Move over, small time Bitcoin exchange startups,Wall Street has arrived

The Wall Street Journal ^ | Mar 12 2014 | MICHAEL J. CASEY

[TsonicTsunami08]

High-speed telecommunications provider Perseus Telecom and digital currency trading platform Atlas ATS formally launched Wednesday a globally integrated bitcoin exchange system in New York, Hong Kong and Singapore to facilitate trading in the digital currency by high-frequency trading firms and other large financial institutions.

[TexasGator]

I love it when one can not logically respond to a post they resort to selective editing to try to demean the other.

[palmer]

Good luck! There website barely loads now! Not a great confidence builder.

There is no website for bitcoin. These traders will transact bitcoins in the chain and that is distributed and robust (has not failed). As they transact more, the miners will get more fees and there will be more miners.

[palmer]

Maybe the followers think that somehow it's going to change the distribution of wealth.

It will but from overpaid salaried workers in America to underpaid foreigners just like all other global trade.

[palmer]

I didn’t think anyone knew who developed the bitcoin?

One theory is that bitcoin was developed by the spooks who can use the chain to track every transaction.

[Cementjungle]

No mate, but it "could" prevent the governments from printing unlimited currency out of thin air (there is no longer "money" being used). It could put the supply of money back into the hands of the people, where it belongs. It could mean lower user fees. It could mean fewer instances of stolen customer credit card and banking records. It could mean a more level playing field for small business. It could mean that tax records are easier to maintain and taxes easier to calculate. And the things I've listed so far, are just for starters.

It sounds like you're expecting it to blossom into something resembling a whole new country. So far, it doesn't appear to be anything sexier than PayPal... which isn't all that sexy in my book.

[Errant]

It sounds like you're expecting it to blossom into something resembling a whole new country.

More like a whole new world, instead of just a country.

Quotation by Mayer Amschel Rothschild: Give me control of a nation's money and I care not who makes the laws.

Well, cryptocurrencies might just return the control of the nations' money back to the people, instead of banksters and their crony politicians running the governments around the world.

[Cementjungle]

Well, have fun with it. Just don’t come running to us to bail you out when the time comes, we’re getting tired of bailing everyone out after their escapades.

[TexasGator]

“There is no website for bitcoin.”

Uh ... I am referring to the Atlas trading site for bitcoins.

[Errant]

Lol, well it might be you and the others who come running to crytocurrencies instead, once the world’s fiats all begin to collapse in earnest. Unlike other recent currency collapses, numerous economist have warned the one big problem with a collapse of the US dollar is nothing is available to take its place or that can be used as a substitute. Well, maybe there is... ;)

[palmer]

Thanks for the info, I have not used it.

[TexasGator]

” Unlike other recent currency collapses, “

Every month I read about another disaster with the bitcoins.

[Cementjungle]

Lol, well it might be you and the others who come running to crytocurrencies instead, once the world’s fiats all begin to collapse in earnest. Unlike other recent currency collapses, numerous economist have warned the one big problem with a collapse of the US dollar is nothing is available to take its place or that can be used as a substitute. Well, maybe there is... ;)

So, are people putting portions of their life savings into Bitcoins.. in case of a collapse? What percentage do most put it? 50%? 90%?

[Errant]

So, are people putting portions of their life savings into Bitcoins.. in case of a collapse? What percentage do most put it? 50%? 90%?

I would feel very uncomfortable investing over say 5% of net worth in crypto at this point. I bounce between 1 - 3%, depending upon it's value and what I have in a wallet at the time. Pretty sure I'm close to the norm... ;)

Folks think nothing of giving up 3% to some CC company for the utility of using their payment method and think nothing of paying 10%+ interest on top of that, while the thought of putting a few hundred or thousand dollars into something they don't understand with an easier and cheaper use and potential for increased value, drives them crazy. :)

Go figure...