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Author Topic: paypal dropped mtgox  (Read 28457 times)
SmokeTooMuch
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October 24, 2010, 05:28:22 PM
 #161

There is a HELL OF AN INTEREST to withdraw the USD funds, but liqpay doesn't seem to be the right way..

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mtgox
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October 25, 2010, 02:37:53 AM
 #162

Ok you can send your mtgox BTC or USD to anyone else now. So people who want to withdraw funds just need to find someone that wants to add funds. This isn't the final solution of course but it should help people that need their money ASAP.


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October 25, 2010, 12:43:21 PM
 #163

Ok you can send your mtgox BTC or USD to anyone else now. So people who want to withdraw funds just need to find someone that wants to add funds. This isn't the final solution of course but it should help people that need their money ASAP.


Suggestion: This could be your new business model. MtGox only clears trades, funding is done by other companies.

MtGox charges a flat .001 btc fee per trade. For every 10,000 coins cleared on the exchange, MtGox gets 10 coins. Not getting super rich with that.

Now, someone could start a business called 'BitcoinFunding.com' send you a check/wire for $10,000 and then sell off that interest using paypal, pokerstars money, whatever they like. Any clients they bring in are BitcoinFunding clients, and any funding issues/chargebacks are BitcoinFundings problem, not MtGox. Then let BitcoinFunding charge their own commission table, say it is 0.009 per coin. Total coin cost is 0.010 per coin to customer.

BitcoinFunding would have their own website, own graphs, own quote service, come up with an iPhone app, etc.


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bitcoinex
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October 25, 2010, 02:20:32 PM
 #164

Ok you can send your mtgox BTC or USD to anyone else now. So people who want to withdraw funds just need to find someone that wants to add funds. This isn't the final solution of course but it should help people that need their money ASAP.


Suggestion: This could be your new business model. MtGox only clears trades, funding is done by other companies.


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Anonymous
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October 25, 2010, 10:23:02 PM
 #165

Ok you can send your mtgox BTC or USD to anyone else now. So people who want to withdraw funds just need to find someone that wants to add funds. This isn't the final solution of course but it should help people that need their money ASAP.


Suggestion: This could be your new business model. MtGox only clears trades, funding is done by other companies.

MtGox charges a flat .001 btc fee per trade. For every 10,000 coins cleared on the exchange, MtGox gets 10 coins. Not getting super rich with that.

Now, someone could start a business called 'BitcoinFunding.com' send you a check/wire for $10,000 and then sell off that interest using paypal, pokerstars money, whatever they like. Any clients they bring in are BitcoinFunding clients, and any funding issues/chargebacks are BitcoinFundings problem, not MtGox. Then let BitcoinFunding charge their own commission table, say it is 0.009 per coin. Total coin cost is 0.010 per coin to customer.

BitcoinFunding would have their own website, own graphs, own quote service, come up with an iPhone app, etc.




That is the same model Liberty Reserve uses. The way to get other currencies in and out is through exchangers not LR itself.
bitcoinex
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October 26, 2010, 12:37:46 AM
 #166

Ok you can send your mtgox BTC or USD to anyone else now. So people who want to withdraw funds just need to find someone that wants to add funds. This isn't the final solution of course but it should help people that need their money ASAP.


Suggestion: This could be your new business model. MtGox only clears trades, funding is done by other companies.

MtGox charges a flat .001 btc fee per trade. For every 10,000 coins cleared on the exchange, MtGox gets 10 coins. Not getting super rich with that.

Now, someone could start a business called 'BitcoinFunding.com' send you a check/wire for $10,000 and then sell off that interest using paypal, pokerstars money, whatever they like. Any clients they bring in are BitcoinFunding clients, and any funding issues/chargebacks are BitcoinFundings problem, not MtGox. Then let BitcoinFunding charge their own commission table, say it is 0.009 per coin. Total coin cost is 0.010 per coin to customer.

BitcoinFunding would have their own website, own graphs, own quote service, come up with an iPhone app, etc.




That is the same model Liberty Reserve uses. The way to get other currencies in and out is through exchangers not LR itself.

how they make sure the seller is not a crook?

New bitcoin lottery: probiwon.com
- Может, ты ещё и в Невидимую Руку Рынка веруешь? - Зачем же веровать в то, что можно наблюдать непосредственно?
Anonymous
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October 26, 2010, 02:04:32 AM
 #167

Ok you can send your mtgox BTC or USD to anyone else now. So people who want to withdraw funds just need to find someone that wants to add funds. This isn't the final solution of course but it should help people that need their money ASAP.


Suggestion: This could be your new business model. MtGox only clears trades, funding is done by other companies.

MtGox charges a flat .001 btc fee per trade. For every 10,000 coins cleared on the exchange, MtGox gets 10 coins. Not getting super rich with that.

Now, someone could start a business called 'BitcoinFunding.com' send you a check/wire for $10,000 and then sell off that interest using paypal, pokerstars money, whatever they like. Any clients they bring in are BitcoinFunding clients, and any funding issues/chargebacks are BitcoinFundings problem, not MtGox. Then let BitcoinFunding charge their own commission table, say it is 0.009 per coin. Total coin cost is 0.010 per coin to customer.

BitcoinFunding would have their own website, own graphs, own quote service, come up with an iPhone app, etc.




That is the same model Liberty Reserve uses. The way to get other currencies in and out is through exchangers not LR itself.

how they make sure the seller is not a crook?


They can use any number of things. A utility bill with your name and address on it,a passport,a drivers license,a phone call.

There are no bitcoin exchangers that go that far yet. I think cash in the mail is the only real solution if you dont have stringent customer verification enabled.
 
http://www.greenid.com.au/  is one used down here by some sites.

I guess it depends if you want to follow the lessons of sites who got ripped off or not.
esop
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October 26, 2010, 02:58:32 AM
 #168

So did mt.gox have all cash seized for money laundering or just card fraud?
Is trading mt.gox money rely just passing off bad debt?
And why is mt.gox putting up fake low quotes?

The way I see it if you buy bitcoins at $0.20 you'll at least get half of your money.
If you wait too long the feds mite find his box then you get nothing.
It was a good try, and I thank mt.gox for the try.

If mt.gox was the edonky.com of bitcoin who is the pirate bay?
Perhaps we could take from the "hawala" system.
If you sell on ebay the old e-con-o-my will con you just like mt.gox.
nanaimogold
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October 26, 2010, 10:01:06 AM
 #169

Hawala used to be set up entirely on trust, usually through families.

Today settlement can be immediate through bullion banks like GoldMoney or Anglo Far East.

The idea that the collective US tyrant can outlaw hawala shows what they don't know.


https://www.nanaimogold.com/ - World's first bitcoin exchange service
mtgox
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October 26, 2010, 10:39:33 AM
 #170

esop: please read the original post if you want to know what happened. I'm not sure what you are rambling about after that but you seem like a troll. Do you even have a money in mtgox?

bitcoinex
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October 26, 2010, 11:51:46 AM
 #171

Ok you can send your mtgox BTC or USD to anyone else now. So people who want to withdraw funds just need to find someone that wants to add funds. This isn't the final solution of course but it should help people that need their money ASAP.


Suggestion: This could be your new business model. MtGox only clears trades, funding is done by other companies.

MtGox charges a flat .001 btc fee per trade. For every 10,000 coins cleared on the exchange, MtGox gets 10 coins. Not getting super rich with that.

Now, someone could start a business called 'BitcoinFunding.com' send you a check/wire for $10,000 and then sell off that interest using paypal, pokerstars money, whatever they like. Any clients they bring in are BitcoinFunding clients, and any funding issues/chargebacks are BitcoinFundings problem, not MtGox. Then let BitcoinFunding charge their own commission table, say it is 0.009 per coin. Total coin cost is 0.010 per coin to customer.

BitcoinFunding would have their own website, own graphs, own quote service, come up with an iPhone app, etc.




That is the same model Liberty Reserve uses. The way to get other currencies in and out is through exchangers not LR itself.

how they make sure the seller is not a crook?


They can use any number of things. A utility bill with your name and address on it,a passport,a drivers license,a phone call.


What happens if someone turns out to be a crook which is authenticated?

Begin prosecution? On what grounds? And if the scammer from another country?

New bitcoin lottery: probiwon.com
- Может, ты ещё и в Невидимую Руку Рынка веруешь? - Зачем же веровать в то, что можно наблюдать непосредственно?
kiba
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October 26, 2010, 02:30:15 PM
 #172


What happens if someone turns out to be a crook which is authenticated?

Begin prosecution? On what grounds? And if the scammer from another country?

Nothing is foolproof?

mtgox
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October 26, 2010, 10:41:44 PM
 #173

Ok I've given up the search and started integrating Liberty Reserve.
You can now add payments with LR.
I'm doing withdrawals manually for now.
ExchangeZone.com seems the best place to buy and sell LR since you can do it with out the crazy commission the other exchangers charge.
Please email me if you have issues.

Anonymous
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October 26, 2010, 10:57:14 PM
 #174

Ok I've given up the search and started integrating Liberty Reserve.
You can now add payments with LR.
I'm doing withdrawals manually for now.
ExchangeZone.com seems the best place to buy and sell LR since you can do it with out the crazy commission the other exchangers charge.
Please email me if you have issues.

Thats probably the best option.
kiba
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October 26, 2010, 11:44:20 PM
 #175

So MtGox, now that you given up on finding a suitable withdrawal method....


What do you have planned for MtGox in the future?

mtgox
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October 26, 2010, 11:58:46 PM
 #176

kiba: you misunderstood me. You can withdraw with Liberty Reserve.

twobitcoins
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October 27, 2010, 12:47:17 AM
 #177

mtgox: So what have you given up on?  Are you still trying to support ACH?
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October 27, 2010, 02:27:44 AM
 #178

mtgox: So what have you given up on?  Are you still trying to support ACH?



He cant get an ach account meaning LR is one of the only remaining possibilities.
Keefe
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October 27, 2010, 04:38:54 AM
 #179

So now the big question is: Will mtgox back MTGUSD with LRUSD 1:1 less fees? In other words, will I be able to withdraw the "USD" from my Mt Gox account into my LR account at a fixed 1:1 rate? Or will the rate be market-determined (i.e. a third tradeable currency at Mt Gox)? If the latter, and if there will never be a way to directly withdraw our existing MTGUSD except by trading to LRUSD first within Mt Gox with another Mt Gox user, then MTGUSD will become worthless. If mtgox is offering direct withdrawal of MTGUSD as LRUSD without trading first, then MTGUSD will be fine.

But I am still concerned about PayPal possibly never giving back the stolen (ok, "frozen") funds. If therefore there is not enough liquid funds backing up all MTGUSD, without mtgox dipping into personal funds, there's a possibility of a "bank run" on MTGUSD.

nanaimogold
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October 27, 2010, 05:55:21 AM
 #180

Ok I've given up the search and started integrating Liberty Reserve.
You can now add payments with LR.
I'm doing withdrawals manually for now.
ExchangeZone.com seems the best place to buy and sell LR since you can do it with out the crazy commission the other exchangers charge.
Please email me if you have issues.

Be careful. ExchangeZone is rife with scammers.

That's what years of experience can teach.

That and what it costs to maintain inventories and mitigate fraud.

You see, for you guys, bitcoin is a nerdish hobby. People serious about digital currency pay exchange commissions because it's worth it.

Both you and BCM were warned long ago about the risks you were taking. I even warned you both last year that your market data would become skewed from the fraud.

I can't even use Mt Gox data because it's so far out to lunch.

Now look at these numbers. Do you still think it's too expensive to deal with a real exchange company?

Code:
BitcoinMarket
  Pecunix           :      0.0901
  PayPal            :      0.1500
  Liberty Reserve   :      0.1000

Mt Gox
  PayPal            :      0.16

Link2Voip
  Phone credit      :      0.15015

Nanaimo Gold buys   :      0.0901
Nanaimo Gold sells  :      0.1037

https://www.nanaimogold.com/ - World's first bitcoin exchange service
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