Bitstamp BLOCKs withdrawals to verified users

[tvbcof]

Coin validation (and general loss of fungibility) will almost certainly kill Bitcoin eventually, but it could take a while.  Those fortunate enough to be sitting on clean coins might have a sharp boost in their net worth as the 'dirty' coins are exposed and devalued.

All BTC are equal or the currency is dead and worthless in an instant. That's how I see things.
...

I don't think you are seeing things right.  At this point Bitcoin is a giant ship under full steam provided by well marketed misconceptions and a shit-load of VC money.  Just like any large moving mass it won't change direction easily.  Someone who has BTC and is nimble and observant may be in line for a big pay-day.  (I've recently been taking a cash advance just in case I'm wrong though )

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[QueenElizabeth]

I've done some research into the matter and here's what I found:



a) Bitstamp's bank is subjecting the company to extended KYC and Bitstamp is in turn asking customers for the necessary data.


e) Bitstamp is undergoing financial difficulties, maybe connected with the recent downward swing in prices (they overextended themselves? They fractional-reserve'd customer money without telling anyone and now they can't make ends meet anymore?), and they're hiding between KYC/AML to buy time.

"a" cannot be true when we are talking about BTC, only possibly true when it is fiat.

Bitstamp deposits fiat on their Unicredit bank account, not BTC. And Unicredit, like every regulated financial institution, is going to subject their customers to KYC. Every company banking with anyone has to go through it.

[QueenElizabeth]

let alone go on fishing expeditions through a slovenian exchange!

Legally speaking, Bitstamp is British, not Slovenian. They used to be a Slovenian company but that changed. Their staff and their bank are Slovenian, but the company operates under UK law.

[MrPiggles]

let alone go on fishing expeditions through a slovenian exchange!

Legally speaking, Bitstamp is British, not Slovenian. They used to be a Slovenian company but that changed. Their staff and their bank are Slovenian, but the company operates under UK law.

Where are they all based?

[MrPiggles]

I just checked and it says they moved their operations to the UK, but every time I ring I get diverted to an international ring tone, all their staff names are foreign (which doesn't mean much I suspect thats the case with most of London admittedly) and they appear to operate on GMT+1 time, also the only address they give is a forwarding address.

I don't think any bitstamp employees are actually IN the UK, despite what they may claim.

[QueenElizabeth]

I just checked and it says they moved their operations to the UK, but every time I ring I get diverted to an international ring tone, all their staff names are foreign (which doesn't mean much I suspect thats the case with most of London admittedly) and they appear to operate on GMT+1 time, also the only address they give is a forwarding address.

I don't think any bitstamp employees are actually IN the UK, despite what they may claim.

The company is incorporated in Reading, Berkshire. They probably don't have any staff there, but they're still operating under British law. I suppose that they moved the legal registration in the UK for tax purposes and because they anticipated that Bitcoin regulation would be lighter compared to whatever might happen in the Euro area as soon as the authorities decide how to act.

[MrPiggles]

The company is incorporated in Reading, Berkshire. They probably don't have any staff there, but they're still operating under British law. I suppose that they moved the legal registration in the UK for tax purposes and because they anticipated that Bitcoin regulation would be lighter compared to whatever might happen in the Euro area as soon as the authorities decide how to act.

You can buy UK limited company registration for 99p.

It doesn't mean anything.

[QueenElizabeth]

You can buy UK limited company registration for 99p.

It doesn't mean anything.

Yes it does. It means that your company is paying its taxes in the UK (probably lower rates than Slovenia) and whatever euro area regulation there is does not apply to you. In some countries, fictitious relocation for tax purposes can be prosecuted, but I'm not sure about how aggressive the Slovenians are with respect to these cases.

[MrPiggles]

You can buy UK limited company registration for 99p.

It doesn't mean anything.

Yes it does. It means that your company is paying its taxes in the UK (probably lower rates than Slovenia) and whatever euro area regulation there is does not apply to you. In some countries, fictitious relocation for tax purposes can be prosecuted, but I'm not sure about how aggressive the Slovenians are with respect to these cases.

It means they're meant to pay tax in the UK

Accounting Reference Date: 31/07
Last Accounts Made Up To:  (NO ACCOUNTS FILED)
Next Accounts Due: 25/04/2014
Last Return Made Up To: 25/07/2013
Next Return Due: 22/08/2014



I have UK ltd companies that haven't paid tax in 5 years.

[QueenElizabeth]

Well, of course if they don't declare any profits they're not going to pay any taxes - I was just pointing out that Bitstamp might have decided to move their legal residence to the UK because of lower tax rates compared to what they would face if they declared profits in Slovenia.

[MrPiggles]

Well, of course if they don't declare any profits they're not going to pay any taxes - I was just pointing out that Bitstamp might have decided to move their legal residence to the UK because of lower tax rates compared to what they would face if they declared profits in Slovenia.

Thats what I mean though, being uk ltd company doesnt really mean anything.

There are ponzi schemes on here registered with companies house

[Shawshank]

So I bought/sold btc in a fake name, and deposited them to accounts with no name.
In what country is using a fake name to sell bitcoins illegal?

There are ponzi schemes on here registered with companies house

I don't know what your intentions are, but this guy is not using fake names and he is not hiding: https://twitter.com/nejc_kodric

[MrPiggles]

There are ponzi schemes on here registered with companies house

I don't know what your intentions are, but this guy is not using fake names and he is not hiding: https://twitter.com/nejc_kodric

Er maybe you should have read what we were discussing, at no point did I accuse them of hiding/using fake names or anything of the sort. We were talking about UK Plod

[mayax]

it's obvious that Bitstamp has a problem with its platform and it may sink soon.

I don't think the problems are coming from their bank.

[NLNico]

I did a EUR withdrawal on Sunday evening. Monday it was confirmed. Got it today (Wednesday)

No BS questions, all good for me

[floatertheplayer]

I did a EUR withdrawal on Sunday evening. Monday it was confirmed. Got it today (Wednesday)

No BS questions, all good for me

Was it 4 figure, low 5 or more? My low 5 figure withdrawal is "in processing" for days now.

[NLNico]

Yes, I should have said.. it was not that much. I also had other relatively small withdrawals before (months ago) to the same bank account (not sure if that matters.)

[Saicere]

I've been doing a low 4-figure withdrawal (SEPA) every week for about half a year now, the most recent one hitting my bank account today. No hitches, except for that one time they wanted me to answer the "extended" KYC, but that only added one extra day to the withdrawal time.

I can see why people would like to do larger withdrawals to save on fees, but I'd generally recommend splitting them to avoid hitting certain limits ($10,000 being the most important one).

[Shawshank]

Support has answered my ticket after one week with no news from them. They told me they were investigating phishing attempts.

I have now withdrawals activated and I have withdrawn my bitcoins perfectly.

I like the fact that to withdraw bitcoins or fiat you need:
1) For login: username, password and Google authenticator.
2) For withdrawals: Google Authenticator and access to email.

[dadach]

are they serious they want all those questions answered for 150 bucks?

ridiculous....