Well what are the exchanges going to use, a big mattress? We don't need banks but to cut checks and do wire transfers, they need em.
That's obvious, if you wanna fiat currency you'll need banks. Bitcoin does not need banks.
Topic: TRADEHILL BANK ACCOUNTS FROZEN!!!! (Read 3498 times)
That's obvious, if you wanna fiat currency you'll need banks. Bitcoin does not need banks.
Well what are the exchanges going to use, a big mattress? We don't need banks but to cut checks and do wire transfers, they need em.
Yes, and they are the crooks who invented Visa and they probably now recognize that bitcoin is a direct competitor, therefore expect them to do everything in their enormous power to kill bitcoin.
They may be the ones causing the current pricing upheaval as they certainly have both motive and ability.
You raise a very interesting point.
If and when the banks come to realise that Bitcoin is a competitor to their whole way of existence, how long before they refuse to to business with anyone buying and selling Bitcoins?
What value will an alternative currency be that you can't exchange for dollars?
You don't need banks to exchange for bitcoins, in fact, you can't do it now through them.
Yes, and they are the crooks who invented Visa and they probably now recognize that bitcoin is a direct competitor, therefore expect them to do everything in their enormous power to kill bitcoin.
They may be the ones causing the current pricing upheaval as they certainly have both motive and ability.
You raise a very interesting point.
If and when the banks come to realise that Bitcoin is a competitor to their whole way of existence, how long before they refuse to to business with anyone buying and selling Bitcoins?
What value will an alternative currency be that you can't exchange for dollars?
Wires are going out as I write this.
Checks are in the mail (bank is sending them).
Maybe BofA will come around but if not we'll work with banks who are willing to deal with Bitcoin.
It took a while to find some but they're out there. Time well spent.
Thanks for everyone's patience in dealing with this.
Jered
Checks are in the mail (bank is sending them).
Maybe BofA will come around but if not we'll work with banks who are willing to deal with Bitcoin.
It took a while to find some but they're out there. Time well spent.
Thanks for everyone's patience in dealing with this.
Jered
hmm well that explains what happened to their bank transfer option for buying BTC 
well, most people don't know this but banks share a lot of info to avoid fraud and if your account receives too many wires from other people's accounts that are later reported as stolen, they freeze yours pending an investigation. If they act like Paypal, you are permanently screwed. If they act like reasonable people, they investigate you once and find out you're not involved in anything illegal and didn't know the accounts were compromised then basically make you immune to freezing in the future.
well, most people don't know this but banks share a lot of info to avoid fraud and if your account receives too many wires from other people's accounts that are later reported as stolen, they freeze yours pending an investigation. If they act like Paypal, you are permanently screwed. If they act like reasonable people, they investigate you once and find out you're not involved in anything illegal and didn't know the accounts were compromised then basically make you immune to freezing in the future.
They screwed me back in the early 90's and I hate BoA so bad I refuse to do business with them in any way or form. In a way I'm glad they pulled this shit so you can find a better bank to deal with.
Bank of America are also the ones that hired a private firm to come up with a strategy to sabotage and/or discredit Wikileaks. They were heavily involved in the fraudulent Mortgage Default swaps and are still in the news frequently for being one of the banks that did not fill their legal obligations to produce paperwork determining their ownership of mortgages. (In other words they have no legal right to foreclose on may of their mortgages.)
They only still exist because of the Bank Bailout and many sensible Americans will not do business with them.
They only still exist because of the Bank Bailout and many sensible Americans will not do business with them.
I gladly left Bank of America in 2005 and will probably never return.
I left them in 2008. They really attempted to screw me.
Bank of America are also the ones that hired a private firm to come up with a strategy to sabotage and/or discredit Wikileaks. They were heavily involved in the fraudulent Mortgage Default swaps and are still in the news frequently for being one of the banks that did not fill their legal obligations to produce paperwork determining their ownership of mortgages. (In other words they have no legal right to foreclose on may of their mortgages.)
They only still exist because of the Bank Bailout and many sensible Americans will not do business with them.
They only still exist because of the Bank Bailout and many sensible Americans will not do business with them.
I gladly left Bank of America in 2005 and will probably never return.
Bank of America are also the ones that hired a private firm to come up with a strategy to sabotage and/or discredit Wikileaks. They were heavily involved in the fraudulent Mortgage Default swaps and are still in the news frequently for being one of the banks that did not fill their legal obligations to produce paperwork determining their ownership of mortgages. (In other words they have no legal right to foreclose on may of their mortgages.)
They only still exist because of the Bank Bailout and many sensible Americans will not do business with them.
They only still exist because of the Bank Bailout and many sensible Americans will not do business with them.
FOREX trades are required to settle by day T+2. Bitcoin "exchanges" should be held to the same standard. If the money hasn't shown up on day 3, assume they're crooks.
I assume Bank of America are crooks.
Yes, and they are the crooks who invented Visa and they probably now recognize that bitcoin is a direct competitor, therefore expect them to do everything in their enormous power to kill bitcoin.
They may be the ones causing the current pricing upheaval as they certainly have both motive and ability.
Forex has the advantage of being an established industry. When I talk to banks I'm upfront and clear about what Bitcoin is. I've spoken to more than 20 banks in the last week and 15 said "no" when I explained what we do. I worry that other Bitcoin businesses just open a business account under "online retail" or something like that and are asking for trouble down the road. If you sell Alpaca socks for Bitcoin that's fine, if you're an exchange / e-wallet or something else based on Bitcoin then you're not being 100% honest with the bank and that can easily come back to get you later.
With that being said we've got a few banks that are willing to work with us and one is already up, the others should be very soon. There is a good possibility that as Bitcoin becomes more defined and regulated this will get a lot easier or it may become more difficult. I've spent a lot of time the last two weeks explaining how this works and why it's not just for buying drugs. Paving this road will benefit the businesses that follow but it's not fun.
Updates soon.
Jered
With that being said we've got a few banks that are willing to work with us and one is already up, the others should be very soon. There is a good possibility that as Bitcoin becomes more defined and regulated this will get a lot easier or it may become more difficult. I've spent a lot of time the last two weeks explaining how this works and why it's not just for buying drugs. Paving this road will benefit the businesses that follow but it's not fun.
Updates soon.
Jered
Bitcoin is built to be unregulatable.
I'm glad you're getting this fixed up.
Forex has the advantage of being an established industry. When I talk to banks I'm upfront and clear about what Bitcoin is. I've spoken to more than 20 banks in the last week and 15 said "no" when I explained what we do. I worry that other Bitcoin businesses just open a business account under "online retail" or something like that and are asking for trouble down the road. If you sell Alpaca socks for Bitcoin that's fine, if you're an exchange / e-wallet or something else based on Bitcoin then you're not being 100% honest with the bank and that can easily come back to get you later.
With that being said we've got a few banks that are willing to work with us and one is already up, the others should be very soon. There is a good possibility that as Bitcoin becomes more defined and regulated this will get a lot easier or it may become more difficult. I've spent a lot of time the last two weeks explaining how this works and why it's not just for buying drugs. Paving this road will benefit the businesses that follow but it's not fun.
Updates soon.
Jered
With that being said we've got a few banks that are willing to work with us and one is already up, the others should be very soon. There is a good possibility that as Bitcoin becomes more defined and regulated this will get a lot easier or it may become more difficult. I've spent a lot of time the last two weeks explaining how this works and why it's not just for buying drugs. Paving this road will benefit the businesses that follow but it's not fun.
Updates soon.
Jered
FOREX trades are required to settle by day T+2. Bitcoin "exchanges" should be held to the same standard. If the money hasn't shown up on day 3, assume they're crooks.
Well, since you know what T+2 means, I guess I'm sorta wondering why you don't also know what "settle" means.
This must be affecting their paxum trasfers as well. I've been waiting 3 days for a transfer from TradeHill to Paxum. Emailed TradeHill twice about it, but still haven't gotten any response.
FOREX trades are required to settle by day T+2. Bitcoin "exchanges" should be held to the same standard. If the money hasn't shown up on day 3, assume they're crooks.
I assume Bank of America are crooks.
Bunch Of A...?
FOREX trades are required to settle by day T+2. Bitcoin "exchanges" should be held to the same standard. If the money hasn't shown up on day 3, assume they're crooks.
I assume Bank of America are crooks.
I have just received an email from tradehill stating that their bank account was frozen. I have a wire transfer comming to me via their account.
I guess I wont be getting it any time soon.
I have btc and paxum still. I need the money ASAP.
What can I do?
I guess I wont be getting it any time soon.
I have btc and paxum still. I need the money ASAP.
What can I do?
Hi Lucifer,
As shown in our blog post, BOA was activating and deactivating our accounts this week sporadically. We have chosen not to use BOA anymore. We will have several other accounts available soon.
You emailed us and we are finding a way to get you the money quickly.
We regret having to switch from BOA because up till now they have been really good.
Regards,
TradeHill
FOREX trades are required to settle by day T+2. Bitcoin "exchanges" should be held to the same standard. If the money hasn't shown up on day 3, assume they're crooks.
I have just received an email from tradehill stating that their bank account was frozen. I have a wire transfer comming to me via their account.
I guess I wont be getting it any time soon.
I have btc and paxum still. I need the money ASAP.
What can I do?
I guess I wont be getting it any time soon.
I have btc and paxum still. I need the money ASAP.
What can I do?
You again?
He's not the only one waiting. I've been waiting since Monday for my wire withdrawal. I hope they get this sorted soon, because the longer this goes on for the more serious this situation becomes.
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