Bitcoin Forum

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Who honestly didn't see this happening?

Well at least people will have to get their cash out of MTGox somehow... ahem... buy BTC :P

I can confirm about this, I received the same "more than 2 weeks" reply from MtGox.

"2 weeks" is what the shitty contractors kept saying in the movie, The Money Pit.

"2 weeks"=kill yourself.

ugh

Sorry,

Withdrawls are back online.

https://mtgox.com/press_release_20130704.html

i knew thats comming

I expect a public announcement, maybe that's just a standard support reply

https://mtgox.com/press_release_20130704.html


Hm...if they suspended withdrawals for 2 weeks, how did this create a 2 week back-log?  Or were users still able to request withdrawals during the last 2 weeks but they just weren't being processed (and just queued?)?

They are liars and theres no USD transfers back, try to withdraw your USD you will see

They have a backlog. You're not the most important person in the world and in a queue for support like the rest of us.

could you imagine the demand they received to withdraw after their announcement they couldn't for two weeks?

I thought we've all learnt from the BFL debacle what "in two weeks" (© Inaba (http://www.urbandictionary.com/define.php?term=inaba)) actually means  ;)

... or from Tom Hanks: https://www.youtube.com/watch?v=qLcjUmBncZ8

Does it also take two weeks for me to deposit new money into the exchange ?

As the price approaches $30 and heads towards $20 I will have to consider wiring more money into the system.

I would love to hear from anyone who was able to get money out of MTGOX since they reported they are processing withdrawals again.  I'm not sure I believe them.  Mine was held up for a week before they announced another two weeks so it's now been nearly a month for me.  I'd hope I would be somewhere upfront in the line to get mine processed if they had stared processing them again.

They are not too trustworthy - the outage was supposed to be only about USD - but my PLN transfer is also on hold.

LOL In Australia my brother's Italian builder was always saying "Innar nulla cupla weeks-a".

that makes me sorta happy  :)

Hopefully monday will prove to be plentiful for withdraws at gox. I feel i've been waiting forever.

is it the backlog of withdrawals they have left? or have they not even started processing them

Well maybe they hire Inaba do to pr.

There's a distinct lack of credible posts from anyone saying they received USD for the last 6 weeks or so. If they had been processing hundreds of withdrawals over the last two weeks surely someone would have posted. It would certainly be in Gox' interests to encourage them to post, or even to give priority to processing the withdrawals of forum regulars. Even if they were scamming they would be smart to pay out a few forum regulars to give the impression everything is OK. I conclude either they are completely skint or they are hopeless.

someone did post here https://bitcointalk.org/index.php?topic=179586.380... looks like they are hooking up whales but everyone else is getting shafted...

I think this person was mistaken, if you look a few posts after they post saying they received their "5 digit wire" a few people ask to see a screenshot, and the reply was that it went to confirmed in his status, but that it hasn't actually cleared his bank account.

Since not one person has actually shown us a wire to the USA in the past couple weeks, i'm not even so sure their "whales" are getting wires either (I have a substantial 6 figure balance with them as well and don't get any information from support or anyone else.

I've started slowly withdrawing my coins at a few percentage loss and selling them elsewhere just to get my money out of gox. The way things seem to work in the bitcoin world, i can't afford my money being tied up for months or potentially years.

That's the dilemma isn't it? take the haircut now and get out while you can, or hold your nerve and wait until the USD balances are whittled down to the point where MtGox can pay you.

first of all I do not see a reply from that username. that post was his last post...


https://bitcointalk.org/index.php?action=profile;u=40007;sa=showPosts


second so by saying "cleared" do you mean that the bank had received the wire but was holding the funds for some period, which would be typical for large transfers and int'l wire?  i have had 5+ figure deposits of checks take a couple weeks to "clear" when a bank is not used to seeing that happen on my account, etc...

I don't see a reply now, but I seem to remember seeing a reply that his transfer was only confirmed on gox's website and had not cleared to his bank (was not available at his bank yet).

Confirmed status on gox just means that they have confirmed the fact you want to withdraw money, it will be "processed" once it's left gox's bank and is on the way to the customer's bank.

At least from what i understand, feel free to correct me.

Also, I'm not 100% sure that there was another post from that guy, I just seem to remember one and can't find it now.

Also, I think that if millions of dollars a day worth of wires were going out to the gox customers, there would be more than 1 person who allegedly received one.

There should be dozens of people on here posting that the wires are going through again (unless they are just keeping it to themselves to maintain the major arb op).

why would they post that?  you can transfer the cash to bitstamp and coinbase, and sell on gox and repeat and make an easy 5% profit

If it was possible to withdraw on mt.gox  ::)

have you tried to withdrawal 5+ figures?  anyway it is very common for transactions of that size coming from outside the US to take a couple weeks to clear at least... if it was otherwise BTC probably would not exist lol

a.) It is not common to take several weeks, and you must mean several months (that is the average time I see in the forums and Facebook). 
b.) BTC would exist, it would just shift to other exchanges.  Gox is nothing special. 

I use to have 6 figure gox payments that took less than 24 hours to post to my bank in the states.

So no it does not commonly take a couple weeks.

You have no idea what your talking about.

a) Agreed.
b) Agreed.
c) This is why ignore button exists, to stop the misuse of FUD.

If MtGox is in a major liquidity death spiral then they most likely will not and cannot say anything to the public, what good would it serve them in an effort to stem the bleeding? The staff would be instructed to refer to a sheet of paper with a list of canned responses meant to placate all of the upset and inquisitive customer base.

They know that this will eventually become public information and a 'run' on their Bitcoin coffers would began as customers realized that holding USD$ on MtGox is akin to holding a fiat currency that can purchase only one thing: Increasingly more expensive Bitcoins from the MtGox order book. That will push the premium of a Bitcoin up while driving down the relative value of any fiat being held on the exchange.


We all hope this is not the case and the 1-3 month long delays on USD withdrawals, the lack of communication, deplorable support and now Bitcoin withdrawal delays are a simple blip on the Cryptosphere radar. Decide for yourself, if this is the end for MtGox "He who panics first, wins".

That's already happened. The spread between Mt. Gox and other exchanges is now around 10%.  The price of Bitcoins is not going up; the value of a dollar stuck in Mt. Gox is going down.

Actually the price across all exchanges has gone up, but gox more so because of potential liquidity problems.

yes i actually do, you have no idea how banking works clearly.  

it is not possible to post same day in the banking world between multiple banks, so unless you use the same bank or have a special relationship where a manager is approving the funds clearing.

furthermore, normally banks will hold your funds past a certain maximum defined for your account for X days and release the funds, once you establish a track record this usually gets increased... but maybe if you are playing monopoly with your grandpa...

Correct, in my experience this is the case with wires from Asia, our foreign office would send out wires at noon (3am US time) and we'd receive them by 11am local time on the west coast.  No special relationships with bankers or managers required.  

With Gox, we were receiving 5+ figure wires fairly quickly from Japan, but after June they started stalling and giving us the run-around.  Finally we were tired of waiting several weeks and decided to take an exchange hit and transfer out via BTCs.

This thread title is always correct, no matter what time you look at it.

True. It's now two weeks after the expiry of the two week time frame given at the end of the two week hiatus.

then you must have an established account, which may not be the case for some people...  anyway my point is that the funds can take a while to clear depending on the banks and account holders involved.  one should not assume that just because some thing works a certain way for oneself that it always works the same for everyone else...

but whatever...

Lol