Is the MTGox - Coinlab deal in trouble? Yes. It is in litigation!

ArticMine

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Quote from: solex on May 03, 2013, 04:27:11 PM

Quote from: ArticMine on May 03, 2013, 04:23:51 PM

I updated the initial post to reflect the current situation. I must say did not expect litigation when I started this thread back in March. Now for the relevant question in the speculation sub forum. What impact will this litigation have on the BTC/USD exchange rate?

Nothing. Such pathetic squabbles are irrelevant to most powerful idea for the internet since the WWW.

Over the long term I would agree but in the short term this is quite another matter.

solex

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Quote from: ArticMine on May 03, 2013, 04:23:51 PM

I updated the initial post to reflect the current situation. I must say did not expect litigation when I started this thread back in March. Now for the relevant question in the speculation sub forum. What impact will this litigation have on the BTC/USD exchange rate?

Nothing. Such pathetic squabbles are irrelevant to most powerful idea for the internet since the WWW.

ArticMine

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I updated the initial post to reflect the current situation. I must say did not expect litigation when I started this thread back in March. Now for the relevant question in the speculation sub forum. What impact will this litigation have on the BTC / USD exchange rate?

niko

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There is more to Bitcoin than bitcoins.

Quote from: drawingthesun on May 03, 2013, 02:58:03 AM

Quote from: Jaroslaw on May 03, 2013, 02:09:50 AM

Quote from: Herodes on May 03, 2013, 02:08:22 AM

I hope they hired that PR person, he/she could be needed just about right now! Shocked

If we see mtgox closed price will be single digits.

Why?

The color of his "ignore" button explains why.

drawingthesun

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Quote from: Jaroslaw on May 03, 2013, 02:09:50 AM

Quote from: Herodes on May 03, 2013, 02:08:22 AM

I hope they hired that PR person, he/she could be needed just about right now! Shocked

If we see mtgox closed price will be single digits.

Why?

Jaroslaw

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Quote from: Herodes on May 03, 2013, 02:08:22 AM

I hope they hired that PR person, he/she could be needed just about right now! Shocked

If we see mtgox closed price will be single digits.

Herodes

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I hope they hired that PR person, he/she could be needed just about right now! Shocked

yucca

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Quote from: lebing on March 18, 2013, 10:03:48 AM

Quote from: humanitee on March 18, 2013, 09:54:17 AM

Someone mind explaining to me why you have to claim them on your taxes?
I thought legally Bitcoin was in a grey area at the moment.

It is legally grey as a currency. As an asset its very clear - when it increases above what you paid for it, you are supposed to pay taxes on that.

Only when said asset is converted back to money (sold)

Herodes

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Quote from: sounds on March 22, 2013, 01:36:57 PM

Quote from: Herodes on March 22, 2013, 11:20:33 AM

It wouldn't take much effort on Coinlab and Mtgox's part to have a blog where they could spend 3 minutes a day updating people about the situation..

They did post on another thread that they wanted to hire a PR person. I suspect that's because whatever Mtgox or CoinLab say will have a noticeable effect on the market.

So in one sense, they're being fair by not posting anything. If they did post something, someone would start to claim they were insider trading on the volatility they can cause.

Still I would personally rather see regular posts. It would be more fair if they posted exactly one article at exactly the same time each day (0:00 UTC maybe?).

Oh yeah - updates are better than nothing. Even a twitter stream would do. You do not have to make a press release every time you have something to say.

sounds

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Quote from: Herodes on March 22, 2013, 11:20:33 AM

It wouldn't take much effort on Coinlab and Mtgox's part to have a blog where they could spend 3 minutes a day updating people about the situation..

They did post on another thread that they wanted to hire a PR person. I suspect that's because whatever Mtgox or CoinLab say will have a noticeable effect on the market.

So in one sense, they're being fair by not posting anything. If they did post something, someone would start to claim they were insider trading on the volatility they can cause.

Still I would personally rather see regular posts. It would be more fair if they posted exactly one article at exactly the same time each day (0:00 UTC maybe?).

Herodes

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Quote from: pcexpress4less on March 22, 2013, 09:58:31 AM

I'm in the USA and because of withdraw limits and the balances I have on MTGOX I have been withdrawing a $1000 per day. It has hit my Dwolla in less then a few hours and then to my bank by the next day.So in less then 24hrs from MTGOX to my bank. I've had good result with MTGOX over the last year or two. I'm not sure how the the Coinlab deal will play out and being how slow info has been from Coinlab on this deal I think it's safer to watch from the sideline. So I have been trying to get all my funds under my full control until the dust settles. As of today the 22ND I have all my cash out but still have about 11-12k USD worth of Bitcoins in MTGOX. I thought it would be moved today but so far it is still on MTGOX in Japan. I will be pulling to my offline wallet shortly. Anyone in the USA get the new MTGOX USA web page when logging in?

It wouldn't take much effort on Coinlab and Mtgox's part to have a blog where they could spend 3 minutes a day updating people about the situation..

pcexpress4less

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I'm in the USA and because of withdraw limits and the balances I have on MTGOX I have been withdrawing a $1000 per day. It has hit my Dwolla in less then a few hours and then to my bank by the next day.So in less then 24hrs from MTGOX to my bank. I've had good result with MTGOX over the last year or two. I'm not sure how the the Coinlab deal will play out and being how slow info has been from Coinlab on this deal I think it's safer to watch from the sideline. So I have been trying to get all my funds under my full control until the dust settles. As of today the 22ND I have all my cash out but still have about 11-12k USD worth of Bitcoins in MTGOX. I thought it would be moved today but so far it is still on MTGOX in Japan. I will be pulling to my offline wallet shortly. Anyone in the USA get the new MTGOX USA web page when logging in?

Elwar

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Quote from: Herodes on March 21, 2013, 08:57:13 PM

http://coinlab.com/transition

Live -- March 22

We'll have everyone moved over by March 22!

https://mtgox.com/press_release_20130228.html

Mt. Gox, the owner of the world’s dominant Bitcoin exchange, announced today that they have selected CoinLab as their exclusive partner in the United States and Canada. As of March 29, all US and Canadian customers currently transacting with Mt.Gox will transact through CoinLab, Inc.

So what's the story - if coinlab want to do serious business, they should at least ensure the information on their webpage is correct. Has everyone been moved over at this point ? If not, then update the webpage !

It appears that they will be able to have everyone moved over a week early. Not bad.

I wonder if it is in the US if I will be able to skip the Dwolla step in transferring money.

Herodes

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http://coinlab.com/transition

Live -- March 22

We'll have everyone moved over by March 22!

https://mtgox.com/press_release_20130228.html

Mt. Gox, the owner of the world’s dominant Bitcoin exchange, announced today that they have selected CoinLab as their exclusive partner in the United States and Canada. As of March 29, all US and Canadian customers currently transacting with Mt.Gox will transact through CoinLab, Inc.

So what's the story - if coinlab want to do serious business, they should at least ensure the information on their webpage is correct. Has everyone been moved over at this point ? If not, then update the webpage !

arklan

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Quote from: cloudTc on March 20, 2013, 12:12:21 AM

If I am not mistaken, didn't he just say they were hiring for a communications person? someone that would communicate to the public what was happening? It seems to me that the main people in CoinLab are very busy right now, hence why they need someone to help communicate to the community what is happening.

and hence why I just sent over my resume...

Severian

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Quote from: niko on March 20, 2013, 12:07:16 AM

Unrelated to your or my idiocy, this is about the trail in fiat, not in Bitcoin.

Fiat > gold/silver > bitcoin is the way to go. We just have to get a little better at our metal and trading skills.

BTW, I confess to situational idiocy. Usually involving women.

cloudTc

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If I am not mistaken, didn't he just say they were hiring for a communications person? someone that would communicate to the public what was happening? It seems to me that the main people in CoinLab are very busy right now, hence why they need someone to help communicate to the community what is happening.

niko

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There is more to Bitcoin than bitcoins.

Quote from: Severian on March 18, 2013, 10:38:38 AM

Quote from: lebing on March 18, 2013, 10:36:58 AM

If audited, you will have to explain how you sent 1k to japan and received 5 back. Doesnt matter where it came from.

What idiot leaves an auditable trail in Bitcoin? It was created to allow your financial life to be private.

Unrelated to your or my idiocy, this is about the trail in fiat, not in Bitcoin. Sure, I could painstakingly try to exchange for cash only in person or via SR mail at a huge premium - but this does not work well for me. I use government fiat, I get paid in fiat, and those who issue, own, and control fiat are entitled to whatever entitlements they come up with, tax included. I don't want to waste time fucking around with them so I can pinch a few thousands or tens of thousands more. Not worth it.
Don't fight the Babylon, step out of it.
Sure, I prefer to issue, own, and control my own money under my terms, that is why Bitcoin is attractive, but we are not there yet, and idiotic battles will not get us there.

🏰 TradeFortress 🏰

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Quote from: lebing on March 18, 2013, 10:03:48 AM

Quote from: humanitee on March 18, 2013, 09:54:17 AM

Someone mind explaining to me why you have to claim them on your taxes?
I thought legally Bitcoin was in a grey area at the moment.

It is legally grey as a currency. As an asset its very clear - when it increases above what you paid for it, you are supposed to pay taxes on that.

When you sell them. If you just hold then, you don't pay taxes till you sell

arklan

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Quote from: solex on March 19, 2013, 10:33:12 PM

Quote from: lebing on March 18, 2013, 10:03:48 AM

Quote from: humanitee on March 18, 2013, 09:54:17 AM

Someone mind explaining to me why you have to claim them on your taxes?
I thought legally Bitcoin was in a grey area at the moment.

It is legally grey as a currency. As an asset its very clear - when it increases above what you paid for it, you are supposed to pay taxes on that.

So, if you own assets like an old master painting, a vintage car, a hundred kilos of silver, and they all double in value - you pay tax on that gain???

Not in most countries.

only when ya sell it, i believe. (for the US anyway.)

Topic: Is the MTGox - Coinlab deal in trouble? Yes. It is in litigation! (Read 6612 times)