Topic: Official Gox / CoinLab Integration and Transition FAQ - page 4. (Read 20799 times)
Question for Coinlab:
If I obtain an account at SVB (which I am not yet sure is practical), would I be able to sell BTC for USD and collect the proceeds without sending high quality proof of identity to Coinlab?
The amounts we're talking about would be somewhat North of $10k initially, and over time it would depend on what happens in the market.
I am sensitive about sending high quality identity documents to small companies is why I ask. Thus far I have avoided sending such documentation to Mt. Gox (or any other exchange) because I've not sold BTC in significant quantities.
I'll be in the Bay Area next week and it would be handy to get an answer to my question, or guestimate, in time to explore the possibilities further.
Still waiting for a response from Coinlab to my questions.
Hello,
I have two questions:
1) Will CoinLab subject their Bitcoin holdings to an audit?
2) Will CoinLab keep a 100% reserve on Bitcoin deposits?
As we know, MtGox primarily deals in off-block transactions, which is fine. However, this takes away transparency. If there were a run on MtGox, how can a user be assured their deposits will be available for withdrawal and have not been used as a margin account or equivalent. Thanks.
I have two questions:
1) Will CoinLab subject their Bitcoin holdings to an audit?
2) Will CoinLab keep a 100% reserve on Bitcoin deposits?
As we know, MtGox primarily deals in off-block transactions, which is fine. However, this takes away transparency. If there were a run on MtGox, how can a user be assured their deposits will be available for withdrawal and have not been used as a margin account or equivalent. Thanks.
Gox is unusable again.
couldnt agreed more, check out my thread on why you should stop using mtgox and remove all funds prior to the coinlab integration
https://bitcointalksearch.org/topic/why-you-shouldnt-use-mtgox-ever-again-149935
Gox is unusable again.
I would like to a little more attention to detail. There are some errors on the Mt. Gox web site and on the mobile app. Also, when I go to Coinlab and click on the market depth the web page is all screwed up and it has been that way. There are also some obvious security features not present such as IP address restrictions.
I am not 100% sure but I think there are some IP addreess restrictions, that may trigger an AML/KYC/whatever-crap-people-come-up-with check if a proxy/vpn/Tor exit node IP is detected.
If someone could, as a U.S. citizen what are the pros and cons from this integration?
Cons:
No more redeemable currency codes?
From what I gather, there will be an initial delay for transferring funds via Dwolla - ultimately in the end will we still be able to use Dwolla?
What else? I don't think government seizure of funds is realistic for the average user / trader.
Pros:
There will be a way for U.S. customers to directly link a bank account to the exchange?
Cons:
No more redeemable currency codes?
From what I gather, there will be an initial delay for transferring funds via Dwolla - ultimately in the end will we still be able to use Dwolla?
What else? I don't think government seizure of funds is realistic for the average user / trader.
Pros:
There will be a way for U.S. customers to directly link a bank account to the exchange?
Does that mean I can still create and redeem a MTGEUR code after April 10th?
I just got this answered on #mtgox IRC:
Quote
Funny shit
No inter-currency arbitrage on Mtgox for you US guys.Weird, it is like the govt. hates its citizens or something ... drone strikes, bank account snooping, wiretaps, ....
I may be wrong, but I have a little suspicion that it has more to do with Coinlab's bank accounts being only in USD/CAD and them not wanting, or their bank not having, accounts denominated in other currencies than with government interference.
AFAIK paypal doesn't limit the currencies US users can have balances in, so why would coinlab?
Does that mean I can still create and redeem a MTGEUR code after April 10th?
I just got this answered on #mtgox IRC:
Quote
Funny shit
No inter-currency arbitrage on Mtgox for you US guys.Weird, it is like the govt. hates its citizens or something ... drone strikes, bank account snooping, wiretaps, ....
"Land of the free" don't ya know? "Home of the brave" too so they say. Both are looking like more and more of a joke to me.
Actually countries of our size have a lot more to fear from it's own citizens than any other threat. China is the same. I read that they spend more on domestic security than on other forms of defense. The US probably would also if we were not so involved in building and maintaining our empire presently. But the focus that the US is putting into domestic defense recently is something to take note of.
Does that mean I can still create and redeem a MTGEUR code after April 10th?
I just got this answered on #mtgox IRC:
Quote
Funny shit
No inter-currency arbitrage on Mtgox for you US guys.Weird, it is like the govt. hates its citizens or something ... drone strikes, bank account snooping, wiretaps, ....
Does that mean I can still create and redeem a MTGEUR code after April 10th?
I just got this answered on #mtgox IRC:
Quote
Funny shit
No inter-currency arbitrage on Mtgox for you US guys. Does that mean I can still create and redeem a MTGEUR code after April 10th?
I just got this answered on #mtgox IRC:
Quote
I am in the U.S. but let's say I do swing trading and hold CADs for trading on BTC/CAD, EUR for the BTC/EUR market and AUD for the BTC/AUD market. Will I still have those accounts after being transitioned to Coinlab?
I just received a Deprecation Notice from Mt. Gox via e-mail:
Does that mean I can still create and redeem a MTGEUR code after April 10th?
I just received a Deprecation Notice from Mt. Gox via e-mail:
Quote
You are currently making use of a system which will be deprecated on Wed 10 Apr 2013 12:00:00 AM GMT:
Generation of USD and CAD redeemable codes will not be possible due to legal issues
Please note that after this date, using this system won't be possible anymore and will instead lead to an error.
Generation of USD and CAD redeemable codes will not be possible due to legal issues
Please note that after this date, using this system won't be possible anymore and will instead lead to an error.
Does that mean I can still create and redeem a MTGEUR code after April 10th?
Can I not accept the Coinlab ToS and kept my Mt. Gox account. And then open another account at Coinlab, so I would have 2 accounts at the same time?
Sounds like people residing in USA and Canada cannot continue to have business relationship with MtGox. The deal is exclusive. There may be workarounds if you incorporate outside of North America (just guessing).You can certainly close your MtGox account before March 22.
Can I not accept the Coinlab ToS and keep my Mt. Gox account. And then open another account at Coinlab, so I would have 2 accounts at the same time?
I take it that currently the US would have no jurisdiction to seize assets from a Japanese company, in Japan, but if those assets are now held in the US, by a US company does that not open up that kind of situation?
To my understanding USD is always held in the US, banks in Japan or any other country have holdings accounts with US banks, so if you have a currency account in another country, the USD still are in the US, it only appears to you they're not.
https://bitcoinfoundation.org/blog/?p=63
That's not strictly true, although it is the norm.
US dollar deposits held entirely outside the US have existed since the 60's and are called eurodollar deposits (regardless of whether they are actually physically located in Europe - although originally they invariably were). They were basically created to satisfy the Soviet governement's desire, during the cold war, to hold US$ funds in the Western financial system but outside the reach of the US government. These days eurodollar deposits are fairly routine (and similarly eurosterling deposit are sterling deposits held outside the UK, and euroeuro deposits (!) are Euro deposits held outside the EU.
roy
Trojan Horse. US government will close the business as soon as they will have all information they need.You have been warned
Dude. Please. The US government already has all the information they need, and some more. MtGox intermediate servers are in San Jose, California - even in this thread MT reminded us of that.
Even the "Canadian" exchange Cavirtex - and I've been their happy customer for a long time - is registered as a .com with at least some infrastructure physically in the U.S.
Quote
tech-c-firstname: Hostmaster
tech-c-lastname: ONEANDONE
tech-c-organization: 1&1 Internet Inc.
tech-c-street1: 701 Lee Rd.
tech-c-street2: Suite 300
tech-c-pcode: 19087
tech-c-state: PA
tech-c-city: Chesterbrook
tech-c-ccode: US
tech-c-lastname: ONEANDONE
tech-c-organization: 1&1 Internet Inc.
tech-c-street1: 701 Lee Rd.
tech-c-street2: Suite 300
tech-c-pcode: 19087
tech-c-state: PA
tech-c-city: Chesterbrook
tech-c-ccode: US
Now, you are aware of the provisions of the PATRIOT Act, right? What's all this bullshit about U.S. government "needing all the information"
They have all the information, and they've had it for a long time. And Bitcoin is doing just fine. So quit bullshitting about the government, and let's focus on real and practical issues here.If one only takes the trouble to dig a bit deeper one will find that the the A record for cavirtex.com points to IP 184.71.215.146, and the location of this IP is in Calgary, Alberta Canada. The only thing here under United States jurisdiction is the technical contact of the domain and the domain itself (since it is a .com). There is no evidence here that the client data is stored on a server in the United States, quite the contrary the evidence points to the server(s) containing the client data being located in Canada. I am very much aware of the PATRIOT act in the United States, it simply does not apply in this case. Please get the facts straight before spreading FUD about an exchange that is turning out to be a Canadian Bitcoin success story.
Trojan Horse. US government will close the business as soon as they will have all information they need.You have been warned
Dude. Please. The US government already has all the information they need, and some more. MtGox intermediate servers are in San Jose, California - even in this thread MT reminded us of that.
Even the "Canadian" exchange Cavirtex - and I've been their happy customer for a long time - is registered as a .com with at least some infrastructure physically in the U.S.
Quote
tech-c-firstname: Hostmaster
tech-c-lastname: ONEANDONE
tech-c-organization: 1&1 Internet Inc.
tech-c-street1: 701 Lee Rd.
tech-c-street2: Suite 300
tech-c-pcode: 19087
tech-c-state: PA
tech-c-city: Chesterbrook
tech-c-ccode: US
tech-c-lastname: ONEANDONE
tech-c-organization: 1&1 Internet Inc.
tech-c-street1: 701 Lee Rd.
tech-c-street2: Suite 300
tech-c-pcode: 19087
tech-c-state: PA
tech-c-city: Chesterbrook
tech-c-ccode: US
Now, you are aware of the provisions of the PATRIOT Act, right? What's all this bullshit about U.S. government "needing all the information"
They have all the information, and they've had it for a long time. And Bitcoin is doing just fine. So quit bullshitting about the government, and let's focus on real and practical issues here.+1
Trojan Horse. US government will close the business as soon as they will have all information they need.You have been warned
Dude. Please. The US government already has all the information they need, and some more. MtGox intermediate servers are in San Jose, California - even in this thread MT reminded us of that.
Even the "Canadian" exchange Cavirtex - and I've been their happy customer for a long time - is registered as a .com with at least some infrastructure physically in the U.S.
Quote
... (.com registry info) ...
Now, you are aware of the provisions of the PATRIOT Act, right? What's all this bullshit about U.S. government "needing all the information" They have all the information, and they've had it for a long time. And Bitcoin is doing just fine. So quit bullshitting about the government, and let's focus on real and practical issues here.Admittedly I skimmed, but I took the guys quote to mean that perhaps the US govt does not have Mt. Gox's books (meaning the PII on where fiat and BTC came from and went to) and when they obtain this info (e.g., via an NSL) then they would shut things down. Chances are they could come up with ample examples of interaction between just about (or aboot for you Canuks) any exchange and other parties who's behavior can be classified as objectionable. Thus giving even more power to do so even absent changes to our current laws.
I personally doubt that the US Govt would shut all the exchanges down, though they may try to cultivate a particularly cooperative one to a dominant size. The info to be obtained from a gox-sized record of BTC transactions would likely be extremely useful in understanding the block chain from a historical perspective.
Jump to: