Mt. Gox Announces New Daily/Monthly Withdraw Policy! See Why

[JessyMatt]

Mt. Gox announced today that they have implemented a new daily/monthly withdraw policy. Essentially, they are doing what banks are doing...telling people how much of their bitcoins/money they can take out daily/monthly. They claim they're doing this to protect against future threats.

I think Mt. Gox is worry more about people leaving and withdrawing their coins in masses crippling their exchange company!

What do you really think folks. Bitcoin is supposed to be free from those regulations/restrictions. What happened to opensource?

[spiderbrain]

The solution is: use a different exchange. It's the answer to every question regarding Mt Gox.

[BitcoinAshley]

What do you really think folks. Bitcoin is supposed to be free from those regulations/restrictions. What happened to opensource?

Que? MtGox is a single exchange, it is not bitcoin. Some other exchanges have withdraw limits for bitcoin, some don't. It's a free market brosky 

And yes, they're likely (partially at least) doing this to save their asses, so people don't just withdraw all their shit at once and cripple the exchange.

Which just means they'll learn yet another hard, expensive lesson in how truly unforgiving free markets really are, in a few months when Gox fucks up again (because you know they will.)

[31337157]

Mt. Gox announced today that they have implemented a new daily/monthly withdraw policy. Essentially, they are doing what banks are doing...telling people how much of their bitcoins/money they can take out daily/monthly. They claim they're doing this to protect against future threats.

I think Mt. Gox is worry more about people leaving and withdrawing their coins in masses crippling their exchange company!

What do you really think folks. Bitcoin is supposed to be free from those regulations/restrictions. What happened to opensource?

It doesn't sound like you have an account there. Although I am not an advocate of using mtgox, they have had daily/monthly limits for quite sometime. It looks like they will be trying to implement more "controlled" limits though.

[Holliday]

Bitcoin is supposed to be free from those regulations/restrictions. What happened to opensource?[/b]

You aren't dealing with bitcoin at Gox, you are dealing with bitcoin IOUs. Those IOUs might be worthless if organization issuing them turns out to be less than trustworthy.

If you aren't the sole controller of your private keys, you don't have any bitcoins.

[JessyMatt]

Bitcoin is supposed to be free from those regulations/restrictions. What happened to opensource?[/b]

You aren't dealing with bitcoin at Gox, you are dealing with bitcoin IOUs. Those IOUs might be worthless if organization issuing them turns out to be less than trustworthy.

If you aren't the sole controller of your private keys, you don't have any bitcoins.

I stand corrected!

[JessyMatt]

Mt. Gox announced today that they have implemented a new daily/monthly withdraw policy. Essentially, they are doing what banks are doing...telling people how much of their bitcoins/money they can take out daily/monthly. They claim they're doing this to protect against future threats.

I think Mt. Gox is worry more about people leaving and withdrawing their coins in masses crippling their exchange company!

What do you really think folks. Bitcoin is supposed to be free from those regulations/restrictions. What happened to opensource?

It doesn't sound like you have an account there. Although I am not an advocate of using mtgox, they have had daily/monthly limits for quite sometime. It looks like they will be trying to implement more "controlled" limits though.

I do have account at Mt. Gox. Just have not used it much. I'm using coinbase. I'm a very active trader. I'm in for the long run.

[mp420]

No one knows what that withdrawal policy consists of, as it hasn't been published yet. If they only have technical problems, they could restrict the NUMBER of withdrawals but leave the actual limits to where they are now.

Yes, the BTC withdrawals were already limited (based on the account class).

[glendall]

Just let Gox die already everyone.  It's caused what, 3 major crashes now? THe company is run by a bunch of dolts.

[piramida]

I'm using coinbase. I'm a very active trader. I'm in for the long run.

Funny You are an active trader on coinbase? Let me know how this works for you.

[segeln]

The solution is: use a different exchange. It's the answer to every question regarding Mt Gox.

+1

[segeln]

If you aren't the sole controller of your private keys, you don't have any bitcoins.

+1

[JimboToronto]

If you aren't the sole controller of your private keys, you don't have any bitcoins.

+1

+1 Every time you use any exchange you're risking your coins.

[HairyMaclairy]

If you aren't the sole controller of your private keys, you don't have any bitcoins.

+1

+1 Every time you use any exchange you're risking your coins.

I don't keep coins on exchange only dirty fiat.

[Torque]

Mt. Gox announced today that they have implemented a new daily/monthly withdraw policy. Essentially, they are doing what banks are doing...telling people how much of their bitcoins/money they can take out daily/monthly. They claim they're doing this to protect against future threats.

I think Mt. Gox is worry more about people leaving and withdrawing their coins in masses crippling their exchange company!

What do you really think folks. Bitcoin is supposed to be free from those regulations/restrictions. What happened to opensource?

It doesn't sound like you have an account there. Although I am not an advocate of using mtgox, they have had daily/monthly limits for quite sometime. It looks like they will be trying to implement more "controlled" limits though.

I do have account at Mt. Gox. Just have not used it much. I'm using coinbase. I'm a very active trader. I'm in for the long run.

Dude, if you are trying to use Coinbase for frequent trading, be very careful.  A lot of transactions in and out of your bank account from Coinbase will definitely raise red flags at the bank.  Depending on the bank, you might get dropped.  Just sayin'.

[Oldminer]

You aren't dealing with bitcoin at Gox, you are dealing with bitcoin IOUs. Those IOUs might be worthless if organization issuing them turns out to be less than trustworthy.

You mean like a bank?

[g35fan]

I've read most of the press the last few weeks...but why is the current price still below $300 on Gox? The first few days with the panic I could get that but Gox has been better with communication lately and is telling people they can withdraw soon...if I had funds on there I'd be buying up some bitcoin at those prices that's for sure. 

[creekbore]

I've read most of the press the last few weeks...but why is the current price still below $300 on Gox? The first few days with the panic I could get that but Gox has been better with communication lately and is telling people they can withdraw soon...if I had funds on there I'd be buying up some bitcoin at those prices that's for sure. 

Because people don't believe they actually have the coins..until withdrawals actually begin no-one will believe.

[southerngentuk]

I've read most of the press the last few weeks...but why is the current price still below $300 on Gox? The first few days with the panic I could get that but Gox has been better with communication lately and is telling people they can withdraw soon...if I had funds on there I'd be buying up some bitcoin at those prices that's for sure. 

Sold BTC @ 550, brought @ 250.  just hope I can get the goxcoin out some day 

I only had 0.6 in there anyways. Time will tell if I wished I had more, or less.

One thing for sure, when withdraws are possible this horse is bolting. When will they open that gate ?