Saturday, April 6, 2013

The Mt.Gox Verification Queue: 14,180 Users!

I just received a report from a friend that the Mt.Gox verification queue, as of eight minutes ago, is now 14,180 users long.

Fourteen thousand, one hundred and eighty users! That's a lot of money about to flow into Bitcoin.

Six days ago the queue was reported to be over 8300, with approximately 1000 accounts being verified daily; that works out to 12,000 new accounts in the last week.

Update:

Why is there a requirement to verify an account? From Mt.Gox:
"If you plan to invest more than 50,000 USD or equivalent on the long term in bitcoins, we need to know about you. In this case please use our verification system to get your account verified first. 
Please also be advised that all deposits are subject to an ID check by our AML team and this process would take up to 1 business day.  First-timer depositors are requested to upload their copy of the official ID to facilitate this process (you will not have to be fully verified at this point if your deposit is lower than 50,000 USD)."
So, how many of these 14,180 users are planning to invest over $50,000? How much money is that in total? The implications are staggering.

23 comments:

  1. Doesn't say enough: Timespan (?)

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    1. Fair enough. I just added a blurb that puts it in context.

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  2. every dollar that flows in from a new user flows out to another user.

    at the end of each day, the numbers of bitcoins and the number of dollars remain unchanged.

    what changes is the price of the exchange.

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    1. well, imo many new bitcoins coming into existence and the circle of trading are issued by people truly believing in the concept of bitcoin. so they do not sell for saving fiat but to change it for real goods. and as we know, every dollar/euro/whatever is debt, and every good contains some debt, which now can move back its way to the bank and gets eliminated like matter colliding with antimatter.
      slowly but steady the banks get their worthless paper back and people substitute it with bitcoin. this is how I see it for the long run.

      Delete
  3. Yes, the prices changes. I think that is the point here. Also it can be considered an indication that the number of users is increasing faster that ever. This is in line with the data from blockchain.info:

    http://blockchain.info/charts/my-wallet-n-users

    "at the end of each day, the numbers of bitcoins and the number of dollars remain unchanged."

    Number of bitcoin and USD both increase every day. From a day to day perspetive that change is not relevant though.

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    1. Qe infinity does tell us how many USD are flowing in to the Global economy: 85 billion a month. That's almost 3 bitcoin markets a day; so in context if i were BBernanke i would be extremely worried about BTC having it's supply arbitrarily limited. real free markets will price accordingly. Already have... $140/btc is quite an indictment on the explosive inflationary potential contained in the currency of the US

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  4. I would tip you, but unfortunately I didn't diversify my BTC wallets, and lost it all to the instawallet kerfuffle. :(

    At least I still have some LTC...

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  5. Some in the queue needed to get verification in order to withdraw, especially if they plan to cash out more than the daily AML limits. But the trend is clear, increasingly rising queue is followed by an increasingly rising exchange rate.

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  6. Not to mention this is just for verified account, which means what, trading $10,000+ per day?

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    1. I think everyone has to verify to use that dredfull site. No idea why ppl put up with this nonsense.

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  7. Waiting for AML verification does not impact ability to make a deposit and buy bitcoins correct? Only ability to withdraw them is impacted.

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    1. I just updated the post with the answer to your question. It's an ID check for a first-time depositor and a full verification for anyone handling more than $50,000 USD. I'm assuming it's the same line.

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    2. I think you are assuming wrongly. A couple people have told me that you don't need to upload any documents for a wire to clear. Can anyone else verify this?

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    3. Stephen Gornick says: "If they initiated the status that you are required to verify, then your account is like being locked until you verify. If you send funds via bank wire but have a pending verification (or send the funds prior to beginning the verification step), you should be able to buy bitcoins with those funds. There's no guarantee as Mt. Gox can freeze the account for AML verification at any time but if you just send the funds and are not using Tor, you should be able to buy coins with them."

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  8. I think full verification is also needed to send a Euro SEPA bank transfer of any amount?

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  9. A lot of people probably never even bothered reading the "small print"

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  10. A lot of people want to use MtGox with Dwolla too, which requires AML verification regardless of transaction size. So a large number of accounts might be for <$50,000

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  11. They locked me too ,i have just 0.73227382 send to my account and it got locked straight away.
    I did not convert to real money and 0.73227382 btc is all i have on my account.
    I will not send a copy of my id to prevent identety theft!
    They cant garanty for the safty of my documents,
    One of the support agents could sell it or they may have a hacker again who knows.
    so better go somwehre else to trade your coins!!! warning!

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  12. I'm so confused. Am I "Locked out"? I successfully added my usd and despite grinding my teeth provided the documents they asked me for even though my buddy who got me started on it signed up day before yesterday (a day before me) and didn't have to verify anything. I'm working with less than 2 btc's no where NEAR $50k. Am I doing this right? I'm trying to move the funds in my wallet over to btc-e to maybe get ltc's with my btc's. I go to withdrawal on gox, select bitcoins, put in the address for the btc deposit, it says withdrawing... followed by "Your account is currently pending review, please visit https://mtgox.com/forms/verification". It has done this repeatedly since last night. Is this normal? Is it just a waiting game and once it transfers everything can move around freely from then on? I really wish there were a few more notifications on the site letting you know exactly what's going on. I'd love to know "hey quit hitting submit, it's gone through and is just waiting to be approved." Or "You've submitted this 15 times now, each one is a seperate submission and since you don't have the funds to match it they're all getting cancelled". I don't know, I just can't seem to figure out exactly where I am in this process, and I'm feeling awful having my money on the web with no way to do anything with it except watch it's value change for better or worse.

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    1. You're not going to be able to withdraw until your account is verified, even for a small amount. You're at the back of a long queue.

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  13. At the moment I´m number 28520 in the row so it´s still increasing extremely.

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  14. how is bitcoin "anonymous" if one needs to upload their ID????

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  15. the best exchange i have found trades in alot of crypto currenceys
    https://vircurex.com/welcome/index?referral_id=900-19287

    ReplyDelete

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