i have a concern.
it has to do with CoinLab acting as an exchange AND as a broker for moneyed interests. namely the Wall St guys who want to buy $1M blocks of BTC.
seems to me there might be a conflict of interest in buying that amount of BTC for big clients who might be willing to slip in a higher fee either on top of the table or under the table to obtain the very best price perhaps gotten thru an orchestrated dip?
this would come at the expense of the smaller free marketing buyers and sellers who can't or won't pay the extra fee to do so. or they might not even understand that that's an option.
Topic: Official Gox / CoinLab Integration and Transition FAQ - page 9. (Read 20799 times)
I currently use MtGox just to store my bitcoins. I live in the UK, but I've done some play trading in USD on the site. No currency withdrawals or deposits. You know nothing about me apart from my email. Where will my bitcoins end up? MtGox or CoinLab?
...and they don't need to steal from me since they have a printing press.
You don't have to pay taxes? 
...
Did it even occur to you that you have no legal right to that information. Is it going to take a lawsuit?
Did it even occur to you that you have no legal right to that information. Is it going to take a lawsuit?
You had your chance to keep your identity documentation private and from the sound of things, you blew it.
In my mind, sending off one's identity docs to anyone is a one-time thing. Think of it as a tattoo or a circumcision. You might get lucky and realize no ill effects, but it's damn hard to undo completely. Maybe getting all lawyered up (likely a yawn inspiring hollow threat like 99.9% of them) might help, but how are you going to know?
i'm not sure what country you live in, but since this new entity is going to be located in the USA, there are privacy laws in the USA that would prevent such information from being handed over w/o person's acknowledgement
I live in the US. In fact it is more likely the case that it is forbidden to tell the customers about a hand-over at this point. That would be a hand-over to the government, but it would probably stop there only briefly on it's way to private contractors such is the state of our evolving political system.
I say again, it does not bother me if the US Govt has my info. They issued me my passport in the first place for Christsake...and they don't need to steal from me since they have a printing press. Ideally anyone who wants authorization to send me money could just ask the goobmint if it's OK to do so.
But anyway it's a mute point. D&T gave his info to Mt. Gox (apparently) and while it's less likely now that they will again lose it to hackers, it remains a possibility. For the purposes of planning I assume that Mt. Gox would hand it over to the US if asked the right way, and if the close shop for some reason, who knows what will happen. I'm sure Mark is a great guy and all, but even if he is willing to flush a lot of value down the toilet it does not necessarily mean that everyone in that organization who might get their hands on it...particularly in it's final days...would be so upstanding.
Hi Bracek, what do you mean by 'access'? Do you mean read access? If so, then once we've transitioned, our chief compliance officer will have access to verification documents, or someone else on our AML/KYC team.
Hang on a second. Where in the MtGox TOS does it say MtGox has the authority to sell sensitive identity information to third parties without the express written permission of the account holder. Last time I checked with wasn't a merger. I gave my identity documents to MtGox not Coinlabs.
Did it even occur to you that you have no legal right to that information. Is it going to take a lawsuit?
You had your chance to keep your identity documentation private and from the sound of things, you blew it.
In my mind, sending off one's identity docs to anyone is a one-time thing. Think of it as a tattoo or a circumcision. You might get lucky and realize no ill effects, but it's damn hard to undo completely. Maybe getting all lawyered up (likely a yawn inspiring hollow threat like 99.9% of them) might help, but how are you going to know?
i'm not sure what country you live in, but since this new entity is going to be located in the USA, there are privacy laws in the USA that would prevent such information from being handed over w/o person's acknowledgement
The killer app for a Bitcoin exchange would be...
The killer app for a Bitcoin exchange would be to always show the correct "Last price" on their home page, a feature that I would like to see come to MtGox soon:
Will the Gox / CoinLab integration also include this "feature?"
Don't be obtuse. That's just mislabeled. It should read "Future Price".
Works like a charm on price prediction
Hang on a second. Where in the MtGox TOS does it say MtGox has the authority to sell sensitive identity information to third parties without the express written permission of the account holder. Last time I checked with wasn't a merger. I gave my identity documents to MtGox not Coinlabs.
Did it even occur to you that you have right to that information? I guess not. Client's identities are just something to be bought and sold to the highest bidder. When you grow tired of playing Bitcoins I am sure you will sell off financial and identity information to anyone who will throw a few dollars your way.
Did it even occur to you that you have right to that information? I guess not. Client's identities are just something to be bought and sold to the highest bidder. When you grow tired of playing Bitcoins I am sure you will sell off financial and identity information to anyone who will throw a few dollars your way.
MtGox did not sell users identities, and acted in the best interest of its users to ensure CoinLab had no access to said data.
None of users private information will be shared with CoinLab until the user accepts CoinLab's ToS on the site. If you choose to never accept CoinLab's ToS, then your data will never be shared with CoinLab.
The killer app for a Bitcoin exchange would be...
The killer app for a Bitcoin exchange would be to always show the correct "Last price" on their home page, a feature that I would like to see come to MtGox soon:
Will the Gox / CoinLab integration also include this "feature?"
Already explained this a bunch of times, but I will again. The last price shown on MtGox is the price for the last trade, no matter which currency. If someone buys a lot in another currency than USD, he'll end paying more (in his own currency) than the highest price in USD, but will not cause the highest USD price to move up.
I explained this quite a lot already, and the ticker API provides various varieties of last price.
who will have access to bitcoin and fiat deposits currently on gox ?
Which brings me to a different question, will CoinLab have a verified account's transaction history (deposits, withdrawals and trades) that occurred prior to the transition?
How about users that never verfied their identity but are from the U.S. or Canada. Will they be forced to use CoinLab as well (in order to trade or access their funds?)? Same question as above, will CoinLab have their their transaction history?
Totally agree,
Sorry Vess, i dont know you. I dont care how exciting you are with bitcoin. I'm trusting Mark , not you.
Sorry Vess, i dont know you. I dont care how exciting you are with bitcoin. I'm trusting Mark , not you.
Nemesis, Mark has sold your info to Peter. Why would trust Mark in light of that fact?
I already made my point if this transition take place, i will withdraw all my fund.
Totally agree,
Sorry Vess, i dont know you. I dont care how exciting you are with bitcoin. I'm trusting Mark , not you.
Sorry Vess, i dont know you. I dont care how exciting you are with bitcoin. I'm trusting Mark , not you.
Nemesis, Mark has sold your info to Peter. Why would trust Mark in light of that fact?
Worse than that. He sold the info and you dont get compensated.
People should support localbitcoins.com rather than letting a few guys have control over all your data.
Mt gox has to expand. If they simply hired someone directly then you would have to trust someone new with your data. So either way you are going to be trusting someone new simply due to growth. It makes sense for them to partition out their company. If bitcoin is going to grow since it is a borderless, stateless money then you don't want a monolithic exchange that is centered somewhere. Partitioned all over the place is a much better idea.
Totally agree,
Sorry Vess, i dont know you. I dont care how exciting you are with bitcoin. I'm trusting Mark , not you.
Sorry Vess, i dont know you. I dont care how exciting you are with bitcoin. I'm trusting Mark , not you.
Nemesis, Mark has sold your info to Peter. Why would trust Mark in light of that fact?
Worse than that. He sold the info and you dont get compensated.
People should support localbitcoins.com rather than letting a few guys have control over all your data.
Is this really possible? can they get this done? is it in the realm of possiblity? Would it meant that you could direct deposit and could convert your salary instantly to bitcoins?
I know Etrade can do it for their brokerage accounts, and as far as I know most companies in that space can do it as well. The killer app for a Bitcoin exchange would be to give customers an account number they can use for ACH push transactions and direct deposit.
Is this really possible? can they get this done? is it in the realm of possiblity? Would it meant that you could direct deposit and could convert your salary instantly to bitcoins?
Hi Bracek, what do you mean by 'access'? Do you mean read access? If so, then once we've transitioned, our chief compliance officer will have access to verification documents, or someone else on our AML/KYC team.
Hang on a second. Where in the MtGox TOS does it say MtGox has the authority to sell sensitive identity information to third parties without the express written permission of the account holder. Last time I checked with wasn't a merger. I gave my identity documents to MtGox not Coinlabs.
Did it even occur to you that you have no legal right to that information. Is it going to take a lawsuit?
You had your chance to keep your identity documentation private and from the sound of things, you blew it.
In my mind, sending off one's identity docs to anyone is a one-time thing. Think of it as a tattoo or a circumcision. You might get lucky and realize no ill effects, but it's damn hard to undo completely. Maybe getting all lawyered up (likely a yawn inspiring hollow threat like 99.9% of them) might help, but how are you going to know?
Hi Bracek, what do you mean by 'access'? Do you mean read access? If so, then once we've transitioned, our chief compliance officer will have access to verification documents, or someone else on our AML/KYC team.
Hang on a second. Where in the MtGox TOS does it say MtGox has the authority to sell sensitive identity information to third parties without the express written permission of the account holder. Last time I checked with wasn't a merger. I gave my identity documents to MtGox not Coinlabs.
Did it even occur to you that you have right to that information? I guess not. Client's identities are just something to be bought and sold to the highest bidder. When you grow tired of playing Bitcoins I am sure you will sell off financial and identity information to anyone who will throw a few dollars your way.
Totally agree,
Sorry Vess, i dont know you. I dont care how exciting you are with bitcoin. I'm trusting Mark , not you.
Hi Bracek, what do you mean by 'access'? Do you mean read access? If so, then once we've transitioned, our chief compliance officer will have access to verification documents, or someone else on our AML/KYC team.
Hang on a second. Where in the MtGox TOS does it say MtGox has the authority to sell sensitive identity information to third parties without the express written permission of the account holder. Last time I checked with wasn't a merger. I gave my identity documents to MtGox not Coinlabs.
Did it even occur to you that you have right to that information? I guess not. Client's identities are just something to be bought and sold to the highest bidder. When you grow tired of playing Bitcoins I am sure you will sell off financial and identity information to anyone who will throw a few dollars your way.
Coinlab will need to build trust. But, please, if you hold MtGox in high esteem and trust them with your private data, well, they just sold it to Coinlab. Also, Coinlab will be subject to US laws and lawsuits, so if they wrong you, you will at least have some hope of recourse.
Assume all of your USD transactions are tracked, that MtGox's have been, and Coinlab's will be. Assume they are both fonts run by the CIA. The important thing is that you have the ability to be discreet once you are in BTC. Just cause I may have bought $3 million worth of coins doesn't mean I still have them. Maybe I lost my private key =(. Prove it.
Assume all of your USD transactions are tracked, that MtGox's have been, and Coinlab's will be. Assume they are both fonts run by the CIA. The important thing is that you have the ability to be discreet once you are in BTC. Just cause I may have bought $3 million worth of coins doesn't mean I still have them. Maybe I lost my private key =(. Prove it.
So in summary, MtGox will hand out all its AML documents to some company on US soil. Basically they get a Bitcoin user list, including names, addresses, account ledgers, deposit and withdraw addresses. There will be a fight between several three letter agencies who gets this data first.
I think this time they will finally succeed in "closing" SilkRoad.
I think this time they will finally succeed in "closing" SilkRoad.
And the same people with this data control the bitcoin foundation, a massive identity honey pot.
I think this time they will finally succeed in "closing" SilkRoad.
Another one would take its place.
Let the powers that be rant and rave all they want. The only way they can control Bitcoin is to shutdown the internet. Grabbing gox might throw a wrench in the machine but Bitcoin would recover.
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