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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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cypherdoc
Legendary
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Activity: 1764
Merit: 1002
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July 29, 2011, 03:39:50 PM |
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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.
thats unlikely. remember mtgox reported their hack to the authorities who initiated an investigation which includes its bank i'm sure. they're even complying by holding all our personal info onsite as well, not to mention the $1000 withdrawal limit. no one expected a 154 yo company like Lehman to go down either, not to mention Bear, Merrill whose total lifespans amount to how many hundreds of years? btw, today is VERY interesting in that the USD is down and BTC is UP. if this trend continues everything you say will unravel in a flash. |
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TonyHoyle
Newbie
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Activity: 59
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July 29, 2011, 05:01:18 PM |
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Is this genuine? I started a SEPA transfer yesterday and I'd hate to lose that money.. haven't received any communication from tradehill related to problems.
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Yuusha
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July 29, 2011, 05:04:57 PM |
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Is this genuine? I started a SEPA transfer yesterday and I'd hate to lose that money.. haven't received any communication from tradehill related to problems.
I didn't receive any communication from Mt. Gox either when the same thing happened with them. Your funds should arrive, though, but they will be late. |
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Xephan
Newbie
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Activity: 42
Merit: 0
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July 29, 2011, 05:20:28 PM |
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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.
There's another way, much harder but more resilient than relying on a single individual. A decent Bitcoin economy where an average person can get most of their essentials without ever having to convert to fiat currency. Once the economy is established, it doesn't matter anymore what the banks can do. |
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Seraphim401 (OP)
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Activity: 215
Merit: 100
Live Long and Prosper
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July 29, 2011, 05:26:13 PM |
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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.
There's another way, much harder but more resilient than relying on a single individual. A decent Bitcoin economy where an average person can get most of their essentials without ever having to convert to fiat currency. Once the economy is established, it doesn't matter anymore what the banks can do. Yes we know that already,but for now we expect these exchanges to get their shit together. |
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becoin
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Activity: 3431
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July 29, 2011, 05:38:52 PM |
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A decent Bitcoin economy where an average person can get most of their essentials without ever having to convert to fiat currency. That is not possible. Many currencies will exist in paralel incl. bitcoin for certain period of time, maybe years. Bitcoin will have to compete and prove they are the better choice. |
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Xephan
Newbie
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July 29, 2011, 07:14:09 PM |
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Yes we know that already,but for now we expect these exchanges to get their shit together.
Even if they can get their shit together, they are too easy to screw around with. Banks or governments want to disrupt bitcoin? Just DDoS the site, or call their ISP/host and say they are laundering money and demand the host shut them down. It is imperative that the economy has to be expanded as far and fast as possible. |
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Jered Kenna (TradeHill)
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July 29, 2011, 07:28:09 PM |
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Is this genuine? I started a SEPA transfer yesterday and I'd hate to lose that money.. haven't received any communication from tradehill related to problems.
Hi Tony, You won't lose your money - there will just be a delay. All monies in the account will be returned after due process. We sent out an email this morning to this regard. If you have additional questions send an email to info@tradehill.com. We are almost finished speaking with a new bank who has full knowledge of our business, the types of transactions we will be receiving, and more. Thanks, Adam |
moneyandtech.com
@moneyandtech @jeredkenna
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cypherdoc
Legendary
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Activity: 1764
Merit: 1002
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July 29, 2011, 07:28:57 PM |
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Is this genuine? I started a SEPA transfer yesterday and I'd hate to lose that money.. haven't received any communication from tradehill related to problems.
Hi Tony, You won't lose your money - there will just be a delay. All monies in the account will be returned after due process. We sent out an email this morning to this regard. If you have additional questions send an email to info@tradehill.com. We are almost finished speaking with a new bank who has full knowledge of our business, the types of transactions we will be receiving, and more. Thanks, Adam they don't have a problem with bitcoin? |
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spruce
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July 29, 2011, 07:30:02 PM |
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We are almost finished speaking with a new bank who has full knowledge of our business, the types of transactions we will be receiving, and more.
Yay! |
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Jered Kenna (TradeHill)
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July 30, 2011, 04:00:50 AM |
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Is this genuine? I started a SEPA transfer yesterday and I'd hate to lose that money.. haven't received any communication from tradehill related to problems.
Hi Tony, You won't lose your money - there will just be a delay. All monies in the account will be returned after due process. We sent out an email this morning to this regard. If you have additional questions send an email to info@tradehill.com. We are almost finished speaking with a new bank who has full knowledge of our business, the types of transactions we will be receiving, and more. Thanks, Adam they don't have a problem with bitcoin? They know who we are, what we do, and more. So far, it's been fine. The contracts are have been drafted, reviewed, redrafted, and should be signed soon. |
moneyandtech.com
@moneyandtech @jeredkenna
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cypherdoc
Legendary
Offline
Activity: 1764
Merit: 1002
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July 30, 2011, 04:12:57 AM |
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Is this genuine? I started a SEPA transfer yesterday and I'd hate to lose that money.. haven't received any communication from tradehill related to problems.
Hi Tony, You won't lose your money - there will just be a delay. All monies in the account will be returned after due process. We sent out an email this morning to this regard. If you have additional questions send an email to info@tradehill.com. We are almost finished speaking with a new bank who has full knowledge of our business, the types of transactions we will be receiving, and more. Thanks, Adam they don't have a problem with bitcoin? They know who we are, what we do, and more. So far, it's been fine. The contracts are have been drafted, reviewed, redrafted, and should be signed soon. thats good news. |
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99Percent
Full Member
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Activity: 402
Merit: 100
🦜| Save Smart & Win 🦜
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July 30, 2011, 04:34:52 AM |
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However many of these positive developments require trading bitcoin for fiat currencies. I am sure Meze Grill and Bit-Pay use MtGox or Tradehill for example.
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.
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cypherdoc
Legendary
Offline
Activity: 1764
Merit: 1002
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July 30, 2011, 04:42:58 AM |
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However many of these positive developments require trading bitcoin for fiat currencies. I am sure Meze Grill and Bit-Pay use MtGox or Tradehill for example.
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.
not sure what you mean. many of these merchants probably accept btc and then hold them for investment w/o necessarily exchanging them for fiat. |
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99Percent
Full Member
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🦜| Save Smart & Win 🦜
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July 30, 2011, 05:09:01 AM |
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for example if Bit-Pay pays the merchant in USD it will have to exchange the received BTC. Any business accepting BTC has to exchange to fiat currency in order to pay suppiers, rent, taxes, etc.
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cypherdoc
Legendary
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Activity: 1764
Merit: 1002
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July 30, 2011, 05:12:23 AM |
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for example if Bit-Pay pays the merchant in USD it will have to exchange the received BTC. Any business accepting BTC has to exchange to fiat currency in order to pay suppiers, rent, taxes, etc.
well we have to start somewhere. i see it as a very positive development that ppl will be able to spend their btc's for real economic services and goods. its called liquidity and will lead to much better things for bitcoin in general. |
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MagicalTux
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Activity: 608
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July 30, 2011, 03:35:35 PM |
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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.
We do not lie to our bank, and that's the reason why we have so much trouble getting a new European bank. We have a full presentation (what is bitcoin, etc) and explain to each financial institution what we are dealing with. Secondary, neither Tradehill nor MtGox is conducting any financial business. We accept deposits from users for the purpose of buying a service, that's a common system known as "prepaid", used by many merchants around the world. You can ask for a refund ("withdraw"), and that's not a problem either. We are, however, talking with the FSA about Bitcoin and want them to understand and let us know if there is any specific requirement for us. |
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