Topic: Bitcoin Exchange Gemini Approved for Launch in New York (Read 6836 times)

Several percentage points of deflation a year is not big.

There are plenty of 'real' currencies with way less stability than Bitcoin. Overall though I agree. I don't see how it could ever be stable, in fact it was specifically designed not to be with deflation built in.

The merchant instant fiat thing is a bit of a tried trope. Bitpay employees have said hardly a coin is sold on the open market. They already have buyers waiting for them. Whether that could continue if activity scaled up is a different matter, but that would also mean there were more buyers. Commerce is a bit of a side show for now.

and why the vendor is doing that? because BTC is trendy, a part from media is buzzing about it. Also, the vendors are benefiting from free advertising ("that store is accepting BTC, it's cool!" )

But these vendors do not trust Bitcoin at all and they want cash. they don't need an e-currency as long they are payint taxes, suppliers with real money; and they are afraid of volatility. Don't you in their place?

Stable mean not more than a few percentage a day volatility. Otherwise the goods will be priced in fiat, not bitcoin, even though you can pay with bitcoin, the vendor will change bitcoin into fiat instantly, they will not keep bitcoin. That is bad for the value of bitcon.

Do you know any commodity or currency which is stable?

Neither gold,platinum, oil are not stable.Nothing is stable. BTC is full of volatility and this is how it will remain until the end of it.
Speculative trading is the main use + dark market. How can it ever be stable?

Where have they ever mentioned that as a possibility? What's needed is exchanges that work and are trustworthy. That's what they're building towards. Becoming a Bitcoin bank is a totally different deal and would throw away all the marketing they've done.

If the price of bitcoin is stable, it can be used as a store of value, unlike USD or other fiat, devalue all the time.

The people can do that by using the existing currencies like USD, Euro and other local ones. Why do they need BTC? I can pay already with my phone. The debit cards are accepted almost anywhere. Why would someone need BTC to pay something? I said for 100 times. BTC transactions take more than 15 min while the purchasing via credit card is instant

Time will change that. Ordinary people can store their bitcoin in smart phone and use it when more shops accept bitcoin.

Lets wait and lets see.

For the moment I can tell that the banks are only a common business like thousand others. If the economy of the country, the Central Banks, the Government and the other Authorities of one country will hear what every kind of business tell that country will not have more an economy but only anarchy. Every business want things that fit with it interest. If this will be heard by the various authorities never can be arrived in one decision. Because the needs of various businesses sometimes might be opposites between those. So the bakery want low price of the flour while the merchant who sell flour want high price this product. All the businesses want low or at all taxes but the Government don't fulfill their requests. For the simple reason that without or low taxes will be less or at all resources for the development or the existence of the state and the economy of that country.

I can bring here to many examples like above but I think that those are enough to got the idea. Repeat: banks are only an commune business. Like every other business. Their voice have the same power of the other businesses. No more and no less. They cannot be able never and will not be able never to decide the destiny of bitcoin. Are other "powers" those which make decisions.

Yes, it is possible.
Now, each bank is working with USD so even they won't create a new currency, they already have it.

Why would they need Bitcoin? They are only interested in BTC tech and period. Bitcoin is hard to be used by the common people and this thing cannot be changed. Also,the BTC users are too few for banks (around of 1,5 mil. users who are holding BTC funds)

Will all the banks unite and use a single currency?

You maybe right about saying banks don't want to have to deal with bitcoins and only take bitcoin's blockchain technology and use it... but you still have to regard the fact that bitcoins still hold more purchasing power than any fiat in the world, by a long shot.

So even if they were to create there own "crypto" using a blockchain technology.. they are still going to be dealing in fiat.  So I guess my argument is, if banks do use the blockchain and in a way promote it, it might turn more people on to figuring out what this whole block chain thing is about.  Then people maybe start realizing that bitcoins just hold a value to its name that no other currency holds.

This is a dream that it is impossible in this world. The banks will never allow what you say here.
The people follows the banks and not an utopia.

The banks want their own currency(they want control) not Bitcoin. The banks may only use some of the tech of BTC and nothing more. The banks already have the debit cards and also the mobile payments which will be a BOOM soon. They don't need any BTC with its +15 min processing transaction and with +80% black market.

You have to understand that BTC is a niche market and this is how it will remain. BTC regulated = Paypal or any other similar payment processor. Why would the people using it? Yes, it's ok for speculation for now but don't have dreams regarding to Bitcoin.

When MTGox went down, the price drooped with 50% in 48 hours; same with Silk Road....BTC has around of 3 mil users and much less are owning funds in BTC. BTC has a BIG buzz in media and the results are modest.  What are we talking about?

It will the best thing you will (can) do. Do not use it and use all the others tool you mention in your post. Leave your bitcoin in your wallet. Theoretically the price of bitcoin can go very high. Only if regulated (otherwise with to much probability will be banned) and accepted legally as a normal currency in your country. That day you remember that you have bitcoin and again don't use those. Only do a change in your desired fiat money. You will have, using this way of action, much more profits than the actual use of it.

BTC being regulated (that means I have to provide my documents to "someone" in order to get verified), why would I use BTC while I already have a bank account, credit cards, debit cards and other traditional financial instruments?

I can do whatever I want by using a credit/debit card already and instantly with zero fees on my side.

But people will always have the option of using a service that's not regulated if that's what they prefer.

Disagree. If the Authorities will want and will decide that the people should not use a non regulated service the people cannot use it. Authorities will not allow this and only the people which normally break the lows will use it. I don't like this and I don't agree with this. The people must follow the rules which regulate the society. So don't break the laws. Otherwise it will be anarchy. This is bad for everyone. Only for the evildoers not.

Any nation or jurisdiction can try to impose regulations on the general use of Bitcoin if they want, but they're not going to have much success with that.

Disagree. Regulation will make bitcoin free, legal and known by everyone in every country. Regulation it will be always better that ignoring bitcoins as it was now in most of the world countries. Regulation will give at bitcoin the right to stay in the same status as the other currencies used in every country. Leaving it without regulations mean ignoring it. This will undervalue it always.

Bitcoin is self regulating.

Disagree your meaning. Bitcoin is self-regulated as an informatic product but not as an currency. The right and the possibility to regulate an currency (the money) can be exercised only by a Central Bank of one country or an similar Authority. If bitcoin will want to be accepted and used as a currency there are not other way to be such, except its regulation from such Authorities in collaboration with the various governmental agencies which have as object of their work money laundering.

Also, regulation in practice does very little to stop "the evildoers" as you call them, as we don't do regulation properly anymore.

Disagree totally. In my country is not so. And we are a medium developed country. I think even in your country your words are not true. It is not imaginable that a Central Bank don't do the right regulation and the right management of regulation. This kind of behavior will bankrupt immediately the state of that country and will cause an economic collapse. The regulation of money in one country is the most economic important thing. Not coincidentally the Authorities which regulate it (normally Central Banks) are independent from everything (even from the Government). They are selfgoverned. They want every day to stop the evildoers with the various regulations and even their evolution. Everything evolve. Evildoers maybe firsts. The Central Bank do new rules to stop them. This is the normal fight between the right and the wrong, the good and the bad. Until today the right and the good have won. As for me, it will be so forever.

All the rest of your post can find answer (according to me) in the above explanations.

Why would you be paid with Bitcoin when you can be paid in your country currency? What would be the difference?

I think many people do not understand that a Bitcoin regulated market means the end of Bitcoin because there are many other regulated payment systems/e-currencies in world which provide instant transfers and they have many other features.

Getting a financial license as many exchangers are looking because they cannot operate with it, means to OBEY to a Gov.
That's make you part of a financial system full or laws/rules/. The banks dictate these rules so they are the boss.

Now, Gemeni is just like a simple Forex company and nothing more.

Again, a regulated Bitcoin industry(with licences which includes AML, compliance, etc...) means the end for this e-currency because the core of those who are using BTC, want anonymity.
Anonymity is not possible in a regulated market so they will go to Altcoins(other non-regulated e-currencies) and so on...

Paypal, Netteller, Skrill +1000 other similar payment processors are regulated too. Why would you be paid in Bitcoin which is almost useless and not in Paypal which is accepted everywhere? Why not in gold?
...or why not accepting the salary in the traditional way(in a bank account) while using BTC became so hard? (a lot of papers to be provided)

When bitcoin is "regulated", we can be paid salary with bitcoin and use it as we wish legally.

You are right but as you can see, the people trust more in "regulation"(control). Now, Bitcoin wanted to be an anonymous and free e-currency which it is not. Why? Because the regulations  made it to be as any other e-currency from market.
More than that, it's hard to be used and it's not cheap at all.

Why would a newbie use Bitcoin instead Paypal? There are is no advantage in using Bitcoin anymore. You have to provide a lot of documents in order to fund and to cash out Bitcoin...same as with Paypal.