A post on Bitcoin Money blog (@BitcoinMoney) describes how the impact of RBS’s bank systems left its customers in a situation they were not prepared for. The post takes the opportunity to highlight some topics regarding the preparation for the contingency that the banks and others no longer can serve as we might assume they will. Excerpts:
“‘How do you know that this is just a computer glitch and not something more serious, like, for example, the bank being actually bust?’ writes Karl Denninger.”
“If your bank had a problem where suddenly no ATM debit card transactions were possible (or worse), how much of an impact would that have on you and your family?”
‘Regardless of your bank’s solvency, they simply do not and cannot prepare for a surge in the amount of cash withdrawals.”
“We share the idiosyncratic belief that once we start to smell smoke that somehow we will be the lucky ones who can make it out the exit a step ahead before the crowd that might trample us. We can envision the steps for how we would proceed in such a scenario but we have never really practiced the methods to have even a clue if the steps might actually succeed.”
“Does your bank serve requests for larger cash withdrawals or will they take the opportunity to educate you on some policy that they have instituted where even a $2,500 USD withdrawal request will not be honored in full?”
- http://www.bitcoinmoney.com/post/26014446677
All News - Twitter: @BitcoinNews
A new exchange, TradeHill, was launched and brings much to Bitcoin including:
“Deposit funds using domestic bank transfers in: Chile (CLP), Peru (PEN), India (INR) and USD (U.S.) or international (USD) bank transfers”.
“Deposit funds using Dwolla and Liberty Reserve at no additional fee”.
“Withdraw USD (cash out) to PayPal, Dwolla, ACH bank transfer (U.S.), MoneyPak, Liberty Reserve (at 1%), Amazon Payments transfer, Amazon gift card, Green Dot Virtual Prepaid Mastercard, Amazon Virtual Gift Card, Game cards, & more”.
”Commission (fee per-dollar traded) from 0.25% to 0.75%”.
“The exchange’s web site shows copyright TradeHill Co. Ltd. The FAQ describes how the terms of use shall be governed by the laws applicable in the Republic of Chile”.
A followup on this will come when video recorded by @BruceWagner’s OnlyOneTV is available.
- http://www.tradehill.com
- http://twitter.com/TradeHill Twitter
- http://en.bitcoin.it/wiki/TradeHill (article on Bitcoin wiki)
All News
Bitcoin News - Sunday, May 08, 2011
Sunday, May 8th, 2011
- First monthly BitLotto winner receives winnings
The 1 BTC lotto wager paid out 128 BTC. Lottery winner(s) receives 99% of all wagers placed. The winning entry is picked based on the sender’s address. All wagers and the payout are fully auditable in the block chain. Next draw is June 1st. Wagers should only be placed when using the bitcoin client. Wagers from an eWallet (MyBitcoin, Mt. Gox, etc.) cannot win.
- http://www.bitlotto.com
- http://en.bitcoin.it/wiki/BitLotto
- DeepBit pool temporarily reaches critical 50% threshold
“This specific situation is why Bitcoin payments are not considered ‘confirmed’ until enough subsequent blocks have been solved such that there is effectively no chance that that a double spend attempt would be successful.”
- http://www.bitcoinminer.com/post/5328668205
- Work begins on BitFN (Bitcoin Freenet) project
BitFn will transport BitCoin (blockchain, TXes and seeds) over Freenet and other like services. The project’s coordinator, da2ce7, has been fundraising since December. The 800 BTC bounty will cover initial development though additional funds will likely be needed.
- http://www.bitcoin.org/smf/index.php?topic=7181.0
- New Exchange: MeuBitcoin (Brazil)
Fixed-rate exchange (price related to BTC/USD market rate). Payments are sent and received through, MoIP (Money over IP) which transacts using the bank wire network.
- http://www.meubitcoin.com.br
- http://en.bitcoin.it/wiki/MeuBitcoin
- Withdrawal limit at Mt. Gox for those in the EU can now be raised
“People who live in europe and have nationality of a country located in europe can have their daily withdrawal limit (both in EUR and BTC) increased up to 50k$ by providing the required proofs.”
- http://www.bitcoinmoney.com/post/5307524313
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