It is naive to think that Transferwise halted transfers to Bitcoin exchanges because of perceived competition to their own business model. Transferwise is an internet business - to adapt its model to integrate Bitcoin would be trivial. They have the business, software and regulatory foundations making them better placed than any existing Bitcoin business to take advantage should Bitcoin prove popular.
A more plausible answer is that their banking provider noticed an increase - or was notified of an increase - of funds that had been flagged moving through Transferwise's account. Bitcoin provides those with unlawful access to funds the ideal opportunity to 'break' the paper trail. By funneling money through Transferwise and then into a Bitcoin exchange, the money can be laundered and effectively pass the fiat liability onto the last link in the chain. It is fairly clear that Eastern European banks are not particularly concerned about the provenience of funds that are deposited to their accounts (this was a prime concern of the Germans with regards to the Cypriot banking systems "Ask no questions, hear to lies" attitude) so this likely leaves the liability in the lap of the preceding link in the chain... in this case Barclays. Money service businesses are categorized in the highest risk bracket by the banking sector - those who are lucky enough to exist with a banks grudging blessing - do so at the banks pleasure.
Transferwise was likely told that due to an increase in fraudulent transactions entering their account and an increase in funds leaving to high risk endpoints (Mt Gox Poland or Bitstamp Slovenia), they either cease directing funds to these accounts or their account would be terminated. If they lost their account, it would likely severely hinder their ability to do business in the UK. Sure, it was profitable, but they have no real power in the relationship and that in essence, is the irony of Transferwise's rhetoric; they spout about how much "Banks are bad" "Banks have had their fun" etc etc, when infact they are completely and utterly at the mercy of the banking sector...
+1000 if exchanges want to help bitcoin be legit then they too must be legit, which will ensure any middle men wont have issues dealing with exchanges. if a exchange doesnt want to be legit, then stop dealing in FIAT as they are becoming the problem of making bitcoin look bad |
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1. canadian mintchip never took off, its old 2012 news now.
2. speaking with my bank, after training them about bitcoin. they actually like bitcoin and dont care about it, as the pound coin remains in UK hands. it would be a bit different if i told my bank i was posting UK bank notes in an envelope addressed to a foreign country. but as long as 1 guy in the UK is buying bitcoins and another guy in the UK is selling bitcoins. the pound coin stays in england, it just changes bank accounts. and that is what they love.
3. centralised exchanges have a problem of it only requiring 1500 bitcoins (~£$225,000) to make a bitcoin price drop or rise by over 10% in one shot. which then makes everyone else panic because everyone is looking at the exact same price point.
having 20-100(or more) different locations to view their own price points that are not sheeps of the mtgox price avoids panic periods.
what needs to be made is a new way of judging value. and here is one i propose.
get the number of miners per day and divide that by the amount of bitcoins produced per day.. and call that an average income value per miner.
then use commodity prices and reasonable costs of a daily food/rent/electric/vehicle expenditure to tally against this average income.
this would produce a more stable and fair value of bitcoin
EG imagine the average income was 0.3BTC a day per miner. and the average expenditure per household was $£50 that would value bitcoin at just over £$150.
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I think the interim solution is going to be something like the Bitcoin ATM, or physical kiosks and shops selling BTC *for cash*. No dramas about bank accounts or lots of deposits and payments.
Just work in cash. It's how people for example buy prepaid phone credit. The infrastructure already exists - you just need to make a good business case to these shops (typical 7/11 etc).
+1 use local bitcoins or ATMs that have a $1000/euro1000/£850 daily limit and you never need to worry about FSA fincen shutting them down. thats what makes me laugh about these "official" exchanges that exceed the amounts and never follow the regulations to realise what needs to be avoided. and then they cry when the regulators come knocking. as for tranferwise. they should develop a relationship with their bank better. their own statement Financial firms make choices on the basis of clear rules. Without them, things like Bitcoin fall into the hands of those who use it for illegal activities. This leaves businesses like ours that meet their obligation to anti-money laundering and “Know Your Customer” procedures unable to deal with it. well if transfer wise has ID on the customer and ID on the bitcoin exchange then the money trail does not end with transferwise so banks wont worry about transferwise as they are following regulations. the problem yet again is the exchanges. that dont keep logs of the money trail above the limits to keep the banks sweet. so the banks advise middle men to stop dealing with exchanges. exchanges need to up their games, pure and simple |
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I think the 1.35 billion people in China are going to start to be more of a driver of bitcoin then the USA in 2014.
it only requires 11 million people in the world to put in less the 2 months worth of minimum wage salary into bitcoin to make bitcoin worth $1500 heres the maths $1500 = under 2 months wages.. 11 million people = amount of bitcoins in circulation.. ill leave you to figure out the rest. now that just leaves the other 5 billion people(minus china) in the world to fight over the rest of the bitcoin over the next few years |
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heres my plan https://bitcointalk.org/index.php?topic=190192.0simply put give the oppertunity for anyone in the community to make a video to show off their skills and let the community later choose who they prefer. no limit on numbers or location. feel free to make a video about bitcoin and all those community projects can then add you to their lists or those that are in contact with media can mention your name as a point of contact |
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r9cFW4o1rQ3XiV4YfoD7X8eP21bpoAaPEc
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ok heres the plan
if you think you can be a great PR/spokesperson for bitcoin. then make a video, and post it in this thread.
also mentioning your current location and travel abilities (distance) both self financed or financed by the media.
what will happen next
your videos will be put forward to the community to show the great talent that may have been over looked or the iffy people the community may not want seen on TV. then all the community projects highlighting bitcoin can use the names they desire in their lists for press representatives to contact.
we are not looking for just a handfull of top spokespeople. we are looking for a rich and large supply of spokes people, enough to cover each country and even smaller regions within each country so that not only international media have people to speak to but local media have a point of contact also.
now back to the video.
examples of content most people want to hear you talk about is
what is bitcoin for the layman.
what is the future of bitcoin
what is your personal opinions of bitcoin
idea's you have that can help bitcoin grow.
there is no criteria as to what the video would be about, the example points above are just that, examples. As long as the video shows you off in your best light talking about bitcoin so that the community will be encouraged to use your name in their websites/projects/chats with media as a possible point of contact. etc etc
now have fun making videos and we (the community) cannot wait to see them.
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We all want Bitcoin to go from a speculation currency to having a real economy and backbone value. The best way for that to happen is people exchanging bitcoins for goods and services locally. At Coinster we're building out our local exchange marketplace to help facilitate that. My question is what sort of skills do you have which can be exchanged for BTC? Here is what we have so far: car service - car wash/detail - chaeuffeur - tune up - oil change - mechanic food - bread - cookies - cakes residence - house cleaning - maid - butler hair/beauty - haircut/barber - stylist - manicurist computer - repair - web development tutor/instruction - musical instrument - education/math - computer/tech great idea, but due to the niche market of bitcoin the majority of your replies will be jokes (trolls) or those genuinely skilled in computer based industries. it may be worth you not just posting here, but in craigslist and other more varied forums |
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guys seriously.. HOLD UP where has your due diligence gone!! this is a scammer. and here is why. firstly their name is only 3 days old. their first posts was instantly trying to sell lancelot boards. which we all know are AVALONS property. he then went on to not trust avalon Hi!
Please correct me if I am wrong but from what I see, bitcoin allows 100% protection for the merchant but 0% protection for the customer.
So, if we would send 780bitcoins to purchase avalon IC we just need to pray that they will deliver. If they will not deliver it's just tough.
Is this correct?
he is from the UK Bank of Scotland is the biggest gathering of thieves ever. This bank has closed my business account in 2009 and refunded the money after 4 years with no interest. I had to invest hundreds of hours of my time in reading legislation and writing letters. Not only this, they have also sent the Police and HMRC over my house just to hassle me. When they've seen that we are legit, they just refunded the money but paid no interest. My fight with this bank still continues. Read more details here: http://www.consumeractiongroup.co.uk/forum/showthread.php?331715-8000GBP-retained-by-Bank-of-Scotlandand doesnt even know avalon that well to know who made the boards/done the designs plan/fpga coding. Thank you.
All our thanks go to to ngzhang who has developed the pcb and part of the fpga code and ztex who have developed the fpga code.
also their only pics are using the boards produced by avalon.... not their own supposed boards. blackarrow is not a board manufacturer. if anything he is a reseller. atleast do some due diligence guys... at best he is reselling you the reclaimed boards that people send back as part of their trade in. anyways goodluck throwing your money away. if your looking for some actual 2013 produced FPGA that are not second hand look into the cairnsmores. |
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Every time I read about seasteading I have to ask myself if any of the people promoting the idea have ever been at sea in a storm. http://en.wikipedia.org/wiki/Draupner_waveThe ocean is not some placid pool of water waiting for us to put a bunch of barges out to sea so we can have a "red neck yacht club". This coming Tuesday, the predicted weather off the north coast of California is "...N TO NE WINDS 30 TO 40 KT. SEAS BUILDING TO 12 TO 19 FT..." 12 to 19 feet is the "signficant wave height". Be prepared for individual waves that may be TWICE that size. A 38 foot wave would make a mess of just about every seastead plan I have seen and this is just an average day in the ocean. I have not even looked for a storm. this is where dubai's palm island works so well. the outer ring is the sea defence and the inner branches are where you build the housing/buildings on. |
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good to hear.
learn to avoid the mistakes from the worse to become the best
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banks are not pulling the rugs from under exchanges.
...
I thought it cost like $1M for each state to get a money service business license, and that is just in the US. Right? Wrong? You at least pretend to know something about it. ... if you cant afford to get the licences/insurance (FDIC) then maybe your not the right person to be looking after peoples investments I don't have much interest in looking after other people's 'investments'. OTOH, it seems like there are probably a fair number of talented people who could make a positive contribution to certain usability issues, but having them locked out by a banking/regulatory cartel because they don't have $50M excess funds kicking around is wrong. It detracts from my ability to select value-adds for my investment by quashing them before they start. It is also the case that I pay a fair amount of taxes without pitching to much of a bitch about it. In addition to roads, I also want reasonable access to the legal system I pay for. By locking out or forcing Bitcoin related businesses underground it becomes more cumbersome for me to leverage my legal system when I need to. A side effect is that it opens up a huge market for criminal users who know that they have nothing to fear from law enforcement. no one is locking out bitcoin businesses!!!!! in the UK it does not require holding $50M, this is the problem with people making exchanges. they simply dont know the regulations or requirements because they are too lazy to read them. if your transacting less then £3mill a month then you only need to be FSA authorised... Over £3mill a month then you need to be FSA Accredited. read the regs involved which mainly concern having code/policies inplace to recognise repeat customers to know how much they transact in FIAT to warn/avoid them going over limits. and require ID if they wish to continue over the limits. validate this information, either using 3rd parties services (credit agencies etc) or by requesting government supplied identification. store the information as the regulations require of you and have policies to act/react to certain situations. if these past exchanges actually read the regulations and requirements they would see they are not being locked out at all, its not that hard to follow the regulations. and if they want to say they are secure and knowledgeable and experienced to look after millions of pounds of money. to actually prove it by following the regulations the problem is that they dont bother, and then a small problem rears its head such as a scammer talking to their bank asking for a chargeback. which snowballs into bank investigations which lead to finding out an exchange has not even bothered to follow the guidelines. which manifests into the banks making a SARS report, which results in the exchange being shutdown. simple solution. read the rules, follow them and you wont get shutdown. it facepalms me to see all of these so called trusted exchanges cant even follow simple regulations. the banks /regulators are not out to get bitcoins. they are out to protect peoples FIAT. |
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localbitcoins.com
I will play devil's advocate and ask: How do you do high frequency trading and minute-to-minute speculation with localbitcoins.com? (I know the obvious answer: "Don't (do HFT and speculation). Bitcoin is not a get-rich-quick-in-fiat scheme." But there are many people who do and will want just that.) the OP asked how to get away from centralised exchanges. well if you imagine an exchange for every town then each town would base prices on that towns exchange. making that towns exchange locally centralised. a non centralised exchange is where everyone has a different idea of value and that you are not paying into one bank account to deal with multiple people. but dealing individually. so local bitcoins is the only true method to non-centrally exchange your currencies. if the OP asked for a a method to have more then a dozen exchanges for HFT where everyone did not base the price purely on MTGOX then my answer would have been different. |
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board manufacturers
i PM'ed you a company worth looking into.
expanding crypto.
in the UK if you want bitcoin dont think about putting your fiat into a american gateway to then buy coin. google search "drop shippers" find a product that would sel and start a bitcoin shop. you receive bitcoin and you send your FIAT and the customers delivery address to the dropshipper.
the drop shipper deals with the packaging delivery etc, thus you now have bitcoin and customers have products delivered to them bought with bitcoin.
this is how i see entrepreneurs of the future expanding bitcoin in the UK.
its not all about mining or centralised exchanges
Thanks for the reply, as far as general commerce goes I already have the stock for producing and selling a variety of different items. I have not considered drop shippers though so perhaps they will be a good option for selling initial products while I stock up on my own products. looking at your website about the phantom.. it looks like you are doing a BFL. putting a lot of effort into doing nice CAD drawings of chassis and cases before having a prototype board. please please please. get in contact with board manufacturers get some working boards and then design a chassis around that. after all we dont want a matchbox size chassis turning into a toaster. i like the images but a empty chassis is not exactly a functioning ASIC |
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board manufacturers
i PM'ed you a company worth looking into.
expanding crypto.
in the UK if you want bitcoin dont think about putting your fiat into a american gateway to then buy coin. google search "drop shippers" find a product that would sel and start a bitcoin shop. you receive bitcoin and you send your FIAT and the customers delivery address to the dropshipper.
the drop shipper deals with the packaging delivery etc, thus you now have bitcoin and customers have products delivered to them bought with bitcoin.
this is how i see entrepreneurs of the future expanding bitcoin in the UK.
its not all about mining or centralised exchanges
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slight suggestion.
seing as how the vertical strikethrough the B is the property of thailand and designated to the Baht.
it might be worth using Ƀ instead
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How are bitpay and bitspend operating? They must need UK and Canadian bank accounts. Maybe they will be next.
bitpay have a secret way of how they convert the bitcoin into pounds. but i am hoping they are atleast following the regulations. |
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i wouldnt say for him to stop going on TV, but maybe to stick to TV in his native country, then he can have a more fluid conversation without nerves /delays of trying to translate what he is hearing/trying to say.
what we need is MANY spokes people.
not a select few. so that spanish media can speak to a spanish 'expert', french with french, UK with uk ETC ETC
have local people across the world to speak to their local media outlets. that way bitcoin is not dominated by 4 americans
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hmm a service that links businesses/exchanges/and other altcoins.....
Ripple.
as for the main purpose of holding your investments. id suggest to everyone DONT THROW ALL YOUR FUNDS into third party services.
fiat banking institutions do not have a problem with bitcoin, neither does fincen or FSA etc. the problem is all of these bitcoin third party services have a problem reading the regulations, following them or atleast paying the licences/insurances to protect peoples investments.
so dont blame banks for shutting down services. blame greedy and lazy exchanges for not caring about looking after their customers and just wanting their profits, and then when getting shutdown for not insuring their customers investments are secure, blaming the banks instead of themselves.
if you want to become a bank atleast get the paperwork down legitimately
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