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Department of Homeland Security Bans Dwolla Transfers To or From Mt. Gox
- deleted 14y ago[deleted]
- deleted 14y ago[deleted]
- malgorithms 14y agoWho here feels their homeland is more secure now?
- mindcrime 14y agoNo, but I'd feel more secure if DHS was shut down.
- maresca 14y agoDoesn't something like this compel people to use bitcoin more rather than less?
- aantix 14y agoUntil BC is accepted as a maintstream exchange, you need a way to liquidate so that you can actually spend. I think this dampers the movement, sadly. :(
- mjolk 14y agoYes, the risk of losing your investment of real money and resources becomes more enticing when it's more likely to not work in your favor.
- Zmetta 14y agoDwolla started implementing some policy changes a few weeks ago regarding Mt.Gox which was a pretty good tell about something bigger coming along. I'm glad that I took the opportunity to move my funds away from Dwolla at the time and avoid this mess.
- Devilboy 14y agoWhat was the policy changes?
- dsimmons 14y agoThis is a big hit to US traders for sure, but there are other ways of transferring money (albeit not as convenient).
- Torgo 14y agoDwolla was basically free and worked quite fast. International bank transfer took a bit longer but every transfer cost me about 50 dollars in fees. Luckily I got my money out before this. I feel sorry for the people way back in the queue. I don't blame Dwolla for this at all, but I am tempted to close my account with them to telegraph that I want my financial tools to push back on these kinds of things.
- dsimmons 14y agoEspecially considering how much BTC-related money is flowing through Dwolla... it probably makes up a significant portion of their revenue. I have to imagine this is bad news for them as well.
- DanBC 14y agoWhat do you think Dwolla should do when given validly formed court orders? Which particular Dwolla employee do you think should spend time in jail for contempt of court to satisfy your need for them to push back?
- Torgo 14y agoI want them to take their lobbyists, and go to Washington like they already do, and tell Congress to stop harassing their fucking customers.
- duncan_bayne 14y agoAnd then they'll wind up like this guy: http://www.fbi.gov/charlotte/press-releases/2011/defendant-convicted-of-minting-his-own-currency http://www.fbi.gov/charlotte/press-releases/2011/defendant-c...
- vijayboyapati 14y agoSo the outcome looks something like this: 1. holders of dollars at MtGox will buy as many btc as possible and remove them from MtGox, because there's no other escape for their dollars 2. holders of btc at MtGox will presumably send them elsewhere because selling them for dollars doesn't make sense if you can't get the dollars (although perhaps it still makes sense for euros/pounds/yen etc) 3. There is a loss of liquidity at Gox from all the btc being pulled from there 4. The dollar price at other exchanges starts falling because they are still exit points for dollars Most of the trading volume is in dollars at Gox if I'm not mistaken, so this might be the death blow for them. Although given their history of incompetence, it was kind of sad the network effect was protecting them. Perhaps a phoenix will rise from the ashes.