Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33360.

Miz4r

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Quote from: Coinseeker on May 30, 2013, 09:36:35 AM

Quote from: ?? on ??

In other news ...

Quote from: myself on May 30, 2013, 05:44:00 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

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

The are either very ignorant or they really think they are outside of the reach of the USG. This means nothing, as it relates to USD, if you don't have a MSB license. To my knowledge, they still don't. Speculation: Mt. Gox is going down. This would be a devastating blow to the Bitcoin economy. Just looking at the market depth, there is currently ~$18 million in BTC. And looks like ~$16 million in fiat. And that's just what's in limit orders. No telling how much is just sitting in accounts. Either way, if ~$34 million instantly vanished from the Bitcoin economy, it's going to leave a mark. Hell, people can't even read a forum post without freaking out. The panic selloff that would result at the remaining exchanges, would be tremendous.

Cheap coins anyone? Grin

Good to see you're back as your FUD spreading self, never liked you as a bull anyway. Get off my lawn. Tongue

Coinseeker

sr. member

Activity: 252

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Quote from: ?? on ??

In other news ...

Quote from: myself on May 30, 2013, 05:44:00 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

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

The are either very ignorant or they really think they are outside of the reach of the USG. This means nothing, as it relates to USD, if you don't have a MSB license. To my knowledge, they still don't. Speculation: Mt. Gox is going down. This would be a devastating blow to the Bitcoin economy. Just looking at the market depth, there is currently ~$18 million in BTC. And looks like ~$16 million in fiat. And that's just what's in limit orders. No telling how much is just sitting in accounts. Either way, if ~$34 million instantly vanished from the Bitcoin economy, it's going to leave a mark. Hell, people can't even read a forum post without freaking out. The panic selloff that would result at the remaining exchanges, would be tremendous.

Cheap coins anyone? Grin

Richy_T

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Quote from: Its About Sharing on May 30, 2013, 05:56:35 AM

In an ideal world where the governments took care of its citizens and people actually cared for each other and respected each others possession this situation would never have come..

Government will just take everyone's hotdogs and store them in a warm shed while they rot. Then tax them to pay for the cost of doing so.

ChartBuddy

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ChartBuddy

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Hawkix

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Quote from: billington.mark on May 30, 2013, 07:39:49 AM

Quote from: Hawkix on May 30, 2013, 07:32:41 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.

Angry

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.

billington.mark

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Quote from: Hawkix on May 30, 2013, 07:32:41 AM

Quote from: myself on May 30, 2013, 05:44:00 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

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.

Angry

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.

wonkytonky

sr. member

Activity: 411

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Quote from: drdanishkhan on May 30, 2013, 06:37:34 AM

What about all the BTC stranded there when its closed robbed or burned??

if you think that way.. you should not use any exchange

dexX7

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Activity: 1106

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Quote from: niothor on May 30, 2013, 06:35:46 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.

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

Hawkix

hero member

Activity: 531

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Quote from: myself on May 30, 2013, 05:44:00 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

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.

Angry

ChartBuddy

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crazy_rabbit

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RUM AND CARROTS: A PIRATE LIFE FOR ME

Quote from: fr33d0miz3r on May 30, 2013, 06:28:49 AM

Quote from: niothor on May 30, 2013, 06:25:13 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.

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.

niothor

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in defi we trust

Quote from: drdanishkhan on May 30, 2013, 06:37:34 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!!!!

phoenix1

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Quote from: fr33d0miz3r on May 30, 2013, 06:45:19 AM

Quote from: phoenix1 on May 30, 2013, 06:39:51 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.

phoenix1

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Quote from: drdanishkhan on May 30, 2013, 06:36:20 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..

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 ...

fr33d0miz3r

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Quote from: phoenix1 on May 30, 2013, 06:39:51 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.

phoenix1

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Activity: 798

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Quote from: fr33d0miz3r on May 30, 2013, 06:28:49 AM

Quote from: niothor on May 30, 2013, 06:25:13 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.

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 ?

drdanishkhan

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What about all the BTC stranded there when its closed robbed or burned??

drdanishkhan

full member

Activity: 140

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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..

niothor

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in defi we trust

Quote from: fr33d0miz3r on May 30, 2013, 06:28:49 AM

Quote from: niothor on May 30, 2013, 06:25:13 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.

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.

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