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  1. #1

    Smile Starting a bitcoin exchange

    I want to start a bitcoin exchange from oz bank deposits into the major bitcoin exchanges through my own website. How would I go about this?

    All I know so far is I want to be able to use ANZ, Commonwealth, Bendigo, Westpac, NAB & Suncorp as deposit locations & be able to turn my custormers deposits into currency in the likes of MtGox, Cryptoexchange & Bitconica.

    Do I need a accountant? Need to set up a ABN? Compliance? Desposit daily limit? or will the banks even open up my accounts?

    So many questions.

  2. #2
    The Contrarian Averager So_Cynical's Avatar
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    Default Re: Starting a bitcoin exchange

    Quote Originally Posted by ozcoin View Post
    I want to start a bitcoin exchange from oz bank deposits into the major bitcoin exchanges through my own website. How would I go about this?

    All I know so far is I want to be able to use ANZ, Commonwealth, Bendigo, Westpac, NAB & Suncorp as deposit locations & be able to turn my custormers deposits into currency in the likes of MtGox, Cryptoexchange & Bitconica.

    Do I need a accountant? Need to set up a ABN? Compliance? Desposit daily limit? or will the banks even open up my accounts?

    So many questions.
    You cant... that's why MtGox and the rest of them are in business and why they cant even actually deal in hard currency's...least thats how it was in BC world 6 months ago...anything changed?

    BTW i was going to set-up BC term deposits about 18 months ago...lucky i didn't cos i would of been wiped out in the big $20 run up. tread carefully.
    Statistics: 127 Closed Trades since July 07, Winning Trades: 103, Losing Trades: 24, Expectancy/$1 Risked: $0.58

  3. #3

    Default Re: Starting a bitcoin exchange

    Untraceable currency. Can be used online.

    Organized crime will be all over this.

  4. #4

    Question Re: Starting a bitcoin exchange

    Quote Originally Posted by Gringotts Bank View Post
    Untraceable currency. Can be used online.

    Organized crime will be all over this.
    not correct It is easier to trace than cash as was demonstrated to the us congress in their recent hearings but I do think you have to have some tech smarts to do so I dont have any .The difficulty law enforcement faces is that once they catch the crims they cant get the money back in the same way you see when they raid a place and take away sacks of it . They have to unlock the bitcoin wallet which has high encryption value . The next generation of computers quantum computers will be able to do this but they are not expected to be available for a decade or so. Therefore the only way to unlock the value of a bitcoin wallet is for the crim to give you the password or to make it so simple that you can crack it . It would appear to be the later that has occurred recently at a number of exchanges
    Meantime the chinese government has placed restrictions on its use banning banks but not individuals from trading in bitcoins

    http://www.smh.com.au/business/marke...206-2yugy.html


    However this does not seem to have slowed chinese buying of bitcoin

    http://fiatleak.com

    The americans have begun buying in much bigger amounts since the congession hearings and it may be wall street bankers who are doing so

    http://www.forbes.com/sites/kashmirh...-value-is-1300

    Meantime it is flucuatiing wildly in very short periods

    http://www.bitcoincharts.com/charts/...zm1g10zm2g25zv

    try the two day chart and use aud mtgox rather than the default and you will see what I mean

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