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    Author Topic: We're under attack  (Read 9937 times)
    genjix (OP)
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    October 24, 2011, 11:03:33 AM
    Last edit: October 24, 2011, 11:35:45 AM by genjix
     #1

    Synopsis:

    - MTGox EUR and GBP accounts have been closed.
    - Intersango GBP (our EUR account remains) were suddenly terminated overnight.
    - TradeHill EUR bank account was closed.
    - ExchangeBitcoins closes suddenly (might be unrelated).

    Solutions:

    Not having exchanges for bitcoin is a bad thing, and will destroy confidence in the currency if don't believe that you'll be able to exchange your bitcoins for fiat in the future.

    Other solutions to this crisis are hard to come by. An idea is accepting cash vouchers, however to accept them is no easy task. Working with card payments is infeasible as they're reversible and VISA/MASTERCARD would never stand for supporting competing businesses.

    WOT systems are nice, but they fail to scale beyond a few dozen users and are ripe to be gamed by scammers. WOT also doesn't have much liquidity as you have to be pro-active in deducing the market-rate to find appropriate orders.

    This is barely worthy of being called an attack, this is just bitcoin hitting up against pre-existing banking regulations and failing to sneak under the radar of broader financial protections put in place to protect consumers, stop laundering etc. (and arguably also designed to protect existing commercial interests)
    A real attack would be regulators specifically moving against bitcoin.

    Someone in the EU commanded for a bunch of EUR and GBP accounts in 4 different countries to be shut-down in under a week after being open for 6+ months.
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