Either the true purpose of Bitcoin will slowly get swallowed up by the current banking system and its regulators ...
Or there is going to be a struggle / tug of war like you've never seen before in the history of economics.
It all depends on how true those in the innovation / startup space stick to the core purpose of Bitcoin.
It all depends how steadfast, insistent, and loyal new business owners are to drawing certain lines in very specific areas of ideology related to Bitcoin.
And yes, thank God, the USA is not the only country in the world.
And thank God regulators have been made fully aware that they need to tread carefully because innovation will go where there is the least "friction" against it.
-B-
Some people will follow government regulation and some people wont, Bitcoin allows both to coexist without any struggle at all. |
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"Free market" is a misnomer anyway which leads to people crying "What about the children?!" demanding thugs use force to oppress the minority and fill their pockets while at it. There is no such thing as a free market. What there is, absent of thugs perpetrating violence and affecting market participants, is a market exclusively regulated by its consumers and where consumers spend their wealth, that's what is "approved", and where they don't that is what doesn't even need to be "forbidden" because it simply goes bankrupt, and none of the participants are forced either way.
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https://www.bitstamp.net/article/Bitcoin-withdrawals-are-once-again-fully-automated/Dear Bitstamp clients,
After rigorous testing, we have restored fully automated processing for Bitcoin withdrawals.
Unforeseen incidents like this DoS attack against an edge case in the Bitcoin protocol are to be expected with such a young technology. The core protocol remains sound and the world has seen how these incidents are addressed by the Bitcoin community. Every challenge that is successfully overcome is a milestone that allows the world to grow their confidence in Bitcoin.
We recognize that for many of clients the inability to make withdrawals may have been stressful and we are thankful for your patience and understanding.
Best regards,
The Bitstamp team
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I can confirm, we are starting to manually send out smaller batches of withdrawal requests while monitoring the bitcoin client's performance. Once we are completely satisfied with the results we will move to fully automated processing again.
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We are starting to manually send out smaller batches of withdrawal requests while monitoring the bitcoin client's performance. Once we are completely satisfied with the results we will move to fully automated processing again.
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https://www.bitstamp.net/article/bitcoin-withdrawals-processing-soon/Bitcoin withdrawal processing soon
Dear Bitstamp clients,
A denial-of-service attack caused us to suspend the processing of Bitcoin withdrawals. Bitstamp, with help from the Bitcoin core developers, has implemented a solution that passes our preliminary tests and audits.
After additional testing, we plan to enable Bitcoin withdraws later today.
Thank you for your understanding!
Best regards,
The Bitstamp team
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Note it's not just withdrawals that are stopped. They've stopped processing BTC deposits too. The article was edited to reflect that change.
Deposits work again now. |
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https://www.bitstamp.net/article/bitcoin-withdraws-suspended/Dear Bitstamp users
Bitstamp’s exchange software is extremely cautious concerning Bitcoin transactions. Currently it has suspended processing Bitcoin withdrawals due to inconsistent results reported by our bitcoind wallet, caused by a denial-of-service attack using transaction malleability to temporarily disrupt balance checking. As such, Bitcoin withdrawal processing will be suspended temporarily until a software fix is issued.
No funds have been lost and no funds are at risk.
This is a denial-of-service attack made possible by some misunderstandings in Bitcoin wallet implementations. These misunderstandings have simple solutions that are being implemented as we speak, and we're confident everything will be back to normal shortly.
Withdrawals which failed on the 10th and 11th of February will be canceled and the amounts added back to the customer account balances.
We will communicate any further developments regarding this issue.
Thank you for your understanding!
Best regards
Bitstamp team
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https://www.bitstamp.net/article/bitcoin-withdraws-suspended/Dear Bitstamp users
Bitstamp’s exchange software is extremely cautious concerning Bitcoin transactions. Currently it has suspended processing Bitcoin withdrawals due to inconsistent results reported by our bitcoind wallet, caused by a denial-of-service attack using transaction malleability to temporarily disrupt balance checking. As such, Bitcoin withdrawal processing will be suspended temporarily until a software fix is issued.
No funds have been lost and no funds are at risk.
This is a denial-of-service attack made possible by some misunderstandings in Bitcoin wallet implementations. These misunderstandings have simple solutions that are being implemented as we speak, and we're confident everything will be back to normal shortly.
Withdrawals which failed on the 10th and 11th of February will be canceled and the amounts added back to the customer account balances.
We will communicate any further developments regarding this issue.
Thank you for your understanding!
Best regards
Bitstamp team
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Would be nice to hear their schedule at least, even rough estimates.
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On a sidenote: The reason I did not use SEPA (despite I was using a EU based bank) was simply to avoid the FX spread that Bitstamp uses: SEPA is free of charge (unlike USD) - but then Bitstamp converts the Euro to USD. As I have direct access to the FX spot market I can always get the better FX rate (at a given time) - so I sent USD instead of Euro in order to be in control of the FX rate used.
I sound like you have experiance with this, question: I also opened a USD account, but it has the same account number as my EUR account. Do I have to add any instructions for depositing USD to my account? I'm a bit afraid my bank wil convert it to my EUR account (with the extreme spread). Yes, you must be careful to choose an International bank withdrawal and not a SEPA withdrawal, and then choose USD as the currency which you would like to receive. |
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they are asking me for an international passport for KYC purposes. what if i don't have one yet? can i send any alternatives? i can send 2 government IDs and 2 Utility bills as proof of address. I just paid one of the bills recently so i can send a scanned copy of the receipt as well.
If you are an American you can also send your social security number. |
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..this is a bit of a strawman argument.. I think it's fantastic what you are doing and that while it's great that you defend against criticism, you should really pay no attention to that thinks he knows it all because he works for that company guy. |
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A question to Bitstamp support: if I declare a transfer of USD 50,000 and you will receive only 49,950 (due to transfer fees), will it (amount discrepancy) somehow lengthen the process of crediting the account?
It will not. But if you forget to include your account's 'Message' number in the purpose(message, reference) of the transfer it may. |
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for wire transfer's my credit union uses a "intermediary bank"... but it is not in the form. Does that matter?
Yes it does. With credit unions usually you need to enter the intermediary bank as the bank and the credit union as the beneficiary, you need to enter the credit union's bank account number at the intermediary bank as the IBAN/account number and the intermediary's SWIFT code and then in further instructions you need to enter "FFC your name, account number your_number" |
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Same problem here, withdrawal confirmation emails not arriving.
This is now fixed. Thank you for your reports and apologies for the inconvenience. Completely ignoring the scores of requests for an explanation of what actually happened etc.... You are demonstrating wilfully ignoring us now... interesting... Apologies, as I stated a few pages ago, we are waiting for our international tests to confirm the issues are resolved before making an announcement. I expect this to happen tonight or tomorrow morning. |
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Same problem here, withdrawal confirmation emails not arriving.
This is now fixed. Thank you for your reports and apologies for the inconvenience. |
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SEPA has arrived and the whole site is back up.
Still massively dissapointed in the customer service exhibited in this last 48 hour period.
We apologize for any delays which you may have experienced. We currently accumulated a backlog which we are now working to resolve as soon as possible. |
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Finally got my coins out. Ill wait till they make a comment about whats going on until I trust them again.
We will provide an update once our internal testing is complete and confirms any issues were successfully resolved. |
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