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As for BTC-e's legal situation, here's my take on it...
The exchange does not operate in Russia. The owners reside in Russia but are not russian citizens.
As it stands, only Russia has taken action. This means that everyone else doesn't have much to worry about. It would be like if Argentina decided to ban MtGox.com. It would only affect argentinians. But, keep in mind that Russia is probably a significant memberbase for BTC-e.
Now, if the Bulgarian government decided to shut down BTC-e, that would be a different issue. But show me an exchange that is 150% certain of their legal status, show me a country that has absolutely no regulatory uncertainty...
On a side note, I love BTC-e's interface. Almost as much as I loved Bitfloor's interface
The exchange does not operate in Russia. The owners reside in Russia but are not russian citizens.
As it stands, only Russia has taken action. This means that everyone else doesn't have much to worry about. It would be like if Argentina decided to ban MtGox.com. It would only affect argentinians. But, keep in mind that Russia is probably a significant memberbase for BTC-e.
Now, if the Bulgarian government decided to shut down BTC-e, that would be a different issue. But show me an exchange that is 150% certain of their legal status, show me a country that has absolutely no regulatory uncertainty...
On a side note, I love BTC-e's interface. Almost as much as I loved Bitfloor's interface
That is not correct, the all mess with btc-e is not about ban or something. They are suspecting exchange of money laundering and terror funding, thats a big issue. I have no doubt this have to do nothing with reality of course, but in Russia no one cares. If you see news like this one, that means they want them really bad for some reason.
If BTC-E will have problems, then it will also hit hard on LTC price, since it's the biggest market for LTC.
I converted my LTC to BTC and transfered to stamp. I have always been nervous on keeping money in BTC-E, because their lack of transparency. They have a great interface and engine, but sadly I don't trust people that I know very little of. So, their confidence that everything will be fine won't make me very confident. Suffered a small loss because of this move, but I think that it was necessary to avoid the risk. I'm afraid that LTC price will drop more and there will be a lot of FUD, before it's known if BTC-E is in fact in trouble.
I converted my LTC to BTC and transfered to stamp. I have always been nervous on keeping money in BTC-E, because their lack of transparency. They have a great interface and engine, but sadly I don't trust people that I know very little of. So, their confidence that everything will be fine won't make me very confident. Suffered a small loss because of this move, but I think that it was necessary to avoid the risk. I'm afraid that LTC price will drop more and there will be a lot of FUD, before it's known if BTC-E is in fact in trouble.
Lack of transparency is kind of an invalid point, given that the creator of Bitcoin is just as anonymous as the owners of BTC-E...
Unfortunately btc-e is not decentralized as bitcoin is. Lack of transparency is best choice for them otherwise they wouldnt last so long.
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
no significant movement on btc-e, so our russian+bulgarian+cypriotic friends not impressed of that fud
they understand all things correctly. It's normal and pretty usual for Russian businesses to be legally registered outside of fucking Pootie's house.
There is not much difference about company jurisdiction. It`s not a big secret that btc-e owners/operators are russians, guess why russian LE are first one to pay attention to them with real legal case? Because they know it.
Those news are really bad for btc-e. The case was started by prosecutors of Volgograd city where 2 terror acts taken place before the NY. Right after that we see pushing the law for limiting of anonymous payments which immediately caused huge losses to payment companies like QIWI (NASDAQ:QIWI) stock dropped 20%. Next we have a letter from russian central bank calling bitcoin a money surrogate and basically outlawing any kind of it`s exchange, noting that this might be suspected as financing of terrorism. The new legal case just take those words as a rule and now we have it. In Russia any mention of terror is being taken very seriously, so i have no doubt the idea is clear - they have to shutdown btc-e. I give alot of respect to those guys who operate this exchange that they are still keep working and didnt shutdown like metabank.ru did, but they are playing very dangerous games. If owners are captured, there is no guarantee that anyone will see their funds because the way they do business is illegal and there`s a big chance of seized coins/funds are being "lost" as it usually happens in Russia. I'm not about a spreading FUD here but those are all facts and country specific things you can confirm with anyone who did business in this country. I personally feel very disappointed about such actions taken place but this all gives a clear message that there`s no bright bitcoin story in Russia at least in nearest time.
Show me where it says that owners are Russian? Then even if they're Russian, show me that they're located/operate out of Russia? Stop spreading FUD or on ignore list you go.
Did all the trolls from btc-e got scared that their trollbox will close so they're running to here?
Exactly thats why you wont read it anywhere, you just cannot run such type of business and dont keep anonymous. But you might believe they run a legal cypriout/bulgarian business with all AML/KYC taken place. The truth is if they would be outside of Russia - they`d be already captured by FBI or Interpol for money laundering.
It is confirmed now though BTC-e denies wrongdoing and they increased transaction fees, it looks like BTC China scenario. Coindesk article about BTC-e: http://www.coindesk.com/btc-e-concerns-russian-criminal-investigation/
It`s the only exchange that have zero AML/KYC, there`s no way they can operate legally, even in Russia. If you have a legal case against you, you`re literally done. Thats how it works in this country. BTC China had a funding problems, not a fraud and money laundering legal case, you cant compare that.
Thats true and it`s bad as it might sound but btc-e admins have balls to keep this exchange running. Can only hope now they dont decide to shutdown the worst way it could possibly happen.
I'm more afraid of BTC-e users panic and following stampede. Any Russians here to verify article?
I`m russian so i can confirm, i wrote my on view on it in observer thread
https://bitcointalk.org/index.php?topic=178336.msg4920003#msg4920003
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
no significant movement on btc-e, so our russian+bulgarian+cypriotic friends not impressed of that fud
they understand all things correctly. It's normal and pretty usual for Russian businesses to be legally registered outside of fucking Pootie's house.
There is not much difference about company jurisdiction. It`s not a big secret that btc-e owners/operators are russians, guess why russian LE are first one to pay attention to them with real legal case? Because they know it.
Those news are really bad for btc-e. The case was started by prosecutors of Volgograd city where 2 terror acts taken place before the NY. Right after that we see pushing the law for limiting of anonymous payments which immediately caused huge losses to payment companies like QIWI (NASDAQ:QIWI) stock dropped 20%. Next we have a letter from russian central bank calling bitcoin a money surrogate and basically outlawing any kind of it`s exchange, noting that this might be suspected as financing of terrorism. The new legal case just take those words as a rule and now we have it. In Russia any mention of terror is being taken very seriously, so i have no doubt the idea is clear - they have to shutdown btc-e. I give alot of respect to those guys who operate this exchange that they are still keep working and didnt shutdown like metabank.ru did, but they are playing very dangerous games. If owners are captured, there is no guarantee that anyone will see their funds because the way they do business is illegal and there`s a big chance of seized coins/funds are being "lost" as it usually happens in Russia. I'm not about a spreading FUD here but those are all facts and country specific things you can confirm with anyone who did business in this country. I personally feel very disappointed about such actions taken place but this all gives a clear message that there`s no bright bitcoin story in Russia at least in nearest time.
Can you explain security behind this project? I might guess you control actual users bitcoin wallets and android users control them over api. How this can mitigate an evil gateway attack scenario? Why you would choose such kind of gateways instead of paid sms gateways with local numbers. Thank you