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Author Topic: Dwolla shutting down coin-related transactions  (Read 893 times)
Joe200
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October 10, 2013, 09:02:31 PM
 #1

0.1 percent of their merchant base. But what percent of their transactions?

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Dear Dwolla Account Holder,

As you know, Dwolla does not sell, accept, mine, value, take possession of, or hold Bitcoin or any other virtual currency product, and none of Dwolla’s users transact business with Dwolla using Bitcoin or any other virtual currency product. However, recent interest involving virtual currency and its exchanges has created uncertainty and confusion around virtual currency, and Dwolla's relationship with a small number of its exchanges. This has forced Dwolla to reassign resources, funds, and services.

As Dwolla gears up for a new stage of growth, we recognize that we can no longer sustain this merchant base (.1 percent of Dwolla merchants) and its unique needs, and that attempting to do so jeopardizes both of our communities' starkly different, but similarly ambitious, vision for improving payments.

Effective October 28, 2013 at 4pm CT, Dwolla will be withdrawing its service offerings to virtual currency exchanges and virtual currency related services.

What does this mean?
Your account, and its functionality, will remain unaffected. However, you can deactivate your account from within your Dwolla dashboard, if you so choose.
Dwolla aims to provide its users and the few affected merchants with the guidance necessary to ensure a smooth transition. To do that, we encourage users to over-communicate with our support team, report any suspicious activity, and revisit our terms of service to ensure uninterrupted services.
What is the timeline of events?
October 10: Only existing users with a 30-day history with Dwolla will be able to send funds to merchants affected by this change.
October 15: Affected merchants will be limited to sending money only, and will no longer be able to receive funds from customers. They will be able to issue refunds to customers at this time.
October 28: Affected merchants’ accounts will be suspended. No further activity will be provided.
October 29: Provided no security or fraud concerns, Dwolla will transfer any of the remaining funds inside the affected merchant's Dwolla account to its linked bank account.
The decision to remove anyone from the network -- no matter the circumstances -- is not something Dwolla takes lightly. We are grateful for the opportunity to service and learn from these users. We wish the community and its pioneers the best.

Sincerely,
Dwolla Support
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rampantparanoia
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October 10, 2013, 09:04:02 PM
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I think this will kill CampBX, so those 800 coins per day will move to another exchange (best guess? localbitcoins)

theonewhowaskazu
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October 10, 2013, 09:14:05 PM
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I think this will hurt dwolla much more than it will hurt Bitcoin.

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October 10, 2013, 09:46:23 PM
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People still use Dwolla?
Gimmelfarb
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October 10, 2013, 10:34:59 PM
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i think as we saw from dwolla being dropped from gox (or vice versa, maybe), that this is pretty much a non-event.
SheHadMANHands
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October 10, 2013, 10:37:07 PM
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Never used Dwolla, do not care.
bassclef
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October 10, 2013, 10:37:36 PM
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I agree it's not much of a deal, but annoying nonetheless. I used Dwolla to fund Campbx. Guess I'll be moving to a different exchange.
theonewhowaskazu
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October 10, 2013, 10:42:10 PM
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I agree it's not much of a deal, but annoying nonetheless. I used Dwolla to fund Campbx. Guess I'll be moving to a different exchange.

I don't get why this somehow hurts CampBx.

What are you going to use now, Bitstamp? You could easily fund CampBx with a personal check, while its much more costly to fund Bitstamp because you have to do a wire (at least for those of us in the US). The only more convenient place is Coinbase, and its more expensive than CampBx.

For small amounts of coin in the US, camp bx is still the way to go IMO.

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October 10, 2013, 10:44:11 PM
 #9

I agree it's not much of a deal, but annoying nonetheless. I used Dwolla to fund Campbx. Guess I'll be moving to a different exchange.

I don't get why this somehow hurts CampBx.

What are you going to use now, Bitstamp? You could easily fund CampBx with a personal check, while its much more costly to fund Bitstamp because you have to do a wire (at least for those of us in the US). The only more convenient place is Coinbase, and its more expensive than CampBx.

For small amounts of coin in the US, camp bx is still the way to go IMO.

wait Bitstamp is not US based?

theonewhowaskazu
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October 10, 2013, 11:06:17 PM
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I agree it's not much of a deal, but annoying nonetheless. I used Dwolla to fund Campbx. Guess I'll be moving to a different exchange.

I don't get why this somehow hurts CampBx.

What are you going to use now, Bitstamp? You could easily fund CampBx with a personal check, while its much more costly to fund Bitstamp because you have to do a wire (at least for those of us in the US). The only more convenient place is Coinbase, and its more expensive than CampBx.

For small amounts of coin in the US, camp bx is still the way to go IMO.

wait Bitstamp is not US based?

No :\

SheHadMANHands
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October 10, 2013, 11:07:57 PM
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I agree it's not much of a deal, but annoying nonetheless. I used Dwolla to fund Campbx. Guess I'll be moving to a different exchange.

I don't get why this somehow hurts CampBx.

What are you going to use now, Bitstamp? You could easily fund CampBx with a personal check, while its much more costly to fund Bitstamp because you have to do a wire (at least for those of us in the US). The only more convenient place is Coinbase, and its more expensive than CampBx.

For small amounts of coin in the US, camp bx is still the way to go IMO.

wait Bitstamp is not US based?

No :\

This will be US based I believe:
https://www.coinmkt.com/

But when will they "open"?
tskweres
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October 11, 2013, 01:06:41 AM
 #12

I agree it's not much of a deal, but annoying nonetheless. I used Dwolla to fund Campbx. Guess I'll be moving to a different exchange.

I don't get why this somehow hurts CampBx.

What are you going to use now, Bitstamp? You could easily fund CampBx with a personal check, while its much more costly to fund Bitstamp because you have to do a wire (at least for those of us in the US). The only more convenient place is Coinbase, and its more expensive than CampBx.

For small amounts of coin in the US, camp bx is still the way to go IMO.

wait Bitstamp is not US based?

No :\

This will be US based I believe:
https://www.coinmkt.com/

But when will they "open"?

CoinMKT is open right now, we've been trading for about a month!

We're working on options to replace Dwolla as we speak, and more than half of our users have deposited / withdrawn through wire or money order, which we process quick and easy.

Travis Skweres
CEO - Coin Market
https://www.coinmkt.com/
calian
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October 11, 2013, 08:39:45 AM
 #13

CoinMKT is open right now, we've been trading for about a month!

We're working on options to replace Dwolla as we speak, and more than half of our users have deposited / withdrawn through wire or money order, which we process quick and easy.

Do you have an API? Are you going to get listed on bitcoinity.com/markets ?
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