Topic: HOW TO BUY LOTS OF BITCOINS VERY FAST (Read 4622 times)

This line of thinking is wrong on so many levels.

Yubikeys are not required on the API and hence are a pointless joke on the gullible.

with KYC standards you can withdraw $45K in bitcoins all at once but in 1000 btc batches one right after another.

Bingo. The plane only held like 92 gallons.

A large private jet would carry Jet-A or similar, as opposed to avgas.

A large private jet can carry 10,000 lbs of fuel, which is about 1300 gallons.  A fill up would cost $10k if they paid $8/gallon, which is a reasonable price in rural SA or Africa.

Sounds like it was the trucking that made it so expensive.

What kind of aircraft can hold $10k worth of avgas?

As of a week ago un/pass worked with API.  I forgot I had to enable the API back in the day, so you are correct there.  I will test whether un/pw works still when I get home in the next few days.  If it does work, I will check on withdrawals.  If they work it absolutely is broken.

They did for me. I can pull 5000 BTC per day. Plenty for me.

I think it depends on the relationship you have with your banker. There are factors and elements that go into whether something rises to the level of 'suspicious' and is tied towards the 'reasonable suspicious' standard with regards to searches and seizures. If you have a good relationship and reputation along with plausible evidence then it is not really an issue.

It is not uncommon for me to initiate wires oversees in connection with deals or clients I am working with and I always have some type of plausible story like buying foreign real estate, rent, buying a business, capital goods, consulting project, etc. and my banker gets regular financial statements from me in accordance with debt covenants. It does get fun when I ask for $10-15k of physical cash in $20s but with pictures and stories it is not much of a problem and I usually give him a few days to order it. For example, last time one of my buddies flew his plane to Santiago he landed in Ecuador for gas and they didn't have any avgas and it had to be trucked in and cost $10k cash. It is not uncommon to only be able to pay for gas with cash in the Caribbean, Latin America, etc. and would be unreasonably stupid to fly down there without a large amount of cash due to the normal conditions of business and environment.

QUESTION: I am thinking of putting together a business deal where I need to be able to buy about $45k of bitcoins and send them to someone within a day or two. Anyone know if MtGox raises or removes the withdrawal limit, in bitcoins, if you have the met the KYC/AML standards?

You can't use the API without an API key and HMAC authentication.

You can also leave the API disabled if you choose, and you need your Yubikey to enable it.

So no, the Yubikey is not broken -- it is very useful, and telling average users (who don't even use the API) that it is useless is not the best idea.

I believe that one must use key/secret authentication in order to withdraw.

Bitcoinica has an account with Yubikey, and we had to set up another account for automated Mt. Gox code withdrawals till recently.

Now we are using key/secret authentication to process withdrawals from our main account directly.

I'm (ironically) away from my Yubikey until Friday evening, so I can't verify the claims that there are settings to tweak that will solve this issue.  Personally, I use the API, but I would prefer to have un/pass authentication disabled, but last I checked it still worked.

I posted about it on 22-Dec:

  https://bitcointalksearch.org/topic/m.659595

If anybody knows of an earlier mention, say so.

can u explain this a bit more and its implications for us non API Yubikey users?

You do have to enable the API in your user preferences, and have some granular control i.e. trade functionality vs. withdrawal functionality.

In other words, it's up to the end user to control their own risk in using the API features. For example, one might enable trade API functionality while limiting withdrawal functionality to Yubikey authenticated web based user sessions.

I don't think this is a hole at all, but I will say that MtGox and others are probably limited by their own niche success, as they have a large enough user base that they have to give consideration to backward compatibility when including new features (and risking breaking everything).

-Jon

At the very least, they should disable API usage by default for Yubikey owners, and require a press to activate the API.  The number of Mt. Gox users that have a Yubikey and use the API has to be a very small % of users, I'd guess a few dozen at most.

Wow, is this fact wildly known?
It deserves a post of its own somewhere, the hole is indeed glaring.
I'll post it to reddit.

Yubikeys are worthless ATM for protecting bitcoins since you can withdraw via the API and the API still allows un/password authentication.  Just FYI.  MtGox needs to suck it up and break compatibility with old code instead of allowing this glaring hole to exist.