Topic: Bitcoin-Central, first exchange licensed to operate with a bank. This is HUGE - page 24. (Read 191895 times)

reading through it all and i have come to the conclusion that the scenario is much like anyone setting up a prepaid debit card system. where the company own a corporate card and have their own personalised design cards for their clients to have their very own numbers to use that is recognised at banks and ATM's etc

if someone wanted to buy bitcoins, the FIAT funds will come out of clients card to the corporate card which in this case is bitcoin central's. who then on receipt of "funds sent confirmation" by an API callback from the PSP server to bitcoin centrals server. bitcoincentral would pass bitcoins from bitcoin-centrals wallet to the clients wallet on the bitcoincentral server.

the fiat funds are on the bank server, the bitcoin funds are on the bitcoincentral server.. all talking to each other by API calls.

the french banks are not regulating bitcoin, do not control bitcoin and pretty much do not care about bitcoin. all they care about is the fiat side. ensuring amounts and volume of FIAT do not exceed AML/KYC regulations and if they do they have enough personal information about the people to investigate, oh and not forgetting the names on the accounts are not on government watchlists.

bitcoincentral will basically just ensure amounts never exceed the limits and ensure the same house address does not open several accounts to counter the limits.

if bitcoincentral ran off.. the fiat funds that people paid into the corporate account would be reversed.because they are held in credit mutuel accounts but the bitcoins would be lost. as they wont be on the PSP's server. bit bitcoincentrals servers

so dont be afraid folks. the government aint moving in. the only thing that counts is if bitcoin central (quoted as 2 months) will have actual bank account numbers and debit cards.. but will bitinstant have them sooner??

we do not know what stage of negotiations bitinstant is with their PSP to know exactly who came first. but just like the ASIC wars.. its going to be busy couple of months for the who's first to get an bitcoin->ATM card to market.

bitinstant for the US market and merchants and bitcoincentral for the european market. let the mass expansion into merchant shops begin....... in 2 months  

Don't worry, he's just trolling.

Do you really support bitcoin users getting bailed out by taxpayers if bitcoin-central fails in the marketplace ?

This is abhorrent.

It's ok... you're making up for it in double-postings.

Let me ask you this:  Is it wrong for people to trade Bitcoins for goods and services?
Let me further ask you this:  Is money (yes, even fiat) not a representation of goods sold and services performed?
And to take it further:  Is it wrong for people to trade Bitcoins for fiat currency?
And another step:  How are people supposed to EASILY trade Bitcoins for fiat currency without using fiat currency's existing infrastructure?
Still going:  How can it be a bad thing to make Bitcoins easier for people to get their hands on?

That is all.

Oh my God are there 80% lunatics on here .. i see hundreds of people cheering and 2 3 4 5 people speaking out .  it's like an obama election .

JESUS FUCKING ChrIst someone talking sense.

This will allow the premise of enforceable legal contracts.  A foundation for freedom.  Fantastic news.

Friend .^.

http://cdn2.sbnation.com/imported_assets/1151814/oh-noes-everybody-panic.gif

I guess this was the great news of "Le monde" reporting on bitcoin. . my guess .. they'll turn it into a bubble up the value like face book ( or the countless of other scams) artificially inflate it's value milk it for all it's worth (your money) and then kill it collapse it . . they win. .

DONT ASK ME HOW . YOU THINK THAT A BANKING SYSTEM THAT IS INGINERING ECONOMI COLLAPSE  AND  is formulating slavery. . is gonna save " Bitcoin"  ..  My god doesn't  any body know about this ..

Ffs  somebody is fucking seeing it. I can't believe the amount of people who are as dumb as shit .. literally get the fuck out.

Liquid dough fixing psychopaths?  I am trying to figure out what that is a euphemism for... eccentric pretzel-makers, perhaps?

Regardless, why are you getting all worked up about this?  If you don't like the service, you don't have to use it.

If your fellow Bitcoin users were happy to simply use Bitcoin for transactions then there'd be no need for services which hold fiat funds on behalf of users and no need to mitigate against the loss of those fiat funds. 

There's something seriously wrong with estalishing partnership with liquid dough fixing psychopaths . i held my tongue until at least someone who has some feeling put it in a just perspective . . i think .. I am absolutely blown a way i can not fully fathom or grasp what i'm feeling  .

Nobody is required to use exchanges.  People appear to do so largely in the hope of making a profit - we saw people gravitate towards HYIPs when the price of Bitcoin was low and stable earlier in the year.

Within the Bitcoin ecosystem there are different factions with very different agendas - it is up to each faction to advance their own agenda.  What Bitcoin ultimately becomes will be determined in part by how people use it.  If the majority of people want to use Bitcoin as a p2p currency outside of the conventional financial system, then services which are substantially based on interacting with the conventional financial system will decline in both number and size.

If it looks like at the moment Bitcoin is replicating existing financial services/products "but with Bitcoin", then it's because people are demanding/using those services.

Go learn about exchanges and how they work, bitcoin is decentralized, no here even knows what they are talking about.

Ummm....isn't bitcoin decentralized? I VAGUELY recall seeing it somewhere hmmmmmmmmm......

I guess that depends on whether "center of gravity" refers to where Bitcoin gravitates to to get converted into fiat, or what nationality gravitates toward Bitcoin.

congrats to this major achievement

Really? Judging by Google Maps Tokyo's coordinates are 35° 41′22.22″N 139°41′30.12″E, I would have guessed it was Japan based.