So the BTC in the customers account is supposed to be the risk-mitigator. How are you even supposed to measure that over a period of days?
Banks and stock brokerage firms do this kind of thing all the time. The point is that you do not release the BTC until you know the USD used to pay for them are good. Otherwise there can be a strong incentive for fraud. What I do not understand is why this will take weeks with wire transfers. I am talking about withdrawals not deposits so there is no risk to the bank here since the funds are already on deposit with the bank. Assuming Mt. Gox isn't broke, that's true. It looks more and more like Mt. Gox doesn't have the money entrusted to them. They don't seem to have made significant USD payouts for seven weeks now. While I actually do not believe that insolvency is the case here, to the end user it looks very much the same so the trust is eroded. |
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They could probably do this, but it would mean putting up a sizable security bond. If their bank is holding transfers for such a long time it means they consider them a risk. Gox mentioned in the press release that they had incurred sizable losses due to advancing the amount of transfers before their requests were cleared by the bank. The bank does not want to assume that risk. By whatever criterion they use Gox is a risky customer and they would need to put up an amount to offset that risk.
I am talking about withdrawals not deposits so there is no risk to the bank here since the funds are already on deposit with the bank. The problem mentioned was with deposits been credited to the customer account before the bank credited MTGox and wire being returned by the bank leaving MTGox to absorb the loss, if the BTC were immediately withdrawn from MTGox. Even in this latter scenario this could have been mitigated by placing a hold on the BTC in the customers account until the underlying USD wire had cleared. |
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makes sense A comment on the MtGox situation and recent development
This is a great business case study.
Chapter 1:
The first bitcoin exchange founded by Jed Caleb, running it from the start with passion for great customer satisfaction. It is growing massively. There were some technical issues, but they always got solved.
Chapter 2:
Mark Kapeles buys MtGox. Luckily for him, bitcoin takes off in the public and exchange volume rises. He is happy.
Chapter 3:
He does not seem to be as passionate and dedicated to customer service as the MtGox founder which leads to a lot of frustration. Hacks happen, security breaches, etc. MtGox is not innovating at all: The website and exchange options are as they were 2-3 years ago... Still today, there are no stop loss, stop buy, trailing orders, etc. something that many exchanges have and something that would also lead to better customer satisfaction and more volume for the exchange..
Chapter 4: The lack of innovation, bad marketing, PR and customer service leads to lower customer trust.
Chapter 5: The attempts of complying with money service regulations etc. are too late and withdrawals got stopped or delayed so much that the community loses even more faith..
Chapter 6: People leave MtGox in masses and other exchanges profit.
This is how market leaders fall... while with just a little business and marketing sense this could have been avoided... Just my 1ct ....
finally MtGox is trying to react with PR statements, but still, based on my own experience nothing moves really smoothly in terms of withdrawals. I cancelled mine after 5 weeks of false promises from MtGox. I read the press release https://www.mtgox.com/press_release_20130805.html. It is silent with specifics when it comes to USD withdrawals. I agree. With every piece of communication they erode my trust further MTGox needs to address the USD withdrawal issue back to where it was earlier this year where one would request a USD wire transfer and receive it within two days, sometimes even the next day. The press release contains a lot of positive information, but its silence on the specifics of this one issue speaks volumes. |
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A comment on the MtGox situation and recent development
This is a great business case study.
Chapter 1:
The first bitcoin exchange founded by Jed Caleb, running it from the start with passion for great customer satisfaction. It is growing massively. There were some technical issues, but they always got solved.
Chapter 2:
Mark Kapeles buys MtGox. Luckily for him, bitcoin takes off in the public and exchange volume rises. He is happy.
Chapter 3:
He does not seem to be as passionate and dedicated to customer service as the MtGox founder which leads to a lot of frustration. Hacks happen, security breaches, etc. MtGox is not innovating at all: The website and exchange options are as they were 2-3 years ago... Still today, there are no stop loss, stop buy, trailing orders, etc. something that many exchanges have and something that would also lead to better customer satisfaction and more volume for the exchange..
Chapter 4: The lack of innovation, bad marketing, PR and customer service leads to lower customer trust.
Chapter 5: The attempts of complying with money service regulations etc. are too late and withdrawals got stopped or delayed so much that the community loses even more faith..
Chapter 6: People leave MtGox in masses and other exchanges profit.
This is how market leaders fall... while with just a little business and marketing sense this could have been avoided... Just my 1ct ....
finally MtGox is trying to react with PR statements, but still, based on my own experience nothing moves really smoothly in terms of withdrawals. I cancelled mine after 5 weeks of false promises from MtGox. I read the press release https://www.mtgox.com/press_release_20130805.html. It is silent with specifics when it comes to USD withdrawals. |
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I will say that this phone makes a lot of sense for anyone who is truly serious about Bitcoin which is why, I supported this project on the very first day with a phone purchase. Why because this phone is not just innovation it is truly revolutionary. It becomes a full fledged Ubuntu desktop when it is connected to a monitor perfectly capable of running a full Bitcoin node. More importantly because Ubuntu contains third party GPL v3 code this phone and any other phone running Ubuntu desktop / phone OS must be rooted. This is critical for Bitcoin because it will make it impossible for a manufacturer or a state to use the DRM in the device to censor Bitcoin as Apple has already done with IOS on the iPhone and iPad. When one considers that most mobile devices today are sold locked and infected with DRM, IOS, Windows RT and even Android with no root access are common examples, it becomes clear why it is very much in the interest of the Bitcoin community that the Ubuntu Edge project be a success. Let us not forget that the entire security model of Bitcoin is totally dependent on software and hardware freedom, so supporting this project is not just supporting a good cause but investing in the future security of Bitcoin. So I say we should support this project for among other reasons to protect Bitcoin from the kind of censorship Apple has already done or another manufacturer or state may choose to do in the future. By the way the phone specifications are simply awesome and well worth the 830 USD price. Here is the link for the Ubutnu-Edge http://www.indiegogo.com/projects/ubuntu-edgeThis is truly EXCELLENT news! I had no idea you could make this phone work with your bitcoin, but now that I know that I hope more bitcoiners spread the word! It will run all GNU/Linux FLOSS desktop Bticoin wallets and also all mobile Android wallets. The amount of storage 128 GB will handle a full node. So one could for example run a full Bitcoin node on this phone. It will not on the other hand work for something like Solidcoin since the latter uses a proprietary binary. The key here is that x86 / AMD64 is source compatible but not binary compatible with ARM. So as far as FLOSS is concerned it can provide the desktop GNU/Linux experience. |
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probably countries with almost no internet, somewhere underground. for example inside an abandoned coal mine in north-east Siberia, in labour camps of suppressive regimes, …
North Korea |
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Simple solutions:
1. Don't use facebook.
...
+1 |
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I will say that this phone makes a lot of sense for anyone who is truly serious about Bitcoin which is why, I supported this project on the very first day with a phone purchase. Why because this phone is not just innovation it is truly revolutionary. It becomes a full fledged Ubuntu desktop when it is connected to a monitor perfectly capable of running a full Bitcoin node. More importantly because Ubuntu contains third party GPL v3 code this phone and any other phone running Ubuntu desktop / phone OS must be rooted. This is critical for Bitcoin because it will make it impossible for a manufacturer or a state to use the DRM in the device to censor Bitcoin as Apple has already done with IOS on the iPhone and iPad. When one considers that most mobile devices today are sold locked and infected with DRM, IOS, Windows RT and even Android with no root access are common examples, it becomes clear why it is very much in the interest of the Bitcoin community that the Ubuntu Edge project be a success. Let us not forget that the entire security model of Bitcoin is totally dependent on software and hardware freedom, so supporting this project is not just supporting a good cause but investing in the future security of Bitcoin. So I say we should support this project for among other reasons to protect Bitcoin from the kind of censorship Apple has already done or another manufacturer or state may choose to do in the future. By the way the phone specifications are simply awesome and well worth the 830 USD price. Here is the link for the Ubutnu-Edge http://www.indiegogo.com/projects/ubuntu-edge |
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Get your TA  Watch out: Daily close above Bollinger - first bullish sign.  Watch out: Weekly close above middle Bollinger - bullish trend 95% confirmation.  I will go by count candidate #2 in that case.  Or the bear is dead...   I doubt there is such a thing as a market where the bears are dead. It is more like they go into hibernation for a while, as they did earlier this year. |
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I see you are from Canada too.
Care to share the duties/taxes you paid ?
Is it true that a company named Loomis is delivering instead of DHL ?
In a lot of locations the final delivery is done by Loomis. There is no duty but you will be charged HST or GST/PST depending on the destination province or territory. There is also a small service charge added on by DHL for brokerage / processing. One thing to keep in mind is that they hold the delivery at the local depot until payment is received so it is best to track the shipment online and once the shipment arrives in Canada call DHL, verify where the unit is, and either pay over the phone or arrange to have the shipment held at the local depot and go in person to pay and pick up the unit. I did the latter, and immediately after they told me it was at the local depot, went there paid and picked up the unit. They had not scanned the unit yet when I arrived so they did all the scans while I waited, I paid and picked up the unit. The time saved could easily amount to 1 BTC or more in mining income. |
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Whether this is bullish or bearish in the short term depends on how much BTC are left. I suspect well under 100K BTC. Still we must keep in mind there may be creditors here such as the IRS who would likely sell BTC to cover unpaid withholding taxes for example. Short term somewhat bearish. Long term bullish.
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Let me guess. The malware requires Microsoft Windows in order to steal the BTC and compromise the MTGox account etc., and it will not work on GNU/Linux. The lesson learned is to use GNU/linux and stay well away from Microsoft Windows for anything that involves money regardless of what form that money may take.
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...
Truth is though, btc is not needed at all for this whole arbitrage. It can simply be done with CC's and bank acc's from Arg and one other country. This is a USD / CC forced policy arbitrage, and not something that sprung out of bitcoin. No one in Argentina can buy BTC with pesos.
Other than taking BTC across the border is likely way simpler than USD. |
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We are very far from mainstream, so far it is not even funny. Here is a simple calculation. Take the world M1 money supply approximately 20 Trillion in 2013 USD. Now take the percentage of GNU/Linux users on the desktop 1.28%. 1.28% of 20 Trillion is 256 Billion or 22379 USD per BTC. We have a very long way to go in order to reach the market penetration of GNU/Linux on the desktop.
Now realistically GNU/Linux on the desktop is itself very far from a mainstream operating system.
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I'm pretty sure you are using stupid Windows, switch to Ubuntu and run your bitcoin wallet there. Sorry for you lost buddy...
+1 Ubuntu or any other GNU/Linux. I have been using Ubuntu since 2006. As for Microsoft Windows entering any Bitcoin (or for that matter fiat banking) related password into a Microsoft Windows computer is a financial risk I simply cannot afford. |
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Their delay just hit more then 2 months. Its insane difficulty to reach the ROI
Yeah, it is a fatal delay. Possible Avalon never pay off for me. Delivery can add month because slowpoke russian post  . I suspect the cold winters in Russia will more than make up for the postal delay. I am in Canada and one of the reasons I am not seeking a refund for my batch 3 order is the cold Canadian winters. I do agree that the ROI on batch #3 will be very close over the next 2-3 months, but once winter sets in it will be profitable. On the other hand for someone in the southern US say Arizona taking the refund may make a lot of sense. |
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Anyone know when the next weekly report is coming out?
same here, didn't received 1, too. hope you're good to go, S3052. July 14, 2013 as per the last weekly report. The last weekly report I got was for June 27. Is this true for everyone else? Yes. |
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