Do you know what kind of compliance issues they now have to go through? Holy frick they just opened up a massive can of worms. They will have to have policies, procedures, compliance officers, Know your customer rules, money laundering training for their employees (Beavis and Butthead) and a host of other things. They can't even transfer money from here to there. How the frick are they gonna do this?

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Posted by WikiTiger

Member since Sep 2007

41055 posts

Posted on 7/2/13 at 10:02 am to Broke

quote:
Do you know what kind of compliance issues they now have to go through? Holy frick they just opened up a massive can of worms. They will have to have policies, procedures, compliance officers, Know your customer rules, money laundering training for their employees (Beavis and Butthead) and a host of other things. They can't even transfer money from here to there. How the frick are they gonna do this?

So what your saying is that government regulation makes it so that only entrenched, rich players in an industry can operate in it?

Interesting.

Anyway, regardless of all that stuff, they are trying. Whether or not they will succeed...who knows?

Just FYI, it looks like Coinsetter (a US based exchange) it planning on going live this month. They will offer the options trading that y'all have been clamoring for.

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Posted by Poodlebrain

Way Right of Rex

Member since Jan 2004

19860 posts

Posted on 7/2/13 at 2:19 pm to Broke

The cost of business operations for MtGOX will increase dramatically. The business will have to raise the fees it charges to cover the increased costs of complying with money transferor status.

As for the Winklevoss brothers' idea. It indicates to me that they have lost confidence in Bitcoins as an investment. However, they realize there is money to be made off of other fools who want to invest in Bitcoins in the form of management fees for operating a fund that invests in Bitcoins on behalf of investors. I guess they think some people will want to invest in Bitcoins without the hassles of creating an e-wallet and engaging in the actual buying and selling of Bitcoins. And any investors will never actually own any Bitcoins so they will never show up on the Bitcoin network.

I think this is a way for the Winklevoss brothers to divest of their Bitcoin holdings without flooding the market with Bitcoins and causing the price to plummet.

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