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IG Index analysis of Bitcoin
https://www.youtube.com/watch?v=UNoL...ature=youtu.be
Winkevoss Twins Betting Bitcoin will go Big
http://www.popsci.com/why-winkelvoss...in-will-go-big
Bitcoin Reaches 100 million transactions:
http://panampost.com/adam-dubove/201...-comes-of-age/
The winkelvoss twins article is funny as once again both humor and serious mistakes about how the government looks at this technology have surfaced by those who run an exchange (bank).
The article stats that Tyler said
If it is a form of money (currency) as HE claims it is, that would make all Exchanges a Bank.Quote:
We are fascinated with Bitcoin because it is the first iteration of money that’s actually built for the Internet
So I ask, does Tyler's exchange follow all the US Banking rules as dictated by the FDIC and FRB? Is it registered as a bank according to the government?
Are the deposits in the Winkelvoss bank (exchange) insured by the FDIC?
So, is he wrong about it being money or is he wrong that he is NOT treating his exchange as a bank?
Rick
Universal4
I'm afraid Rick that many lawyers will make many fortunes debating this. When you look at the majority of exchanges they all perform KYC checks as they need to keep their own banks happy.
Yep and the other part of the debate is whether the exchanges need to be licensed and regulated just like all the other commodity brokers are.
Since the US defined bitcoin in this manner, that makes the exchanges brokers and certainly adds to the debate.
But does that also make it messy for vendors who accept commodities as payments for goods and services?
I agree, that lawyers of all kinds will be big winners in this. (wanna bet they want paid in currency and not bitcoin)
Rick
Universal4
I laughed my ass off at this!Quote:
Originally Posted by universal4