Bitcoin Forum

June 1 made a withdraw (international wire transfer) amount to nearly $ 9000.
So far, not received this amount at all, nor any response from mtgox on my query.

I am a teacher, I invested all my legal savings + a small% mined BTC on mtgox exchange.
Why I have no information when I get my last transfer?
Is it so hard to at least answer the simple question?

I do not know what to do. Mtgox not respond to my letters.

Panda Mouse.

Well join the club of other people, looks like wires at least take 3 weeks.

Did you email them??  info@mtgox.com

I did & got a response in less than 12 hrs (They are in Japan,I'm in Eastern USA,note the time zone difference).

I get the impression that you used the postal service....................................

You need to open a support ticket with MtGox and you probably need to get a verified account with them before you can wire transfer that kind of amount.

Thank you, but of course, I have a support ticket, so I wrote all of my questions that way.
No answer, nothing at all.

Panda Mouse

Do you have a verified account with them?

Bold'ed for importance.

Welcome to the club of people waiting on mtgox.  I'm not waiting for as much as you, (~$1000) but its still big money to me.  I've been waiting for over a week as well, and they said "3-5 business days since confirmation date".  those 3-5 business days have come and gone and still no money.  I guess the best thing to do is hope they get their act together sooner than later.  All I know for sure is that this will be my last transaction with them.

Every transaction I've done between Mtgox and Dwolla has been delayed and every transaction has finally cleared.

for me its only half about the delay, the other half is that they have lied to me about when to expect my money, and thats just unacceptable.

Yes, I have verified account and verified withdrawal account.

Panda Mouse.

Did you wire through a bank?  Maybe you can check with the bank to see if the wire was delivered to the destination account?

I think you'll be fine.

If you do lose some funds, I can do you one better: I lost 2K BTC when mybitcoin.com was "hacked"... that was during the bubble too when the account was worth around 70K USD.

Good luck... I am still missing $10,000 and it's coming up on a month now.  There's very strong evidence that MTGox does not have much in the way of USD and those with large withdrawals are actually funding the smaller withdrawals.. the large withdrawers are going to end up shafted.

FTFY

Dude I am telling you it is the AML policy. No dodgy solvency issues here man !

MtGox is NOT to blame here. They are honest and 100% transparent.

Big boss like you with a load of $$$ no wonder they call you a criminal when you got ball and $10k :D

You must do something criminal to have so much dough ! :D

Inaba, watch what you say because forum is owned by MtGox so if you are complaining they cut you off the air ;)

If you check my thread, you'll see they sent me a support message asking if I wanted to cancel the withdrawal and then take it out in BTC (of course, paying a nice hefty fee in the conversion process back to MTGox, how kind of them.) - so it's not AML... since if it were, they wouldn't be able to cancel the withdrawal.

Check your sarcasm detector mate.

MtGox clearly is having serious solvency issues and blaming it on BS like AML or Dwolla delays.

Can't wait to get me popcorn and watch the ship sink in the next coupla days.

Yes, I wire through a bank.

This is the answer from Mt.Gox Support dated today:

Hello ....,

Our apologies for the delay in response due to the weekend.
We have not sent out the transfer yet and will let you know once we are send it out.
This is expected to be next week.
Thank you for your patience in the process.

Thanks,
MtGox.com Team

I really hope it's true, anyone can have problems, but you should always be honest.

Panda Mouse

I hope this will end in a happy ending.

Me too, thank you very much, I'll be inform immediately.

Panda Mouse.

Good luck Panda Mouse ..

sub, seems shoddy tardiness by gox, hope that they send it soon for you.

edit 14th June, btw they've received $6,000 from me via Dwolla over the last couple of days so that's at least 2/3rds of it, maybe with all the buying going on over the last week they had to hand over a lot of client dollars that they may have been sitting on, perhaps they got so used to the stagnant market & low moves for months that they put a lot of it on term deposit for higher rates, like locked in for 7 days or a month or more rather than keeping it on overnight call in their coffers, just speculating...

Didn't anyone ever teach you not to place all your eggs in one basket??

even my measly $340 can't be paid by mtgox, so i think your fucked.

They got a cheap 8.5 grams of cocaine with that money, you aren't getting it back.

Ignore these idiots.  C'mon guys, there's no need to keep him from sleeping at night.

Dwolla is a PITA and has screwed over MtGox again.  You'll get your funds eventually, but they are really backed up.

Yes, you will get your funds it is just a matter of time, WE ARE WORKING ON IT!

that sounds pretty ponzi-like..

If true, yes.  However nobody has any real evidence, it's all just hearsay.

 :)

Thank you for your response and keep my fingers crossed for you - mtgox.

Panda Mouse.

Lol, capitals plus exclamation mark, I think you are going to be fine. Now if they had used 4 or more exlaimers it would be a lock.

By working on it, that means keeping the ponzi scheme going?

Here's my logic:

What reveals a lot, is that wire transfers are lagging same as DWOLLA. If DWOLLA was the problem, but nothing else was, and the funds we gave to MtGox were [safely] stored in the bank, the wire withdrawals would be very fast. But since the wires are lagging, it is not unreasonable to say that there is a FRN shortage.

Under which circumstances could the FRN shortage occur? Exchanges are supposed to accept currency from actor A and bitcoin from actor B and match them up with each other, and take % from a trade. Not spend deposits, keep them as-is, even when at times it seems a good idea to use them, because they DO NOT BELONG TO EXCHANGE, exchange is holding on to them for their own safety and that is the only reason and purpose. If that was the way exchanges worked, there would be no circumstance under which either bitcoin or FRN shortage would possibly happen.

Then, how could FRN shortage occur? a) if funds were embezzled in some speculation. Or, b) if some sizable amount of FRNs was sized/frozen.

If there was a seizure, I would see no reason why exchange would not publicly say so. It's not their fault - bank or government took the money. Personally I would be screaming about it on every corner. Do we hear that? I don't. And the reason why is likely because it never happened.

That's my chain of thoughts on the situation, take it or leave it.

Just have to mention that yesterday I received Dwolla funds from Mt. Gox. It took about 9 days but I have never not had my money show up.

Same here, but it's important to understand, it proves nothing. And it was 6 days a few days ago. And it was immediate a few months ago.

Seriously, I do root for MtGox. They are the great guys. They did for bitcoin a lot, much more than most of us know, they are one of the reasons bitcoin became what it is right now. But the signs are not good. I moved significant amount with them over last year, even at the time of crises, but with what's happening, I am wary to deal with them now.

Agree completely. I would never advise anyone to sell their btc on mtgox at this point in the game. I have never even tried to withdraw usd from mtgox, I have only bought btc. But just by reading the various threads about this issue on this forum, it really blows my mind that people are still returning to this exchange site to withdraw.

They got caught with their pants on the ground...
It was obvious, though they have tried to hide it now, they were paying only the withdraws that matched the income. The only reason to do this is so they could speculate in their own market with the pooled funds to managing the price or for profit. A few large withdraws are making this speculation, closer to fact.

If they are in fact operating that way, it isn't sustainable when income drops. The shortage becomes apparent when large withdraws appear. What's worse is they can't move Bitcoins they bought if it means selling them for a loss. This effectively locks those coins with a negative value, only giving them access to the break even and positive inventory. The more large withdraws that come in will subdue them until they get choked out.

Right now for Mt. Gox the best strategy is to ignore detractors, respond only to valid claims and focus on righting the listing ship.

Why dont you use intersango?

That's offtopic.

.. that's a disaster

Use Bitfloor. ACH withdrawals FTW

It's not good enough for Gox to say that they're working on it, they need to say what the problem is & when they expect to have it solved by & if they haven't yet done so to place a notification on their withdrawals page stating how long Wires & Dwolla are taking atm.

I hate it when companies just fog you off by saying "we're dealing with it", that means nothing to the customer. I hope this works out as thats scary, but sometimes wired can take a couple weeks :s

Hello,

We see that your transfer has been processed.  If you do not receive it by next week, please feel free to contact us again.  Our apologies for the delay and thank you for your patience.

see: https://mtgox.com/press_release_20120418.html
also note that you have to register your Dwolla account if you wish to use it for withdrawals, even if it's already linked for deposits.

Thank you, I check the account daily :)
I will write immediately upon receipt of payment.

Panda Mouse.

I confirm that today I received my money.

I placed the withdrawal order on June 1, but I'm happy and can do BTC bussiness again.

Panda Mouse.

If someone wants to cash out their coins with an express wire to arrive in your bank account same-day, just them to me. Make me an offer, lower rate then trading prices on MtGox, but same day in your bank account guaranteed. I do not want any MtGox codes, just Bitcoin transactions!

I'm glad it all worked out. But then again, mtgox shouldn't take so long time. Ugh.