Bitcoin-Central, first exchange licensed to operate with a bank. This is HUGE

[BitcoinSuite]

I give it two months before there are real problems between Paysius and their fiat banking partners.  It won't be their fault, of course, but this will not last.

I feel the same, it wont last.
They will have to make a damn good job to proove us wrong.

Can someone elaborate / link on what place in the picture Paysius has in this banking venture? How are they related?

[Come-from-Beyond]

We need more stable/legal exchange.

No, we don't. We need other ppl use Bitcoin as a medium of exchange for goods, not for other currencies.

[davout]

I give it two months before there are real problems between Paysius and their fiat banking partners.  It won't be their fault, of course, but this will not last.

You confuse Paysius with Paymium.

As the French saying goes : "who tries nothing gets nothing".

Also quoted, let's check back in two months. I don't really see why this would fail, there's business to be made by everyone, re-read all that has been posted about the MACARAJA v. CIC case. The judges had absolutely no problem with Bitcoin, they had a problem with Karpeles arguing that he did not need any license to do what he did.

We did our homework, you can never control everything, but we did what we had to.

No, we don't. We need other ppl use Bitcoin as a medium of exchange for goods, not for other currencies.

Go tell that to all the people that want to get some Bitcoin.
Go tell that to all the merchants that want to be able to accept Bitcoin without their accountant getting a heart-attack.
Go make the same stupid comment to the people that are sick of Western Union fees and who just want to send some money to their family.

Of course we need more people to accept Bitcoin and trade it directly for goods and services, but that doesn't mean we don't need a healthier exchange ecosystem with established and solid foundations.

If you do not need such a service than you are free not to use it.

[Rassah]

Um, I was fairly certain that no bank outside US would touch US citizens with a 10 foot pole, thanks to US's numerous financial regulations. Not because it's illegal, but because all the paper work, compliance, the stupid hoops to jump through, and the risks involved are too numerous (lesson learned after US went after Swiss bank accounts HARD). Doesn't this move essentially lock you into a single limited market (Europeans), and possibly a single bank? (Unlike Gox and others who can bounce from bank to bank, or BitPay that can expand to other services) Plus, PSP is what PayPal is. Has the service you're partnering with heard of their issues with BTC-related chargebacks/fraud, and do they have some way to mitigate it?

The "legitimacy" of this is definitely a plus, but I fear this is being more than a bit over hyped.

[Come-from-Beyond]

No, we don't. We need other ppl use Bitcoin as a medium of exchange for goods, not for other currencies.

Go tell that to all the people that want to get some Bitcoin.
Go tell that to all the merchants that want to be able to accept Bitcoin without their accountant getting a heart-attack.
Go make the same stupid comment to the people that are sick of Western Union fees and who just want to send some money to their family.

Of course we need more people to accept Bitcoin and trade it directly for goods and services, but that doesn't mean we don't need a healthier exchange ecosystem with established and solid foundations.

If you do not need such a service than you are free not to use it.

Chill out. Services like urs prevent Bitcoin from world-wide adoption. Of coz this is arguable, u r free to have other opinion.

[paraipan]

Great news, keep up the good work

[thoughtfan]

Chill out. Services like urs prevent Bitcoin from world-wide adoption. Of coz this is arguable, u r free to have other opinion.

Doh, I bit!  OK Come-from-Beyond, let's hear it...  You come across like your world-view is self-evident to the rest of us but I'm struggling with this one...
How does the Bitcoin-Central service 'prevent Bitcoin from world-wide adoption'?

[Come-from-Beyond]

Chill out. Services like urs prevent Bitcoin from world-wide adoption. Of coz this is arguable, u r free to have other opinion.

Doh, I bit!  OK Come-from-Beyond, let's hear it...  You come across like your world-view is self-evident to the rest of us but I'm struggling with this one...
How does the Bitcoin-Central service 'prevent Bitcoin from world-wide adoption'?

Sorry, not going to derail this thread. Start a new thread and PM me with the link if u need my answer.

[Stephen Gornick]

I was fairly certain that no bank outside US would touch US citizens with a 10 foot pole, thanks to US's numerous financial regulations.

Here's the most well known example of that:
 - http://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act

So in order to know which accounts are held by U.S citizens (so as to be compliant with FATCA), will Bitcoin-Central then need to require verification of identity of all accountholders who wish to continue using the exchange?

[BitcoinSuite]

You confuse Paysius with Paymium.

Makes total sense.

No, we don't. We need other ppl use Bitcoin as a medium of exchange for goods, not for other currencies.

Stay positive dude. This is is an important step forward for widespread adoption of bitcoin.

[acoindr]

No, we don't. We need other ppl use Bitcoin as a medium of exchange for goods, not for other currencies.

Go tell that to all the people that want to get some Bitcoin.
Go tell that to all the merchants that want to be able to accept Bitcoin without their accountant getting a heart-attack.
Go make the same stupid comment to the people that are sick of Western Union fees and who just want to send some money to their family.

Of course we need more people to accept Bitcoin and trade it directly for goods and services, but that doesn't mean we don't need a healthier exchange ecosystem with established and solid foundations.

If you do not need such a service than you are free not to use it.

Chill out. Services like urs prevent Bitcoin from world-wide adoption. Of coz this is arguable, u r free to have other opinion.

You're way off.

[davout]

I was fairly certain that no bank outside US would touch US citizens with a 10 foot pole, thanks to US's numerous financial regulations.

Here's the most well known example of that:
 - http://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act

So in order to know which accounts are held by U.S citizens (so as to be compliant with FATCA), will Bitcoin-Central then need to require verification of identity of all accountholders who wish to continue using the exchange?

Once again, we are not subjected to US regulations.

[ShadowOfHarbringer]

I was fairly certain that no bank outside US would touch US citizens with a 10 foot pole, thanks to US's numerous financial regulations.

Here's the most well known example of that:
 - http://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act

So in order to know which accounts are held by U.S citizens (so as to be compliant with FATCA), will Bitcoin-Central then need to require verification of identity of all accountholders who wish to continue using the exchange?

Once again, we are not subjected to US regulations.

Well, New zeland is also not subjected to US regulations, still US shut down perfectly legal service operating there.

But I wish you guys best luck anyway.

[MoonShadow]

I give it two months before there are real problems between Paysius and their fiat banking partners.  It won't be their fault, of course, but this will not last.

You confuse Paysius with Paymium.

Sorry about that.

Also quoted, let's check back in two months.

I'd love to be proven wrong.

I don't really see why this would fail, there's business to be made by everyone, re-read all that has been posted about the MACARAJA v. CIC case. The judges had absolutely no problem with Bitcoin, they had a problem with Karpeles arguing that he did not need any license to do what he did.

We did our homework, you can never control everything, but we did what we had to.

I believe that you have done your homework, and I believe that it's perfectly legal.  However, I also am aware that there are vested interests for which any advancement for Bitcoin is a threat.  I am also aware that some of these vested interests really don't care whether or not Bitcoin is or should be legal.  Pressure will be imposed upon your trading partners to abandon you, for whatever excuse that they can conjure up.  Ultimately they will all conclude that the business that they stand to gain from working with you is far outweighed by the business that they stand to lose from other sectors.  Paypal is much larger than the whole Bitcoin economy, but they were strong armed to not permit users from places in the world for which the US federal government lacks influence.  There is no gain for Paypal to exclude potential markets, either; but that is what has happened.  You have just become a single point of failure for the Bitcoin economy in Europe, and aspects of your life are about to turn crazy and beyond your own control.  I will add you and your family to our prayer list, because that is the extent for which I can do anything.  I would caution you to retain a good lawyer, if you have not already, and set up a bitcoin address for legal donations, should things really start to spiral.

[Come-from-Beyond]

Well, New zeland is also not subjected to US regulations, still US shut down perfectly legal service operating there.

The USA have a lot of tricks to make anyone/any business to follow US regulations: Iran, Julian Assange, ... Bitcoin-Central next?

[thoughtfan]

Once again, we are not subjected to US regulations.

I sometimes get the impression the US treats such facts as a mere inconvenience to be got around by bullying with 'international agreements' loaded in their own interest!

I know nothing of such matters but if the international money-controlling cartel - led by the US were able to get highly protective Swiss banks to change their behaviour I suspect if they really wanted to they'd find a way with a French bank too.  But then again the same is true of Bitcoin itself.  If the powers-that-be were determined enough they could severely cripple the whole project so I suppose it boils down to how much of a thorn in their side Bitcoin (or the Bitcoin-Central service) becomes.  I guess it's the ratio of 'legit' to 'illegit' use and whether it's causing enough of an embarrassment or threat for them to feel they need to take action.

I really hope the fear being expressed, as well intentioned as it may be, here turns out to be wrong and that Bitcoin-Central sails into a prosperous future

[BitcoinSuite]

Well, New zeland is also not subjected to US regulations, still US shut down perfectly legal service operating there.

Megaupload got shutdown because they were operating (servers) in the US.
Not much in common with this venture anyway.

[Insu Dra]

I was fairly certain that no bank outside US would touch US citizens with a 10 foot pole, thanks to US's numerous financial regulations.

Here's the most well known example of that:
 - http://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act

So in order to know which accounts are held by U.S citizens (so as to be compliant with FATCA), will Bitcoin-Central then need to require verification of identity of all accountholders who wish to continue using the exchange?

Once again, we are not subjected to US regulations.

Hmm I not the one to dispute that but I would love some clarification, sins you plan to serve us costumers (it seems to me) you have to be compliant with US law as well. What law makes you say that you don't ?

It's funny rt had a related news topic today so let me just link that.
http://www.youtube.com/watch?v=CZS3Mq3kyk4

Edit: Just wanted to add, great job none the less.

[SgtSpike]

Great work davout + team!  This is a huge step forward!

[BitcoinSuite]

Well, New zeland is also not subjected to US regulations, still US shut down perfectly legal service operating there.

Megaupload got shutdown because they were operating (servers) in the US.
Not much in common with this venture anyway.

Also, Megaupload was in violation of existing US law. Until btc has a legal status (is declared legal or illegal)
there is VERY little leverage US has to shut down this business in France.