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Starting a bitcoin exchange

Discussion in 'General Investment and Economics' started by ozcoin, Apr 23, 2012.

  1. ozcoin

    ozcoin New Member

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    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. So_Cynical

    So_Cynical The Contrarian Averager

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    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. :rolleyes: tread carefully.
     
  3. Gringotts Bank

    Gringotts Bank Well-Known Member

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    Untraceable currency. Can be used online.

    Organized crime will be all over this.
     
  4. pacestick

    pacestick Well-Known Member

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    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/mark...from-bitcoin-transactions-20131206-2yugy.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/kashmir...f-america-analysts-say-bitcoins-value-is-1300

    Meantime it is flucuatiing wildly in very short periods

    http://www.bitcoincharts.com/charts/mtgoxAUD#rg2ztgSzm1g10zm2g25zv

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