A friend of mine had his bank account shut down, and had to move his own and his wife's account and the mortgage too, the bank essentially said they did not want his business.
Interesting about the mortgage. I'm assuming the bank was just servicing the mortgage and sold it off long ago to Fannie or Freddie. You would think there would be some sort of contract language where they can't just stop servicing the account without cause. I don't think another bank would just pick it up like that as they probably don't make much if anything off doing so. |
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I've been seeing so many stories of people who had their bank accounts frozen or shut down because a bank wasn't prepared to take the risk regarding AML
If this happened to be your main account where you receive money, this could be a big problem. Therefor, wouldn't it be a smart idea to advice people to create a separate bank-account to receive money made through Bitcoin-channels? Either receive the transfers from your exchange account or BitPay account. In that case only you Bitcoin-income will be affected and the rest of your business can still operate.
It's probably a good idea. The thing to remember is it's more of an inconvenience than anything. In cases where you're operating legally, a bank can close your account but they cannot freeze your funds. They're basically saying, "we no longer want your business, you have 10 days to get your money out." So it's not really the end of the world but it is a pain in the ass. |
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Well he's certainly buying when there's blood in the streets, people are fearful, and all the other applicable adages. |
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What makes you think the Euro is the most valuable of all fiat currencies?
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Is anyone really surprised by this? Detroit has been a ghost town for years. You can buy actual houses there for $5,000, but why would you want to? People strip the houses for copper there and probably get away with it. The city has been abandoning large portions of what used to be part of the city just because a) no one lives there any more and b) it can't afford to keep them up.
The only thing that surprises me about this is that it took them this long to declare bankruptcy.
This. Pictures don't lie. http://www.mackinac.org/images.aspx?ID=7453#1961 |
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What happens in the event of a dispute with the seller?
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Amagi Metals said Bank of the West shut down their account so I guess you can add them to the list.
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Merchants need to pass on the savings of using Bitcoin vs a credit card to the consumer in order to give incentive to adopt Bitcoin. Similar to how a bullion dealer has a check/wire price and a higher credit card price. I think the current BTC fee structure is fine, the problem is the merchant is not passing on the savings of using a system such as Bitcoin on to the consumer.
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While I've disagreed with him on several occasions, I always thought his points were well thought out and always constructive rather than combative. The fact that he fully discloses he is now an OpenCoin employee doesn't bother me. Had he been making his statements without that disclosure, he would have lost some credibility but it seems as though he is trying to be fully transparent.
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While it was good to see someone getting funds, that transfer request was really on the cusp of when shit hit the fan. It would be nice to see someone who had a transfer go through that was initiated well after the freeze.
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If you're not out, get out (of the United States).
+1 Detroit bankrupt 49 more to go. /facepalm Almost as bad as the guy who thought there were 52 states. |
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Gold has gone through the roof, even though Bitcoin has gone down too, it had still appreciated a lot comparatively, why not put a small fortune say 1% of your worth in Bitcoin as a hedge?
I think diversification is the right way to go, which is why I brought up silver (since title of the thread mentions only fiat, BTC, and gold). Also, if you are in the deflation camp (which I am) holding fiat at least in the short term is also a good position. I know that won't go over well with most people who seem to be in the inflationist camp but we all have to play our positions the best we see them. |
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We are some still trying.  Oh look another bitcoin business related to transferring money. How ingenious, couldn't think of a bitcoin business serving its economy instead of just a unoriginal wealth sucker? Oh wait, not that you care about bitcoin itself. Keep on going boyz them money exchanges and casino's are gonna keep this bitcoin economy up!! /sarc What ingenious business idea do you have? If you no longer care about Bitcoin, why are you still here? |
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Didn't work for me. Became lvl2 verified but the transaction was pending for almost a day, and then cancelled due to "high risk".
Did they give you a reason or say they would manually whitelist you? Still can't figure out what their criteria is for high risk. |
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With all the heat lately, this has got me concerned. I send a wire to MtGox on Monday, and my bank said it went through. MtGox says they cannot find it.
Could the Feds be doing something to shut down BTC? I'm pretty sure they want to.
With BitInstant shutting down, the atmosphere has got me very nervous. Not sure what to do. Is BTC still a safe investment?
I would bank more on it being Gox incompetence over anything to do with the banks or the Feds. |
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America, the land of the free.
Bank of the West is owned by BNP Paribas so this might not just be a USA thing. |
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IMO the reason for the 10% or so fall over the last couple hrs is no exchange really knows what the right price is. Everyone always counted on mtgox but they aren't paying out. Thus, people are looking at other exchanges and seeing $5-$10 differences in price increases fear of instability, which BTC has always and already has a lot of. I really hope mtgox gets things rolling again soon or this could be horrible for the bitcoin price and community.
Agree with you. It would be great if MtGox could resume withdrawals Based on this, are you still solely using MtGox for your TA or will you be looking at other exchanges charts now? Since Gox can't be called an exchange, the price would be a volume weighted blended average of the top 5 exchanges by volume. And honestly you could exclude Gox from that price since their rate is artificial. He goes off Gox's chart for his TA newsletter, which is why I'm asking. |
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I have nothing against gold or Bitcoin but you may also want to consider silver. Silver is consumed, whereas gold is hoarded. In 2005, global per-capita above-ground gold bullion was 0.8 ounces, -17% vs. 1940 levels of 1.0 ounce for ever man, woman, and child. Silver, though, was 0.2 ounces in 2005, -96% vs. 1940 levels of 4.4 ounces.
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IMO the reason for the 10% or so fall over the last couple hrs is no exchange really knows what the right price is. Everyone always counted on mtgox but they aren't paying out. Thus, people are looking at other exchanges and seeing $5-$10 differences in price increases fear of instability, which BTC has always and already has a lot of. I really hope mtgox gets things rolling again soon or this could be horrible for the bitcoin price and community.
Agree with you. It would be great if MtGox could resume withdrawals Based on this, are you still solely using MtGox for your TA or will you be looking at other exchanges charts now? |
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Been mining a few months with my PC's GPU and up to 8 coins now. My Jalapeno arrived today so I should be getting coins much quicker. Now that I'm actually starting to get some decent cash, I don't want to lose it.
I'm wondering what is best way to manage the coins. Now the coins I mine I simply have the mining pool send to my account at Mt.Gox. Is that a bad idea? I figure there is a much higher chance of me screwing something up on my end with a bitcoin wallet than Mt.Gox screwing something up.
Appreciate any advice on using a bitcoin wallet vs just keeping coins at an exchange place. Thanks!
If your coins are at MtGox (or anywhere you don't have the private key) then you don't have ANY Bitcoins. MtGox has your Bitcoins and MtGox has given you an IOU which you can see on your account page. If MtGox disapears, gets sued into oblivion, gets hacked, has their servers seized by the Japanese govt, etc then THEIR coins are gone and the IOU is worthless. Now for some people this risk is acceptable only you can decide. If having an IOU from a company you know almost nothing about on the other side of the planet where if they don't pay you have almost no recourse to recover your funds "good enough"? If yes then sure you don't need a wallet. This. I would be VERY wary of MtGox right now. See the service discussion of this forum for the amount of people with problems getting their money out. If you're going to store coins for the medium to long-term, I would put them on a paper wallet or via Armory's offline option. You can put some smaller spending coin amounts in a hot wallet like Blockchain.info, Electrum or whatever you prefer. |
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