This is why Bitcoinica users must wait in line for withdrawals - page 3.

zhoutong

vip

Activity: 490

Merit: 502

Quote from: ineededausername on November 30, 2011, 12:38:20 AM

zhoutong:
1. Is bitcoinica a corporation?
2. Why hasn't bitcoinica submitted proper corporate documentation to mtgox? (if you have, please say so)

1. Bitcoinica is currently operated by xWaylab Inc., a Delaware corporation.

2. I have submitted by passport for AML. So our main account has a limit increase. However, we have separate accounts for hedging and withdrawals because one has to be protected by Yubikey. The withdrawal account has normal account limits while the hedging account doesn't have.

Each time you do a manual withdrawal, I would have to manually log in to Mt. Gox account using the Yubikey, and withdraw. This works 99% of the time.

I have requested for withdrawal limit increase on the bitcoinica_withdrawal account, but they rejected because both accounts are owned by the same owner, and the only way to do it is to wait for their sub-account feature (with shared withdrawal limits or something).

Now I'm traveling and I don't have Yubikey access at the moment, so Bitcoinica users have to request for manual withdrawal limit resets.

ElectricMucus

legendary

Activity: 1666

Merit: 1057

Marketing manager - GO MP

Quote from: ThomasV on November 30, 2011, 02:35:19 AM

Quote from: DeathAndTaxes on November 30, 2011, 12:58:32 AM

This is a petty attempt at Mt. Gox to undermine a competitor. Having 99% of the market isn't enough.

Bitcoinica is not a competitor to mtgox. They look more like a parasite of mtgox.

They allow people to trade mtgox codes, and they leave all the difficult work (dealing with banks and regulations) to mtgox.

Haters gonna hate.

ThomasV

legendary

Activity: 1896

Merit: 1353

Quote from: DeathAndTaxes on November 30, 2011, 12:58:32 AM

This is a petty attempt at Mt. Gox to undermine a competitor. Having 99% of the market isn't enough.

Bitcoinica is not a competitor to mtgox. They look more like a parasite of mtgox.

They allow people to trade mtgox codes, and they leave all the difficult work (dealing with banks and regulations) to mtgox.

Matthew N. Wright

hero member

Activity: 588

Merit: 500

Hero VIP ultra official trusted super staff puppet

Quote from: phorensic on November 30, 2011, 01:56:01 AM

Quote from: Matthew N. Wright on November 30, 2011, 01:29:54 AM

Speaking of which, watch how fast MtGox copies Bitcoinica and tries to include everything they do.

I can't believe, out of the 100 shitty posts you make per day, you actually said something I agree with. I believe the countdown on Gox is to release features that Bitcoinica started (well, it's just standard forex stuff anyway).

Not everything I say is

it's just that I think

is funny and a lot of other people think

is funny too so I end up saying

in between normal things. What's wrong, you got a problem with

?

phorensic

hero member

Activity: 630

Merit: 500

Quote from: Matthew N. Wright on November 30, 2011, 01:29:54 AM

Speaking of which, watch how fast MtGox copies Bitcoinica and tries to include everything they do.

I can't believe, out of the 100 shitty posts you make per day, you actually said something I agree with. I believe the countdown on Gox is to release features that Bitcoinica started (well, it's just standard forex stuff anyway).

2112

legendary

Activity: 2128

Merit: 1073

This is fun to watch and compare with the historical record of the securities exchanges battling bucket shops.

About 100-something year ago the main weapon against bucket shops was to cut off their ticker: ticker literally meant telegraph.

So the bucket shop operators would bribe telegraph company linemen to surreptitiously tap the telegraph lines of some established brokerage.

I wonder what is the next salvo in this battle going to be?

Matthew N. Wright

hero member

Activity: 588

Merit: 500

Hero VIP ultra official trusted super staff puppet

Quote from: ineededausername on November 29, 2011, 11:58:20 PM

[23:51] <@MagicalTux> 2. We are mtgox, not bitcoinica
[23:51] heh
[23:51] well, bitcoinica says
[23:51] that you are imposing your withdrawal limits on their account
[23:52] this is causing a great deal of trouble for bitcoinica users
[23:52] <@MagicalTux> inau: bitcoinica is an illegal loan entity run by a minor
[23:52] <@MagicalTux> technically
[23:52] <@MagicalTux> now, if we had proper corporate documentation for bitcoinica we could allow larger withdraw limits
[23:52] i see

There it is, mtgox's official position on bitcoinica. Sad

Bitcoinica is not a company. XWaylabs is a company, and it is legal and registered. Bitcoinica is a product of XWaylabs.

I can't help that MtGox is prejudiced against anything other than them that can influence the market. U jelly mtgox?

Speaking of which, watch how fast MtGox copies Bitcoinica and tries to include everything they do.

evoorhees

legendary

Activity: 1008

Merit: 1023

Democracy is the original 51% attack

Quote from: LoupGaroux on November 30, 2011, 01:06:59 AM

, and you have a wonderful cesspool of shady dealings, slightly mangled laws, and wanna-be gangsters all over the place.

Yes some of that... but mostly just free people engaging in businesses without asking for permission from clowns with badges. Thank god there are people who just move forward without pleading with the gatekeepers. Heroes all.

LoupGaroux

sr. member

Activity: 574

Merit: 250

Never said that Gox had anything to brag about. Under current banking laws, securities laws, money laundering laws, usury laws and quite possibly anti-racketeering laws in much of the civilized world, including Japan, Mt. Gox is not dancing, but jumping up and down with ankle weights on the razor's edge.

In fact pretty much everything that we do around here with bitcoins is quasi-legal somewhere, from our tax avoiding profit making mining enterprises, to our completely unregulated stock exchange, to the gift card buyers and sellers who transfer funds that are proscribed in certain countries. Toss in our infants terrible Silk Road and WikiLeaks as the early adopter poster children, and you have a wonderful cesspool of shady dealings, slightly mangled laws, and wanna-be gangsters all over the place.

Having Gox put restrictions on Bitcoinica is a lot like a mugger asking you for two pieces of ID to go with the cash he is stealing from you...

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

Quote from: LoupGaroux on November 30, 2011, 12:37:50 AM

Liquidity problem yes, but it is also cold hard facts. Regardless of how well put together it is, Bitcoinica is dancing on the razor edge of legality and doesn't have a leg to stand on in demanding better service.

In one what universe is Bitcoinica standing any shakier than Mt. Gox when it comes to international cashflow, regulatory compliance, and AML enforcement.

This is a petty attempt at Mt. Gox to undermine a competitor. Having 99% of the market isn't enough.

btc_artist

full member

Activity: 154

Merit: 102

Bitcoin!

Quote from: LoupGaroux on November 30, 2011, 12:37:50 AM

Bitcoinica is dancing on the razor edge of legality

What exactly is/might be illegal about it?

ineededausername

hero member

Activity: 784

Merit: 1000

bitcoin hundred-aire

zhoutong:
1. Is bitcoinica a corporation?
2. Why hasn't bitcoinica submitted proper corporate documentation to mtgox? (if you have, please say so)

LoupGaroux

sr. member

Activity: 574

Merit: 250

Liquidity problem yes, but it is also cold hard facts. Regardless of how well put together it is, Bitcoinica is dancing on the razor edge of legality and doesn't have a leg to stand on in demanding better service.

cypherdoc

legendary

Activity: 1764

Merit: 1002

this is a real liquidity problem for Bitcoinica users and for Zhoutong.

Eveofwar

sr. member

Activity: 406

Merit: 250

Quote from: matonis on November 30, 2011, 12:11:34 AM

Does he mean "minor" or "miner" ?

Minor.

As in < 18

matonis

sr. member

Activity: 303

Merit: 251

Does he mean "minor" or "miner" ?

ElectricMucus

legendary

Activity: 1666

Merit: 1057

Marketing manager - GO MP

The whole withdraw limit thing is kinda bogus anyway. Independent of who it is.

phorensic

hero member

Activity: 630

Merit: 500

That's bold. zhoutong, step it up man! Respond!

ineededausername

hero member

Activity: 784

Merit: 1000

bitcoin hundred-aire

[23:51] <@MagicalTux> 2. We are mtgox, not bitcoinica
[23:51] heh
[23:51] well, bitcoinica says
[23:51] that you are imposing your withdrawal limits on their account
[23:52] this is causing a great deal of trouble for bitcoinica users
[23:52] <@MagicalTux> inau: bitcoinica is an illegal loan entity run by a minor
[23:52] <@MagicalTux> technically
[23:52] <@MagicalTux> now, if we had proper corporate documentation for bitcoinica we could allow larger withdraw limits
[23:52] i see

There it is, mtgox's official position on bitcoinica. Sad

Topic: This is why Bitcoinica users must wait in line for withdrawals - page 3. (Read 5518 times)