MtGox generation of USD redeemable codes will stop at 10 Apr 2013

[moni3z]

10 April expect 100 new threads per minute: "WTF why doesn't my Gox code work?" and "Why do I have to resubmit all verification to Coinlab I already did this through Gox years ago"

[Stephen Gornick]

<MagicalTux> as US customer, it will not be possible to have a balance in anything else than BTC/USD/CAD

That's interesting. So how do they know who's a US customer? ID scans for all an sundry? IP geolocation? Simply trusting their customers to be honest?

 - Received Dwolla?  Ding.  U.S.
 - Submitted ID and it says U.S?   Ding.  U.S.  (or submitted Canadian,  CAN)
 - Access via U.S. or Canadian IP address?    Ding.  U.S. or Canada.

It's 80% of Mt. Gox's customer base (not sure if that is by number or by value of accounts).

[antares]

they are probably rolling out a new wave of force-verifications(aka stealing, err "holding" customers money hostage and forcing them to verify in order to retrieve their funds back), like they did back in the october-January 2011/2012 times. those that they have already forced to verify can simply be moved off, and all others can probably be established by geoip, since most people are probably using gox via their regular ip in order to avoid force verification.

[elrodvoss]

So if I may sound like a newbie for a moment...

"How will I get my coins from Mt Gox -> BitInstant -> Paypal?"

Will there be another Code?  Will I use another service?

I cant find any info on either of the sites pages with about 2 weeks before this deadline.


Anyone got an answer?

-elrodvoss

[justusranvier]

So if I may sound like a newbie for a moment...

"How will I get my coins from Mt Gox -> BitInstant -> Paypal?"

If you have bitcoins in Mt Gox and want to cash out to Paypal use https://fastcash4bitcoins.com/

[Timo Y]

I just received an email too:

Dear ****,

You are currently making use of a system which will be deprecated on Wed 15 May 2013 12:00:00 AM GMT:

Generation of non-BTC redeemable codes on MtGox will not be possible


Please note that after this date, using this system won't be possible anymore and will instead lead to an error.

Thank you for your attention.

System Staff

No more free SEPA deposits and withdrawals on bitcoin-otc

[b!z]

You can still transfer via BTC...

[someguy123]

Damn, I used to used USD codes quite a bit to pay people when the price was so damn volatile like now; oh well, guess it's back to BTC and BTC Codes.

[Stephen Gornick]

I just received an email too:

Whoah ... that's different.  Not just MTG USD and MTG CAD but all "non-BTC" codes it says.

And I looked just now and there's not even a method to withdraw a BTC code, at least as far as I can tell.

[TheButterZone]

FFS

[Stephen Gornick]

There is one workaround and that is to create throwaway accounts.

So you create an account specifically with the intention of sharing the username and password with your trading party.  You wouldn't want the account to get flagged as needing verification so the amounts you would hold in it would need to be under the levels that non-verified accounts are allowed to transfer.

This lets you lock in a certain amount of USDs and transfer that value as dollars to someone else by giving the username and password to them.  Then that person completes the verification steps to withdraw the dollars  (or use the funds to buy bitcoins at a later time).   Since most people already have a Mt. Gox account, trying to get verification on a second account at Mt. Gox would likely bring closer scrutiny and/or [Edit: be a violation of their user agreement and possibly] see the funds getting frozen.  

Also, there's the chance the person who funded the account will claim the account was lost due to identity fraud (hacker gaining username/password) after trading it away and possibly regain access to the funds.   So this isn't a method two parties who don't have trust in each other would want to follow.

But it might be a way to separate off some bitcoins into multiple accounts, convert them to dollars to lock in a certain amount of value in USDs, and then later trade those USDs away.

That's nowhere near as convenient as the redeemable codes, but it is an option.

Of course, other exchanges still have account-to-account (A2A) transfers, if the need is simply a USD-denominated store of value that can be easily transferred to and from BTCs:
 - http://en.bitcoin.it/wiki/A2A_Transfer_Methods

[repentance]

There is one workaround and that is to create throwaway accounts.

So you create an account specifically with the intention of sharing the username and password with your trading party.  You wouldn't want the account to get flagged as needing verification so the amounts you would hold in it would need to be under the levels that non-verified accounts are allowed to transfer.

This lets you lock in a certain amount of USDs and transfer that value as dollars to someone else by giving the username and password to them.  Then that person completes the verification steps to withdraw the dollars  (or use the funds to buy bitcoins at a later time).   Since most people already have a Mt. Gox account, trying to get verification on a second account at Mt. Gox would likely bring closer scrutiny and/or see the funds getting frozen.   

Also, there's the chance the person who funded the account will claim the account was lost due to identity fraud (hacker gaining username/password) after trading it away and possibly regaining access to the funds.   So this isn't a method two parties who don't have trust in each other would want to follow.

But it might be a way to separate off some bitcoins into multiple accounts, convert them to dollars to lock in a certain amount of value in USDs, and then later trade those USDs away.

That's nowhere near as convenient as the redeemable codes, but it is an option.

Of course, other exchanges still have account-to-account (A2A) transfers, if the need is simply a USD-denominated store of value that can be easily transferred to and from BTCs:
 - http://en.bitcoin.it/wiki/A2A_Transfer_Methods

MtGox ToS limit you to one account, so this is risky.  I wouldn't be surprised if their anti-fraud algorithms flag stuff like location, either - meaning that an account will be flagged if you log in from a different country, for instance.