Topic: Netagio Bitcoin Exchange Closure (Read 1120 times)
too bad, it was a very good exchange
Apart of the security issues, having stumbled across similar posts about bank accounts related to bitcoin activities getting shut down, and denying access to other banking services is also equally worrying. This means businesses based on bitcoin will never take off hence becomes a stumbling block towards mainstream adoption.
I've never heard netagio, until now. However this is a bad news, but (I believe) it will not have a "bad" impact to bitcoin ecosystem.
I hope not, but what concerns me is that the explanation about the reasons of closure is (unfortunately) quite spot on. I have to agree what they say about stagnation in the industry, the dropping price, regulatory uncertainty, the anticompetitive decision by banks to deny bank accounts to trade Bitcoin, hacking - that all sounds valid points. I think that's how real businesses see Bitcoin and it seems real businesses have a serious reservation about dealing with Bitcoin right now. In the meantime, despite the increasing merchant adoption the volume, the trade volume of Bitcoin was not increased at all, which just verifies that real businesses stay away from Bitcoin.
Anyway, I hope it will get better. The 600+ shitcoins even have less chance to succeed.
Yes they have right, but it is not an intrinsic bitcoin problem. The real problem is the "person", bitcoin as technology is good but the person are ruining it. The effects are : the price is dropping, a lot of people abandon the bitcoin ecosystem , etc...
It will be impossible to regulate bitcoin, because it isn't compatible with this actual "FIAT economy".
I agree, the technology is absolutely amazing, but the rest (volatile price, corrupted exchanges, scammers all over the places, most of the volume is from pure Pump & Dump activities and the rest is from illegal trading activities) makes the whole eco-system almost unusable for new individual users, never mind businesses.
ive never heard of Netagio! exchanger, no wonder they are closing down. most likely they could not make enough money. at least they are announcing it not running away!
Actually it was a very serious and nice operation backed by serious City investors, I was never worry to deal with them because it was a well organised, regulated business. It seems to me they have tried really-really hard in the last one year to create a good, reliable and trustworthy exchange. The money is just not there for them, and since the adoption is stagnating and there are so many issues (like just last year 1.5 billion US$ volume of BTC was stolen worldwide, 50% of the current market cap and therefore the confidence is so low in the ecosystem) real businesses just don't want to do anything with Bitcoin.
ive never heard of Netagio! exchanger, no wonder they are closing down. most likely they could not make enough money. at least they are announcing it not running away!
I've never heard netagio, until now. However this is a bad news, but (I believe) it will not have a "bad" impact to bitcoin ecosystem.
I hope not, but what concerns me is that the explanation about the reasons of closure is (unfortunately) quite spot on. I have to agree what they say about stagnation in the industry, the dropping price, regulatory uncertainty, the anticompetitive decision by banks to deny bank accounts to trade Bitcoin, hacking - that all sounds valid points. I think that's how real businesses see Bitcoin and it seems real businesses have a serious reservation about dealing with Bitcoin right now. In the meantime, despite the increasing merchant adoption the volume, the trade volume of Bitcoin was not increased at all, which just verifies that real businesses stay away from Bitcoin.
Anyway, I hope it will get better. The 600+ shitcoins even have less chance to succeed.
Yes they have right, but it is not an intrinsic bitcoin problem. The real problem is the "person", bitcoin as technology is good but the person are ruining it. The effects are : the price is dropping, a lot of people abandon the bitcoin ecosystem , etc...
It will be impossible to regulate bitcoin, because it isn't compatible with this actual "FIAT economy".
It's a sorry state of affairs that there isn't one decent exchange with access to the Faster Payments network. Hugely anti-competitive stance by the banks (albeit risk management on their part, rather than them trying to strangle Bitcoin, based on reg/legal uncertainty).
Yeah, the banks don't make easy for Bitcoin that's for sure, but that's what it is, Bitcoin must succeed in this environment. I am a big fan since 2012, but the events of the last 1 year a bit depressing.
I've never heard netagio, until now. However this is a bad news, but (I believe) it will not have a "bad" impact to bitcoin ecosystem.
I hope not, but what concerns me is that the explanation about the reasons of closure is (unfortunately) quite spot on. I have to agree what they say about stagnation in the industry, the dropping price, regulatory uncertainty, the anticompetitive decision by banks to deny bank accounts to trade Bitcoin, hacking - that all sounds valid points. I think that's how real businesses see Bitcoin and it seems real businesses have a serious reservation about dealing with Bitcoin right now. In the meantime, despite the increasing merchant adoption the volume, the trade volume of Bitcoin was not increased at all, which just verifies that real businesses stay away from Bitcoin.
Anyway, I hope it will get better. The 600+ shitcoins even have less chance to succeed.
It's a sorry state of affairs that there isn't one decent exchange with access to the Faster Payments network. Hugely anti-competitive stance by the banks (albeit risk management on their part, rather than them trying to strangle Bitcoin, based on reg/legal uncertainty).
I've never heard netagio, until now. However this is a bad news, but (I believe) it will not have a "bad" impact to bitcoin ecosystem.
I liked this UK based exchange at https://www.netagio.com ... and a bad news for Bitcoin that it is closing down. I have received this email from the company:
"... The Netagio exchange was set up against analyst and industry practitioners’ expectations of growing Bitcoin trading volumes in the UK and Europe, with a concrete plan to establish a trusted Bitcoin exchange.
While we succeeded in establishing a trusted Bitcoin exchange, the Bitcoin industry as a whole has experienced a series of setbacks recently, which have led to stagnation in the industry and trading volumes, as well as adverse price reaction, in contrast to industry expectations in 2014. Continuing regulatory uncertainty across global jurisdictions, a lack of a common approach to regulating Bitcoin businesses, the anticompetitive decision by banks to deny Bitcoin businesses a bank account and banking services, as well IT hacking challenges, have had an adverse impact on the expected growth of the industry trading volumes. ... "
Not a good news for Bitcoin.
"... The Netagio exchange was set up against analyst and industry practitioners’ expectations of growing Bitcoin trading volumes in the UK and Europe, with a concrete plan to establish a trusted Bitcoin exchange.
While we succeeded in establishing a trusted Bitcoin exchange, the Bitcoin industry as a whole has experienced a series of setbacks recently, which have led to stagnation in the industry and trading volumes, as well as adverse price reaction, in contrast to industry expectations in 2014. Continuing regulatory uncertainty across global jurisdictions, a lack of a common approach to regulating Bitcoin businesses, the anticompetitive decision by banks to deny Bitcoin businesses a bank account and banking services, as well IT hacking challenges, have had an adverse impact on the expected growth of the industry trading volumes. ... "
Not a good news for Bitcoin.
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