, just have a look at the 'massage' and 'escort' sections of the phone book in any city where prostitution is illegal.  What is obvious to you is also obvious to the police, but they aren't acting.  Why in the world not?  Could it possibly be because someone pays them off?  

And if someone else pays them for getting competition eliminated from business, expect that it will happen.

Cryddit.

[oblivi]

My concern with this is that they start rigging the price just like they do in forex.

[seriouscoin]

My concern with this is that they start rigging the price just like they do in forex.

oh please, dont be stupid now. Those Forex are nothing but fraud, you're not actually trading shit, rather tokens ...

[QuestionAuthority]

I don't know how they are going to make it regulated in a way. Or in a way, does bitcoin need to be regulated in the first place? Even if they have managed to do that, what impact would it bring especially when you already have tons of other bitcoin exchangers around.

Now that someone with money stands to gain more in the absence of competition, expect that law enforcement against all traders not in complete compliance will start ratcheting up.

Remember, their goal is a monopoly.  They will do what it takes to eliminate the competition, especially if it is as easy as  subverting US law enforcement with bribes.  

If you think the law enforcement doesn't take bribes, just have a look at the 'massage' and 'escort' sections of the phone book in any city where prostitution is illegal.  What is obvious to you is also obvious to the police, but they aren't acting.  Why in the world not?  Could it possibly be because someone pays them off?  

And if someone else pays them for getting competition eliminated from business, expect that it will happen.

Cryddit.

That makes no sense at all. Even if they magically paid off law enforcement in every jurisdiction to eliminate the noncompliant competition they still wouldn't be able to maintain a monopoly for long if there was a profit in it. New money will enter the chase for profit. It's also still possible for anyone to use any exchange worldwide. I've had very good luck with BTCe so they won't be seeing any of my funds. I'm going to completely pass on the services of any U.S. exchange from now on.

[seriouscoin]

I don't know how they are going to make it regulated in a way. Or in a way, does bitcoin need to be regulated in the first place? Even if they have managed to do that, what impact would it bring especially when you already have tons of other bitcoin exchangers around.

Now that someone with money stands to gain more in the absence of competition, expect that law enforcement against all traders not in complete compliance will start ratcheting up.

Remember, their goal is a monopoly.  They will do what it takes to eliminate the competition, especially if it is as easy as  subverting US law enforcement with bribes.  

If you think the law enforcement doesn't take bribes, just have a look at the 'massage' and 'escort' sections of the phone book in any city where prostitution is illegal.  What is obvious to you is also obvious to the police, but they aren't acting.  Why in the world not?  Could it possibly be because someone pays them off?  

And if someone else pays them for getting competition eliminated from business, expect that it will happen.

Cryddit.

That makes no sense at all. Even if they magically paid off law enforcement in every jurisdiction to eliminate the noncompliant competition they still wouldn't be able to maintain a monopoly for long if there was a profit in it. New money will enter the chase for profit. It's also still possible for anyone to use any exchange worldwide. I've had very good luck with BTCe so they won't be seeing any of my funds. I'm going to completely pass on the services of any U.S. exchange from now on.

Does BTCe require any form of verification? I dont trust an entity that keeps my info while remain pseudonymous

[QuestionAuthority]

I don't know how they are going to make it regulated in a way. Or in a way, does bitcoin need to be regulated in the first place? Even if they have managed to do that, what impact would it bring especially when you already have tons of other bitcoin exchangers around.

Now that someone with money stands to gain more in the absence of competition, expect that law enforcement against all traders not in complete compliance will start ratcheting up.

Remember, their goal is a monopoly.  They will do what it takes to eliminate the competition, especially if it is as easy as  subverting US law enforcement with bribes.  

If you think the law enforcement doesn't take bribes, just have a look at the 'massage' and 'escort' sections of the phone book in any city where prostitution is illegal.  What is obvious to you is also obvious to the police, but they aren't acting.  Why in the world not?  Could it possibly be because someone pays them off?  

And if someone else pays them for getting competition eliminated from business, expect that it will happen.

Cryddit.

That makes no sense at all. Even if they magically paid off law enforcement in every jurisdiction to eliminate the noncompliant competition they still wouldn't be able to maintain a monopoly for long if there was a profit in it. New money will enter the chase for profit. It's also still possible for anyone to use any exchange worldwide. I've had very good luck with BTCe so they won't be seeing any of my funds. I'm going to completely pass on the services of any U.S. exchange from now on.

Does BTCe require any form of verification? I dont trust an entity that keeps my info while remain pseudonymous

I've had an account there since they opened and never verified anything. I guess you should only buy coins from places that log the coins address right next to a photocopy of your government issued ID. Have fun with that. I don't feel like wasting time tumbling every coin I buy.

[Cryddit]

It makes sense because it makes the barrier to entry high.  

The big fish can't avoid competing with each other, but by getting laws passed and law enforcement coming down on the whole "regulated money transmitter" thing they can make it require a half-million dollars or more (and half a year's delay, by which time they hope to be dominant) to get into the game.  

First of all, they want to get rid of as many people as they can who are currently established and making money in the business they want to own.  Regulatory compliance plus a heavy hammer on the unregulated means they can eliminate most competitors who would otherwise have first-mover advantages (except the Winklevii themselves weren't quite ready in time to do that).  After that, the big fish need only worry about each other. 

They can't eliminate competition completely, but they won't tolerate having to compete with insignificant little people who don't have millions to throw around.  

[mercistheman]

They're taking theft very seriously... look for their next app soon

[QuestionAuthority]

It makes sense because it makes the barrier to entry high.  

The big fish can't avoid competing with each other, but by getting laws passed and law enforcement coming down on the whole "regulated money transmitter" thing they can make it require a half-million dollars or more (and half a year's delay, by which time they hope to be dominant) to get into the game.  

First of all, they want to get rid of as many people as they can who are currently established and making money in the business they want to own.  Regulatory compliance plus a heavy hammer on the unregulated means they can eliminate most competitors who would otherwise have first-mover advantages (except the Winklevii themselves weren't quite ready in time to do that).  After that, the big fish need only worry about each other. 

They can't eliminate competition completely, but they won't tolerate having to compete with insignificant little people who don't have millions to throw around.  

I don't understand why yanks feel that the entire world revolves around them. It's not possible for anyone or any business to make a monopoly out of Bitcoin trading or exchanging. My point was that it's not possible for that stupid bully country America to control anything about Bitcoin. They can pass all the laws they want and sit on commerce and industry until their 3 hundred million people starve to death. The other 7 billion people will play in a different sandbox.