31–40 of 44 posts
At this point unless the facts turn out to be different than presented here, I will never be a Dwolla customer.
The suspicious activity that this user's account was suspended for was a payment (in USD) from one individual to another, that Dwolla suspected was an "unlicensed BTC exchange" (not necessarily on a commercial scale.)
Using a network like bitcoin-otc is a solution only if the USD side is paid in cash.
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As long as you can exchange bitcoins for drugs delivered to your front door in first-class packages, it will be fairly trivial to exchange bitcoins for cash if you really need to. Legalization of all narcotics would hurt bitcoin far more than anything else the government could manage. As far as I see it, it is not really a currency but rather a tool. A tool that remains operational so long as it has any "value" at al…
"As long as you can exchange bitcoins for drugs delivered to your front door in first-class packages, it will be fairly trivial to exchange bitcoins for cash if you really need to." Sure, but having it declared illegal would definitely restrict the growth potential of the currency. At the moment its proponents envision/fantasize about it becoming huge and general-purpose, with a presence in the physical world (see bi…
I'm curious what people on HN believe the future holds for Bitcoins. I expect the US government will step in in the not to far future and severely restrict the ability to legitimately exchange Bitcoins for dollars. I'm not passing any judgement on Bitcoins themselves, it just seems unlikely to me that people in places of power will be ok with an independent currency.
I expect USG to simply destroy it at some point with a sustained 51% attack.
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No, you misunderstand. The vast majority of Dwolla's success is due to bitcoin. Throughout 2011 it was the primary method of converting USD to bitcoin. It was practically their whole business. During the hype that brought bitcoin to it's highest price so far, Dwolla's profits exploded. Looking at their promo e-mails, the amount of time between them going from 1M/week in transactions to 1M/day in transactions was only…
You're not their target market then, the masses. You're the evangelists, their first users to prove the need.
Further, the reason people used Dwolla in the first place was because of their "no chargebacks" policy, which doesn't even exist anymore.
Actually, even when they had their "no chargebacks" policy, they started secretly processing chargebacks, and not even telling the people they were taking money from.
Google for the story about how Dwolla bankrupted the TradeHill exchange by stealing money from them, not showing any affadavits for the money they took from them, and then blocked them from even withdrawing their own funds.
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You're not their target market then, the masses. You're the evangelists, their first users to prove the need.
That's not what evangelist means. Further, the reason people used Dwolla in the first place was because of their "no chargebacks" policy, which doesn't even exist anymore. Actually, even when they had their "no chargebacks" policy, they started secretly processing chargebacks, and not even telling the people they were taking money from. Google for the story about how Dwolla bankrupted the TradeHill exchange by steali…
These people may no longer be the evangelists because they're pissed, however they were to begin with.
Interesting re: TradeHill - I will look at it.
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The current way of exchanging Bitcoins is not decentralized at all. I guess the first thing governments will do, if they ever consider Bitcoin a real threat, is to try to shutdown the major exchanges. If they succeed, which still will be hard, I'm not entirely sure Bitcoin will continue to be that usable in spite of other decentralized ways of exchange like http://bitcoin-otc.com/ or http://localbitcoins.com
Just ban it and prosecute any businesses found accepting it. The US government hasn't killed online gambling, but they've certainly put a huge dent in it.
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linking BTC addresses to PII? what does this mean?
i think PII is publicly identifying information (a public identity)?
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i think PII is publicly identifying information (a public identity)?
I dislike abbreviations for this exact reason. Both your and the above responses are different. Clearly it's not well known abbreviation.
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"As long as you can exchange bitcoins for drugs delivered to your front door in first-class packages, it will be fairly trivial to exchange bitcoins for cash if you really need to." Sure, but having it declared illegal would definitely restrict the growth potential of the currency. At the moment its proponents envision/fantasize about it becoming huge and general-purpose, with a presence in the physical world (see bi…
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