Topic: Invest in the U.S. Stock Market!! (Read 1253 times)

Met someone IRL to talk about this with.  It seems one is asking for trouble if they're trying to do this over the web.  It is possible to manage if every contact is a family member / friend / acquaintance . . . etc. . .

It will boil down to the fact on whether or not one trusts a stranger with their money.  Given that there are no guarantees or insurances (yet), this can be really scary.

Also, lots of laws in different countries (most of North America, EU, etc...) have very specific laws regarding broker dealers and required permits.  So one would have to be well acquainted with their local laws before proceeding.

But in a country where there are no means to trade  U.S. stocks I would think someone might have interest.

-akspecs

He means unlicensed exchanges / broker-dealers (this).

what are you stupid? GLBSE and NYSE is totally different

Everyone is arguing against this because it has already happened and failed, resulting in customer funds being seized. See GLBSE.

okay, it really isnt bad, I was actully the first user to open an account with them using BTC,the gui isnt amazing but they are already making a new upgraded UI so it should be nice, I didnt find it to hard to use but thats just me.

Hey man instead of leaving me dead in the water, offer some reasonable criticism.  You are absolutely correct in many senses.  I can die in a motorcycle accident and who would be there to check my obligations?

Instead of saying "STAY AWAY FROM THIS" you could have said "you can seriously implicate yourself and others and I don't think the risk worth it.".  I would've been stubborn and said "wow, I thought this would've been a breath of fresh air giving all the defaulted loans and other drug related use of BTC"...  But I would've taken the skepticism seriously and tried to work around it and provide solutions for potential pitfalls - or even just scrap to whole idea and move to another investment based strategy.

I meant no harm at all.

EDIT:

I can see why there's this skepticism.  But I am honestly trying to become a part of the bitcoin community.  It's pretty silly though from my perspective that I would be met with so much resistance rather than constructive criticism.  You have people defaulting on absurd loans ("hero" members too mind you), borrowing money at absurd rates - trading bitcoin for drugs and weapons.  Maybe there is a better way for me become acquainted and deal with the bitcoin community.  I do enjoy trading and investing, so maybe I can offer more physical ventures.

FURTHER EDIT:


This seems much more sophisticated than what I had in mind :/

Forgive my naivity BTC community.  I'll most likely find another way to transact in BTC.

I'm not talking about relating to BTC.  I was talking about how you need to be a licensed broker-dealer to do this, and there are MANY nitty-gritty laws that you need to follow for record keeping, how much info you take, etc.  Not to mention that this is almost certintaly against the broker's TOS (the one that you're using).  You can't just start something like this; it costs lots of time and money to do this.

To the Bitcoin community: You should really consider the legal implications of using this guy's service before doing so.  You might lose your money.

FYI https://bitcointalksearch.org/topic/m.1540924

Does stockmarket trading and accecpts BTC

This is not how taxes work.

I don't think the SEC is smart enough to understand BTC, yet.  What is this, insider trading?  Given that you can't buy stock for BTC officially I am addressing a particular gap and inefficiency.  Also, I am using my money that my money I currently have in the market.  I am not violating any laws accepting bitcoin from community members, and using my money to buy stock.

The only real pitfall is taxes.  I would have to pass down taxes I pay as fees. 

You said you trade the stock market for a living.  Then, you should know that this would be a regulatory nightmare.  I guarantee you that by doing this, you are breaking many SEC laws.

Please note that laws regarding buying stock and other financial instruments via an unlicensed broker dealer may vary in your region.  Please do not consider this if it is illegal in your area.  This should be looked at a service via a private firm.

This venture will be run by 3 individuals.  This means these people will be online for you at practically any given moment.

I am offering to buy and sell U.S. stock on your behalf.  I would love to hear what other people think of this (criticism or suggestions, I am fairly serious about this - I believe anyone in the world should be allowed to hold u.s. stock).

Feel free to ask questions.  Criticize constructively please.  I am hoping to apply my expertise to the BTC community in one way or another.

The model will charge the following fees to be as competitive as possible:

(Shares in Company * Share Price * % fee) + one time $10 fee

The % fee is to pay the commissions and slippage incurred converting BTC to USD.  The exact % fee is to be determined based on commissions and expected slippage for the time of purchase.  Expect this % fee the decrease as time goes on.  Depending on your size of purchase it can be as high as ~3% (bitpay fee) and as low as 0.25%.

The $10 fee is a one time round strip cost for buying and selling the shares.  By the time you want to sell the purchased shares, I will not charge this fee again.

1) post or PM me how much of what stock that trades on NYSE or NASDAQ you would like to buy.  post an ideal amount you would like to pay for this stock, or ask me for a quote.

2) await reply to see if this is possible from my end.  I will send a personal address to send BTC to.

3) I will use my money to purchase the shares of stock indicated immediately after confirmation of BTC is received.  I will later go to convert BTC -> USD to pay myself back for the purchase.  These are your shares after all.

4) I will send you more personal methods to personally contact me via telephone/skype/email in case of need to quickly sell your assets.  I will do so immediately, given that I and my partners trade the stock market for a living.

5) You tell me when to sell these shares.  I sell these shares, and with the proceeds I either buy BTC to send you the appropriate USD/BTC exchange rate at the time of sale, or send you my BTC at the time.

Here is an example of how I see this happening:

Joe wants to buy shares in Apple.  Apple is currently trading at $430.  At an exchange rate of $34/BTC this is approximately BTC12.6471 per share of Apple.  Joe wants 10 shares in Apple to be exact.  We agree upon a deal.  Joe sends me BTC126.471 and after confirmation I immediately purchase 10 shares of Apple on Joe's behalf.  Joe holds these shares for a month and decides to sell them.  Apple is trading at $460 per share at this time.  I will then send Joe $4600 worth of BTC.  Assuming the exchange rate is the same, I will send Joe BTC135.294

Pleas ask any questions.  I hope to build a very good reputation conducting business with this community.