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Author Topic: Be careful using MtGox!!!!  (Read 3670 times)
msin
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October 18, 2012, 10:13:30 PM
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As you have all become "verified members" of MtGox you must ask yourself why they would need to verify your identity with a photo ID and personal bill of some sort.  They will tell you they are verifying your information to avoid fraud, which is complete bull shit.  They know your name, your appearance, and your home address.  To whom do you think they sell this information?  MtGox is paid by the US government for all user information and transaction information.  The Feds are able to track high volume transactions for illegal activity.  They are paying MtGox a large sum of $ for this information.  Think I sound like a paranoid crazy?  I've had 3 associates who frequently use MtGox and SR receive calls from the ATF.  I have no idea if there is a viable alternative, but I would highly recommend not using MtGox if you are using SR. 
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BTCHero
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October 18, 2012, 10:54:39 PM
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lol

repentance
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October 18, 2012, 11:10:10 PM
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Who on earth is dumb enough to use BTC in a way which connects their SR activity with their MtGox activity?  Your friends aren't very bright, are they?

For what it's worth, "the Feds" and other authorities don't have to pay MtGox for information about suspicious activity.  Just like your banks, PayPal and other financial service providers, they're required by law to report suspicious activity and face huge fines if they fail to do so.  Unlike your banks and PayPal, they can't afford tens of millions of dollars in fines so of course they're going to be diligently compliant.

If you don't want your BTC activity reported to the authorities, then don't buy or sell BTC through services which intersect with conventional financial services.  And if your friends are stupid enough to have left a MtGox/SR trail, god only knows what other stupid things they've done to draw attention to their SR activity.

MtGox clearly states that they collect KYC information for AML purposes.  Can you and your friends not read or something?

Also, your friends got a call from the ATF, not the DEA.  That means that the specific type of activity they're undertaking is known and MtGox sure as shit doesn't have that information.  It sounds a lot like your friends are pretty careless and any connection between them and MtGox started at your friends' end and led to MtGox rather than the other way around.  SR washes funds so it's not easy to track them back to a specific SR transaction if you start at the MtGox end.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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October 18, 2012, 11:24:38 PM
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Do you also call the cops when someone steals your drugs?   Cheesy

Only when the tide goes out do you discover who's been swimming naked. -Warren Buffett
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October 18, 2012, 11:29:59 PM
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Do you also call the cops when someone steals your drugs?   Cheesy

OP has a hard on for MtGox.  He's claimed his MtGox account was hacked in the past.  Now we know why he didn't file the police report MtGox required in order for them to release information about the IP from which his account was supposedly hacked.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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October 18, 2012, 11:36:22 PM
 #6

MtGox is paid by the US government for all user information and transaction information.

That's quite a bold claim; do you have any information to base this assertion on?

Compliance with AML regulation doesn't involve the government paying you; it's compulsory for the "privilege" of doing business in a given market. The burden of disclosure is on the company providing a financial service.

Are you basing this claim of MtGox being "paid" by the feds on some known precedent, or is this just conjecture?

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October 19, 2012, 12:04:26 AM
 #7

MtGox is paid by the US government for all user information and transaction information.



Compliance with AML regulation doesn't involve the government paying you; it's compulsory for the "privilege" of doing business in a given market.



In fact far from earning financial service providers money, AML compliance is a huge economic burden.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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October 19, 2012, 12:27:56 AM
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Who on earth is dumb enough to use BTC in a way which connects their SR activity with their MtGox activity?  Your friends aren't very bright, are they?

That's a thing that's very common with low level small fry drug dealers.

They look at this internet thing and think "Hey, if I just call myself something other than my real name no one will ever find me."

Then they go ahead and do all kinds of retarded stuff linking up their dealer persona and their real life information.

See that everyday.
TradeFortress
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October 19, 2012, 03:43:47 AM
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That's why if you're using the SR you should buy it from #Bitcoin-otc
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October 19, 2012, 05:18:07 AM
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OP- you are just making your claims up out of thin air... no evidence whatsoever. That makes you a TROLL.

If your friends are dumb enough to use the silk road and have it trace back to them, they are not smart enough to be criminals and will eventually go to jail one way or another.

If MTGOX and other exchanges want any chance of staying open, they have to comply with AML regulations. If you don't like doing that there are many other ways to buy and sell bitcoins.
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October 19, 2012, 08:45:57 AM
 #11

MtGox is paid by the US government for all user information and transaction information.

If only...

Not only we are required (by the FATF, not the US government) to collect AML information and ensure transaction data is matching the information on file, but this is something we pay for. This means 3 fulltime employees with appropriate training and regular updates on procedures/etc.

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October 19, 2012, 09:29:48 AM
 #12

MtGox is paid by the US government for all user information and transaction information.

If only...

Not only we are required (by the FATF, not the US government) to collect AML information and ensure transaction data is matching the information on file, but this is something we pay for. This means 3 fulltime employees with appropriate training and regular updates on procedures/etc.

For those who don't know, FATF is the Financial Action Task Force.  It currently has 36 members and it sets international standards for combatting money-laundering and terrorism financing.  It has 49 recommendations (called the FATF 40+9) which individual member nations are in various stages of adopting - which is the reason why there is so much similarity in AML/CTF regulation from one jurisdiction to the next.  There are an additional 31 regional organisations which are linked to FATF and some nations are members of both a regional network and FATF itself.

FATF gives nations a risk rating for money-laundering and terrorism financing.  AML regulations generally require that transactions to and from high risk countries are monitored more closely than those involving low risk jurisdictions.  You can find out more about risk ratings and which FATF recommendations have been adopted so far by individual nations here.

http://knowyourcountry.com/

Here's a list of nations FATF regarded as being deficient in their adoption of FATF recommendations in June this year.

http://knowyourcountry.com/fatflist220612.html

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
msin
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October 19, 2012, 09:29:15 PM
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OP- you are just making your claims up out of thin air... no evidence whatsoever. That makes you a TROLL.

If your friends are dumb enough to use the silk road and have it trace back to them, they are not smart enough to be criminals and will eventually go to jail one way or another.

If MTGOX and other exchanges want any chance of staying open, they have to comply with AML regulations. If you don't like doing that there are many other ways to buy and sell bitcoins.

How would you suggest I provide evidence?  I'm only speculating that MtGox is in bed with the US Government.  I'm not suggesting that the SR users are smart. What I'm suggesting is that MtGox, a Japanese company, is selling user information to the US Goverment.  How much Bitcoin activity do you think is attributed to Tor site purchases?  Why would MtGox need a photo ID, utility bill, etc??  I can sign up for any monetary exchange site with nothing more than a credit card; Paypal, Dwolla, HiPay, etc..  I have no proof other than what 3 SR users have told me directly, all of whom used MtGox to both buy and cash out.  That is all.
msin
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October 19, 2012, 09:41:20 PM
 #14

MtGox is paid by the US government for all user information and transaction information.

If only...

Not only we are required (by the FATF, not the US government) to collect AML information and ensure transaction data is matching the information on file, but this is something we pay for. This means 3 fulltime employees with appropriate training and regular updates on procedures/etc.

Haha, how many people does MtGox employ to troll these boards and respond to every negative post?  Why are you a member of FATF?  Do you even know who has access to FATF's information?  The US Government invented terrorism financing (see cold war) and they know how to stop it.  I can send anyone in the world money via Dwolla, yet they don't have your strict AML standards.  For those who are investing in Bitcoins, no worries, for those who use it to purchase, be careful, that's all I'm saying.
Raoul Duke
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October 19, 2012, 09:57:37 PM
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MtGox is paid by the US government for all user information and transaction information.

If only...

Does that mean you would sell all your customers info if the US Gov.(or someone else) was willing to pay?
That inspires a lot of confidence... Roll Eyes

msin
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October 19, 2012, 10:03:30 PM
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Do you also call the cops when someone steals your drugs?   Cheesy

OP has a hard on for MtGox.  He's claimed his MtGox account was hacked in the past.  Now we know why he didn't file the police report MtGox required in order for them to release information about the IP from which his account was supposedly hacked.

Ha, this is a great response, "Hello Officer, yes well I'd like to report the theft of several of my Bitcoins.  It's a digital currency that isn't recognized by any financial institution or nation, can you help me catch the guy?"  Oh the IP address came from the Ukraine, I'll get Interpol right on that one.  Do you work for MtGox?
msin
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October 19, 2012, 10:14:04 PM
 #17

Who on earth is dumb enough to use BTC in a way which connects their SR activity with their MtGox activity?  Your friends aren't very bright, are they?

That's a thing that's very common with low level small fry drug dealers.

They look at this internet thing and think "Hey, if I just call myself something other than my real name no one will ever find me."

Then they go ahead and do all kinds of retarded stuff linking up their dealer persona and their real life information.

See that everyday.

To make it clear, none of these people sell drugs on SR, the offer other services, ID's, etc...  Also, all of them are "Hero" status on this forum, but they wouldn't dare post their complaints here.
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October 19, 2012, 10:19:28 PM
 #18

MtGox is paid by the US government for all user information and transaction information.

If only...

Not only we are required (by the FATF, not the US government) to collect AML information and ensure transaction data is matching the information on file, but this is something we pay for. This means 3 fulltime employees with appropriate training and regular updates on procedures/etc.

Haha, how many people does MtGox employ to troll these boards and respond to every negative post?  Why are you a member of FATF?  Do you even know who has access to FATF's information?  The US Government invented terrorism financing (see cold war) and they know how to stop it.  I can send anyone in the world money via Dwolla, yet they don't have your strict AML standards.  For those who are investing in Bitcoins, no worries, for those who use it to purchase, be careful, that's all I'm saying.

Japan is a FATF member country, you idiot.  So is the US. The financial intelligence units of FATF nations share information - this is no secret, but it has nothing to do with being paid for collecting and/or reporting that information.  Each member country determines its own specific AML/CTF legislation but they all follow the same broad framework.  And if you think that Dwolla isn't going to be requiring just as much KYC information as PayPal in the near future, you're a complete idiot - Veridian will start demanding it.  Dwolla and Veridian both give information to FinCEN - do you think they're getting paid for it too.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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October 21, 2012, 01:27:05 PM
 #19

I have no proof other than what 3 SR users have told me directly, all of whom used MtGox to both buy and cash out.  That is all.

If they're so stupid as to trade both ways without at least mixing it, then frankly they brought this on themselves.  As others have mentioned, it's equally likely that they've cut corners in other ways and not protected themselves from discovery.  They are, essentially, the definition of the "low-hanging fruit" that the relevant law enforcement organisation has been able to pluck.

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October 22, 2012, 03:05:39 AM
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I've had 3 associates who frequently use MtGox and SR receive calls from the ATF.

Could this be substantiated?

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