they accept Bitcoin?? | Bitcointalksearch.org

Jaime Frontero

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Merit: 100

Quote from: Stephen Gornick on July 02, 2011, 03:58:11 PM

This site has gone away, apparently.

no great loss.

who would trust any money to an entity on the internet who won't even give a straight answer to the question: "what country are you registered in?" not i. and re-reading the thread, i still don't know for sure.

waste of electrons...

Stephen Gornick

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This site has gone away, apparently.

allinvain

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Quote from: befuddled on June 06, 2011, 10:45:32 PM

allinvain- Thanks for that. I don't doubt anything you said. Your understanding is more sophisticated than mine. I'm not now, nor do I ever intend to be, an active trader. To me it looks like a zero sum game with a slight negative bias due to transaction costs. I just want a "legit" financial institution to come in and make buying and selling bitcoins more like dealing with any other financial asset. Of course it's a tiny thinly traded market right now, but if it is ever going to get to the kind of market Citadel and PIMCO can trade in, it's going to need some kind of exchange that doesn't require you to transfer money through Dwolla, or mail checks to a PO box. If FNIB does it first then I'm their new biggest fan, and New Zealand is my favorite country. I hope a huge first mover advantage accrues to them and they make a ton of money doing it.

It is very much a zero sum game.

I agree a more liquid and faster loading exchange is a good idea, but you gotta keep in mind that even with a traditional brokerage firm you still have to deal with banks and other financial institutions as the intermediary. Transferring money still takes time unfortunately unless you can become a part of the ACH (automated clearing house) system the banks use.

AFAIK with this FNIB company you aren't actually tarding with BTC just that they're going to credit your account with the dollar equivalent of whatever BTC you deposited. This works like wonder for them because you gave them a currency that will likely increase in value yet your account has been credit with a rapidly depreciating currency - USD. This is a clever way for the brokerage firms to make additional profit and tap the potential explosive growth of the bitcoin system. I'm surprised I don't see many more forex brokerage firms taking on bitcoin. Since we have a very liquid exchange (mt gox) I don't see any risk on their part if they did - well there would be risk but its very small IMHO.

befuddled

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allinvain- Thanks for that. I don't doubt anything you said. Your understanding is more sophisticated than mine. I'm not now, nor do I ever intend to be, an active trader. To me it looks like a zero sum game with a slight negative bias due to transaction costs. I just want a "legit" financial institution to come in and make buying and selling bitcoins more like dealing with any other financial asset. Of course it's a tiny thinly traded market right now, but if it is ever going to get to the kind of market Citadel and PIMCO can trade in, it's going to need some kind of exchange that doesn't require you to transfer money through Dwolla, or mail checks to a PO box. If FNIB does it first then I'm their new biggest fan, and New Zealand is my favorite country. I hope a huge first mover advantage accrues to them and they make a ton of money doing it.

allinvain

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Guys trust me you do not want to trade traditional currency pairs with a market maker broker let alone BTC. A market maker loses when you win and wins when you lose, so they have an economic incentive to rig the game against you sorta speak if you are too successful. 90% + of forex traders lose so the majority of the time a market maker gets by just letting the trader do his thing and take the other side of the trade. However if you're successful you will quickly find out how a market maker operates and how quickly you will be given excuses as to why you must stop trading with them.

Plain and simple if you want to trade forex do it with a STP broker or a ECN broker. If you want to trade BTC against other currencies then wait until some ECN type platform comes on the scene where the platform operator is compensates via a commission per trade. This way there is no conflict of interest involved.

ptshamrock

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Quote from: befuddled on June 06, 2011, 04:49:15 AM

Hello FNIB-

Thanks for taking this first step.

What I would like to see is you folks be a market-maker in BTC against the other currencies, and allow us to hold balances in bitcoins, just as I can be long any other currency. If you did that, I _will_ open an account with you! I hope you would see the opportunity in doing so; the fees Mt. Gox charges far exceed anything FX traders normally pay (65 pips vs 2-3 pips?), so there's a lot of room for this to be a high-margin business for you. Any chance of that happening?

Merely allowing one to transfer in bitcoins, which are then immediately converted to some other currency and held in that form, is nice. But it's merely a small convenience, from my POV. I hope this is just your first step of many...

i second this! would love to see BTC against other currencies in mt4 with me template etc !

also for hedging and speculation purposes it could be awesome !

befuddled

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Hello FNIB-

Thanks for taking this first step.

What I would like to see is you folks be a market-maker in BTC against the other currencies, and allow us to hold balances in bitcoins, just as I can be long any other currency. If you did that, I _will_ open an account with you! I hope you would see the opportunity in doing so; the fees Mt. Gox charges far exceed anything FX traders normally pay (65 pips vs 2-3 pips?), so there's a lot of room for this to be a high-margin business for you. Any chance of that happening? Pretty please?

Merely allowing one to transfer in bitcoins, which are then immediately converted to some other currency and held in that form, is nice. But it's merely a small convenience, from my POV. I hope this is just your first step of many...

marcus_of_augustus

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Eadem mutata resurgo

Quote from: ?? on ??

Yes we could trade BTC for coding. Kindly send your CV to [email protected]

Please explain private keys.

How about consultancy?

E.g. if I will explain private keys in a PM,

would you send 5.56 BTC to this address?

Code:

1FhZkF9jUEWhbYmHWdMHbkXugM7kEtmB7q

(probably better if you go http://en.wikipedia.org/wiki/Public-key_cryptography for your financial health though.)

ColdHardMetal

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Quote from: ?? on ??

Country restrictions affect elegibility to trade and margin requirements.

Ok.

So how does living in South Korea affect my eligibility to trade and margin requirements?

davout

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1davout

Why only PHP ?

If you're building apps from scratch there are much better alternatives.

marcus_of_augustus

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Eadem mutata resurgo

Quote from: ?? on ??

In response to some comments,

Country restrictions affect elegibility to trade and margin requirements.

FNIB has hired programmers to integrate Bitcoin, among other tasks. Developers with strong PHP skills and prior knowledge of Bitcoin coding are encouraged to send their CV to [email protected]

Margin is 200:1 maximum. Spreads are competitive.

Will you trade coding for BTC?

allinvain

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Quote from: Isepick on June 04, 2011, 02:12:23 PM

Fascinating....FNIB is developing a competitor for Bitcoin, and hiring coders to do it, preferably in PERL.... https://www.odesk.com/jobs/Cyber-Currency-Developer_~~0c9020b9d4c4e663

Wow really. I guess it was only a matter of time before someone thought "me too" .

TraderTimm

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I'd be interested if I thought any other currency had a fighting chance against bitcoin, which they don't.

So, you might as well say - 'trade for colored buttons' because that is what they'll end up being after a while. Sorry, centrally-planned currencies just got their wake-up call, whether they last or not isn't really up for debate.

This is the game-changer. I'd be more interested if you were actually setting up a bitcoin market, but it looks like you're just integrating bitcoin in a bid to get some trading volume and make money off of the bid-offer spread like every other forex broker.

Nice try, I'll stick with bitcoins.

Isepick

full member

Activity: 180

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Fascinating....FNIB is developing a competitor for Bitcoin, and hiring coders to do it, preferably in PERL.... https://www.odesk.com/jobs/Cyber-Currency-Developer_~~0c9020b9d4c4e663

scooter

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Activity: 100

Merit: 10

Very cool that you are accepting bitcoins. But your site seems to be a bit too vague on important details like what your spreads are.

I will stick with Oanda for my forex needs. Sure, they don't accept bitcoin, but at least they publish live spreads http://fxtrade.oanda.com/why/spreads/recent as well as all sorts of other interesting data.

If anyone around here uses them I would be interested in hearing how it goes.

cypherdoc

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Quote from: ?? on ??

We are not an Australian firm and we are not regulated in that country. As for Mom and Pop, that's what Bitcoin is.

not for long buddy.

carriun

newbie

Activity: 16

Merit: 0

Quote from: ?? on ??

FNIB is not affiliated with Mt Gox.

FNIB does not accept Paypal/Moneybookers but Bitcoin will be accepted directly.

How does it work? Open your trading account with a Bitcoin payment. Your account will be credited in USD at publicly available Bitcoin exchange rates on that day. Trade FX. When you want to cash out, Bitcoin will be sent back to you at that day's exchange rate.

Note that Bitcoin itself is not traded on the platform.

www.fnib.co

So, BTC in and out? So if I put 1000BTC in last week ($8/BTC) I would get 8000FX, Trade that for a week and get 20% increase then transfer 9600FX back to BTC ($14/BTC) = 685 BTC. I think I'll keep my BTC thank you.

Ggodinho

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Activity: 4

Merit: 0

Woow this is pretty awesome.

bitcoinBull

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rippleFanatic

Quote from: ?? on ??

FNIB is not affiliated with Mt Gox.

FNIB does not accept Paypal/Moneybookers but Bitcoin will be accepted directly.

How does it work? Open your trading account with a Bitcoin payment. Your account will be credited in USD at publicly available Bitcoin exchange rates on that day. Trade FX. When you want to cash out, Bitcoin will be sent back to you at that day's exchange rate.

Note that Bitcoin itself is not traded on the platform.

www.fnib.co

Congrats! I was wondering when this would be available.. Been wanting to dabble in Forex for a while..

However, I'd rather my BTC deposit stay as BTC until the moment I decide to open a position, otherwise I risk losing the BTC upside in the meantime.

What's the margin? Couldn't find it on the site..

kseistrup

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Activity: 566

Merit: 500

Unselfish actions pay back better

Quote from: ?? on ??

The domain info you got has New Zealand all over it, does it not?

Well, fnib.co redirects to firstnationalib.com that is registered with these data:

Code:

   Domain Name: FIRSTNATIONALIB.COM
   Registrar: INSTRA CORPORATION PTY, LTD.
   Whois Server: whois.instra.net
   Referral URL: http://www.instra.com
   Name Server: NS1.INSTRADNS.COM
   Name Server: NS2.INSTRADNS.COM
   Name Server: NS3.INSTRADNS.COM
   Status: ok
   Updated Date: 02-sep-2010
   Creation Date: 02-sep-2010
   Expiration Date: 02-sep-2019

[WHOIS shrinkwrap license removed]

DOMAIN: FIRSTNATIONALIB.COM

RSP: Instra Corporation Pty Ltd
URL: http://www.instra.com

created-date: 2010-09-02 20:28:27
updated-date: 2010-09-02 20:28:27
registration-expiration-date: 2019-09-02 20:28:28

owner-organization:
owner-name: Dugan Cash
owner-street: 377 kent street
owner-city: sydney
owner-state:
owner-zip: 5144
owner-country: AU
owner-phone: +61.397831800
owner-fax:
owner-email: [email protected]

admin-organization:
admin-name: Dugan Cash
admin-street: 377 kent street
admin-city: sydney
admin-state:
admin-zip: 5144
admin-country: AU
admin-phone: +61.397831800
admin-fax:
admin-email: [email protected]

tech-organization:
tech-name: Dugan Cash
tech-street: 377 kent street
tech-city: sydney
tech-state:
tech-zip: 5144
tech-country: AU
tech-phone: +61.397831800
tech-fax:
tech-email: [email protected]

billing-organization:
billing-name: Dugan Cash
billing-street: 377 kent street
billing-city: sydney
billing-state:
billing-zip: 5144
billing-country: AU
billing-phone: +61.397831800
billing-fax:
billing-email: [email protected]

nameserver: ns3.instradns.com 78.129.204.66
nameserver: ns2.instradns.com 68.64.137.196
nameserver: ns1.instradns.com 119.252.176.10

Cheers,

Topic: they accept Bitcoin?? (Read 6750 times)