I know it may be shocking to some people but did you think the USG might be responsible for shutting mtgox down? I wouldnt put it past them to put it mildly. They may have been hunting bitcoin and drugs/terrorism not financial fraud. We are just collateral damage.
Come on guys, you know the USG don't roll like that, if they shut your site down they put the their whole seal on it, and if they take you into custody they want the perp walk. The BIG news from the feds was the subpoena -- the absolute beginning of the beginning. They are as surprised as everybody else, remember all of the actions that Mt Gox took PUBLICLY was proper, they just stunk, the subpoena is the legal crow-bar to pry open the door to see what smells so bad. If it turns out Mark is just a bad cook (accounting and programming problems as Roger claims) then no criminal case, just a civil matter; but if if it turns out that he was cooking the books, then you have an entirely different story. I don't think so, how he lost so much unoticed over years? It was deliberate. |
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the japanese authorities are investigating too, so i read on bloomberg
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i can only see it going low thru's the next months
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religions are immune to taxes
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it is clearly run by kiddies, stay away
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The Tokyo Metropolitan Police Department is in talks with Mt. Gox customers after it received inquiries from them, a police official said by phone, asking not to be named in accordance with department policy.
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Bitcoin Holders Resigned to Losses as Japan Probes Mt. Gox Japanese authorities began investigating Mt. Gox, the Tokyo-based Bitcoin exchange that shut down this week, amid calls for regulation of the digital currency as customers face losses. The Financial Services Agency, Finance Ministry and police are examining the closure of Mt. Gox, Chief Cabinet Secretary Yoshihide Suga said today. Officials from the FSA, the ministry and the Bank of Japan said they didn’t have responsibility for overseeing Bitcoin. Mt. Gox has been subpoenaed by U.S. prosecutors, the Wall Street Journal reported. Kolin Burges is among the customers who stand to lose their Bitcoins after Mt. Gox went offline amid reports that more than $390 million of the virtual currency may have been stolen. The news triggered renewed calls for more security and consumer protection from U.S. officials, while Democratic Party of Japan lawmaker Tsutomu Okubo called on his government to rectify the lack of regulation. http://www.bloomberg.com/news/2014-02-26/bitcoin-holders-resigned-to-losses-as-mt-gox-faces-japan-probe.html |
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I think they are just not liking the experience with Bitstamp....But if it just for transfeirng money to Bitstamp, open a non business account......
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by the way, the bitcoin market is regulated...money transfers are regulated, selling products(btc) is also regulated.
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Keynes is the most wrong person in economy after Marx, the world has proven it already.
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You don't need a bot. But how would you properly do it more than once? Money withdrawals and deposits take long.
I know many people do it manually, I actually posted another thread about automating deposits and withdrawals, but I don't think its possible, For me withdrawals and deposits take 10-15 mins, thats not too bad, price doesn't change too much in that time, you can manually arbitrage easily, I had a sick setup last time with a huge gap in LTCBTC so I wanted to give it a shot, (my 1st time) but I couldn't withdraw because your account has to be 3 days old on BTCE too withdraw, whatever, You can arbitrage without withdraw/deposit, if and only if the gap between 2 different exchanges is NOT constant. EDIT: **(Obviously you'll withdraw after a while) And also this method will not make you USD, it will make you LTC or BTC Now i got it, i thought you would do money/btc. International deposits take days.... |
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If anything this episode should serve to teach libertarian children why financial regulation exists in the first place.
Regulation would not refrain him from doing absolutely the same. Regulated market have done much worse, it is simple crime. It is not lack of regulation. |
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I'm out also from stamp now, looking for a serious exchanger
But is there any serious one with good daily volume? |
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I just came from came from my bank(HSBC) , i had to solve some issues there and then went to the exchange department to ask about KYC/AML. Basically no new information. The exchanger manager chief told me in a a nice chat, if you are sending money overseas from a financial institution you have an account with: 1) Less then 3 thousand dollars per month there is absolutely no special requirements. 2) Over 3 thousand dollars they require you to declare the nature of the deposit and a document proving it. I.e. You are a company sending money to your employee in another country, you have to show the emplyee contarct. 3) I showed him on my smartphone the Bitstamp procedure, he told that it was legit KYC/AML when you are sending money but that it is very unusual. 4) If you are just receiving money, there is no KYC/AML. It is up to the sender always. 5) The bank cannot froze your account if you fail on KTC/AML procedures. They will just refuse to send money overseas. 6) Bitcoin is not money, and so it out of the scope of any financial institutions/kyc/aml. 7) He has no idea what Bitstamp may legally be, but still reincforced number 6 regardless of what they are.  The procedures on number 3, are to know the legal origin of money, if theyalready know ( I.e. you made an investment with them ), it just does make not any sense. |
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The shop is a really nice iniciative but do you have to give copies of your documents and show what is inside your pants?
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You don't need a bot. But how would you properly do it more than once? Money withdrawals and deposits take long.
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Buying and selling. It is like the e-Bay. Even if they are registered as a finacial institution, BTX is still not money. They may apply some procedure regarding money you sent there, only money. BTC is not money.
What do you buy BTC with? What do you sell it for? I personally trade for bananas. But it is not up to the business of any KYC/AML. Money deposit is one thing, BTC deposit is another. |
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Question is, at what point KYC/AML goes? Their procedures are unheard of.
And the most important, it apllies to money only. BTC is not money. It is just like a pan, an e-book or a banana.
What is Bitstamp? What do you use Bitstamp for? Buying and selling. It is like the e-Bay. Even if they are registered as a finacial institution, BTC is not money. They may apply some procedure regarding money you sent there, only money. BTC is not money. |
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Bitstamp are exposed to AML and KYC regulations. If you don't understand this, or don't want to be faced with AML/KYC - don't deal with Bitstamp. It's as simple as that. No one has a gun to your head.
It's just naive to give fake names to a company which has to comply with AML/KYC and not expect it to cause problems.
Question is, at what point KYC/AML can and should go? Their procedures are unheard of. And the most important, KYC/AML applies to money only. BTC is not money. It is just like a pan, an e-book or a banana. |
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