Bitinstant- Paxum Temporarily Suspended - page 2.

bitcool

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Live and enjoy experiments

Quote from: paraipan on February 12, 2012, 05:43:31 PM

me thinks the banks have all of us by the balls Cry

Not all banks in all countries are the same, some are more open minded than others.
Don't forget about local and community currencies, even many states have started planing their own gold/silver backed currencies....
The train has left the station, they can't stop it.

BitPay Business Solutions

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Quote from: paraipan on February 12, 2012, 05:43:31 PM

me thinks the banks have all of us by the balls Cry

that's what the banks think. it will just drive more people to hold onto the bitcoins and not sell them.

paraipan

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Quote from: ArticMine on February 12, 2012, 05:39:37 PM

Quote from: paraipan on February 12, 2012, 05:30:54 PM

maybe they we're force to make a deal if they wanted to have that scraped...

I would not be surprised if Paxum had to make more than one deal in order to keep their merchant account.

me thinks the banks have all of us by the balls Cry

ArticMine

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Quote from: paraipan on February 12, 2012, 05:30:54 PM

maybe they we're forced to make a deal if they wanted to have that scraped...

I would not be surprised if Paxum had to make more than one deal in order to keep their merchant account.

paraipan

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Quote from: ArticMine on February 12, 2012, 05:26:20 PM

I searched the FINTRAC site http://www.fintrac-canafe.gc.ca/intro-eng.asp for Bitcoin and found one reference http://www.fintrac-canafe.gc.ca/publications/watch-regard/2011-10-eng.asp from April - June 2011. The section on Bitcoin starts with

" Bitcoins: a new anonymous digital currency and a potential vehicle for criminals to transfer money: According to investigators, an emerging digital currency named "Bitcoin", intended to allow people to send money without the use of payment processors or other financial institutions, could also be a method used by criminals to make anonymous international transactions. ..."

The question is why now? Since this advisory Paxum started accepting Credit Cards as a funding source in November 2011, and I suspect that latter has a lot more to do with their decision to close Bitcoin related accounts than a 7 month old FINTRAC advisory. It is a lot easier to spread FUD about Bitcoin than to admit they were breaking Credit Card processing rules.

maybe they we're forced to make a deal if they wanted to have that scraped...

ArticMine

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I searched the FINTRAC site http://www.fintrac-canafe.gc.ca/intro-eng.asp for Bitcoin and found one reference http://www.fintrac-canafe.gc.ca/publications/watch-regard/2011-10-eng.asp from April - June 2011. The section on Bitcoin starts with

" Bitcoins: a new anonymous digital currency and a potential vehicle for criminals to transfer money: According to investigators, an emerging digital currency named "Bitcoin", intended to allow people to send money without the use of payment processors or other financial institutions, could also be a method used by criminals to make anonymous international transactions. ..."

The question is why now? Since this advisory Paxum started accepting Credit Cards as a funding source in November 2011, and I suspect that latter has a lot more to do with their decision to close Bitcoin related accounts than a 7 month old FINTRAC advisory. It is a lot easier to spread FUD about Bitcoin than to admit they were breaking Credit Card processing rules.

BitPay Business Solutions

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Quote from: Serge on February 12, 2012, 04:59:12 PM

Tony, I think adult biz simply is not ready yet to embrace Bitcoin.

They have a natural distrust of payment processors, I understand that whole mess.

But the benefits of being open source should get some attention, you would think?

By the way, we met Steve in Vegas. nice guy.

Serge

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Quote from: BitPay Business Solutions on February 12, 2012, 04:44:58 PM

good point Serge. i do post there, but I'm really surprised how that crowd is so anti-bitcoin.

They are also very supportive of Paxum on that thread. Most of the webmasters I know would like to get away from Visa/MC and their stupid rules and fees if they could.

Tony, I think adult biz simply is not ready yet to embrace Bitcoin.

In regard to Paxum news - it's not good news personally for me as it was the most convenient method for me to move funds to bitcoin exchanges, but I do respect their decision or better put, them being pressured by their banking partners to discontinue service related with bitcoin exchanges, it's a loss for Paxum as well for bitcoin community. Hopefully they will be able to overcome their bitcoin hurdles with their banking partners in the future.

BitPay Business Solutions

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good point Serge. i do post there, but I'm really surprised how that crowd is so anti-bitcoin.

They are also very supportive of Paxum on that thread. Most of the webmasters I know would like to get away from Visa/MC and their stupid rules and fees if they could.

Serge

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Quote from: BitPay Business Solutions on February 12, 2012, 03:54:42 PM

Quote from: Maged on February 12, 2012, 03:53:18 PM

Quote from: nmat on February 12, 2012, 10:29:13 AM

Official statements:
http://gfy.com/showpost.php?p=18753403&postcount=1
http://gfy.com/showpost.php?p=18753657&postcount=22

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.

they would rather post on a forum that calls itself gofuckyourself

classy, Paxum, real classy

with all due respect, the board name has nothing to do with it. there are simply more threads and discussion about paxum service among members of that board than it's been here. also by your logic you having account on that board isn't classy too by association. stupid comment.

ArticMine

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Quote from: BitPay Business Solutions on February 12, 2012, 03:54:42 PM

Quote from: Maged on February 12, 2012, 03:53:18 PM

Quote from: nmat on February 12, 2012, 10:29:13 AM

Official statements:
http://gfy.com/showpost.php?p=18753403&postcount=1
http://gfy.com/showpost.php?p=18753657&postcount=22

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.

they would rather post on a forum that calls itself gofuckyourself

classy, Paxum, real classy

I say good riddance. For reasons I mentioned in this thread https://bitcointalksearch.org/topic/tradehill-paxum-no-longer-working-with-bitcoin-exchanges-63521 It appears that Paxum is breaking long standing Credit Card rules by funding accounts as a purchase via Credit Card http://m.gfy.com/showthread.php?t=1046879&page=2 and then allowing the withdrawal of said funds as a cash advance via a debit card. https://www.paxum.com/payment/faq.php?view=views/faq.xsl

bitcool

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Live and enjoy experiments

Paxum does a lot of things that do not make sense. Never liked them, nonsensical business practice and stupid reps.

BitPay Business Solutions

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Quote from: Maged on February 12, 2012, 03:53:18 PM

Quote from: nmat on February 12, 2012, 10:29:13 AM

Official statements:
http://gfy.com/showpost.php?p=18753403&postcount=1
http://gfy.com/showpost.php?p=18753657&postcount=22

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.

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

classy, Paxum, real classy

Maged

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Quote from: nmat on February 12, 2012, 10:29:13 AM

Official statements:
http://gfy.com/showpost.php?p=18753403&postcount=1
http://gfy.com/showpost.php?p=18753657&postcount=22

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.

cbeast

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Let's talk governance, lipstick, and pigs.

Quote from: Steve on February 12, 2012, 12:56:40 PM

"We had been in discussions with our banking partners, Mastercard and our auditors for the last couple of weeks, and on Friday our banking partners ended the discussions with us and stated that it was too much of a potential risk to continue doing business with Bitcoin and Bitcoin Exchangers and instructed us to close all Bitcoin-related accounts." --RuthB of Paxum

Yes, the potential risk is to MasterCard's business model. Grin

It's kinda funny. My dad was involved with the development of Master Charge. He commented that Bitcoin seems to be the next and very much needed change in money generation.

Steve

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"We had been in discussions with our banking partners, Mastercard and our auditors for the last couple of weeks, and on Friday our banking partners ended the discussions with us and stated that it was too much of a potential risk to continue doing business with Bitcoin and Bitcoin Exchangers and instructed us to close all Bitcoin-related accounts." --RuthB of Paxum

Yes, the potential risk is to MasterCard's business model. Grin

BitPay Business Solutions

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Now that Dwolla has $5 million in funding from wall street, will they decide they no longer need the bitcoin business either?

source: http://www.americanbanker.com/issues/177_26/dwolla-raises-5-million-venture-funding-1046408-1.html

finway

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Sorry to hear that.

matonis

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Quote from: cbeast on February 12, 2012, 10:37:05 AM

Quote from: nmat on February 12, 2012, 10:29:13 AM

Official statements:
http://gfy.com/showpost.php?p=18753403&postcount=1
http://gfy.com/showpost.php?p=18753657&postcount=22

What could they be afraid of? Grin

Part of it I don't understand, because the banks for CryptoXchange and others still take face-to-face deposits at US banks and those are known cash deposits for bitcoin. In Canada, I think it's a soft warning from regulators because of what the Paxum banking partners may think they'll be encountering in the near future. My analysis is here: http://themonetaryfuture.blogspot.com/2012/02/paxum-exits-from-bitcoin-business.html

cbeast

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Let's talk governance, lipstick, and pigs.

Quote from: nmat on February 12, 2012, 10:29:13 AM

Official statements:
http://gfy.com/showpost.php?p=18753403&postcount=1
http://gfy.com/showpost.php?p=18753657&postcount=22

What could they be afraid of? Grin

Topic: Bitinstant- Paxum Temporarily Suspended - page 2. (Read 13542 times)