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I don't think one can go short yet. That constraint should get lifted one month from the date it started trading. There are probably a few hedge funders salivating at the opportunity to short those crazy-high bids.
Also, there is probably a lot of interest from accredited investors to go directly to the trust and buy these shares at par. Those shares in turn will be available for trading in the open markets a year from now.
ItBit is an exchange now and applying for a banking licence. I hope they are going accept deposits and operate like a conventional fiat bank, but adds a seamless bitcoin integration as a "foreign currency". They will offer loans only in fiat with an option to convert to bitcoin at a special rate.
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This would be great and set the standard for how easy it should be to use your bank to buy and sell bitcoins. If this becomes the norm across the banking industry, then bitcoin will have a legit chance for mainstream adoption.
Mass adoption probably won't happen in a way we're expecting it to happen in. I don't think that it will a regular thing to pay for your coffee or dinner using BTC. It may become a way of paying for something online, but I do see it more as a backbone technology and asset of some sort (yet to be determined).
Maybe not in America and other first world countries. But in many third world countries, it may indeed be the standard someday.
Mass adoption is not happening because the bitcoin price/market capitalization is too low. If and when the price gets well into the thousands of dollars, then mass adoption has a chance. The price is having a hard time going up because it's still quite difficult for the average person to buy or take a long position in.
Sorry but that's not how it works. There's more adoption now at $220 USD than there was when it was +$1000 USD.
I agree there is more adoption now at $220 (now $215-ish) than there was when it was >$1000 USD. At $1000+, price was way ahead of itself (i.e. the amount of adoption at the time). Hence, price fell. Adoption is catching up (if not already caught up) to the current $220-ish price. Increased adoption and more adoption over time will stall out at some point (and arguably is slowing down, at least at the moment) if the price doesn't go up much from here.
The build out of the ecosystem and price go hand-in-hand, although you may not see that in the short term or even intermediate term. Price isn't the only thing, but it is a long term critical component to mass adoption. Don't kid yourself into thinking price doesn't matter.
Mass adoption is not happening because the bitcoin price/market capitalization is too low. If and when the price gets well into the thousands of dollars, then mass adoption has a chance. The price is having a hard time going up because it's still quite difficult for the average person to buy or take a long position in.
The latest draft of proposed regulations is stifling for bitcoin businesses (except for maybe the biggest well financed players in the bitcoin space). I just don't think Ben Lawsky wants his legacy to be that of promulgating regulations that turn New York into a bitcoin innovation wasteland, and I feel that he won't let it.
Hence, it's my best guess that nothing gets promulgated for quite a long time and it will be a seriously scaled down version of what the second draft is.
Hence, it's my best guess that nothing gets promulgated for quite a long time and it will be a seriously scaled down version of what the second draft is.
Do we really see NYSDFS Bitcoin regulations promulgated anytime soon? We are now well past the comment period for the second draft (which ended in late March).
I just don't see it. It will make Ben Lawsky a hypocrite. I just don't think he wants that to be his legacy, and I feel he won't let it. Hence, nothing gets promulgated for quite a long long time and it will be a seriously scaled down version of what the second draft is.
For those without the background, here are links with a short blurb about each one:
Link #1
Here's the CNBC video, where Lawsky speaks to bitcoin as an agent of change and his desire to bring bitcoin companies to New York:
http://video.c[Suspicious link removed]m/gallery/?video=3000252988
Link #2
Here's the link with the following Andreas Antonopolous' quote, which is as follows:
Bitcoin entrepreneurship is already moving overseas and moving at an accelerated rate. Give it a month and New York will be a wasteland in terms of bitcoin innovation because it will be deserted as soon as the BitLicense starts up with the exception of one or two banking players who are going to find it a very fertile environment to create non-bitcoin lookalikes in New York. But everyone else is going to leave, and theyre already leaving.
http://insidebitcoins.com/news/3-key-points-from-andreas-antonopouloss-qa-at-mit-bitcoin-club/30015
I just don't see it. It will make Ben Lawsky a hypocrite. I just don't think he wants that to be his legacy, and I feel he won't let it. Hence, nothing gets promulgated for quite a long long time and it will be a seriously scaled down version of what the second draft is.
For those without the background, here are links with a short blurb about each one:
Link #1
Here's the CNBC video, where Lawsky speaks to bitcoin as an agent of change and his desire to bring bitcoin companies to New York:
http://video.c[Suspicious link removed]m/gallery/?video=3000252988
Link #2
Here's the link with the following Andreas Antonopolous' quote, which is as follows:
Bitcoin entrepreneurship is already moving overseas and moving at an accelerated rate. Give it a month and New York will be a wasteland in terms of bitcoin innovation because it will be deserted as soon as the BitLicense starts up with the exception of one or two banking players who are going to find it a very fertile environment to create non-bitcoin lookalikes in New York. But everyone else is going to leave, and theyre already leaving.
http://insidebitcoins.com/news/3-key-points-from-andreas-antonopouloss-qa-at-mit-bitcoin-club/30015
I just tried to withdraw btc from CampBX, but I got the response: cold wallet maintenance... please try again in 5 hours. This message has been there all day. anyone got any idea how long has this been going on? The only announcement was on March 21st, and it said the maintenance would last only 2 hours. I don't think they would have frozen btc withdrawals for that long, or else I would have heard about it. I was hoping CampBX would be able to differentiate themselves from MtGox with more transparency, but I guess not.
Have you been able to withdraw since this post?
I just tried to withdraw btc from CampBX, but I got the response: cold wallet maintenance... please try again in 5 hours. This message has been there all day. anyone got any idea how long has this been going on? The only announcement was on March 21st, and it said the maintenance would last only 2 hours. I don't think they would have frozen btc withdrawals for that long, or else I would have heard about it. I was hoping CampBX would be able to differentiate themselves from MtGox with more transparency, but I guess not.
I have a probelm withdrawing bitcoins myself at Campbx. I tried yesterday (April 5, 2014) to move some coins to another exchange. Conveniently on their part, they have a notice of suspending bitcoins withdrawals for 90 days on my account. That crap ain't going to fly with me. Perhaps it's just a technical problem. (If so, and they promptly fix it, then great.)
I immediately opened up a ticket (Ticket: #OOM-398-86516). If I don't get full resolution of this within two or three business days, I'll file a formal complaint with their regulator, the Georgia Department of Banking and Finance. I'm not going to let this linger without taking action.
We'll see how it goes. I hope this isn't the harbinger of another Gox. I hope to God it's not!
It seems like CampBX pretty much doesn't respond to tickets...period. That's my first hand experience so far.
Case 1: Attempting to get verfieid
I sent them my documents and the filled out the KYC form on 8/25. It does look like they did open up a ticket for that. Okay, good. However, we're now at 9/06 and haven't heard anything from them in that regard, despite sending them THREE follow ups notes. So let's recap it, they say five business days to get verified. I'm now at the nine business day mark, have explicitly sent THREE follow up notes and they have been non-responsive.
Case 2: Attempting to open a ticket
Furthermore, I can't open up new tickets. When I fill out a ticket and hit the send button, it's non-responsive. [I tried this multiple times from different computers over different days and trying different browsers and still couldn't submit a ticket.] So I sent them an e-mail to their support@campbx.com address, instead. I did so over a week ago. I have since sent two follow up notes. From the time of this original e-maill to now -- despite two follow up requests, which were each spaced apart over several days -- I have had no response whatsoever.
*******************************************************************
Follow up to my September 06th note:
Okay, it's now September 15th:
Case 1: Attempting to get verified
Despite two follow ups since 9/06, CampBX still hasn't verified my account. This is fast becoming a farce.
Case 2: Attempting to open a ticket
I still can't open up new tickets. Also, I still haven't gotten any responses whatsover. Again what a farce.
Case 1: Attempting to get verfieid
I sent them my documents and the filled out the KYC form on 8/25. It does look like they did open up a ticket for that. Okay, good. However, we're now at 9/06 and haven't heard anything from them in that regard, despite sending them THREE follow ups notes. So let's recap it, they say five business days to get verified. I'm now at the nine business day mark, have explicitly sent THREE follow up notes and they have been non-responsive.
Case 2: Attempting to open a ticket
Furthermore, I can't open up new tickets. When I fill out a ticket and hit the send button, it's non-responsive. [I tried this multiple times from different computers over different days and trying different browsers and still couldn't submit a ticket.] So I sent them an e-mail to their support@campbx.com address, instead. I did so over a week ago. I have since sent two follow up notes. From the time of this original e-maill to now -- despite two follow up requests, which were each spaced apart over several days -- I have had no response whatsoever.
*******************************************************************
Follow up to my September 06th note:
Okay, it's now September 15th:
Case 1: Attempting to get verified
Despite two follow ups since 9/06, CampBX still hasn't verified my account. This is fast becoming a farce.
Case 2: Attempting to open a ticket
I still can't open up new tickets. Also, I still haven't gotten any responses whatsover. Again what a farce.
If CampBX hasn't yet resolved your problems, I would consider contacting authorities. CampBX, a Georgia company, is acting as a financial institution and is subject to Georgia and U.S. federal laws governing them. Here are some links to the Georgia Department of Banking and Finance website that may be helpful to you:
http://dbf.georgia.gov/complaints-and-inquiries
http://dbf.georgia.gov/contact-us
If they can't help you directly, hopefully they'll give you good guidance on who the right authorities are.
I have experienced bad customer service ... (a) CampBX hasn't verified my account, despite the fact it's been two weeks since I sent in my documents (b) I can't submit tickets through their support site, & (c) CampBX is nonresponsive to my e-mails.
Despite this, I have been able to make instant Dwolla deposits of $1,000 every 24 hours and then trade with these funds. I can't make withdrawals right now, because I'm still within the 31 day required wait period from my first Dwolla deposit. Once these 31 days have passed, I will be attempting withdrawals. If I get stonewalled in that regard, I likely won't hesitate to contact authorities.
http://dbf.georgia.gov/complaints-and-inquiries
http://dbf.georgia.gov/contact-us
If they can't help you directly, hopefully they'll give you good guidance on who the right authorities are.
I have experienced bad customer service ... (a) CampBX hasn't verified my account, despite the fact it's been two weeks since I sent in my documents (b) I can't submit tickets through their support site, & (c) CampBX is nonresponsive to my e-mails.
Despite this, I have been able to make instant Dwolla deposits of $1,000 every 24 hours and then trade with these funds. I can't make withdrawals right now, because I'm still within the 31 day required wait period from my first Dwolla deposit. Once these 31 days have passed, I will be attempting withdrawals. If I get stonewalled in that regard, I likely won't hesitate to contact authorities.
It seems like CampBX pretty much doesn't respond to tickets...period. That's my first hand experience so far.
Case 1: Attempting to get verfieid
I sent them my documents and the filled out the KYC form on 8/25. It does look like they did open up a ticket for that. Okay, good. However, we're now at 9/06 and haven't heard anything from them in that regard, despite sending them THREE follow ups notes. So let's recap it, they say five business days to get verified. I'm now at the nine business day mark, have explicitly sent THREE follow up notes and they have been non-responsive.
Case 2: Attempting to open a ticket
Furthermore, I can't open up new tickets. When I fill out a ticket and hit the send button, it's non-responsive. [I tried this multiple times from different computers over different days and trying different browsers and still couldn't submit a ticket.] So I sent them an e-mail to their support@campbx.com address, instead. I did so over a week ago. I have since sent two follow up notes. From the time of this original e-maill to now -- despite two follow up requests, which were each spaced apart over several days -- I have had no response whatsoever.
Case 1: Attempting to get verfieid
I sent them my documents and the filled out the KYC form on 8/25. It does look like they did open up a ticket for that. Okay, good. However, we're now at 9/06 and haven't heard anything from them in that regard, despite sending them THREE follow ups notes. So let's recap it, they say five business days to get verified. I'm now at the nine business day mark, have explicitly sent THREE follow up notes and they have been non-responsive.
Case 2: Attempting to open a ticket
Furthermore, I can't open up new tickets. When I fill out a ticket and hit the send button, it's non-responsive. [I tried this multiple times from different computers over different days and trying different browsers and still couldn't submit a ticket.] So I sent them an e-mail to their support@campbx.com address, instead. I did so over a week ago. I have since sent two follow up notes. From the time of this original e-maill to now -- despite two follow up requests, which were each spaced apart over several days -- I have had no response whatsoever.
Hi Everyone,
I'm a newbie to these boards. I hadn't ever hear of bitcoins until the fever last April. I wish I had known about them a year or two early. Since then, I have acquired of few and am looking to buy a few more. It would be interesting to fast forward the clocks to 5 years from now and see if bitcoin is still humming along or if it falls into oblivion.
Okay, looking forward to reading and participating on these boards.
So long for now!
I'm a newbie to these boards. I hadn't ever hear of bitcoins until the fever last April. I wish I had known about them a year or two early. Since then, I have acquired of few and am looking to buy a few more. It would be interesting to fast forward the clocks to 5 years from now and see if bitcoin is still humming along or if it falls into oblivion.
Okay, looking forward to reading and participating on these boards.
So long for now!