Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33177. (Read 26465216 times)
May 30, 2013, 09:02:59 AM
May 30, 2013, 08:47:11 AM
Well, just all wait till the day MtGox get hacked (again) or seized by government. Suddenly, all those Bitcoin addresses used to fund/withdraw will be cleanly linked to your ID, photo, bank account, postal address. Nice.
If anything this is good news in terms of Gox making sure they meet all the guidelines to avoid being "Seized by government" as far as i can see.
Yes. But, actually, they do not need to sieze at all. They can authoritatively request information about selected users. And MtGox will have to comply and supply this information, silently.
I am not blaming this on MtGox .. just everyone be sure to realize this.
May 30, 2013, 08:39:49 AM
ouch
Quote
Dear Mt. Gox Customers,
In order to comply with strict anti-money laundering regulations we are now requiring account verifications for all accounts performing non-Bitcoin currency deposits and withdrawals. Please see our statement for the full explanation:
https://mtgox.com/press_release_20130530.html
Best regards,
Mt. Gox Team
In order to comply with strict anti-money laundering regulations we are now requiring account verifications for all accounts performing non-Bitcoin currency deposits and withdrawals. Please see our statement for the full explanation:
https://mtgox.com/press_release_20130530.html
Best regards,
Mt. Gox Team
Well, just all wait till the day MtGox get hacked (again) or seized by government. Suddenly, all those Bitcoin addresses used to fund/withdraw will be cleanly linked to your ID, photo, bank account, postal address. Nice.
If anything this is good news in terms of Gox making sure they meet all the guidelines to avoid being "Seized by government" as far as i can see.
May 30, 2013, 08:37:48 AM
What about all the BTC stranded there when its closed robbed or burned??
May 30, 2013, 08:34:35 AM
Let me be pessimistic about this.
They did that just becuse they are feeling scared. Which means they know they had some fishy transactions.
They did that just becuse they are feeling scared. Which means they know they had some fishy transactions.
I think it's linked to OKPay:
Quote
Bitcoin terms of use via OKPAY
5/27/2013
During the time of bitcoin crypto-currency processing, which is a unique electronic currency of it’s kind, we had many opportunities to evaluate the characteristics and specificities of this sector of e-commerce, particularly the high risks associated with the shadow part of money circulation.
To reduce the risks and potential dangers, and in connection with anti-money laundering legislation, we decided to apply certain restrictions to bitcoin e-currency terms of use.
Any financial transactions involving exchangers and stock exchanges trading bitcoin are now prohibited. We rely on receiving payments in bitcoin in favor of verified OKPAY merchants leading a legitimate business which passed appropriate legality and AML checks.
Bitcoin withdrawals from OKPAY account also remain available to all verified users.
https://www.okpay.com/en/company/news/bitcoin-okpay-terms-of-use.html
5/27/2013
During the time of bitcoin crypto-currency processing, which is a unique electronic currency of it’s kind, we had many opportunities to evaluate the characteristics and specificities of this sector of e-commerce, particularly the high risks associated with the shadow part of money circulation.
To reduce the risks and potential dangers, and in connection with anti-money laundering legislation, we decided to apply certain restrictions to bitcoin e-currency terms of use.
Any financial transactions involving exchangers and stock exchanges trading bitcoin are now prohibited. We rely on receiving payments in bitcoin in favor of verified OKPAY merchants leading a legitimate business which passed appropriate legality and AML checks.
Bitcoin withdrawals from OKPAY account also remain available to all verified users.
https://www.okpay.com/en/company/news/bitcoin-okpay-terms-of-use.html
May 30, 2013, 08:32:41 AM
ouch
Quote
Dear Mt. Gox Customers,
In order to comply with strict anti-money laundering regulations we are now requiring account verifications for all accounts performing non-Bitcoin currency deposits and withdrawals. Please see our statement for the full explanation:
https://mtgox.com/press_release_20130530.html
Best regards,
Mt. Gox Team
In order to comply with strict anti-money laundering regulations we are now requiring account verifications for all accounts performing non-Bitcoin currency deposits and withdrawals. Please see our statement for the full explanation:
https://mtgox.com/press_release_20130530.html
Best regards,
Mt. Gox Team
Well, just all wait till the day MtGox get hacked (again) or seized by government. Suddenly, all those Bitcoin addresses used to fund/withdraw will be cleanly linked to your ID, photo, bank account, postal address. Nice.
May 30, 2013, 08:02:53 AM
May 30, 2013, 07:59:27 AM
I my country they found out that a homeless person was the owner of 54 companies dealing with millions in insurances. Same for a 80 gradma.
It's pretty cheap and easy to get same real id's , less than 50 euros.
It's pretty cheap and easy to get same real id's , less than 50 euros.
Yes, but if you give to Gox a fake ID, then you're responsible for reliability of your personal data, not Gox.
Without verification Gox is responsible for it.
So, this is good news. Choo choo!
I agree, good news. It's better that they err on the side of caution. No legitimate users (not involved in criminal activity) are going to really complain. It's a fact of life, you can't potentially deal or facilitate in dealing with large amounts of money and be nameless.
May 30, 2013, 07:56:11 AM
What about all the BTC stranded there when its closed robbed or burned??
A bull 'd say , Less bitcoins available , price UP UP UP UP UP UP!!!!
May 30, 2013, 07:55:26 AM
Re responsibility, is this based on fact or is this an assumption ?
Actually assumption (because I don't know real laws about it), but I know a lot of cases where governments are OK with banks and companies who require verification of customers.
I always thought 'Know Your Customer' was the Bank's responsibility at the end of the day. I guess it depends who you piss off/pay off.
May 30, 2013, 07:51:07 AM
For people in US who withdraw amounts in USD maybe its an inconvenience but for pllain bitcoin transactions you dont need the ID verification.. so it doesnt realy matter for non US residents i guess..
As I read it it applies to ANY cash transfer to ANY country, so it will likely cause 'some' inconvenience in the short term
Gox is an exchange ... fiat is one half of every transaction, so the fact that it 'at present' does not apply to BTC transactions is kind of irrelevant, unless you have BTC on there you want to move off, or want to sell BTC and leave all of your fiat there. Other than that, you need to transfer fiat onto or off of the exchange.
I agree, it is an attempt by Gox to clean up the exchange a bit to appease the authorities. How successful it will be and who holds the can at the end of the day remains to be seen ...
May 30, 2013, 07:45:19 AM
Re responsibility, is this based on fact or is this an assumption ?
Actually assumption (because I don't know real laws about it), but I know a lot of cases where governments are OK with banks and companies who require verification of customers.
May 30, 2013, 07:39:51 AM
I my country they found out that a homeless person was the owner of 54 companies dealing with millions in insurances. Same for a 80 gradma.
It's pretty cheap and easy to get same real id's , less than 50 euros.
It's pretty cheap and easy to get same real id's , less than 50 euros.
Yes, but if you give to Gox a fake ID, then you're responsible for reliability of your personal data, not Gox.
Without verification Gox is responsible for it.
So, this is good news. Choo choo!
Re responsibility, is this based on fact or is this an assumption ?
May 30, 2013, 07:37:34 AM
What about all the BTC stranded there when its closed robbed or burned??
May 30, 2013, 07:36:20 AM
For people in US who withdraw amounts in USD maybe its an inconvenience but for pllain bitcoin transactions you dont need the ID verification.. so it doesnt realy matter for non US residents i guess..
May 30, 2013, 07:35:46 AM
I my country they found out that a homeless person was the owner of 54 companies dealing with millions in insurances. Same for a 80 gradma.
It's pretty cheap and easy to get same real id's , less than 50 euros.
It's pretty cheap and easy to get same real id's , less than 50 euros.
Yes, but if you give to Gox a fake ID, then you're responsible for reliability of your personal data, not Gox.
Without verification Gox is responsible for it.
So, this is good news. Choo choo!
Let me be pessimistic about this.
They did that just becuse they are feeling scared. Which means they know they had some fishy transactions.
Taking measures now , won't help them for the thing that already happend in the past.
But gox it's just an exchanger , it really doens't matter if it gets closed , robbed or burned.
May 30, 2013, 07:29:54 AM
I think that's a good message Your. Verification of accounts is better than fear for your money in their account.
After all (Dwolla, LR ...) they must prove that the Bitcoin exchange is not money laundering and terrorist financing.
At that time I had a real epass account for my needs , the fake one was for other stuff. With the LR i needed for a one time purchase and that's all. > the cat did it. (my cat uses Tor , btw).
With Gox , I use a real account , and let me know , I feel more unconfortable than with a fake one
.What I was saying , account verification is just to let the gov know they try to play by the rules. Money laundering will continue on Gox with no problem.
May 30, 2013, 07:29:12 AM
In other news ...
Not a great surprise really ... I would imagine anyone who does not want to be verified has been getting their cash off Gox or buying BTC post Dwolla
Interesting though is the use of the phrase 'at this time' wrt BTC withdrawals ... implication to me is that it is a possibility in the future
ouch
Quote
Dear Mt. Gox Customers,
In order to comply with strict anti-money laundering regulations we are now requiring account verifications for all accounts performing non-Bitcoin currency deposits and withdrawals. Please see our statement for the full explanation:
https://mtgox.com/press_release_20130530.html
Best regards,
Mt. Gox Team
In order to comply with strict anti-money laundering regulations we are now requiring account verifications for all accounts performing non-Bitcoin currency deposits and withdrawals. Please see our statement for the full explanation:
https://mtgox.com/press_release_20130530.html
Best regards,
Mt. Gox Team
Not a great surprise really ... I would imagine anyone who does not want to be verified has been getting their cash off Gox or buying BTC post Dwolla
Interesting though is the use of the phrase 'at this time' wrt BTC withdrawals ... implication to me is that it is a possibility in the future
verification .. fine by me... for those who need it.. there's always a way to get or lose coins some other way.. like: work for btc
sell some shoes for btc buy some beer with btc May 30, 2013, 07:28:49 AM
I my country they found out that a homeless person was the owner of 54 companies dealing with millions in insurances. Same for a 80 gradma.
It's pretty cheap and easy to get same real id's , less than 50 euros.
It's pretty cheap and easy to get same real id's , less than 50 euros.
Yes, but if you give to Gox a fake ID, then you're responsible for reliability of your personal data, not Gox.
Without verification Gox is responsible for it.
So, this is good news. Choo choo!
May 30, 2013, 07:27:07 AM
Back to the wall observing: weekly volume is getting lower and lower since the correction/bubble burst (still too soon to decide what was that - which is funny because all of us would have bet that 1 month and a half after the April 10th crash we would have know for sure if that crash was a bubble pop or a correction)
If you look at the same plot for bitstamp, volume is healthily increasing. I'd say it's just the Gox issues
Jump to: