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Title: DWOLLA - Important information regarding virtual currency Post by: mufa23 on October 10, 2013, 07:57:30 PM Just got this email ~20 min ago:
Quote Dear Dwolla Account Holder, As you know, Dwolla does not sell, accept, mine, value, take possession of, or hold Bitcoin or any other virtual currency product, and none of Dwolla’s users transact business with Dwolla using Bitcoin or any other virtual currency product. However, recent interest involving virtual currency and its exchanges has created uncertainty and confusion around virtual currency, and Dwolla's relationship with a small number of its exchanges. This has forced Dwolla to reassign resources, funds, and services. As Dwolla gears up for a new stage of growth, we recognize that we can no longer sustain this merchant base (.1 percent of Dwolla merchants) and its unique needs, and that attempting to do so jeopardizes both of our communities' starkly different, but similarly ambitious, vision for improving payments. Effective October 28, 2013 at 4pm CT, Dwolla will be withdrawing its service offerings to virtual currency exchanges and virtual currency related services. What does this mean? Your account, and its functionality, will remain unaffected. However, you can deactivate your account from within your Dwolla dashboard, if you so choose. Dwolla aims to provide its users and the few affected merchants with the guidance necessary to ensure a smooth transition. To do that, we encourage users to over-communicate with our support team, report any suspicious activity, and revisit our terms of service to ensure uninterrupted services. What is the timeline of events? October 10: Only existing users with a 30-day history with Dwolla will be able to send funds to merchants affected by this change. October 15: Affected merchants will be limited to sending money only, and will no longer be able to receive funds from customers. They will be able to issue refunds to customers at this time. October 28: Affected merchants’ accounts will be suspended. No further activity will be provided. October 29: Provided no security or fraud concerns, Dwolla will transfer any of the remaining funds inside the affected merchant's Dwolla account to its linked bank account. The decision to remove anyone from the network -- no matter the circumstances -- is not something Dwolla takes lightly. We are grateful for the opportunity to service and learn from these users. We wish the community and its pioneers the best. Sincerely, Dwolla Support I highly doubt we make up for only 0.1% of their users... Title: Re: DWOLLA - Important information regarding virtual currency Post by: ElectricMucus on October 10, 2013, 08:11:29 PM I highly doubt we make up for only 0.1% of their users... I don't. Title: Re: DWOLLA - Important information regarding virtual currency Post by: illpoet on October 10, 2013, 08:23:18 PM yeah i wonder, i had never heard of dwolla until i found out i could use it to (then) xfer/receive money from mtgox. I thought they had already done this tho, and i was wondering about it when i saw that coinmkt.com was going to use dwolla. i guess they just decided to completely severe ties in fear of our overlords.
Title: Re: DWOLLA - Important information regarding virtual currency Post by: tclo on October 10, 2013, 08:25:03 PM repost:
https://bitcointalk.org/index.php?topic=309022.0 Title: Re: DWOLLA - Important information regarding virtual currency Post by: cryptojoe on October 10, 2013, 08:42:24 PM Dwolla!!!!! Noooooooooooo. Guess it's back to money orders in and out of campBX. Or zipzap to snapswap to ripple to bitstamp. No other cheap ways for U.S. folks to get dollars into bitcoins. My guess is that dwolla and bitfunder and the rest of them are getting some flak from the U.S. and they're seeing the writing on the wall. bail now before they shut you down. must be in the air.
Title: Re: DWOLLA - Important information regarding virtual currency Post by: BCB on October 10, 2013, 08:47:11 PM I highly doubt we make up for only 0.1% of their users... the other 0.99% of their users are buying burritos and frappuccinos in Des Moines Title: Re: DWOLLA - Important information regarding virtual currency Post by: bigasic on October 10, 2013, 09:06:25 PM Its pretty obvious that Dwolla and others probably spent a ton of time and money going thru records with the FBI, IRS, Ect. Them announcing closing and the SR closure isnt a coincidence. They figure the headache and costs are just not worth it.. THey are thinking that everyone that deals with bitcoin is a crook.. Now that SR is closed, lets hope it will start to attain more credibility...
Title: Re: DWOLLA - Important information regarding virtual currency Post by: ElectricMucus on October 10, 2013, 09:08:06 PM everyone that deals with bitcoin is a crook.. there you said it.Title: Re: DWOLLA - Important information regarding virtual currency Post by: bbit on October 10, 2013, 09:28:26 PM 0.1 percent of merchants not users.
Title: Re: DWOLLA - Important information regarding virtual currency Post by: techman05 on October 10, 2013, 09:31:00 PM At one point read this and was hoping bitinstant would kick in when they open but I'm pretty sure they use dwolla too to get funds in. I can only hope one of the exchanges find a way to open a reputable bank in US for cash / bitcoins.
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