Bitcoin Forum

Hey guys, note this will probably end up in a /rant so don't continue reading unless you have time to waste :)

I have a verified account at MtGox, and finally worked up the courage to wire them $10,000 to start trading.

My bank tells me they received the funds last Friday (28 June).  There has been no credit to my MtGox account.

I've asked support for help, and chase them about once a day.  Each time they get back to me a day or so later and tell me they are trying to 'locate' my deposit - what does this mean?  I've quadruple checked it was sent with all the correct details including my Gox account reference and such.  I don't understand this concept of 'locating' my funds - it's not like I left $10K stashed under a park bench for them to go and find, it's an electronic transfer containing my account ref that has been verified by my bank as completing almost a week ago.

Perhaps someone more experienced can advise me - is this usual?  Should I be freaking out (I kind of am - this is my first real foray into cryptos and it's not starting well).

I don't have this kind of money to throw around so I'm getting a little nervous now - if my bank told me each day "sorry we're trying to locate your money" they'd have one less customer.

Appreciate any advice.

Cheers

In your next email to mtgox I would ask to speak on the phone or via a direct email address to a supervisor of
whoever you are talking to now. It sounds like your ticket was picked up by the moron of the support dept. There
is always one in every IT company.

Yeah definitely call.

You shouldn't be waiting for an email with $10k in limbo.

Thanks - anyone have a contact number I can't find one on their site & if I ask for one via email it'll be at least another 24 hours before I get a response...

At the moment they're just saying "wait - we'll contact you after we locate the funds" but that's not very comforting to hear day after day - the funds are either there or they're not :(

I think they also have live chat.

You should go ask them right now for a phone number.

No need to worry Gox uses the best security measures in the industry.  I'm sure your cash is safe.

http://i1.kym-cdn.com/photos/images/original/000/338/839/797.jpg

Live chat is a joke - must have tried 50 times over the last week - always the same message - EVERY time:

It looks like all our agents are busy at the moment. Please add a comment to your existing ticket and an agent will get back to you as soon as they can. Sorry for the inconvenience.

Not sure why they even have the live chat service, it clearly can't be used by customers (expectations management 101, don't offer a service if you can't deliver).

I've emailed them and asked for a contact number...  This sucks I thought it would be fun to get into cryptos now I'm just stressing out!

Honestly , I'd have split that cash over a few exchanges , and this way you have diversification.

The fees are generally the same , so for the sake of remembering a few passwords it would be worth it , seems very unprofessional  the mtGox response.

Geez.. Don't know what to say, i feel sorry for you and im very glad im not in your position.

Keep us updated on what happens, community deserves to know what the dealio is. Unfortunately, if you dig around a bit on other forums and possibly this one as well, you might be able to find similar cases of slow dealings from gox - i can't reference anything but i do recall reading a forum post a while ago about something similar. Gox eventually paid up, just seemed very slow and dodgey about it.

How come this is in the Alternate cryptocurrencies section?

Thats crazy... no offense though, but why would you want to "trade" bitcoin? If you know how to trade, you have a better shot trading futures, like the S&P 500 minis.  You can make a hell of a lot more money in futures.

Thanks for the responses guys...

Why trade Bitcoin - it's to get into other currencies, buy BTC - trade it for CNC (kidding) whatever alts I'm looking to invest in...

Why alt coin forum - that's me just not thinking - since I started looking at cryptos a couple of months ago it's all been on the alts, I don't feel there is much innovation happening on BTC...

Why not hedge?  To be honest I was quite apprehensive about sending thousands of dollars anywhere - Gox seemed to have the reputation so seemed like the safest bet </regret>

I'm sure they'll eventually pay up but this kind of lead time on a simple deposit is insanity for trying to trade in financial markets (whether cryptos/forex/futures or anything else)... 

Starting to make me think that if they can do this much business and hold so many customers with such a poor service, I wonder how much I'd need to spend to build an exchange myself!!!

I would have deposited it into BTC-e.

Their support is much better than Mt. Gox's in my opinion.

I sent them an email, and they replied back in 4 hours.

There are admins on the chatbox who can offer instant help if you can ignore all the trolls there.

Best part is, they now support bank wires for USD deposits.

I would never do business with Gox. They've been slowly going downhill these past few months.

Starting to wish I had used BTC-e now!

This happened to me, and it just got sorted out 2 days ago.

I sent USD$7000 to MtGox 2 weeks ago.

Previously, within a few days it was credit to my account - this time, 9 days and nothing.

MtGox response: "we are trying to locate your deposit"

So I rang my bank, spoke to a 'Transfer Officer' ... and they did a trace on it.

They found out that the agent bank in between in their wisdom converted the USD into JPY. So MTGox were 'trying to locate my deposit' in USD, but it was given to them in JPY.

I updated MtGox and they found it within 20 minutes.

Very Frustrating.

Speak to your bank, ask for a trace, perhaps the same thing happened to you.

Really appreciate the advice bigdude...

Just finished up on the phone with the bank - they said the transfer was direct with no intermediary banks used with a 'do not convert' tag & thus as long as the destination account supported dollars, it would still be in dollars.

I've asked Mt Gox to check in JPY just to be safe though too.

Persistence pays off with the live chat - close and reopen enough times & it seems you can eventually get someone...  Wouldn't give me a number to talk on, "MtGox don't do phone support" apparently.

Obviously bit of a language barrier there with some bizarre suggestions on the chat but after all this they have now confirmed they have my funds which is at least something.

They won't credit them to my account for a couple more days though.  I couldn't get a clear reason why - there are some delays with the bank & "we're not holding your funds here" whatever that means.

Is </FML> still a thing? /sigh