Topic: Coinlab Bringing Bitcoin to Wall Street with MtGox Deal - page 2. (Read 7936 times)

a pertinent post I saw on reddit:

About 7.

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.

Nailed it!



I suspect most of them have already sold.

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

Oh, come on. Have a little perspective. Scaling is hard. This CoinLab deal is a pretty decent solution.

Even Larry and Sergei brought in a new CEO to handle Google's mega-growth phase. Smart business operators realize their own limitations and proactively seek solutions. I agree with Mike that that's what Karpeles did here.

Yes, but there is a difference between what people 'should' and 'ought' to do and the dreadful day-to-day reality where it may just happen that the right people aren't always in the right position. The market can fix that and it seems to have done so now.

You shouldn't own a business without first being prepared for success.

If you can't handle a business as the sole proprietor and employee, then hire people who can help handle the workload. If you are incapable of doing that, then you shouldn't be a business owner in the first place IMO.

chimminy christmas.. and here us coinlab miners were wondering if this company was going to do anything with that gpu compute thing and the pool...

then BAM! they're the new mtgox.

I'm excited about this though. buying/selling needs to be made a LOT easier for increased trading.

It's not bad business to wave off 2 in the bush for 1 in the hand, especially if you know you got your hands full!

Evolve: you'll be able to use the same gox interface. I agree with you on Gox' proven security, we'll have more to say about that soon.

Because not all of us have confidence in CoinLabs security capabilities (whereas post hack MT.Gox is pretty fucking secure now), nor do we know how this will effect liquidity, fees or any number of things.

On top of that, after using a particular service for 2 years, I don't like being moved to a new one (particularly with so many unknowns), much less with little to no notice.

It has nothing to do with conspiracy, it's just bad buisiness to wave off a huge chunk of your customer base.

Hi all,

I'm loving the discussion here, and appreciating the feedback. We got caught blind by the early announcement, so we've been heads-down today, sorry about that. I'll circle back this evening pacific time and try and hit up questions, perhaps in a new thread so that we can edit the head post.

Best,

Peter

OMG!  A well thought out and coherent post on the bitcoin forum!  There is hope after all.  While I am a little concerned about this transition with Mtgox (if it were to happen), I fully agree with the the attached post.  If a user feels that this business model undermined how they want to use bitcoin, they don't have to use it.  I think some of the authors of other posts to this thread need to take off the tinfoil hats and come out of the bunker.

I wish I knew what all of the fuss and naysaying is about.  Conspiracy theories?  I say come on, having some sort of local (US) presence with some real necks on the line is far better than sending money overseas to a company who doesn't feel (or doesn't have time for) any accountability toward me.  I don't know this first hand, but I gather that MtGox is in over their heads and that Mr. Karpeles has no idea how to scale and turn various sensitive procedures he has historically handled by himself into ones that can be delegated to prime-time scale while remaining secure (a problem I'm familiar with), and is relieved to have someone come and take a heavy burden off of him (and pay him well in the process).  If I were Mr. Karpeles, I'd be scared shitless at the prospect that Bitcoin may explode tenfold in the next several months if it were my belief that my trusted four or eight or whatever guys are already swamped with the workload now.  Wanting to give the biggest chunk of my business to someone in a better position to handle it while still being able to lend and benefit from my acquired expertise would be the best move I could possibly think of.

Everything I read about this deal is consistent with what I wish would happen with MtGox.  I view this as entirely positive.  The risk of a problem with MtGox has been the greatest risk in Bitcoin's recent rise to stardom, and this is a plausible (and exciting) fix for that.  There will be more minds at work and more resourceful people risking their assets for this venture, and on the flip side, more talent and more ability to be responsive to problems as they arise, and more ability to deal with the growth.

Note though, I am coming from a perspective of understanding to some extent how business actually works, and not some pie in the sky fantasy of how MtGox should be some sort of anarchist stronghold waging some kind of cyber war with the big bad government and banks.  Those who are saying "this sucks, Bitcoin as we know it is ruined" ought to sell their coins now and get out while they are ahead!

I dont understand:

1. Do ALL funds of MtGox transactions go through Coinlab then or only deposits/withdrawals from/to US based customers?

2. What does it change for institutional investors?


Could someone enlighten me?

ide rather they stayed in japan. ill be cleaning out mt gox before this deal  is completed.

For some people wanting to get into bitcoins, having the transactions reported to the IRS is a good thing. I am thinking of large investment banks or whoever, everything they do is already scrutinized and regulated, so if they can't do a regulated entry into bitcoin then they just don't.

That was a long list of absolutes. You have anything to base them on or are you speculating?

Lighten up Francis.  Nobody has to use Mtgox or coin lab if they don't want to.