Bitcoin Forum

https://i.imgur.com/ByOP0.png

is this legit ?
via http://www.reddit.com/r/Bitcoin/comments/13mbhd/mtgox_says_theyre_out_of_funds_to_pay_my/

if one user deposit 100 and mtgox keep a fee (total about 1%) and other user sell bitcoin and ask for 99 how on earth does mtgox dont have the money ? how come mtgox dont have the CAD for that user ??

http://en.wikipedia.org/wiki/Fractional_reserve_banking  

Weird.... Typed "We will not" twice in a row.

Probably after rewriting a sentence the guy forgot to reread what he wrote. Happens to me quite often.

MTGOX is not a bank is a exchange

That does not mean they don't/can't behave like a bank.

they dont have license for banking

Daily threshold perhaps.

Read the OP before posting

Bitcoinica's assets supposedly residing on the side comes to mind.

like    /laɪk/   adjective, ( Poetic ) lik·er, lik·est, preposition, adverb, conjunction, noun, verb, liked, lik·ing, interjection
in like  manner with; similarly to; in the manner characteristic of: He works like a beaver.
resembling (someone or something): He is just like his father. Your necklace is just like mine.

Over a year ago, Mt. Gox started to support BTC exchange markets in addition to BTC/USD.

If on the BTC/CAD market they were to only show the actual bids and asks just for buying and selling bitcoins with CAD, the depth would be real low and prices would be horrible for buying in any size.

But look ... it has depth -- about as good at BTC/USD or any other currency market at Mt. Gox.

https://i.imgur.com/GahdT.png
 - http://bitcoincharts.com/markets/mtgoxCAD_depth.html

So what that depth includes are bids and asks from other markets at Mt. Gox, after adjusting for some fee amount to convert those funds to CAD.

So Mt. Gox doesn't maintain CADs for each sell into a BTC/CAD bid. Sometimes they need to then convert USDs or EURs or whatever other currency into CADs to serve your withdrawal request.

From another thread:


So though they do assert that they maintain all customer balances, the value of those funds may not be in the specific currency of which you are wishing to withdraw.    So for each of your $1 CAD to be withdrawn Mt. Gox has $1 CAD worth of fiat, just not in CAD.  They probably have an active forex account moving funds from the currency where they have excess inventory and filling in the currencies where inventory is low or out.

https://i.imgur.com/ByOP0.png

http://gfishoutofwater.files.wordpress.com/2009/06/english-do-you-speak-it-demotivational-poster.jpg

Also, how will MtGox's developer solve their lack of funds problem? Code a script to print USD and EUR? lol

So much fail on a reply with only 2 lines  :-X

the only way for mtgox to dont have funds is fuckups some there was a fuckup and someone took more money out that they have sould took out and now they dont have the funds ....

Daily thresholds automatically load funds whenever a target set by the dev is reached.

Mt. Gox may or may not use such a system.

Um ... no.  It happens because they don't hold CADs to back every bid on the BTC/CAD order book.   When you sell into those bids, and Mt. Gox's estimate of how much selling into the BTC/CAD would occur was too little, they then need to convert funds from some other currency they hold.

Scroll up.  It's all explained for you.

i did not read ur post

sry

Of course they don't back every bid in every supported currency. But they certainly are able to proceed with USD to CAD conversion in much shorter time than a month (see date of the ticket), instead of waiting and then issuing such a fucked up response, don't you think?

EDIT: And how did this happen that we're accustomed to such a dismal customer service and even apologize for it?

Hello,

My name is Natalie and I am responsible for our customer support.  Due to insufficient CAD on our account at the moment, we are unable to send CAD withdrawals and today is a public holiday in Japan.  We will be working on having the conversion done after the long weekend to have enough CAD in order to process your withdrawal.  Our apologies once again for the delay and inconvenience this has caused and thank you for your patience while we are working to resolve this matter.

They have multiple currency involved, maybe it's a lack of CAD, and there is a surplus in another currency, they must convert !

However, MtGox makes so much profit daily, I doubt they could run out of any currency, unless too much fiat have been withdrawn..

I would think it's BS, but MtGox made me few strange call, few orders that should have been executed and did not, and ticket where resolved with non-sense explanation.. 

Too many miss !    I simply removed all my fund almost a year ago, and I dont think I'll ever trade with them again.

Mt.Gox_Support_Natalie : real MtGox representative ?

2 more points;
- we will not 2x
- Dev are involved in currency exchange ?

that's MtGox customer service !

While it's true that MtGox could convert USD to CAD to meet the withdrawal requests, exchanging currencies costs them money.  From a purely financial viewpoint, it makes better sense for them to either wait until they have enough CAD on hand to meet the request (from people buying BTC with CAD) or to encourage people to withdraw in a currency they do have on hand.

It is - however - annoying as hell that it often takes weeks to even get a statement from them about the cause of delays.  Just because you can get away with providing shitty customer service when you're the largest game in town doesn't mean it should be your standard operating procedure.

This would seem like a reasonable construction, up until the point where it takes them > 1 month to actually pay out a legitimate claim. And after the month is up they don't pay, they just declare themselves in default (which is what that reply says, pretty much).


Why are you answering to the imaginary problem of a user requesting a withdrawal today when the real problem is a month old withdrawal not yet honored?

INB4 "Oct 23 - Nov 22 is a Holiday in Japan".

Hey they don't have a license for bitcoining either.

I also have a CAD withdraw pending since November 4th (almost 3 weeks), the OP has been pending since October 23rd. (now exactly 1 month!)

What confidence do we have that we will be able to withdraw with CAD in the future?

What is your "regular" estimated processing times for CAD withdraws?

A one day public holiday in Japan doesnt mean that there wasnt 4 other weeks that this order could have been processed.

Every time I have contacted support (and I suspect the OP too) its always the same templated reply "we are waiting for the bank to process", now we know that our requests arent even being investigated by support, since when this was finally was, your realized you "didnt have the money"...

If it is routinely going to take between 2 and 4+ weeks to get a withdraw processed, then that should be clearly stated on the withdraw page so customers know what to expect.

If you "dont have the money" in the right currency, then GET IT! we pay MtGox enough in fees (especially on the non-matching currency order fills) that if you offer a service (such as trading and withdrawing in CAD) then we SHOULD BE ABLE TO within reasonable expectations unless explicitly stated otherwise.  In this case... knowing that CAD isnt a high volume currency on MtGox, i think a "reasonable expectation" should be that CAD orders are  processed within 5-7 business days of being requested.  This gives MtGox enough time to move money between banks, or between currencies should they have to.

Anyways, just my $0.02

I guess i should email support and see where my Nov 4th withdraw is too.

Why not use CAvirtex for Canadian withdrawals? Never had it take a month I'll tell you that much :P 

Hello,

Yes, I am a working for Mt.Gox and I have informed the staff who is responsible for the ticket in question regarding your comment.  Regarding the developer's role in the withdrawal, when withdrawals are processed the developer updates the status of each withdrawal in the backend viewable by our staff.  Then, our staff can inform our users about the withdrawal's status.  Thank you for your feedback and we will make sure to make improvements based on your comment. 

Hello,

Thank you for your message.  Usually international wire withdrawals take up to 1 week to process including CAD withdrawals and another 3 business days to reach your account after it has been processed.  If you have waited, please feel free to contact us at the Support Desk so that we can investigate this.  We will be coordinating with the relevant department to make sure the person in charge of the transfers resolve this as soon as possible.  Once again, we sincerelly apologize for the delay and any inconvenience caused. 

Go for :

CA Virtex

Canadian Vitual Exchange

www.cavirtex.com (http://www.cavirtex.com) = 1 or 2 days deposit or withdrawal !

THE CAD exchange,

I like it !

Quoted for reference. Does not say anything about why withdrawal takes so long.

Daily threshold was reached most likely, this happens when users buy up a lot in one go - e.g 10k.

i did not read the thread comment

/golf clap