Funny how nobody mentioned this about bitcoin...

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Smiling Dave Posted: Fri, Mar 22 2013 11:57 AM

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https://mtgox.com/press_release_20130313.html

Due to recent events in the Bitcoin community and the spike in the Bitcoin price
we at Mt.Gox are putting in place a new daily withdrawal limits.

While our daily limits for traditional currencies will remain unchanged with a
maximum of $1,000 USD per 24 hrs, the Bitcoin daily withdrawal limit will change
from 200BTC to 100BTC per 24 hrs for unverified customers.

Daily withdrawal limits. Who knew? What does that tell you?
I'll tell you what it tells you.
In a word, scam, Ponzi scheme, watch out for your money.

The largest bitcoin exchange, mtgox, [80% of the market!] does not have enough money to cover its obligations

and is lamely trying to protect itself with withdrawal limits.

If/when bitcoin starts dropping, all you can do is watch helplessly
as your money disappears down the drain.

And look at the miserable amounts. 100 bitcoins. A thousand bucks.
So much for this toy ever becoming a serious money.
If you want to buy a new car for, say $20,000, the seller will have to wait
20 days to get his money. Any fluctuations in bitcoin prices in twenty days
will be on his head.

I mean, what kind of money works like that, seriously?
And you're bragging about how convenient it is?
A twenty day wait is convenient?
Pontificating about how it already is money?
For shame.

I wonder what other interesting stuff will turn up in that mtgox news feed.

P.S. Font and so on may be odd, not sure why.

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It's easy to refute an argument if you first misrepresent it. William Keizer

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Andris Birkmanis replied on Fri, Mar 22 2013 12:01 PM

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OK, don't use MtGox' services.

How is a gold storage with daily withdrawal limits reflecting bad on gold in general?

The Voluntaryist Reader - read, comment, post your own.

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Smiling Dave replied on Fri, Mar 22 2013 12:13 PM

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1. Mtgox has 80% of the market. So if they are crooked, it means eighty percent of the bitcoin market is controlled by crooks. Good luck with that.

2. It would be very sad if an any real exchange started placing withdrawal limits on their customers for any commodity. In fact, it would mean the death of that exchange. Only with bitcoin, a nonexistent piece of nothing used only by the naive, can such a thing happen.

3. If a gold storage place slaps a withdrawal limit on you, it would mean only one thing.

They are not storing your gold, but stealing it.

Otherwise why don't they just give you your gold and be done with it?

My humble blog

It's easy to refute an argument if you first misrepresent it. William Keizer

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Andris Birkmanis replied on Fri, Mar 22 2013 1:08 PM

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My whole point is - if you are not happy with your dealer, drop him. Buy bitcoin from other people. Do not smear the medium with dirt of the specific dealer.

The Voluntaryist Reader - read, comment, post your own.

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Anenome replied on Fri, Mar 22 2013 9:06 PM

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"...for unverified customers."

Autarchy: rule of the self by the self; the act of self ruling.

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Funny how nobody mentioned this about bitcoin...

rated by 0 users This post has 4 Replies | 1 Follower

https://mtgox.com/press_release_20130313.html

Due to recent events in the Bitcoin community and the spike in the Bitcoin price we at Mt.Gox are putting in place a new daily withdrawal limits.

While our daily limits for traditional currencies will remain unchanged with a maximum of $1,000 USD per 24 hrs, the Bitcoin daily withdrawal limit will change from 200BTC to 100BTC per 24 hrs for unverified customers.

Daily withdrawal limits. Who knew? What does that tell you? I'll tell you what it tells you. In a word, scam, Ponzi scheme, watch out for your money.

The largest bitcoin exchange, mtgox, [80% of the market!] does not have enough money to cover its obligations

and is lamely trying to protect itself with withdrawal limits.

If/when bitcoin starts dropping, all you can do is watch helplessly as your money disappears down the drain.

And look at the miserable amounts. 100 bitcoins. A thousand bucks. So much for this toy ever becoming a serious money. If you want to buy a new car for, say $20,000, the seller will have to wait 20 days to get his money. Any fluctuations in bitcoin prices in twenty days will be on his head.

I mean, what kind of money works like that, seriously? And you're bragging about how convenient it is? A twenty day wait is convenient? Pontificating about how it already is money? For shame.

I wonder what other interesting stuff will turn up in that mtgox news feed.

P.S. Font and so on may be odd, not sure why.

rated by 0 users
This post has 4 Replies | 1 Follower

Due to recent events in the Bitcoin community and the spike in the Bitcoin price
we at Mt.Gox are putting in place a new daily withdrawal limits.

While our daily limits for traditional currencies will remain unchanged with a
maximum of $1,000 USD per 24 hrs, the Bitcoin daily withdrawal limit will change
from 200BTC to 100BTC per 24 hrs for unverified customers.

Daily withdrawal limits. Who knew? What does that tell you?
I'll tell you what it tells you.
In a word, scam, Ponzi scheme, watch out for your money.

If/when bitcoin starts dropping, all you can do is watch helplessly
as your money disappears down the drain.

And look at the miserable amounts. 100 bitcoins. A thousand bucks.
So much for this toy ever becoming a serious money.
If you want to buy a new car for, say $20,000, the seller will have to wait
20 days to get his money. Any fluctuations in bitcoin prices in twenty days
will be on his head.

I mean, what kind of money works like that, seriously?
And you're bragging about how convenient it is?
A twenty day wait is convenient?
Pontificating about how it already is money?
For shame.