Tag Archives | trading

Fragmentation of Bitcoin Community Begins after the Collapse of Mt. Gox and Secondmarket’s Wall Street Exchange Proposal

bitcoin wall streetvia chycho

A few comments regarding Bitcoin and the recent developments with Mt. Gox (2, 3, 4, 5, 6, 7, 8, 9) and the announcement that SecondMarket is stepping into the game and planning to launch the “first New York-based Bitcoin exchange” (emphasis added):

“SecondMarket CEO Barry Silbert says that he’s modeling it after the early days of The IntercontinentalExchange (ICE), and that he hopes to have a set of founding members in place by the end of March (i.e., a ‘seat’ model). These members are expected to include Wall Street banks and well-funded Bitcoin startups (think Circle and Coinbase). Non-member firms or individuals would not be allowed to trade — at least at the outset — but likely could do business via the member firms.

When Wall Street insiders announce that they are joining your game, but not allowing you to play on their field, which is what is implied with “Non-member firms or individuals would not be allowed to trade”, one should be concerned that the fundamental rules of the game may be changing, but, unfortunately, with fear running rampant within the Bitcoin community due to the collapse of Mt.

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Pres Obama Signs Bill Killing Anti-Corruption, Pro-Transparency STOCK Act Provisions

via Daily Kos

Obama-Corruption

…yesterday, President Obama completed this rope-a-dope deception by signing this new bill, which stripped key provisions from the STOCK Act and rolled back a lot of the progress that the original bill made in promoting transparency and open government. The bill was signed without any cameras or fanfare, which is in stark contrast to the very public signing of the actual STOCK Act. It seems President Obama was glad to parade around the signing of the pro-transparency bill, but was not so open about his reversal of the most important parts of it a year later! Open Secrets describes the key provisions stripped out of the bill and labels this action “A reversal of the STOCK Act”:

The elements of the STOCK Act that were removed include:

Creation of searchable, sortable disclosure of the information contained in reports even for Congress, the president, vice president, the president’s cabinet and congressional candidates.

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