Coinbase announcement on Monday

[dataispower]

Well, Coinbase announced their API. It's straightforward REST/JSON. There's a discussion on Hacker News. They're running on Amazon AWS, in the US East zone. They recommend that trading 'bots also run on AWS in that zone for reduced latency. Initially, there will be no fees, but later, fees will be imposed for transactions which "reduce liquidity" (i.e. are executed immediately). Putting up walls is free.

It looks like they're setting themselves up for high frequency trading. They may have huge volume, but it will be the same money going round and round.  

They claim to be "licensed" in at least New York and California, but they're not on the money transmitter lists for either state.

Any opinion on this?

https://docs.exchange.coinbase.com/#currencies

Will they add alts?

Will be nice to have altss on there as well. We need a proper regulated legal exchange for alts too.

alts should be traded for btc now and discontinued /
1 international currency is the ultimate goal and btc is where the big money and development  is
alts are just a distraction to new comers who will take long enough to get a basic understanding of btc without having 600 other shitcoins being pumped at the same time

If you have about 3 major coins it gives people a choice. I agree that having hundreds of coins is too much.

In the case of Dogecoin it attracts different demographics and has more users than all altcoins combined.

If you want to learn more about Dogecoin:

https://bitcointalk.org/index.php?topic=800004.0;all

 

A choice of what, exactly?

Different brands, different cultures.

[brg444]

Well, Coinbase announced their API. It's straightforward REST/JSON. There's a discussion on Hacker News. They're running on Amazon AWS, in the US East zone. They recommend that trading 'bots also run on AWS in that zone for reduced latency. Initially, there will be no fees, but later, fees will be imposed for transactions which "reduce liquidity" (i.e. are executed immediately). Putting up walls is free.

It looks like they're setting themselves up for high frequency trading. They may have huge volume, but it will be the same money going round and round.  

They claim to be "licensed" in at least New York and California, but they're not on the money transmitter lists for either state.

Any opinion on this?

https://docs.exchange.coinbase.com/#currencies

Will they add alts?

Will be nice to have altss on there as well. We need a proper regulated legal exchange for alts too.

alts should be traded for btc now and discontinued /
1 international currency is the ultimate goal and btc is where the big money and development  is
alts are just a distraction to new comers who will take long enough to get a basic understanding of btc without having 600 other shitcoins being pumped at the same time

If you have about 3 major coins it gives people a choice. I agree that having hundreds of coins is too much.

In the case of Dogecoin it attracts different demographics and has more users than all altcoins combined.

If you want to learn more about Dogecoin:

https://bitcointalk.org/index.php?topic=800004.0;all

 

A choice of what, exactly?

Different brands, different cultures.

    

[dataispower]

Well, Coinbase announced their API. It's straightforward REST/JSON. There's a discussion on Hacker News. They're running on Amazon AWS, in the US East zone. They recommend that trading 'bots also run on AWS in that zone for reduced latency. Initially, there will be no fees, but later, fees will be imposed for transactions which "reduce liquidity" (i.e. are executed immediately). Putting up walls is free.

It looks like they're setting themselves up for high frequency trading. They may have huge volume, but it will be the same money going round and round.  

They claim to be "licensed" in at least New York and California, but they're not on the money transmitter lists for either state.

Any opinion on this?

https://docs.exchange.coinbase.com/#currencies

Will they add alts?

Will be nice to have altss on there as well. We need a proper regulated legal exchange for alts too.

alts should be traded for btc now and discontinued /
1 international currency is the ultimate goal and btc is where the big money and development  is
alts are just a distraction to new comers who will take long enough to get a basic understanding of btc without having 600 other shitcoins being pumped at the same time

If you have about 3 major coins it gives people a choice. I agree that having hundreds of coins is too much.

In the case of Dogecoin it attracts different demographics and has more users than all altcoins combined.

If you want to learn more about Dogecoin:

https://bitcointalk.org/index.php?topic=800004.0;all

 

A choice of what, exactly?

Different brands, different cultures.

    

 

[brg444]

Well, Coinbase announced their API. It's straightforward REST/JSON. There's a discussion on Hacker News. They're running on Amazon AWS, in the US East zone. They recommend that trading 'bots also run on AWS in that zone for reduced latency. Initially, there will be no fees, but later, fees will be imposed for transactions which "reduce liquidity" (i.e. are executed immediately). Putting up walls is free.

It looks like they're setting themselves up for high frequency trading. They may have huge volume, but it will be the same money going round and round.  

They claim to be "licensed" in at least New York and California, but they're not on the money transmitter lists for either state.

Any opinion on this?

https://docs.exchange.coinbase.com/#currencies

Will they add alts?

Will be nice to have altss on there as well. We need a proper regulated legal exchange for alts too.

alts should be traded for btc now and discontinued /
1 international currency is the ultimate goal and btc is where the big money and development  is
alts are just a distraction to new comers who will take long enough to get a basic understanding of btc without having 600 other shitcoins being pumped at the same time

If you have about 3 major coins it gives people a choice. I agree that having hundreds of coins is too much.

In the case of Dogecoin it attracts different demographics and has more users than all altcoins combined.

If you want to learn more about Dogecoin:

https://bitcointalk.org/index.php?topic=800004.0;all

 

A choice of what, exactly?

Different brands, different cultures.

    

 

Money is not a trend, a brand, a culture or a fad.

You cannot slap shiny painting on it, claim it "appeals" to some people and that it makes it relevant or worthy of existing.

All of you "shibes" are going to be very sorry when you're left holding this trendy bag of worthless coins.

[Ibian]

Well, Coinbase announced their API. It's straightforward REST/JSON. There's a discussion on Hacker News. They're running on Amazon AWS, in the US East zone. They recommend that trading 'bots also run on AWS in that zone for reduced latency. Initially, there will be no fees, but later, fees will be imposed for transactions which "reduce liquidity" (i.e. are executed immediately). Putting up walls is free.

It looks like they're setting themselves up for high frequency trading. They may have huge volume, but it will be the same money going round and round.  

They claim to be "licensed" in at least New York and California, but they're not on the money transmitter lists for either state.

Any opinion on this?

https://docs.exchange.coinbase.com/#currencies

Will they add alts?

Will be nice to have altss on there as well. We need a proper regulated legal exchange for alts too.

alts should be traded for btc now and discontinued /
1 international currency is the ultimate goal and btc is where the big money and development  is
alts are just a distraction to new comers who will take long enough to get a basic understanding of btc without having 600 other shitcoins being pumped at the same time

If you have about 3 major coins it gives people a choice. I agree that having hundreds of coins is too much.

In the case of Dogecoin it attracts different demographics and has more users than all altcoins combined.

If you want to learn more about Dogecoin:

https://bitcointalk.org/index.php?topic=800004.0;all

 

A choice of what, exactly?

Different brands, different cultures.

It's money. They do the same thing. This meme shit won't last.

[dataispower]

Well, Coinbase announced their API. It's straightforward REST/JSON. There's a discussion on Hacker News. They're running on Amazon AWS, in the US East zone. They recommend that trading 'bots also run on AWS in that zone for reduced latency. Initially, there will be no fees, but later, fees will be imposed for transactions which "reduce liquidity" (i.e. are executed immediately). Putting up walls is free.

It looks like they're setting themselves up for high frequency trading. They may have huge volume, but it will be the same money going round and round.  

They claim to be "licensed" in at least New York and California, but they're not on the money transmitter lists for either state.

Any opinion on this?

https://docs.exchange.coinbase.com/#currencies

Will they add alts?

Will be nice to have altss on there as well. We need a proper regulated legal exchange for alts too.

alts should be traded for btc now and discontinued /
1 international currency is the ultimate goal and btc is where the big money and development  is
alts are just a distraction to new comers who will take long enough to get a basic understanding of btc without having 600 other shitcoins being pumped at the same time

If you have about 3 major coins it gives people a choice. I agree that having hundreds of coins is too much.

In the case of Dogecoin it attracts different demographics and has more users than all altcoins combined.

If you want to learn more about Dogecoin:

https://bitcointalk.org/index.php?topic=800004.0;all

 

A choice of what, exactly?

Different brands, different cultures.

     

 

Money is not a trend, a brand, a culture or a fad.

You cannot slap shiny painting on it, claim it "appeals" to some people and that it makes it relevant or worthy of existing.

All of you "shibes" are going to be very sorry when you're left holding this trendy bag of worthless coins.

Which is of course not true. Money is part of human behavior. Human wants are complex.

Dogecoin already has more users than all altcoins combined - it  already attracted different demographics that use the coin differently.  

While bitcoin is treated as a tool for speculation Dogecoin is actually used.

Don't believe me - just look at the data:  

https://bitcointalk.org/index.php?topic=800004.0;all

[dataispower]

Well, Coinbase announced their API. It's straightforward REST/JSON. There's a discussion on Hacker News. They're running on Amazon AWS, in the US East zone. They recommend that trading 'bots also run on AWS in that zone for reduced latency. Initially, there will be no fees, but later, fees will be imposed for transactions which "reduce liquidity" (i.e. are executed immediately). Putting up walls is free.

It looks like they're setting themselves up for high frequency trading. They may have huge volume, but it will be the same money going round and round.  

They claim to be "licensed" in at least New York and California, but they're not on the money transmitter lists for either state.

Any opinion on this?

https://docs.exchange.coinbase.com/#currencies

Will they add alts?

Will be nice to have altss on there as well. We need a proper regulated legal exchange for alts too.

alts should be traded for btc now and discontinued /
1 international currency is the ultimate goal and btc is where the big money and development  is
alts are just a distraction to new comers who will take long enough to get a basic understanding of btc without having 600 other shitcoins being pumped at the same time

If you have about 3 major coins it gives people a choice. I agree that having hundreds of coins is too much.

In the case of Dogecoin it attracts different demographics and has more users than all altcoins combined.

If you want to learn more about Dogecoin:

https://bitcointalk.org/index.php?topic=800004.0;all

 

A choice of what, exactly?

Different brands, different cultures.

It's money. They do the same thing. This meme shit won't last.

Yes, but you need to back your arguments with data. 

[thresher]

the link started making noise lmao

[koryu]

exchange.coinbase.com

[Rude Boy]

exchange.coinbase.com

and Coinbase Exchange is not yet available outside the United States.

[Shak]

aaand registered

waiting for the mail, guess their mail-server just went boom

[dbshck]

exchange.coinbase.com

and Coinbase Exchange is not yet available outside the United States.

Here comes the dump? 295 to 282 on BTC-e now

[paulifa123]

The rockets on the moon and its making exciting noises!!!   How bizarre, there's a sell off going on? It's not as if everyone didn't already know what was going to happen....

[Rude Boy]

exchange.coinbase.com

and Coinbase Exchange is not yet available outside the United States.

Here comes the dump? 295 to 282 on BTC-e now

Don't bother about BTCe now

[Torque]

Will they add alts?

Will be nice to have altss on there as well. We need a proper regulated legal exchange for alts too.

Doubtful this will happen.  They won't even add Litecoin wallet support, and Coblee works for them.  Adding alts is not part of their current strategic roadmap.

[mutha]

This is probably the announcement:

http://www.wsj.com/articles/first-u-s-bitcoin-exchange-set-to-open-1422221641


By GREG BENSINGER
Jan. 25, 2015 4:34 p.m. ET
0 COMMENTS
The virtual currency bitcoin is getting a very real boost on Monday, with the opening of the first licensed U.S. exchange.

Coinbase Inc., a startup backed by $106 million from the New York Stock Exchange, banks and venture-capital firms, said its exchange will offer greater security for individuals and institutions to trade bitcoin and monitor real-time pricing of the cryptocurrency.

The exchange could bring needed legitimacy to the currency, which isn’t backed by a central government and is traded over virtual exchanges, primarily overseas. Coinbase said it has insurance, offering traders some assurance that their money won’t disappear.

Bitcoin enthusiasts have been buffeted by the collapse of Japan-based exchange Mt. Gox last year—taking with it around half a billion dollars of investors’ money—and a security breach earlier this month at Slovenia-based exchange Bitstamp. The value of a bitcoin itself, determined by trading on existing exchanges, has fallen to about $240, from a peak in late 2013 of more than $1,200.

“To have an organized exchange that has the backing of thoughtful venture capitalists and investors addresses one of the main problems with bitcoin: its extreme volatility,” said Campbell R. Harvey, a Duke University finance professor who has studied cryptocurrencies. “Bitcoin has been sorely in need of something like this.”

Coinbase’s founders say they have been working for five months to win licenses from state financial regulators. They have regulatory approval in half of U.S. states, including large population centers like New York and California. For now, Coinbase can do business with account holders only in states where it has approval.

Coinbase will take a small percentage—likely less than 1%—of most transactions, said Fred Ehrsam, 26 years old, a co-founder. The exchange will initially be limited to users in the U.S., but Chief Executive Brian Armstrong, 32, said he plans to expand overseas.

Mr. Armstrong said he expected to attract both individuals and businesses looking to trade bitcoin. “Our goal is to become the world’s largest exchange,” he said.

Others are looking to open U.S.-based bitcoin exchanges, including Tyler and Cameron Winklevoss, the twin brothers known for their early feuds with Facebook Inc. founder Mark Zuckerberg .

Financial regulators, including the U.S. Federal Reserve, have been scrutinizing bitcoin recently. Benjamin Lawsky , the superintendent of the New York State Department of Financial Services, is working on a so-called BitLicense for firms looking to offer digital-currency services in the state; Coinbase is operating under earlier regulations. Mr. Lawsky’s plan is seen as a template for legislation in other jurisdictions, and it may give outsiders more confidence in the currency.

Bitcoins are created using high-powered computers that “mine” for the currency by solving complex mathematical equations. They are exchanged digitally either for currency, or goods and services. Ownership and transactions are recorded, anonymously, in a so-called blockchain, which backers say reduces the risk of fraud.

Bitcoin grew to prominence in recent years in part because of the ease with which it can be transferred.

Coindesk, which tracks the price of bitcoins, says 82,000 businesses accept the currency, double that of a year earlier, including e-commerce site Overstock.com Inc. and Expedia Inc., as well as many small retailers. The value of all bitcoin is $3.2 billion, according to Coindesk’s price index.

The NYSE invested in Coinbase during a $75 million round of fundraising that closed this month. Other investors include USAA Bank, the venture arm of Spain’s Banco Bilbao Vizcaya Argentaria SA, former Citigroup Inc. CEO Vikram Pandit and former Thomson Reuters Corp. CEO Tom Glocer. Venture backers include Draper Fisher Jurvetson, Andreessen Horowitz and Union Square Ventures.

The NYSE’s investment was intended in part to “keep an eye on bitcoin as it matures as a legitimate currency,” President Tom Farley said. “Any currency relies on its acceptance.” The Coinbase exchange “is an important step for the currency to become socially acceptable.”

Coinbase counts about 2.2 million consumer wallets and nearly 40,000 merchants that use its services. The company has about 75 employees and plans to operate in 30 countries by year-end, up from 19 today.

I have been following this for months, if you look at the players and think about what and how they do things USAA Bank Citigroup ect ect and look at how Coinbase operates... you can pretty well kiss annonymity good bye if you use these services its a trade off and totally your decision.

Just the first step for centralization and "regulation" of Bitcoin, although not total regulation and centralization... YET.

[Shak]

ah, they have a proper taker/maker pricing system. no more ripping off both sides of a trade to increase income

[B.A.S.]

This is probably the announcement:

http://www.wsj.com/articles/first-u-s-bitcoin-exchange-set-to-open-1422221641


By GREG BENSINGER
Jan. 25, 2015 4:34 p.m. ET
0 COMMENTS
The virtual currency bitcoin is getting a very real boost on Monday, with the opening of the first licensed U.S. exchange.

Coinbase Inc., a startup backed by $106 million from the New York Stock Exchange, banks and venture-capital firms, said its exchange will offer greater security for individuals and institutions to trade bitcoin and monitor real-time pricing of the cryptocurrency.

The exchange could bring needed legitimacy to the currency, which isn’t backed by a central government and is traded over virtual exchanges, primarily overseas. Coinbase said it has insurance, offering traders some assurance that their money won’t disappear.

Bitcoin enthusiasts have been buffeted by the collapse of Japan-based exchange Mt. Gox last year—taking with it around half a billion dollars of investors’ money—and a security breach earlier this month at Slovenia-based exchange Bitstamp. The value of a bitcoin itself, determined by trading on existing exchanges, has fallen to about $240, from a peak in late 2013 of more than $1,200.

“To have an organized exchange that has the backing of thoughtful venture capitalists and investors addresses one of the main problems with bitcoin: its extreme volatility,” said Campbell R. Harvey, a Duke University finance professor who has studied cryptocurrencies. “Bitcoin has been sorely in need of something like this.”

Coinbase’s founders say they have been working for five months to win licenses from state financial regulators. They have regulatory approval in half of U.S. states, including large population centers like New York and California. For now, Coinbase can do business with account holders only in states where it has approval.

Coinbase will take a small percentage—likely less than 1%—of most transactions, said Fred Ehrsam, 26 years old, a co-founder. The exchange will initially be limited to users in the U.S., but Chief Executive Brian Armstrong, 32, said he plans to expand overseas.

Mr. Armstrong said he expected to attract both individuals and businesses looking to trade bitcoin. “Our goal is to become the world’s largest exchange,” he said.

Others are looking to open U.S.-based bitcoin exchanges, including Tyler and Cameron Winklevoss, the twin brothers known for their early feuds with Facebook Inc. founder Mark Zuckerberg .

Financial regulators, including the U.S. Federal Reserve, have been scrutinizing bitcoin recently. Benjamin Lawsky , the superintendent of the New York State Department of Financial Services, is working on a so-called BitLicense for firms looking to offer digital-currency services in the state; Coinbase is operating under earlier regulations. Mr. Lawsky’s plan is seen as a template for legislation in other jurisdictions, and it may give outsiders more confidence in the currency.

Bitcoins are created using high-powered computers that “mine” for the currency by solving complex mathematical equations. They are exchanged digitally either for currency, or goods and services. Ownership and transactions are recorded, anonymously, in a so-called blockchain, which backers say reduces the risk of fraud.

Bitcoin grew to prominence in recent years in part because of the ease with which it can be transferred.

Coindesk, which tracks the price of bitcoins, says 82,000 businesses accept the currency, double that of a year earlier, including e-commerce site Overstock.com Inc. and Expedia Inc., as well as many small retailers. The value of all bitcoin is $3.2 billion, according to Coindesk’s price index.

The NYSE invested in Coinbase during a $75 million round of fundraising that closed this month. Other investors include USAA Bank, the venture arm of Spain’s Banco Bilbao Vizcaya Argentaria SA, former Citigroup Inc. CEO Vikram Pandit and former Thomson Reuters Corp. CEO Tom Glocer. Venture backers include Draper Fisher Jurvetson, Andreessen Horowitz and Union Square Ventures.

The NYSE’s investment was intended in part to “keep an eye on bitcoin as it matures as a legitimate currency,” President Tom Farley said. “Any currency relies on its acceptance.” The Coinbase exchange “is an important step for the currency to become socially acceptable.”

Coinbase counts about 2.2 million consumer wallets and nearly 40,000 merchants that use its services. The company has about 75 employees and plans to operate in 30 countries by year-end, up from 19 today.

I have been following this for months, if you look at the players and think about what and how they do things USAA Bank Citigroup ect ect and look at how Coinbase operates... you can pretty well kiss annonymity good bye if you use these services its a trade off and totally your decision.

Just the first step for centralization and "regulation" of Bitcoin, although not total regulation and centralization... YET.

This is what I worry about. I have been a long time Coinbase customer since its beginnings and over the years I have seen them slowly integrate more and more tracking with regards to tying your customer profile to addresses you send coins to or asking you about who you are transferring coins.

I suppose, the tax man wants his cut too, but the anonymity of olden days helped build trust between individuals. Regulation should never be a substitute for trust and that is what we have today in the banking world. We (as customers/users) pay companies and banks for "trust" and in return we get secure transactions. In return for giving "trust," banks and companies get unprecedented access and control over its customer base.

[Kipsy89]

ah, they have a proper taker/maker pricing system. no more ripping off both sides of a trade to increase income

That's one of the things they are doing very intelligently. Everything they've incorporated into the exchange looks very sound and well thought-through. The fee system is just the icing on the cake - no actually it's the filling, I guess. But yeah, this truly is a next-generation exchange. Still centralized, but legally registered, insured, backed by NYSE, awesome API, etc...

[unamis76]

Too bad this is the announcement they made. I thought they were going for alts... Apparently the "source" around here was wrong lol.

This is probably the announcement:

http://www.wsj.com/articles/first-u-s-bitcoin-exchange-set-to-open-1422221641


By GREG BENSINGER
Jan. 25, 2015 4:34 p.m. ET
0 COMMENTS
The virtual currency bitcoin is getting a very real boost on Monday, with the opening of the first licensed U.S. exchange.

Coinbase Inc., a startup backed by $106 million from the New York Stock Exchange, banks and venture-capital firms, said its exchange will offer greater security for individuals and institutions to trade bitcoin and monitor real-time pricing of the cryptocurrency.

The exchange could bring needed legitimacy to the currency, which isn’t backed by a central government and is traded over virtual exchanges, primarily overseas. Coinbase said it has insurance, offering traders some assurance that their money won’t disappear.

Bitcoin enthusiasts have been buffeted by the collapse of Japan-based exchange Mt. Gox last year—taking with it around half a billion dollars of investors’ money—and a security breach earlier this month at Slovenia-based exchange Bitstamp. The value of a bitcoin itself, determined by trading on existing exchanges, has fallen to about $240, from a peak in late 2013 of more than $1,200.

“To have an organized exchange that has the backing of thoughtful venture capitalists and investors addresses one of the main problems with bitcoin: its extreme volatility,” said Campbell R. Harvey, a Duke University finance professor who has studied cryptocurrencies. “Bitcoin has been sorely in need of something like this.”

Coinbase’s founders say they have been working for five months to win licenses from state financial regulators. They have regulatory approval in half of U.S. states, including large population centers like New York and California. For now, Coinbase can do business with account holders only in states where it has approval.

Coinbase will take a small percentage—likely less than 1%—of most transactions, said Fred Ehrsam, 26 years old, a co-founder. The exchange will initially be limited to users in the U.S., but Chief Executive Brian Armstrong, 32, said he plans to expand overseas.

Mr. Armstrong said he expected to attract both individuals and businesses looking to trade bitcoin. “Our goal is to become the world’s largest exchange,” he said.

Others are looking to open U.S.-based bitcoin exchanges, including Tyler and Cameron Winklevoss, the twin brothers known for their early feuds with Facebook Inc. founder Mark Zuckerberg .

Financial regulators, including the U.S. Federal Reserve, have been scrutinizing bitcoin recently. Benjamin Lawsky , the superintendent of the New York State Department of Financial Services, is working on a so-called BitLicense for firms looking to offer digital-currency services in the state; Coinbase is operating under earlier regulations. Mr. Lawsky’s plan is seen as a template for legislation in other jurisdictions, and it may give outsiders more confidence in the currency.

Bitcoins are created using high-powered computers that “mine” for the currency by solving complex mathematical equations. They are exchanged digitally either for currency, or goods and services. Ownership and transactions are recorded, anonymously, in a so-called blockchain, which backers say reduces the risk of fraud.

Bitcoin grew to prominence in recent years in part because of the ease with which it can be transferred.

Coindesk, which tracks the price of bitcoins, says 82,000 businesses accept the currency, double that of a year earlier, including e-commerce site Overstock.com Inc. and Expedia Inc., as well as many small retailers. The value of all bitcoin is $3.2 billion, according to Coindesk’s price index.

The NYSE invested in Coinbase during a $75 million round of fundraising that closed this month. Other investors include USAA Bank, the venture arm of Spain’s Banco Bilbao Vizcaya Argentaria SA, former Citigroup Inc. CEO Vikram Pandit and former Thomson Reuters Corp. CEO Tom Glocer. Venture backers include Draper Fisher Jurvetson, Andreessen Horowitz and Union Square Ventures.

The NYSE’s investment was intended in part to “keep an eye on bitcoin as it matures as a legitimate currency,” President Tom Farley said. “Any currency relies on its acceptance.” The Coinbase exchange “is an important step for the currency to become socially acceptable.”

Coinbase counts about 2.2 million consumer wallets and nearly 40,000 merchants that use its services. The company has about 75 employees and plans to operate in 30 countries by year-end, up from 19 today.

I have been following this for months, if you look at the players and think about what and how they do things USAA Bank Citigroup ect ect and look at how Coinbase operates... you can pretty well kiss annonymity good bye if you use these services its a trade off and totally your decision.

Just the first step for centralization and "regulation" of Bitcoin, although not total regulation and centralization... YET.

Agreed, bye bye anonymity if you use them. As for regulation/centralization, they will never achieve it (they would kill their own business if they could achieve it somehow)