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161
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Economy / Service Discussion / Re: bitstamp now questioning me why i am using their exchange?
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on: February 24, 2015, 01:16:35 PM
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You are not the first person to be asked those seven questions. The post below is from a whole thread about them. It says the questions are to do with AML and KYC requirements and there is no way around them after bitstamp asks them. I've filled it previously, sent them my id and bill and registration card. Then entered the bank data with swiftcode etc. Now the ask for this: We received your withdrawal request. As your withdrawal request met some of our volume and frequency thresholds, we will have to kindly ask you to help us better understand the nature of your relationship with Bitstamp. In order to do so, we require that an additional KYC (know your customer) procedure is completed before we can proceed with the processing of your transfer.
We kindly ask you to send us a high resolution image double page of your international passport and answer the following KYC questionnaire:
1. How did you learn about Bitcoin?
2. The purpose of trading on Bitstamp?
3. What is the origin of the deposited Bitcoins? If mining, please specify your hardware specifications and submit a receipt or an invoice for your mining equipment.
4. What are your future plans and activities planned on our exchange?
5. Do you plan more withdrawals in the future?
6. Which bank are you using? Please provide the complete address and SWIFT code.
We kindly ask you to submit your answers and documents in a reply to this ticket.
I was asked these questions when I made withdrawals in November/December 2013 from Bitstamp, so this is nothing out of the ordinary. I answered the questions and received my withdrawals as normal. Exactly the same for me. To those screaming because of this: ANY company managing funds on behalf of third-parties is required to comply with both AML and KYC requirements. 1) AML is pretty straight forward. You need to ask a) ID and b) proof of residence of your customers. That's what all exchanges do to verify their customers and it is standard procedure. 2) KYC is trickier. There's no "official" procedure, but any company managing funds on behalf of third parties is required to "know their customers" - as broad as that definition might seem. If shit hits the fan and LE investigates one of the company's customers, the company needs to have as much info as possible on that customer to avoid to face any legal problems. Summing up: to comply with current AML regulations an ID and proof of residence should be enough, but any company willing to avoid problems *must* do their own due diligence when they spot something suspicious. Probably none of our transfers/withdrawals were suspicious, but in my personal case I was asking a big fiat withdrawal. With *big* I mean an order of magnitude bigger than what I guess is the average withdrawal requested by a small-time trader. I'm not surprised Bitstamp is asking that kind of questions, and in my opinion they are as general and vague as they could be. In my case I also replied with vague answers ("I bought those Bitcoins a few years ago"; "I don't know when I will use your service again or how many bitcoins I will buy or sell in the future, it depends on the market", etc.). Bitstamp gave me the OK to those questions in 24 hours and processed that withdrawal the day after. It looks like they are doing what they should be doing: asking for as much info as possible to their "bigger volume" customers. IMO there's absolutely nothing to be worried about and in fact it is good news that Bitstamp is gathering KYC info on their customers. |
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162
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Economy / Speculation / Re: I'm All In - Sold My House!
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on: February 23, 2015, 10:35:26 PM
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I admire his courage, and I see that he gets online from time to time means he's still OK.
Be strong, they don't know what bitcoin is, they think it's just digital money, they have no idea whats comming..
You are not alone.
We stand with Bitcoin.
just because he signs in that only means that he is alive,and sometimes being alive is worse than being dead. He should be just fine just curious, dont make those assumptions I hope he's OK and this thread does not get him down, but merely logging in does not prove he's OK. Believe it or not Mark Karples still logs in as MagicalTux. If you check his profile link below it shows he logged in recently, although his last post was a long time ago. Mark Karples might have money but I doubt he's a happy man. https://bitcointalk.org/index.php?action=profile;u=2134 |
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165
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Alternate cryptocurrencies / Altcoin Discussion / Re: Best way of initial coin distribution
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on: February 22, 2015, 09:30:57 PM
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CLAM distro is worth looking at.
Then exchanges will get big share for free while the original owners will get nothing. Wouldn't have to do all of it with exchanges first, you could use timelocks even. If you know what the exchange addresses are, you could even exclude them in the first round and make sure all the holders get their Coins first. The Clams effect also means that the holders of the original Coin also keep their original keys so they aren't losing anything by participating. Lottoshares coin used the same type of distribution as Clams, but attempted to compensate sharecoin holders who lost out when the sharexcoin exchange was hacked. The quote gives the exact distribution model, but the difference to the Clams model was most of the coins randomly became spendable over a period starting 2 months from launch, finishing 14 months after launch. After importing a key your wallet would show you had coins that needed tens of thousands of confirmations before they could be spent. ...
Distribution
(These coins are available to be played immediately)
20% Bitcoin - Each of the top 1,000,000 Bitcoin addresses received 20 LTS in the genesis block. (Block 302,000)
20% Dogecoin - Each of the top 250,000 Dogecoin addresses received 80 LTS in the genesis block. (Block 232,000)
(These coins are vested, and mature over a period starting 2 months from launch, finishing 14months after launch)
10% distributed to MemoryCoin (MMC) holders (Block #39,983)
10% distributed to ProtoShares (PTS) holders (Block #65,959)
10% distributed to AngelShares (AGS) holders (End of May 2014)
8.0% Devs for ongoing development and maintenance
6.6% FootballCoin - 7080 coins to each of the users on the distribution list (80 coins available for use immediately)
10.9% ShareCoin - 7080 coins to each of the users in the inital distribution (80 coins available for use immediately)
4.5% gifted to btctalk users, exchanges, crypto projects, bloggers (80 coins available for use immediately)
Any coin not moved from the genesis block become invalid after 2 years
...
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166
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Economy / Service Discussion / Re: Western Union - How does it work ?
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on: February 22, 2015, 12:32:34 PM
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It's basically works like this.
You go to a Western-Union outlet and tell them you want to send money to someone, let's say overseas. They give you a form, you fill it up, add your ID and pay the amount you want to send + the fees. And in return they give you a MTCN code. (Money Transfer Control Number )
Then you call the person and give him/her the MTCN code. He/she walks to their local Western-Union outlet, presents the code and their ID and they give them the cash.
..
I heard about the Nigerian prince scammers sending people emails saying they are due a massive payout, but must send a processing fee by Western-Union first. How come they never get busted if they have to give ID to receive the money? They obviously think they can continue scamming and never be caught by using Western-Union. |
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167
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Economy / Speculation / Re: New auction for 50000 btc from US marshalls!
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on: February 22, 2015, 11:11:52 AM
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I really still think it was somewhat sketchy to sell the BTC. They wouldn't sell the 100$ bills they get from some drug raid for discounted rates, wouldn't they?
No, they wouldn't have to. They'd put those bills directly in the bank because that's real money. But yeah, seized money goes in the bank, they don't incinerate it, if that's what you mean. Yea and why didn't they do something like this with the seized BTC? I bet there are all kinds of stuff they could have bought with them. Or donate them or something. There are some sort of legal rules which force them to auction the seized BTC rather than directly sell them or buy something with them. I don't know exactly how the rules work but that's why they auction loads of other things they confiscate like cars. They would probably raise far more money selling them directly but they can't. |
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168
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Bitcoin / Bitcoin Discussion / Re: New Development On Mt. Gox Scam
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on: February 21, 2015, 11:04:28 PM
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Extremely old story......... Have you heard about the brand new altcoins called Namecoin and Litecoin?  Ha! Wait a few months, the crypto world will go nuts over some puppy doggy. I like puppies, that sounds like fun.  <back on topic> MtGox: How come Mark K. is not in jail, yet? No clue, officially. Like most people, I believe he has access to millions and millions od dollars in stolen BTC. Therefore, has the most qualified attorneys keeping him free, for the moment. My humble opinion. Were there rumors he did a deal with the US to avoid prosecution in return for giving them the information they needed to find out who DPR was? If he did do a deal he would be immune from prosecution by the US. That still leaves the Japanese police who think Mt Gox was an inside job, but they're still investigating. |
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169
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Economy / Exchanges / Re: BTER.com hacked - 7170 BTC stolen [DON'T KEEP YOUR MONEY ON AN EXCHANGE]
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on: February 21, 2015, 10:57:41 PM
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There is this message on each page's coin at Bter : "Notice: We are bringing BTER up. Get latest updates at https://twitter.com/btercom ." Does everybody must withdraw their coins or can leave them at Bter as it looks like it's going to be on as it was before. Previously they made it known that they were going to shut down the exchange completely. But now I have a feeling that they are actually going to continue operations. Personally, I will withdraw my coins as soon as an opportunity arises (then will wait and see). In respect to trading, bter was one of the best exchanges out there. A lot of person will do the same, because they have "lost" their credibility and consequently the different clients have lost confidence. Well done, I fortunately don't have anything on bter. There are some coins that are on no other exchanges besides bter. People who want to trade those coins have no other choice than to use bter. They are not particularly popular coins but the revenue from those alone would give bter a reason to carry on trading. |
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170
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Economy / Exchanges / Re: BTER.com hacked - 7170 BTC stolen [DON'T KEEP YOUR MONEY ON AN EXCHANGE]
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on: February 21, 2015, 10:46:59 PM
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There is this message on each page's coin at Bter : "Notice: We are bringing BTER up. Get latest updates at https://twitter.com/btercom ." Does everybody must withdraw their coins or can leave them at Bter as it looks like it's going to be on as it was before. If they open for business again they will probably have to cancel the buy side of the order books for all the alts. The buys must have been backed by people's bitcoins before the hack and can't be backed by bitcoins now unless bter managed to get funding from somewhere. |
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172
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Economy / Speculation / Re: New auction for 50000 btc from US marshalls!
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on: February 21, 2015, 07:13:10 PM
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How is it they come to the decision to sell at these prices, seems like nobody has a brain over there. Or perhaps no single person has the power to make sale date decisions. Its mostly people who fair the price of bitcoin to crash. And if they think of that, they see losing money and probably dump and get out. But unfortunately, it goes up instead and they regret it the next day . You'd think they'd have some top techincal analysis traders viewing the data though, the market is tricky to predict for anyone but a few seem to get it right more often then not. Before the first auction someone made the point that the US was selling because they thought the price would go down in the long run. It's considerably lower now than before either of the last two auctions. The US might be selling now because they still hold the same view. |
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173
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Economy / Service Discussion / Re: BTER Unable to Repay Customers
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on: February 21, 2015, 02:56:01 PM
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BTER is back now. I see no message regarding it on the site. What happens , when people log in to the site. Can they withdraw their funds ?
As they said on their twitter feed, they're working on withdrawals, starting with CNY, USD and NXT https://twitter.com/btercom/status/568944687257530368Thanks, Yeah saw their tweet right after posting this. Best to get your coins out of there I tried withdrawing NXT but you can't withdraw them yet. You get a message saying "NXT withdrawal is disabled" when you try. The balances page only shows USD, CNY, and NXT and it looks like they will be the first withdrawals available as it says on twitter.. |
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174
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Economy / Exchanges / Re: BTER.com hacked - 7170 BTC stolen [DON'T KEEP YOUR MONEY ON AN EXCHANGE]
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on: February 21, 2015, 02:34:36 PM
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They have to open Bitcoin withdrawals immediately. People patiently waiting for days.
My friend told me he can't withdraw his btc, can you confirm ? Do you have the same problem ? What would they have for you to withdraw?! Wrong they still own ~ hundreds of bitcoins in their hot wallet, it is their choice if repay all the bitcoin or at least a percentual. They can also convert their "cold wallets of their various altcoin" and repay the costumers, it is a "difficult" scenario/story. Their twitter says they will first enable USD, CNY, and NXT withdrawals before anything else so it doesn't seem like they are planning on selling the alts to pay back people's bitcoin losses. I tried withdrawing NXT and I got the message below. There's a similar message for bitcoin (although the balances page is not showing any bitcoin balances).  We will have to wait a while until we can withdraw. |
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175
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Economy / Service Discussion / Re: Bter.com opened for the first time after the last hack
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on: February 21, 2015, 02:28:56 PM
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NXT withdrawals don't work for me.
Their twitter account says they are just preparing for the withdrawals to start off, so let's wait and see. At least I can cancel my stale orders. The order book for some coins is either missing or out of date. It doesn't matter because they have not enabled trading. Can you still cancel your stale orders? I had no orders placed at the time of the hack so I cannot find out. |
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178
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Economy / Service Discussion / Re: bter is hacked?
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on: February 20, 2015, 08:21:29 PM
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I wonder how long will they take to leave an update about what action will they be taking.
Everyone is waiting for that. Jcga received this email from them yesterday saying to watch for an update on the site, but nothing's changed yet. I expected to hear something by now, or for the exchange to open for people to withdraw their alt coins. I have received this mail today (feb. 19th) "Dear Sir, Please kindly keep an eye on bter.com for the update Best Regards" Go go BTER. Best wishes |
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179
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Economy / Speculation / Re: New auction for 50000 btc from US marshalls!
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on: February 20, 2015, 07:28:32 PM
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Why is there a public not saying Public Note: Good afternoon! Your help is necessary. My wife has a problem with health, treatment is necessary (we expect a baby). If you have some unnecessary btc or satosh, please, help, we will rejoice any help.and some receiving's around jan 2015 ?? The ethereum IPO bitcoin address had had exactly the same message sent to it. It's the same person trying the same thing on every well publicized address that he knows people will be watching. I doubt he will make anything out of it, if he does it wil only be a small amount. https://blockchain.info/address/36PrZ1KHYMpqSyAQXSG8VwbUiq2EogxLo2 |
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