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Mogo Bitcoin

AkG

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Joined
Oct 24, 2007
Messages
5,274
Not overly impressed TBH. You cant transfer BTC in OR out of your mogo account. They want you to buy it on their 'exchange' and 'sell' it on theirs. Fiat is the only way in or out.... so are you really buying BTC or just "mogo BTC(TM)"? Even if you do own the BTC (rofl no keys means you dont own it... they do)... given how harshly banks are being with BTC related transactions I have very little faith in them. To me it sounds like a scam.
 

enaberif

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Joined
Dec 9, 2006
Messages
11,370
Location
Calgahree, AB
Not overly impressed TBH. You cant transfer BTC in OR out of your mogo account. They want you to buy it on their 'exchange' and 'sell' it on theirs. Fiat is the only way in or out.... so are you really buying BTC or just "mogo BTC(TM)"? Even if you do own the BTC (rofl no keys means you dont own it... they do)... given how harshly banks are being with BTC related transactions I have very little faith in them. To me it sounds like a scam.
This isn't intended for hardcore Bitcoin fanatics. It's designed for those who want to put money into a coin and not have to think about anything.

This thing is in it's infancy hence the invite only and if it's not a good thing well again time will tell.

But I don't think it's a scam.
 

Sagath

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Folding Team
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Feb 7, 2009
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4,448
Location
Edmonton, AB
If it's a scam it's a pretty ballsy one.

Mogo is a publicly traded financial technology company out of Vancouver. That's about as legit as it gets.
 

supaflyx3

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Joined
Jun 12, 2010
Messages
3,141
Location
Langley, BC
Yup looked more in to it. You aren't buying BTC or crypto, just an IOU. Wouldn't touch with a 10 foot pole if you paid me.
 

supaflyx3

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Joined
Jun 12, 2010
Messages
3,141
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Langley, BC
They set their own market price, while their prices are low right now to entice new users, chances are once they're out of beta they'll go the BTC ATM route and charge a 10-20% premium over current market value. Not only that, are you actually buying BTC? No. They don't give you the option to withdraw, and there is no public ledger to provide proof of ownership. If that all changes I'll eat my words and use Mogo however.
 

enaberif

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Joined
Dec 9, 2006
Messages
11,370
Location
Calgahree, AB
They set their own market price, while their prices are low right now to entice new users, chances are once they're out of beta they'll go the BTC ATM route and charge a 10-20% premium over current market value. Not only that, are you actually buying BTC? No. They don't give you the option to withdraw, and there is no public ledger to provide proof of ownership. If that all changes I'll eat my words and use Mogo however.
Being that this is still an invite system your right... who knows how it will grow.

I think they are doing this off a "cash" only based system instead of owning actual coins. But again that may change in the future.
 

AkG

Well-known member
Joined
Oct 24, 2007
Messages
5,274
Then its not crypto. If you dont own the coins you dont HAVE the coins. You pay for mogo bucks or what ever they want to call it. It aint BTC. On first blush it is similar to how some 'stock market' trading platforms work. You pretend to buy X amount of a companies shares from them with fiat... but in reality its just fantasy football with real money. The only way this will pass a close inspection by the gov is if they DO buy enough BTC to cover everything they sell (as that is how a certain 'stock market' trading company does it and stay out of the regulators cross hairs).
 

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