San Francisco Open Exchange (YC S14) Aims to Be the E-Trade of Bitcoin

#1

Post by katm » Mon, Aug 25, 2014, 10:49 PM UTC

San Francisco Open Exchange (YC S14) Aims to Be the E-Trade of Bitcoin
techcrunch.com

Re: San Francisco Open Exchange (YC S14) Aims to Be the E-Trade of Bitcoin

#2

Post by TheOsiris » Mon, Aug 25, 2014, 10:59 PM UTC

Hi guys,

I'm one of the founders of SFOX.com. It's been great working on the product with the great team at YCombinator. It was incredibly helpful to us.

Please let me know if you have any questions or feedback on SFOX.

Thanks!

Re: San Francisco Open Exchange (YC S14) Aims to Be the E-Trade of Bitcoin

#3

Post by Avalaxy » Mon, Aug 25, 2014, 11:21 PM UTC

Who is this aimed at? Reqular people buying some Bitcoin don't care about a price difference of $1. Traders looking to do arbitrage probably already have their own bots and scripts to do that.

Re: San Francisco Open Exchange (YC S14) Aims to Be the E-Trade of Bitcoin

#4

Post by dublinben » Mon, Aug 25, 2014, 11:25 PM UTC

Treating Bitcoin like an investment commodity just harms its utility as a currency. I wish they were focusing on how to make spending Bitcoin easier, rather than making tools for speculators.

Re: San Francisco Open Exchange (YC S14) Aims to Be the E-Trade of Bitcoin

#5

Post by tatalegma » Mon, Aug 25, 2014, 11:44 PM UTC

dublinben wrote: post #4

Treating Bitcoin like an investment commodity just harms its utility as a currency. I wish they were focusing on how to make spending Bitcoin easier, rather than making tools for speculators.

It's either going to become one or the other isn't it? (not sarcastic)

Re: San Francisco Open Exchange (YC S14) Aims to Be the E-Trade of Bitcoin

#6

Post by eric_bullington » Tue, Aug 26, 2014, 12:25 AM UTC

dublinben wrote: post #4

Treating Bitcoin like an investment commodity just harms its utility as a currency. I wish they were focusing on how to make spending Bitcoin easier, rather than making tools for speculators.

I agree. What are some ways you can think of to make spending Bitcoin easier?

Re: San Francisco Open Exchange (YC S14) Aims to Be the E-Trade of Bitcoin

#7

Post by scott00 » Tue, Aug 26, 2014, 12:27 AM UTC

Does a user need an account at each individual exchange, or is an account with SFOX sufficient? In what states does SFOX hold a money transmitter license?

Re: San Francisco Open Exchange (YC S14) Aims to Be the E-Trade of Bitcoin

#8

Post by rdl » Tue, Aug 26, 2014, 12:52 AM UTC

dublinben wrote: post #4

Treating Bitcoin like an investment commodity just harms its utility as a currency. I wish they were focusing on how to make spending Bitcoin easier, rather than making tools for speculators.

Generating efficient prices through a deep market actually would make it more useful as a currency. (FOREX markets are good examples)

Re: San Francisco Open Exchange (YC S14) Aims to Be the E-Trade of Bitcoin

#9

Post by appenin » Tue, Aug 26, 2014, 12:56 AM UTC

Avalaxy wrote: post #3

Who is this aimed at? Reqular people buying some Bitcoin don't care about a price difference of $1. Traders looking to do arbitrage probably already have their own bots and scripts to do that.

>Traders looking to do arbitrage probably already have their own bots and scripts to do that.

I doubt this actually happens, at least in any significant scale, in real life. Algorithmic traders already make enough money in less dangerous environments than Bitcoin.

Re: San Francisco Open Exchange (YC S14) Aims to Be the E-Trade of Bitcoin

#10

Post by scoofy » Tue, Aug 26, 2014, 1:24 AM UTC

dublinben wrote: post #4

Treating Bitcoin like an investment commodity just harms its utility as a currency. I wish they were focusing on how to make spending Bitcoin easier, rather than making tools for speculators.

>Treating Bitcoin like an investment commodity just harms its utility as a currency.

Bitcoin is a commodity. If you treat it as an everyday currency you will soon get a visit from the IRS for capital gains tax non-payment. Pay your taxes people.