Bitcoin Forum

I think we now know the wisdom of sending money to a French guy who lives in Japan.

One thing to remember in all this: Bernie Madoff was honest and trustworthy for the first 55 years of his life.

Considering the warning signs it is pretty amazing so many people lost their money. The withdrawal limits on Mt. Cox were a glaring red flag. Legitimate organizations don't have "withdrawal limits". What if you went to your bank and they said, sorry you can only withdraw $1000 this week. When you see a withdrawal limit that is usually the precursor to coming back "next week" and finding a lock on the door.

Then, of course, there was that $45,000 he stole from that Russian guy named Baron because he thought Baron might be a crook since he had a lot of money and he was Russian. That makes sense, my client might be a criminal so I think it is ok for me to steal his money. Nice logic.

Yeah, I have a gold eagle made from gold stolen by the Japanese when they looted Thailand and melted down all the Buddhas, so I guess it is ok to seize all my money. Here you go Mark, you can have my gold eagle, because, gee it was made from stolen gold and therefore it belongs to you until I send a scan of my passport.

I think it should be pretty obvious that sooner or later ALL bitcoins will have been "stolen" at some point.

Guess who the biggest thief of all is.

OKay, for a second there I was experiencing FUD, but look at it this way:

Option A:  Mark goes to prison in Japan for a decade for fraud, embezzlement, etc.

Option B:  Mark puts the exchange back up and resumes making $1 million per month in fees, to continue to increase, and does not go to prison.

Which option do you think he will choose?

Wait and see... I wouldn't want to have the entire Bitcoin hacker community going against me personally...

Practically all banks have withdrawal limits.

Actually in many countries they are even obliged to have them, especially for online-withdrawals.

I don't know what planet you live on, but on earth bank accounts are called "demand deposits" because the client can get back ALL funds on DEMAND.

If I walk into my bank in Boston and present them with proper identification they MUST turn over every cent to me in my account on demand or I can sue them for mega damages under state law. That is what a demand deposit is. In fact, if a bank refuses to honor a demand deposit improperly and that causes the holder to suffer a business loss, the bank can be sued for cost + damages, typically DOUBLE what the business loss was.

I happen to live on that same planet.
And precisely which part of "especially for online-withdrawals" did you not understand?



If you had an account with 50 million $ in it, could you walk out of your bank with a large enough bag actually filled with those?

You would have to inform them about your withdrawal way before the actual transfer could be made.

The withdrawal limit was put on very recently in response to them either knowing they'd been hacked or noticing the increasing user reports of bitcoin loss.

Well that's not entirely true.  If you want to withdraw a large sum of money from your bank account, depending on the size of the withdraw you may have to come back a different day.

See this: http://www.bankingquestions.com/savingsaccounts/q_cashlimits.html

I live in Kuwait and all banks have a daily limit on how much you can transfer or withdraw from your account. You can call them and increase the limit or ask them to do the transfer for you over the phone, once they verify your info.

The same goes for MtGox; you can increase the limit if you contact them.

Don't spread Fear, Uncertainty & Doubt. You're fooling yourself and others.

That's pretty cool :)

LOL, even in most banana republic "emerging economies" like Kuwait there are no capital controls. The only places in the world that restrict withdrawals currently are isolated communist freak out zones like North Korea.

I think you are confusing ATM withdrawal limits with your legal right to the contents of your account.

ATM withdrawal limits have nothing to do with your right to your money which is the same in Kuwait as it is in the United States: you can demand ALL of your money at ANY time and receive it IMMEDIATELY. In Kuwait's case the only exception to this that I know of was that in 1991 during the war temporary capital controls were put in place because of the crisis. These controls have since been removed.

Umm. A lot of banks have withdrawal limits (for the general public, not businesses, etc.) in the US. Especially at ATMS/etc.

To close out an account and receive all of the money (if it is a large amount), you generally have to talk to a bank manager.

Did you not read the part where I mention transfers, not just withdrawals? You can walk into the bank and ask to withdraw all your money, sure, but when doing it online, I'm capped to 2000 KWD/month ($6k USD). I can increase that limit by calling the bank, but $6k is the default cap.

I fed the troll first. Can i keep it?

Blinken is correct.  Obviously if you are expecting to receive a large amount of physical cash then you will need to inform them ahead of time so they can get said cash from their money processing center.  However, large sums of cash are almost never moved physically, they're done electronically.  Usually through wires.

You can wire every cent out of your account at any time if you want to.  MtGox did not give you that option.  And if your bank is limiting your online withdrawals, get another bank.

You sir, win the Internet.