Topic: Coinlab Bringing Bitcoin to Wall Street with MtGox Deal (Read 7919 times)

Just finished reading the article a third time and besides being clear cut in the "good news" category, this is also a very sad day for Bitcoin.

For those of you wanting a return on your time and money invested in Bitcoin fine, you've just got it.

For those of you wanting Bitcoin to be decentralized and out of the control of international banking, this is the end!

1. Having an entity clearing all transactions in and out of Bitcoins for all Americans should make you wonder. The excuse of saving a few percent in bank transactions fees, should make you outright scream!

If you for a second let yourself allure into thinking that this is paving the way for Bitcoin adoptation and still preserving all it's strengths, you have not really understood what this is all about, and you could as well have invested in any other startup. Bitcoin is turning green, and I'm not talking about the lower power usage of ASIC miners, It's becoming the new Dollar, it is on the course to nationalisation of the worst possible kind.

2. Having a single business or a few, legally handling Bitcoin bank transfers in the US gives total government control of Bitcoin for all Americans.
I can't really understand that this forum where a lot of people would love to have less government control in general don't see the dangers of this.

3. Future Bitcoin users will conceive Bitcoin as an American legal alternative currency or asset and not as an international unregulated censor free internet cash payment system.

4. If Coinlab get's in trouble, do they get government backing or bailouts?

5. If a central entity handles money in and out of Bitcoin, how would that, with the help of marketing, not promote such an entity as the authority of Bitcoin?

Wake up, this is not the future you want for your children.

What does this mean for us that are not from the US / CAN but want to trade in USD??

2) There has been silence on the part of CoinLab for two weeks in their "official thread" https://bitcointalk.org/index.php?topic=148147.0;all

I'm not worried about the change at all, but that's probably because I'm not cheating on my taxes by leaving out Bitcoin.

Bitcoin magazine states that the aim is to have customer's money moved to Silicon Valley Bank by March 22nd. The Coinlab official Transition Plan press release page states that they are aiming to provide services to customers on March 31st.

When US and Canadian citizens are able to do a direct bank transfer to buy Bitcoins I'm assuming this will remove a barrier to access and produce a requisite increase in the price of Bitcoin.

So my question is: what date will this capability come on-line for US and Canadian citizens? Please site sources if possible.

I agree with casascius and I'd even go further.. I think this is amazing news.  At the same time I am kind of sad with all this good news floating in too soon....  before I could get as many coins as I wanted.

I noticed tijan seale, former bitcoinica investor now is an investor at coinlab.

Q. What if I don't want to be a CoinLab customer? Can I stay with Mt. Gox if I'm in the US or Canada?

A. We'll miss you, but you can always leave us. If you are in the US/Canada, you can't stick with Mt. Gox, though. Part of our agreement with Mt. Gox is super-strict about locale: Mt. Gox really wants to be 100% out of the US/Canada market.

I'd put the figure at whatever number can be mined in one day.  This is admittedly pretty arbitrary.

So if one has, say, around 1800 BTC now, they might be in the 'wealthy elite' category in a little under 4 years.  If they don't sell or lose them, or if the system does not collapse that is.

About 7.

At this point, how many coins does one need to be considered the new wealthy elite?