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Author Topic: paypal dropped mtgox  (Read 28810 times)
FreeMoney
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October 15, 2010, 12:02:55 PM
 #81

I think we should not allow withrawal of $ at MtGox until after Adding Funds is also possible again. Only one-sided allowance will bring this small and still vulnerable system out of balance.

We should allow withdrawal and adding of funds in parallel.

So if he doesn't find an acceptable (to him) way to take money he shouldn't give people their cash back? Letting people get their money is surely his primary concern.

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The Madhatter
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October 15, 2010, 12:08:10 PM
 #82

ACH (only works in the US)

That's not entirely true. ACH works in Canada/US and some (very few) countries in South America.
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October 15, 2010, 12:09:40 PM
 #83

I think we should not allow withrawal of $ at MtGox until after Adding Funds is also possible again. Only one-sided allowance will bring this small and still vulnerable system out of balance.

We should allow withdrawal and adding of funds in parallel.

You mean unbalanced like it is now? Or was it a coincidence that the price increase of BTC on mtgox neatly matched the moment withdrawal became impossible in any other way except for bitcoins? How's that for an unbalanced system, pretty young and so vulnerable?
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October 15, 2010, 12:26:04 PM
 #84

No luck with liqpay SMS? Strange. Be sure to use your country code and area code when punching in your number. You might need to attempt the SMS twice, as for some reason, it doesn't always work the first time.

I once had problems signing in, and contacted their chat support, in which they were able to guide me through the problem. Maybe you should try out their support. Their native language is Russian but support speaks English as well.

I feel that IF you somehow get liqpay to work, it is a pretty good solution. Liqpay can also be easily traded for Liberty Reserve on some exchange sites for 4-5%. Perhaps allowing both Liberty Reserve and Liqpay is a good choice, for one offers credit card payment, and the other is much safer. In fact when you consider the idea of funding Liberty Reserve with liqpay for small amounts, the fees don't really seem that high for Liberty Reserve.



I also agree with the post above. Having a paypal withdrawal account should be a good option to consider as well.

Liqpay SMS system was working perfectly for me for long time until recently. But yesterday I also had some delay with SMS delivery. So I go to chat with online support and they asked me to fill out the form with the name of my cell provider. For me this did helped. I hope it was temporary technical problem and they can solve it for you in the future. And BTW you can exchange Liqpay to LR manually dealing with trusted private exchangers for only 1-2%.
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October 15, 2010, 12:34:42 PM
 #85

I think we should not allow withrawal of $ at MtGox until after Adding Funds is also possible again. Only one-sided allowance will bring this small and still vulnerable system out of balance.
No-one forces you to trade while the system is "out of balance", so I don't see why you want to stop people from withdrawing their $ from MtGox.

If you're not going to trade, it doesn't make any difference to you whether or not other people have their $ in MtGox.
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October 15, 2010, 12:36:45 PM
 #86

I think we should not allow withrawal of $ at MtGox until after Adding Funds is also possible again. Only one-sided allowance will bring this small and still vulnerable system out of balance.
No-one forces you to trade while the system is "out of balance", so I don't see why you want to stop people from withdrawing their $ from MtGox.

If you're not going to trade, it doesn't make any difference to you whether or not other people have their $ in MtGox.

That's true, but also true is the fact that if I needed to get my cash out, quickly, my only option right now was to buy overinflated coins and sell them elsewhere... I'm guessing S3052 has some of those coins to sell Wink
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October 15, 2010, 01:19:08 PM
 #87

Mr Gox, isn't there any sort of insurance you could hire - and indirectly charge on users, of course - to cover for the chargebacks?

I suppose that if there is such a thing, they would even help you to increase the security of your site against scams....

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October 15, 2010, 04:38:36 PM
 #88

I think we should not allow withrawal of $ at MtGox until after Adding Funds is also possible again. Only one-sided allowance will bring this small and still vulnerable system out of balance.
No-one forces you to trade while the system is "out of balance", so I don't see why you want to stop people from withdrawing their $ from MtGox.

If you're not going to trade, it doesn't make any difference to you whether or not other people have their $ in MtGox.

That's true, but also true is the fact that if I needed to get my cash out, quickly, my only option right now was to buy overinflated coins and sell them elsewhere... I'm guessing S3052 has some of those coins to sell Wink


Just to clarify. I am not talking about my personal situation. Actually I have no intent to sell.
I want to make sure that one-sided action will not create a turbulence in the market (either crash or monstrous inflation of BTC) which could then shy away the few who are left.

Never underestimate the psychology caused by small events - they can have big consequences.

And I think you all agree with me that we want to see BTC alive in 10y to come and not destroyed and forgotten because of a short sighted decision.

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jgarzik
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October 15, 2010, 05:06:17 PM
 #89

How about you open a side PP account to allow withdrawal, but not funding?

This seems like a valid and convenient use of Paypal.

ACH would be a highly useful method of deposit, but that's only in the US, as mtgox noted.

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FreeMoney
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October 15, 2010, 08:19:19 PM
 #90

He could even match people up who want to get money off with people who want to get it on. Or let us do it here and then facilitate the transfer so we only do it with people we trust.

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October 16, 2010, 12:49:49 AM
 #91

It seems that this forum has become the way peoples reputation is judged. SMF supports open id so if this was used on the forum and the bitcoin community also used open id your forum profile would then be the same across different bitcoin sites all with one login.


Dark Shikari
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October 16, 2010, 02:53:05 AM
 #92

How about you open a side PP account to allow withdrawal, but not funding?

This seems like a valid and convenient use of Paypal.

ACH would be a highly useful method of deposit, but that's only in the US, as mtgox noted.
An interesting note about this is that it satisfies people who want an easy way out of BTCs, making it more likely for merchants to be willing to accept BTCs.  What really matters for BTC adoption is the ability to easily convert back to dollars.

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October 16, 2010, 08:25:06 AM
 #93

LOW COST INTERNATIONAL FUNDING SOLUTION:  Add MtGox's banking details as beneficiary in your http://www.CurrencyFair.com account.  CurrencyFair is a Peer-to-Peer international currency trading market, where exchange rates even lower than interbank rates are possible, your rate will depend on how much of a hurry you are in, as there is also bid-and-offer queuing possibility.  Only legal digital electronic cryptographic certificated Bitcoin commodity purchase payments will be allowed in accordance with Terms of Service.

At current volumes (and the odd 5% saving on Paypal commissions), MtGox might charge 2.5% in, and 2.5% out fees for monetary currency USD, EUR, AUD, SGD, CAD, CHF, NZD, HKD, UAE & ZAR transfers, with which electronic cryptographic certificated Bitcoin commodity were bought or sold.  Transfer Payments to and from MtGox will be manually however (don't know if it can be automated).

CurrencyFair however is closed for trading over weekends like all major currency markets - transfers however is effected within 2 business days, depending on individual bank clearing times.  No transaction reversals at CurrencyFair.  Funding in USD, EUR, AUD, SGD, CAD, CHF, NZD, HKD, UAE & ZAR.  Conversion between all (USD, EUR, AUD, SGD, CAD, CHF, NZD, HKD, UAE & ZAR) and transfer out in all (USD, EUR, AUD, SGD, CAD, CHF, NZD, HKD, UAE & ZAR).
ribuck
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October 16, 2010, 09:54:31 AM
 #94

...Only legal digital electronic cryptographic certificated Bitcoin commodity purchase payments will be allowed in accordance with Terms of Service
Wow, a 9-word string of buzzwords. Is that a record?

Bitcoin transactions are of course self-certifying. If CurrencyFair is serious about Bitcoin, they would need to adapt some of their ways of working to support it.
gumtree
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October 16, 2010, 10:40:20 AM
 #95

That's the good news, Bitcoin as a product IS supported for payment through CurrencyFair, in any of the mentioned currencies!  If you do not want to buy them through MtGox, then you could add the Bitcoin seller's local banking details to your beneficiaries directly - if he wants to give you his local banking details.  If security is a concern - individuals can always set up a receive-only local banking account that is always kept at zero balance by transferring your received funds to a different account as they are received, in order to avoid fraudulent withdrawal.

As an internet commodity, like those Bitcoins being exchanged (bought/sold) on MtGox for USD fiat currency, Bitcoin is a product.

Unfortunately/fortunately, Bitcoins might not be considered, by any legal entity, as a currency as it is not backed up by a promise to deliver anything by any authority/jurisdiction/issuing body - but only has electronic cryptographic certificated intrinsic value.  

Maybe Wirtland could issue OpenTransaction blinded tokens (token = promise to deliver x) as a currency, and promise to deliver Bitcoin cryptographic certificates in exchange.  Unfortunately this will not be a national currency, as Wirtland as a micronation has no physical location/jurisdiction/sovereignty recognized by any other nations yet, and is thus not yet recognized as a sovereign nation?!?
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October 16, 2010, 03:20:45 PM
 #96

I got liqpay to work finally so we will be using that. I should have it hooked up tuesday.

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October 16, 2010, 04:00:47 PM
 #97

I got liqpay to work finally so we will be using that. I should have it hooked up tuesday.

Hummm, interesting posts in the liqpay forum.

Also, their tagline is quite curious: "The most simple payments".  Is that intentional?

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October 16, 2010, 04:37:39 PM
 #98

Hummm, interesting posts in the liqpay forum.
Quote
it's a big scam
awful chat operator
account blocked
account still blocked
liqpay is a fraud
accounts are still blocked more than 30 days
liqpay is big scam
account blocked
hmm, doesnt seem like a good option to use.

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gumtree
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October 16, 2010, 04:46:47 PM
 #99

I got liqpay to work finally so we will be using that. I should have it hooked up tuesday.

It seems like they only support fund withdrawal to Visa cards (not Master/Diners/AMEX) if you are non-Russian/non-Ukranian, and only effected in 3 to 6 days.
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October 16, 2010, 05:06:24 PM
 #100

I got liqpay to work finally so we will be using that. I should have it hooked up tuesday.

It seems like we will be going from bad to worse.  LiqPay's forum went off - but when it was on, it also showed the recurring theme of people's funds being stucked for 180 days, people only being able to withdraw to Visa, support not being helpful, etc. etc.  Do you want to send your money to Russia/Ukraine?

CurrencyFair based in Ireland, http://www.currencyfair.com/ , seems legit enough to trust your funds with.
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