What a surprise that a business is trying to follow the laws so they can continue to make money instead of get ass-pounded for it.
Bitcoin is not a license to violate laws, sorry.
If I had been prevented from withdrawing dollars I would have understood.
Bitcoins are a different matter. What exactly will be more secure because I am forced to make two entries in the block chain separated by a day instead of one?
If I deposit a lot of Bitcoins at Mybitcoin or instawallet, and try to withdraw them at once am I going to get a similar message? I doubt it. What's the difference then?
Tell me, how am I going to preserve my anonymity if I have to email someone to get my "authorisation level" increased.
Bitcoin is pseudo-anonymous, not mtgox.
Well, until I had to contact them I was pseudo-anonymous on Mt.Gox too. A fact I was delighted about.
Tell me, why do I need authorisation to access MY MONEY.
Because if mtgox makes more than 1000 USD worth of transactions per customer per day it has to register as a Money Services Business under american law. And this is even making me wonder how they can legally "raise the limit" for certain customers.
I was moving Bitcoins not dollars.
I understand that laws have to be complied with; but seriously what's the point of Bitcoin if I can get better service from the traditional banking system? There is constant talk about how Bitcoin needs more traders and not speculators, but if I wanted to sell something in the UK using Mt.Gox's merchant API and instantly convert back to GBP, I would be screwed wouldn't I?
If I wanted to get on a plane to Mexico and buy that house that someone on here is selling, I wouldn't be able to move my bitcoins fast enough would I?
I have been keeping a small float in my Mt.Gox account, thinking that I can always move my coins about as I need them, and that it was good to have some on hand for any opportune trades. Let's say I decide to buy something with my coins today. Off I go to Mt.Gox and try to send them.... NOOOO, no spending my money today.
I understand that converting to and from cash will be difficult; how could it be otherwise? Once my funds are in the Bitcoin system, they should be free though. Removed from artificial restraint.
Perhaps I'm being unfair to Mt.Gox, it may be that the problems are all regulatory, but this really has come as a blow to me. I have had such high hopes about Bitcoin being a truly international currency. But I see now that the rules and regulations are going to tie Bitcoin in as many knots as the traditional financial system. In which case, I ask again: what's the point?
This is kind of good news, but the highlighted parts still make my heart sink:
Because of this we will apply new limits to bitcoin withdrawals, with a different ability to lift this limit. This means it will be much easier to withdraw bitcoins soon (need to finish the ToS first).
If it isn't completely irrelevant to me whether I keep my bitcoins at Mt.Gox, mybitcoin, instawallet or in my own client, then Bitcoins lose a huge part of their attraction -- namely that I can move them about on demand at my whim, not the whim of my bank/exchange/wallet-provider/government.