Late this afternoon, Bitcoin suffered from another serious setback, as the network’s most popular exchange, Mt. Gox, collapsed thanks to a hacked account. The unknown hacker(s) made an enormous sale of bitcoins from the compromised account, causing the price of the currency to fall from $17.5 to just pennies in a matter of minutes.
Dwolla Begins PayPal-Style Account Suspensions - "Dwolla has moved beyond closing the accounts of those it can prove are operating unlicensed [Bitcoin] exchanges and has begun closing the accounts of private individuals based on a mere affiliation."
"When PayPal permanently limits an account due to an Acceptable Use Policy violation, it is the company's policy to hold the funds for a period of 180 days. Once the 180-day timeframe has elapsed, 3 things can happen: 1) The funds are returned to the account holder; 2) A court or government can seize the funds or 3) The funds remain in the PayPal account." Reading AuctionBytes Blog: PayPal and Amazon Become Part of Wikileaks Controversy
when the Sowers earned over $10,000 in February, and learned they’d have to fill out paperwork at the bank for such large deposits, they simply rolled the deposits over to keep them below that amount, rather than waste time on bureaucratic red tape.
Structuring explains Overlawyered.com, is the federal criminal offense of splitting up bank deposits so as to keep them under a threshold such as $10,000 above which banks have to report transactions to the government.
Bitcoin allows Iranians to store their wealth digitally where the currency police can’t seize it, and most importantly it allows them, at the individual level, to skirt US sanctions and maintain an economic connection to the outside world. When US sanction against Iraq killed an estimated 1 million innocent civilians in the 90s it’s easy to see how important that is.
French economist Frederic Bastiat once said, “If goods don t cross borders, armies will.” I suggest that when States can no longer prevent goods from crossing borders, armies won’t.
WinPoker.com, on the iPoker network, is adding Bitcoin support for deposits and withdrawals, pokerfuse can exclusively reveal. It is the first time a poker room on any major online poker network has added first-class Bitcoin support to the cashier. Deposits can be made by sending BTC directly through the cashier on the WinPoker website to the room’s Bitcoin wallet. As soon as the system receives the funds—typically within ten minutes—the money will be credited to the player’s account. If players store their wallets on smartphones, depositing can be as simple as scanning a QR code.
Users of electronic cash protocol Bitcoin might soon have another way to access and spend funds...Charlie Shrem...revealed that his company was 6-8 weeks away from launching a Bitcoin-funded international debit / credit card that will be issued by two unnamed major banks: one international and one domestic...the card will function like a regular debit or credit account and should be accepted wherever MasterCard is accepted – virtually everywhere. The first 1,000 cards will be given away for free but after those have been spoken for, expect to pay around $10 for a card.
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