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rjk
Sr. Member
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Activity: 448
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1ngldh
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January 13, 2012, 10:59:29 PM |
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I think according to this press release, they stopped such transfers themselves, to reduce scrutiny while they apply for a special money transfer license. Not closed at random by Chase.
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Serge
Legendary
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Activity: 1050
Merit: 1000
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January 13, 2012, 11:00:36 PM |
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Fiat demands to play by its rules. There are no shortcuts, that is why we see such results outlined in OP.
you cannot handle and process 3rd party funds without special money handling licenses
i'm not surprised one bit
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Raoul Duke
aka psy
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January 13, 2012, 11:03:34 PM |
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Think like someone who steals from internet banking:
1- Forget about money mules 2- Wire money to Bitcoin Exchanges 3- Buy Bitcoin 4- Sell Bitcoin elsewhere 5- Profit
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CIYAM
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Activity: 1890
Merit: 1086
Ian Knowles - CIYAM Lead Developer
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January 14, 2012, 08:05:17 AM |
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nibor (OP)
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January 16, 2012, 10:27:04 PM |
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Thanks everyone - have updated my first post.
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beep
Newbie
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Merit: 0
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January 16, 2012, 11:03:08 PM |
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As a bitcoin noob this is the thing that stands out to me as well.
I tend to believe the exchanges are the victims of the banks but do we know this is the case?
These exchanges seem to be very powerful really. If they are the ones who can control whether or not an individual can withdraw their funds to a "real" currency then the possibility that they could be corrupted must be a pretty big threat to bitcoin as a whole.
But I'm still learning. I may well read something tomorrow that convinces me that this aspect is really safe and then get paranoid about something else instead..
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PrintCoins
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January 16, 2012, 11:05:58 PM |
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The exchanges are running an illegal operation according to the USA if you look at the verdict from the e-gold case: http://en.wikipedia.org/wiki/E-goldThis is why they are not operating in the USA. The long arm of the law could shut down their USA based accounts and prevent wires from going to them.
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FlipPro
Legendary
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Activity: 1764
Merit: 1015
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January 16, 2012, 11:16:29 PM |
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The exchanges are running an illegal operation according to the USA if you look at the verdict from the e-gold case: http://en.wikipedia.org/wiki/E-goldThis is why they are not operating in the USA. The long arm of the law could shut down their USA based accounts and prevent wires from going to them. Complete and utter BULLSHIT. https://campbx.com/faq.php ...
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finway
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January 17, 2012, 01:25:51 AM |
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Don't be paranoid,bitcoin is too small to take actions for banks.
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repentance
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January 17, 2012, 01:45:34 AM |
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Mt Gox also had their Techocash accounts closed, a PayPal account frozen pre-Tibanne, and their French bank accounts frozen.
It's not just with banks that the exchanges are at risk of having the accounts in which they hold user funds frozen. Whenever they're passing user funds through a licensed financial services provider of some sort, they're up against AML and KYC laws as well as fraud detection practises in general. That's even without any issues related to the exchanges themselves operating in a grey area. The more points through which funds must pass to get from user to the exchanges and back, the greater the chance that one of the financial institutions/payment processors will flag the exchange transactions as "suspicious" under their risk management policies.
The exchanges themselves have acknowledged that banking offshore - one of the solutions often - suggested would create another set of problems which would make users unhappy.
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All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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Yankee (BitInstant)
Legendary
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Activity: 1078
Merit: 1000
Charlie 'Van Bitcoin' Shrem
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January 17, 2012, 03:13:34 AM |
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We've also had our share of account closures and frozen.
Honestly, navigating the failed banking system in order to make buying/seling bitcoin is the worst thing to be doing, but its a necessary evil at this point.
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Bitcoin pioneer. An apostle of Satoshi Nakamoto. A crusader for a new, better, tech-driven society. A dreamer. More about me: http://CharlieShrem.com
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the founder
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January 17, 2012, 03:24:46 AM |
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you want the feds off your back?
Treat bitcoins like Silver and not gold.
Silver is used as currency AND x-ray machines AND parts for your electronics AND solar panels... etc...
Gold is just a currency for the most part.
If we had bitcoins used for 4000 differing things, like DRM or whatever.. it would completely diffuse why people use bitcoins into a much wider pool... it also would solidify the fact that bitcoins are a commodity not a currency... and hence completely sidesteps many of the issues that we are running into (and will run into).
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Bitcoin RSS App / Bitcoin Android App / Bitcoin Webapp http://www.ounce.me Say thank you here: 1HByHZQ44LUCxxpnqtXDuJVmrSdrGK6Q2f
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Yankee (BitInstant)
Legendary
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Activity: 1078
Merit: 1000
Charlie 'Van Bitcoin' Shrem
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January 17, 2012, 03:35:23 AM |
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you want the feds off your back?
Treat bitcoins like Silver and not gold.
Silver is used as currency AND x-ray machines AND parts for your electronics AND solar panels... etc...
Gold is just a currency for the most part.
If we had bitcoins used for 4000 differing things, like DRM or whatever.. it would completely diffuse why people use bitcoins into a much wider pool... it also would solidify the fact that bitcoins are a commodity not a currency... and hence completely sidesteps many of the issues that we are running into (and will run into).
I agree, bitcoin as a commodity as opposed to a currency is MUCH easier.
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Bitcoin pioneer. An apostle of Satoshi Nakamoto. A crusader for a new, better, tech-driven society. A dreamer. More about me: http://CharlieShrem.com
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finway
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January 17, 2012, 03:39:22 AM |
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Why not just get qualified?
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RandyFolds
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January 17, 2012, 03:44:49 AM |
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Gold is just a currency for the most part.
Nope. Gold is used in a ton of industrial processes. Probably not as big as silver, but still very much a player.
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Phinnaeus Gage
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Activity: 1918
Merit: 1570
Bitcoin: An Idea Worth Spending
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January 17, 2012, 11:03:18 PM |
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Gold is just a currency for the most part.
Nope. Gold is used in a ton of industrial processes. Probably not as big as silver, but still very much a player.
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