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Author Topic: Official Gox / CoinLab Integration and Transition FAQ  (Read 20576 times)
DeathAndTaxes
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March 02, 2013, 02:34:44 AM
 #41

Hi Bracek, what do you mean by 'access'? Do you mean read access? If so, then once we've transitioned, our chief compliance officer will have access to verification documents, or someone else on our AML/KYC team.

Hang on a second.  Where in the MtGox TOS does it say MtGox has the authority to sell sensitive identity information to third parties without the express written permission of the account holder.  Last time I checked with wasn't a merger.  I gave my identity documents to MtGox not Coinlabs.

Did it even occur to you that you have right to that information?  I guess not.  Client's identities are just something to be bought and sold to the highest bidder.  When you grow tired of playing Bitcoins I am sure you will sell off financial and identity information to anyone who will throw a few dollars your way.
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March 02, 2013, 02:50:23 AM
 #42

Hi Bracek, what do you mean by 'access'? Do you mean read access? If so, then once we've transitioned, our chief compliance officer will have access to verification documents, or someone else on our AML/KYC team.

Hang on a second.  Where in the MtGox TOS does it say MtGox has the authority to sell sensitive identity information to third parties without the express written permission of the account holder.  Last time I checked with wasn't a merger.  I gave my identity documents to MtGox not Coinlabs.

Did it even occur to you that you have right to that information?  I guess not.  Client's identities are just something to be bought and sold to the highest bidder.  When you grow tired of playing Bitcoins I am sure you will sell off financial and identity information to anyone who will throw a few dollars your way.


Totally agree,

Sorry Vess, i dont know you. I dont care how exciting you are with bitcoin. I'm trusting Mark , not you.
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March 02, 2013, 02:51:38 AM
 #43

Hi Bracek, what do you mean by 'access'? Do you mean read access? If so, then once we've transitioned, our chief compliance officer will have access to verification documents, or someone else on our AML/KYC team.

Hang on a second.  Where in the MtGox TOS does it say MtGox has the authority to sell sensitive identity information to third parties without the express written permission of the account holder.   Last time I checked with wasn't a merger.  I gave my identity documents to MtGox not Coinlabs.

Did it even occur to you that you have no legal right to that information.  Is it going to take a lawsuit?

You had your chance to keep your identity documentation private and from the sound of things, you blew it.

In my mind, sending off one's identity docs to anyone is a one-time thing.  Think of it as a tattoo or a circumcision.  You might get lucky and realize no ill effects, but it's damn hard to undo completely.  Maybe getting all lawyered up (likely a yawn inspiring hollow threat like 99.9% of them) might help, but how are you going to know?


notig
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March 02, 2013, 02:52:27 AM
 #44

The killer app for a Bitcoin exchange would be to give customers an account number they can use for ACH push transactions and direct deposit.

Is this really possible? can they get this done? is it in the realm of possiblity? Would it meant that you could direct deposit and could convert your salary instantly to bitcoins?

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March 02, 2013, 02:55:24 AM
 #45

Is this really possible? can they get this done? is it in the realm of possiblity? Would it meant that you could direct deposit and could convert your salary instantly to bitcoins?
I know Etrade can do it for their brokerage accounts, and as far as I know most companies in that space can do it as well.
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March 02, 2013, 03:02:49 AM
 #46

Totally agree,

Sorry Vess, i dont know you. I dont care how exciting you are with bitcoin. I'm trusting Mark , not you.


Nemesis, Mark has sold your info to Peter.  Why would trust Mark in light of that fact?

Worse than that. He sold the info and you dont get compensated.

People should support localbitcoins.com rather than letting a few guys have control over all your data.

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March 02, 2013, 03:07:23 AM
 #47

Totally agree,

Sorry Vess, i dont know you. I dont care how exciting you are with bitcoin. I'm trusting Mark , not you.


Nemesis, Mark has sold your info to Peter.  Why would trust Mark in light of that fact?

Worse than that. He sold the info and you dont get compensated.

People should support localbitcoins.com rather than letting a few guys have control over all your data.

Mt gox has to expand. If they simply hired someone directly then you would have to trust someone new with your data. So either way you are going to be trusting someone new simply due to growth.  It makes sense for them to partition out their company. If bitcoin is going to grow since it is a borderless, stateless money then you don't want a monolithic exchange that is centered somewhere. Partitioned all over the place is a much better idea.
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March 02, 2013, 04:23:49 AM
 #48

Totally agree,

Sorry Vess, i dont know you. I dont care how exciting you are with bitcoin. I'm trusting Mark , not you.


Nemesis, Mark has sold your info to Peter.  Why would trust Mark in light of that fact?

I already made my point if this transition take place, i will withdraw all my fund.
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March 02, 2013, 04:45:08 AM
 #49

who will have access to bitcoin and fiat deposits currently on gox ?

Which brings me to a different question, will CoinLab have a verified account's transaction history (deposits, withdrawals and trades) that occurred prior to the transition?

How about users that never verfied their identity but are from the U.S. or Canada.   Will they be forced to use CoinLab as well (in order to trade or access their funds?)?     Same question as above, will CoinLab have their their transaction history?

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MagicalTux
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March 02, 2013, 04:53:27 AM
 #50

The killer app for a Bitcoin exchange would be...

The killer app for a Bitcoin exchange would be to always show the correct "Last price" on their home page, a feature that I would like to see come to MtGox soon:



Will the Gox / CoinLab integration also include this "feature?"

Already explained this a bunch of times, but I will again. The last price shown on MtGox is the price for the last trade, no matter which currency. If someone buys a lot in another currency than USD, he'll end paying more (in his own currency) than the highest price in USD, but will not cause the highest USD price to move up.

I explained this quite a lot already, and the ticker API provides various varieties of last price.
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March 02, 2013, 04:55:01 AM
 #51

Hang on a second.  Where in the MtGox TOS does it say MtGox has the authority to sell sensitive identity information to third parties without the express written permission of the account holder.  Last time I checked with wasn't a merger.  I gave my identity documents to MtGox not Coinlabs.

Did it even occur to you that you have right to that information?  I guess not.  Client's identities are just something to be bought and sold to the highest bidder.  When you grow tired of playing Bitcoins I am sure you will sell off financial and identity information to anyone who will throw a few dollars your way.

MtGox did not sell users identities, and acted in the best interest of its users to ensure CoinLab had no access to said data.

None of users private information will be shared with CoinLab until the user accepts CoinLab's ToS on the site. If you choose to never accept CoinLab's ToS, then your data will never be shared with CoinLab.
Raoul Duke
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March 02, 2013, 05:05:44 AM
 #52

The killer app for a Bitcoin exchange would be...

The killer app for a Bitcoin exchange would be to always show the correct "Last price" on their home page, a feature that I would like to see come to MtGox soon:



Will the Gox / CoinLab integration also include this "feature?"


Don't be obtuse. That's just mislabeled. It should read "Future Price".
Works like a charm on price prediction Wink

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March 02, 2013, 06:38:00 AM
 #53

Hi Bracek, what do you mean by 'access'? Do you mean read access? If so, then once we've transitioned, our chief compliance officer will have access to verification documents, or someone else on our AML/KYC team.

Hang on a second.  Where in the MtGox TOS does it say MtGox has the authority to sell sensitive identity information to third parties without the express written permission of the account holder.   Last time I checked with wasn't a merger.  I gave my identity documents to MtGox not Coinlabs.

Did it even occur to you that you have no legal right to that information.  Is it going to take a lawsuit?

You had your chance to keep your identity documentation private and from the sound of things, you blew it.

In my mind, sending off one's identity docs to anyone is a one-time thing.  Think of it as a tattoo or a circumcision.  You might get lucky and realize no ill effects, but it's damn hard to undo completely.  Maybe getting all lawyered up (likely a yawn inspiring hollow threat like 99.9% of them) might help, but how are you going to know?



i'm not sure what country you live in, but since this new entity is going to be located in the USA, there are privacy laws in the USA that would prevent such information from being handed over w/o person's acknowledgement

tvbcof
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March 02, 2013, 06:56:34 AM
 #54

...

Did it even occur to you that you have no legal right to that information.  Is it going to take a lawsuit?

You had your chance to keep your identity documentation private and from the sound of things, you blew it.

In my mind, sending off one's identity docs to anyone is a one-time thing.  Think of it as a tattoo or a circumcision.  You might get lucky and realize no ill effects, but it's damn hard to undo completely.  Maybe getting all lawyered up (likely a yawn inspiring hollow threat like 99.9% of them) might help, but how are you going to know?


i'm not sure what country you live in, but since this new entity is going to be located in the USA, there are privacy laws in the USA that would prevent such information from being handed over w/o person's acknowledgement


I live in the US.  In fact it is more likely the case that it is forbidden to tell the customers about a hand-over at this point.  That would be a hand-over to the government, but it would probably stop there only briefly on it's way to private contractors such is the state of our evolving political system.

I say again, it does not bother me if the US Govt has my info.  They issued me my passport in the first place for Christsake...and they don't need to steal from me since they have a printing press.  Ideally anyone who wants authorization to send me money could just ask the goobmint if it's OK to do so.

But anyway it's a mute point.  D&T gave his info to Mt. Gox (apparently) and while it's less likely now that they will again lose it to hackers, it remains a possibility.  For the purposes of planning I assume that Mt. Gox would hand it over to the US if asked the right way, and if the close shop for some reason, who knows what will happen.  I'm sure Mark is a great guy and all, but even if he is willing to flush a lot of value down the toilet it does not necessarily mean that everyone in that organization who might get their hands on it...particularly in it's final days...would be so upstanding.


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March 02, 2013, 11:54:51 AM
 #55

...and they don't need to steal from me since they have a printing press.
You don't have to pay taxes? Roll Eyes

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March 02, 2013, 12:02:36 PM
 #56

I currently use MtGox just to store my bitcoins. I live in the UK, but I've done some play trading in USD on the site. No currency withdrawals or deposits. You know nothing about me apart from my email. Where will my bitcoins end up? MtGox or CoinLab?
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March 02, 2013, 04:27:50 PM
 #57

i have a concern.

it has to do with CoinLab acting as an exchange AND as a broker for moneyed interests.  namely the Wall St guys who want to buy $1M blocks of BTC.

seems to me there might be a conflict of interest in buying that amount of BTC for big clients who might be willing to slip in a higher fee either on top of the table or under the table to obtain the very best price perhaps gotten thru an orchestrated dip? 

this would come at the expense of the smaller free marketing buyers and sellers who can't or won't pay the extra fee to do so.  or they might not even understand that that's an option.
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March 02, 2013, 05:21:19 PM
 #58

Peter Vessenes:

How long are you going to stay with CoinLab. Is the plan to stay with them for 2 years, and then sell the company ? As far as I understand, you have started a dozen companies ? Why so many ? And how have they fared, have they all been successes, or have there been some failures?
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March 02, 2013, 05:50:25 PM
 #59

...and they don't need to steal from me since they have a printing press.
You don't have to pay taxes? Roll Eyes

I meant to say that the government does not need to steal from my by stealing my identity documents and tricking the financial institutions with them.  But yes, the fact that I pay taxes also reduces their need to steal my identity, and there are various other reasons why I'm not greatly worried about that.


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March 02, 2013, 07:28:16 PM
 #60

Hang on a second.  Where in the MtGox TOS does it say MtGox has the authority to sell sensitive identity information to third parties without the express written permission of the account holder.  Last time I checked with wasn't a merger.  I gave my identity documents to MtGox not Coinlabs.

Did it even occur to you that you have right to that information?  I guess not.  Client's identities are just something to be bought and sold to the highest bidder.  When you grow tired of playing Bitcoins I am sure you will sell off financial and identity information to anyone who will throw a few dollars your way.

MtGox did not sell users identities, and acted in the best interest of its users to ensure CoinLab had no access to said data.

None of users private information will be shared with CoinLab until the user accepts CoinLab's ToS on the site. If you choose to never accept CoinLab's ToS, then your data will never be shared with CoinLab.

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