Would think Dwolla accounts associated with the Mt. Gox Wells Fargo business account for Mutum Sigillum LLC...
To be honest, I won some free coins over at SWC and sold twice recently. Once via a GDMP to someone on seals, no problems, than yesterday opened a Coinbase.com account, sent the chips from SWC over to Coinbase, and than sold for PayPal via a site called Fastcash4bitcoins.
All within a matter of 12 hours. It was all so very easy. Time from sending off seals to landing in my PayPal account was less than 12 hours total. So it really is very easy to get your cash from SWC chips.
Although I do agree with you, in terms of how the people running seals go, that is dealing with a whole different animal.
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That's correct, but again, on SWC you're not cashing out USD, you're cashing out BTC.
The pcoin example again is where everyone is failing on this. BTC isn't something you just buy, BTC is something that is mined. It's little pieces of computer code that is generated and solved.
It's like saying I posted several notepad files online that was encrypted that says "Hello World" and said whoever can solve the encryption on this first it's officially yours. Then someone decided to gamble with them.
There's nothing there, it's just a file on a computer on a server somewhere in the world.
Would like more info on this. On a whim on 5/12 I deposited $1,500 in to my Dwolla account for the first time. It was expected to clear on 5/15, but then on 5/15 the expected clearing date got pushed back. The money still has not been taken out of my Wells Fargo account and on Dwolla it now says "Expected clearing date: 5/20/2013 5:00 PM CST". Maybe I should call up Wells Fargo and ask them to make sure it doesn't get processed?
Right, and in my example you are cashing out pcoins and not usd. You then take your pcoins to an "exchange" and get usd or whatever currency you want for them. Same as you would do for bitcoins.
I dont understand why since it is "mined" and is a piece of code that makes any difference. What if you gave pcoins a value based on silver prices then would it be ok? Silver like bitcoins is not a government approved currency (unless the Silver is put into US treasury approved coin form) .
So now PokerStars takes pcoins backed by silver (which is a lot more stable than bitcoins) so can we now allow the US players back onto the site? The players can simply take their pcoins to an exchange and trade their pcoins for usd based on silver prices.
There is a reason why we dont have bank accounts in the US backed by gold/silver bullion even though there is a demand for it. The US government wont allow it. The US governments hates alternative currencies and will use every law they can find to stop it.
The DOJ works much like the IRS in that they seize and then ask questions later (even if they are wrong). I think it is incredibly naive to think that Micon has nothing to worry about.
[QUOTE=cmoney;150119][QUOTE=anonamoose;150110]
The DOJ works much like the IRS in that they seize and then ask questions later (even if they are wrong). I think it is incredibly naive to think that Micon has nothing to worry about.[/sQUOTE]
The DOJ get 100% the scam. This whole .EU and Bitcoins is absolutely laughable. You have a guy basically breaking the law and throwing it in the face of the DOJ. They have thrown people in jail for online poker and said don't do it again. Some people learn the hard way. You just can't openly break the law and flaunt it and expect you will not have a knock at the door.
I suspect SWC is in the clear. The government will clamp down on the exchanges that allow the BTC<->USD conversions.
The pcoins example would be the same, Pokerstars could do this, but if they also covert pcoins to USD, that would be a problem.
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You're assuming too much here.
First, your pcoin example is way off, because you can ONLY PURCHASE them. This is 100% different than BTC. You're comparing apples to airplanes.
Second, you're assuming that people are purchasing the BTC with USD, you don't know that and can't prove that. For all you know all these people have mined all the BTC entirely for free. Go ahead show me a transaction for USD with any of the BTC on SWC. You can't. You can trace what addresses send BTC to where, but you will not find anything that dictates those BTC are ever traded for USD or any other currency.
Third, again you're comparing two things, gold and silver, to BTC. These are entirely different things.
You're drawing too many comparisons that aren't relevant and assuming way too many things that aren't there.
I hope that's a bit of a stretch. I stopped using dwolla when they started "verifying" accounts by requiring among other things as i recall ssn's. There has been $15 sitting in my account forever. I couldn't imagine how they could go after the thousands in my bank account. If they did, it would be blatant tyranny by our gov't. What did I do aside from buying a few btc's? If they did, I'd be one of the thousands to counter sue 'cause of the money involved. In that scenario, I don't think they'd have enough lawyers to defend their actions.
Doesn't matter if there are USD involved. There is a currency/cash equivalent involved. Zynga chips can't be exchanged back in for cash. Bitcoins can. SWC is definitely against the law in the US and any of its owner/operator/promoters could get in serious trouble especially if they are Americans.
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You're usually a smar poster but you are so completely wrong here. I can't believe I'm saying this but bottomfag is right.
Bitcoins are a cash equivalent, like casino chips or bearer bonds. Zynga chips and Chucky Cheese tokens are. It cash equivalents because they are not freely convertible to cash even though they can be purchased. For American citizens, operating or owning or sharing in the profits of a gambling site (where people can potentially win cash or cash equivalents) is illegal EVEN if that site does not take US players and EVEN if the site is licensed in some other country. The only exception is owning 5% or less of a public company like 888. I was considering investing in a site but once I did my research I called off the dogs. Micon is living on borrowed time.
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