Quote from: TECSHARE on March 04, 2013, 04:47:33 PM

Quote from: akspecs on March 04, 2013, 12:37:39 AM

Quote from: danieldaniel on March 03, 2013, 10:49:18 PM

Quote from: akspecs on March 03, 2013, 06:36:12 PM

I don't think the SEC is smart enough to understand BTC, yet. What is this, insider trading? Given that you can't buy stock for BTC officially I am addressing a particular gap and inefficiency. Also, I am using my money that my money I currently have in the market. I am not violating any laws accepting bitcoin from community members, and using my money to buy stock.

The only real pitfall is taxes. I would have to pass down taxes I pay as fees.

I'm not talking about relating to BTC. I was talking about how you need to be a licensed broker-dealer to do this, and there are MANY nitty-gritty laws that you need to follow for record keeping, how much info you take, etc. Not to mention that this is almost certintaly against the broker's TOS (the one that you're using). You can't just start something like this; it costs lots of time and money to do this.

To the Bitcoin community: STAY AWAY FROM THIS. If something happens and this guy can't do this anymore, you will not be the owner of the stocks. Also, this isn't a formal legal contract, and you don't own it anyways.

Hey man instead of leaving me dead in the water, offer some reasonable criticism. You are absolutely correct in many senses. I can die in a motorcycle accident and who would be there to check my obligations?

Instead of saying "STAY AWAY FROM THIS" you could have said "you can seriously implicate yourself and others and I don't think the risk worth it.". I would've been stubborn and said "wow, I thought this would've been a breath of fresh air giving all the defaulted loans and other drug related use of BTC"... But I would've taken the skepticism seriously and tried to work around it and provide solutions for potential pitfalls - or even just scrap to whole idea and move to another investment based strategy.

I meant no harm at all.

EDIT:

I can see why there's this skepticism. But I am honestly trying to become a part of the bitcoin community. It's pretty silly though from my perspective that I would be met with so much resistance rather than constructive criticism. You have people defaulting on absurd loans ("hero" members too mind you), borrowing money at absurd rates - trading bitcoin for drugs and weapons. Maybe there is a better way for me become acquainted and deal with the bitcoin community. I do enjoy trading and investing, so maybe I can offer more physical ventures.

FURTHER EDIT:

Quote from: starsoccer9 on March 03, 2013, 10:44:53 PM

FYI https://bitcointalk.org/index.php?topic=141601.msg1540924#msg1540924

Does stockmarket trading and accecpts BTC

This seems much more sophisticated than what I had in mind :/

Forgive my naivity BTC community. I'll most likely find another way to transact in BTC.

Everyone is arguing against this because it has already happened and failed, resulting in customer funds being seized. See GLBSE.

what are you stupid? GLBSE and NYSE is totally different