the first bank that realizes the old game is over stands to make an incredible amt of money as well as establish a leadership role in the bitcoin economy. It is not a question of understanding or a question of will. Why can't people understand this? No bank will be allowed to do this because they will lose their bank license. No government will tolerate such a bank for the same reason that no government can afford to not pay their debt to IMF and the WB! |
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Dwolla doesn't have to work it out with TradeHill, it's the other way around. What a bag of sh*t is this guy... Dwolla can simply wait them out, TradeHIll is going to relent when they realize there is no other feasible alternative. Dwolla can simply wait only one thing - the lawsuit - and this will be the end for Dwolla. The 'no alternative' is simply amusingly ridiculous. There are 100s of dwollas out there waiting to feasibly steal their customers money by transferring all their business risk onto their customers. The lifespan of such companies is 3-4 years on average. |
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Expect this to keep on happening dear Bitcoiners. Just face that Bitcoin is not a cherished currency by the established banking world and no bank would publicly admit that they are tied to the Bitcoin economy. Exactly. Until someone from the established financial sector steps in and takes the FULL step of representing Bitcoin - putting their bank license on the brink of cancellation There will be none! Every major bank nowadays rely on government money one way or another or they are bust. All small banks rely on major banks or they are bust... Don't expect a bank to assist you, just the opposite. They will take every step to suffocate your business. This is the reality! I know what I'm talking about. Traditional form of exchanges simply won't work for bitcoin economy. Don't you understand, Gox, TD and the rest? All currencies so far had made their way from top to bottom, they were forced by the governments. Bitcoin will make their way from bottom to top... or will not make it at all. |
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Now suppose Mallory manages to get her hands on Alice's online banking credentials (either by phishing or by actively installing malicious software on Alice's computer) and sends Alice's money to a little company called Mt Gox without authorisation, then exchanges it for easily-laundered Bitcoins. Now suppose Mallory manages to get her hand on Alice's cash (either by stealing her purse or breaking into her house by installing malicious software on Alice's house alarm system) and sends Alice's cash to a big company called ABCDEFG, then exchanges it for illegal currency (for it's easily-laundered) called bitcoins. What a tragedy... This is why the next phase of fiat money fiasco will be a transformation to coupons with owner's birth certificate serial numbers engraved. This will (eventually) solve the money laundering problem. |
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Paxum Inc was formed in 2007. We became active in 2010. Could you tell us a little bit more about your company? Who are the owners/shareholders? How many people of staff do you have? Volume of business? Main banks you're working with? Main customers? |
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Paxum is a great service Yeah, so is Dwolla. |
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TradeHill now supports deposits and withdrawals of funds via Paxum. How are Paxum different to Dwolla? |
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why couldn't a bitcoin business buy Dwolla?
What for? Bitcoin businesses were interested in Dwolla only because of their "no chargeback" policy! Now it is quite clear they do not have such a technology or know-how in place. So, they are not attractive anymore. |
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Dwolla will survive without Bitcoin, they'll just grow more slowly. Sure they can survive without bitcoin, but they can't survive without their "no chargeback" policy because this is the core of their business model. |
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This thread illustrates the problem with the Bitcoin community. The bitcoin community has no problem. Dwolla's VC have because this is the end for Dwolla. All those 'keep silent' appeals are just pathetic... |
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Consider for now, we're in the future, and miners only gain from transaction fees. I assume now that including a transaction is cheap, and generating a block is, in comparison, expensive. (Is that true?) The future (and very near term or we are bust) I consider is when tx fees are dynamically defined not by a human, but by the system itself depending on variety of factors evaluating system status. Miners will dynamically get information about that and decide if they want to participate in mining the next bitcoin block or not depending on their mining efficiency. |
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Hm... That is not true. Gold has been used as a currency for the last 5000 years!
When is the last time you, or anyone you know, used gold to buy or sell anything? Before the crash of Bretton Woods system in 1971 gold was the ultimate currency and clearing instrument for all intergovernmental economic relations and respective settlements. On August 15, 1971, the United States unilaterally terminated convertibility of the dollar to gold. As a result, the Bretton Woods system officially ended and the dollar became fully 'fiat currency' backed by nothing but the promise of the federal government. This action, referred to as the Nixon shock, created the situation in which the United States dollar became the sole backing of currencies and a reserve currency for the member states. Again, what are 40 years of unsuccessful experiment compared to 5000 years of proven history? Why would people always tend to think history of the mankind started the moment they were born? |
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There is no currency that's been around since the beginning of civilization or recorded history that's still here. Hm... That is not true. Gold has been used as a currency for the last 5000 years! |
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Since 10 bitcoins today includes the ability to have 10 bitcoins in ten years plus the additional ability to spend them before that if that's helpful, it must be worth more today.
Some people would rather prefer to have 10 bitcoins in ten years than today since having them todays means additional ability to screw their wallet.dat file during this ten year period! |
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Who is matonis, the EUR account holder? Is that a person or company?
It's a business account. S. Matonis sounds like name of a person? Is there any connection with Jon Matonis from themonetaryfuture.blogspot.com? |
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separate markets for each fiat currency will only create needless friction and arbitrage opportunities, and lower total liquidity. I don't see what this friction would be? More arbitrage opportunities means more liquidity not less. |
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because world population is always increasing while the number of bitcoins that can be spread around will be the same. Gold if spread around is the same as well. It is just limited as bitcoins are. Gold was the world reserve currency for last 5000 years! Except for the last 40 years - experiment is failing miserably. How did the world survived 50 ages of 'deflationary' environment?... |
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Now you have a currency that increases in value slowly over time. Any arguments to support this statement? it may turn deflationary at some point in the middle if the loss of bitcoin addresses exceeds the creation of new coins. To avoid this just don't lose your bitcoins! Simple as that. What happens now if you literally burn a 100 dollar bill? Is there someone that would mercifully compensate you? |
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Honestly though, a currency where the value neither deflates nor inflates would be the best sort of currency.
Bitcoin is such a currency. Erm, no. Bitcoin is a deflationary currency. Wrong. Lack of inflation is not equal to deflation! |
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Honestly though, a currency where the value neither deflates nor inflates would be the best sort of currency.
Bitcoin is such a currency. |
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