Bitcoin Forum

I just tried to withdraw funds from MtGOX....

"Your account is currently pending review, please visit https://mtgox.com/forms/verification"

This is bit-coins I recently placed into the account. They are now blocking the withdrawals and demanding verification... even to withdraw 2 bit-coins....

These were clean coins from mining.

Not their fault, they just don't feel like being raided. Should have used localbitcoins or something.

Their TOS states that they can suspend your account for verification. You agreed to that when you created the account.

So what you are saying is they are so fucking arrogant  that they cannot drop me an email  informing me they have held my account &  that they don't allow BTC to be withdrawn without verification?

The fact that I actually need BTC urgently does not come into it then?

wasn't it only fiat withdrawals that needed verification?...now you need verification for coin transfers too?...when did this change?

It happened since last night......

The issue is that to get verified takes time...., which they could have saved by letting me know before hand.......

Or is someone trying to build a database of miners personal information.....?

Something must have suddenly changed at MtGox. Normally they do not block transfers for verification if you want to withdraw your bitcoins. Strange they didn't announce this if they really start blocking bitcoin transfers until the account is verified.

yep...sounds like a miners list

They can go fuck themselves after this.......
It's completely messed up the business opportunity I needed the cash for.
I could have had the account verified if they had let me know before I needed the coins.

I think that happened sometime ago, you need to submit your verification and have it approved before you can do anything at Mtgox nowadays.

i had this happen to me twice :(

With the exception of depositing, that is.

There's not a bank in world that I can walk into and open an account without providing ID, yet Mt Gox can take your Bitcoin deposit without knowing exactly who you are, but when it comes time to withdraw your own funds, you have to jump through rings like a trained dog.

Here's my take: If this is true that a person needs to now show ID to withdraw their bitcoins, then Mt Gox just drove the last nail in their coffin, and everybody should get out ASAP.

Rumor has it that there's an excellent credit union here in the US that accepts bitcoins. As far as trading goes, give it a few months when open trading in the open (literally) will be all the rage in every major city in the world, not counting a few villages as well.

It's been true for at least a year and a half (in my experience). Any BTC deposits into gox, required AML checks to get it out.

I don't know if the credit union takes BTC but I know they take BTC donations. That credit union is the Internet Credit Union, who just bailed out all the Bitfloor depositors

http://www.reddit.com/r/Bitcoin/comments/1j2ju0/at_long_last_my_bitfloor_usd_refund_has_appeared/

Found this in the Terms Of Service.


Mt. Gox will request identification information (such as an identity card, invoices, Government issued photographic identification, utility bill, residential certificate, signed certification of cohabitation, or similar, banking information) depending on the amounts deposited on the Accounts or the presence of suspicious activity which may indicate money-laundering or other illegal activity. Identification of the bank account from which funds are transferred to the Account may also be requested. In certain cases notarization of certain documents (including apostille) may be requested. Transactions may be frozen until the identity check has been considered satisfactory by Mt. Gox as required by applicable money laundering laws. Mt. Gox may request additional identification information at any time at the request of any competent authority or by application of any applicable law or regulation.

Accounts may be used strictly for the purposes defined in these Terms.

But , This is in the FAQ

Transaction Limits

• There are no limits on Bitcoin deposits to Mt. Gox accounts.                                                               

• There are no limits on currency deposits into a Mt. Gox account.

• Currency withdrawal limits depend on whether your account is verified or trusted.

 I cannot find any specific conditions on BTC Withdrawals yet.

"Mt. Gox will request identification information"

I have withdrawn BTC to my wallet many times from Gox over the past few months. I have never been verified, I don't withdraw fiat, I just use Gox to make more BTC when the BTC/USD is volatile there.

It's just a delay tactic, part of their ponzi...

j/k

They required all sorts of verification from me as well initially.

Has anyone else had delay with DEPOSITS?

rather foolishy sent some cash to them via bank transfer just before they put up the 7-10 timeframe notice.

thats now 20 days real time and about 15 bank days.

Still now news, despite various support tickets.

anyone else out there with similar issues. ???

Yes.

stop spreading FUD plz. Thanks :)

mt.gox is fine.

This is not FUD. this is genuine concern. 20 Days is too long to wait for a deposit.

Although bitstamp passed them in volume for a couple days last week, I don't understand how they are still averaging higher volume.  Do people just not know how terrible they are?  6-8 weeks to withdraw, and 20 days to deposit?  WTF?

- Poor trading engine and API
- safety deficiencies
- very low market depth

The money is already on Gox. Approximately over $ 20 million. This can not be easily changed. Do you get it?

The only thing you could deduct from Gox immediately are over 100,000 bitcoins. And then? Where do we sell? At what price? Do you get it?

I'm tired of this discussion.

No one, absolutely no one will deposit $ 30 million and more on any Bitcoin exchange at the moment. If Gox croaked, then we go back to single digits.

In this case I can think of many new Bitcoins with the money I've already earned and which is already on my normal savings account. Let's wait first who will survive the crash and if anyone is still interested in Bitcoin after the biggest exchange with Millions of Dollars have croaked. I don't think so. Where is the money on Bitstamp? I do not see anything! The damn orderbook is empty all the time. Bitstamp is simply the new Dwolla, LR or OKPay for Gox traders. People withdrawal immediately, no real trading. No money is deposited there permanently. An exchange with such a low market depth is ridiculous.

Exact same thing happened to me a couple of days ago. I had a guy drive down to buy coins to from me and when he got here I couldnt get my coins off Gox. I was really pissed and confused. I got it worked out, I had a friend give me a short term loan and got my account verified, but it really sucked.

Please confirm.

After verification you were able to withdrawal Bitcoin?

this.

It is utterly foolish and should be illegal IMAO.

+1

not exactly a ponzi, but they likely are operating as a fractional reserve, and a bank run will destroy them.

Yes, After I address verified they released my BTC.

This makes sense to to me.  So the volume is close on bitstamp because that is where people are going to actually move money in/out of bitcoin, while all the day traders are sitting on gox.  Anyone buying bitcoins would be crazy to wire to mtgox instead of bitstamp.  I had a look at the order books, and bitstamp has about 5000 coins on each side within $10 of the current price.  Mtgox has 20-25k coins on each side.  So that is some 4-5x deeper.  Still, the trend is moving towards bitstamp. 

What safety deficiencies are you talking about?

My uninformed guesstimation is that they're broke on fiat but sitting on a large number of early adopter bitcoins and if they could only sell a bunch at the current market price without crashing it, they'd be able to pay out withdrawals.

I don't have any inside information to formulate this guess, it's simply what I gather when they dish BS about fiat withdrawals but have never (to my knowledge) held up bitcoin withdrawals.

I was a fan of MtGox until early June when it was obvious they were lying to customers. Now I wouldn't touch them with a barge-pole.

If they have coins in reserve they could trade on their own account to obtain fiat, but I think the problem is not that they have run out of fiat, but that they have been black-listed by the international banking system. The US Govt can scare any bank into stopping a customer from doing USD business. This blacklisting has probably had a knock-on effect on non-USD transfers as banks avoid MtGox generally.

Did they paint the target on themselves that led to this situation? The failed merger and lawsuit was one problem but another was the incredibly foolish G8 magazine advertisement. They should have stayed under the radar as long as possible quietly building their business. Instead they played with fire and are getting torched as a result.

Karpeles gotta eat. Gotta eat a lot. A LOT.

TOKYO - JAPAN - May 30, 2013

Statement Regarding Account Verifications

 The Bitcoin market continues to evolve, as do regulations and conditions of compliance for Mt. Gox to continue bringing secure services to our customers. It our responsibility to provide a trusted and legal exchange, and that includes making sure that we are operating within strict anti-money laundering rules and preventing other malicious activity.

 As a result, beginning May 30th, 2013 all Mt. Gox user accounts are required to be verified in order to perform any currency deposits and withdrawals.Bitcoin deposits do not need verification, and at this time we are not requiring verification for Bitcoin withdrawals.


has this changed sometime in the past 2 months with an official announcement?

These "verifications" will serve as a mean to delay user BTC transfers when the "bank run" on Gox happens.  Considering that they changed their policy without notification should sound the alarm bells for everyone.  Especially since it has to do with BTC withdraws, which is the last remaining viable exit point of Gox.

how many at a time ?a few or a few dozen?
(wonder if there is a limit change in policy) or aml flags or just fud on this thread by others...or trying to hold a Ponzi together

5 BTC withdrawals since the start of May, never a problem, sometimes slow. Never bothered to get verified.

I have a verified account with Mt Gox

The troll box on btc-e said that mtgox btc transfers are now blocked so i panicked, got my yubikey and proceeded to try and cash out some BTC from mt gox.

I got my BTC to my wallet within literally less than 30 seconds

: )

mt gox still has my trust

The only way this could have been triggered is if someone else tries to access your account,
Since I never use any of the above methods.


But that does show a weakness in the system, if someone were to attempt dummy logins from a public network, it would trigger a denial of services attack against users.
They would not be able to withdraw funds until they verified the account....


But it really is a crock of shit.......
Because if it was 'illegal access', someone could still strip the account , by selling at a low price

damn! How long does Mt. Gox need to accept verification? Is it possible they don't accept the verification?

I want to believe the reason for this is Gox' registration at the FINcen. I hope, they will have success ...

And please stop claiming Gox be a Ponzi. This just creates fog on words. Gox offers a service, Ponzis don't do.

^^^^  this.  The more people that use localbitcoins and start regular buttonwood exchange meetups all around the world, the more fully decentralized we become.  This is the time to be forming those relationships.... with regards to the online exchanges -- it may get a lot worse before it gets any better.

I wouldn't put money on MtGox having turned into a ponzi, but currently they are only *claiming* to offer a service. That's exactly what ponzies do too.

ok, the withdrawel-issue is annoying, and you're right, it seems they don't offer this service for real. But they have a trading machine, that's a service ... anyway: If their service is broken, it's either caused by regulators / government or by financial mismanagement. None of this makes a company a Ponzi. You can't claim every failed company a ponzi. Also gox has an income through fees, which is not caused by new people joining the game. And that's exactly what ponzies don't do too ;)

But I understand your point: if gox has no money, or if the volume is too low to pay loans just with fees, it has to lock them who are in, and this has something of a ponzi.

Btw: I am very unhappy they lock my btc without warning. You can send them in without verification but not out. This is a huge trap. No good way to become legitimate.

Are you sure he hasn't starved already? I mean, sure it would take a lot of time, but on the other hand no one has seen hair nor hide of him for, what, 8 weeks now. It could be possible.

He probably has lots of magic cards he can sell if he desperately needs some money for food.

Yes. Because MtGox' idea of "pr" is "lie every chance you get".

Oh, so they hired Inaba.

FIFY. Also you forget the lying machine. Also "a service".

+1 lol

If anybody is waiting for a USD wire transfer from MtGox back to a US bank account PM me right away.

I have a way for you to get your money out of MtGox and into your hands immediately. No waiting, no fees, no headaches.

Does it involve guns?

Beware of things that sound too good to be true... 

Maybe just a scheme for some japanese people to get rich, I hear the transfers to japan are working just fine.

I am a japanese prince, nephew of an important and rich daimyo, I need your money in order to "unlock" the family gold, please send me your money I will give you like a guaranteed return of 500%, this isn't a nigerian scam, srsly.

Haha 

At the moment are 93,768฿ and 13,428.655$ in Mt. Goxs order book. You have to use full depth, e.g.:

https://data.mtgox.com/api/1/BTCUSD/depth/full

There's probably a lot more money on Gox. But what is in the order book is definitely there.


You have no API keys. You always have to use your password that gives you full access to your account. Even for a bot, which runs on a dedicated server.

You have no hardware tokens (YubiKeys e.g.) for the 2FA. Only the Google authentication with your mobile phone.

Mt. Gox has been a honeypot (where willingly or unwittingly) since mid 2011.

I thought everyone knew that already?

dyodd.

You've been goxxed.

More than a year ago, when they started asking driver licence and utility bill for KYC compliance, I decided to remove all bitcoins from MtGox..  To do so, I had to send them my personal information.. I was outraged to being force to send them personal info to withdraw BTC !

Did'nt used MtGox since then, and happy to use alternative exchanges to trade.

Later, I read somewhere that they made mistake in the documents handling, and there may have lead to leak of info (not sure about the validity of this info)

I'm amaze that Gox still have that volume market share after all the stuff that happened.. to date...

(All posts from that user (https://bitcointalk.org/index.php?action=profile;u=120945;sa=showPosts;start=20) appear to be ads for Bitcoin-Brokers.)

Anybody seen any USD wires Monday?

Still waiting on bank transfer deposit onto Gox 18 business days and counting  >:(

Gox is on best Way to "Self-Destroying".. :(

Gox have no chance to survive make your time

I changed to Bitstamp. Working fine. Fast withdrawal, and generally better functionality. Arbitrage is a pity though, but that is basically a result of the malfunction at gox.

Oh gawd. If you've just called it and the MtGox lagscam is transitioning towards the "unlock riches" model I'm going to have to apologize if I've ever been mean.


Mr. Herp Derp of the Internets, esquire. You've not heard of him?