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"Bitcoin could be on the verge of breaking through as a mainstream currency. At least that’s the goal of a startup that is soon to be launched by one of the mos

"Bitcoin could be on the verge of breaking through as a mainstream currency. At least that’s the goal of a startup that is soon to be launched by one of the most powerful players on Wall Street, with backing from some of America’s leading companies. This morning Intercontinental Exchange—the trading colossus that owns the New York Stock Exchange and other global marketplaces—announced that it is forming a new company called Bakkt. The new venture, which is expected to launch in November, will offer a federally regulated market for Bitcoin. With the creation of Bakkt, ICE aims to transform Bitcoin into a trusted global currency with broad usage." http://fortune.com/longform/nyse-owner-bitcoin-exchange-startup/ http://fortune.com/longform/nyse-owner-bitcoin-exchange-star... So, you guys really think this doesn't matter? A bit one-sided imo.

tw04 8y ago
>Bakkt plans to offer a full package combining a major CFTC-regulated exchange with CFTC-regulated clearing and custody, pending the approval from the commission and other regulators. I think that they're about the 4th "major player" to announce they're going to introduce a regulated exchange. And every other time it's been "pending regulator approval". And every other time the regulators told them to pound sand. Besides the fact they run the NYSE, what's changed? The US has absolutely no incentive to hand over controls of their monetary policy, and I see no reason why they'd be anymore eager to approve this.
- madeuptempacct 8y ago
  I think the only thing that changed is in fact that they are NYSE.
- JumpCrisscross 8y ago
  > The US has absolutely no incentive to hand over controls of their monetary policy The regulators who approve these proposals have nothing to do with monetary policy. Their concern is with the breathtaking volume of scams in the space.
  - tCfD 8y ago
    Given that one of the fundamental objectives of the cryptocurrency movement is to devolve the power of monetary policy, issuance and supply leverage from the state to various 'decentralized' (weasel word of this century) groups, and thereby deprive the state of its power of taxation, I would think it in the interest of these regulators to pass the word along to those who do control monetary policy.
    - JumpCrisscross 8y ago
      > one of the fundamental objectives of the cryptocurrency movement is to devolve the power of monetary policy Nobody at FINRA or the SEC cares about the power of monetary policy. The former being an industry group, it is actually somewhat in favor of letting banks sell Bitcoin (and related derivatives) to their clients. The people at the Federal Reserve, who actually control monetary policy, are mostly ignoring all this.
      - SI_Rob 8y ago
        Are FINRA truly 'regulators' (with access to state enforcement apparatus) or just a professional standards-setting body of license gatekeepers?
        JumpCrisscross 8y ago
        > Are FINRA truly 'regulators' (with access to state enforcement apparatus) Pretty much. FINRA writes rules that everyone in the industry has to follow. When you work in securities, you agree to hand FINRA arbitration power over a lot of things. They can fine you and bar you from the industry. They can't press criminal charges, but neither can the SEC.
largefarva68 8y ago
The problem is that they are trying to create a federally regulated market, which goes against the original idea of Bitcoin.
- madeuptempacct 8y ago
  You still have the ability to put your BTC in a cold wallet and "transfer" it internationally without physically moving anything. I think there is value in that.

tw04 8y ago

>Bakkt plans to offer a full package combining a major CFTC-regulated exchange with CFTC-regulated clearing and custody, pending the approval from the commission and other regulators. I think that they're about the 4th "major player" to announce they're going to introduce a regulated exchange. And every other time it's been "pending regulator approval". And every other time the regulators told them to pound sand. Besides the fact they run the NYSE, what's changed? The US has absolutely no incentive to hand over controls of their monetary policy, and I see no reason why they'd be anymore eager to approve this.

madeuptempacct 8y ago
I think the only thing that changed is in fact that they are NYSE.
JumpCrisscross 8y ago
> The US has absolutely no incentive to hand over controls of their monetary policy The regulators who approve these proposals have nothing to do with monetary policy. Their concern is with the breathtaking volume of scams in the space.
- tCfD 8y ago
  Given that one of the fundamental objectives of the cryptocurrency movement is to devolve the power of monetary policy, issuance and supply leverage from the state to various 'decentralized' (weasel word of this century) groups, and thereby deprive the state of its power of taxation, I would think it in the interest of these regulators to pass the word along to those who do control monetary policy.
  - JumpCrisscross 8y ago
    > one of the fundamental objectives of the cryptocurrency movement is to devolve the power of monetary policy Nobody at FINRA or the SEC cares about the power of monetary policy. The former being an industry group, it is actually somewhat in favor of letting banks sell Bitcoin (and related derivatives) to their clients. The people at the Federal Reserve, who actually control monetary policy, are mostly ignoring all this.
    - SI_Rob 8y ago
      Are FINRA truly 'regulators' (with access to state enforcement apparatus) or just a professional standards-setting body of license gatekeepers?
      - JumpCrisscross 8y ago
        > Are FINRA truly 'regulators' (with access to state enforcement apparatus) Pretty much. FINRA writes rules that everyone in the industry has to follow. When you work in securities, you agree to hand FINRA arbitration power over a lot of things. They can fine you and bar you from the industry. They can't press criminal charges, but neither can the SEC.

largefarva68 8y ago

The problem is that they are trying to create a federally regulated market, which goes against the original idea of Bitcoin.

madeuptempacct 8y ago
You still have the ability to put your BTC in a cold wallet and "transfer" it internationally without physically moving anything. I think there is value in that.