Bitcoin Forum

I'm sick & tired of this nonsense around Gox. It's clear that the company is in trouble and people are delusional about the future of this exchange. So, I'm posting a bounty for the person that can show a USD withdrawal requested AFTER 7/4/2013 and that is subsequently put into their account. You will need to post two screen shots, one of the Gox withdrawal and one of it actually in your bank account (the incoming wire). Be the first to post those and you get a 0.25 BTC bounty.

raise the bounty to 1 btc and put it in escrow

For a screenshot huh?

This should be interesting, surely someone will have done a withdrawal within the past few days.  I'm done with Gox so I can't, and I wouldn't at that price since it wouldn't even cover the wire cost but for someone who was going to do a withdrawal anyway, just an added bonus I guess.

exactly as the person said- only covers the wire cost. 1 btc makes a withdraw worth it. i'm also pretty sure the OP will not pay even if he receives his screenshot hence - escrow

 should set a timeframe for this bounty so a year from now someone can't jump in and claim it(i.e - by 7/15/13 for example)plus escrow and aba routing  and account numbers blurred out w/gox transaction numbers only...the bounty would offset my int. wire costs so I would be willing but not until prices go back over 90 :(...that might take a month!

EDIT: it costs 50 for int wire transfer plus receiving bank usually charges 25-35 so 75-85 to cover a one way immediate route... one way... unless you have 1000 plus and cleared a profit of 160  no real gain is achieved at 8 percent one way on 1000...bounty of 1 btc covers one way cost at these prices...only a transaction already in queue would benefit at a .25 btc

I appreciate all of the analytic fanboys bringing attention to this but I think the spirit of the bounty is clear . . .  my BTC is safe ;)

You know it takes around 4 minutes to fake the 2 screenshots you require ?

Seriously...no takers?

There is no takers, because there are no wires.

6/14 Cancelled
6/18 Processed (never showed up)
6/20 Cancelled

I don't know what the real story is with them (regulatory issues, banking admin issues, liquidity issues, etc.) but whatever it is, it ain't good.

Anyone that has assets of any kind on MtGox is playing with fire.  The fact that no one is coming forth to admit to a withdrawal is very telling.

Thats exactly right, now the group is starting to get the spirit of my posting ;) People who keep on believing that Gox is solid just plain horrify me. Its clear the company is in trouble - how many more red flags do you need??

You can pre-order your withdrawal now, they will be up and running in about two weeks  ;D

I see the next bitcoin futures market idea:  trading today on the value of Gox wires "in a couple weeks"
Pennies on the dollar anyone?

Thank you.

It's striking that nobody has posted such a transaction. It seemed clear that Mt. Gox was stalling and delaying withdrawals. But I'd assumed they were still processing at least some of them.  If zero withdrawals are coming out, the end of Mt. Gox is very near.

I'm adding 0.25btc to the bounty as well.

OP, can you please update the first post with a list of bounties, offerers and expiry dates?

Still no withdraw's on my end...had SWIFT International Wire's pending for weeks now.

For your reference, I am in Taiwan and I've done two experiments on 7/8. The first is to make withdrawals from MT to two of my local accounts. The other is to bank wire some money to BTC-e (Czech).
BTC-e notified me the arrival of the money at 7/10 night. But I haven't seen any deposit into my two local USD account from MT. There seems something wrong, and if there's no deposit after two weeks. I'll wrap up and leave, no longer use MT.

The poster asked for USD wire withdraw, not bitcoin withdraw.

Guys, I just requested a wire xfer this morning

https://i.imgur.com/uEiiU1F.png

Funds gone from MtGox, will post if they get to bank in 2-4 days... I hope so!!

Also I hope I get the bounty if it goes through because my bank charges $40 for receiving intl. wires :(

Thanks!

-

Thanks for testing although sorry to say you should not have posted the exact amount and bank name in the screenshot.
You could have covered those details NOW and send them LATER in full after (if) the wire arrives instead.

Why? Because there is enough identifying information for Gox to locate you and "manually" wire you the amount (which is not a round number).

Now you may end up (maybe) receiving the bounty and still not proving anything.  :(

Thanks omgitm.

As Eurotrash said, might be worth editing your post and blanking out some info. Before anyone at gox sees your post.

I can confirm for the record that the screenshot looked legit and the I have noted the amount so that I can confirm later how much it was (if the poster blanks it out).

If it works like this, everyone will just post there screenshot here

I had a wire go through successfully on 6/12, but my wire requested on 6/15 is still listed as confirmed but not processed.  Funds have been locked up for almost a month now.  So, the "$1 million" backlog claimed to have been worked through were either just June 13th and 14th, or were wires taken out-of-order of request, such as for service providers like bitinstant.  My guess is the latter.

I do think the dam will burst and all the USD will come flowing out of MtGox... eventually.  Given the Liberty Reserve news and the seizure of MtGox's own account, I can't blame a traditional bank that wants to go slow with this new, high volume, seemingly sketchy bitcoin business.  Were I a bank manager, I'd audit their AML/KYC procedures and spot check their data before taking on their account.  And that takes time.

That all said, assuming the USD logjam does burst, will the price rise or drop?  I really don't know.

I am adding 0.25 BTC to the bounty. I believe that brings the total to 0.75 BTC?

For what it's worth mtgox responded to me a couple days ago and said they are looking at why my transaction is stuck. No response yet but will let people know as soon as I hear back. In the meantime I'm looking for alternative ways to convert BTC to funds. Coinbase looks like a brilliant option for USA folks

Pointless by now.  :-[

Still waiting on my wire transfer from 6/25.

I put one in for $8,000 on 7/12.  It's currently in "confirmed" status.  I'll post here again with screenshots if it actually goes through

My situation:

Over 12k USD stuck at MtGox spread over 2 wire and 2 SEPA transfers, all in EUR.

Average SEPA delay 21 days and counting...
Average wire delay 17 days and counting...

Replies from MtGox support are copy-paste and they ignore requests for more information on specific status of my transfers:



I believe this cannot be just an inept management/support service - something fishy is definitely going on.


edit: adding a Mt.Gox Support screenshot which says it all...

https://www.dropbox.com/s/873tpnxgijupg7u/chat.bmp

Yes.

I had a few wire withdrawals pending from late June (maybe 20th or 21st). After getting the "cut-and-paste" replies, and reading this story: http://www.thebitcoinchannel.com/archives/16164 I asked for the wires to be cancelled.

Of course within an hour or so they responded and the cash was back in my account. Just waited for dips in price and did my best to buy BTC cheap while selling some from bitstamp when it would rise. Overall spread wasn't too bad but it took quite a while to accomplish.

My wire requests were WEEKS old, and I made the cancel request over the weekend. They were able to give me my money back without even checking with their bank. I think when they say "pending", it means they take the funds out of your account and do NOTHING.

Electronic wire transfer offerings are a dime a dozen these days (some US examples below) no bank wants to keep an army of wire-room specialists if they can help it. When MtGox says "backlog", they might be referring to all the wires they haven't been able to send due to liquidity problems.

https://www.wellsfargo.com/com/treasury-management/payables/electronic/wire-transfers
http://www.comerica.com/commercial/treasury-management/payables-solutions/Pages/wire-transfer.aspx

There is a big difference between the technical requirements of sending funds and the regulatory requirements of sending funds.  Yes the first part is easy, but it is not the hard part.

I agree.

Do you think the KYC measures are what's causing the delay? I'd have guessed that those are mostly front-end requirements (I know when I opened my account I had to submit passport and other verification docs).

Or could it be the record-keeping requirements? My opinion is that record-keeping is electronic and automatic, so probably not the problem.

What about AML reporting requirements? You could argue that it takes time to "establish and implement policies and procedures that can be reasonably expected to detect and cause the reporting of suspicious transactions". But on the flip side, this is a road that many have already traveled down, and a playbook for MSB's is readily available. Here's an example:

http://www.fincen.gov/financial_institutions/msb/materials/en/prevention_guide.html


I'm curious to know your opinion as to which parts of the regulatory requirements would cause such an extraordinary delay?

They just switched banks because their old bank was not comfortable with the levels of traffic.  Banks move slowly, especially when dealing with companies that have had regulatory actions against them (USG seized MtGox's Dwolla linked account).  The new bank will not allow them to ramp up their volume until they are absolutely sure all the t's are crossed and all the i's are dotted.

This thread is terrifying. Has anyone considered that their Japanese accounts were frozen along with (or shortly after) their Mutum Signum U.S. account?

It's hard to believe that they would continue to delay payouts unless they had absolutely no way to send funds, as this debacle is causing significant damage to their already shaky reputation.

I heard of two people that got ~100k payouts via wire during the suspension. But they knew Tux personally.  I have no way to assess the credibility of the claim.

Yes, that does make sense. I'm left wondering why they wouldn't just state that instead of saying they have a backlog and are working to clear it. Anecdotally, it doesn't appear that they are working the queue at all. Has anyone seen a single confirmed withdrawal? Even from outside the bitcointalk.org community?

Time will tell I suppose.

They did:
https://mtgox.com/press_release_20130620.html
https://mtgox.com/press_release_20130704.html

Specifically:

and:


But why would people look for information on mtgox.com's front page when it is easier to spread rumors on this forum?

Maybe because building up his own beliefs looks safer than drinking lies from a random homepage ?

It is impossible to know Mt.Gox's liquidity position at this moment, but there are things we know for certain:

1.) Mt.Gox's US entity, Mutum Signum had its accounts frozen.  More than likely a large portion of their USD revenue was tied up in that Dwolla account.  They may or may not get these funds back. I would expect they would have to get their Money transmitter license in all 50 states before these funds could be released.  That would take at least 12 months and $2M in fees/surety bonds(1)
2.) No one has gotten a wire out for almost a month, if they had they would have claimed the 0.75 BTC bounty.(2)
3.) Bitcoin holders are willing to take a 5-10% cut just to move their BTC out of Mt.Gox.  That's the reason why the spread is so large vs. Bitstamp.(3)(4)
4.) Legal defense is expensive.  They are fighting 2 fronts, one with Coinlab, and the other registering as an money transmitter in all 50 states.  They will lose the case against CoinLab for $75 MM.  Even if the outcome looked more positive, no bank would lend them money given the uncertainty of the outcome of the suit.(5) 
5.) Volume is at January lows, their trading revenue won't be enough to cover both legal fronts and operational costs.(5)
6.) Mt.Gox consistently releases confusing and contradictory information, so their "official" statements have no value. 
7.) Mt.Gox used to exchange liberty reserve dollars.  Any entity touching LR dollars has serious going concern.  I can assume they will have some legal issues with this as well.   

With that being said, there aren't many explanations that fit.  But even if Mt.Gox collapses, you still have rather large markets with Bitstamp, Coinbase, and Btc-e, which should be able to provide enough liquidity/volume until some US exchanges become compliant. 


(1) http://thegenesisblock.com/town-hall-discussion-with-gavin-andresen-and-patrick-murck/
(2) https://bitcointalk.org/index.php?topic=251895.0
(3) http://bitcoincharts.com/markets/
(4) http://thegenesisblock.com/bitcoin-mid-year-review-and-outlook/
(5) http://thegenesisblock.com/mt-gox-withdrawal-freeze-driving-significant-liquidity-concerns/

Not exactly. Neither of your quotes above state that MtGox is unable to fulfill withdrawal requests. If fact, the very first sentence of the most recent (7/4/13) press release states, "Mt. Gox is happy to announce that global account withdrawals have now fully resumed as of today, after several days of testing our new system for processing transactions. We want to keep you informed about our progress in this arena, and especially assure our customers that their funds are accessible."

Are you saying that this is the case, and that everything's fine and it's just random chance that nobody has been able to confirm a single withdrawal in the (nearly) two weeks since they released this statement?

It's one thing to say "withdrawals are slow but we're establishing new relationships to speed things up".

Entirely another to say "we're still not quite able to send withdrawals but we're taking the following steps, and will be ready shortly".

Lastly, who was your statement about "spreading rumors" referring to?

Nice summary Zeroblock.

What makes you say they will lose against against CoinLab?  I haven't really followed that story much.

Ha!  I was the guy that asked the question that got this answer. :-P

This suit will probably be settled for $1-2M.

I've done due diligence on over 370 MM worth of assets in the last 2 years.  Not saying i'm an attorney, but I can definitively tell you when there is a breach of contract.

Coinlab Vs. Mt.Gox

"On November 22, 2012 Mt.Gox and Coinlab entered into the Agreement to service the Bitcoin exchange market in a mutually beneficial manner that provided for stability and liquidity in the market."

"Pursuant to the Agreement, Defendants granted CoinLab an exclusive license in the North American market to use the Defendants' software and other intellectual property in providing digital currency exchange services (the "Licensed Materials")....Failure to comply with the exclusivity provisions of the Agreement is expressly specified to be a material breach of the Agreement."

"Defendants have breach the exclusivity provisions of the Agreement by directly servicing customers in the United States and Canada since the Agreement took effect...The Agreement provides that breach of the exclusivity provision of the Agreement alone provides for liquidated damages in the amount of $50,000,000.00 as a non-exclusive remedy.  The liquidated damages clause was defined at the time of the Agreement because of the uncertain nature of the Bitcoin exchange market and likely underestimates the actual damages incurred by Bitcoin as a result of Mt.Gox's breach of the exclusivity provision of the Agreement."

"Defendants have, in email and other written exchanges, and in public statements to the press, acknowledged that they have directly serviced customers in the United States and Canada since entering the Agreement."


You can read all of the other violations for yourself below.  Even if they settle for a fraction of the amount, they still wouldn't have nearly enough cash.  


http://www.scribd.com/doc/139160091/Coinlab-v-Mt-Gox

They are sending withdraws, they are just backlogged.  They are able to fulfill withdrawal requests, it will just take time.  This is from further down in the same release:

As for my "spreading rumors" statement, it is about 3/4 of the members of this forum who repeat things echo-chamber style and never look into the facts behind what they are repeating.  Don't take it personally.

Someone needs to sue Mt. Gox. Now.

Since they have a registered agent in Delaware, they can be sued in Delaware. Small claims up to $15,000 can be brought in the Justice of the Peace court there.  There's even an interactive form (http://courts.delaware.gov/jpcourt/interactiveforms.stm) for this.

You'll have to go to Delaware at least once.

Mt. Gox has to send someone to represent them, or they lose by default and you get a judgement against them.

You can enforce that judgement, even across national boundaries. There are international collection agencies.  They take a cut of what they recover, and don't charge you anything up front.

(Pay attention, suckers. You don't have to put up with this shit. You really can take steps which will eventually either get you paid or Mt. Gox out of business.)

Do you work for Gox or just adulate them from afar?

Explain this:

Not sending wires for a month.
Refusing to refund funds not wired to the trading account.
Ignoring all requests for a clear explanation of what is going on.

Yeah everything's fine - they're just backlogged. Sure dude...

I do not work for Gox.  I've just been around long enough to know that they don't move at the pace most people expect them to move.  Improvements could be made here.

You, however, are exaggerating.  The outage was 2 weeks.  There outage is over, but there is a large backlog of withdrawals that they are working through.  I have not seen any claims that cancelled wires were not made available to trade.  I have seen several claims of the converse (people cancelled withdrawals, bought btc, and then withdrew).  They have already clearly explained the situation with the press releases I linked.

It's been 7 business days (counting today) since withdrawals resumed, and when they resumed them they estimated it would take several weeks to work through the log.  You people have no patience.

But...  wires were de facto suspended since at least 6/14, which was prior to the official suspension.  And nobody, NOBODY has posted to this thread with evidence that a single wire has gone thru since pre 6/14.  So we are over a month now.

::)

Because this thread is an authoritative source of USD withdrawal records.  I'm done.  Continue to spread your FUD.  I won't interfere anymore.

After a week of daily emails to Mt. Gox demanding that they refund my outstanding wires (from June 17) back to my trading account, I am pleased to announce that they have just done so. I have converted to coin and moved to Bitstamp. I am very happy for this resolution.

I saw a post on this forum of someone sitting with USD 40,000 sitting in limbo for 12 weeks without resolution. I feel for him...

And this is one reason why it takes them so long to respond.  People send daily emails which results in 10 times the volume to work through in their email queue.  I'm glad (but not surprised) to hear that your issue has been resolved.

What is happening with Mt.Gox is unprecedented, history is not an indicator of future performance as you are suggesting.  May I remind you that you are talking about a incompetent CEO who told authorities that his business neither exchanged currency nor was a money transmitter.  

"In particular, Karpeles answered no to two important questions: “Do you deal in or exchange currency for your customer?” and “Does your business accept funds from customers and send the funds based on customers’ instructions (Money Transmitter)?”

http://techcrunch.com/2013/05/16/mt-gox-dwolla-account-money-seizure/

I'm sure with his incredible leadership Mt.Gox can handle the avalanche of shit coming their way.  

No offense, but you're starting to sound like Baghdad Bob.

Gox has been extremely derelict in communicating with the people to whom it owes hundreds of thousands of dollars. If they gave satisfactory answers to the first email, customers wouldn't need to pester them over weeks and months. To my knowledge, they never even issued an official statement about the Dwolla matter after the initial, "We don't know anything about it." The other "official" statements have been clear as mud.

Questioning the veracity of their claims is not FUD at this point, it is a legitimate inquiry into the risk of this situation by people with a lot of money on the line. Your suggestion of more "patience" has no place in the world of Bitcoin, because most know that where there is smoke, there is almost certainly fire.

Unprecedented huh?
SEPA withdrawals were blocked/delayed for a month or more.
Dwolla withdrawals were blocked/delayed for a month or more (months before the account was finally closed).
They have had several banks accounts closed over the years, including one that lead to a very public court case in France.


Don't worry, I'm not taking anything personally.  Call me whatever names you want.  I understand people are upset about their money.  That said, people should do their due diligence before giving so much money to anyone.  You can't just trust a business because it is a market leader.  Anybody who has investigated the history of MtGox will not be surprised by the recent delays.

This is not the first time there have been issues, and it will very likely not be the last.  Moving as much fiat as MtGox is very difficult to accomplish due to regulations (and worse, uncertainty about regulations).  Banks can't afford to run afoul of the law, so they tend to be very conservative.  Part of standard operating procedure is to set transfer limits for new accounts that can last months.

All threads like this do is create an environment of fear and increase the demand on both the withdrawal systems and the customer support systems.

I have been having trouble even getting my account verified.  Definitely quite frustrating especially now that I hear people are having trouble getting their money out.  With the rates of their commissions, there is no way they should have a liquidity problem unless they were playing dirty trying to make a buck on swings, or if they have a large portion of their US reserves in their dwolla account that was seized.  Still you think they would have learned from the hack and crash of 2011 and keep some fiat in a form of cold storage in a trusted bank far from the grips of the US government, especially if there was any concern they may be violating certain money service laws.  All they would need to do then is move money to dwolla as needed.     

I really hope it truly is a backlog and not a pay off friends first as someone suggested earlier.  That has bad news written all over it. 

I believe they are trading the price difference between them and other exchanges - this is just one more rule to break.

And yet this very thread is about a total of 0.75 BTC unclaimed bounty vs showing a successful withdrawal.
You'd think someone would come up try and claim that money.

(sorry for condescending tone)

The question here is who is selling on MtGox?  Why sell when you cannot withdraw the money?  I think it is MtGox itself that is selling and they are trying to make some additional money on arbitrage - maybe trying to cover some bigger fuckup or something.

i just made another successful domestic withdrawl to my Japanese bank account.  Took only a day or 2 as usual.

(i know this doesn't count, but just thought i'd let you guys know)

Was it in USD?

I got screenshot
https://i.imgur.com/Zd8WY7u.png

pay btc 19SzqoXtkXRf2CxKfXQavYiBiytEZoiS2p TY

hehe maybe that's why their bank wire's aren't going through :p

They forgot to put a date on the wiring instructions :(

hahahhaha.  BTC coming right up!

Anyone want to chip in, I can try to withdraw into an Asian bank?

If this work, I can help the person who pay the experiment fee to withdraw. This of course will cost money when the money has to exchange from USD to local currency, then from local currency back to USD for wiring out.

It is so ironic, that the very regulations meant to protect users, have now exacerbated the situation of MtGox to the degree where users are now bound to be screwed over.

I do hope the effect on the USD/BTC is minimal or temporary, which is possible since MtGox now effectively discourages the sell off of BTC! I'm holding on to my nickers, don't ya'll panick now, things will be all right in the end.

What you are really looking at is a company run by people who never knew what they were doing.  Mt.Gox's name is reflective of this.

Right... a bounty for a withdrawal started less than 8 business days ago when MtGox said it would take several weeks to get caught on on the queue before they can deal with new requests.

(sorry for throwing reasonableness in your face)

Why would Mt.Gox be able to resume USD withdraws without registering as a money transmitter in all 50 states?  This won't happen for a very long time.  Why are you defending Mt.Gox, the facts are brutally honest about their liquidity position.

Quoting for posterity.

Thank you.  And please call me all kinds of nasty names if this isn't all cleared up in 1 - 1.5 months.

Put your money where your mouth is. Or is this just another useless attempt to push up the price on Gox? I'm just wondering.

The simplest explanation is that Gox is simply overstrained and can not process payments quickly enough. Honestly: Anyone with even half a brain cell can see that.

Gox is simply incapable and it can take forever to get regulated their stuff.

But Bitstamp and BTCe are still much less capable of transferring hundreds of millions of dollars back and forth. You have to be braindead to believe it. It takes many years to build such an infrastructure.

But everyone can not wait should check out and switch to Bitstamp or elsewhere. Then the price shoots up on Gox and goes down elsewhere. That's Free Market Economy. No problem.

Again: Put your money where your mouth is. Everything else is useless chatter.

+1

BTW, I have some funds sitting on MtGox, so my money is precisely where my mouth is.

No need. If your money is where your mouth is, you'll end up calling yourself those nasty names.
And just in case - should Gox ever pay all pending withdrawals without scamming anyone, I'll bump this thread and make public amend.

Well, it is only a couple percent for my trading bot to play with.  But I would trust any bitcoin exchange with more than a few percent.  I just get tired of people freaking out when something that has been historically unreliable is.... unreliable.

Please do not change.

I cancelled my withdrawal last night (after 3 weeks of waiting), got the GBP back in my account today, bought BTC and sold them on here within a matter of minutes!

Take note. ;)

Where'd you sell it here? I'm looking for a reputable source

Do we know how much it costs to be money transmitter by finCEN standards?
How much money at Dwolla?

Maybe gox is just borrowing that x$ it needs for license.

From customers' funds, you imply? And that would be OK for you?

Yes, customers' funds. Not OK. Just asking.
25 millions for finCEN? Is this right? Seems bit high.

To be able to operate in all 50 states, each with their own rules, requires, all-in, $2.5 million in total lawyer fees, licensing fees, compliance officers, etc.  An additional $25k / mo to maintain.  And 18 months from initial registration.

Source : I asked Patrick Murck, the Bitcoin Foundation General Counsel at a gathering in DC at 1776.  That was his response.

+ minimum $7 million for Money Transmitter Surety Bonds

Video from Roger Ver on MtGox Finances to ease the communitys misplaced fears on MtGox Insolvency - http://www.youtube.com/watch?v=UP1YsMlrfF0

i dont deal with Mt Gox USD anymore.

So he repeats the old story that the problem is the amount of transfers - but we have seen that for last month there were 0 transfers executed from MtGox - how that fits the story?

Exactly, and could we have some numbers to back it up?

They said that around $1mil went out during the haitus, that's nothing, i'm sure there are single customers with far great than $1mil in waiting.

Also how come no warning at all? Every business gets a warning at least a few days before their bank accounts are completely frozen. I'm sure this was the case here as well.

"CoinLab is the world's first US Venture-backed Bitcoin Company; it was funded in April 2012 by a group of progressive investors, including Tim Draper, Roger Ver, and Geoff Entress."

https://mtgox.com/press_release_20130228.html

 ??? ??? ???

I wonder if we could complain to FinCEN - when they are registered with them.

He is reading some text speaking in first person.

I'm more scared than ever.

Yes, this bounty was created for withdrawals initiated after 7/4/2013, but don't you find it a little odd that there are no reports to be found anywhere for any kind of success in receiving USD for any kind of withdrawal requests?

I am quite sure that some happy customer that got their very old USD withdrawal finally coming through would show up also on this thread. Or in some other thread. Anywhere.

I cannot think of any other explanation for this lack of any kinds of success except that they are not really processing the queue at all.

If you listen carefully to what Roger Ver is saying on the video and especially what he is NOT saying , even he is not telling us of any kind of achieved progress in processing the withdrawals at all.

What the holy fuck. Is that meant to be a parody?

Just my two cents....

If Gox was/is going through a liquidity crisis, it would indeed not pay out withdrawals in fiat. They would do much of what appears to be happening now, delaying the payments until they have collected enough revenue to be solvent, while still accepting deposits and allowing BTC withdrawals as if nothing was wrong. A kind of temporary pyramid scheme, just to give them time to pay back the money they "borrowed" to cover short-term cashflow issues.

However, if this was the case, two things contradict logic:
1) They would release SOME withdrawals to provide some confidence to the public and not have the community in an uproar as it would back up their claim of a huge backlog slowly churning through. They wouldn't stop every single USD withdrawal if they wanted to be deceptive, as that is easily visible to the public.

2) They wouldn't simply stop withdrawals in USD ONLY. They would stop withdrawals of all currencies, and not discriminate. And as I said above, they would continue to pay out SOME withdrawals so that they can back up their claim of a huge backlog slowly churning through.

Therefore, it is my conclusion that the likelihood of them lying about the reasons behind the USD withdrawals to hide the fact that they are having a liquidity crisis is low. The likelihood of their story of having issues with banks processing their requests in USD being true is likely.

I love this forum sometimes.

Than they would stop processing withdrawals for all currencies and not just USD.

Or they only stopped the USD withdrawals because they know people would say that there's a bank problem because they didn't stop EUR withdrawals, and you're fooled by Mt.Gox

tinfoil hat: on

They actually did stop SEPA withdrawn, since that noone has received one in the last 2 weeks at least...

I have the impression the background is blurred intentionally..One can't  be certain if its filmed from Gox headquarters or this guy's workplace.
And where is Karpeles? No word from him on this issues for more than 10 days!

You call this "focus"

I cannot withdraw PLNs neither.

Mt.Gox uses Mizuho Bank, one of the biggest banks in the world. MtGox represents an absolutely tiny fraction of the total volume that bank processes.  So we are supposed to beleive that a major bank can't process MtGox withdraws after volume dropped signficantly but deposits are no problem?  Sounds like a stall tactic to refresh deposits.  

Another more ominous conspiracy that I saw on reddit.....

"There is definitely an incentive for MtGox to act like this; withholding fiat withdrawals to pup up the price, and then start buying coins on other exchanges while selling them on their own with 5+% profit. After a month or two, they can just re-start processing of the withdrawals, saying 'sorry' like nothing ever happened, though being so much richer at that point already. And who is going to prove them any wrongdoing? It would also explains a high volume, despite of the fact that they have not been an actual exchange, for far over a month already, but only a service that sells bitcoins, at a price 5-10% higher from the market."

I think the problem is more with the bank services API, that would explain Mt.Gox not automating wires. IMO the bank changed the API or something and Mt.Gox hasn't adapted.

Anyone made a deposit recently to them? What currency arrived safely?

And what gives you reason to think that?

My SEPA withdrawal from the 4th of June goes to "pending" today.

Is there still a bounty?  Mine came through.

-EP

Let's see the screenshot. USD withdraw?

The description of the current situation, I think they're processing large wires manually but I doubt the guys with one million dollars at mtgox will claim a 1 BTC bounty. I'm assuming they're acting in good faith.

SOMEONE ON THE INTERNET WAS WRONG, MUST CORRECT THEM.....

You dont actually, you call it "depth of field" (at least in the photography world...)

:)

His comment is actually relevant to the situation, yours is nitpicking over something that isn't even wrong.

You're the winner if you just provide a screenshot!  :D

0 transfers eh?

Let's go back one page in this very thread:

0 USD transfers that were initiated after withdrawals were resumed (7/4) might be accurate.


No, I don't find it odd that people wiring money out of Gox don't come report to you.  Their money is non of your business.  You guys are paranoid.

But, let's assume you are right for a second.  What are you going to do?  If I believed what you believe, I would cancel my withdrawal request, buy bitcoins, and get as far away from MtGox as possible.  If you still have money at MtGox with your beliefs you are an idiot.  If you don't have money with MtGox, then why the fuck are you trying to whip people into a panic instead of going about your business.  Or is trading on MtGox the only reason you are here?  If so, go find something productive to do to help develop the bitcoin economy or GTFO.

　

In all likelihood, yes.

It is not about believing or not - it is about assigning probability to this event.  The probability grows and it makes me uncomfortable - I did move out most of my funds already and I am pretty happy with my overall profits, but this situation is still rather unnerving for me.

Yes. The BTC themselves are basically the same, it's the dollars that the market has decided are worth less right now if they're on Gox.

　

Then don't use Gox.... you've been around long enough to know their history.  This shouldn't surprise you.

Exactly.  And the spread between Mt. Gox and the other exchanges is growing.  Last week it was around 5%. Now it's around 10%.

This is going to create a Bitcoin price distortion as more suckers become aware that Mt. Gox has defaulted. Mt. Gox prices may continue to rise. But they're not real prices at which you can sell Bitcoins, because you can't get the money out. Bitcoin to USD prices are only real on exchanges where you get paid when you sell.

Precisely.  And that risk has been quantified in the 10% premium for USD (buying BTC on Gox & selling on Bitstamp).  I see that spread jumping in the next week or two as traders realize that Gox is insolvent.  It will happen suddenly.  And when it does, a huge spread will develop between Gox and Bitstamp prices, until BTC on Gox reaches $1,000-$10,000 USD as no one is willing to sell BTC.  

What Gox could be doing is having an account open at Bitstamp, buying BTC there, selling BTC on their own exchange, then cycling the profits back to their Bitstamp account.  Rinse, repeat.  And as the price gets higher and higher on their own exchange, they could be selling BTC they acquired on Bitstamp to the desperate buyers on Gox, forcing everyone to liquidate fiat for BTC right into Gox's wallet.  While this may keep Gox liquid, they will still be unable to process USD as they do not have their money transmitter license.  

And then what, close business! cause clients would leave Gox if they let this situation persist without further clarification.
No doubt this will be seen by the pro's and denounced. For the moment there is no large buys going on Bitstamp,until then we can conclude this to be science fiction.

Without a possible way to arbitrage there is no way to reduce that premium without a huge longterm investment so I wouldn't say risk has so much to do with it since even if this way were riskfree those 10% couldn't vanish easily since a lotof people want out.

Nevertheless this is very alarming and if Mt.Gox really gets insolvent it will have a huge impact on the demand of bitcoins.

Gox has enough Bitcoins to use the abitrage if they want and they probably do. There's so much blind panic. Who sells currently on Gox larger stocks if not even Gox? If the people fall into panic, Gox can sell at high prices. They have hundreds of thousands in the back. Your bankruptcy scheme is logically not conclusive. Gox can not be killed by a bank run. People only hurt themselves when they behave irrationally. If you want to punish Gox, forget it.

The insolvency of Gox is total bullshit. You have to be blinded by fear to believe this. In two weeks no one talks about this thing and all flow back to Gox. Greedy and stupid as ever.

Traders have let this persist for almost 1-2 months with lies and more lies.  The pro's have seen it, why do you think there is such a large spread between Gox and Bitstamp? And why do you think Gox's market share has dropped dramatically in the last 2-3 months?  

Funny thing is once every one made it out from gox with BTC, gox is dead and will not likely revive.
Very interesting times are about to come.

I'm too lazy to check, but is there any "will bitcoin survive gox failure ?" bet anywhere ?  ;D

Then they would have changed there BTC to FIAT for astronomical exchange rates.

Except they don't own any BTC ? Or do you have any insight to share ?  :)

That's just plain stupid.

A lot of their money is seized by the Feds and if people run on MtGox they are done. If people want move their funds to other exchanges they won't be able to convert all fiat to BTC since the spread would explode and Mt.Gox already doesn't process USD withdrawls. It doesn't matter that they own the freezed accounts, if customers demand a payout and they can't serve all that's insolvency.

They have enough other problems (Coinlab, Feds, ...) to be at risk, but the 10% premium and this threat could easily trigger one in addition.

IMHO if Gox is dying their actions have been in the best interested of Bitcoin.

Let's say they realize they are insolvent and no way to pay back:

Option 1) They suddenly announcement their bankruptcy in their "prime" while having a 70%+ market share.  Bitcoin would have absolutely bombed (we are talking single digits)

Option 2) They stall/delay/lie over the period of several months and their market share slowly disperses to other exchanges.  Users slowly get used to the fact that Gox might be in trouble.  After a while people expect that Gox is in trouble.  By the time they finally announce their bankruptcy everyone will be expecting it, and while their will be a lot of any people still left in that 40% market share, and it will affect the price of Bitcoin as a whole, it will not be anywhere near the disastrous results of option 1.


Option 1 is no doubt the best for their customers though, as they could distribute their remaining assets and everyone takes a haircut, with option 2 a lot of people would take a total loss.

Any news on the London Bitcoin exchange which has been mentioned by Max Keiser and others?

A fully professional exchange is sorely needed.

Indeed, trustworthy exchanges are essential if we want to build a decent infrastructure in which normal businesses can add bitcoin as a payment mechanism and reliably get their fiat through bitpay-like intermediaries.

Absolutely incorrect.  Mt.Gox has time and time again lied and manipulated their customers.  First they had the CoinLab suit, where they didn't even try to keep their end of the agreement.  Second, they get their accounts frozen by DHS because Mark Karpeles said that his accounts were not being used for "currency trading, or money transmitting."  Third, US dollar withdraws are prohibited because Gox didn't bother to think about legal ramifications.  Oh and on top their inability to legally comply with any agreement or financial law, their trading engine had lag times of an hour at Bitcoins peak!  All they ever cared about was money, they never cared about improving their product, and they didn't care about their customers.  Who here can say they love Mt.Gox's support line?  Have you ever seen Gox at any of the Bitcoin conferences? 


Yes, you are correct, but the other exchanges should be able to absorb some of the volume and mitigate a total collapse.
 



The only reason why the would be stalling is a.) they raided customer fiat accounts and are trying to bolster their liquidity through that or b.) they are using the spread to generate profit before their final collapse or until they become liquid again.  Oh and they still aren't legally allowed to send wires in the US, and they have a $75 MM lawsuit over their head! 

Thanks, it's probably the most awkward reading of statement I've seen a long, long time.   There was a time when anchor David Horowitz was asked to read a statement on air with the statement preparer right next to him.

At least it is still there - unlike Bitomat or bitcoinica or TradeHill or that german exchange (or Bitmarket - which is still around but does not return funds lost).  MtGox is incompetent - we know that - but if you think other exchages are any better - you are rather optimistic.  Also it is only recently that the volume on Bitstamp became practical.

Now I can move my funds out of MtGox with a 10% haircut - or I can wait and see if I don't lose them all - if the probability to lose them becomes greater than 10% the rational thing to do is move out, but even if it is less than 10% it still makes me nervous.

Agree on this one, although to me it still feels like the "bargaining" stage of grief.

(disclaimer: at present I have no fiat nor coins in any exchange. Only coins in cold storage.)

 :) ;D :(what times?

I would love to see some of my cash come back, doesn't look likely.

Damn.

NO ONE seems to have been successful in making a USD withdrawal from Magic The Gathering Online eXchange.

Not very reassuring.

I mean, it were just a huge backlog or incompetent management, then at least ONE person on this forum should have been successful.

NO ONE huh?

Two more such claims just surfaced:



All we need now is photo "proof"  ;)

Gox processes a tiny amount of fiat volume compared to other companies.  

And way more than any Bitcoin company.  Banks don't like regulatory uncertainty, and Bitcoin takes the cake there.

Hi NotMe,

I don't want to get into a pissing contest, but it seems that you either work for MTGOX or you're a client hell-bent on continuing to believe that something isn't awry with MTGOX.

If in fact the individual you referenced in your remark did receive their USD, then did they submit proof and recieve their BTC reward (I think that it's up to .75 BTC now).

Best Regards,
Pangia

Cool.  Believe what you want.  I'm just sharing evidence.

It doesn't take much effort to maintain my belief that MtGox will return to normal withdrawal times within 1.5 months, so I don't think "hell-bent" is an accurate characterization.

Hi NotMe,

I'm not pushing the subject, I just would like to know for my own edification. Did the person that received their USD withdrawal from MTGOX (the person you referenced as evidence) collect their .75 BTC reward?

If you do money transmitting business and you are not registered as Money Services Businesses (MSBs), you can get get a penalty or even go to jail. If you do want to register as MSB, you must pay, wait and not do any business. So gox is trapped. Am I right?

It looks like he asked about it, but nobody answered him.


BTW, if you click on a person's name you can then click "Show the last posts of this person." to view their posts.  Then I don't have to do your investigation for you.

Gox is working on registration.  You do not have to stop operations while they process the paperwork.

Hi NotMe,

Okay. I did the clickee thing and read EPiSKING's post. He stated that he received his withdrawal, but yet provided no proof as was requested by the OP (The Banker). So in essence, we still don't have anyone receiving a USD withdrawal yet.  If EPiSKING did receive his USD withdrawal then there's no reason no to provide proof and collect his reward.

I mean I could post that I just figured out how to create electricity by rubbing 2 sticks together, but without proof, all I'm doing is posting an unverified statement.

They might be registering users (cash flow in), but not letting any USD out.  That is not the definition of an exchange.  

Actually, scrap that.  They are even having trouble accepting deposits now.  

"In the past we were able to credit customer accounts before the funds arrived in our own bank account, meaning that it could only take 3~4 days to register. The new process may take a week to ten days to register on your account depending on your bank, as well as weekends and holidays."

https://support.mtgox.com/entries/21692589-Changes-to-Deposit-Transfer-Procedures

OK, thanks, good news

EDIT:
But why Bitcoin Foundation's board member Patrick Murck says:

Maybe wrong quoting by http://thegenesisblock.com/town-hall-discussion-with-gavin-andresen-and-patrick-murck/ (http://thegenesisblock.com/town-hall-discussion-with-gavin-andresen-and-patrick-murck/)
or foundation is just full of weird people https://bitcoinfoundation.org/about/board (https://bitcoinfoundation.org/about/board)

I understand that, and I'm not asking you to believe him or me.  I just wanted to share something that seems to contradict your statement that


Whether or not you you believe him is up to you.  I'm not here to convince you, just to share evidence.

I will pm him and let him know the bounty is still available.  See, there are ways to resolve these things.  You don't have to throw your hands up in the air.  Now, please remember not everyone lives on these forums, so it may take some time for him to respond.

https://i.imgur.com/P8Cudii.png (http://imgur.com/P8Cudii)

Bounty to: 18KcLRpwrzmjkumE7Xpqk2NV2oZbL6QsHT

-EP

Congrats EPiSKiNG on getting your wire.  I remember a month ago or so, you posted the Mt Gox chat logs and asked if canceling meant they would put you in back of the queue.  Looks like they are getting around to doing them, though it may take a while.

Thinking about re-initiating my wire today and will see what happens.

USD wire or EUR? And is that to a US bank?

Look at the SSL cert.

-EP

USD withdrawal requested AFTER 7/4/2013 and that is subsequently put into their account. You will need to post two screen shots, one of the Gox withdrawal and one of it actually in your bank account (the incoming wire).

Looks like Mt. Gox didn't go through Mizuho this time, their "ID ORIG:1/MT.GOX CO.LTD. ID:0210-X-XXXXXXX" has changed since June.

it seriously looks like someone is off camera holding a guy to that guys head

That's correct.  Appears that the money came from a bank in Germany.  This is exactly what Gox has said.  They are having issues with the wire withdrawal batching through Mizuho, so they have to manually process orders through other means.  It could also mean that the intermediary bank was in Germany, and not in the US.  I'm no banker... So I'm not sure.

-EP

If you post a screenshot of the gox end then I'd definitely say you deserve the bounty.

That they lacked the foresight to see this coming and prepare for it doesn't inspire confidence in their management. This, the lack of meaningful improvements to the service in ages, and the US account seizure suggest a lazy "She'll be right" attitude rather than proactive management. I still think MtGox are honest and will eventually pay out their clients, but a billion dollar business needs a professional CEO at the top, not a gamer/hacker.

After a month of waiting I cancelled the transfer.

Who needs fiat money anyway. Fiat and it's institutions are so inconvenient.If I want to send money, it should be instant and effortless.

I can confirm what OhShei8e says. I tested SEPA with 500 Euro.

Send 2013/07/17

https://i.imgur.com/nXSGr1N.gif

Incoming 2013/07/18

https://i.imgur.com/s3c9gnE.gif


Just to let you know/report.

Im not interested in the bounty and i think SEPA is different than international wire because as you can see, SEPA comes from mtgox Poland Account.

Anyone with citibank account want to share a screenshot?

Edit: For people who has done SEPA recently, mind giving amount of the withdraw (is it 10k+) ?

Thank you

if the bounty is still valid, i can prove I received my EUR withdrawal yesterday :)

whoops, I'm sorry, missed that

From what I've been hearing, Citibank is actively blocking any and all Bitcoin related money in and out of their accounts.  If you like bitcoin, CLOSE YOUR CITIBANK account and tell the management that you HATE their policies on bitcoin!!!

-EP

EPiSKiNG, wouldn't it have been wise to blur out the session information in your address bar?  I mean if the session becomes invalid after IP change or X number of minutes you're good but this is the ancient banking system, that might be a security flaw to share that info :)

Heh... Thought about that after I posted it, but I'm pretty damn sure my session times out after about 5 minutes of inactivity... and I waited a while before I posted it.  If my BoA account gets hacked due to that, I think BoA has some major security flaws.  lol.

-EP

I think it's fine... Doesn't load for me

http://secure.bankofamerica.com/myaccounts/details/deposit/account-details.go?adx=5f7080d6f5baf38998672957dd15c3b717ad4d8b72fb897d59d4158c440fe0a0

It worked for me, and I wire transferred every penny to an offshore account.

(Not really :P)

Dude...  I think you're awesome for a 14 year old, but go to summer school, you have wayyyy too much time on your hands.  lol.   :P

-EP

Now where's my bounty???

-EP

https://i.imgur.com/iVylLzg.png (http://imgur.com/iVylLzg)

BTC to: 1Dp2MLMRKJKQAQuFeWYWKYUN3JJSJ6FGeT

Yes, I even blacked out the "Help" flag.

Now, can we all settle down?

-EP

7/3/13 @ 16:16 PDT = 7/4/13 08:16 JST.

Bounty up.

-EP

That is some weak-ass nitpicking.

Congrats Episking on getting cash out of Gox, and thank you for sticking with the withdrawal process when many of us lost faith.

Now come bet your bounty on Just-Dice... :)

Love it! Let's see the bounty!

EP, if you don't get your bounty, come to just-dice, I'll send you .25 if you promise to try to bet it up to .5 and pay me half if you make it there ;)

Just sent .25 BTC to 1Dp2MLMRKJKQAQuFeWYWKYUN3JJSJ6FGeT  Please confirm.

The man comes thru!

Thank you zeroblock for stepping up.

What is man without his word ;) thanks for the screenshots, still some mystery to how they sent it without a money transmitter license!

Thank you!

Sorry for bitching.   :P

I believe they are registered as an MSB with FinCEN.  Also, I really feel safer with my money in Gox than I do in my US bank at this time... Citibank is denying all bitcoin related activity...

-EP

Well thats the big question.  You can register as an MSB with FinCEN but that still doesn't give you a money transmitter license for states.  You have to apply for a money transmitter license in each state.  The process almost never takes less than a year... unless they somehow became an agent of an already registered MSB/money transmitter. 

registration is almost irrelevant.  They need a license

But I imagine they found new partners outside US that will pass along the wire.  I think Germany and Canada's stance on bitcoin is more supportive of innovation.

Licenses depend on the state.  Some states don't require a license.

-EP

Ya only 2 of them don't. 

"Forty-eight US states regulate money transmitters although the laws vary from one state to the other.[3] Most of the states[4] require a surety bond with widely ranging amounts from as little as $25,000 to over $1 million and maintaining a minimum capital requirement."

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

Great Britain and Japan.  :D

While it was good to see someone getting funds, that transfer request was really on the cusp of when shit hit the fan.  It would be nice to see someone who had a transfer go through that was initiated well after the freeze. 

Do we need to raise the price for it? I wonder if there is a market for MtGox transfer information. They are rare.  :D

True. One that was submitted early on the day of the "freeze" might have slipped through.

It seems clear enough that, although withdrawals supposedly "resumed" on July 4th and Mt. Gox claimed they would be caught up in two weeks, that didn't happen. It has now been one month since Mt. Gox stopped processing withdrawals.

Do I owe 0.25btc to EP?

My current theory is that MtGox has (some) of its funds in Japan frozen - but still has a bit of money in subsidiaries (like the Polish one that was reported to execute transfers).  They use this money sparingly - because there is not that much of it - but they do send some transfers to calm people down.

Yes. 1o16cfoCRdYh3XaHQawd1Ls8QqxwrhNEj

-EP

May 3rd   Coinlab Suit
May 14th    Dwolla Seizure
June 20th   Temporary Hiatus on US dollar withdraws
July 4th    Resumption of withdraws
July 10th   Changes to Deposit procedures



https://i.imgur.com/H9UxADo.png


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


source: bitcoincharts.com

Today, I finally gave up and cancelled my wire request made on 6/15 that had still not been processed.  I only had to take a 3% haircut moving to another exchange, which was worth it to me.

If Gox has a withdrawal queue, they aren't processing withdrawals in the order received based on EPiSKiNG successful 7/3 withdrawal. I also contacted support a week ago to get an update, and got a non-reply, so contacting support doesn't automatically move you to the front of the queue.

There have been no announcements on the topic since July 4th, when they claimed "global account withdrawals have now fully resumed as of today", which is (and was) clearly BS.  My guess is that EPiSKiNG's successful 7/3 withdrawal was one of the few that were used for testing before their 7/4 claim that all is going well, but then something happened and they stopped again.

Notme, I don't know why you'd defend Gox so strongly.  I'm used to Gox being slow, which is reasonable since it's part of the legacy banking system.  But after 5 weeks of delays and lack of transparency, I now think there's a chance that Gox is insolvent.  Their post on 7/10 saying "In the past we were able to credit customer accounts before the funds arrived in our own bank account", but now they can't, rather backs up the idea, don't you think?

And by "insolvent", I mean that in the technical sense - I don't think Gox has immediate access to all of their deposited customer funds.  I think some if not most is locked up in frozen bank accounts.

http://cdn.meme.li/instances/300x300/39972909.jpg

That's so wicked. Laughed :)

Back in June, when my transfer languished for 4 days "confirmed". I cancelled it, bought coins and sold them in small lots locally. Have exited MtGox until and if they ever get their act together and stop treating customers like mushrooms (in the dark, fed on sh*t).
Tried Bitstamp and like it a lot. Except, their order interface is a dinosaur like Mt.Gox's. Many thanks to Bitcoinwisdom and Clark Moody that we can see what the BTC markets are actually doing (because the exchanges sure can't tell us).

I just received money from MtGox! This transaction took over 3 months and it is only a small part, BUT: It seems that they are processing (again)

http://imageshack.us/photo/my-images/689/jx17.jpg/

I think I am not eligible for the bounty as it was EUR withdrawal, but just in case: 13edci3KYt2S71mjkPU4X47NkukxJNfGi9 ;-)

How did you cancel this transfer?? I emailed support and they are ignoring me .

If that's the case, Mt. Gox is denying it. Here are their statements:

• June 20, 2013: "Over the past weeks Mt. Gox has experienced rising volumes of deposits and withdrawals from established and upcoming markets interested in Bitcoin. This increased volume has made it difficult for our bank to process the transactions smoothly and within a timely manner, which has created unnecessary delays for our global customers."
• July 4, 2013: "Mt. Gox is happy to announce that global account withdrawals have now fully resumed as of today".

Mt. Gox's statements blame the bank in Japan they were using for outgoing transfers, and they currently claim there is no problem. Clearly, that is not the case.

The wire transfers I successfully received between 6/1 and 6/13 were from the Bank of New York and JP Morgan Chase.  Nothing was coming from Japan.

It's pathetic communication on Gox's part that leaves us all guessing about what's actually happening.  SNAFU.

I emailed support asking for status update around 7/15, and then replied to their support non-reply on 7/22 asking for the withdrawal to be cancelled.  YMMV (obviously).  Good luck!

ok once I get this cleared I'm going to post my email thread with them. It's about 20 responses, over 1 month. It's absolutely hilarious as they "cut'n paste" the same response each time, ignoring what I'm saying. The most recent email they are  ignoring where I asked as how best to cancel my withdrawal. Something is definitely up with MTGOX. In the meantime I've transferred all $ -> BTC -> Coinbase -> $. This way I'm getting my funds with a 4% hit. Better than nothing :(

No, only the fee for your impatience.  ;)

done

No incompetence, only experience. What should they say? The truth? That they have hundreds of thousands of withdrawals but only 3 people working on it? Forget it.

First everyone ran for Gox and now all people want to get out again. Always everyone at the same time. No patience, but want to make 1000% profit.

All the money was uploaded from January to mid-April and it will take at least several month to download it again. There is no Dwolla, no OKPAY, no more Liberty Reserve.

I have already removed my entire stake from Gox. But I had it already started in early April.  It took about three months. But I'm not complaining. It was the best business I've ever done.

 ???

My entire stake not my gains. My gains are still on Gox and are much more.

Do you have anything to add besides ad hominems?

The strategy of "paying some and leaving most waiting" was used in the past by some (in)famous bitcoin businesses prior to disappearing. Speculating on as to why one business would do so: to keep their creditors' hopes and buy themselves time.

I hope MtGox are not turning into selective scammers - although evidence so far seems to say otherwise. Please keep posting of any successes in this thread.

All - I gave up on MTGOX. After 1 month of @#$@ emails with these people I realized all they want me to do is withdraw bitcoins. They have *no* intention of paying out people's funds unless someone, somehow forces their hand.  The amusing thing is that in each email response they had a canned (albeit slightly differently worded) response, with "it will be 2 weeks, blah blah blah".  If you have your $ in MTGOX I would advise reconsidering where you leave it.

Have been waiting on a CAD currency withdrawal for about 3 weeks now.

So Mt. Gox withdrawals in USD, Euros, and CAD are now stalled. Are Bitcoin withdrawals still reliable, or is that starting to break down too?

I've had no problem withdrawing BTC (Have been slowly converting USD to BTC and converting for about a week now at some cost for switching to another exchange to withdraw).

None of my BTC withdraws have had a problem.

I have multiple international wires as well as SEPA transfers in queue for over a month now, in EUR, GBP, and USD.

Ok post and you can collect your bounty.  I had my withdrawal of $1k USD open for 1+ month. After many laughingly ridiculous responses from MTGox I cancelled the withdrawal, went to BTC -> Coinbase.

I'm not sure that a $1k withdraw counts anyways. They have said that they sneak smaller withdraws in all the time when they are close to their limits.

Not sure what you're trying to say here

OP clearly stated that the bounty is valid if requested after the given date. As there is no time given, that would be at least 7/5/2013 in any time zone.



Irrelevant.



Relevant.


No.


If there is just a little spark of truth in the first statement, EPiSKiNG will return the coins earned from the bounty immediately.

I had paid my portion of the bounty which was .25 BTC.  I sent EPiSKiNG a message, we'll see if he follows through.

I highly suspect he is getting preferred wire status as he is the only one who ever provided proof of a USD withdraw.  Unfortunately, his actions might have convinced other individuals to wire money into Gox, thereby trapping tens of thousands, if not hundreds of thousands of dollars.

Months to withdraw. That's criminal. No excuse.

MtGox has lied to us before. Remember when they suffered a DDOS and said that they simply had so much traffic from customers that the site wasn't operating?
That's called a lie. You don't trust liars. We all just learned an expensive lesson. For those of us who trusted them too much, it could take months or years to recover, and our lives could have been damaged.

This is a reason we should be lobbying the government to prohibit handling of bitcoin except by an approved and fully qualified financial institution.
I want to be dealing with a real bank that has a reputation.

Which one is either above reproach, or at the very least, has a better reputation than Gox? Can't find a single institution like that.

Bitstamp, btc-e, and coinbase all seem to be doing just fine.

I see at least as many complaints about them as Gox.

I've personally used all of them, and find no issues with btc-e nor bitstamp in any capacity. My only issue with coinbase was limits, but they have fixed that problem since.

EDIT: And just FYI, EUR withdraw from bitstamp took 1 night the last time i did one (last week).

You are not everyone.

I've seen them on #bitcoin-otc. Don't remember if they specified fiat vs BTC withdrawals.

Lol real banks do have reputations and they are all bad ,corrupt ,rip off merchants that feed off the mass population.

Mortgage fraud in the billions ,libor fixing ,ppi fraud ,fraudulant charges , central banks have a monopoly and  have been serially abusing it for decades .

Currencies made from value-less products , a 1968 25cent would buy an american  gallon of fuel today,why ? it  was made of something valuable .todays 25cent is worth crap and will never buy any fuel .

The bankers you trust all removed currencies from be links to gold thus the wild west of devaluation began in 1971.
Human beings have proven un trustworthy of holding financial powers ,the only thing that ever controlled currency value was the gold standard ,but they fixed that.

Cryptocurrency removes the need for gold to police value .
Ingeniously it uses the collaboration of the global users to create value and structure .

pics (or logs) or it didn't happen.

I'm verified with bitstamp and it has always worked great for me.

http://bitcoinstats.com/irc/bitcoin-otc/logs/2013/09

Have at them.

(bump)

Congratulations, you broke the internets!

2013/11/02 05:39:51    Withdraw    Status: confirmed    $1,128.74000    $0.12720
Withdraw to account AXIS BANK LIMITED

Waiting. Will update when done & hopefully get a BOUNTY ;D (if it's still on)

And NO our bank does not support HITLER or his idiologies..

I finally passed the verification at Mt.Gox but dare not to get in now.

2013/11/19 21:29:39   Withdraw   Status: confirmed     £xxxxx.00000   £xxx.93753
Withdraw to account BARCLAYS BANK PLC int

Impatiently waiting....

You both realize nobody's getting money for a bounty, right?

Yeah of course, I am waiting for a 10k withdrawal so really no need for a bounty ;)

I withdrew 5 000 USD 8 weeks ago and I still haven't received anything.

How's things going for you?

Still nothing. I sent them an email few weeks before Christmas just asking what the chances of getting my money before Christmas was. I received this back on Christmas Eve:

Will somebody please sue these clowns?

They can be sued in the US, because they're registered with FinCen and have a US address for that. It's in Delaware, which means the Delaware small claims courts ("justice of the peace courts") can be used. Since Mt. Gox has a legal presence in the US, you can also complain to the SEC ("enforcement@sec.gov")

Or you could use a collection agency in Japan. Or complain to the Japan Financial Services Agency. Or the Japan Money Transfer Association. Or the Japan External Trade Organization, which has US offices to help people with little problems like this.

You don't have to put up with this like sheep.

Hi ppl,

I didn't realize there was such a thread and bounty here until I read an article about "Mt. Gox Premium"
http://www.coindesk.com/mt-goxs-bitcoin-price-higher-than-rival-exchanges/ (http://www.coindesk.com/mt-goxs-bitcoin-price-higher-than-rival-exchanges/)

Okay to the point. I've successfully withdrawed $10K USD from Mt. Gox to my bank (in Taiwan).
Here are my evidences:

Mt.Gox account history screenshot
https://imageshack.com/i/jm3e9dj (https://imageshack.com/i/jm3e9dj)

My bank screenshot (sorry it's in Chinese)
https://imageshack.com/i/ne8cysj (https://imageshack.com/i/ne8cysj)

I've been trying to withdraw money from Mt. Gox since last November, and till December did I get my money, with a huge 5% fees (10K * 5% = 500 USD!) for manual processing, plus 4x USD fees from my bank and intermediate bank. (That's why the numbers do not match.)

This withdrawal is extremely costly and slow, but I did it anyway, just to make sure they are still working.

I don't know if the 0.25 (or 1?) BTC bounty still exists and it's fine by me, but if it does, please send it to 1MVh1jL3szvthVbbWs8Ffczs4QCBNpyTDF

It absolutely does not exist. You're wasting your time.