Sold 0.008 btc for over 11,000 USD at mtgox [Updated]

[Andris]

I doubt it's only me have a negative balance. I curious about how the reputation of mtgox and dwolla will go after this issue.

mtGox? I don't know. Dwolla has called me personally and listened to my concerns and desire for features, I'm fairly confident about their future.

And yet everyone loves Dwolla but hates Paypal.

Oh yes, Paypal is so much better when it comes to chargebacks. /sarcasm

[elggawf]

Oh yes, Paypal is so much better when it comes to chargebacks. /sarcasm

Paypal is what it is - everyone using it now should fully comprehend that until you get your money safely into a real banka ccount it it's not really your money... they should fully understand that Paypal is chargeback hell, particularly if you're selling "high risk" things/services.

Dwolla on the other hand claimed cash-like transactions, no chargeback concerns, etc... and it turned out to be bullshit. I'm almost willing to bet that the 25c transactions is bullshit too. I'm wondering if it's below-cost, that they're operating on venture capital and that they're just hoping to reach critical mass before the VC runs out and they have to up their charges.

Note that some parts of their site still say "no chargeback concerns" yet their support/PR people will happily tell you they've always had a process for filing disputes. Until they do something to demonstrate that their marketing hasn't been 100% bullshit, I'm not going to waste my time implementing their payment system into my billing system, though I do still use them for turning BTC into USD.

[Andris]

Dwolla has stated up front from when I first heard about them that ACH chargebacks were possible.

[wumpus]

huh, since when are bitcoins $137500?

[John (John K.)]

huh, since when are bitcoins $137500?

Either you're referring to the one  like 1 hour ago or you meant like 10 years later

[elggawf]

Dwolla has stated up front from when I first heard about them that ACH chargebacks were possible.

... and yet all their marketing stuff says the opposite. Landing them firmly in the bullshit, "as seen on TV" category.

I don't have a problem with chargebacks, or anything Dwolla has done. I actually like the service, and I still use it (sparingly). But you have to call bullshit when you see it.

[bitbot]

why dont you setup a transfer from dwolla to your bank and hope it clears tomorrow

[oakpacific]

I have never got it, are you guys using Dwolla for the fear of disclosing your bank details to Mt.Gox? I am in UK and Gox would process my bank wire transfer(they have a domestic bank account) within 1-2 days.

[elggawf]

I have never got it, are you guys using Dwolla for the fear of disclosing your bank details to Mt.Gox? I am in UK and Gox would process my bank wire transfer(they have a domestic bank account) within 1-2 days.

I don't think there's a bank transfer option on MtGox, and SEPA transfers are 2% fees. Depending on what you transfer, 25c might be less than 2%.

[joulesbeef]

i believe that legally he should be able to keep the money

he sold bitcoins and got the money

you cant "legally" sell on a glitch.
Had an individual been a fool and accidently bought for that much.. he might have a case but not on a glitch, the money isnt his and he can be prosecuted.

[Tasty Champa]

As far as I can tell no one has anything to be concerned about with dwolla and mtgox unless they go do some silly shit like what OP is stating having done. 

[oakpacific]

I have never got it, are you guys using Dwolla for the fear of disclosing your bank details to Mt.Gox? I am in UK and Gox would process my bank wire transfer(they have a domestic bank account) within 1-2 days.

I don't think there's a bank transfer option on MtGox, and SEPA transfers are 2% fees. Depending on what you transfer, 25c might be less than 2%.

Hmmm.....GBP deposits are free in UK.

[TiagoTiago]

Wow!!! If only you had a whole bitcoin to sell at that moment instead of just 8 millies 0.0


Why did your balance go negative though?

[stsbrad]

i believe that legally he should be able to keep the money

he sold bitcoins and got the money

you cant "legally" sell on a glitch.
Had an individual been a fool and accidently bought for that much.. he might have a case but not on a glitch, the money isnt his and he can be prosecuted.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^ 100% Correct. Glitches don't mean you can get rich legally. I work for a large financial institution and recently one of our ATM's had a 20 dollar bill cassette in the 5's slot and 5's in the 20. The customer hit the machine for an hour and took out THOUSANDS. Police were sent to his house, DA's office threatened prosecution and money was instantly returned. I think the same would apply here.

[Xiong Zhuang]

I will wait mtgox to post there announcement about the glitch.

[MagicalTux]

I will wait mtgox to post there announcement about the glitch.

https://support.mtgox.com/entries/20323996-mt-gox-system-update-troubles

[TiagoTiago]

So if someone pays for a BigMac with a 100 bill without the person nor the cashier noticing McDonald's must hold the extra change waiting to return it whenever the person presents themself?

[Andris]

So if someone pays for a BigMac with a 100 bill without the person nor the cashier noticing McDonald's must hold the extra change waiting to return it whenever the person presents themself?

I know this is how it worked when I was in retail.

[Mt.Fun]

So if someone pays for a BigMac with a 100 bill without the person nor the cashier noticing McDonald's must hold the extra change waiting to return it whenever the person presents themself?

I'm sure McDonald's would give the person their change if the cashier made a mistake.

[TiagoTiago]

What if they had an automated vending machine like cashier and the person didn't noticed a hundred bill fell into the slot folded in such a way that it skipped the bill reader?