Official Gox / CoinLab Integration and Transition FAQ

[MagicalTux]

Are the mt.gox yubikeys now junk?  Or can they be paired with coin lab now as well for affected users.

Yubikey continue working the same as you still use MtGox.com.

Will coin lab only be working with u.s. and can. Or if you like the service they provide and you're from elsewhere will we be able use it?  What about 0 balance accounts, are they going to be transferred as well?  What will the nature of coin labs and mt goxs relationship be? Is coin lab just a fund holder/deposit withdrawal wrapper/AML law compliance vehicle for u.s. and can. users while gox is still the engine under the hood or will coin lab be provided independant service offerings that overlap mt goxs such as trading?

CoinLab will only provide service to US and Canadian customers at this point. 0 balance accounts will be transferred too. The engine will still be MtGox's.

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[kerogre256]

Trojan Horse. US government will close the business as soon as they will have all information they need.You have been warned

[ArticMine]

Trojan Horse. US government will close the business as soon as they will have all information they need.You have been warned

I very much doubt it. In any event the US Goverment will have its hands full dealing with all of those who do not comply with FACTA  worldwide to concern itself with those that do comply.  As far as I can see in the US side of this deal MtGox by partnering with a US based partner has found an excellent way to avoid having to deal with FACTA, while at the same time improving service to thier US customers and remaining 100% compliant. I fail to see why the US Government woud have a problem with this at all.

When it comes to the Canadian side of this deal all, I can say at this point is that I am waiting for answers to my questions from Coinlab.

[jubalix]

Trojan Horse. US government will close the business as soon as they will have all information they need.You have been warned

I very much doubt it. In any event the US Goverment will have its hands full dealing with all of those who do not comply with FACTA  worldwide to concern itself with those that do comply.  As far as I can see in the US side of this deal MtGox by partnering with a US based partner has found an excellent way to avoid having to deal with FACTA, while at the same time improving service to thier US customers and remaining 100% compliant. I fail to see why the US Government woud have a problem with this at all.

When it comes to the Canadian side of this deal all, I can say at this point is that I am waiting for answers to my questions from Coinlab.

because if this ever takes of in a big way....the US and many other govts will face destruction, as they will have no revenue base/financial control

they will have no choice but to make it illegal...the only real hope is that so many billion people are already in with cash, that it would be be like saying you cant drink water any more....which would be undoable even for a a govt

[Piper67]

Trojan Horse. US government will close the business as soon as they will have all information they need.You have been warned

I very much doubt it. In any event the US Goverment will have its hands full dealing with all of those who do not comply with FACTA  worldwide to concern itself with those that do comply.  As far as I can see in the US side of this deal MtGox by partnering with a US based partner has found an excellent way to avoid having to deal with FACTA, while at the same time improving service to thier US customers and remaining 100% compliant. I fail to see why the US Government woud have a problem with this at all.

When it comes to the Canadian side of this deal all, I can say at this point is that I am waiting for answers to my questions from Coinlab.

because if this ever takes of in a big way....the US and many other govts will face destruction, as they will have no revenue base/financial control

they will have no choice but to make it illegal...the only real hope is that so many billion people are already in with cash, that it would be be like saying you cant drink water any more....which would be undoable even for a a govt

No. There's a whole other solution in which governments, including the US, co-opt Bitcoin. And a third in which they essentially ignore it,

[Raoul Duke]

Trojan Horse. US government will close the business as soon as they will have all information they need.You have been warned

I very much doubt it. In any event the US Goverment will have its hands full dealing with all of those who do not comply with FACTA  worldwide to concern itself with those that do comply.  As far as I can see in the US side of this deal MtGox by partnering with a US based partner has found an excellent way to avoid having to deal with FACTA, while at the same time improving service to thier US customers and remaining 100% compliant. I fail to see why the US Government woud have a problem with this at all.

When it comes to the Canadian side of this deal all, I can say at this point is that I am waiting for answers to my questions from Coinlab.

because if this ever takes of in a big way....the US and many other govts will face destruction, as they will have no revenue base/financial control

they will have no choice but to make it illegal...the only real hope is that so many billion people are already in with cash, that it would be be like saying you cant drink water any more....which would be undoable even for a a govt

No. There's a whole other solution in which governments, including the US, co-opt Bitcoin. And a third in which they essentially ignore it,

I think they will have to choose the third solution.

[Chris Acheson]

Will this transition remove the ability to use Dwolla for withdrawals?
No. It is possible we'll have a small delay while we make sure we're comfortable with the Dwolla withdrawal API, we're still talking to the Dwolla folks right now. That said, we want to support Dwolla, and Dwolla wants to work with us, so I don't anticipate major changes. I agree that once you've got the accounts set up, the fees at Dwolla are rocking.

What about Dwolla deposits? I currently have a recurring transfer set to send money to Mutum Sigillum twice a month. Should I suspend this before the CoinLab transition, to make sure my money doesn't end up in limbo?

[Bit_Happy]

Hi vess,
Your new 'asset' is killing the market and unable to function properly on a busy day.
Even on a normal day it performs poorly when the market moves.
Not just bad, REALLY bad.

[marcus_of_augustus]

The parallels for this Mt. Gox - Coinlab transition are eerily similar to the Bitcoinica -Intersango transition.

I really wonder who thought it would be a good idea to move such a large part of the Bitcoin business to the country with the most overt, aggressive financial industry regulatory-capture regime? It's like they are walking into the lion's den willingly. Anyway, good luck to those of you sticking with ship .... although it appears to be taking on water. The announcement last week was that iceberg was indeed real, not that the boat did not hit.

[Monster Tent]

 Get out now before Leonardo DiCaprio appears in Mt Gox the movie.

[ArticMine]

The parallels for this Mt. Gox - Coinlab transition are eerily similar to the Bitcoinica -Intersango transition.

I really wonder who thought it would be a good idea to move such a large part of the Bitcoin business to the country with the most overt, aggressive financial industry regulatory-capture regime? It's like they are walking into the lion's den willingly. Anyway, good luck to those of you sticking with ship .... although it appears to be taking on water. The announcement last week was that iceberg was indeed real, not that the boat did not hit.

This is a very legitimate concern when it applies to the Canadian part of the deal but not to the US part of the deal since US citizens and residents are subject to US law in these matters but Canadian citizens and residents are not!  As far as US residents and citizens are concerned this is a good thing in my opinion. If they do not wish to be subject to US tax law then they should leave the US and renounce thier citizenship; otherwise this deal makes tax compliance  and funds transfers for them way easier.  In addtion for those outside the US and Canada it has the very desiriable effect of insulating MtGox from US regulation.

Nevertheless as I have indicated before I will keep an open mind on the Canadian part of the deal pending a response from Coinlab to my questions.

[n8rwJeTt8TrrLKPa55eU]

Hi vess,
Your new 'asset' is killing the market and unable to function properly on a busy day.
Even on a normal day it performs poorly when the market moves.
Not just bad, REALLY bad.

Yes I think at this point the total lack of an exchange that can handle real volume is worse for Bitcoin's reputation than anything happening over at Silk Road.  Real money can't take seriously a market where the quotes lags behind by a ridiculous amount, and where the matching engine and APIs behave like they were implemented as one giant mutex.

The entire application and/or hosting infrastructure needs to be taken over by people who actually know how to build and deploy high-capacity transaction systems.  Glad to see that one of the Bitcoin startup ideas listed over at BoostVC was the creation of a brand new exchange.  

[dave111223]

I notice that Coinlab site constantly coming up with messages like this on the homepage:

Current Price 81m ago
Mt. Gox sockets are down. Trade data will not update until they come back online, and depth data will only update once every 15 minutes. Sorry!

If they can't even get the current trade price reliably, how can they be serious about this major integration?

[BasementMiner!]

CoinLab will only provide service to US and Canadian customers at this point. 0 balance accounts will be transferred too. The engine will still be MtGox's.

ABORT ABORT ABORT!

[ArticMine]

There is a critical difference between Canada and the United States here. Take GoldMoney for example and where they store gold on behalf of their customers. http://www.goldmoney.com/faq/where-are-metals-stored.html Canada is listed as a gold storage location but the United States is not. I wonder why. May be it has something to do with this: http://en.wikipedia.org/wiki/Executive_Order_6102

[Severian]

I really wonder who thought it would be a good idea to move such a large part of the Bitcoin business to the country with the most overt, aggressive financial industry regulatory-capture regime?

People make really bad decisions when based on really bad precepts. The more traditional mercantile elements of Bitcoin are either unseeing or uncaring of the predatory nature of the regime. They do see the dollar signs though, which can be overpowering to even the most conscientious of businessmen.

Personally, I hope this move destroys Goxilla. Actual decentralization of Bitcoin won't happen until this last vestige of centralized pricing is gone.

[niko]

Trojan Horse. US government will close the business as soon as they will have all information they need.You have been warned

Dude. Please.  The US government already has all the information they need, and some more. MtGox intermediate servers are in San Jose, California - even in this thread MT reminded us of that.

Even the "Canadian" exchange Cavirtex - and I've been their happy customer for a long time - is registered as a .com with at least some infrastructure physically in the U.S.

tech-c-firstname:                Hostmaster
tech-c-lastname:                 ONEANDONE
tech-c-organization:             1&1 Internet Inc.
tech-c-street1:                  701 Lee Rd.
tech-c-street2:                  Suite 300
tech-c-pcode:                    19087
tech-c-state:                    PA
tech-c-city:                     Chesterbrook
tech-c-ccode:                    US

Now, you are aware of the provisions of the PATRIOT Act, right?  What's all this bullshit about U.S. government "needing all the information" They have all the information, and they've had it for a long time. And Bitcoin is doing just fine. So quit bullshitting about the government, and let's focus on real and practical issues here.

[tvbcof]

Trojan Horse. US government will close the business as soon as they will have all information they need.You have been warned

Dude. Please.  The US government already has all the information they need, and some more. MtGox intermediate servers are in San Jose, California - even in this thread MT reminded us of that.

Even the "Canadian" exchange Cavirtex - and I've been their happy customer for a long time - is registered as a .com with at least some infrastructure physically in the U.S.

... (.com registry info) ...

Now, you are aware of the provisions of the PATRIOT Act, right?  What's all this bullshit about U.S. government "needing all the information" They have all the information, and they've had it for a long time. And Bitcoin is doing just fine. So quit bullshitting about the government, and let's focus on real and practical issues here.

Admittedly I skimmed, but I took the guys quote to mean that perhaps the US govt does not have Mt. Gox's books (meaning the PII on where fiat and BTC came from and went to) and when they obtain this info (e.g., via an NSL) then they would shut things down.  Chances are they could come up with ample examples of interaction between just about (or aboot for you Canuks) any exchange and other parties who's behavior can be classified as objectionable.  Thus giving even more power to do so even absent changes to our current laws.

I personally doubt that the US Govt would shut all the exchanges down, though they may try to cultivate a particularly cooperative one to a dominant size.  The info to be obtained from a gox-sized record of BTC transactions would likely be extremely useful in understanding the block chain from a historical perspective.

[pyra-proxy]

Trojan Horse. US government will close the business as soon as they will have all information they need.You have been warned

Dude. Please.  The US government already has all the information they need, and some more. MtGox intermediate servers are in San Jose, California - even in this thread MT reminded us of that.

Even the "Canadian" exchange Cavirtex - and I've been their happy customer for a long time - is registered as a .com with at least some infrastructure physically in the U.S.

tech-c-firstname:                Hostmaster
tech-c-lastname:                 ONEANDONE
tech-c-organization:             1&1 Internet Inc.
tech-c-street1:                  701 Lee Rd.
tech-c-street2:                  Suite 300
tech-c-pcode:                    19087
tech-c-state:                    PA
tech-c-city:                     Chesterbrook
tech-c-ccode:                    US

Now, you are aware of the provisions of the PATRIOT Act, right?  What's all this bullshit about U.S. government "needing all the information" They have all the information, and they've had it for a long time. And Bitcoin is doing just fine. So quit bullshitting about the government, and let's focus on real and practical issues here.

+1

[ArticMine]

Trojan Horse. US government will close the business as soon as they will have all information they need.You have been warned

Dude. Please.  The US government already has all the information they need, and some more. MtGox intermediate servers are in San Jose, California - even in this thread MT reminded us of that.

Even the "Canadian" exchange Cavirtex - and I've been their happy customer for a long time - is registered as a .com with at least some infrastructure physically in the U.S.

tech-c-firstname:                Hostmaster
tech-c-lastname:                 ONEANDONE
tech-c-organization:             1&1 Internet Inc.
tech-c-street1:                  701 Lee Rd.
tech-c-street2:                  Suite 300
tech-c-pcode:                    19087
tech-c-state:                    PA
tech-c-city:                     Chesterbrook
tech-c-ccode:                    US

Now, you are aware of the provisions of the PATRIOT Act, right?  What's all this bullshit about U.S. government "needing all the information" They have all the information, and they've had it for a long time. And Bitcoin is doing just fine. So quit bullshitting about the government, and let's focus on real and practical issues here.

If one only takes the trouble to dig a bit deeper one will find that the the A record for cavirtex.com points to IP 184.71.215.146, and the location of this IP is in Calgary, Alberta Canada.  The only thing here under United States jurisdiction is the technical contact of the domain and the domain itself (since it is a .com). There is no evidence here that the client data is stored on a server in the United States, quite the contrary the evidence points to the server(s) containing the client data being located in Canada. I am  very much aware of the PATRIOT act in the United States, it simply does not apply in this case. Please get the facts straight before spreading FUD about an exchange that is turning out to be a Canadian Bitcoin success story.