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DHS, Dwolla, Google Wallet & Bitcoin Prices Still Strong.

Started by youtube forex, Jul 13, 2020, 07:13 am

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DHS, Dwolla, Google Wallet & Bitcoin Prices Still Strong.
US Feds Attacking Bitcoin! Bitcoin Getting Shut Down Is this the End of Bitcoin There have been some strong titled.
US Feds Attacking Bitcoin! Bitcoin Getting Shut Down.
Is this the End of Bitcoin.
There have been some strong titled headlines since Tuesday evening about bitcoin. But, prices have remained steady, and the network is still up and running, so what's really going on.
The negative press has been in reaction to the Department of Homeland Security (DHS) sending a court order to payments company Dwolla, prohibiting the firm from sending money to MtGox.
A little background. Dwolla is a US based payment solution provider that lets users on its network send dollar based payments for only $0.25. It is a debit based product with users linking their bank accounts to the network. As it is debit based and not credit card based, it has become a popular funding choice for bitcoin exchanges, due to the instant transfer and lack of chargebacks. In the case of MtGox, the exchange set up a US based bank account for receiving Dwolla deposits from its account holders. The MtGox account was registered under the name of Mutum Sigillum LLC. In the DHS court order, they have restricted Dwolla from sending payments to this account as Mutum Sigillum/MtGox is involved with currency exchanges but hasn't registered a Money Service Business (MSB).
In effect, what the DHS has done is shut down MtGox's US operations for failing to correctly register itself as an MSB. At issue are guidelines from the US's Financial Crimes Enforcement Network (FinCEN) that created guidelines last year for bitcoin operators and based on their business models required them to become a MSB. As MSBs, bitcoin operators are required to gather information on clients, in part allows them to adhere to Anti Money Laundering laws. For its part, Dwolla has stated on its website that it is not involved with the court order, and the actions are between the DHS and Mutum Silligum/MtGox.
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For MtGox, this is a major hit, as it constricts their largest market and also comes as they were recently served a $75 million lawsuit by CoinLab. The CoinLab lawsuit is worth mentioning as in the failed partnership between the two firms, it was agreed that CoinLab would act as MtGox's US representative. As the North American marketer for MtGox, CoinLab was to act as the MSB representative to provide a legal framework for the exchange's US operations. As such, with that agreement dissolving, the timing of the DHS court order comes as MtGox failed to transfer information of its US business to CoinLab by a May 7th date, as per their deal.
Overall, the current case hasn't done much to affect prices of bit coin, as they continue to be trading above $100 (see recent chart). The lack of money flow from Dwolla could sap demand to MtGox's exchange, which in turn could decrease prices. However, any price declines could be short term as more US exchanges that are registered MSBs are expected to get up and running soon. Also, recently funded Coinbase continues to see expansion of their user base and has been rolling out new merchant tools such as 'subscription based' payment options.
Google Wallet.
Google Wallet is Google's payment system that was launched two years ago. Similar to paypal, the product allows users to link debit, credit and gift cards for mobile based purchases. Taking the product a step further, Google has announced integration of Google Wallet with Gmail, with users being able to now send payments over email. Although Google Wallet is by no means considered a widely used app, the basis of mobile payment integration as the center for multiple financial products is a growing sector. Specifically in Japan it is seeing fast adoption, and was one of the reasons stated by Yahoo Japan in its purchase of forex broker CyberAgenctFX last year.
Moving to bitcoin, although a rival service, Gmail payments proves that technology is moving quickly in the direction of non-traditional transfers. Bitcoin bulls view this as further proof that the need for P2P electronic payment networks is growing within the world.

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Homeland Security's ICE Group Cuts Off Dwolla Bitcoin Transfers.
from the no-explanation dept.
Update: The DHS has released a copy of the warrant, which claims probable cause to believe that Mt. Gox is engaging in money transmitting without a license.
We've discussed in the past how the government seems very skeptical of Bitcoin, and now it may be doing something about it. As a whole bunch of you have sent in, ICE (Immigrations and Customs Enforcement), a division of Homeland Security -- best known around here for its cowboy attitude towards censoring websites with no basis -- has cut off Dwolla transfers to Mt. Gox, the biggest Bitcoin exchange, preventing Dwolla from processing any Bitcoin transfers. According to Declan McCullagh at News.com:
The U.S. Department of Homeland Security confirmed it has initiated legal action that prompted the Dwolla payment service to stop processing bitcoin transactions.
Nicole Navas, a spokesperson for U.S. Immigration and Customs Enforcement, confirmed the legal action to CNET this afternoon.
MtGox has read on the Internet that the United States Department of Homeland Security had a court order and/or warrant issued from the United States District Court in Maryland which it served upon the Dwolla mobile payment service with respect to accounts used for trading with MtGox. We take this information seriously. However, as of this time we have not been provided with a copy of the court order and/or warrant, and do not know its scope and/or the reasons for its issuance. MtGox is investigating and will provide further reports when additional information becomes known.
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Reader Comments.
Bitcoin is essentially a pyramid scheme.
There's no visible backing to this "currency", not even the nearly exhausted "full faith" of the US gov't, less than that. It's a scam. The amounts cannot be verified. Even if otherwise legit, since totally unrelated to materials, gov'ts can and will invisibly tweak the numbers. And of course the recent crash proves it's sheer speculation.
Bitcoin is the kind of casino scam that gov't SHOULD be shutting down -- instead of allowing on Wall Street.
Re: Bitcoin is essentially a pyramid scheme.
Re: Bitcoin is essentially a pyramid scheme.
"Wall Street is the kind of casino scam that gov't SHOULD be shutting down -- instead of allowing in the world."
Re: Re: Bitcoin is essentially a pyramid scheme.
Re: Bitcoin is essentially a pyramid scheme.
This is straight out of the anti-Bitcoin talking points book.
Bitcoin is not a pyramid scheme, nor a scam, stop spreading FUD.
While you are entitled to your opinion, such outright hatred is unwarranted. Bitcoin is a valid alternative currency with plenty of smart people behind it as well as using it.
Re: Re: Bitcoin is essentially a pyramid scheme.
Re: Re: Re: Bitcoin is essentially a pyramid scheme.
Re: Re: Re: Bitcoin is essentially a pyramid scheme.
Bitcoin is a decentralized currency. There is nobody "behind" it. This is one of its strengths.
Personally, I'm kindof happy that serious investors are shy about it. Serious investors tend to ruin everything.
Re: Re: Bitcoin is essentially a pyramid scheme.
Re: Bitcoin is essentially a pyramid scheme.
Re: Re: Bitcoin is essentially a pyramid scheme.
Bitcoin is very different than traditional fiat currency in that you can use it to buy products *without* banks and credit card companies getting a cut.
That's 16 percent of the world economy, and growing.
Re: Bitcoin is essentially a pyramid scheme.
Money is a scam so of course any currency is also a scam.
Blue you jus' mad today bro.
Re: Bitcoin is essentially a pyramid scheme.
"There's no visible backing to this "currency". "
There's no visible backing of the Dollar, other than the fact that people are willing to trade something else for it. In that regard, BitCoin is exactly the same thing as other forms of currency.
The Gold Standard is long gone, you know.
From a technical point of view, it most certainly is not. You can analyse the protocol yourself, and see that it is resilient to all kinds of fraud.
"Even if otherwise legit, since totally unrelated to materials, gov'ts can and will invisibly tweak the numbers."
Unlikely. BitCoin is worth whatever people are willing to pay for it. The supply is steadily (but slowly) increasing and will plateau at some point. Unless you hoard (virtual) tons of BitCoins, your power to control them will be limited. But if you do that, people will just stop using BitCoin altogether.
"And of course the recent crash proves it's sheer speculation."
On this, I will agree with you, to an extent. BitCoin suffers from a problem: It is extremely volatile. Its value fluctuates too much, making it terrible for storing value. But that is not a problem endemic to BitCoin. It is merely a symptom of not having a centralized entity controlling it and keeping its value artificially stable. That's free market for you. for better of for worse.
Re: Re: Bitcoin is essentially a pyramid scheme.

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On this, I will agree with you, to an extent. BitCoin suffers from a problem: It is extremely volatile. Its value fluctuates too much, making it terrible for storing value.
No Bitcoin is not volatile. The dollar is volatile - when measured against Bitcoin.
Re: Bitcoin is essentially a pyramid scheme.
Re: Bitcoin is essentially a pyramid scheme.
Hurp de durp Bitcoin is like a casino, it's a pyramid scheme, it's not 'currency' (even though man websites accept it as a method of payment).
Do you even fucking read up on any subject that you profess your bullshit theories on, or do you just deepthroat the dictionary and spout the first few meaningful words that formulate sentence structures before you regurgitate them via your keyboard?
Re: Re: Bitcoin is essentially a pyramid scheme.
How long before crowd funding business lending platform, Funding Empire, is targeted?
We all know that anything that remotely threatens the established way of doing business is evil and must be crushed.
For those not familiar with Funding Empire.
Re: Re:
Centrally controlled fiat currencies are a pyramid scheme.
That's a better headline. If you want a good example, no need to look at exotic new currencies, just look at what's in your wallet. That fiat currency is just a plain bank note, controlled by a cartel of 12 big banks. The more people that use their bank notes, the more its worth. The supply is controlled by 12 key people. They can manipulate the wealth of everyone who uses their currency at their pleasure. In fact, by storing their bank notes in a controlled institution, they can even steal it from you with a government's duplicitous sanction (yes, I remind you of Cyprus).
Bitcoin shares none of these attributes: it is not controlled by anyone. It is a computer algorithm. There are a known number of bitcoins in existence. How many bank notes are there in existence? Oh, there is no data on that? Too bad. Bitcoins can't be manipulated; however, the exchange rate can be once you try to convert it to a centrally controlled currency. Since you carry your bitcoins in an encrypted file on your mobile device or printed out paper instead of a centrally controlled bank, no one can steal your bitcoins unless you leave your files in clear text or lose your device without a backup. Back to the pyramid scheme, fiat currency is exactly that. Charles Ponzi would be proud of the banks for creating the ultimate scheme. They keep getting people to believe in the currency by coercing as many people to use their fiat currency as possible. People who want to trade in competing currencies are dealt with in the harshest possible way; often replaced by more compliant people who are willing to play along.
Using Bitcoin is safe, fast and universal all over the world. Please explain where I'm ignorant here. I need to know. Anyone?
Re: Centrally controlled fiat currencies are a pyramid scheme.
Yeah, static currencies are great until you run into a balance of payments crisis or deflation.
I remind you that the government of Cyprus didn't steal anyone's money. The banks were bankrupt, they couldn't honor all the deposit accounts. The government actually borrowed a huge amount of money in order to guarantee depositors retained more of their savings than they would have otherwise.
Everyone could do with a reminder that their bank deposits are loans , not cash vaults. Those investments can sometimes fail. Nor is currency a good way to store your wealth, anyway. It is a means of facilitating exchanges, preserving value is not its purpose.
Re: Re: Centrally controlled fiat currencies are a pyramid scheme.
Everyone could do with a reminder that their bank deposits are loans, not cash vaults. Those investments can sometimes fail. Nor is currency a good way to store your wealth, anyway. It is a means of facilitating exchanges, preserving value is not its purpose.
Which simply underscores the pyramid-like nature of fiat money. (Although fiat money is not actually anything like a pyramid scheme, it does share a few attributes with them).
Or to put it another way, isn't there something wrong with a monetary system that provides no real way of preserving value?
Re: Re: Re: Centrally controlled fiat currencies are a pyramid scheme.
No. Economies are active things, people need a constant supply of goods and services to fulfill both basic needs and more frivolous desires. Given that reality, trying to preserve "wealth" in the form of completely inactive assets (like a big pile of gold) is a bad thing, it does no one but the owner any good. Instead, you want people to preserve their wealth in the form of productive assets, stuff which has value to other people because of what it does for them, things like equity in businesses or investment loans.
From a monetary perspective: trying to give people ways to save wealth that doesn't involve any risk encourages people to use those methods, which drains money from the credit market that would otherwise be used to invest in new enterprises.
To put this in context of the Bitcoin issue, I want to be clear that I have no objection to Bitcoin. In fact, I'm kind of hoping that it ends up taking on the role that gold has been serving for a while, as an inert asset with stable supply that's popularly believed to have uses an alternative currency. Then at least we could free up the supply of gold for other, more useful things. Bitcoin does potentially have a role to play in the economy, but it's as a complement to fiat currencies, not a replacement.
Re: Re: Re: Re: Centrally controlled fiat currencies are a pyramid scheme.
What you say may be largely true, and is a good explanation of what is wrong with our economic system.
Instead, you want people to preserve their wealth in the form of productive assets.
That's not preserving wealth, though, that's risking it. It's an important and valuable thing, to be sure, but there should be some way of being able to hold on to what you've earned without risk.
Preserving wealth is as important as generating wealth. Without that ability, we are all but indentured servants.

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Re: Re: Re: Re: Re: Centrally controlled fiat currencies are a pyramid scheme.
That's not preserving wealth, though, that's risking it. It's an important and valuable thing, to be sure, but there should be some way of being able to hold on to what you've earned without risk.
Why? Value isn't static. Think about pre-currency economies running on barter. Cows are still the primary means of exchange in a lot of east African communities. How do you preserve the value of a herd of cattle? You can't just lock them in a pen for as long as you want, they'll die and begin to rot. You'll have to care for them yourself, or lend or sell them on to someone else in return for something else, such as a contract for future goods or services.
There's no good reason that anyone should expect currency-based economies to function any differently at a fundamental level. Trying to lock up wealth into no-risk hoards is a recipe for stagnancy at best, and we're all be better off with the vitality of constantly fluctuating credit markets. Yes, there is uncertainty and risk from having to invest your savings, but that's simply a reflection of the nature of life and reality, the world around us is constantly changing and we could all die tomorrow. At the moment, the best we can do is pretend that some assets are risk free, such as with insured deposits. But the truth is that such schemes merely move the risk around so that it's borne by other parties, such as governments or private insurers. Even precious metals aren't risk-free, you're counting on other investors and metal brokers to keep up the price for you.
Without that ability, we are all but indentured servants.
Indentured to our own need for scarce resources in order to survive, perhaps. But there's no financial scheme at all which can hope to solve that, it's the fundamental economic problem. There's just no way out until our production becomes unlimited.
The First (?) of Many Roadblocks.
To truly be successful, Bitcoin has to be able to route around attempted government interference. Things like this will not stop, as entrenched interests continue to kick and scream themselves into irrelevancy.
I think it will ultimately succeed, but it's going to be a wild ride in the mean time.