crap, i just paid $60 to cancel an ACH to Dwolla!  |
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the other half of this same ripoff is evidenced by the "Excess Reserves" which is at about $16 trillion now held by the banks that they were supposed to lend out to the real economy. One of the many straws that broke the economies back was SEC chairman Cox getting rid of the reserve requirements for banks which before then was set at 15 to 1. This had two effects, it allowed the banks to leverage themselves to the hilt, it also made it harder for interbanking business, as before you knew the bank you were dealing with was pretty much using the 15 to 1 limit, when it went away, you had no clue if they had reserves or not. Now they are building back up reserves to prevent this from happening again. You can bitch about them not lending, but you really cant complain about reserve requiments because the lack of reserve requirments is why they had to be bailed out. what you say about Cox is absolutely true. except the part that he was a paid lacky for the financial industry and the banks wanted him to remove those constraints so they could gamble recklessly. the problem is they're using taxpayer money to build up the reserves they need to withstand the next sh*t storm. i say instead that the Big 5: GS, JPM, WFC, BAC, C get liquidated instead to remove the cancer from the system. |
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this is going to be HUGE.
husbands can text btc/remittances to families across borders instantly.
why is this hard to understand. This is not about texting BTC to someone, it's about buying BTC through your phone-bill through billed sms. Or am I the one misunderstanding something here? Maybe the idea is to have the remote family text a bitcoin public address (without typos) to the husband, then the husband in the UK (or wherever the service exists) enters that address on the site and pays via SMS. But the remote family still has the problem of converting the BTC to something usable where they live. exactly. why is this so hard to understand? the wife converting shouldn't be a problem in most jurisdictions esp. if she has an exchange acct. she can call her husband and READ the address to him. |
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Dwolla just has to do a better job ensuring ACH tx's to them are legit before releasing funds to merchants. i know my acct with them had to go thru all sorts of hoops to get credentialed before i could ACH to them which is why i fail to relate to what happened here.
edit: all the pressure we've been putting on them to make the clearance of funds faster probably contributed to errors.
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...the financial industry who has first access to the free money and who controls the printing press.
Is it really reasonable to think of it this way? Sure - the financial institutions lend out 'money' which has just been created - but they have to pay it back to the reserve system. (effectively destroying it) They get to charge a higher interest rate than the reserve in order to fund their operations - but the principal (the money that was just 'created' by entering it into the system at loan-initiation) has to be repaid. So.. they make money (interest difference) on lending out money that wasn't theirs - but this because they are entrusted with the job of ensuring that the new 'debt money' is going to an entity who will do work in the economy to produce that value (plus some). They take a risk and have costs in doing their checks on the entity taking out the loan. Seems fair enough no? As much as I think the financial industry is a flawed and dangerous beast at the moment.. I still don't see how this is 'free money' or 'controlling the printing press'. it is reasonable to think of it this way. when the Fed increases its balance sheet from $800 billion prior to the crisis to over $2.8 trillion today, the difference represents "printed" money which went directly to the banks in exchange for the toxic loans. the Fed told us they were "lending" this newly printed money to the banks until the loan values recovered. well they never have and if you look at their balance sheet, you can see that the "loan" has mysteriously changed into a "buy" evidence being the Repurchase Agreements being zero and the Securities Held Outright having ballooned. we the taxpayer are now responsible for paying off this bad debt. the other half of this same ripoff is evidenced by the "Excess Reserves" which is at about $16 trillion now held by the banks that they were supposed to lend out to the real economy. well they never have b/c they know the avg American can't pay it back b/c of the economy being in the sh*tter and the fact they can earn 0.25% by just leaving the money at the Fed. |
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copying post from the Bitcoin show thread
hopefully have my facts straight:
tradehill have identified ~$37k of dwolla transfers that have been reversed after being credited, I think they managed to block ~$20k of that.
other exchanges unknown.
dwolla being cagey and changing terms of service on their website.
"reversed" by who and why? Dwolla or a hacker or a customer? "they" meaning who? dwolla is reversing transactions why are they doing that? |
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copying post from the Bitcoin show thread
hopefully have my facts straight:
tradehill have identified ~$37k of dwolla transfers that have been reversed after being credited, I think they managed to block ~$20k of that.
other exchanges unknown.
dwolla being cagey and changing terms of service on their website.
"reversed" by who and why? Dwolla or a hacker or a customer? "they" meaning who? |
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this is going to be HUGE.
husbands can text btc/remittances to families across borders instantly.
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its interesting how Paypal is allowing RSantana's CoinedBits.com to flourish.
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yes, you need to add a download link.
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$16 trillion!
To give you an idea of how much 16 trillion is, I cant give you an idea of how much 16 trillion is.
All I know is that it would be more than enough to pay off the US national debt  It is mathematically impossible to pay off the national debt. :-( not if you let the banks go! |
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so they have a copy of your wallet.dat?
where are you now?
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you can buy from me directly and safely. i can give you references from here on the Forum. PM me.
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Bruce,
nice job on the Australia interview but you made a mistake about one third into by saying that "bitcoin can never be DEflated by people printing more of it". you mean they can't be "INflated".
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hmm for me it's 100% profit I personally pay out 0 and get .45 btc its fantastic
what are you talking about? Parents pay the phone bill? Nope....  .. but I don't and that's all that matters Who does? not important. I pledge 10 bitcents for the real answer. His employer. 1ENZc3W29DBf5uDUzfezbFaKUMvcbWa4GT ding ding ding we have a winner. I have a personal allowance on my mobile which i can use for whatever I want. calls etc.. so why not use it for coins nice. so tell me exactly how this process works step by step and where do the coins come from and where are they stored. i think i understand whats happening but could you elaborate? |
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Basically - once you've selected how many coins you want to buy, you are redirected to a page telling you to text a confirmation code to a number - the page will look similar to this: http://textcoin.co.uk/misc/gateway.pngOnce you send this message, your mobile will be debited the amount shown (whether this be off a pre-paid Pay as you Go contract, or by placing it on to your monthly bill), and the website will re-directed you back to TextCoin. Once your payment is confirmed (takes about 30 seconds), then your coins are instantly sent to the address you provided. Simple really! i think you need to elaborate a bit more clearly the exact mechanics about how this works. where are the coins stored before and after they're bought? who is the UK carrier? do they ever store coins? is a bank involved with the carrier in some way? as i understand it, the coins are not stored on your phone but go directly to your preset wallet.dat that you setup with an internet connection? |
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Billions of dollars are laundered from drug trade, prostitution, organ trade, sex trafficking and many other things. the only thing they ever heard bitcoin was used for was silk road.
they hear what they want to hear. |
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yawn, this is old info on Schumer-punk from months ago.
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