Tradehill SEPA account frozen!

[Seraphim401]

Thanks for your patience regarding the SEPA withdrawal. We are experiencing the growing pains of Bitcoin legitimacy worldwide. Our Banco Sabadell SEPA account has been temporarily frozen by the bank, as they were contacted and told that the account is being used for a Bitcoin related business and are investigating the legitimacy of Bitcoin. All monies are accounted for, and will be unfrozen upon notice by the bank. We expect this account to be resolved early next week. We have had a secondary Euro account in the works which we anticipated having ready sooner, however it looks like this will not be available until next week either.

We will have a solution to SEPA transfers shortly, as well as multiple accounts to mitigate issues like this in the future. In the meantime there are currently two options.




1. We will have a one time SEPA withdrawal option available for you under the current circumstances available by the end of the day July 29th.

-or-

2. You may contact us to cancel your withdrawal request and continue trading and resubmit the request once the other SEPA accounts are resolved.




We understand that these funds are very important to you and are working very hard to give you, our valued TradeHill customers, all the tools necessary to keep trading in the future of global currency.




Regards,




The TradeHill Team


Have any of you recieved the above email from them?

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[JackH]

Expect this to keep on happening dear Bitcoiners. Just face that Bitcoin is not a cherished currency by the established banking world and no bank would publicly admit that they are tied to the Bitcoin economy.

Until someone from the established financial sector steps in and takes the FULL step of representing Bitcoin - putting their bank license on the brink of cancellation and is ready to go through lengthy courts and is ready to publicly face the scrutiny of allowing "money-laundry" through their bank because of Bitcoin and whatever else the media is going to label them, forget Bitcoin ever reaching mainstream.

A strong system requires a strong individual, and none the less powerful to step in and take the first battle. Only the outcome of that battle will take Bitcoin to its next stage. Right now we are in limbo, and the freezing of assets is going to be more apparent as time passes.

[Seraphim401]

Expect this to keep on happening dear Bitcoiners. Just face that Bitcoin is not a cherished currency by the established banking world and no bank would publicly admit that they are tied to the Bitcoin economy.

Until someone from the established financial sector steps in and takes the FULL step of representing Bitcoin - putting their bank license on the brink of cancellation and is ready to go through lengthy courts and is ready to publicly face the scrutiny of allowing "money-laundry" through their bank because of Bitcoin and whatever else the media is going to label them, forget Bitcoin ever reaching mainstream.

A strong system requires a strong individual, and none the less powerful to step in and take the first battle. Only the outcome of that battle will take Bitcoin to its next stage. Right now we are in limbo, and the freezing of assets is going to be more apparent as time passes.

I hope future generations appreciate the struggles we early adopters (yes everyone into BTC now is an early adopter) had to endure.
 

[becoin]

Expect this to keep on happening dear Bitcoiners. Just face that Bitcoin is not a cherished currency by the established banking world and no bank would publicly admit that they are tied to the Bitcoin economy.

Exactly.

Until someone from the established financial sector steps in and takes the FULL step of representing Bitcoin - putting their bank license on the brink of cancellation

There will be none! Every major bank nowadays rely on government money one way or another or they are bust. All small banks rely on major banks or they are bust... Don't expect a bank to assist you, just the opposite. They will take every step to suffocate your business. This is the reality! I know what I'm talking about.

Traditional form of exchanges simply won't work for bitcoin economy. Don't you understand, Gox, TD and the rest? All currencies so far had made their way from top to bottom, they were forced by the governments. Bitcoin will make their way from bottom to top... or will not make it at all.

[JackH]

It can only happen if a rich individual steps into the Bitcoin economy. Not in rich as millionaire, but the types of Roman Ambramovich, Richard Brandson or people in that league, billionaires. Only individuals can push this, since bank CEO's are puppets and at the mercy of their board.

Problem right now that Bitcoin is facing is being ignored!

- Do you see any comments by politicians anywhere anymore?
- Do you see any financial institution banning it or commenting on the Bitcoin economy?
- Do you see anyone taking notice of the Bitcoin economy in from the established financial community?

The answer is no to all those. The only thing Bitcoin has are articles by the press. Its loosing its momentum, and its charm if nothing new is happening. People are talking about the critical mass, but how long will this take? 1 more year, 5 years?

From my point of view Bitcoin is in a limbo and is just moving sideways - this can even be seen on the trading price. Without mayor significant news and changes, positive or negative, Bitcoin is just a thing on the internet that only hardcore believers will use. Anyone else is too busy making money.

This doesnt mean a wider audience wont support it, but without the first step towards "something" it just sits here. I hope I am wrong, but I fear I am not.

[jtimon]

I guess this is why I'm waiting for my deposit to take effect since monday.

[wumpus]

- Do you see any comments by politicians anywhere anymore?
- Do you see any financial institution banning it or commenting on the Bitcoin economy?
- Do you see anyone taking notice of the Bitcoin economy in from the established financial community?

No. Which is good.

Those issues with frozen bank accounts happen to anyone which suddenly processes big amounts of money, doesn't matter if you're selling bitcoins or virtual credits for your game, they just require more documentation in that case.

[cypherdoc]

the first bank that realizes the old game is over stands to make an incredible amt of money as well as establish a leadership role in the bitcoin economy.  they will also receive an allegiance from all bitcoiners for the foreseeable future.

if banks won't do, phone carriers already are.  see Textcoin.uk.co

look around you at worldwide stock and bond markets, the death of fiat currencies is occurring right here right now before your very eyes.

[Yuusha]

Oh, that's just great... I just canceled my withdrawal with MtGox because it had taken two weeks and I would have to wait one additional week, and Tradehill now has SEPA, so I was going to use them instead... and now this happens.

So... no (easy) way for us Europeans to withdraw money until next week, then, I guess.

[becoin]

the first bank that realizes the old game is over stands to make an incredible amt of money as well as establish a leadership role in the bitcoin economy. 

It is not a question of understanding or a question of will. Why can't people understand this? No bank will be allowed to do this because they will lose their bank license. No government will tolerate such a bank for the same reason that no government can afford to not pay their debt to IMF and the WB!

[cypherdoc]

the first bank that realizes the old game is over stands to make an incredible amt of money as well as establish a leadership role in the bitcoin economy.

It is not a question of understanding or a question of will. Why can't people understand this? No bank will be allowed to do this because they will lose their bank license. No government will tolerate such a bank for the same reason that no government can afford to not pay their debt to IMF and the WB!

i don't think you can be that dogmatic.  for the most part you are correct SO FAR.  large banks have acted like mindedly however at the expense of smaller banks.  there is clear dissension.  and your assumption presumes that things unsustainable can go on forever.  yours is the fallacy of linear thinking.

somewhere, sometime, someone is going to break ranks.  the liquidity contraction that is going on worldwide will force this. or they all go out of business together which i don't think happens.

Bitcoin is too good of an idea and is so tightly wound into the digital internet revolution that it will be impossible to ignore.

[becoin]

somewhere, sometime, someone is going to break ranks.  the liquidity contraction that is going on worldwide will force this.

Sure, but it might be the bitcoin 'economy' that is going to break first! Because of liquidity contradiction!

Miners and mining pools have to pay their bills in fiat currencies, so they have to constantly sell the bitcoins they earn. The bitcoin exchange rate will go in a downward spiral if there is no bitcoin economy to support it. Without cheap and convenient way to exchange bitcoins against fiat currencies no established merchant will go the bitcoin way! Because enthusiasm can work to a certain limit, after that it is simply a matter of calculations and feasibility! This is why bitcoin exchanges must not depend on banks in such a way, because banks can very easily sabotage everything bitcoin-related.

[cypherdoc]

somewhere, sometime, someone is going to break ranks.  the liquidity contraction that is going on worldwide will force this.

Sure, but it might be the bitcoin 'economy' that is going to break first! Because of liquidity contradiction!

Miners and mining pools have to pay their bills in fiat currencies, so they have to constantly sell the bitcoins they earn. The bitcoin exchange rate will go in a downward spiral if there is no bitcoin economy to support it. Without cheap and convenient way to exchange bitcoins against fiat currencies no established merchant will go the bitcoin way! Because enthusiasm can work to a certain limit, after that it is simply a matter of calculations and feasibility! This is why bitcoin exchanges must not depend on banks in such a way, because banks can very easily sabotage everything bitcoin-related.

i'm not sure that you've been following the bitcoin news lately but there have been SO MANY positive developments just in the past few weeks that its astounding:

1.  Textcoin.uk.co- enables SMS text buying of btc w/o ANY BANKS!  and they plan to go international very soon.
2.  Bit-Pay-will enable btc holders to buy using btc from any merchant who decides to use their service.  and merchants can decide to be paid EITHER in USD or btc.
3.  several Android apps that provide POS pmts to merchants that accept btc.  there are now 3 restaurants, not one, in NY city that accept btc.
4.  Meze Grill will now act as a USD/BTC exchanger w/o ANY BANKS!
5.  the proliferation of btc accepting merchants has gone parabolic if you look at the btc wiki page.
6.  in case you hadn't noticed, financial stocks have been in a downtrend for 5 months now.  B of A is now under $10 a share.  if Wall St decides game over for tradtional stocks and bonds you could see an explosion in the BTC price.  i actually predict this will happen at some point in the blink of an eye and everyone will be left behind.

[spruce]

Thanks for your patience regarding the SEPA withdrawal. We are experiencing the growing pains of Bitcoin legitimacy worldwide. Our Banco Sabadell SEPA account has been temporarily frozen by the bank, as they were contacted and told that the account is being used for a Bitcoin related business and are investigating the legitimacy of Bitcoin...

The TradeHill Team

So TradeHill somehow set up this main banking channel *without mentioning* bitcoin? Hmmm.

[JackH]

I tried mentioning Bitcoin to 3 Swiss banks as I was planning to setup an exchange. They all said no!

Had I lied, I would have gotten accounts open.

That is the world we live in people, BTC is not welcome, FACE IT

[cypherdoc]

I tried mentioning Bitcoin to 3 Swiss banks as I was planning to setup an exchange. They all said no!

Had I lied, I would have gotten accounts open.

That is the world we live in people, BTC is not welcome, FACE IT

i have no doubt that what you say is true. 

but things are changing fast in the financial world and i for one am not willing to bet that things will continue as they have.  the price of gold/silver/btc are testament to that fact.

i am betting against the large banks.

[spruce]

I tried mentioning Bitcoin to 3 Swiss banks as I was planning to setup an exchange. They all said no!

Had I lied, I would have gotten accounts open.

Yeah, but you couldn't expect to *keep* the account open if you had made a fundamental lie about your business model, and your business was relatively large with a large number of customers.

[becoin]

i'm not sure that you've been following the bitcoin news lately but there have been SO MANY positive developments just in the past few weeks that its astounding

Bitcoin exchanges are much more important to the bitcoin economy compared to everything you've listed! Unfortunately, there is growing evidence that banks block every bank account that bitcoin exchanges use to do their business. That is a fact nobody can deny. I'm quite confident that even Dwolla's recent troubles with all those chargebacks and credit reversal coming from third party banks are due to serving bitcoin exchanges!

[cypherdoc]

i'm not sure that you've been following the bitcoin news lately but there have been SO MANY positive developments just in the past few weeks that its astounding

Bitcoin exchanges are much more important to the bitcoin economy compared to everything you've listed! Unfortunately, there is growing evidence that banks block every bank account that bitcoin exchanges use to do their business. That is a fact nobody can deny. I'm quite confident that even Dwolla's recent troubles with all those chargebacks and credit reversal coming from third party banks are due to serving bitcoin exchanges!

why then is mtgox's bank still open for wires?

and your speculation about Dwolla is trolling.

[JackH]

Well MtGox probably lies to their bank as well. I cant see how the bank would know and accept that this happened.

Secondly, neither Tradehill nor MtGox are approved by any financial regulatory unit to conduct financial business - that is holding money on behalf of third party.

I dont think anything will change, except if the established banking industry REALLY goes to hell and people start rethinking the model of the banking world. Right now its the same as usual.