Dwolla no longer a payment processor for MtGOX - UR view on this as a Indian Tdr

[americandesi]

Dwolla no longer a payment processor for MtGOX - Your view on this as a Indian Trader.

Guys,

As some of you are aware, Dwolla (payment processor) processing funds for mtgox for all US residents has been served by the Dept of HomeLand Security (USA) to freeze the account of MtGOX.

Seems like feds are going behind mtgox rather than dwolla for the basic reason that it is the single point (literally) of failure for bitcoin.

I wanted to know your views and you take on the future of bitcoin globally and specifically to Indian traders if mtgox is asked to seize operations.

Link to article : http://www.forbes.com/sites/kashmirhill/2013/05/15/the-feds-are-cracking-down-on-mt-gox-not-on-bitcoin/
Link to Seizure Warrant : http://cdn.arstechnica.net/wp-content/uploads/2013/05/Mt-Gox-Dwolla-Warrant-5-14-13.pdf

[laserwolf]

they're only going after MtGox not Bitcoin.
when MtGox opened their accounts with Dwolla and Wells Fargo, they said they are not a money transmitter, and the feds believe that is a lie.

[americandesi]

they're only going after MtGox not Bitcoin.
when MtGox opened their accounts with Dwolla and Wells Fargo, they said they are not a money transmitter, and the feds believe that is a lie.

I agree but the lions share of trading is done at mtgox. So if they are taken down, then there are some exchanges like coinbase, coinlab and campbx which are based out of US which is not at all difficult for the DHS to go after and other one that i know of is btc-e. They already have shady operations.

[Benson Samuel]

As long as localbitcoins.com or any other F2F method remains, Bitcoin cannot be touched.

It faces the problem of Too Large, Cannot regulate.

[drdanishkhan]

DOJ is going after dwolla coz of licensing issues.. so its creating problems for mtgox not bitcoin.. the rates on mtgox are 5$ more than other exchanges.. i dont think so bitcoin is in any problem at the moment. With the conference coming up i think prices will stabilize more. As for indians. We normally dont use dwolla so not a problem for us..

[legendster]

Never matters to me personally. Cuz as an Indian I'll never have an american ssn to get a Dwolla in the first place. If anything it only makes getting Money into Gox a slight bit more tiresome & hence that equates to more commission for middle-men/sites.

[Benson Samuel]

Never matters to me personally. Cuz as an Indian I'll never have an american ssn to get a Dwolla in the first place. If anything it only makes getting Money into Gox a slight bit more tiresome & hence that equates to more commission for middle-men/sites.

2/3 of the INR is tied to the dollar. Worries me whenever anything happens to USA.

[Dashing]

Seems like feds are going behind mtgox rather than dwolla for the basic reason that it is the single point (literally) of failure for bitcoin.

feds are not behind MtGox to kill bitcoin they're behind MtGox as CoinLab sued them for 75 million USD or so, hence the reason they're seizing the business "operations" of Gox which operate in the US, which operated their Dwolla account.