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Author Topic: MtGox daily BTC withdrawal limits OUTDATED  (Read 2327 times)
AngelusWebDesign
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September 27, 2011, 02:22:34 PM
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MtGox still limits a person to 100 BTC a day -- which is currently $490 -- a ridiculously small amount.

It was one thing when a BTC was worth $12 or $14.

To prove my point, they allow you to withdraw $1,000 in a 24-hour period. That shows what they were shooting for -- look how they allow only HALF as much in BTC.

I think they need to change their "default" withdrawal limit to 200 BTC to reflect the current BTC price reality -- $5 BTC is here to stay.

I assert that a withdrawal limit of $490 in BTC per day hobbles legitimate customer business/activity.

What do you think?
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Maria
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September 27, 2011, 02:29:47 PM
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MtGox still limits a person to 100 BTC a day -- which is currently $490 -- a ridiculously small amount.

It was one thing when a BTC was worth $12 or $14.

To prove my point, they allow you to withdraw $1,000 in a 24-hour period. That shows what they were shooting for -- look how they allow only HALF as much in BTC.

I think they need to change their "default" withdrawal limit to 200 BTC to reflect the current BTC price reality -- $5 BTC is here to stay.

I assert that a withdrawal limit of $490 in BTC per day hobbles legitimate customer business/activity.

What do you think?


You can request any daily limit you want. My daily limit is 20,000 BTC. It used to be 100 BTC. What I did was simple. I sent an email in info@mtgox.com and requested to new amount. Done!
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September 27, 2011, 02:31:19 PM
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The limits are there for your protection.

So nobody can hack your password and steal more than the limit in one day. The hacker that got in back in June got away with $2,000 as opposed to much more.

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AngelusWebDesign
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September 27, 2011, 02:36:41 PM
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I'm not against the concept of capping potential hacker 1-day gains.

Mt. Gox itself suggests that $1,000 is a good balance of security/convenience.

Why is the BTC withdrawal amount HALF that?

I'm just asking that Mt. Gox wake up to the REALITY of $5 Bitcoins. 100 BTC is NOT $1,000 anymore. I wish it were!

P.S. I tried e-mailing them, but they will require a long delay before I'd get results, and I'd have to send them all kinds of proof of ID. Too much hassle.
I shouldn't have to go through that. I've been a member for over 4 months. The money in my account has trickled in 1 and 2 BTC at a time (obvious to anyone the money is coming from mining) -- it's not like my account is under any kind of suspicion.

Anyhow, I recommend Tradehill, or one of the other exchanges. Mt. Gox is a joke for trying to do real business. If you need to use Bitcoin for anything more expensive than a toaster, you have to jump through all sorts of hoops and provide them sensitive information to prove your identity. It's paranoid and ridiculous.
They are obviously out of touch, since they haven't updated their BTC withdrawal limit for months, even though the BTC landscape has changed dramatically in that time.
BitLex
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September 27, 2011, 02:57:04 PM
 #5

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Why is the BTC withdrawal amount HALF that?
you already answered that question yourself ..It was one thing when a BTC was worth $12 or $14.
sure, mtgox could adjust that limit automagically every week/month, but that seems like too much of a hassle for him i guess.

while we're at it, if it's too much of a hassle to you to simply verify your identity and request a higher limit, that's totally up to you,
i did, it was no hassle at all and went thru pretty quick, was a matter of minutes, or maybe hours, way faster than to verify your paypal-account for example.

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September 27, 2011, 03:02:41 PM
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Why is the BTC withdrawal amount HALF that?
you already answered that question yourself ..It was one thing when a BTC was worth $12 or $14.
sure, mtgox could adjust that limit automagically every week/month, but that seems like too much of a hassle for him i guess.

while we're at it, if it's too much of a hassle to you to simply verify your identity and request a higher limit, that's totally up to you,
i did, it was no hassle at all and went thru pretty quick, was a matter of minutes, or maybe hours, way faster than to verify your paypal-account for example.

No, really it's not.

I verified my Paypal account by having them call my house and I typed in a few digits on my phone. Or they deposited 0.0X in my bank account and I typed in what the amount was. That's much more convenient.

And I'm not asking for hourly updates to the withdrawal limit. How about they just change it manually when an obvious sea change has happened?

If they can't easily change the default (once a year!), then they need to question the competence of their employees -- particularly their IT department. I could do a job like that in a few minutes.
BitLex
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September 27, 2011, 03:11:33 PM
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well, maybe you should give them one year before asking them to change stuff once per year.

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September 27, 2011, 03:13:49 PM
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go to the mtgox irc channel and ask him to change it.  i've never had any limit on my withdrawal of BTC's.
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September 27, 2011, 09:01:01 PM
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If I recall, you don't have to identify yourself if you just want the Bitcoin limit raised.

AngelusWebDesign
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September 28, 2011, 02:36:06 AM
 #10

If I recall, you don't have to identify yourself if you just want the Bitcoin limit raised.

Maybe that was true once, but not anymore.

I just asked Mt Gox about it, and they said I need a photo ID *and* a copy of my last electric bill, just to be able to withdraw $1000 from my own account (instead of $480, which they'll let me do without ANY proof of who I am)

Ridiculous, since my account isn't under any suspicion.

They'll let me sell all those BTC and withdraw $1000 without any proof -- but if I want to deal in Bitcoin? Forget it. It will take TWO days, not just one.

How stupid is that? Mt. Gox is discouraging use of Bitcoin!
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September 28, 2011, 02:50:59 AM
 #11

go to the mtgox irc channel and ask him to change it.

can someone explain step by step for dummies how to do that?
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September 28, 2011, 04:05:49 AM
 #12

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You can request any daily limit you want. My daily limit is 20,000 BTC. It used to be 100 BTC. What I did was simple. I sent an email in info@mtgox.com and requested to new amount. Done!

When was that? We've emailed them five times over the last month, and sent government-issued photo ID twice, to increase our BTC withdrawal limit. They've completely ignored us. And we're a company that has deposited tens of thousands of USD into MtGox.

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AngelusWebDesign
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September 28, 2011, 04:58:08 AM
 #13

That sounds pretty serious.

I think Mt. Gox is running some kind of scam.

Why wouldn't they want people to withdraw BTC from their "system"? Is it some kind of attempt to dissuade you to "leave the casino" so they can make more money off you?

This last post is very troubling. Why would they IGNORE the requests of someone who actually jumped through their hoops -- a good customer by all appearances?
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September 28, 2011, 11:08:33 AM
 #14

Why wouldn't they want people to withdraw BTC from their "system"? Is it some kind of attempt to dissuade you to "leave the casino" so they can make more money off you?
Less of a 'scam' more of a 'business'

I agree with some of your issues, that cap should be adjusted or changed maybe once a month, based on some kind of formula to get a proper amount, or whatever Gox would consider a proper amount/percentage.   I think they do it to protect their own ass and not allow themselves to get caught up in any more crazy Bitcoin related scams.  Once people take your name and turn it into a thing that can happen, "You got Gox'ed!", you just start taking your time with everything and live a more safe than sorry lifestyle with other peoples money.   I ain't mad.   

JonHind
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September 28, 2011, 12:48:40 PM
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If you hunt through the forums, you'll find quite a few people who are claiming that Mt:Gox have not given back access to their accounts, even after their ID requests have been complied with.

Mt:Gox has to pay a lot of money to cover the credit card fraud that was generated through it's AUD exchange. What better way to raise this than to block people's accounts and take their BTC and $$$?
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September 28, 2011, 03:42:17 PM
 #16

This last post is very troubling. Why would they IGNORE the requests of someone who actually jumped through their hoops -- a good customer by all appearances?


Mt. Gox has been ignoring us as well. We have lifted our main account's withdrawal limit, but the activation of yubikey breaks the Withdraw API. There's not enough documentation on how to use API key-secret authentication in Ruby (and worst, the ruby gem we use doesn't support it).

The required government IDs and address proofs have already been sent two weeks ago, for lifting the limits for another account. They didn't reply a single word.

Bitcoinica's main Mt. Gox account has hedged over 200,000 BTC in only 2 weeks (about 1/5 of Mt. Gox total volume).

It's troubling that they ignore one of their biggest customers (if not the biggest).

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BitcoinPorn
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September 28, 2011, 06:33:25 PM
 #17

Is a second Goxing on the way?

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September 28, 2011, 07:32:36 PM
 #18

The last Gox of them all?

MTG:ox - Like a bank but without regulation, no customer protection or insurance. I feel safe.

I rather give my money to Goldman Sachs.

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September 29, 2011, 11:35:40 AM
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This last post is very troubling. Why would they IGNORE the requests of someone who actually jumped through their hoops -- a good customer by all appearances?


Mt. Gox has been ignoring us as well. We have lifted our main account's withdrawal limit, but the activation of yubikey breaks the Withdraw API. There's not enough documentation on how to use API key-secret authentication in Ruby (and worst, the ruby gem we use doesn't support it).

The required government IDs and address proofs have already been sent two weeks ago, for lifting the limits for another account. They didn't reply a single word.

Bitcoinica's main Mt. Gox account has hedged over 200,000 BTC in only 2 weeks (about 1/5 of Mt. Gox total volume).

It's troubling that they ignore one of their biggest customers (if not the biggest).

They've got a registered support account on the forum now but that really doesn't excuse them believing that making announcements on their website saying that they're having problems processing payments for whatever this week's reason is counts as communicating adequately with their users.  They need to be far more contactable than they are now, especially when they're experiencing problems with multiple financial institutions.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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