Quote from: dana.powers on June 21, 2011, 02:52:22 AM

I actually think Kevin's story makes some sense. I still think he should return the BTC he withdrew (or forfeit the $3000 and all remaining BTC in account to cover the loss, which, as he claims, is probably worth close to $10,000 at market prices).

Kevin says (1) he has a higher withdraw limit than $1000 and (2) he withdrew around 600 BTC. It is true that his post implies that his limit was at $1000 when he withdrew, but I don't think that's actually the case and I don't think that he meant to imply that. Many on the forums have claimed that the BTC withdrawal is based on a 24-hr rolling average (people who claim to have hit this limit themselves, presumably when trying to withdraw during recent volatile periods) and not on the current market price. At that point the 24-hr rolling average was apparently around $4.5, which would have allowed a maximum withdrawal of around 200 BTC per $1000 allowed. 600 BTC withdrawal, then, aligns with a roughly $3000 withdrawal limit. I think perhaps he assumed that the limit was based on $0.01, but was in fact wrong about that.

But, like I said, I still think he has no claim to profit on the buy-side of a fraudulent sell order.

I raised my Dwolla withdrawal limit, not my bitcoin withdrawal limit. The email I got from Mark:

Quote

Hi,

To increase your bitcoin withdraw limit, there is no need for any document, just let me know your mtgox account user name, and the daily limit you wish for.

To increase your withdraw limit (by default $1000 per 24 hours and $10000 per 30 days), please provide your account name, the copy of an official ID document (such as passport, driver's license, etc...) and the copy of an utility bill at your name and address.

We will review your document and increase your withdraw limit based on your risk profile.

Please note that you can also send a notarized color copy of your ID document to this address (remember to include your mtgox account name) via registered mail (fedex, etc) :

I provided the documentation he asked for to have my cash withdrawing limit raised, which he did quickly. I did not make a request to have my bitcoin limit raised.

I admit, I explained this poorly.