After reading the seizure warrent, I'd say: not a huge deal. They target US based money supply. Even the seized banking account at Wells Fargo was only filled with Dwolla cash, which was sent to Japan. It seems Dwolla was the only critical part. As (hopefully) the other funding options (i.e. wire transfer) aren't linked to US accounts, it should be fine. Lesson learned today: if you want to do business in the US, you have to do proper US paperwork. And tbh this isn't something unexpected. Any accounts that wire money to Americans are at risk. Generally, it goes offshore bank --> intermediary (US) bank --> customer bank. That's why we get MT Gox wires from Chase NY, etc. Lots of online gambling money gets nabbed by the feds this way. In reality, they can seize offshore accounts where they have existing bank treaties, when there is "cause". IMO, don't assume this is the end of this. Some thoughts on the subject: https://bitcointalk.org/index.php?topic=200228.msg2114965#msg2114965Trying to remain positive here, though. |
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It does not imply a permanent position. It simply means that someone believes a market will head down.
Some people confuse trolls with bears. Some "bears" are just trolls.
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The real panic sells haven't even started.
Not gonna happen. If their USD accounts get frozen, nobody wants to hold USD. Expect buy-ins and transfer to other exchanges instead. People keep saying this. I don't know about that. Bank runs happen for a reason. Most people have not picked up on the possible ramifications of this yet. But many understand what happens to the price of bitcoin it something serious happens to Gox. Man, I had just recently been going over my fears about this... but I thought it was a ways away. |
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This is not an attack on bitcoin, this is an attack on Mt. Gox being non-compliant with KYC/AML/Registrations requirements. DHS has seized Mt. Gox assets. They are not going to seize wire transfers from Mt. Gox to customer accounts, nor are they going to seize the assets of compliant exchanges. This episode just reiterates that bitcoin exchanges need to follow the letter of the law or the hammer is going to come down. It's a shame, really, since Mt. Gox has the cash to spend a few dollars hiring decent lawyers to ensure compliance.
Not speculating, but do not take this as a given. The feds do not put customers first. They can certainly seize incoming wires to customers, specifically for noncompliance issues, and have. Just ask UseMyWallet or eWalletXpress users. Or Full Tilt Poker players. |
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Bitcoins only have value because people believe it has value.
[...]
Ripples are not intended to store value. They are intended to facilitate transfer of things with actual value. Therefore, the market will not assign much value to ripples.
First point -- exactly. That's what I was saying about subjective value. Same applies to Ripple -- indeed, you can see from the market that people assign them value. Second point -- disagree. People subjectively value Ripple, therefore it has value. The "intention" makes no difference. If it had no value, it could not facilitate transfer of things of value. Who would trade Bitcoin for Ripple if Ripple has no value? |
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I don't understand this sentiment that Ripple has no underlying value. How is that any different than bitcoin? Seems to be an entirely subjective valuation in either case. I certainly didn't mind making a few coins off the free ripple giveaway.  |
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Never heard of this. Waiting for someone big to pick it up. Then popcorn time. |
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wonder if CampBX <> Dwolla will be/is closed also.
Doubt it, this is about Gox, not Dwolla IMO. |
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Google Ventures only putting in $200k iirc.... can't even call that a drop in the bucket. Anyway, in the mid term, I'm not sure that what is good for ripple is bad for bitcoin.
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IIRC they are Gox's US-based payment processor. Search the forum. |
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so fast...... glad I went with my gut this morning.....
I see 1m20s
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Received a message from Dwolla just now:
"As of 12:13 PM on 5/14/2013:
You’re receiving this notice because our systems have indicated that you’ve processed and completed a real-time Dwolla-to-Dwolla payment to Mutum Sigillum LLC (“Mt. Gox”) within the last 24 hours.
Due to recent court orders received from the Department of Homeland Security and U.S. District Court for the District of Maryland, Dwolla is no longer legally able to service Mutum Sigillum LLC’s account.
This is a courtesy email encouraging you to follow up on any uncompleted orders with Mutum Sigillum LLC as Dwolla is now unable to move money to and from Mutum Sigillum LLC’s Dwolla account.
Dwolla is not party to this matter nor does it have any information or further insight into the situation. We strongly encourages those with questions to contact Mutum Sigillum LLC
Note: Dwolla requires a court order before honoring requests such as seizing funds or revoking access to an account.
On behalf of Dwolla, we apologize for this inconvenience."
This is rather inconvenient for me as I've been using Dwolla-->MtGox for some time now. It's slow, but it's been working without much effort and with only a $0.25 fee. How many people actually use this method of getting money into MtGox?
Um kind of concerning. This is Gox's US-based payment processor, isn't it? WTF is going on? |
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If you think mine is an unfair price, you can always go to bitstamp and buy them for 5300 XRP/BTC. If you feel that you don't need ripples just ignore my offer. It is very simple  Or trade on bitstamp ripple gateway at last price = 8,747.00 |
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short term bear
mid term bull
long term neutral
Interesting, I have been completely on the fence about mid term prospects. What are your thoughts there? |
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I don't think we are stable. If we are in this trading range in a month, maybe we are stable. I don't sense confidence in these mini rallies. I'm actually holding mostly BTC at the moment, but my finger is on the trigger and I am not confident we break 120-125 resistance.
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120-125 is looking steep.
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They are all crashing recently except LTC.
LTC is 100% fixed by a bot operator with big pockets since the supposed adoption by MtGox.
LTC is down at least 15% from peak, it was over .032. Not a crash, but... NVC has dipped considerably less if I remember correctly. |
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Isn't this simply neutral? Why would this affect price, in and of itself?
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Short term bear. I think it is unlikely that this stagnation will break upwards in any significant way.
Mid term, hard to say. Long term, fairly bullish (with big caveats).
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