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Author Topic: paypal dropped mtgox  (Read 28422 times)
mtgox
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October 10, 2010, 03:21:18 PM
 #1

Well PayPal decided to drop our account because of too many chargebacks. The funds in there now are frozen for 180 days. So we can't do any more paypal funding or withdrawing. 

But not to worry... I should have another payment processor set up shortly.

I'm also calling them on monday to hopefully get things unfrozen faster.

Anyway sorry guys, but don't worry things will be sorted out shortly.

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jimbobway
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October 10, 2010, 03:49:10 PM
 #2

Thx for the update.  Bitcoin will take over PayPal anyway.
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October 10, 2010, 03:51:41 PM
 #3

So a bunch of babies who can't stand up and be a man and pay for their charges is ruining it for all of us. Well played jerks - you beat the system and 'won'.

good judgment comes from experience, and experience comes from bad judgment
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October 10, 2010, 03:58:43 PM
 #4

Ah man, now our funds are tired up for 160 days. Angry
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October 10, 2010, 04:19:56 PM
 #5

while the tying up does not help to buy goods and services with BTCs, we can use it to our advantage:

BTCs is the BEST INVESTMENT !!!

Just look at the rally over the past 3 months +1000%

I am going to buy more now!

>15years analysis experience

Always do your own due diligence & consult your financial advisor. Never invest unless you can afford to lose your entire investment.

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kiba
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October 10, 2010, 05:08:02 PM
 #6

Bitch! We're going to get our revenge on paypal by making bitcoin the best currency ever!

So those damn paypal dudes will be forced to pay attention to us.

mtgox
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October 10, 2010, 05:31:44 PM
 #7

idev: your funds won't be tied up for 180 days. I only kept a portion in paypal for this very reason so as soon as I have another payment method you can withdraw your gox USD again.

BioMike
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October 10, 2010, 05:33:45 PM
 #8

BTCs is the BEST INVESTMENT !!!

Just look at the rally over the past 3 months +1000%

What goes up...

That and the first bitcoin bubble?
kiba
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October 10, 2010, 05:41:01 PM
 #9

Good to know that not everything is in paypal.

However, will you begin to charge for mtgox services? It would be comforting to know that mtgox can keep running after some catastrophe. I mean, you are fronting all the risks for providing such a liquid market.

twobitcoins
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October 10, 2010, 05:51:09 PM
 #10

What about USD withdrawals by check?  I thought you used to support that, but the site won't allow any USD withdrawals to be requested now.
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October 10, 2010, 05:57:09 PM
 #11

it would be good to have some options to add funds established FAST, as the BTC price is rallying again and I want to buy more

>15years analysis experience

Always do your own due diligence & consult your financial advisor. Never invest unless you can afford to lose your entire investment.

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kiba
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October 10, 2010, 05:58:30 PM
 #12

The first ever bank run.

People are buying bitcoins now that dollars are unwithdrawn-able for the time being.

I think that prove bitcoins are hell lot safer than dollars.

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October 10, 2010, 06:01:12 PM
 #13

while the tying up does not help to buy goods and services with BTCs, we can use it to our advantage:

BTCs is the BEST INVESTMENT !!!

Just look at the rally over the past 3 months +1000%

I am going to buy more now!
Irony?  The rally was primarily on Mt. Gox, and you can't get any money in to Mt. Gox to buy BTC for.  And what happens to your funds if the current rally was financed by fraud and Mt. Gox loses?

If I were mtgox, I would freeze all BTC bought with PayPal money for at least 180 days.  The current rally was obviously driven by one or very few individuals who didn't care much about the cost in USD, and why care if you buy with stolen money?  It doesn't make sense to buy the market up from 0.06 to 0.09 in a few seconds, when you could buy the same amount of BTC for much less by spreading the bids over a few hours or days.  There is always a robot or two which continously pushes the asks back down, along with traders who try to find a sweet spot between different asks and bids.

Sjå http://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
I support the roadmap.  If a majority of miners ever try to forcefully take control of Bitcoin through a hard fork without 100% consensus, I will immediately split out and dump all my forkcoins, and buy more real Bitcoin.
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October 10, 2010, 06:10:30 PM
 #14

I can only speak for myself.

All my funds are coming from me and it is all correct.

Some comments go into the typical direction of people being pessimistic within a rally of prices.

It is quite sensible to buy when prices rise. This is a consequence of having more buyers than sellers. If the majority of people did not believe in BTC, they'd sell now - but they don't.

As long as most people don't believe in the rally, the rally will go on.

Who can ever say what the right price for BTCs is? It can be 0.1$, 1$, 10$, 100$

It just depends in what the right equilibrium is for a certain period of time.

BTC get more and more widespread every day.

>15years analysis experience

Always do your own due diligence & consult your financial advisor. Never invest unless you can afford to lose your entire investment.

http://twitter.com/BitcoinAnalyst

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jgarzik
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October 10, 2010, 06:15:32 PM
 #15

I can only speak for myself.

All my funds are coming from me and it is all correct.

Some comments go into the typical direction of people being pessimistic within a rally of prices.

It is quite sensible to buy when prices rise. This is a consequence of having more buyers than sellers. If the majority of people did not believe in BTC, they'd sell now - but they don't.

Buying BTC is also the only way to get money out of mtgox.

I wouldn't read too much into the rally if/until it's matched by other markets.

Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
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Bimmerhead
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October 10, 2010, 08:27:26 PM
 #16

mtgox can you give us a bit more information?  Were these chargebacks related mostly to trades in the last 3 days?  Were these brand new account holders?  Did they 'get away' with their bitcoins, or will you be able to repossess them because they are still on your server?

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ribuck
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October 10, 2010, 08:55:41 PM
 #17

mtgox, I would warn you about the following scenario:

The PayPal scammers will wait 30 days, withdraw their BTC, and only THEN will they do a chargeback through PayPal.

Therefore, you probably need to block BTC withdrawals for longer than 30 days, for BTC bought from any PayPal address that has not previously had a successful PayPal transaction.
mtgox
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October 10, 2010, 09:05:36 PM
 #18

The bulk of the rally seemed legitimate. I'd say only 5-10% was fraud.

Bimmerhead: Yeah I can repo their BTC so it isn't really a big deal. Just a hassle. In fact I'll make money if the price stays this high.

ribuck: These people are using stolen credit cards so the real card holder complains before 30 days. Anyway the point is moot since I can't use paypal anymore.


mtgox
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October 10, 2010, 09:21:56 PM
 #19

twobit: I can't issue checks anymore since I no longer live in the US.

Babylon
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October 11, 2010, 04:41:17 AM
 #20

I'm a little concerned about this since I don't have any other online money service accounts aside from paypal.  Not so much as far as getting my money out, I can take it out as bitcoins, but as far as putting more money in to buy more bitcoins.

I get my paypal money from doing tarot card readings on the phone, I don't really have the option of receiving my pament in any other form.  If I can't find an easy easy way to turn paypal into bitcoin I may have to start trying to encourage people to auction some of it on e-bay.  (hopefully with a buy it now that is not too far from the going rate)

Tarot Card Readings for Bitcoins, available via e-mail, phone, skype or IM of your choice.  Inquire for price, quite reasonable.
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