Dear Bitcoin Community, In the past several days many of you have expressed some sincere and honest worries when it comes to withdrawing funds from Mt.Gox. Some concerns have even arisen that we are on the verge of collapse and might ultimately bring Bitcoin down with us. A lot has happened in the past few months and many formerly reliable and trustworthy exchanges and trading platforms have abruptly ceased business leaving many of you in the dark and/or with yet to be returned funds. We can understand the concerns that our customers might have given the current environment in Bitcoin. Please remember that Mt.Gox is one of the oldest Bitcoins exchanges, we have suffered setbacks many times in our history and we have always been a highly visible target for criminal elements and governments due to our large share of the market. However, regardless of our past problems and recent issues with money delays, we are still alive, and still pushing things forward to make sure that one day Bitcon will no longer be seen as a fringe element but as a real alternative to fiat currencies. We would like to clarify the issues which are currently causing the most concern to our users. 1. What’s going on?Some US Dollar withdrawals are taking too long to be processed. 2. Who’s affected by this problem?
People using Dwolla for their withdrawals, along with 5% of US Dollar wire transfers which is an unfortunate flow-on effect. 3. How long does it takes to get my funds on Dwolla once I initiate a withdrawal?
At this time we are seeing around a 7 day delay in Dwolla withdrawals under $1,000 USD. These withdrawals are set with the highest priority in the withdrawal Queue.
However, any withdrawal more than two weeks old will from this point forward will be moved to the top of the queue and processed as a priority before other withdraws. 4. Why?As you may know by now, Dwolla made a drastic change in their TOS for the good of their company and in order to protect both their interest and their clients.
Their new TOS is, like many other Dwolla clients, affecting us, and as for today, we are still waiting for Dwolla to give us the appropriate clearance to continue working with them. Since we do not have a clear answer from Dwolla, we pro-actively decided to put a new AML policy in place for people willing to use their service, as well as carefully monitor funds left on their services in order to limit any potential loss in case Dwolla suddenly decides to no longer do business with us. This decision was made primarily to safeguard our customers' funds. 5. Are other withdrawal methods affected?
International wires in non-USD currencies and SEPA withdrawals are not affected, they are operating normally. Please note that roughly 5% of our USD wire transfers are affected, but by and large are being processed normally.
6. Any numbers?
Last month in May we processed 2,459 USD Dwolla withdrawals for a total of 2.17 million USD.
The number of delayed withdrawals are 8.54% of the total USD withdrawals and represent 13.25% of the 2.17 million USD through Dwolla. 7. Is Mt.Gox insolvent?
We want to reassure everyone that we are not insolvent and the number of withdrawals touched by this “slowdown” is a minority of our total withdrawals. We invite users who are concerned to review our transparency document here: https://mtgox.com/press_release_20120201.html An updated one will be made available as soon as we are able which should allay any fears that we could possibly be insolvent. Disclaimer: Even if the above numbers for affected withdrawals are in the minority compared to what we handle every single month, this is does not mean that we are ignoring our users affected by this problem or ignoring the problem all together. We are working as we speak on several solutions but unfortunately we are not in a position to discuss the details of these solutions as yet. ConclusionWe are fully aware of the delays for some withdrawals and we are working on fixing this issue as we speak as well as working with other Bitcoin partners to find other alternatives. Mt.Gox is still solvent and is not going into bankruptcy anytime soon.
Can you trust us? As we stated earlier... Mt.Gox is one of the oldest Bitcoin Exchanges and despite all that happened since its creation, Mt.Gox is still the leading Bitcoin Exchange, and still going while many of our respected and hard working colleague exchanges and trading platform collapsed. |
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Alright! it works! Just attached my google authenticator to my account.
Why the option for 16bit or 32 bit keys? What's the purpose behind that?
Good question, our tech explained me the reason yesterday and I still have difficulty to still understand it, still some application will accept both and some only one... Your device is an Android Phone? iPhone? |
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Let me make explicit what I thought was obviously implied in my question: Can I *create* a button via the merchant API or do I have to manually create 2000 buttons ? Sorry for not being clear, but yes you can create any buttons you want from our API. The "Button Creator" is for occasional merchants, the API is for professional like you who wants more. There technically no differences between the Button and the API. Cheers so you could (via any old shopping cart system like magento or osCommerce) determine a €/$ price for your item and then have a corresponding mtgox checkout button configured? Our technician sent me this link for you https://en.bitcoin.it/wiki/MtGox/API/HTTP/v1#Dynamic_Button, so basically the answer to your question is yes. |
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Let me make explicit what I thought was obviously implied in my question: Can I *create* a button via the merchant API or do I have to manually create 2000 buttons ? Sorry for not being clear, but yes you can create any buttons you want from our API. The "Button Creator" is for occasional merchants, the API is for professional like you who wants more. There is technically no differences between the Button and the API. Cheers |
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You phone is not stupid, we found out what's going in and we are making some modification right now for you and people in your situation. sweet! You guys rock. Next time I'm in Japan I'm going to bake you a cake Should work now! Chose either one of the new 16Bit or 32 Bit Private Key |
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Mr Mt Gox,
Can I use a Yubikey I got directly from Yubico ? I know you can reprogram those things and the new ones have 2 configuration slots.
Please send an email to the support team for that. Cheers |
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I'm trying to add a google authenticator to my account, but when I try to enter my private key into my phone the google app says that 8's and 9's are invalid characters.
edit: just to be sure... I'm supposed to be inputing the private key mt.gox generates into the google authenticator app in the field that says "enter your key" right? Thats how I'm interpreting it.
Do you have the same problem when scanning the QR Code? Unfortunately my job requires that I not have phones capable of taking pictures. I have to type in the key manually. edit: can anyone else test that for me? Maybe my phone is just plain stupid. See if you can input a 9 or 8 into the key field You phone is not stupid, we found out what's going on and we are making some modification right now for you and people in your situation. |
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I'm trying to add a google authenticator to my account, but when I try to enter my private key into my phone the google app says that 8's and 9's are invalid characters.
edit: just to be sure... I'm supposed to be inputing the private key mt.gox generates into the google authenticator app in the field that says "enter your key" right? Thats how I'm interpreting it.
Do you have the same problem when scanning the QR Code? |
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Please... Mt.Gox Support. Stop with the lying. You are unable to process large dollar transactions and many of us suspect it's because of insolvency and/or a setup to allow you to pass the blame off onto other entities when your system continues to fall apart. This "announcement" smacks of BS. You can't even handle minor fiat transactions NOW, why would anyone want to trust you with their business, possibly with large(r) volumes of fiat transactions?
Anyone signing up for your service is just asking to be run out of business when you can't/won't pay them the money you owe them. Anyone considering this needs to be wary. MTGox can't pay their bills now, what makes you think you'd be anywhere high on the priority list of getting paid when it all comes tumbling down? The answer is, you won't. Any funds you were due from them will magically go poof and/or be blamed on a third party entity.
Dear Inaba As stated, we clearly said that a few people has been affected when it comes to Deposit/Withdraw in USD, we are working on it. Regardless of what you think of us, Mt.Gox is still running, still moving forward and still innovates where many small and larger players collapsed and shutdown, we went through hell many times and we are still here. Are we perfect? No, but we are working like hell to improve things and make sure to bring something positive to Bitcoin and the community. |
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Can you show that the price is X percent cheaper when you use Bitcoins?
For that we will require more information on the product. This button is a simple "Checkout" or "Payment" button. If you want something more "powerful" please use our Magento Plugin ( https://bitcointalk.org/index.php?topic=85520.0). |
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This is a good thing that mtgox has launched such a service, prices are competitive too and likely will cause competitors to reconsider their pricing. Competition is a good thing.
As a merchant who would like to use such services I have some things to worry about with this mtgox's solution. Here are rumours and reports of mtgox being rather very slow parting with fiat money lately (i.e. fiat withdrawals are taking way too long).
Could please mtgox comment on how quickly and how reliably merchants can withdraw fiat from mtgox. Please describe a typical scenario and costs involved for a merchant that would like to convert 100% of sales into say GBP and sweep it to their bank account on daily or weekly basis.
I believe that we have been pretty straight forward on this and we admitted, even here, that a few number of our customers are suffering from slow withdrawal when it comes to USD. SEPA (EUR) and GBP are however unaffected (as for today). We are working on a solution to solve this matter once and for all and restore previous transfer speed. This said in your case GBP, you will not be affected. How long would it take?
GBP whtidrawal are made twice a week Which risks merchants run here?
I am not sure to understand your question. Are there terms and conditions for merchants?
Yes we do have them, I am not sure why they have not yet been uploaded, I will have to check this and make sure we are pushing them. If someone pays with "tainted" coins to merchant, will merchant run risk of mtgox doing it's usual PI trick and freezing/confiscating merchants money?
If your account is AML Verified or Truster you will not be affected by this. I do want to use mtgox's shopping cart solutions since the claimed top line pricing is attractive. However, I am worried about the mentioned above potential costs and risks enough to not jumping into it just yet.
I completely understand your point, and while I only have my words here, we are doing everything can to make sure that you will get a great experience using our payment services. |
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As a merchant who would like to use such services I have some things to worry about with this mtgox's solution. Here are rumours and reports of mtgox being rather very slow parting with fiat money lately (i.e. fiat withdrawals are taking way too long).
...
If someone pays with "tainted" coins to merchant, will merchant run risk of mtgox doing it's usual PI trick and freezing/confiscating merchants money?
+1 MtGox where is your SAS 70 / SSAE 16? Until MtGox takes this seriously, I am afraid I am having a hard time taking MtGox seriously. Hi Mike You know that we are taking this seriously, remember our conversation during this fantastic dinner we had at CES? I am not sure if SAS 70 or SSAE 16 are relevant for us since we are not in the US and or a US Company, I will pass this to the person who's in-charge of that matter here to check it (He may probably already know about it). In the meantime, we are moving forward and Tibanne has already been audited here in Japan by TEIKOKU DATABANK http://www.tdb.co.jp/english/ and you can see Tibanne as a listed company that went through their audit http://cl.ly/3E0q0y2Q0R1r2N0Y1D3u. Also, AYOAMA & PARTNERS our account, is also acting as a Financial Auditing company in our case and make sure that we are doing things right according to Japanese Law. Like I said to you before, things are moving, maybe not as fast as we (you and I) would like to, but we are moving forward! |
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Google Auth. Sweet. I will be enabling NOW.
On edit a couple of suggestions:
The terms "security center" and "extra security" are used interchangeably. Seems like you need a name change and didn't update all the text?
When adding a Google Auth the term "secret" isn't exactly clear. Something like "confirm current authentication code" or some kind of popup or info tag might help. Or maybe I am just stupid without my morning coffee.
A well deserved Thank you for enabling a universal solution. I have no need or desire to use yubikey as it is a single site solution. Worse I usually access bitcoin exchange via remote desktop session which doesn't play nice with yubikey. Google Auth allows me cellphone to authenticate multiple sites and it is always with me and it is itself protected by a strong login.
Lastly I love the idea of only "locking down" withdrawals. Awesome idea.
Thanks for your comments, we will check what can be don on the wording. |
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Sounds great. So I can set up a product to be priced in USD, will the customer purchase the item in USD? If so how? Is there credit card processing or a bank transfer page?
The USD here is just for "Information Only". We made the dual pricing system in order to ease the transition from USD/EUR/YEN to BTC. A bit like what happened in Europe with the Euro when stores offered dual pricing in order to help people to get used to EUR. |
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Is it possible to see/edit buttons after you've created them?
As for today there is now way for your to get an history of the created Buttons. This feature will be added soon. |
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I'm trying to login to Mt. Gox right now to test this, but my login doesn't work, and my Reset Password email either doesn't work or take a long time to get to me.
First contact the support for your password problem, just in case, better safe than sorry! Also as soon as you login use our new security center to use our new OTP system. Now, Buyers do not need to have an Mt.Gox account, only seller is required too. So you can accept any bitcoin customers regardless of where they store their bitcoins.
How does this work exactly? Is there a demo store I can try? Watch this video http://vimeo.com/38342982 and it is explained at around 1 minutes 40 seconds. We have to come with a demo Store that will not "Charge you". I am going to check that can be done. |
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What's the strategy here?
Our strategy here is to make sure that Bitcoin as a whole continue to grow. Any bitcoin transactions you do via our system is free of fees. A buyer pay in BTC, a seller recieve BTC. as simple as that. Now if the merchant want to change his/her BTC into USD, EUR... well the usual Mt.Gox fees apply with 0.6% at max when you "cash out". It is difficult to be more aggressive when it comes to payment online payment methods. |
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Very nice work, lots of good press releases from Mt. Gox today. One problem though, although I imagine it's by design - this button, & the Magneto plugin, only allow payment through Mt. Gox - there's no place to send Bitcoins directly. Is this (centralization/"lock-in") the direction your product is heading? Do you want to be another PayPal? Or will you add an option to pay with Bitcoins directly, not through Mt. Gox? What's the strategy here? So far the system only works via Mt.Gox, which is why we can guarantee instant payment when both parties (Buyer and Seller) own a Mt.Gox account. This said. Buyers do not need to have an Mt.Gox account, only seller is required too. So you can accept any bitcoin customers regardless of where they store their bitcoins. |
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Press Release = https://mtgox.com/press_release_20120531m.htmlVideo = https://vimeo.com/42950314Magento Plugin = https://github.com/MtGox/magentoTOKYO - JAPAN - May 31, 2012 - The leading e-commerce platform Magento has changed the way people sell online thanks to its robust and versatile e-commerce CMS. Being a leader in its category Magento was an obvious choice for Mt.Gox, and today we are proud to announce and launch our first Bitcoin payment module for Magento. Available via Magento Connect, the Mt.Gox Payment Extension will give you the ability to accept Bitcoin payments on your website and start to doing business with the ever expanding Bitcoin community, regardless of the traditional currency you transact in! Based on Mt.Gox Merchant API, the Mt.Gox Payment Extension offers the same features and advantages including instant checkout for Mt.Gox users account holders and mobile payment on supported mobile applications via QR codes. Mt.Gox Magento plug-in also supports a basic Autosale function allowing merchants to automatically sell their Bitcoins into other currencies at market price as well as being instantly informed by email each time a transaction has been cleared. Like another other payment solution methods proposed by Mt.Gox, this plug-in also support instant payment for Mt.Gox account holders. Mt.Gox Payment Extension can be access online via this link : https://github.com/MtGox/magentoRegards Mt.Gox Co. Ltd Team. Media Contacts press@mtgox.com |
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