Agreed. I'm sure its quite lucrative for him.

The connection to online gambling makes sense, as the Feds have proven in the past that they will take down payment processers who enable it.

A few years ago, the Australian owner of a payment processor was arrested while he was in Vegas.
http://www.pokernewsdaily.com/internet-gambling-payment-processor-arrested-in-las-vegas-9864/

And there have been many other processors that have had their funds seized for getting anywhere near gambling.

It hasn't really only been a month... it's been a few years so someone should have caught it. A multi million dollar company should be able to walk and chew gum at the same time. I doubt their lawyers are manning the Network Operations Center.

I was just saying that the recent news of the regulations should have caused someone over there to make sure they were compliant. Perhaps it does take longer than a month to get registered but I don't think so. It's a simple form that you fill out and submit online.
http://www.fincen.gov/financial_institutions/msb/msb.registration.html

Definitely not. Something like this should never lead to jail time. They are registered for their main business so it's obviously just an oversight. I bet a hefty fine is all that will be levied.

I do remember the heavy handed way the Feds dealt with the online poker companies though. Hopefully this isn't that kind of ridiculous overreaction.

Yes, I see that too. Mutum Sigilium was created in Delaware on 05/09/2008. Still, after those FinCen regulations came out last month, there's really no excuse for such an oversight on Gox's part.

BTC needs Ripple to achieve legitimacy? Did you read that on a fortune cookie?

Yes, it's looking like that is the extent of it, which is a relief. Failure to register their US subsidiary as a Money Service Business is completely negligent, but at least this doesn't seem to involve an actual money laundering charge.

The subsidiary, Mutum Sigillum LLC, doesn't appear to be registered on the FinCen site: http://www.fincen.gov/financial_institutions/msb/msbstateselector.html

What makes the analysis of a guy selling a $175 a year newsletter more credible than any other source of economic statistics?

Thanks for the info. Is there a link to this announcement? I don't want to go through the hassle of verification if -->btc-e isn't available.

Funding btc-e seems to require MacGyver like creativity.

Ah, I see. You're paid by the post. I'll leave you to your bleedin' edgy public relatin'.

I won't argue with you there, but I'm not the panicky, jump to conclusions type of wall watcher. The facts will reveal themselves, and until then, there's finally some fucking action!

Well, to be fair, we have no idea what's actually going on. It could very well be a legitimate government action.

That said, yeah, if I wasn't bound by birth and family, I wouldn't move here either. I'm not old enough to know how it was in the halcyon days of postwar America, but post 9/11, our government seems too big and too powerful. Most of us are so busy catching up on Survivor that we just aren't paying attention.

No telling, but it's not the first time DHS has shot first and asked questions later.

Perhaps they were alerted by suspicious transaction reports filed by Gox's U.S. banks or banks wiring to them in Japan. Gox has said that the amount of money flowing into the exchange has increased dramatically, and those kinds of changes to funds flow are certainly a red flag for bureaucrats.

LOL, it's not everyday you witness a person supposedly retained to provide public relations services engaged in a full throated (if convoluted), public defense of her employer's use of racial slurs. Good show!

Let me go out on a limb by suggesting that MPOE-PR has never met a real public relations professional or perhaps there's just not much of substance going on in the MPOE organization.

Oh I know, I'm just a newbie nobody demonstrating my intellectual inferiority... or a scammer. You got it all figured out PR chick!

I believe OP is correct... but we are getting hung up on semantics.

When the bank lends out $800 of its first $1000 deposit, that $800 gets deposited either in the same bank or another bank; for the sake of simplicity, let's say it is put back into an account at the lending bank.

Now the bank has $1800 on deposit (liabilities) and $800 in outstanding loans (assets). Next, they lend out $1500 of their deposits and again that money is deposited back into the same bank, giving them $3300 in deposits (liabilities) and $2300 in outstanding loans (assets). Wash, rinse, repeat.

In this way, banks actually CREATE money when they issue loans. Certainly, every loan is not deposited back into the same bank, but they are almost always deposited back into SOME bank in the Federal Reserve system, so the total amount of money in circulation (called M1/M2 or M3 depending on which kinds of deposits are included) increases as loans are made. As loans are paid back, money is removed from circulation and over time a certain equilibrium is created.

It is the job of the central bank to control the aggregate amount of money in circulation with the tools at its disposal, such as the interest rate it charges regular banks for loans to meet their fractional reserve requirement.

Here's a graphic that explains how banks create money: http://en.wikipedia.org/wiki/File:Money-creation.gif

The difference with Bitcoin is that it can't be CREATED by making loans, only by mining. In this way it is more akin to the cash and coin printed by the Federal Reserve, as that can't be multiplied through lending either, unless it is exchanged for credits in a bank.

To be fair, I've also experienced variable times in the crediting of my Dwolla deposits to Mt. Gox... but thus far they've all arrived eventually.

That said, the complaints in this thread do seem to indicate substandard communication and customer service on the part of CampBX, which is a shame, because an exchange that puts real effort into CS will grow marketshare.

Bitcoin needs service providers with Amazon level customer care. The current crop do not instill confidence.

Another new coin? Pray tell why?

Hello to my fellow climbers.

I guess this is the thing to do.

Greetings fellow inmates!

Check this thread for a Gox Chrome extension trading bot using EMAs (Exponential Moving Averages): https://bitcointalk.org/index.php?topic=67591.300

In post 302 in that thread, TobbeLino forks the bot with a few more options: https://github.com/TobbeLino/GoxTradingBotTobli

I've been testing the TobbeLino bot and it works as described, but it is currently limited to Gox.

The Trading subforum has several other discussions of available bots: https://bitcointalk.org/index.php?board=8.0