Bitinstant- Paxum Temporarily Suspended

Raoul Duke

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Quote from: paraipan on February 13, 2012, 08:37:00 PM

Quote from: Raoul Duke on February 13, 2012, 08:17:55 PM

Dudes, forget about all this shit. The important part is that banking institutions are afraid of what bitcoin will do to them and are acting pro actively even before governments take actio on it.

And you know why is it that banks/finance are taking action before governments? Because they are the ones that tell the govs' what to do. There's the proof.

This may sound like silly tinfoilhat stuff but it's not, it's reality Angry

chill dude, we are the ones with the resources making the real money, they are only speculating with it. You slowly leave them aside by not using their services and, i tell you, that really hurts.
My only hope now is that TH guys will opensource their platform someday in the future, you will see exchanges pop all around you

Chill?? I'm excited, damn it! These are great news, if you know what I mean... Wink

fm1234

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Activity: 68

Merit: 10

Quote

It's very telling that, even though they have accounts here, they posted that thread there, but not here. I'd respect them more if they would have said that they rejected us to our face, so to speak.

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they would rather post on a forum that calls itself gof**kyourself

classy, Paxum, real classy

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official statement? on a forum called "GoFuckYourself"? that's hilarious

is paxum so deeply rooted in the adult scene?

or is this a secret message? (wonder whom they address in that case then

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rabble rabble rabble

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blah blah blah

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etc

GFY is one of the major adult business forums online. It is unsuprising that Paxum would make an announcement there, because the adult business is a big deal to Paxum, unlike Bitcoin. All this talk of conspiracy pressures and whatnot fail to take into account that the portion of Paxum's (or any other mainstream or semi-mainstream financial company's) revenue that comes from Bitcoin is infinitesimal. No matter what the potential of Bitcoin business in the future, when you're running a business you have to live in the present, and when some nickel-and-dime operation gets a disproportionate amount of the negative press you're reading, the simple answer is just cut it off and see what happens.

Anybody who was in the digital currency business between say 2002 and 2007 saw this exact script play out with PayPal, Moneybookers and other mainstream institutions against e-gold and other DGCs. One by one, the mainstream companies just nixed the DGCs, because it was less of a headache, expense and potential liability to not deal with them at all, than to take chances on uncertain legalities and rampant fraud that was a fact of life in that business.

Frank

paraipan

legendary

Activity: 924

Merit: 1004

Firstbits: 1pirata

Quote from: Raoul Duke on February 13, 2012, 08:17:55 PM

Dudes, forget about all this shit. The important part is that banking institutions are afraid of what bitcoin will do to them and are acting pro actively even before governments take actio on it.

And you know why is it that banks/finance are taking action before governments? Because they are the ones that tell the govs' what to do. There's the proof.

This may sound like silly tinfoilhat stuff but it's not, it's reality Angry

chill dude, we are the ones with the resources making the real money, they are only speculating with it. You slowly leave them aside by not using their services and, i tell you, that really hurts.
My only hope now is that TH guys will opensource their platform someday in the future, you will see exchanges pop all around you

Yankee (BitInstant)

legendary

Activity: 1078

Merit: 1000

Charlie 'Van Bitcoin' Shrem

Quote from: Raoul Duke on February 13, 2012, 08:17:55 PM

Dudes, forget about all this shit. The important part is that banking institutions are afraid of what bitcoin will do to them and are acting pro actively even before governments take actio on it.

And you know why is it that banks/finance are taking action before governments? Because they are the ones that tell the govs' what to do. There's the proof.

This may sound like silly tinfoilhat stuff but it's not, it's reality Angry

Its true,

The Gov't will let nature take its course, if and when thats over, then they will act.

Charlie

Raoul Duke

legendary

Activity: 1358

Merit: 1002

Dudes, forget about all this shit. The important part is that banking institutions are afraid of what bitcoin will do to them and are acting pro actively even before governments take actio on it.

And you know why is it that banks/finance are taking action before governments? Because they are the ones that tell the govs' what to do. There's the proof.

This may sound like silly tinfoilhat stuff but it's not, it's reality Angry

Yankee (BitInstant)

legendary

Activity: 1078

Merit: 1000

Charlie 'Van Bitcoin' Shrem

Quote from: BitPay Business Solutions on February 13, 2012, 07:43:42 PM

Quote from: Yankee (BitInstant) on February 13, 2012, 05:59:49 PM

Your doubts are understandable, and trust me...I have them to.

All I'm saying is Paxum wants to have us back more then we want them back.

But Charlie, what if they reinstate your account, but you are the only bitcoin related account open? It won't do any good if the exchanges cannot get theirs open as well :/

Read over what you just wrote one more time and tell me if you don't see the business benefits in what you just said.

Ill give you some time.........

..........Ok, I couldn't resist: If I'm the only one with a Paxum account, and we're integrated with every exchange, how do you see it play out?

1+1=2 my friend Wink

BitPay Business Solutions

hero member

Activity: 742

Merit: 500

Quote from: Yankee (BitInstant) on February 13, 2012, 05:59:49 PM

Your doubts are understandable, and trust me...I have them to.

All I'm saying is Paxum wants to have us back more then we want them back.

But Charlie, what if they reinstate your account, but you are the only bitcoin related account open? It won't do any good if the exchanges cannot get theirs open as well :/

Yankee (BitInstant)

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Activity: 1078

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Charlie 'Van Bitcoin' Shrem

Quote from: matonis on February 13, 2012, 05:48:03 PM

Quote from: Yankee (BitInstant) on February 13, 2012, 10:46:42 AM

An executive at Paxum has been working with me since this happend. They have been more surprised at this than we were. Not only that, but they have been super responsive and extremely helpful in this matter.
I harbor no bad feelings toward them. Licensing takes years to obtain but can take minutes to lose.

More and more information is coming to light and although I cannot go into details *yet* alot of what has been said above is not accurate.

Paxum and I have a few conference calls with their partners set up for this week and if all goes well, we can have this resolved and back online in 1-2 weeks

Charlie...... as they say "good luck with that".

I have always supported Paxum, but I doubt that the pipes to BitInstant will be turned on again.

Your doubts are understandable, and trust me...I have them to.

All I'm saying is Paxum wants to have us back more then we want them back.

matonis

sr. member

Activity: 303

Merit: 250

Quote from: Yankee (BitInstant) on February 13, 2012, 10:46:42 AM

An executive at Paxum has been working with me since this happend. They have been more surprised at this than we were. Not only that, but they have been super responsive and extremely helpful in this matter.
I harbor no bad feelings toward them. Licensing takes years to obtain but can take minutes to lose.

More and more information is coming to light and although I cannot go into details *yet* alot of what has been said above is not accurate.

Paxum and I have a few conference calls with their partners set up for this week and if all goes well, we can have this resolved and back online in 1-2 weeks

Charlie...... as they say "good luck with that".

I have always supported Paxum, but I doubt that the pipes to BitInstant will be turned on again.

herzmeister

legendary

Activity: 1764

Merit: 1007

official statement? on a forum called "GoFuckYourself"? that's hilarious

is paxum so deeply rooted in the adult scene?

or is this a secret message? (wonder whom they address in that case then Tongue

)

Yankee (BitInstant)

legendary

Activity: 1078

Merit: 1000

Charlie 'Van Bitcoin' Shrem

I wanted to point out one more thing:

An executive at Paxum has been working with me since this happend. They have been more surprised at this than we were. Not only that, but they have been super responsive and extremely helpful in this matter.
I harbor no bad feelings toward them. Licensing takes years to obtain but can take minutes to lose.

More and more information is coming to light and although I cannot go into details *yet* alot of what has been said above is not accurate.

Paxum and I have a few conference calls with their partners set up for this week and if all goes well, we can have this resolved and back online in 1-2 weeks

-Charlie

bitcoinTrader

sr. member

Activity: 364

Merit: 250

Quote from: evoorhees on February 13, 2012, 12:17:54 AM

Lots of speculation on this, but it seems simple enough to me.

Paxum mentioned Mastercard was part of the discussion, as well as "other banking partners." Those people must understand Bitcoin is a threat. Very easy for them to say, "hey Paxum, please don't work with Bitcoin" and Paxum says, "okay." If it was a new government regulation, they would've pointed to it specifically so as to take the blame off themselves. No such specificity was mentioned, meaning its far more likely an internal policy brought about by pressure from their partners.

An open-source, fee-less payment system must scare the shit out of traditional payment network operators. If it doesn't, then they're not paying attention. Logical and reasonable for Paxum, at the behest of its influential partners, to drop Bitcoin.

As Yankee said... strap in and get to work. This is war.

Edit: just closed my account with them. THAT'LL show 'em.

I also want to close the account.
What is the procedure?

What happens to the document we submitted during registration?

Steve

hero member

Activity: 868

Merit: 1007

As much as it's entertaining to think MasterCard is scared of the competition from Bitcoin, the explanations that it is about the risks involved in allowing the purchase of cash-like things on credit makes sense. It's basically a way to get a cash advance without immediately incurring interest…people can take advantage of the 1 month billing cycle if it were allowed. Still, I think as bitcoin grows, it's likely that at least some banks will take a hostile stance toward bitcoin. They may try to neutralize bitcoin as a competitive threat by cutting it off from the traditional banking system.

Herodes

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Merit: 1000

Good luck in sorting it out!

finway

hero member

Activity: 714

Merit: 500

Quote from: evoorhees on February 13, 2012, 12:17:54 AM

Lots of speculation on this, but it seems simple enough to me.

Paxum mentioned Mastercard was part of the discussion, as well as "other banking partners." Those people must understand Bitcoin is a threat. Very easy for them to say, "hey Paxum, please don't work with Bitcoin" and Paxum says, "okay." If it was a new government regulation, they would've pointed to it specifically so as to take the blame off themselves. No such specificity was mentioned, meaning its far more likely an internal policy brought about by pressure from their partners.

An open-source, fee-less payment system must scare the shit out of traditional payment network operators. If it doesn't, then they're not paying attention. Logical and reasonable for Paxum, at the behest of its influential partners, to drop Bitcoin.

As Yankee said... strap in and get to work. This is war.

Edit: just closed my account with them. THAT'LL show 'em.

I bet you're right.

evoorhees

legendary

Activity: 1008

Merit: 1021

Democracy is the original 51% attack

Lots of speculation on this, but it seems simple enough to me.

Paxum mentioned Mastercard was part of the discussion, as well as "other banking partners." Those people must understand Bitcoin is a threat. Very easy for them to say, "hey Paxum, please don't work with Bitcoin" and Paxum says, "okay." If it was a new government regulation, they would've pointed to it specifically so as to take the blame off themselves. No such specificity was mentioned, meaning its far more likely an internal policy brought about by pressure from their partners.

An open-source, fee-less payment system must scare the shit out of traditional payment network operators. If it doesn't, then they're not paying attention. Logical and reasonable for Paxum, at the behest of its influential partners, to drop Bitcoin.

As Yankee said... strap in and get to work. This is war.

Edit: just closed my account with them. THAT'LL show 'em.

cbeast

donator

Activity: 1736

Merit: 1006

Let's talk governance, lipstick, and pigs.

Quote from: paraipan on February 12, 2012, 11:16:15 PM

Quote from: finway on February 12, 2012, 10:56:19 PM

Quote from: Yankee (BitInstant) on February 12, 2012, 10:40:43 PM

The fact of the matter is, the larger Bitcoin gets the more of a threat it becomes. The people and institutions that share the most to lose will do everything in their power to stop it.

Wether Paxum decides to fold this early is up to them, and I will do everything in my power to keep them on our side.

....This is war boys, stop wining, strap in and get to work.

I guess it is.

acknowledged, back to the battle stations

If that's all they got, the war will soon be over.

paraipan

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Firstbits: 1pirata

Quote from: finway on February 12, 2012, 10:56:19 PM

Quote from: Yankee (BitInstant) on February 12, 2012, 10:40:43 PM

The fact of the matter is, the larger Bitcoin gets the more of a threat it becomes. The people and institutions that share the most to lose will do everything in their power to stop it.

Wether Paxum decides to fold this early is up to them, and I will do everything in my power to keep them on our side.

....This is war boys, stop wining, strap in and get to work.

I guess it is.

acknowledged, back to the battle stations

finway

hero member

Activity: 714

Merit: 500

Quote from: Yankee (BitInstant) on February 12, 2012, 10:40:43 PM

The fact of the matter is, the larger Bitcoin gets the more of a threat it becomes. The people and institutions that share the most to lose will do everything in their power to stop it.

Wether Paxum decides to fold this early is up to them, and I will do everything in my power to keep them on our side.

....This is war boys, stop wining, strap in and get to work.

I guess it is.

Yankee (BitInstant)

legendary

Activity: 1078

Merit: 1000

Charlie 'Van Bitcoin' Shrem

The fact of the matter is, the larger Bitcoin gets the more of a threat it becomes. The people and institutions that share the most to lose will do everything in their power to stop it.

Wether Paxum decides to fold this early is up to them, and I will do everything in my power to keep them on our side.

....This is war boys, stop wining, strap in and get to work.

Topic: Bitinstant- Paxum Temporarily Suspended (Read 13485 times)