in light of recent delays, would you mind letting us know if you manage to take the fiat out?  I was already "verified." About two weeks I started wiring the maximum daily amount ($10,000). The wires appeared in my bank account within 48 hours. I reached the monthly limit ($50,000) and that's when I finally committed to becoming "trusted." Was the Apostille expensive? It was $300 for two documents. Since the Hollywood / Movie Studio industry is here in Los Angeles and they frequently need to send authorized documents overseas, there are a number of Apostille services that will make house calls. Here's how it works: 1. The notary comes to your house on an appointment 2. They first perform a traditional notarization (this is required to obtain the Apostille). 3. Then they take those documents and head to a government office, the county clerk I believe, and wait in line and get the stamp. 4. They take the documents back to your house. You look it over and then you pay them. 5. Now you send the documents to MtGox Holy crap. Are you serious? I paid a grand total of $4 for mine. Trip to my bank for the notorization (free) then to the secretary of state's office for the Apostille ($2/page) |
|
|
|
Is it time to panic?
It's always a good time to panic |
|
|
|
I got the Apostille notarization completed and sent the documentation out on Tuesday. MtGox received the paperwork on Thursday and I was approved overnight. It's Friday and I have achieved "Trusted" status.
It was fast and painless.
I sent mine out last week but haven't heard anything yet. Still holding out for a few days before I open a support ticket to see what happened. |
|
|
|
|
Would this (theoretically) allow people to deposit and withdraw USD to/from BitStamp via Dwolla? Or does BitStamp's ripple gateway only support BTC?
|
|
|
|
A good friend of mine told me that bitcointalk is full of scammers and fraudsters. I did not believe him at first and he pointed out this thread. This is just epic. Some things are not quite clear but it is still an eye openiner. Lots of ponzy runners are still active on the forum, some changed their nicks like pay.btc -> chowyunfat, some simply trying to bury history under disguise of being helpful to noobs like Goat. All that after clearly criminal activity right here on this forum. Unbelievable! Beware people, this is a den of thieves. Do not get fleeced. Another epic thread https://bitcointalk.org/index.php?topic=91252.0 started shortly before pirate collapse. It gets really heated in the middle. Nicely shows who is who. Certainly there has been plenty of scamming and fraud on here, but also lots of helpful people and good information too. As with everything you just need to be careful who you trust. |
|
|
|
|
So I just did this last week (In the US) and although my documents haven't yet been approved, I can at least tell you how it worked for me.
First I made copies of my drivers license and a utility bill. Not sure if the "Notarization for the purposes of verification at MtGox.com" stuff is required or not, but I hand wrote that on my copies just to be safe. Of course my docs were in English already, so I couldn't tell you how to handle translations as I didn't have to do that myself.
After that I went to my bank to have the two copies notarized. If you've never had something notarized, they just put a stamp on it, sign it, and you sign it as well in the notary's presence.
After notarization, I went to a secretary of state's office to get them apostilled. For this, they print out a sort of cover page for each document and put a sticker on it. They then staple the cover page to the original document, fold a sticker over the top of the doc & cover sheet and put a staple through that as well. My guess is that this is to make it impossible to separate the cover sheet and original document without destroying the sticker, so you couldn't later attach the cover sheet to a different document. Here in Michigan, the apostille only cost $2 per document (so $4 total).
After that I mailed the docs over to Japan (cost me something like $22 for priority mail) and I've been crossing my fingers since.
|
|
|
|
|
What is this about hashing and an 'encryption key'? Hashes don't have encryption keys.
|
|
|
|
|
So it's the 28th today. Has anyone seen an updated report?
|
|
|
|
|
How would this work with a changing bitcoin price?
For example, lets say that on day one bitcoin is worth $100. People deposit a total of 100 BTC causing the issuance of $10,000 dUSD. So at this point the OT system has:
100 BTC in reserves
10,000 dUSD outstanding
Now on day two, the market price of bitcoin drops to $90. We still have 100 BTC on deposit and 10,000 dUSD outstanding, but there is no longer a 1:1 relationship between dUSD and USD.
If all the users decided that they now wanted to "cash out" and send their dUSD back to the OT in exchange for BTC, the OT would not have enough BTC to cover (10,000 dUSD should buy 111.11 BTC, but we only have 100 BTC available)
|
|
|
|
|
I wouldn't say they are irrelevant yet, but they are quickly becoming so.
Others have mentioned that there are often price differences between other exchanges and Gox, but as someone who has been doing arbitrage for the last 2 years, I can say that I've never seen the prices this out of whack for this long between Gox and the others.
|
|
|
|
Personally, I'm sitting tight and waiting to see what Gox comes back with regarding the CoinLab and Dwolla situations. Absent a reasonable solution there, I probably won't be trading much on Gox anymore. I suspect many others have the same wait-and-see attitude. Also waiting for Kraken  |
|
|
|
Does anyone have experience using this option?
Is it processed instantly? Is there only that one time fee of 0.89%?
Yes, yes and yes as far as I know (did it twice yesterday) |
|
|
|
I always figured the price was lower on BTC-E because its such a hassle to get USD onto the exchange. That difficulty raises the value of USD relative to BTC.
That would also explain why the price at GOX is higher than usual -- its hard to get USD out of there, so people are bidding up BTC because its easier to pull out.
just a theory....
Pretty sure you are exactly right here. |
|
|
|
US$50k+ means a 32 day wait for all your money if you are verified
Considering the limits on Dwolla were $5k I don't think this is going to be an issue for most Dwolla users. You can only deposit $5k at once with Dwolla, but you can withdraw more (done it many times). Also, the $5k limit is just per transaction. After you send 5k, you can just submit another deposit for more if you want. |
|
|
|
you still have a $1,000 daily limit with that, you need some notoarized crap to raise it
If you are verified you can submit a support request an increase to your daily limit up to $10,000 per day (no notarized crap required). You are still subject to a $50,000 monthly limit though. The notarized/apostilled docs are required to move the $50,000 monthly limit up to $500,000. |
|
|
|
So it is arbitrage what keeps the price in non-Mt.Gox exchanges at about Mt.Gox's level?
For the most part, yes. |
|
|
|
|
I think it would be possible to do this from one crypto currency to another, but as soon as you involve fiat currencies I think it would be (practically) impossible.
|
|
|
|
Does anyone know why CampBX market is at 106 right now while MtGox has a 116 market? This doesn't really make sense to me why someone hasn't bought up the coins at $106 (about 16 right now), and sold them at MtGox. Do I not understand how exchanges usually work?
This is exactly what I normally do. But at the moment I can't get funds out of Gox via Dwolla and back to CampBX, so I have no money at CampBX to buy with. I'm sure others doing arbitrage are having the same issue. Hence the price difference. |
|
|
|
In light of more recent events, hurry the krak up!
+1, the gox is on their knees, release the Kraken already! |
|
|
|
Did you try "bulbul investments llc"? I believe that's the name CampBX is actually incorporated under. |
|
|
|
|
Show Posts
