

Department of Homeland Security Bans Dwolla Transfers To or From Mt. Gox - dsimmons
https://dl.dropboxusercontent.com/u/6968139/share/screenshots/Screen%20Shot%202013-05-14%20at%203.40.00%20PM.png

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malgorithms
Who here feels their homeland is more secure now?

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mindcrime
No, but I'd feel more secure if DHS was shut down.

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vijayboyapati
So the outcome looks something like this:

1\. holders of dollars at MtGox will buy as many btc as possible and remove
them from MtGox, because there's no other escape for their dollars

2\. holders of btc at MtGox will presumably send them elsewhere because
selling them for dollars doesn't make sense if you can't get the dollars
(although perhaps it still makes sense for euros/pounds/yen etc)

3\. There is a loss of liquidity at Gox from all the btc being pulled from
there

4\. The dollar price at other exchanges starts falling because they are still
exit points for dollars

Most of the trading volume is in dollars at Gox if I'm not mistaken, so this
might be the death blow for them. Although given their history of
incompetence, it was kind of sad the network effect was protecting them.
Perhaps a phoenix will rise from the ashes.

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Zmetta
Dwolla started implementing some policy changes a few weeks ago regarding
Mt.Gox which was a pretty good tell about something bigger coming along. I'm
glad that I took the opportunity to move my funds away from Dwolla at the time
and avoid this mess.

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maresca
Doesn't something like this compel people to use bitcoin more rather than
less?

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aantix
Until BC is accepted as a maintstream exchange, you need a way to liquidate so
that you can actually spend.

I think this dampers the movement, sadly. :(

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dsimmons
This is a big hit to US traders for sure, but there are other ways of
transferring money (albeit not as convenient).

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Torgo
Dwolla was basically free and worked quite fast. International bank transfer
took a bit longer but every transfer cost me about 50 dollars in fees. Luckily
I got my money out before this. I feel sorry for the people way back in the
queue.

I don't blame Dwolla for this at all, but I am tempted to close my account
with them to telegraph that I want my financial tools to push back on these
kinds of things.

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DanBC
What do you think Dwolla should do when given validly formed court orders?

Which particular Dwolla employee do you think should spend time in jail for
contempt of court to satisfy your need for them to push back?

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Torgo
I want them to take their lobbyists, and go to Washington like they already
do, and tell Congress to stop harassing their fucking customers.

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duncan_bayne
And then they'll wind up like this guy:

[http://www.fbi.gov/charlotte/press-
releases/2011/defendant-c...](http://www.fbi.gov/charlotte/press-
releases/2011/defendant-convicted-of-minting-his-own-currency)

