After reading an article from the February 1998 'WIRED' magazine
titled "WallStreet.com" on the evolution of Wit Capital I thought
this would be a good thread for the Silicon Investor.
To recap very briskly - Wit Capital hopes to eliminate the spread
and order flow payments we all knew were slowly eating our lunch
by putting buyers and sellers together on the Internet, matching
them by and in doing so taking a tiny percentage as their income.
In March of this year they plan on beginning with a small basket
of NASDAQ stocks and adding more stocks slowly over time.
I am interested in your opinions and whether or not you have been
to their site www.witcapital.com along with those of you who
have signed up as members. I have and have participated in one
of their IPO's along with trading with the normal bid/asked spreads
through their full service brokerage system. At $14.95 it is in
the middle ground and as such has heavy competition.
I think the future belongs to those who take control of their own
destinies and setting up and running a system similar to what the
big boys use (Instinet and Posit are examples) for all the people
who call themselves investors on the Internet is the way it should
be done and may well if we are willing to let go of the programming
we have learned from the current market concepts.
Comments are welcome. |
