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Bitcoin Forum > Economy > Marketplace > Service Discussion > MtGox daily withdrawal limit: WHY?
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Author Topic: MtGox daily withdrawal limit: WHY?  (Read 1702 times)
misterbigg (OP)
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August 03, 2012, 03:10:01 PM
 #1
Why is there a daily BTC withdrawal limit on MtGox?
unclescrooge
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August 03, 2012, 03:17:15 PM
 #2
To avoid a bank run Cheesy

kidding, I guess it's restriction by their banks,...
Raoul Duke
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August 03, 2012, 03:20:31 PM
 #3
Quote from: unclescrooge on August 03, 2012, 03:17:15 PM
To avoid a bank run Cheesy

kidding, I guess it's restriction by their banks,...

Why would banks restrict BTC withdrawals?
misterbigg (OP)
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August 03, 2012, 03:30:00 PM
 #4
Quote from: psy on August 03, 2012, 03:20:31 PM
Why would banks restrict BTC withdrawals?

Exactly.
casascius
Mike Caldwell
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August 03, 2012, 03:31:23 PM
 #5
You can always ask for an increase.

You will have to be verified as well.
Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper or hardware wallets instead.
BrightAnarchist
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August 03, 2012, 03:44:09 PM
 #6
If your account was hacked, then you'd be glad there was a daily limit...
TangibleCryptography
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August 03, 2012, 03:49:06 PM
 #7
Why do checking accounts have a daily ATM limt? 

Same concept.    Another way to look at it is a max loss limit in the event of a hack.  It can be raised.

It makes me feel better knowing it is still there.
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