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701  Economy / Exchanges / Re: MtGox withdrawal delays [Gathering] on: September 17, 2013, 10:11:08 PM
Maybe this will clear it up  - quoted during the recent seizure (emphasis added)

"U.S. authorities planned to seize Mt. Gox’s Dwolla account, they already stated that Mt. Gox’s Wells Fargo accounts were the real issue. In order to accept funds in dollars, the company opened a Wells Fargo business account for Mutum Sigillum LLC (Mt. Gox’s American subsidiary). But it declared that Mt. Gox was “a business not engaged in money services.”
This is clearly wrong.  Mutum Sigillum is much older than MtGox, and not a subsidiary.  MtGox and Mutum Sigillum has the same owner, but one is not the subsidiary of the other.

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In particular, president and CEO Mark Karpeles answered ‘no’ to two important questions: “Do you deal in or exchange currency for your customer?” and “Does your business accept funds from customers and send the funds based on customers’ instructions (Money Transmitter)?”
And they didn't at the time.

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According to the Department of Homeland Security, the Bitcoin exchange service should be considered as a money transmitting company. More recently, New York’s top banking regulator confirmed this view"
You are mixing apples and oranges.  Mutum Sigillum transferred USD, not Bitcoins.
702  Economy / Exchanges / Re: MtGox withdrawal delays [Gathering] on: September 17, 2013, 10:04:01 PM

Why should MtGox, operating from Japan, follow USSA laws instead of Japanese laws?  Does USSA law apply to all bitcoin exchanges because what?  I think MtGox will get closed pretty quickly if they start operating according to a different set of laws than what governs them in Japan.

MtGox has never been accused of operating as a money transmitter in the USSA.  Mutum Sigillum was.  You should read the warrant.  Have you ever read anything about law, or just pretending?
They cannot cloak US money transmissions through a secondary company and not be subject to US law.-
The warrant demanded that Dwolla hand over the keys to account number 812-649-1010, which is owned by Mt. Gox subsidiary Mutum Sigillum LLC, and held in the custody of Veridian Credit Union.

and since you asked I have a Law Degree (Juris Doctor)
I do US money transmission through secondary companies (banks), and I am not subject to US law.  The banks are subject to US law.  Not me.  I couldn't care less about the laws of the USSA.

Same thing for MtGox.  Mutum Sigillum is subject to US law, and did engage in money transmitting between MtGox and Dwolla.  Dwolla are subject to US law.  Verdian Credit Union and Wells Fargo are subject to US law.  MtGox are not.  MtGox are subject to Japanese law.

Where did you earn that law degree?  Some summer course on Bali?
703  Economy / Exchanges / Re: MtGox withdrawal delays [Gathering] on: September 17, 2013, 09:52:47 PM
Why should MtGox, operating from Japan, follow USSA laws instead of Japanese laws?  Does USSA law apply to all bitcoin exchanges because what?  I think MtGox will get closed pretty quickly if they start operating according to a different set of laws than what governs them in Japan.
They have a .com website.
If they had a .jp one, it would be different, but with .com they have to comply to some rules.
This must be the most desperate suggestion I've read so far.  thepiratebay.org is still alive, btw.
704  Economy / Exchanges / Re: MtGox withdrawal delays [Gathering] on: September 17, 2013, 09:50:38 PM
Quote
I think you are wrong.  MtGox isn't a financial insistitution, and aren't registered under Japan Financial Services Agency.  There is no category for companies like MtGox.  Only banks and other companies involved in payment services, financial instruments, insurance, etc, are.
They should be registered as a financial institution because they are. If I sent them some Money a halve a year ago and never brought a coin for one reason or another and now want my money back then all this time they save kept it for me = Financial institution.
By what definition?  Yours or Japanese law?  Usually financial insitutions are those which either create money (banks) or facilitate the transfer of money between different people/companies (payment services) or issue various financial instruments, e.g. securities, swaps, insurances, etc.  Just keeping other peoples assets safe does not make a fincancial institution.
705  Economy / Exchanges / Re: MtGox withdrawal delays [Gathering] on: September 17, 2013, 09:28:31 PM
Quite clearly the US sees them and will hold them to the financial laws that govern money exchanges. They are akin to any other currency exchange, it matters not that that one of the currencies they deal with is Bitcoin.  However they view themselves and no matter how unique their services, they are classified and will be accountable like any other currency exchange/money transmitter. A lesson painfully learned just recently
Why should MtGox, operating from Japan, follow USSA laws instead of Japanese laws?  Does USSA law apply to all bitcoin exchanges because what?  I think MtGox will get closed pretty quickly if they start operating according to a different set of laws than what governs them in Japan.

MtGox has never been accused of operating as a money transmitter in the USSA.  Mutum Sigillum was.  You should read the warrant.  Have you ever read anything about law, or just pretending?
706  Local / Skandinavisk / Re: Slik kan du ta ut frå MtGox til norsk bank on: September 17, 2013, 11:51:25 AM
Ei lita oppdatering.  Folk har oppdaga at SEPA-uttak fungerer.  Køa vert difor lengre.  Her er oppdaterte forventa ventetider for uttak:

  • Uttak under 400 EUR går normalt på ei veke eller mindre
  • Større uttak tek 10 yrkedagar
  • 20 dagar mellom kvart uttak

Alle uttak frå august og tidlegare er ferdige, med unnatak av dei som hadde fleire uttak i kø.

400 EUR er eit dynamisk tal.  Dei fyller opp den daglege kvoten med små uttak, og kva dei definerer som eit lite uttak vil variere etter kor mange som er i kø.  Før var 1000 EUR rekna som lite, men no er det tydelegvis mange som gjer mindre uttak.
707  Economy / Speculation / Re: Peak/Reversal Watch on: September 17, 2013, 11:43:58 AM
Lol what?
Guess what will happen to USD when dollar will loose it's monopoly on oil.
Hint
Much of the worlds oil trade already happen in other currencies than USD.  Most of Europe, where oil is produced and consumed, trade in EUR.  The price is usually given in USD, but that's just for convenience.  Converting between EUR and USD is a trivial matter.

As long as USSA is the world's largest oil importer by far (2 times China), USD will be the predominant currency for trading oil.
708  Economy / Exchanges / Re: MtGox withdrawal delays [Gathering] on: September 17, 2013, 11:23:22 AM
has anyone gone to the IRC chat channel to ask what is current status?
Current status for SEPA.  Unfortunately it looks like the queue is getting longer again.  People have discovered that SEPA works:

  • Lower than 400 EUR about a week
  • Higher amounts take about 10 business days (i.e. two weeks)
  • 20 business days between withdrawals

All SEPA withdrawals from August and earlier have been processed, with the exception of some users who had more than one withdrawal in the queue.

New information: 400 EUR is dynamic (was 1000 EUR last time I talked to support).  It depends on how they can fill the daily quota most efficiently.
709  Economy / Exchanges / Re: MtGox withdrawal delays [Gathering] on: September 17, 2013, 10:55:04 AM
In my opinion, MtGox has turned into an accidental Ponzi scheme, and they no longer have cash to fund withdrawals. Get out while you can.
They are processing withdrawals in JPY (domestic) and EUR (SEPA), so they must have funds.  I doubt they are getting much fiat in to fund withdrawals from, which means they have reserves as well.
710  Economy / Exchanges / Re: MtGox withdrawal delays [Gathering] on: September 17, 2013, 10:51:32 AM
I think you are wrong.  MtGox isn't a financial institution, and aren't registered under Japan Financial Services Agency.  There is no category for companies like MtGox.  Only banks and other companies involved in payment services, financial instruments, insurance, etc, are.
That's wishful thinking. Of course they're a financial institution. They take deposits and hold customer money. (And don't pay it back when they should.) If they're lucky, the FSA will just consider them a payment services firm.
MtGox is a place to buy and sell bitcoins.  When you transfer money to MtGox is it for the purpose of buying bitcoins. This makes MtGox more like a shop than a financial institution.   MtGox never advertised themselves as a place to store money.  And they are definetly not doing payment services, since you are unable to withdraw to other peoples accounts. Just your own.

Quote
In the US (where Mt. Gox does have a legal presence, in Delaware), they're probably a broker/dealer, and need to qualify as a broker/dealer under US law to deal with US customers. That means SEC registration, audits, insurance, capital requirements, and background checks. Read "Who is a broker" from the SEC.
I would like to see the law stating they "probably" are.  Laws are usually very specific.  Either you are or you are not.  Their legal presence in Delaware don't make USSAnian laws apply to their Japanese operations in any way.  Otherwise it would be impossible for e.g. banks to have offices in Switzerland, where there are strict privacy laws regarding banks and their customers, and in other countries where the government demand that banks release information on their customers holdings.
711  Economy / Scam Accusations / Re: Peter Vessenes (vess) on: September 16, 2013, 05:28:47 PM
This is a legal matter and we are not on the inside.  I have talked with and met Peter in-person a number of times and I have enjoyed his company and he comes across as a smart and competent business man and entrepreneur.  I don't believe this accusation has legs. 
Strange.  People who ate pizza with Pirateat40 said the same thing about him.  Couldn't be a scam.  He was a honest person all the way through.  Some people didn't concede until months after he disappeared.
712  Economy / Exchanges / Re: MtGox withdrawal delays [Gathering] on: September 16, 2013, 01:57:13 PM
Who actually believe the issues with USD withdrawals are really due to technical issued with their banking partners?  I think it is obvious that they are operating a fractional reserve and do not have close to enough funds if everyone wanted to pull out their fiat.  A real-life exchange or investment bank is required to put customer funds in segregated accounts, but this is not the case with Mt. Gox.
Mt. Gox does have the obligation to segregate customer funds and have 100% of them on deposit under the Japan Payment Services Act, or guaranteed by a bank. It's appropriate to ask the Japan Financial Services Agency to audit Mt. Gox.
I think you are wrong.  MtGox isn't a financial insistitution, and aren't registered under Japan Financial Services Agency.  There is no category for companies like MtGox.  Only banks and other companies involved in payment services, financial instruments, insurance, etc, are.
713  Economy / Exchanges / Re: MtGox withdrawal delays [Gathering] on: September 16, 2013, 01:48:28 PM
I don't think it makes any difference what bank the wire is to. If we are talking SWIFT wires we are talking SWIFT wires. My bank in particular uses citigroup as the intermediary (which is the bank gox was having issues with). So I think your first statement is incorrect.
Annoying colour removed.

Counterexample: I tried using a bank which use Citibank as intermediate for SEPA transfers to transfer money to Intersango.  I was told by the bank they couldn't transfer money to Intersango beacause Citibank wouldn't allow it.  I left the bank immediately of course, and I never had any trouble transferring money to Intersango from other banks.  Since my customer relations with this bank ended after one day, I never got the chance to test it for transfers to MtGox. MtGox use the same bank in Poland that Intersango uses.
714  Economy / Exchanges / Re: MtGox withdrawal delays [Gathering] on: September 16, 2013, 01:40:58 PM
Who actually believe the issues with USD withdrawals are really due to technical issued with their banking partners?  I think it is obvious that they are operating a fractional reserve and do not have close to enough funds if everyone wanted to pull out their fiat.
Why is that in any way obvious?  Have you read the horror stories about Japanese banks on this forum?

Quote
Honestly, the issue is they do not have the cash and these capital controls are meant to prevent a "run on the bank" which would sink Mt. Gox.  They are using customer deposits to pay ongoing legal, regulatory and operational expenses.
And the basis for your claims is?  How come EUR and JPY withdrawals work if MtGox are broke?  5 million is just a part of their profit this year, and they have about 14 million USD in visible bids in the order book.  Even if the 5 million USD which CoinLab and Peter Vessenes stole are lost, they are still only have about 2 million USD to cover (assuming their extra legal costs are less than a million USD, which they should be prior to meeting in court).  And they wouldn't need capital controls to keep 2 millions USD of deposits.  MtGox is still the only exchange where you can spend 2 million USD on BTC without moving the price very much.
715  Economy / Exchanges / Re: MtGox withdrawal delays [Gathering] on: September 16, 2013, 01:19:46 PM
i'm still waiting on a SEPA withdrawal from june, i don't believe these fast sepa withdrawals
If you have been waiting for one SEPA withdrawal from june, you are either hiding something (e.g. that you made several withdrawals and have received them one by one 20 days apart), or there was something wrong with your transfer.  What did support tell you? 
716  Economy / Scam Accusations / Re: Peter Vessenes (vess) on: September 14, 2013, 10:28:35 PM
Surely, that $5M figure isn't what I think it is and now in the hands of...

http://thegenesisblock.com/warrant-for-mt-gox-wells-fargo-accounts-shows-additional-2-1m-seized/
No, that's a different story.  Read both.
717  Economy / Scam Accusations / Re: Peter Vessenes (vess) on: September 14, 2013, 10:27:02 PM
Have a look at this, especially beginning of page 21, and seventh counterclaim and outwards from the end of page 39.  If this, any of it, bear any resemblance to truth, it makes Peter Vessenes the worst thief and scammer in the history of Bitcoin.  Forget the small fish like pirateat40.  Peter Vessenes is the reason why you don't get your USD withdrawals from MtGox.  He stole your deposits.  $5,315,210.79 worth of deposits.

I can't think of anyone who deserve a scammer tag more than vess.
So after defending Gox against all manner of criticism for MONTHS, you are now implying that they are running a fractional reserve system and have been lying all along... but we should all blame Vessenes, due to some business deal gone wrong, the details of which you aren't even privy to?
Did you even read the counterclaims?

Quote
How old are you exactly?
40.
718  Economy / Service Discussion / Re: LocalBitcoins.com exploit! on: September 13, 2013, 08:38:12 AM
sorry, false report then it seems; although i believe the damage is way over 80 BTC if you skim over their forums.
I see some people yelling and calling their lawyers.  People who have enough BTC in an online wallet to pay a lawyer to do anything meaningful about this are incompetent in the first place.  Fees for decent lawyer start at at least 4 BTC an hour, and this involves dealings with a foreign company (most likely).  I wasn't affected, but if I was I would certainly sit back and see how it turned out before calling anyone.  A couple of weeks of trading fees is enough to reimburse all users.  Stupid USAnians seem to cling to their lawyers every time something unexpected happens.
719  Economy / Service Discussion / Re: LocalBitcoins.com exploit! on: September 13, 2013, 07:21:44 AM
a simple HTML with JavaScript that steals the current user's bitcoins from their on-site wallet.

over 1000 BTC stolen already.
https://blockchain.info/address/1EfEy1Ms6swbnfsL3VfLiY3asf9dhDCoCu
Most of those transactions date back to June or earlier.  Is the bug that old?
720  Economy / Scam Accusations / Re: Peter Vessenes (vess) on: September 13, 2013, 05:01:33 AM
Quote
21. One of the major issues, if not the major issue, that MtGox was concerned about was legal compliance on the part of CoinLab to conduct the Bitcoin exchange services in the United States that were being discussed by the parties during the negotiations. Early in ...
I desire to learn more of how ANY "trade secret" can circumnavigate federal laws. Once learnt, I have a slew of ideas I wish to manifest.
This is not page 21.

Page 21, the interesting part:
Quote
Defendants are informed and believe that in March and April, 2013 MtGox customers, at the suggestion of CoinLab, deposited $12,788,701.08 in to one or more CoinLab bank accounts; CoinLab then caused the amount of such funds to be credited to such customers' MtGox accounts but CoinLab did not transfer the actual funds into the MtGox bank account. As a result, such customers' MtGox account reflected a higher amount of currency funds available to such customers than were actually in the MtGox bank account. In April, 2013, and upon the demand of MtGox, CoinLab transferred a portion of those amounts, $ 7,473,490.29, to the MtGox bank account, leaving a balance of approximately $ 5,315,210.79 to be transferred to the MtGox account and which is being wrongfully held by CoinLab.
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