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Author Topic: Dwolla is ending service with Bitcoin exchanges  (Read 1604 times)
LorenzoMoney
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October 11, 2013, 05:47:55 AM
 #1

Today I received the following email from Dwolla:

    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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Duetschpire
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October 11, 2013, 06:22:56 AM
 #2

This is just getting worst... or is it?

cowandtea
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October 12, 2013, 05:41:21 AM
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Its getting worse, they ganna close all bitcoin exchange site 1 by 1.

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October 12, 2013, 05:48:39 PM
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We wrote in one of our articles a while back that a first strike against bitcoin is to go after marketmakers and exchange services. The bigger bitcoin gets the more attacks we will start to see against it. At the end the best way for bitcoin to work is that one doesn't need to exchange it anymore. You can buy and pay most things with it directly.

cbeast
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October 12, 2013, 06:14:15 PM
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Bitcoin's liquidity is a strong factor in its adoption and price. This is a major hit for all but the long term bulls.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
CurbsideProphet
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October 12, 2013, 07:44:56 PM
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Bitcoin's liquidity is a strong factor in its adoption and price. This is a major hit for all but the long term bulls.

This is how the government(s) will attempt to destroy Bitcoin.  Too many people are worried about the encryption being broken, 51% attack, buying up all the Bitcoins, they don't need to do all that crap.  They just lean on Bitcoin with regulation until it topples on its own.  It's the easiest and least intrusive method.  The only good thing is it's avoidable if there are enough end users.

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cbeast
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October 13, 2013, 11:08:26 AM
 #7

Bitcoin's liquidity is a strong factor in its adoption and price. This is a major hit for all but the long term bulls.

This is how the government(s) will attempt to destroy Bitcoin.  Too many people are worried about the encryption being broken, 51% attack, buying up all the Bitcoins, they don't need to do all that crap.  They just lean on Bitcoin with regulation until it topples on its own.  It's the easiest and least intrusive method.  The only good thing is it's avoidable if there are enough end users.
Long term users and the fact that America is only 4% of the world's population.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
darkmule
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October 13, 2013, 11:19:29 AM
 #8

Dwolla is a joke anyway.  The only reason I even considered using it was Bitcoin.  It could cease to exist entirely for all I care.
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October 13, 2013, 11:36:47 AM
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dwolla \bitinstant \liberty reserve \okpay ..who's next  I guess it's FED
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October 13, 2013, 01:25:18 PM
 #10

Dwolla is not able to figure how to adapt the environment so they just select to cutoff. I have heard that Law enforcement has adapted this as the blockchain is not fully anonymous so it is good for the crypto-currency (shares).

I have heard that cryptsy, campbx are registered companies to follow up in the States, Even the Dwolla no longer deal with this request, they do the rest so Dwolla may be crashed their stuff into wall.
Geremia
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December 02, 2013, 06:43:46 PM
 #11

So, zero BTC exchanges support Dwolla now?

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TheJacob
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December 02, 2013, 07:33:43 PM
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You'll continue to see this. The transactions are high risk and they don't know if/when governments are going to step in.

Good news is that bitcoin is big enough there is a lot of money to be made.
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December 03, 2013, 01:01:22 AM
 #13

So, zero BTC exchanges support Dwolla now?

Well sort of.  It is more like Dwolla supports ZERO exchanges.

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