MT.Gox one step closer to being "legit"

[miguelvuc]

Today they issued a press release saying everybody registered there needed to give real personal information to withdraw money.
It's the only way to go mainstream, IMO.

Price is stable, since the release.

[RodeoX]

I agree with you. Exchanging with fiat money means playing by fiat rules. If you want to maintain some privacy then buy with bitcoin. If you want to use your bitcoins to buy fiat, then you will be audited and taxes will be levied. Their is nothing unfair about this, you are choosing to use fiat that you do not own.

[escrow.ms]

That's a good news.

[ultrix]

I think it would be closer to legit if they could arrange some form of credit card processing.  The wire transfer deposits are a pain.

[UniversalTrek]

Good news, but at the same time, I fear they will require more verification until more fees will have to be paid, thus turning it into a "bank" of sorts and finally being regulated and taken over by the government -

[Fiyasko]

Good! Im glad to see MT.Gox go "oh shit, we didnt realise that at the time. Here you go US gov. We will play by the rules, dont shut us down, it was just a misunderstanding"
It would have really sucked to see MT.Gox just get "shutdown" for something so minor yet critical

[astrobooey]

Indeed, one more step in the right direction for popularity and safety

[rAz1eL]

Good news

[rpg]

Good! Im glad to see MT.Gox go "oh shit, we didnt realise that at the time. Here you go US gov. We will play by the rules, dont shut us down, it was just a misunderstanding"
It would have really sucked to see MT.Gox just get "shutdown" for something so minor yet critical

governments really don't give a shit about BTC, as far as they are concerned is just another revenue stream. What they do care about is money laundering from criminal activities and tax evasion. I'm afraid BTC has been used mostly for that purpose. When the community cleans itself up from mafias hackers and zilionaires hiding money for tax purposes, BTC can go mainstream

[PurpleTentacle]

It also seems that the gap between prices on different exchanges has disappeared, people may be trusting mtgox a little bit more again.

[AzureEngineer]

It is just a matter of time before an experienced business starts up an exchange and gobbles up the majority of business. MtGox and other exchanges may be okay for now, but mainstream customers won't tolerate these "sorta kinda works" businesses. MtGox is going to end up the Avalon of exchanges (delivers, but still can't get itself together quite right). It won't be long until we see an exchange version of ASICminer. A company that takes advantage of a market filled with amateurs.

[JSMill]

It is just a matter of time before an experienced business starts up an exchange and gobbles up the majority of business. MtGox and other exchanges may be okay for now, but mainstream customers won't tolerate these "sorta kinda works" businesses. MtGox is going to end up the Avalon of exchanges (delivers, but still can't get itself together quite right). It won't be long until we see an exchange version of ASICminer. A company that takes advantage of a market filled with amateurs.

Absolutely.  Although I would prefer a more even distribution of the market share.  Ideally no exchange would have more than a 30% of the market share.  Exchanges would have a greater incentive to compete on fees, technology platforms, and other features.  Perhaps exchanges would be more regionally based as it can be very onerous to comply with all the regulations throughout the world.

[btcdocs]

"I agree with you. Exchanging with fiat money means playing by fiat rules. If you want to maintain some privacy then buy with bitcoin. If you want to use your bitcoins to buy fiat, then you will be audited and taxes will be levied. Their is nothing unfair about this, you are choosing to use fiat that you do not own."

Unless, of course, one finds an individual with a briefcase full of money and trades them bitcoins for it.

[RodeoX]

"I agree with you. Exchanging with fiat money means playing by fiat rules. If you want to maintain some privacy then buy with bitcoin. If you want to use your bitcoins to buy fiat, then you will be audited and taxes will be levied. Their is nothing unfair about this, you are choosing to use fiat that you do not own."

Unless, of course, one finds an individual with a briefcase full of money and trades them bitcoins for it.

That is an interesting case. If the amount is less than 10k$USD and done in person, it might be legal?? Of course the person selling must pay capitol gains on any increase in price since they bought the coins.

[keil74]

I think it would be closer to legit if they could arrange some form of credit card processing.  The wire transfer deposits are a pain.

absolutely agree!

[JSMill]

Credit cards would be awesome, but its really tough to use a payment system that can be reversed (credit cards) to purchase bitcoins.  Obviously the bitcoin transactions cannot be reversed without the recipient's consent.

[joeventura]

Mt Gox needs to get an attorney who is well versed in this and ask them to start looking for holes or gaps that major governments can use for shutting them down and make sure they are on the up and up

[Radamus]

Credit cards would be awesome, but its really tough to use a payment system that can be reversed (credit cards) to purchase bitcoins.  Obviously the bitcoin transactions cannot be reversed without the recipient's consent.

I know a lot of people here like this about bitcoins, but I think it's probably the single biggest obstacle to getting the general population to adopt them. At the very least, people would need a system that can handle the tougher parts of spending bitcoins for them. It doesn't matter how much better the system is if another one is much much easier.

[samueljezny]

I think it would be closer to legit if they could arrange some form of credit card processing.  The wire transfer deposits are a pain.

Totally agree.

[stealtheh]

Is more of a banking system now. Although kind of intrusive for an anonymous currency, it's a good move.