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Author Topic: [ANN] Introducing the Mt.Gox Trusted Vendor Program  (Read 3335 times)
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July 09, 2012, 02:53:16 AM
 #1

https://mtgox.com/press_release_20120705.html

TOKYO - JAPAN - July 5, 2012 - Mt.Gox has officially accepted Coinabul, LLC (Coinabul.com) as the first "Trusted Vendor" in the new Mt.Gox Trusted Vendors Program. This program will identify trusted merchants and websites in the Bitcoin community and is intended to usher in a new age of confidence and security for Bitcoin consumers.

What is the Trusted Vendor Program?
There has always been an issue for the Bitcoin consumer: Trust. Today, Mt.Gox is tackling the problem by creating the Trusted Vendor Program.
The Trusted Vendor Program is designed to improve confidence in Bitcoin businesses for consumers. It guarantees that the business in question is a legitimate entity which has complied with all of Mt.Gox's Anti-Money Laundering and Know Your Customer requirements.

How the Trusted Vendor Program works?
The Trusted Vendor Program is entirely voluntary and free of membership fees. However, vendors and merchants may face expulsion from the program if they do not meet the standards listed below. Also please note that only companies can apply to the Trusted Vendor program.

  • The first step in becoming a "Trusted Vendor" is to obtain a "Trusted" account by providing the Mt.Gox Legal Affairs & Compliance Division the appropriate documents. The list of needed document can be found here on our Mt.Gox Support page: https:// support.mtgox.com/entries/20920158-aml-policies
  • A minimum level of community trust must be maintained within the wider community. One example for doing this is by merchants ensuring they keep a high rating on BTC-OTC.
  • Once approved as a Trusted Vendor, the Mt.Gox payment page will automatically display an Mt.Gox Trusted Vendor Program Logo and a Trusted Vendor Program Logo will be made available for use elsewhere on the merchant's website pages.

How to Apply to the Trusted Vendor Program?
Vendors wishing to be entered into the program may send their company information to TrustedVendors@MtGox.com

Regards
Mt.Gox Co. Ltd Team.

Media Contacts
press@mtgox.com

Mt.Gox : The Leading International Bitcoin Exchange.
Mt.Gox Merchant Solutions : https://mtgox.com/merchant
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July 09, 2012, 02:56:07 AM
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We're excited for this opportunity and the program as a whole!

Thanks,
-Jon

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July 09, 2012, 03:01:15 AM
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This of course means you need to trust Mt Gox first....


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July 09, 2012, 03:02:34 AM
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It's good to see my idea for the UABB is finally happening. The community didn't take it too fondly when I presented it 11 months ago, but I guess all the scamming finally got them to change their mind. It's kind of like 9/11 making everyone not want their freedoms anymore. Maybe Bitcoin really is the entire world's economic and political history on fast forward.

I dropped the UABB idea after it was argued excessively that anything to do with the BBB model of "guaranteeing" trust is a failure. I have sense come to grips with this and think the UABB was at least partially a bad idea (the ratings system wasn't, and the OTC borrows a lot from that as well).


EDIT:

"It guarantees that the business in question is a legitimate entity which has complied with all of Mt.Gox's Anti-Money Laundering and Know Your Customer requirements."

//paying taxes is trust/?/that slaps me on the knee//

Shut up Atlas.

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July 09, 2012, 03:17:12 AM
 #5

I fully support and encourage any voluntary certification program that establishes the identity, location, reputation, and trustworthiness of a specific vendor.

However, I oppose any certification program that establishes AML or KYC compliance... these are statist standards that have nothing to do with respectability nor trustworthiness of the vendor (and nothing to do with protecting customers). They have everything to do with obedience to government, and breaching privacy between two voluntarily contracting parties.

To use Coinabul as the example here: I want them to provide the goods they promise. I do not want them to spy on customers and report that information to governments wishing to steal property.

So Gox - you get a +1 for creating a certification program, but -1 for lumping AML/KYC nonsense into that certification.
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July 09, 2012, 03:21:03 AM
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I fully support and encourage any voluntary certification program that establishes the identity, location, reputation, and trustworthiness of a specific vendor.

However, I oppose any certification program that establishes AML or KYC compliance... these are statist standards that have nothing to do with respectability nor trustworthiness of the vendor (and nothing to do with protecting customers). They have everything to do with obedience to government, and breaching privacy between two voluntarily contracting parties.

To use Coinabul as the example here: I want them to provide the goods they promise. I do not want them to spy on customers and report that information to governments wishing to steal property.

So Gox - you get a +1 for creating a certification program, but -1 for lumping AML/KYC nonsense into that certification.

Hear, hear!

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July 09, 2012, 03:30:01 AM
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I fully support and encourage any voluntary certification program that establishes the identity, location, reputation, and trustworthiness of a specific vendor.

However, I oppose any certification program that establishes AML or KYC compliance... these are statist standards that have nothing to do with respectability nor trustworthiness of the vendor (and nothing to do with protecting customers). They have everything to do with obedience to government, and breaching privacy between two voluntarily contracting parties.

To use Coinabul as the example here: I want them to provide the goods they promise. I do not want them to spy on customers and report that information to governments wishing to steal property.

So Gox - you get a +1 for creating a certification program, but -1 for lumping AML/KYC nonsense into that certification.

Hear, hear!

+1

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July 09, 2012, 03:40:08 AM
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To use Coinabul as the example here: I want them to provide the goods they promise. I do not want them to spy on customers and report that information to governments wishing to steal property.

I am not sure if you understand the concept of this program. We are not asking ANYONE to spy or send us Client's data or whatever. We at Mt.Gox have a very strict AML/KYC system that help us to get an accurate information of the merchants and being sure that they are who they say they are and not a virtual company with no one behind.

While the system could be improve and we will work on improving it, this is a first step, we hope in the future to make it better for both side. What we want is that people start shopping without wondering if the store they are visiting is real or not...

Mt.Gox : The Leading International Bitcoin Exchange.
Mt.Gox Merchant Solutions : https://mtgox.com/merchant
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July 09, 2012, 04:04:34 AM
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To use Coinabul as the example here: I want them to provide the goods they promise. I do not want them to spy on customers and report that information to governments wishing to steal property.

I am not sure if you understand the concept of this program. We are not asking ANYONE to spy or send us Client's data or whatever. We at Mt.Gox have a very strict AML/KYC system that help us to get an accurate information of the merchants and being sure that they are who they say they are and not a virtual company with no one behind.

While the system could be improve and we will work on improving it, this is a first step, we hope in the future to make it better for both side. What we want is that people start shopping without wondering if the store they are visiting is real or not...
I think Mt Gox should send us their government issued ID just so we can be sure we trust them Smiley

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July 09, 2012, 07:23:39 AM
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I think this is a good step forward, so thanks to MtGox for effectively donating to the community the ID verification work they are doing.

The KYC requirements boil down to establishing a difficult-to-forge proof of identity. Is it really difficult to forge? I don't know, but it's better than nothing. The SSL Extended Verification certificate system is another example of such a scheme and EV SSL is certainly useful for Bitcoin merchants and companies to deploy (it gives you the green company name in the URL bar).

Erik is correct that that being identified does not imply the merchant will deliver on a transaction. I assume MtGox would not allow a company that repeatedly got bad reviews from customers to display the logo (I mean, linked to an entry on their website, obviously anyone can display a logo), but the second requirement to "have a minimum level of trust" is also a quite vague.

Whilst this program is a useful start, longer term the right solution is a proper implementation of low-trust dispute mediation protocols. A dispute mediator could intervene on a transaction-by-transaction level, raising your trust in a given trade, without them needing to hold the coins (making them a tempting target for hacking).

Note that MtGox KYC federation and low-trust dispute mediation are complementary: dispute mediators operate in a market, but some may well require that the identities of companies for which they mediate have been verified, as a way to help them satisfactorily resolve disputes.
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July 09, 2012, 11:20:18 AM
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I think this is a good step forward, so thanks to MtGox for effectively donating to the community the ID verification work they are doing.

Exactly

I fully support and encourage any voluntary certification program that establishes the identity, location, reputation, and trustworthiness of a specific vendor.

However, I oppose any certification program that establishes AML or KYC compliance... these are statist standards that have nothing to do with respectability nor trustworthiness of the vendor (and nothing to do with protecting customers). They have everything to do with obedience to government, and breaching privacy between two voluntarily contracting parties.

To use Coinabul as the example here: I want them to provide the goods they promise. I do not want them to spy on customers and report that information to governments wishing to steal property.

So Gox - you get a +1 for creating a certification program, but -1 for lumping AML/KYC nonsense into that certification.

In the context of this solely being used to verify that people are who they say they are where exactly does the government part come into this?

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July 09, 2012, 11:51:59 AM
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In the context of this solely being used to verify that people are who they say they are where exactly does the government part come into this?

AML/KYC is often associated with the company sending financial information to the government on the activities of their client. However, verification is different.

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July 09, 2012, 12:07:45 PM
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I think this is a good step forward, so thanks to MtGox for effectively donating to the community the ID verification work they are doing.

Exactly

I fully support and encourage any voluntary certification program that establishes the identity, location, reputation, and trustworthiness of a specific vendor.

However, I oppose any certification program that establishes AML or KYC compliance... these are statist standards that have nothing to do with respectability nor trustworthiness of the vendor (and nothing to do with protecting customers). They have everything to do with obedience to government, and breaching privacy between two voluntarily contracting parties.

To use Coinabul as the example here: I want them to provide the goods they promise. I do not want them to spy on customers and report that information to governments wishing to steal property.

So Gox - you get a +1 for creating a certification program, but -1 for lumping AML/KYC nonsense into that certification.

In the context of this solely being used to verify that people are who they say they are where exactly does the government part come into this?

 I have no issue with a certification or verification program at all. Im also sure that in a free market mt gox will have competitors in the rating and verification of sites. I hope an impartial entity that also verifies and rates Mt Gox themselves comes about soon.



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July 09, 2012, 12:22:59 PM
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This is a much needed step in the right direction.
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July 09, 2012, 12:42:09 PM
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An equally useful approach would be to put General Motors in charge of automobile safety standards. I expect we will soon see accelerated processing for "trusted" vendors and their customers. This is one of those sad moments when you realize your child is maturing and turning out to be just as evil and stupid as his parents.

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July 09, 2012, 01:30:25 PM
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Will there be an other way to benefit form the trusted vendor program? We do a lot of trading trough mtgox, but we don't use the mtgox payment services. Maybe provide a list on which we could refer to?

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July 09, 2012, 01:39:29 PM
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An equally useful approach would be to put General Motors in charge of automobile safety standards. I expect we will soon see accelerated processing for "trusted" vendors and their customers. This is one of those sad moments when you realize your child is maturing and turning out to be just as evil and stupid as his parents.

Ummm how exactly do these two compare? The way I read it they're just saying that they'll share these verification details with the public so peeps can know that the person on the other end is who he/she say she is. That way you don't have to run around too much knocking on wrong doors with a bat sticking up over your shoulder, while trying to collect if you've been ripped off. All this is going to do is make scamming harder, or not?


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July 09, 2012, 01:55:43 PM
 #18

AurumXChange and Bitinstant have had 'Trusted Vendor' status for a few months now.

The only difference is now I can put a MtGox Logo on my website?

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July 09, 2012, 03:34:30 PM
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Another good step in the right direction would be to actually pay people the funds they withdrew.  Roll Eyes

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July 09, 2012, 04:41:36 PM
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An equally useful approach would be to put General Motors in charge of automobile safety standards. I expect we will soon see accelerated processing for "trusted" vendors and their customers. This is one of those sad moments when you realize your child is maturing and turning out to be just as evil and stupid as his parents.

Ummm how exactly do these two compare? The way I read it they're just saying that they'll share these verification details with the public so peeps can know that the person on the other end is who he/she say she is. That way you don't have to run around too much knocking on wrong doors with a bat sticking up over your shoulder, while trying to collect if you've been ripped off. All this is going to do is make scamming harder, or not?

I don't believe Mt. Gox said anywhere that they will share verification details. All they are doing is vouching for vendors who have gone through their verification process, giving them permission to use a logo that basically says "Mt. Gox vouches for us." As LoupGaroux point out, this opens the door to all manner of shady practices. It doesn't matter if Mt. Gox succumbs to the temptation to use their position for unethical dealings or not, the opportunity for it exists.

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