Banks trying to pull the rug from under us

[FlappySocks]

Exchanges can no longer get UK Bank accounts now.
Most recently TransferWise has been forced to stop any funds going to Bitcoin: http://transferwise.com/blog/2013-04/notice-to-bitcoin-users-april-2013

And now I read Canada is the same:
http://blogs.windsorstar.com/2013/04/27/bitcoins-real-world-problem-virtual-currency-facing-bank-backlash-in-canada/

I also heard there were problems in France.

Is this going to be a continuing trend?  What is the solution?  Ripple or some other P2P exchange?

[alyssa85]

You can use Liberty Reserve and then an e-exchanger that send money to Western Union (or Paypal).

For example, here's a New Zealand based e-exchanger: https://www.alertexchanger.com/index.html

I'm sure as the e-exchangers realise there is money to be made, they'll start adding bitcoins. Or perhaps a bitcoin entrepreneur can create one. Basically as long as you can somehow get money to western union, you don't need banks at all. Western Union may be seeing it's first proper revival since it's glory days in the 19th century!

[libertine]

if I was to hazard a guess the solution would be:
1. fight them setting more exchanges up etc make btc viral. keep unregulated.
2. involve the governments and banks, regulate.

[FlappySocks]

Expected.  Just the begining.  Did you really think they were going to go down without a fight?

I expected resistance, although I didn't think banks could refuse bank accounts in this way.

[FlappySocks]

I have been using bitbargain.co.uk for GBP/BTC which works well, but the exchange rates are typically poor.

[libertine]

I have been using bitbargain.co.uk for GBP/BTC which works well, but the exchange rates are typically poor.

they look awful prices. saying im to buy bitcoin at a profit to the sellers on bitbargin then buy something from an online seller at a profit to them then is it any wonder im not buying btc atm.

[libertine]

I like the idea of bitcoin but not the multiple tiers of profit middlemen. paypal is better than bitbargin. a mainstream stock exchange is better than bit bargin.

[Trader Steve]

The Coming Attack On Bitcoin And How To Survive It

http://wp.me/p1adwa-1r

[MarKusRomanus]

The Coming Attack On Bitcoin And How To Survive It

http://wp.me/p1adwa-1r

.."Keep all of your bitcoins on your computer..."  That line in that article is fundamentally flawed.  You don't keep bitcoins anywhere, right?
you only store a collection of private keys and addresses that give you exclusive access to what you own in the bitcoin network.
Suggestion should be paper wallet.

[QuantPlus]

Exchanges can no longer get UK Bank accounts now.
Most recently TransferWise has been forced to stop any funds going to Bitcoin: http://transferwise.com/blog/2013-04/notice-to-bitcoin-users-april-2013

And now I read Canada is the same:
http://blogs.windsorstar.com/2013/04/27/bitcoins-real-world-problem-virtual-currency-facing-bank-backlash-in-canada/

I also heard there were problems in France.

Is this going to be a continuing trend?  What is the solution?  Ripple or some other P2P exchange?

The problem is not banks, it's governments...
There are 1000s of banks and credit unions who only care about $$$....
Couldn't give a rat's ass about BTC or what you do with it.

Read any thread here...
The tiny Bitcoin community has declared a silly war on Governments and Fiat Currencies...
And war is exactly what you are going to get.

The war will be be "fought" by fat, middle aged beaurocrats making $80K/year...
The same creepy nerds you guys will be 30 years from now...
Who will issue boring, tedious banking "guidelines" that put everyone to sleep.

It's crazy silly because BTC is a commodity that people hoard...
A commodity with very low real velocity like gold/silver.
And should have been linked to gold/silver from Day One.

EVERY price quote for BTC should be in gold, as in BTC = 2.59 grams...
Every exchange should be BTC/gold/silver and other commodities...
But, NO, you people have chosen to take on Governments head on.

It's as if the Corleone Family pretended the FBI did not exist...
Everyone here should watch the Godfather Trilogy 16 times and take careful notes...
Because the BTC universe from Gox down is run by Fredos.

[franky1]

banks are not pulling the rugs from under exchanges.

exchanges dont even bother making rugs.. they just stand on the cold floor.

meaning they dont bother reading the regulations, getting authorised, keeping records or following any of the rules of handling fiat.

its like a majority of these exchanges are run by amateurs that have no previous experience in finance.

the community needs to up its game. its not difficult.

but being lazy by ignoring the laws and then blaming the regulators like its a total surprise is just reasons why i see the half assed attempts of making exchanges always fail.

[FlappySocks]

banks are not pulling the rugs from under exchanges.

What about TransferWise. They don't have anything to do with Bitcoin at all.  Yet their bank have told them not to send money to the account holders of exchanges that do.
http://transferwise.com/blog/2013-04/notice-to-bitcoin-users-april-2013

[tvbcof]

banks are not pulling the rugs from under exchanges.

exchanges dont even bother making rugs.. they just stand on the cold floor.

meaning they dont bother reading the regulations, getting authorised, keeping records or following any of the rules of handling fiat.

its like a majority of these exchanges are run by amateurs that have no previous experience in finance.

the community needs to up its game. its not difficult.

but being lazy by ignoring the laws and then blaming the regulators like its a total surprise is just reasons why i see the half assed attempts of making exchanges always fail.

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.

There is a balance of reason, and the cost of an MSB looks a bit more to me like something which is designed by those who already have their foot in the door to stifle competition rather than a legitimate expense required in keeping us safe from those 'evildoers'...or whatever the excuse for monitoring/managing the serfs happens to be at the moment.

[TimJBenham]

Basically as long as you can somehow get money to western union, you don't need banks at all. Western Union may be seeing it's first proper revival since it's glory days in the 19th century!

Yeah. Losing ~20% in fees is really glorious.

banks are not pulling the rugs from under exchanges.

exchanges dont even bother making rugs.. they just stand on the cold floor.

meaning they dont bother reading the regulations, getting authorised, keeping records or following any of the rules of handling fiat.

its like a majority of these exchanges are run by amateurs that have no previous experience in finance.

+1

Either you're running a "legitimate" business which means endless forms to fill out, approvals to gain, reports to file, fees and taxes to pay, or you're running a dark side operation like SR. There is no point trying to follow a middle path.

[bitcoinminer]

Expected.  Just the begining.  Did you really think they were going to go down without a fight?

Wow, you really think they'll go down, period?

[wumpus]

I expected resistance, although I didn't think banks could refuse bank accounts in this way.

It's one of the reasons we need a system such as BTC in the first place.

[bitcoinminer]

Expected.  Just the begining.  Did you really think they were going to go down without a fight?

Wow, you really think they'll go down, period?

Just an expression.  Just an expression.

OK.  Because I was going to fold up some tin foil hats... lol

[hiltonizer]

good. banks tied to exchanges just make things traceable.

Want to buy BTC? sell a physical good to someone that has it. Want to sell btc? buy a physical good. Fuck the banks.

[yona]

good. banks tied to exchanges just make things traceable.

Want to buy BTC? sell a physical good to someone that has it. Want to sell btc? buy a physical good. Fuck the banks.

good, but not everyone are miners, how can you sell something to a non miner if he can't get bitcoins?

[LiteBurner]

Anyone know David Rothschild?  If the Rothschilds get interested, they can call off the attack dogs.  After all, they founded the whole concept of a medium of exchange with no intrinsic value.