Paxum Ceases Business With Bitcoin - GoFuckYourself.com

RuthB · 02-11-2012, 05:25 PM

Over the course of the last two weeks, Paxum has been in communication with our banking partners, Mastercard, and our auditors to evaluate the best interests of Paxum (and its clients) in relation to Bitcoin.

After much discussion and consideration it has been decided that, though Bitcoin's are not illegal, they are considered high risk. At Paxum we do not want to jeopardize our clients, or our business model, in any way. In light of that, and after considerable consultation, we have chosen to take the pro-active step of ceasing all business with Bitcoin and Bitcoin Exchangers.

This situation has also been discussed with Bitcoin Exchangers, who completely understand the motives behind this decision.

Thank you for your time.

vdbucks · 02-11-2012, 05:26 PM

Quote:

Originally Posted by RuthB

Over the course of the last two weeks, Paxum has been in communication with our banking partners, Mastercard, and our auditors to evaluate the best interests of Paxum (and its clients) in relation to Bitcoin.

After much discussion and consideration it has been decided that, though Bitcoin's are not illegal, they are considered high risk. At Paxum we do not want to jeopardize our clients, or our business model, in any way. In light of that, and after considerable consultation, we have chosen to take the pro-active step of ceasing all business with Bitcoin and Bitcoin Exchangers.

This situation has also been discussed with Bitcoin Exchangers, who completely understand the motives behind this decision.

Thank you for your time.

Adult is high risk too.....

RuthB · 02-11-2012, 05:31 PM

Quote:

Originally Posted by vdbucks

Adult is high risk too.....

Adult is not a high risk non-legalized currency.

vdbucks · 02-11-2012, 05:31 PM

Quote:

Originally Posted by RuthB

Adult is not a high risk non-legalized currency.

And your site really didn't get hacked... oh, wait...

ZeroHero · 02-11-2012, 05:33 PM

I CAN Exchange BitcoinS WITH MY PAXUM FUNDS, AS I READ FAST RIGHT?

porno jew · 02-11-2012, 05:36 PM

Abbie · 02-11-2012, 05:39 PM

I'm just curious because I am actively learning more and more about bitcoin, but what makes it so "high risk"?

SlutsBukkake · 02-11-2012, 06:01 PM

Quote:

Originally Posted by Abbie

I'm just curious because I am actively learning more and more about bitcoin, but what makes it so "high risk"?

volatility and liquidity are big issues with BC's. Although TBH from Paxums perspective i dont see why they would need to be holding any as such meaning they would be position neutral.

biggest risk would be movingthe market if they had to buy a load to pay out a user (ie liquidity risk)

porno jew · 02-11-2012, 06:04 PM

odd they did that the same time as the password resets.

L-Pink · 02-11-2012, 06:06 PM

bitcoins ... lol

See Cig · 02-11-2012, 06:21 PM

so someone hacked the hell out of some paxum accounts and bought a shit load of bitcoins with the $ and thats that.
seems like what im reading... anyone else gettin the same?

vdbucks · 02-11-2012, 06:23 PM

Quote:

Originally Posted by See Cig

so someone hacked the hell out of some paxum accounts and bought a shit load of bitcoins with the $ and thats that.
seems like what im reading... anyone else gettin the same?

Pretty much what it sounds like to me. Too many things happening all at once for them not to be connected.

It's too bad the guys at Paxum had to lie about it though... because as time goes on, the truth becomes more and more obvious.

JFK · 02-11-2012, 06:40 PM

interesting development

AllAboutCams · 02-11-2012, 06:44 PM

helterskelter808 · 02-11-2012, 06:48 PM

Bitcoin is high risk? Is it operated by inept clowns and/or penis pill peddlers or something?

lucas131 · 02-11-2012, 06:50 PM

so what is behind all of this? or is saturday the best day to discuss and take steps like that?

suesheboy · 02-11-2012, 06:53 PM

Quote:

Originally Posted by helterskelter808

Bitcoin is high risk? Is it operated by inept clowns and/or penis pill peddlers or something?

Lol

CaptainHowdy · 02-11-2012, 06:54 PM

Have a great weekend everyone ...

mikke · 02-11-2012, 07:02 PM

payoneer, im comming! wait, are they jews? oh crap!

pornmasta · 02-11-2012, 07:25 PM

there is weapons of mass destruction in irak

SEXTANT · 02-11-2012, 07:36 PM

Quote:

Originally Posted by mikke

payoneer, im comming! wait, are they jews? oh crap!

yea they sucks!!!!!!

RuthB · 02-11-2012, 07:44 PM

Paxum was not hacked by any Bitcoin user(s), and we have not encountered any fraudulent activity with Bitcoin and Bitcoin-related accounts.

The decision to terminate all Bitcoin associated accounts was made after much consideration and discussion, and this decision was made on Friday. This was not an overnight/impulsive choice. We had been in discussions with our banking partners, Mastercard and our auditors for the last couple of weeks, and on Friday our banking partners ended the discussions with us and stated that it was too much of a potential risk to continue doing business with Bitcoin and Bitcoin Exchangers and instructed us to close all Bitcoin-related accounts. We had no choice but to follow those instructions and therefore, all Bitcoin associations were severed on Friday.

It is easy to form 'conspiracy theories' from any circumstance and 'link' things together, however the plain truth of the matter is described above. Due to the confusion and wild speculation occurring on this forum, we thought it wise to clarify our decision.

We appreciate that so many of you care about our business, and we value your opinions of our service, however we must make decisions based, not on the popularity of the decision itself, but on wisdom and logic based on our business model and long-term goals.

As such, some of our decisions may be questioned or not be welcomed, but it is for the good of ALL our clients that we have ceased doing business with Bitcoin at this time.

Thanks again for your time.

porno jew · 02-11-2012, 07:52 PM

thanks for the clarification.

Rothstein · 02-11-2012, 07:57 PM

Quote:

Originally Posted by RuthB

Paxum was not hacked by any Bitcoin user(s), and we have not encountered any fraudulent activity with Bitcoin and Bitcoin-related accounts.

The decision to terminate all Bitcoin associated accounts was made after much consideration and discussion, and this decision was made on Friday. This was not an overnight/impulsive choice. We had been in discussions with our banking partners, Mastercard and our auditors for the last couple of weeks, and on Friday our banking partners ended the discussions with us and stated that it was too much of a potential risk to continue doing business with Bitcoin and Bitcoin Exchangers and instructed us to close all Bitcoin-related accounts. We had no choice but to follow those instructions and therefore, all Bitcoin associations were severed on Friday.

It is easy to form 'conspiracy theories' from any circumstance and 'link' things together, however the plain truth of the matter is described above. Due to the confusion and wild speculation occurring on this forum, we thought it wise to clarify our decision.

We appreciate that so many of you care about our business, and we value your opinions of our service, however we must make decisions based, not on the popularity of the decision itself, but on wisdom and logic based on our business model and long-term goals.

As such, some of our decisions may be questioned or not be welcomed, but it is for the good of ALL our clients that we have ceased doing business with Bitcoin at this time.

Thanks again for your time.

that does not actually say anything, congrats.

Si · 02-11-2012, 08:03 PM

Bitcoin is an absolute joke.

epitome · 02-11-2012, 08:04 PM

I don't think people care about your business or offering opinions. We care about the security of our money. Paxum came on the scene immediately after Epass imploded and folks are rightfully allowed to ask questions when things do not seem to add up.

suesheboy · 02-11-2012, 08:15 PM

Audits and then password changes.

Bitcoins no more of Friday and announce it after 2 weeks of discussions on Saturday.

Why not make security changes before audit or delay audit and show then Auditors a new more secure system?

Such a rush to do an unannounced update seems very suspicious.

Why not post the results of your audit if everything is so hunky dorey?

Suesheboy smells fish and it ain't too fresh...

amateurcanada · 02-11-2012, 08:28 PM

If audits are being performed on a company it takes time to implement the changes and run tests so we do not wake up one day to a fucked account - given this period was two weeks - I'd say thats good change at a fast rate. Conspiracies aside, i'm sure they are trying disassociate the 'epassporte' stigma and maybe avoid some businesses that are at a risk level that jeapardizes, statistically, the portfolio in whole for the greater good. Altho the 8 hour downtown on the site last night did prevent me from drinking my face off last night in an anti-valentines day party, I wake up alert and ready to tackle the world lol.

*tear* - if paxum is still listening, please paxum me 15000 bux for this message lol j/k ty in advance lol

V_RocKs · 02-11-2012, 09:02 PM

Paxum food.bit coin bad

Due · 02-11-2012, 10:17 PM

Quote:

Originally Posted by helterskelter808

Bitcoin is high risk? Is it operated by inept clowns and/or penis pill peddlers or something?

Bitcoin is a non regulated "currency" with no central way of enforcing any international money laundering or anti terrorism laws, furthermore there is also no way of producing any paper-trails like with any other bank transactions.

It's the perfect tool for money laundering and terrorism.

vdbucks · 02-11-2012, 10:47 PM

Quote:

Originally Posted by Due

Bitcoin is a non regulated "currency" with no central way of enforcing any international money laundering or anti terrorism laws, furthermore there is also no way of producing any paper-trails like with any other bank transactions.

It's the perfect tool for money laundering and terrorism.

Ahh yes.. I can see it now... caves in the Middle East lined wall to wall with bit mining clusters in order to pay for their nukes....

You watch way too much Fox News friend.

helterskelter808 · 02-11-2012, 10:57 PM

Quote:

Originally Posted by Due

Bitcoin is a non regulated "currency" with no central way of enforcing any international money laundering or anti terrorism laws, furthermore there is also no way of producing any paper-trails like with any other bank transactions.

It's the perfect tool for money laundering and terrorism.

In that case why was Paxum involved with them in the first place.

RyuLion · 02-11-2012, 11:29 PM

/sigh........

FlexxAeon · 02-11-2012, 11:43 PM

i just poured all my check stubs on my bed and rolled around in them and rubbed them all over my body

alextokyo · 02-11-2012, 11:56 PM

Quote:

Originally Posted by RuthB

Over the course of the last two weeks, Paxum has been in communication with our banking partners, Mastercard, and our auditors to evaluate the best interests of Paxum (and its clients) in relation to Bitcoin.

After much discussion and consideration it has been decided that, though Bitcoin's are not illegal, they are considered high risk. At Paxum we do not want to jeopardize our clients, or our business model, in any way. In light of that, and after considerable consultation, we have chosen to take the pro-active step of ceasing all business with Bitcoin and Bitcoin Exchangers.

This situation has also been discussed with Bitcoin Exchangers, who completely understand the motives behind this decision.

Thank you for your time.

Are you a man or a woman?

Klen · 02-12-2012, 04:31 AM

Quote:

Originally Posted by Due

Bitcoin is a non regulated "currency" with no central way of enforcing any international money laundering or anti terrorism laws, furthermore there is also no way of producing any paper-trails like with any other bank transactions.

It's the perfect tool for money laundering and terrorism.

...and fraud operations,which is why i dont like bitcoin from start.

DamianJ · 02-12-2012, 04:47 AM

Ruth, in your banner it should be 100s and 1000s not 100's and 1000's.

ZeroHero · 02-12-2012, 06:13 AM

Quote:

Originally Posted by DamianJ

Ruth, in your banner it should be 100s and 1000s not 100's and 1000's.

True that Ruth

mafia_man · 02-12-2012, 07:13 AM

Disappointing but I can understand your decision.

I spent 2 days a week ago getting your API to work with Rails but now I guess that was time wasted.

Emil · 02-12-2012, 07:28 AM

Fuck you Paxum.

Emil · 02-12-2012, 07:30 AM

Quote:

Originally Posted by RuthB

Paxum was not hacked by any Bitcoin user(s), and we have not encountered any fraudulent activity with Bitcoin and Bitcoin-related accounts.

Was Paxum hacked by any non-bitcoin user(s) then?

J. Falcon · 02-12-2012, 07:30 AM

Everyone here is too smart for their own good.

BIGTYMER · 02-12-2012, 07:39 AM

Because accepting BitCoins was a good thing to begin with.

ZeroHero · 02-12-2012, 07:43 AM

Quote:

Originally Posted by J. Falcon

Everyone here is too smart for their own good.

Quote:

Originally Posted by BIGTYMER

Because accepting BitCoins was a good thing to begin with.

word

Operator · 02-12-2012, 08:13 AM

mafia_man · 02-12-2012, 08:27 AM

Quote:

Originally Posted by BIGTYMER

Because accepting BitCoins was a good thing to begin with.

They never accepted bitcoins. They are banning others from doing bitcoin services accepting Paxum for payment.

BIGTYMER · 02-12-2012, 08:29 AM

Quote:

Originally Posted by mafia_man

They never accepted bitcoins. They are banning others from doing bitcoin services accepting Paxum for payment.

Ah! Thanks for the clarification.

Brujah · 02-12-2012, 09:01 AM

Paxum was actively recruiting customers and being represented on the bitcoin forums and exchanges. I guess they changed their minds.

One of the emails stated the change is caused by new banking regulations, whatever those are.

mafia_man · 02-12-2012, 09:05 AM

Quote:

Originally Posted by Brujah

Paxum was actively recruiting customers and being represented on the bitcoin forums and exchanges. I guess they changed their minds.

One of the emails stated the change is caused by new banking regulations, whatever those are.

I don't think this is anything to do with new regs but bitcoin is currently getting a lot of negative press so maybe it was a precautionary measure.

Brujah · 02-12-2012, 09:12 AM

Quote:

Originally Posted by mafia_man

I don't think this is anything to do with new regs but bitcoin is currently getting a lot of negative press so maybe it was a precautionary measure.

Maybe not. The emails from Paxum indicated this apparently.
http://themonetaryfuture.blogspot.co...-business.html
https://bitcointalk.org/index.php?to...3101#msg743101
Not sure who sent the email, whether Chris or Ruth.

02-11-2012, 05:25 PM	#1
RuthB Let's Get Paxumized! Industry Role: Join Date: May 2005 Location: Vancouver, Canada Posts: 7,233	Paxum Ceases Business With Bitcoin Over the course of the last two weeks, Paxum has been in communication with our banking partners, Mastercard, and our auditors to evaluate the best interests of Paxum (and its clients) in relation to Bitcoin. After much discussion and consideration it has been decided that, though Bitcoin's are not illegal, they are considered high risk. At Paxum we do not want to jeopardize our clients, or our business model, in any way. In light of that, and after considerable consultation, we have chosen to take the pro-active step of ceasing all business with Bitcoin and Bitcoin Exchangers. This situation has also been discussed with Bitcoin Exchangers, who completely understand the motives behind this decision. Thank you for your time. __________________ Send & Receive Mass Global Payments - Mass P2P/Wire/EFT/SEPA - Adult Industry Friendly - Award Winning Payment Service - Fast, Reliable & Secure! Paxum ...... Paxum Bank Email: [email protected] ~ Telegram: PaxumRuth

02-11-2012, 06:21 PM	#11
See Cig Confirmed User Join Date: Jan 2005 Posts: 515	so someone hacked the hell out of some paxum accounts and bought a shit load of bitcoins with the $ and thats that. seems like what im reading... anyone else gettin the same? __________________ See Sig

02-11-2012, 06:40 PM	#13
JFK FUBAR the ORIGINATOR Industry Role: Join Date: Jan 2002 Location: FUBARLAND Posts: 67,381	interesting development __________________ Sig Spot Available –contact JFK @ FUBARWebmasters.com FUBAR Webmasters - The FUBAR Times - FUBAR Webmasters Mobile - FUBARTV.XXX For promo opps contact jfk at fubarwebmasters dot com

02-11-2012, 06:44 PM	#14
AllAboutCams Femcams.com Industry Role: Join Date: Jul 2011 Location: bjcam.com Posts: 12,213	__________________ Binance - Blockchain and Crypto Asset Exchange Chaturbate make money in cams

02-11-2012, 06:54 PM	#18
CaptainHowdy Too lazy to set a custom title Industry Role: Join Date: Dec 2004 Location: Happy in the dark. Posts: 91,415	Have a great weekend everyone ... __________________ Get Your Free Backlinks Today 149 URLs to pick from - Go To The Thread here! Join the SWAG Affiliate Asian Live Cam Program Non-Saturated Models and Exclusive Content.

02-11-2012, 05:33 PM	#5
ZeroHero So Fucking Banned Industry Role: Join Date: Nov 2007 Location: Westbahnhof Posts: 15,336	I CAN Exchange BitcoinS WITH MY PAXUM FUNDS, AS I READ FAST RIGHT?

02-11-2012, 05:36 PM	#6
porno jew Too lazy to set a custom title Industry Role: Join Date: Nov 2006 Posts: 10,166

02-11-2012, 05:39 PM	#7
Abbie Confirmed User Industry Role: Join Date: Aug 2005 Posts: 1,004	I'm just curious because I am actively learning more and more about bitcoin, but what makes it so "high risk"?

02-11-2012, 06:04 PM	#9
porno jew Too lazy to set a custom title Industry Role: Join Date: Nov 2006 Posts: 10,166	odd they did that the same time as the password resets.

02-11-2012, 06:06 PM	#10
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,152	bitcoins ... lol

02-11-2012, 06:48 PM	#15
helterskelter808 So Fucking Banned Industry Role: Join Date: Sep 2010 Posts: 3,405	Bitcoin is high risk? Is it operated by inept clowns and/or penis pill peddlers or something?

02-11-2012, 06:50 PM	#16
lucas131 ¯\_(ツ)_/¯ Industry Role: Join Date: Aug 2004 Posts: 11,475	so what is behind all of this? or is saturday the best day to discuss and take steps like that?

02-11-2012, 07:02 PM	#19
mikke Confirmed User Industry Role: Join Date: Jan 2010 Location: Europe Posts: 1,327	payoneer, im comming! wait, are they jews? oh crap! __________________ icq: 395 294 346 http://www.adultsubmitter.eu - submit any adult site to 20 directories from 1 form! now 20 domains! http://www.porndeals.eu http://www.ebonybangbros.com

02-11-2012, 07:25 PM	#20
pornmasta Too lazy to set a custom title Join Date: Jun 2006 Posts: 17,522	there is weapons of mass destruction in irak

02-11-2012, 07:44 PM	#22
RuthB Let's Get Paxumized! Industry Role: Join Date: May 2005 Location: Vancouver, Canada Posts: 7,233	Paxum was not hacked by any Bitcoin user(s), and we have not encountered any fraudulent activity with Bitcoin and Bitcoin-related accounts. The decision to terminate all Bitcoin associated accounts was made after much consideration and discussion, and this decision was made on Friday. This was not an overnight/impulsive choice. We had been in discussions with our banking partners, Mastercard and our auditors for the last couple of weeks, and on Friday our banking partners ended the discussions with us and stated that it was too much of a potential risk to continue doing business with Bitcoin and Bitcoin Exchangers and instructed us to close all Bitcoin-related accounts. We had no choice but to follow those instructions and therefore, all Bitcoin associations were severed on Friday. It is easy to form 'conspiracy theories' from any circumstance and 'link' things together, however the plain truth of the matter is described above. Due to the confusion and wild speculation occurring on this forum, we thought it wise to clarify our decision. We appreciate that so many of you care about our business, and we value your opinions of our service, however we must make decisions based, not on the popularity of the decision itself, but on wisdom and logic based on our business model and long-term goals. As such, some of our decisions may be questioned or not be welcomed, but it is for the good of ALL our clients that we have ceased doing business with Bitcoin at this time. Thanks again for your time. __________________ Send & Receive Mass Global Payments - Mass P2P/Wire/EFT/SEPA - Adult Industry Friendly - Award Winning Payment Service - Fast, Reliable & Secure! Paxum ...... Paxum Bank Email: [email protected] ~ Telegram: PaxumRuth

02-11-2012, 07:52 PM	#23
porno jew Too lazy to set a custom title Industry Role: Join Date: Nov 2006 Posts: 10,166	thanks for the clarification.

02-11-2012, 08:03 PM	#25
Si Such Fun! Industry Role: Join Date: Feb 2008 Posts: 13,900	Bitcoin is an absolute joke.

02-11-2012, 08:04 PM	#26
epitome So Fucking Lame Industry Role: Join Date: Jun 2009 Location: St. Petersburg, FL Posts: 12,160	I don't think people care about your business or offering opinions. We care about the security of our money. Paxum came on the scene immediately after Epass imploded and folks are rightfully allowed to ask questions when things do not seem to add up. Last edited by epitome; 02-11-2012 at 08:05 PM..

02-11-2012, 08:15 PM	#27
suesheboy Confirmed User Industry Role: Join Date: Nov 2002 Location: FL - TN/NC Posts: 5,210	Audits and then password changes. Bitcoins no more of Friday and announce it after 2 weeks of discussions on Saturday. Why not make security changes before audit or delay audit and show then Auditors a new more secure system? Such a rush to do an unannounced update seems very suspicious. Why not post the results of your audit if everything is so hunky dorey? Suesheboy smells fish and it ain't too fresh... __________________ Adult Web Site Domain Names For Sale Adult Sex Toy Domain Names For Sale Tantric Delights, Sex Toys Blog, Tantric Sex Toys Last edited by suesheboy; 02-11-2012 at 08:27 PM..

02-11-2012, 08:28 PM	#28
amateurcanada Confirmed User Industry Role: Join Date: Jul 2001 Posts: 3,766	If audits are being performed on a company it takes time to implement the changes and run tests so we do not wake up one day to a fucked account - given this period was two weeks - I'd say thats good change at a fast rate. Conspiracies aside, i'm sure they are trying disassociate the 'epassporte' stigma and maybe avoid some businesses that are at a risk level that jeapardizes, statistically, the portfolio in whole for the greater good. Altho the 8 hour downtown on the site last night did prevent me from drinking my face off last night in an anti-valentines day party, I wake up alert and ready to tackle the world lol. tear - if paxum is still listening, please paxum me 15000 bux for this message lol j/k ty in advance lol __________________ be our partner - join nichepartners today will.assum.producer @ AmateurCanada.com / icq: 30146166 / facebook.com/will.assum / #amateurcanada

02-11-2012, 09:02 PM	#29
V_RocKs Damn Right I Kiss Ass! Industry Role: Join Date: Dec 2003 Location: Cowtown, USA Posts: 32,303	Paxum food.bit coin bad

02-11-2012, 11:29 PM	#33
RyuLion ClubDomCash.com Industry Role: Join Date: Mar 2003 Location: San Diego Posts: 32,053	/sigh........ __________________ Promote Clubdom.com (since 1997) - Adult Biz Consultant

02-11-2012, 11:43 PM	#34
FlexxAeon Confirmed User Industry Role: Join Date: May 2003 Posts: 3,765	i just poured all my check stubs on my bed and rolled around in them and rubbed them all over my body __________________ flexx [dot] aeon [at] gmail

02-12-2012, 04:47 AM	#37
DamianJ Too lazy to set a custom title Industry Role: Join Date: Jul 2006 Location: A magical land Posts: 15,808	Ruth, in your banner it should be 100s and 1000s not 100's and 1000's.

02-12-2012, 07:13 AM	#39
mafia_man Confirmed User Industry Role: Join Date: Jul 2005 Location: icq#: 639544261 Posts: 1,965	Disappointing but I can understand your decision. I spent 2 days a week ago getting your API to work with Rails but now I guess that was time wasted. __________________ I'm out.

02-12-2012, 07:28 AM	#40
Emil Confirmed User Join Date: Feb 2007 Location: Sweden Posts: 5,582	Fuck you Paxum. __________________ U.S. NATIONAL DEBT CLOCK

02-12-2012, 07:30 AM	#42
J. Falcon www.AdultCopywriters.com Industry Role: Join Date: May 2006 Posts: 29,292	Everyone here is too smart for their own good. __________________ Adult Copywriters SEO Content for Porn Sites sales at adultcopywriters dot com

02-12-2012, 07:39 AM	#43
BIGTYMER Junior Achiever Industry Role: Join Date: Nov 2004 Location: Walled Garden Posts: 17,066	Because accepting BitCoins was a good thing to begin with.

02-12-2012, 08:13 AM	#45
Operator So Fucking Banned Industry Role: Join Date: May 2009 Location: ΠπΠ Posts: 2,419

02-12-2012, 09:01 AM	#48
Brujah Beer Money Baron Industry Role: Join Date: Jan 2001 Location: brujah / gmail Posts: 22,157	Paxum was actively recruiting customers and being represented on the bitcoin forums and exchanges. I guess they changed their minds. One of the emails stated the change is caused by new banking regulations, whatever those are. __________________ Free Premium Domain Lists and Tools at Clickmojo.com For Sale: Obscenity.com