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Author Topic: Do you think gox will keep it 100 BC withdraw limit as the value of bitcoins plu  (Read 1267 times)
Minsc
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October 16, 2011, 06:17:12 AM
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Do you think gox will keep it 100 BC daily withdraw limit as the value of bitcoins plumets to $2?  Only $200 in coins can be withdrawn daily.

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October 16, 2011, 07:35:45 AM
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i think they will keep it at 100btc until it reaches $.50 next weekend then they will increase the limit to 150btc daily. then the week after when the prices top $100 dollars they will reduce the limit to only let you withdraw 1btc a day.

makes perfect sense!

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October 16, 2011, 08:53:48 AM
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If the market is collapsing it makes sense for MtGox not to lift the withdrawl limit, as it could mean funds flee MtGox instead of staying and playing in the market (with MtGox making a cut on every trade).

If MtGox was serious about being an exchange it would offer the equivalent of $10,000 or more per day as the limit.

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October 16, 2011, 06:22:54 PM
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Wanted to add that I pulled all my funds out of mt. gox. I don't want to take the risk that mt. gox. could be one of the people who has been buying large amounts of bitcoins on other peoples money. That is why they have continued to keep throwing money into bitcoin as it has been dropping as a last chance to save themselves.

Since they can't save themselves or the price, I don't want to be part of their ponzi scheme failure.

I also will not be buying any bitcoins at this point because more than likely the price will be going down way further. I do not see any reason that will change my mind at this point. I think bitcoins will eventually fail and go under $2 and probably $1 dollar with time.

SO to be safe I'm getting my money out.


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October 16, 2011, 09:38:15 PM
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If the market is collapsing it makes sense for MtGox not to lift the withdrawl limit, as it could mean funds flee MtGox instead of staying and playing in the market (with MtGox making a cut on every trade).


You can pull it out in bitcoins for about $350.  You can pull it out in cash for $1000 or about 300 bitcoins equivalent.  So you can pull more out in cash.  Gox should let people pull more out in bitcoins so the money stays in bitcoins.

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October 17, 2011, 06:50:27 AM
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Wanted to add that I pulled all my funds out of mt. gox. I don't want to take the risk that mt. gox. could be one of the people who has been buying large amounts of bitcoins on other peoples money. That is why they have continued to keep throwing money into bitcoin as it has been dropping as a last chance to save themselves.


This is my fear too.  There was no reason for mtgox to have 500k in an online, trade-capable account (during the first hack) unless they were trading their own market.  There is definitely non-zero chance they could be long BTC and short dollars.

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October 17, 2011, 09:48:28 AM
 #7

go aks magicaltux, he can raise the limits of your account.
the rules are in place, to prevent laundry.
you can also fill out the verification form: https://mtgox.com/forms/verification it will raise your limits.

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Minsc
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October 17, 2011, 07:27:20 PM
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go aks magicaltux, he can raise the limits of your account.
the rules are in place, to prevent laundry.
you can also fill out the verification form: https://mtgox.com/forms/verification it will raise your limits.


Most people won't put up with that.  Right now bitcoins are worth $2 each.  They may soon be worth less than $1.  It's ridiculous that you want to buy something with bitcoins and then can only withdraw soon to be about $30 from your account.  Sure rich speculators may do this, but the average guy buying stuff with bitcoins just simply will go "jeez what a joke!" and not use bitcoins.  And so the prices will continue to fall.

And the Gox stuff does not stop money laundering since a launderer will just open multiple accounts.

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October 17, 2011, 08:39:05 PM
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go aks magicaltux, he can raise the limits of your account.
the rules are in place, to prevent laundry.
you can also fill out the verification form: https://mtgox.com/forms/verification it will raise your limits.


Most people won't put up with that.  Right now bitcoins are worth $2 each.  They may soon be worth less than $1.  It's ridiculous that you want to buy something with bitcoins and then can only withdraw soon to be about $30 from your account.  Sure rich speculators may do this, but the average guy buying stuff with bitcoins just simply will go "jeez what a joke!" and not use bitcoins.  And so the prices will continue to fall.

And the Gox stuff does not stop money laundering since a launderer will just open multiple accounts.
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October 19, 2011, 09:23:17 PM
 #10

Wanted to add that I pulled all my funds out of mt. gox. I don't want to take the risk that mt. gox. could be one of the people who has been buying large amounts of bitcoins on other peoples money. That is why they have continued to keep throwing money into bitcoin as it has been dropping as a last chance to save themselves.

Since they can't save themselves or the price, I don't want to be part of their ponzi scheme failure.

I also will not be buying any bitcoins at this point because more than likely the price will be going down way further. I do not see any reason that will change my mind at this point. I think bitcoins will eventually fail and go under $2 and probably $1 dollar with time.

SO to be safe I'm getting my money out.
As I've been saying for months, "If you're not out, get out". Do not leave significant cash in any "exchange". We're going into the endgame now, and it may not be pretty.
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