A couple of questions. You're talking about offering a "product" to "accredited investors". Does this mean you're adopting the stance that Bitcoin is a security?
Also, it might be worth outlining here the process customers will need to go through to verify that they meet the "accredited investor" criteria.
As USD MtGox codes can't be generated after April, will you be accepting MtGox codes for other currencies as long as their value is over USD 5,000?
This is the criteria to meet:
1. a bank, insurance company, registered investment company, business development company, or small business investment company;
2. an employee benefit plan, within the meaning of the Employee Retirement Income Security Act, if a bank, insurance company, or registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5 million;
3. a charitable organization, corporation, or partnership with assets exceeding $5 million;
4. a director, executive officer, or general partner of the company selling the securities;
5. a business in which all the equity owners are accredited investors;
6. a natural person who has individual net worth, or joint net worth with the person’s spouse, that exceeds $1 million at the time of the purchase, excluding the value of the primary residence of such person;
7. a natural person with income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year; or
8. a trust with assets in excess of $5 million, not formed to acquire the securities offered, whose purchases a sophisticated person makes.
Basically, only open to rich people?
The U.S. has different roles for accredited investors (rich people). I don't like it but the lawyers are saying at this point we need to do it this way.
We're working on an alternative and will announce that as soon as we have it ready.
Very nice, looking forward to seeing LTC
We'll take a good look at it and make a decision before too long.
We spent a lot of time preparing for this from a legal / tech perspective so we'll be able to add features quickly.
Can't find any info on the public API. Do you guys have one already?
I went ahead and put it on the second post of this thread just now.
Thanks for asking.
What about bitcoin.com? Is it still part of your business plan?
Not currently, we don't own it or have access to it.
A couple of questions. You're talking about offering a "product" to "accredited investors". Does this mean you're adopting the stance that Bitcoin is a security?
Also, it might be worth outlining here the process customers will need to go through to verify that they meet the "accredited investor" criteria.
As USD MtGox codes can't be generated after April, will you be accepting MtGox codes for other currencies as long as their value is over USD 5,000?
The "product" is referring to the service provided and not BTC it's self. We're not going to consider it a security before the SEC or appropriate body says that it is.
We'll provide more information regarding requirements to use the Prime soon. We're ramping up invites and adding people.
The minimum requirement for Mt Gox codes is to open an account. Once an account has been opened there won't be a minimum.
When we add other countries we will most likely accept codes in those currencies as well.
Jered
