7800+ entries in 0.124s
mjr_: but ideally, they could move large amounts of money relatively quickly and without too much slippage
mjr_: depends, i am not exactly sure what the demand would be
mjr_: i think its probably 50/50 at best that it'd done in a year
mjr_: so i am mostly working on that right now
mjr_: providing we can deliver a stable good source of liquidity to them
mjr_: it is fairly reasonable odds that this other thing goes through
mjr_: so, if our deal goes through
mjr_: my partner/boss is meeting with those guys for our company (day job) but also selling them on this idea (our own side thing)
mjr_: well...not sure, we got the software and the servers and the location
mjr_: my little boutique tiny hedge fund will post some amazing gains
mjr_: AND, if it works, get interviewed on CNBC
mjr_: so they start using it in everyday life
mjr_: i want them to see this as an introduction
mjr_: and with volume, we can lower our rates at gox, and cut better deals with others
mjr_: with 30k accounts...we can prob do quite a bit of internalization
mjr_: that is internalization
mjr_: yeah, but it basically would have like a matching engine so say account #25671 wants to buy and account #12543 wants to sell, it can match them internally, saving us the fees from mt. gox or wherever
mjr_: my boss at my day job called it "a ferrari on a dirt road" lol
mjr_: we have a top tier software system in place
mjr_: their forex company, who has said they are interested, would take care of the accounts, but they would offer one more symbol for their traders
mjr_: and collecting fees
mjr_: ie. i don't have to worry abourt your funding, or settlement, i just worry about executing orders against the bitcoin exchanges
mjr_: so now it is dollars, euros, pounds yen and bitcoins
mjr_: is a symbol on a platform where people already trade dollars, euros, pounds and yen
mjr_: and what we are working on
mjr_: what i am planning on doing
mjr_: lol, no cost equipment or electricity
mjr_: but suffice it to say
mjr_: it'll be a nice little start
mjr_: if i can get the equivalent of half an avalon
mjr_: that is the synergy with the fpga project i have going on
mjr_: ie. you want to have this be a trade done as part of their profession, not as a side job or something
mjr_: not what you do with some person outside of the system
mjr_: and also, your P&L will show your account
mjr_: but speed is the key here
mjr_: and again, they just did a trade with their own money and it didn't really relate to their job at all
mjr_: mt. gox...10+ days to verify using dwolla
mjr_: since funding is always the worst part of bitcoin trading
mjr_: the point is to be able to use the existing accounts so i don't hve to worry about their funding
mjr_: and not in any way that would make me money
mjr_: but not at that amount
mjr_: ok see you in 5 days then
mjr_: ok, well, i have to wire the money out of my account, and then i have to wire you the money
mjr_: looking at all the exchanges and finding the best price
mjr_: let's assume i actually had the market data to tell them
mjr_: and say hey, i wanna get 1000 btc right now, what kind of price am i looking at?
mjr_: because they trust me
mjr_: so let's say they call me
mjr_: of course they have no way of sending an electronic order
mjr_: when i showed a trader what i was doing, he was like "why aren't you scalping this all day, like do it right now"
mjr_: which are already coming together
mjr_: which is why i am more excited abvout my small easy projects
mjr_: its a long tough road i think
mjr_: so someone has to offer choices and volume
mjr_: so i can pick and choose
mjr_: and they all have different fees, volume, prices
mjr_: i can buy aapl on any one of a ton of differrent venues
mjr_: even though aapl is listed on nasdaq
mjr_: my point is that everyone doesn't use nasdaq to trade aapl
mjr_: but it is mostly a matter of getting the deal
mjr_: and become the gateway for that infrastructure to the bitcoin world
mjr_: that's the goal for the platform, plug into existing infrastructure
mjr_: too long; didn't read: wall street professionals don't open up new accounts for all their trades, they use their existing high margin accounts
mjr_: but rather give them something to buy with their existing accounts
mjr_: the goal for me is to not make them open up a new account
mjr_: but again typically with their 401k or their investment account
mjr_: traders don't do it at home
mjr_: their professional accounts might be over 1 mill
mjr_: if they open up their own accounts it might be 500
mjr_: i need them to be able to plug in bloomberg
mjr_: and that is how most of finance is