Bitcoin Forum

Last official update has been over 2 months.  I think we as a community should demand that Mt. Gox give us an update by 15 October or pull out of their exchange.

I've been patient, I can tolerate bumps in the road that are inevitable when you are breaking new ground. What I can't tolerate is misinformation and a lack of communication.  That's all I want...honesty, transparency, and responsiveness.  I don't care how ugly the truth is, as customers it is our right to demand it of the people we do business with.  If you ordered a product from Amazon would you tolerate a shipping status of: "Whenever I feel like it?"  If you paid for cable service and they never came to install it, would you be satisfied?  Gox is a business, providing a service to customers (us) like any other business on the planet.  If they are having problems, they must communicate them to us or lose our business.  As negative as you may be about BFL, at least they communicate and we can check our place in the queue with BFL_Jody.  In fact, communication is ESPECIALLY important when then are problems to restore confidence.

My list of grievances:
#1 We have been MISINFORMED with respect to the status of withdrawals.  They say a few weeks when it's a few months or more.  Just tell me the average withdrawal time of the last 20 transfers to USD, EUR, whatever and post that and keep it updated constantly/daily.  Or, tell me my queue position and give us a graph of the queue processing history.  I don't care if it's 3 days, 3 weeks, or 3 months, but I need to KNOW that it's 3 months so I can properly plan and run my business cash flow.  I can't manage cash flow when I don't know how long it takes to flow...

#2 There is no COMMUNICATION.  Hurdles I get, zero communication I do not.  If Midas and litecoin are taking longer because you can't afford it because the U.S. Government seized your money, then please just tell us and give us your best estimate.  If transfers aren't possible because banks won't do business with you, then just tell us what your prospects are, key milestones towards restoring that service, and keep us up to date.

We need the 411.  When we are led to speculate on what your reasons could be, we inevitably imagine the worst.  Accurate communication = trust.  Lack of communication = distrust.  Distrust leads to panic...panic is bad for bitcoin.  We all love bitcoin.  Don't do something that's bad for bitcoin, so please provide us with accurate communication.

That's all I ask.  I love Mt. Gox, I want them to succeed, I want them to provide good service to all of us so that bitcoin grows and we have a competitive stable bitcoin marketplace, but how long are we going to abide their ostrich communication strategy before we hold them accountable?  For me, the answer is 15 October.  If I don't see a press release before then, I'm pulling out.

IMHO bitcointalk.org, the bitcoin foundation, r/bitcoin, and all other highly frequented websites must warn users about the status of Mt.Gox.

MagicalTux is a highly dishonest person.

Goog luck with pulling your funds out now.

Why is anybody still using MtGox? I pulled all my funds off them months ago, right when Dwolla announced they would no longer be servicing MtGox.

For their superior API, a decent multi-currency market (this is where I make most of my profit) and arbitrage against other exchanges.  I received an EUR withdrawal in September (took about two weeks), domestic JPY withdrawals take less than a week and BTC withdrawals are usually pretty much instant.  MtGox is still the largest exchange by far, in almost every currency, for good reasons.

It is about time they find a solution to the international wire problem, however.

latest from Mark Karpeles twitter:
@TheBitcoinNews @TheBitcoinArmy Nothing much will happen on that front while the US govt is shutdown.

looks like the USA is to blame for withdrawal delay, I bet there is ongoing check for each money transfer in EU or USA

Dead horse.

It was time to pull out (https://bitcointalk.org/index.php?topic=173433.0) in April. Seriously, there's no reasonable incentive to have funds, or hope, in MtGox.

I dunno.  The goobmint (mine in this case) holding $5m and coinlabs on the hook for another $5m makes $10m that Karpeles cannot run away with.  He is also a known person with a significant and interesting business history and is unlikely to be able to disappear from the face of the earth as easily as some random plonker in Estonia or whatever like most of the competition.

I expect to get my money (though not necessarily from Karpeles) eventually or learn some things trying.  I've only put at risk the amount of money I can afford to have tied up for years or lose completely however.  That was deliberate from the get-go of my dealings with Mt. Gox (which started somewhat after they started having pretty obvious problems.)

Classic con-man tactic - blame vaguely relevant current event.

Nothing in the financial system is shut down due to the U.S. Government shutdown.

What a bunch of suckers Mt. Gox customers are. When Mt. Gox failed to resume repayments after the two week "hiatus" back in June, it was clear there was real trouble.

Then why ppl from japan can get $ in ONE day from MtGox, confirmed from two sources i know?

Mtgox will not hurt bitcoin. Bitcoin is revolutionary technology. Mtgox is a horribly-managed and run exchange run by incompetent people.

Either incompetent or deliberately malicious. Pick your poison.

Bitcoin will be fine whether mtgox is here or not. Just like SR is now gone, who cares. A new one will likely emerge learning from the mistakes of the last one.

If gox ends up shutting down another exchange will replace it.

Technology doesnt wait for a business. Especially one that is run the way mtgox has been run for the past few years.

What I've done: Withdrew my funds via Bitcoin from mtgox and NEVER LOOKED BACK.

If people are still trying to dodge the 5% cost overhead and have been waiting for 4-12 weeks and still no joy

Dont they think its time to look at the risk that they are engaging in and just take the 5% hit as a life lesson

Shit... things happen I would get out of gox ASAP .......SR Gone..... GOX GONE ... has a nice ring to it ??

People still use MtGox?

what's a mtgox?  ???

Mount what?

I cut the irrelevant part.  If you take an arbitrary 24 hour period, you can prove anything.  I've had larger 24 hour volume on OTC trading than CampBX on many days.  It doesn't mean my OTC exchange is larger than CampBX.

Try this average from the last 30 days:  http://bitcoincharts.com/charts/volumepie/

Tell me Mr. Anderson, what good is an exchange if you're unable to withdraw?

http://wac.450f.edgecastcdn.net/80450F/screencrush.com/files/2012/10/Agent-Smith1.jpg

So far I have been able to withdraw EUR via SEPA and BTC, and this cover all my needs.  I usually sell BTC locally at higher than MtGox price instead of withdrawing fiat.  Saves time and fees.  Better sell at a profit than pay a fee to wait for the banks.

Mount a goat?

I'd be curious if any of these troll ever ran a business, or a financial services business, or a cutting edge financial services business under attack by governments around the world.

I would not count Mark Karpeles/Mt. Gox out yet.  He's been fighting the good fight longer then most of us.

And he's still standing.  In spite of all the jealousy and envy of his success.

https://i.imgur.com/aDRVLzu.jpg

How do you know that? There hasn't been seen hide nor hair nor a peep heard from him for the last 5 months.

One can hardly blame a person for not appearing in this cesspool.  Reminds me of the old religious saying "Abandon all hope ye who enter here."  OTOH, I have some respect for business persons and dev personnel who have the gumption to mix it up here on occasion.  That includes my dear old friend Boussac of Instawallet infamy.

I guess Mark is seen on IRC from time to time since some people drag in quotes from him.  One could posit that Karpeles says mum on legitimate advice from his legal counsel...but blathering away on IRC kinda argues against this hypothesis...

What do you think, ppl from japan with accounts there... most of them tried to find easy way to transfer $ to BTC-e and do arbitrage, but i think its not easy to get $ to BTC-e from japan....

They are silent because they profit from arbitrage a few procent`s when you cut fees

I personally interacted with someone using the nick MagicalTux on in #mtgox on irc.freenode.net several times with in the past 5 months.  So reports of his demise have been greatly exaggerated.

He is fighting a lawsuit from Coinbaise and civil and possible criminal charges from the US government while still maintaining a functioning international exchange.  I'm sure he has better things to do then answers trolls on this forum.

The site is up and running.  You can send and receive BTC and if you pay the 5% you can even get your fiat out.  And with a 15 - 20 point spread over bitstamp that is not a bad arbitrage value proposition event with the 5 point hit.

 

i agree mt gox has not been kind to people for a while now i stopped using it a long time ago

ye, an update would be necessary! but i still believe they will come back with a big bang  :D

Yeah I would like to say well done to MtGox for staying alive through all the shit!
I mean really they have been smacked down by governments, banks, DDOS, Coinbase and worst of all the bitcoin community it's self!

That is not easy to do.

They have been around since bitcoin was a baby and I think they will be back with a massive bang and with litecoin at it's side will hopefully get back to being number 1.

They deserve it after all the shit they have been through.

The trolls here should try running an exchange where everyday another roadblock gets thrown in your face.

Hahahahahahaha, MtGox to be rescued by a scamcoin. :D

I'm planning to diversify once I make myself do some more research and due dilligence, and Mt. Gox would be a welcome venue for me to accomplish this.  I'd be even more happy to do it if they'd figure out a way to send me my fucking USD though.

He kind of looks like the linux penguin

1+


1+

^^ +1, i think we need to support them tbh instead of bashing them 24/7

Yen, maybe not $, is easy to get from Gox.

I would be all in for supporting Gox through their troubles if they would be transparent and honest.

With the current way they handle the situation I can only recomend everybody to GTFO of it.

With Mt Gox having so many issue, do you guys think Litecoin will still jump when they announce it (hopefully) ?

Yes, those are all valid points. Most of us would fail miserably when faced with the pressure Mt.Gox has been enduring for the last 6 months.

The point is that we don't want it to die. And since they say nothing, we expect the worst. Their FB page is full of angry post of their users, their Twitter feed is comprised exclusively of genereric replies : "Dear customer, thank you for your message. Please submit ...". This is not communication... Look at Bitstamps FB and Twitter if you are unsure what I expect proper communication should look like.

However if their plan is to create a huge amount of FUD and *insert cospiracy theory*, they are doing an excelent job! :)

MtGox's lawsuit is with Coinlab and not Coinbase. :)

MtGox is really fighting a tough battle. I can't fault them for taking so long. But I agree, some more communication would be nice.

Nobody wants MtGox to die.

But it would be good for everybody - arguably including MtGox, if the exchanges get distributed. Much like the actual markets perhaps, have at least a big one on each continent, and then one in each country as well.

MtGox should be the Nikkei. Perhaps Wall Street even. But not the Vatican. (So I guess everything has been going great actually, lately.)

Not enough overall volume for this to be effective. The result will instead be a fracturing of volume to such low levels that manipulation, including price fixing, is easier.

Now what fun would that be if Gox communicated and told the truth for a change?
I love how they just set the same milestones every few months and then forget about them.

An official update would be nice, but what if they just copy their last announcement. (Which i think is the most likely to happen)
Are we going to be happy then?

How would that be easier? Arbitragers would surely take care of the situation, no?

I do agree that it might be a bit to soon for this to become reality though.

OMG, i just got a living sign from them in the form of an emergency message.
OFC its concerning they fucked up trading engine, so no need to panic. ;)

BTC-E troll box is full of speculation this means they are migrating to Midas and possibly even implementing LTC.

LTC IPO is under way and fontas is getting loads of marriage prposals :)

Problem is... even with me paying their 5% extra cost, they still wouldn't send the money.
I am thinking they will announce a 100% extra cost.

This is the entire essence of my point.  GIVE US THE INFO BRO.  The sheep says...silence is baa-aaa-aaa-aaad.

Trust is earned, not given.  You earn our trust by communicating and being straight with us.  Covering up bad news, delaying bad news, saying things are coming soon when they aren't does not engender trust.  In business, trust is the most important commodity.  If you can't trust someone, you absolutely can't do business with them.

I would not say 'absolutely'.  One can be effectively forced into a relationship by lack of options.

You know the story about being chased by a bear.  You don't have to run faster than the bear; only faster than the other guy.  In terms of communications (and the super-set encompassing general honesty and decency) Bitcoin related businesses seem to pretty much universally epitomize the meme of 'FAIL!'  It's hard to know why but I suspect that it is a reflection of the general makeup of all of the participants in the ecosystem.

Perhaps a genuine cooperative structure would work for something like a Bitcoin exchange.  At least then there would be, one would hope, a legitimate and legal justification for distributing clear and truthful information to the userbase associated with the various problems which may pop up.

FYI : i am still waiting my withdraw from 6th August...

hi

someone have think about a class action against mtgox?

I don't know if there is such thing as a class action in Japan. If you are going there to sue them, why don't you make a Japanese bank account and withdraw your funds while you are there?

who said they are able to make withdraw in local bank?

Withdrawal of JPY to a Japanese account takes about 2 business days.  Many people can confirm this.

so the account should be in japan?

if you have a yen account outside japan it s not working?

Correct.

We need someone to go Japan and open an account :)

Many people have.  You may have noticed the increasing JPY volume on MtGox with corresponding volume increase on other exchanges.  People with Japanese bank accounts make good money on arbitrage.

hi guys

foreign company accounts can be opened easily in japan or not?

Sure. If you're a resident in Japan.

Oct13 19:12:31 mtgox             0.0101 @   144.99998    USD
Oct13 19:13:14 mtgox             0.0162 @ 13,908.586      JPY

13908.586 Japanese Yen equals
141.228 US Dollar

13908.586 equals 141.4634 USD according to the last currency rates from ECB.  MtGox takes a 2.5% currency conversion fee when selling in one currency to a bid in another (this is transparent to the user, JPY sellers see the price as 13908.586 JPY), and 13908.586 + 2.5% converted to USD is exactly 144.99998 USD.  Fits perfectly.

Gox JPN is actually 99% supported by Gox themselves, so they can keep up with the withdraw requests.