Mt.Gox has a Bitcoin withdrawl limit? (Rant at operators of Mt.Gox)

[davout]

We have been able to confirm that Bitcoin is /not/ a currency as per Japanese law at this point, and the most accurate definition is a security.

I have a question for you Mark (if it's not already birru-time in japan) : when are japanese and american laws relevant to mtgox operations since there are at least two companies involved in mtgox operations, one in the US and one in Japan ?

The US company only acts as a commercial intermediary, and has no implication in the actual bitcoin exchange, just like the European company. It's hard enough to get the exchange legal in one country, we'll see later for the other countries.

That makes sense, so the 1000 USD limit reason is needed to allow the commercial intermediary to not fall under MSB regulations requirements, right ? Does it also imply that the funds wired in the US or France actually move to Japan at some point ?

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.

If you're concerned about having complete control of your coins, I would suggest keeping them in your wallet until it is necessary to do something with them. Any time you forfeit control over your money, you have forfeited control of your money...

+1, mtgox is doing us all great good by remaining legal

[realnowhereman]

"New limits" doesn't mean "lower limits", more like "more adapted limits" (will be online this week). Users will be able to increase their limit as they wish, as the limit will only have one purpose: avoiding some random stranger to empty completely your hard earned bitcoins because they stole your mtgox password.

That sounds considerably more positive.

[MagicalTux]

We have been able to confirm that Bitcoin is /not/ a currency as per Japanese law at this point, and the most accurate definition is a security.

I have a question for you Mark (if it's not already birru-time in japan) : when are japanese and american laws relevant to mtgox operations since there are at least two companies involved in mtgox operations, one in the US and one in Japan ?

The US company only acts as a commercial intermediary, and has no implication in the actual bitcoin exchange, just like the European company. It's hard enough to get the exchange legal in one country, we'll see later for the other countries.

That makes sense, so the 1000 USD limit reason is needed to allow the commercial intermediary to not fall under MSB regulations requirements, right ? Does it also imply that the funds wired in the US or France actually move to Japan at some point ?

The 1000 USD / day limit does not come from the US MSB thing, but from the Japanese AML regulations.

[realnowhereman]

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.

If you're concerned about having complete control of your coins, I would suggest keeping them in your wallet until it is necessary to do something with them. Any time you forfeit control over your money, you have forfeited control of your money...

So you're saying that as soon as I've exchanged dollars I should instantly transfer them out to my own wallet.  Why that's a brilliant idea....

Your request was over the maximum authorized for your level of authorization for this time period. Please contact aml@mtgox.com to increase your limit.

[davout]

The 1000 USD / day limit does not come from the US MSB thing, but from the Japanese AML regulations.

Oh I see, guess it's the closest approximation of the yen amount?

So do the funds get wired back and forth from US/Europe to Japan ? Let me rephrase : what happens when US, France or both decide that bitcoins, and businesses involved in them should be shut down ? (i think the current silk road controversy makes this question more relevant than ever )

[AbeSkray]

Tell me, how am I going to preserve my anonymity if I have to email someone to get my "authorisation level" increased.

bitcoin2cash is a BTC/USD exchange geared more towards annonymity and, as far as I can tell, there are no withdrawal limits. Mt Gox has more features and much higher trading volume, so you'll have to decide which exchange fits your priorities best. A lot of forum members like to complain about Mt Gox, but there are plenty of other exchanges that are competing for your business. If none of those exchanges perfectly fit your needs, please feel welcome to start your own exchange (and don't forget the blackjack and hookers).

[randomguy7]

Do I understand this correctly that we will be able to raise (disable?) our btc withdraw limit while staying anonymous?

[drugsmang]

Do I understand this correctly that we will be able to raise (disable?) our btc withdraw limit while staying anonymous?

you can always make more than 1 account you know just like how liberty reserve users get around the $10k limit

[Mike Moceri]

All the more reason that we desperately need a competitor to Mt. Gox.  Mt. Gox won't be able to handle everything pretty soon...

True statement. Mt. Gox can't even handle the traffic they have now. I'm still waiting (with a ton of other people) for transactions that were wiped out on the 5th for some strange reason. We really need some friendly competition in the market to help take some of the customer service and transaction volume pressure off of Tux and the rest of the Gox crew.

[Waldschrat]

Hi guys,

Do I understand this correctly that we will be able to raise (disable?) our btc withdraw limit while staying anonymous?

Would love to get this question answered as well.
I hope it will be possible to do so in the (near) future with only one account.

P.S: first post. Hello Bitcoin community!

[MoonShadow]

All the more reason that we desperately need a competitor to Mt. Gox.  Mt. Gox won't be able to handle everything pretty soon...

True statement. Mt. Gox can't even handle the traffic they have now. I'm still waiting (with a ton of other people) for transactions that were wiped out on the 5th for some strange reason. We really need some friendly competition in the market to help take some of the customer service and transaction volume pressure off of Tux and the rest of the Gox crew.

I assume that you mean that you are still waiting for a payout.  These must be handled mostly by human beings, and can't be automated to any large extent.  Also, there are increasing reporting requirements for US citizens as either the payout or the total volume of payouts from one vendor increases; thus it becomes increasingly costly for MtGox to payout.  I wouldn't have bothered, myself.  It's getting to the point that most urban dwellers aught to be able to find someone to sell their bitcoin to directly in a local fashion, or at least sell their US$ balance on MtGox to, which can also be done.  I, for one, don't want a bank transfer to withdraw my cash balance anyway; so if the market price isn't going to come back down anytime soon, I'm going to try to find a local bidder to buy my cash balance.

[TheShoura]

how long does it take after emailing with relevant info to get limits increased? I've been waiting for a day or so now, and I'm growing impatient...

This limit is annoying, had I known about it, I would have not hit it.

Can we trade USD between acounts?

[MoonShadow]

Can we trade USD between acounts?

Used to be able to.

[dacoinminster]

Since this thread has a lot of complaints about MtGox, it seems like a good spot to post about their new competitor: http://www.tradehill.com/

You can get a 10% discount on all fees if you sign up using this code: TH-R1168

[alkor]

I also think that withdrawal limits on Bitcoins are totally unnecessary and arbitrary.

I deposited quite a few bitcoins on MtGox some time ago thinking that it would be very easy to withdraw, but apparently it wasn't. Right now my funds are still stuck there, and every attempt to withdraw results in an annoying message.

[Maged]

Via IRC:

<MT`AwAy> MtGox info: changed limits on bitcoin withdraws, you can now contact me (admin@mtgox.com) to have your own limit set for your account. IF YOU DO THAT please include YOUR ACCOUNT USER NAME and the amount you want per day (need caps there or people will not do it)

[realnowhereman]

What's really funny is that I'm finding it hard to withdraw the whole amount I have there.  Every day the exchange rate goes up meaning the withdraw limit goes down.

Seems like 21 million coins is not the asymptotically approached limit in the Bitcoin world.