Bitcoin Forum

Hi All,

I am currently holding $10k in MtGox and need to get it out.

I have to decide to take a 11% loss by buying and withdrawing BTC or alternatively to withdraw by international wire and wait a very long time according to multiple users.

What do other MtGox customers in a similar situation think is the best strategy?

Thanks

If you're willing to do some work you can sell your BTC for USD at near Mt Gox spot prices, or in some cases even above. It's not necessary to take an 11% loss.

I voted for buying BTC, because you're going to want BTC anyways.

OK. Can you please explain?  Do you mean selling on localbitcoins?

Thanks
-B

LocalBitcoins is one option, Bitcoin Brokers is another. #bitcoin-otc a third.

Wire transfer. Delay is variable. Are you verified?

It might be too late (https://bitcointalk.org/index.php?topic=272454) to wait.

Yes I'm verified.

My main concern is liquidity because MtGox is giving inconsistent stories and there is serious concern that they will go under. They are destroying their reputation by giving inconsistent, distracting and unconvincing excuses so the problem with withdrawals must be caused by something that would destroy their reputation even more severely (they were hacked, they lost/spent customer funds). It's seriously worrying.

I'm leaning towards buying BTC since I think their behaviour indicates better than 10% chance they will go under. I've never seen a situation where a business was behaving like MtGox is that has ended well.

Maybe others know more about the situation or have inside connections at MtGox. Anyway look forward to see what poll says.

Your poll and first post are different: The poll asks wait or withdraw. The post asks how to withdraw.
I suggest wait, but if withdrawing use wire transfer for the best exchange rate if you want fiat. Or just transfer bitcoins to your personal wallet.

Fixed link above.

Two other threads now contain reports of difficulties in withdrawing Bitcoins.

I'm splitting it 50/50. I converted half of my fiat to BTC and moved off. I'm keeping half my fiat there hoping withdrawals resume and the price drops.

This is a personal question on how $10k fits into your portfolio - what if the amount was $100? What about $5,000,000? If you want to make a calculated decision to wait and see, be aware of your risk of loss. If MtGox goes under and you are left with nothing or pennies on the dollar, will you step up, be a man and accept the results of your investment? I see no problem for those who buy on Bitstamp and sell on MtGox as a calculated investment based on what is known.

It's a tough call, how much is 'peace of mind' worth to you? 

The way things are going -- Mt Gox is now slow to credit deposits, some deposits are taking up to 10 days according to their own press release.  Mt. Gox hasn't been reliably sending wires since June, I had been waiting for weeks.  Finally I decided enough was enough and converted everything to BTC.  Sent all of the btc's to CoinBase where I took a beating on the exchange and the fees too. 

Lost at least 11%-12% if I recall correctly.  At least I have most of my money back, the torture of seeing my wires at the confirmation stage for weeks and weeks was enough to take a hit.

So it will all depend on your pain threshold.

+1

this is the right way to look at it

The 10k number was me trying to put the holding into the category of "investment", but not life altering amount. It's an investment and I want to know if people think the market is accurately assessing risk.
I.e is 10% an accurate assessment of the risk of MtGox insolvency?

If you have something to say about that I'd like to hear it.

The spread between Mt. Gox and Bitstamp just took a big jump.  It's up to 15% right now.  It was 11% an hour ago.

guys....

can anyone think of any creative way we can get the price of bitstamp or btc-e to match even if its just for a day.

Any creative ideas?

it happens every time there is a market dump, just be patient...

It's never too late to wait... forever.

Wait it out. They'll sort things out.    - 15 (50%)
Take the loss: Buy and withdraw BTC    - 15 (50%)
   
Total Voters: 30

This is starting to get a bit scary.

Unless you need the money now to save your life, or have other investment options that get more more than 10% returns in the next 2-3 months, you should just put yourself in the withdrawal queue and wait for the money.

I received a 5 digits withdrawal which I initiated on 15 Jun today, so roughly 8 weeks delay.

was that USD?

Yes USD via International wire.

which US bank was it to?  may help some people

I caved after four months waiting for a USD withdrawal initiated on 13 June. The haircut was more like 15%, but luckily the market had a bull spurt right after I bought. Will never go back there.