A $2 run up in 1 1/2 hours is amazing, but strengthens the bubble argument. Be careful with your money, people.  |
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Either way, it's something which has to happen sooner or later.
True. |
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It's also possible that institutional investors/large players would just increase the already ridiculous amount of volatility. It could mature the market, or it could drive it into the ground quicker.
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Thank you for answering my questions.
I'm still not overly happy about hearing this in a forum post (instead of a direct statement from Mt.Gox), or the short amount of time that this is going to be implemented in (more notice would've been nice), but I appreciate you coming here and clearing up any misconceptions.
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Will US and CAN customers be paying higher fees than customers in other countries?
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Will their be any changes in fees?
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Lots of corporations use the "bubble" model of hiving off successful divisions into entities which are separate from the parent. It's a legitimate way to manage risk. Having a US-based entity deal with US regulatory issues is an alternative to MtGox always looking over it's shoulder and having its non-US operations at risk. MtGox looked into setting up a US presence themselves last year and the regulatory requirements would have made it enormously expensive. This way, MtGox gets some benefits while someone else shoulders most of the risk.
Not every business desires to become a mega-corporation. It's possible that all of these small businesses which have common players may eventually be brought together under a single corporate umbrella, though.
I agree, I believe that this was probably done to alleviate Mt.Gox's tax/legal liability. I was replying to casacius' last couple posts, not the situation in general. Right, just like the Wright Bros should have never attempted powered flight without first acquiring the means and the tools to manufacture a 747.
This is a really bad analogy, and this whole thing is an unnecessary derail. We will just have to agree to disagree. |
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Cross-posted from the other thread:
You shouldn't own a business without first being prepared for success.
If you can't handle a business as the sole proprietor and employee, then hire people who can help handle the workload. If you are incapable of doing that, then you shouldn't be a business owner in the first place IMO.
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It's not bad business to wave off 2 in the bush for 1 in the hand, especially if you know you got your hands full!
You shouldn't own a business without first being prepared for success. If you can't handle a business as the sole proprietor and employee, then hire people who can help handle the workload. If you are incapable of doing that, then you shouldn't be a business owner in the first place IMO. |
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I wish I knew what all of the fuss and naysaying is about.
Because not all of us have confidence in CoinLabs security capabilities (whereas post hack MT.Gox is pretty fucking secure now), nor do we know how this will effect liquidity, fees or any number of things. On top of that, after using a particular service for 2 years, I don't like being moved to a new one (particularly with so many unknowns), much less with little to no notice. It has nothing to do with conspiracy, it's just bad buisiness to wave off a huge chunk of your customer base. |
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My guess would be that MtGox is giving them a percentage of the US/CAN transaction fees in return for shouldering the risk, but I dont know for sure.
edit: Or they are going to add their own fees in addition to what mt.gox already charges.
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I considered it, but ultimately decided to cash out completely and wait for a good re-entry point.
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I already did.....closed out my last trade a little over a week ago.  |
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Yup. I think its a tax/legal liability issue, and they are shifting the risk to coinlab.
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I've definitely withdrawn BTC from MtGox with no issue (or ID) on multiple occasions.
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No, never really tried. I've put money in and traded constantly for two years without an ID though.
If it comes down to it, I'll just withdraw BTC and cash out in silver or gold with coinabul or similar service if MtGox requires an ID to withdraw in USD.
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I was wondering the same thing, I joined MtGox pre-hack, so I'm pretty sure they dont have any of my identifying info (besides email). I think they started requiring passports or other ID for new and large accounts after the hack, so those people are fucked.
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