Quote:
Originally Posted by Chris
What about webcam sites? Should they just say yup send us your bitcoins and then when bitcoin crashes again and loses value they are out of pocket to pay the models and webmasters?
What if a webcam company accepted bitcoin when it was at 244? They would of still not of been close to being recovered from the crash.
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Of course a site keeping the bitcoins for week(s) would gamble, but you can quick sell. We're a webcam site and thinking at a bitcoins revshare feature. If the bitcoins are sold quickly as soon as we got paid, and we "round our way" on the exchange (we are the middlemen...), there is no issue for the site, about volatility.
But currently my idea is to pay the affiliates in bitcoins for their revshare, so I would not officially exchange btc<->usd, as that is danger to do on a big scale.
Real issue I see in next months and years, it is ALL the exchanges will be closed, so you can't really convert btc<->usd back.
Perhaps look what it happened to these exchangers recently:
U.S. Banks no no:
Bitfloor -> closed due to circumstances outside of our control
BitFloor must cease all trading operations indefinitely.
CapitalOne closed the Bitfloor U.S. bank account.
Capital One viewed the exchange as a MTB (Money Transmitter Business)
it requires separate licensing in 48 states, cost $10+ million in fees...
UK banks no no:
http://transferwise.com/blog/2013-04...ers-april-2013
our banking providers are not comfortable with Bitcoin and want us
to restrict payments to these firms.
Poland banks no no:
https://bitcoin-24.com/ -> closed (The Polish authority closed our Bank account in Poland)
https://dl.dropboxusercontent.com/u/2329063/BTC24.pdf
Governments are very slow, but then after 1-2 years they bust for sure. In USA we got for now:
Financial Crimes Enforcement Network (FinCEN)'s Virtual-Money Guidelines:
Any company handling bitcoins needs to abide by Know Your Customer and Anti-Money Laundering rules and reporting. (not going to happen so much with bitcoins)
exchanger = who exchange of virtual currency for real currency,
funds or other virtual currency (include bitcoins to litecoins exchange...).
(if your users pay in bitcoin, you should pay revshare in bitcoins.. or if you pay in dollars, you are an exchanger - big big warning)
At the moment it is single banks who close the accounts of who is mainly involved in bitcoins, as they do not want the risk... it is a little like when banks figure you're in adult and they close your account due to that. What better than a bank learns this is adult + bitcoins business at same time
For sure, after 1-2 years, US, Canada, Euro Union etc. will have specific regulations done, and go threat the few banks left who still process bitcoins on their risk, to check against those regulations, which will be impossible to comply with as most regulations in any field.
Still there can be business for 1-2 years, until it will exist some way to cash bitcoins in dollars somewhere. If all the mtgox's and btc-e's will have "bank account closed" as the 3 smaller ones above, I imagine the BTC<->USD value to drop quite quick anyway.
Finally, after bitcoins there will be other competing currencies. This will be confusing.
Let's bookmark this thread and bump in next 1 and then 2 years.