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Author Topic: Dwolla can no longer process deposits or withdrawals to MtGox  (Read 12845 times)
ElectricMucus
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May 14, 2013, 07:46:35 PM
 #21

So two USA regulating bodies don't know weather bitcoin is a commodity or a currency but they simply want to regulate it, not ban, and another agency, Homeland Security, is trying to shut the whole thing down probably because someone one time mentioned it could fund terrorism.

Yeah it's the same mentality that is being 'concerned' with 3D printed guns. Bureaucrats gonna bureaucrat.
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crazy_rabbit
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May 14, 2013, 07:47:25 PM
 #22

Does Dwolla work for large amounts of money? I would think that international wires are the most important.
Depends on your definition of "large".  Maximum single transaction size is $5000 by default, but they say they can process up to $99MM transactions.  I'm sure MtGox has received millions through their Dwolla account over the past couple of years, but I really have no idea how much per month is going in or out. 

My guess is that DHS has claimed it's an AML issue because 'errorism.

Might be an AML issue. Thats what coinbase was supposed to have taken care of. ooopss!

more or less retired.
mgio
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May 14, 2013, 07:48:24 PM
 #23

How much does a bank transfer in and out of mt gox cost typically?

I've only ever used Dwolla.

What about OkPay? Is that a better option? How much does it cost?
Rygon
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May 14, 2013, 07:50:26 PM
 #24

This happened to me as well (got the same message).

WHat are our options?

Coinbase for moving small amounts of USD out into US bank accounts?
mccorvic
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May 14, 2013, 07:50:50 PM
 #25

This is such good news.  Hopefully Gox will implode now.

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Nekrobios
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May 14, 2013, 07:52:56 PM
 #26

This is such good news.  Hopefully Gox will implode now.
And with it, the value of your Bitcoins, since the stream of fiat money will be gone.

Careful what you wish for.
mccorvic
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May 14, 2013, 07:54:10 PM
 #27

This is such good news.  Hopefully Gox will implode now.
And with it, the value of your Bitcoins, since the stream of fiat money will be gone.

Careful what you wish for.

Only temporarily.  In the long run it'll be best.  If Gox doesn't implode now, they surely will later at an even worse moment.  This whole thing is most likely due to Gox's own incompetence and failure to act within their own self-interest and to get an effin' clue.

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old_engineer
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May 14, 2013, 07:58:13 PM
 #28

Does Dwolla work for large amounts of money? I would think that international wires are the most important.
Depends on your definition of "large".  Maximum single transaction size is $5000 by default, but they say they can process up to $99MM transactions.  I'm sure MtGox has received millions through their Dwolla account over the past couple of years, but I really have no idea how much per month is going in or out.  

My guess is that DHS has claimed it's an AML issue because 'errorism.

Might be an AML issue. Thats what coinbase was supposed to have taken care of. ooopss!

Maybe MtGox couldn't legally follow through with the customer transfer because they knew about the DHS issue, but were prohibited from telling CoinbaseCoinlab?  Stranger things have happened in the American legal system.

Hmm, looks like some people are selling - did I break the news that caused a mini-selloff?  Bitcoin has survived all the SEPA withdrawal problems, and it will survive Dwolla cutoff, too.
BitPirate
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May 14, 2013, 08:00:00 PM
 #29

Land of the free...

RodeoX
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May 14, 2013, 08:00:55 PM
 #30

The letter does not say what the title of this thread says.  

It says that they will not process payments to a particular user "Mutum Sigillum LLC". Do you know who that is? Can you verify that they are not sending money to the Talibahn?

So much overreaction.

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sturle
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May 14, 2013, 08:01:47 PM
 #31

Only temporarily.  In the long run it'll be best.  If Gox doesn't implode now, they surely will later at an even worse moment.  This whole thing is most likely due to Gox's own incompetence and failure to act within their own self-interest and to get an effin' clue.
Yeah!  So, let's start listing more competent exchanges.  We can start the list with... Eh..?  You start!

This time it is some bureucrat in a remote fu**ed up country doing his job.  Protect the banks.

Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
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bob777fred
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May 14, 2013, 08:02:07 PM
 #32

Just talked to a few people at Dwolla, just in case anyone was panicking like myself Smiley

It is fine to transfer funds out of the account to your bank - my biggest concern was that all this money transferred from Gox to Dwolla would somehow sit in limbo or be required to be sent back, or some crazy shit like that. That is not the case, as long as it's cleared and in your Dwolla balance, it's clear to be sent to the bank. They wouldn't give me any more details (sounds like they don't have a lot of details of why they had to suspend the accepting/sending to/from gox), but just in case anyone was wondering.
bassclef
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May 14, 2013, 08:02:14 PM
 #33

Mutum Sigillum is the name of Mt Gox's Dwolla account.
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May 14, 2013, 08:03:34 PM
 #34

Mutum Sigillum is the name of Mt Gox's Dwolla account.
Really? Then what is this?       http://www.mutumsigillum.com/

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in ICELAND - https://bitcointalk.org/index.php?topic=1610684
mgio
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May 14, 2013, 08:04:23 PM
 #35

Good news is that if you managed to sell on word of this news at 116+ like I did, you'll be able to buy back in some cheap coins soon.

If you haven't sold yet, sell now!

Bitcoins will be on sale, probably just temporarily though.
TheJuice
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May 14, 2013, 08:06:35 PM
 #36

Good news is that if you managed to sell on word of this news at 116+ like I did, you'll be able to buy back in some cheap coins soon.

If you haven't sold yet, sell now!

Bitcoins will be on sale, probably just temporarily though.

Yeah huge sell off now. 40k coins and counting.

mccorvic
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May 14, 2013, 08:07:17 PM
 #37

Only temporarily.  In the long run it'll be best.  If Gox doesn't implode now, they surely will later at an even worse moment.  This whole thing is most likely due to Gox's own incompetence and failure to act within their own self-interest and to get an effin' clue.
Yeah!  So, let's start listing more competent exchanges.  We can start the list with... Eh..?  You start!

This time it is some bureucrat in a remote fu**ed up country doing his job.  Protect the banks.

I'd rather go through a short period with no exchanges and let one rise than to keep bouncin' along with the sack of puss that is Gox.

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Rygon
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May 14, 2013, 08:07:52 PM
 #38

This is negative news for the next 24 hours. Price already falling. Bye bye brief time of price stability. Sad
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May 14, 2013, 08:11:28 PM
 #39

Oh well, just a small bump. Things like this have to happen to get people out of gox.

Good chance to buy while millions of dollars are being invested in bitcoin businesses, including upcoming exchanges  Smiley
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May 14, 2013, 08:11:32 PM
 #40

Good news is that if you managed to sell on word of this news at 116+ like I did, you'll be able to buy back in some cheap coins soon.

If you haven't sold yet, sell now!

Bitcoins will be on sale, probably just temporarily though.

Yeah huge sell off now. 40k coins and counting.

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