US and Canadian users no longer allowed to use MtGox directly?

[koin]

Bye, Bye Mt. Gox.

i never verified my account and currently have no balance in my account, so I plan to abandon it.

if they are bringing over accounts automatically, i am presuming this will include the account history.

i wonder how many people will be filing amended tax returns as a result.

[wtfvanity]

i never verified my account and currently have no balance in my account, so I plan to abandon it.

if they are bringing over accounts automatically, i am presuming this will include the account history.

i wonder how many people will be filing amended tax returns as a result.

Shit... until it's April I don't even think about what I owe in Taxes. That's a problem to worry about in a month and a half.

[Bitobsessed]

How about hiring someboy?

Yeah...depends on who you are.

If you're well connected and went to a big name school and this is your fifth business venture, then finding the talented somebody is much easier than if you're a computer guy who started a business with your own code and your own hands and still trying to get over the fact that you're holding millions and soon to be tens or hundreds of millions of dollars of somebody else's money you never dreamed you'd be doing so soon.  It's not like you just place an ad on monster.com and suddenly talented trustworthy people show up and self-identify at your door - learning how to pick candidates worth hiring to fill jobs dealing with lots of real money is an acquired skill that takes years.

I guess I can see your point.  They might be getting a little over their head with the amount of money that could soon flow into Bitcoin.  I also agree, just hiring more people and expanding your business is sometimes very risky.  I just had a conversation with a friend and his business just got an offer for a large contract for more work than they have ever had at one time.  He is not sure what to do.  This is a business that has been around for 20 years and he has intentionally kept it small (less than 15 employees) despite the fact that he could have expanded at any time.  Their profits are better when they are smaller.  The whole insurance thing for more than 20-25 employees(can't remember the exact number) is another story...

[evolve]

Cross-posted from the other thread:

You shouldn't own a business without first being prepared for success.

If you can't handle a business as the sole proprietor and employee, then hire people who can help handle the workload. If you are incapable of doing that, then you shouldn't be a business owner in the first place IMO.

[repentance]

I wonder who'll end up with Bitcoinica's account.

If you can't handle a business as the sole proprietor and employee, then hire people who can help handle the workload. If you are incapable of doing that, then you shouldn't be a business owner in the first place IMO.

Lots of corporations use the "bubble" model of hiving off successful divisions into entities which are separate from the parent.  It's a legitimate way to manage risk.  Having a US-based entity deal with US regulatory issues is an alternative to MtGox always looking over it's shoulder and having its non-US operations at risk.  MtGox looked into setting up a US presence themselves last year and the regulatory requirements would have made it enormously expensive.  This way, MtGox gets some benefits while someone else shoulders most of the risk.

Not every business desires to become a mega-corporation.  It's possible that all of these small businesses which have common players may eventually be brought together under a single corporate umbrella, though.

[vampire]

So if I am not verified with Mtgox, how would they know that I am in US? There is no option to specify address.

[casascius]

Cross-posted from the other thread:

You shouldn't own a business without first being prepared for success.

If you can't handle a business as the sole proprietor and employee, then hire people who can help handle the workload. If you are incapable of doing that, then you shouldn't be a business owner in the first place IMO.

Right, just like the Wright Bros should have never attempted powered flight without first acquiring the means and the tools to manufacture a 747.

[MoonShadow]

Good God!  Institutional investors flowing into Bitcoin could only mean another massive rally.

[MagicalTux]

if they are bringing over accounts automatically, i am presuming this will include the account history.

i wonder how many people will be filing amended tax returns as a result.

For your account to be brought over to CoinLab, you'll first need to accept CoinLab's ToS.

[evolve]

Lots of corporations use the "bubble" model of hiving off successful divisions into entities which are separate from the parent.  It's a legitimate way to manage risk.  Having a US-based entity deal with US regulatory issues is an alternative to MtGox always looking over it's shoulder and having its non-US operations at risk.  MtGox looked into setting up a US presence themselves last year and the regulatory requirements would have made it enormously expensive.  This way, MtGox gets some benefits while someone else shoulders most of the risk.

Not every business desires to become a mega-corporation.  It's possible that all of these small businesses which have common players may eventually be brought together under a single corporate umbrella, though.

I agree, I believe that this was probably done to alleviate Mt.Gox's tax/legal liability. I was replying to casacius' last couple posts, not the situation in general.

Right, just like the Wright Bros should have never attempted powered flight without first acquiring the means and the tools to manufacture a 747.

This is a really bad analogy, and this whole thing is an unnecessary derail. We will just have to agree to disagree.

[Digigami]

if they are bringing over accounts automatically, i am presuming this will include the account history.

i wonder how many people will be filing amended tax returns as a result.

For your account to be brought over to CoinLab, you'll first need to accept CoinLab's ToS.

Is there some way in which users whom do not wish to be clients of CoinLab, and also no longer your client could have all account information and history removed from your systems?

[Luno]

Americans are by far the largest buyers on Mt.Gox. If they are taken out and have to trade with a third party, who sets the price of Bitcoin then?

Take a minute to think about this!

[MagicalTux]

if they are bringing over accounts automatically, i am presuming this will include the account history.

i wonder how many people will be filing amended tax returns as a result.

For your account to be brought over to CoinLab, you'll first need to accept CoinLab's ToS.

Is there some way in which users whom do not wish to be clients of CoinLab, and also no longer your client could have all account information and history removed from your systems?

You can opt to have your account deleted. Once deletion request is made, nominative data is kept for another 30 days before being freed. No nominative data is kept with MtGox in this case, but some other data may stay around: deposits and withdrawal data is kept at least 15 years by our bank (we only keep transaction numbers on a long term), history data is kept 7 years by MtGox (required by law), and trades you caused are kept forever (it's part of the public data feed and likely replicated over many many people).

[MagicalTux]

Americans are by far the largest buyers on Mt.Gox. If they are taken out and have to trade with a third party, who sets the price of Bitcoin then?

Take a minute to think about this!

American/Canadian traders still trade on the same market as before, and will continue to be able to use MtGox.com. What changes is the ToS that will no longer be between you and MtGox Co. Ltd., but between you and CoinLab.

[evolve]

Will their be any changes in fees?

[MagicalTux]

Will their be any changes in fees?

No change at first, however we will work with Coinlab to release a new fee schedule for everyone (with the increasing bitcoin price, our current fee schedule is not adapted anymore as many pointed out).

[evolve]

Will US and CAN customers be paying higher fees than customers in other countries?

[MagicalTux]

Will US and CAN customers be paying higher fees than customers in other countries?

No.

[evolve]

Thank you for answering my questions.

I'm still not overly happy about hearing this in a forum post (instead of a direct statement from Mt.Gox), or the short amount of time that this is going to be implemented in (more notice would've been nice), but I appreciate you coming here and clearing up any misconceptions.

[Luno]

Americans are by far the largest buyers on Mt.Gox. If they are taken out and have to trade with a third party, who sets the price of Bitcoin then?

Take a minute to think about this!

American/Canadian traders still trade on the same market as before, and will continue to be able to use MtGox.com. What changes is the ToS that will no longer be between you and MtGox Co. Ltd., but between you and CoinLab.

/

I'm wrong then; only deposits / withdrawals are handled by Coinlab, but you keep your trading account?

There still is an increase in the delay before money ends on the exchange i would think?