I just want to make it clear that I am dedicated Bitcoin enthusiast, and I certainly want Bitcoin to succeed. I've invested my own money in Bitcoin, and Bitcoin related businesses. Despite the consequences of losing an exchange with 50-60% of the total volume, I cannot stand idly by while Gox lies to their customers. I find it unethical, damaging to Bitcoin related businesses, and hazardous to the Bitcoin movement. It bothers me when people defend Gox, yet oppose anything centralized. Gox absorbing this much volume is dangerous to the stability of Bitcoin. We've placed too much reliance on Gox. Bitcoin will survive despite Gox, not because of it. Please check out the contradictory information we are receiving from Gox. I don't buy it, and others are starting to lose faith at an increasing rate. https://bitcointalk.org/index.php?topic=179586.msg2925369#msg2925369I've been tracking the variance between Mt.Gox and Bitstamp for 4 months. I use Bitcoincharts.com for my information. Let's hope the information is reliable, because Mt.Gox also owns bitcoincharts.   |
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Let me just go ahead and rip this ridiculous excuse for an answer. Here are some new IRC quotes for you, reordered for readability: 13:43 < sturles> SEPA has been delayed for as long as I can remember. I wish
MtGox had more SEPA banks, but they generally don't like
Bitcoin buisnesses. Perhaps the one in Slovenia which
Bitstamp is using could be worth a try? Could be troubled
with the same issue, of course.
13:48 <@MagicalTux> sturles, we already applied to that one
13:53 < sturles> MagicalTux: Great! Lower SEPA delays would do wonders! In
fact all good news regarding delays would be wonderful at this
time..
13:54 <@MagicalTux> sturles, we've been reducing SEPA delay day by day
13:54 <@MagicalTux> things are much better than one month ago
13:54 < sturles> Have your limits increased?
13:54 <@MagicalTux> nope
This is great news! That is not great news, sounds like the Slovenia bank rejected their application. Also, their limits have not increased. This is bad news. 13:50 < samson_> MagicalTux: Would you say we're facing a banking embargo on
the entire Bitcoin business ?
13:51 <@MagicalTux> samson_, things are not easy, but it's far from what you
could qualify as "embargo"
13:51 < samson_> ok thanks
Difficulties (we know that from many countries, e.g. UK), but no organized embargo. I don't think he is going to go "yep, no bank wants to do business with us" (for some lolz, please refer to previous answer in section above). He skirts around the question by directly referring to "embargo" rather than the difficulties they are facing, which he has confirmed prior<@MagicalTux> cyro432: not much we can do right now because of US govt" 13:58 < sturles> Btw, there are roumous now that USD withdrawals are somehow
blocked entirely. Is there any truth to that? Some people
intepret this as "US government are blocking all USD
withdrawals": <@MagicalTux> cyro432: not much we can do right
now because of US govt
13:59 <@MagicalTux> sturles, "blocked" is not the correct word
14:00 < sturles> What is the exact problem then? You can see here how the
speculations go:
https://bitcointalk.org/index.php?topic=179586.msg2918767#msg2918767
14:01 <@MagicalTux> sturles, we are not allowed to talk about the exact problem
(doing so would only make things worse)
That's no explanation of the problem, but explains the lack of news. For other currencies: I don't see how this answer doesn't scare the hell out of you. And you brush it off like its an acceptable reply. "Not allowed to talk about the exact problem" that is by far the worst excuse for lack of transparency. 13:58 < SleepersTide> MagicalTux: Are Australian bank transfer withdrawals
being processed normally?
13:58 < SleepersTide> (also how long do those take?)
14:00 <@MagicalTux> SleepersTide, right now all SWIFT transfers are processed
up to the limits of our current bank (up to 10 transfers
per day - we should be able to increase that as soon as we
have more banking partners ready - it's taking longer than
expected because of the time required by the people at the
bank to understand our business)
14:10 < sturles> MagicalTux: Why only 10 SWIFT transfers per day? Is that
commonplace for customers in your bank?
14:12 <@MagicalTux> sturles, most companies in Japan will do one, maybe two
SWIFT transfers a month to providers overseas (actually
most will do zero)14:14 < Delerium> when you say transfers per day you mean 10 swift runs
(containing LOADS of transfers within) or literally just 10
transfers
14:16 <@MagicalTux> Delerium, literal
14:17 <@MagicalTux> when we were in the second largest bank in Japan, we
represented more than half of all the volume of SWIFT
processed by that bank (almost overloading their systems a
couple of times)
With only 10 withdrawals per day in all other currencies than JPY and EUR, it is going to take time. And he confirms again that MtGox are in fact overloading their bank. The discussion is still going on, btw. About ordering and more about transparency: "Its taking longer than expected... [for] the people at the bank to understand our business." I just don't know what to say at this point. I mean to expect me to believe that it takes 2-3 months for very intelligent individuals at a bank to understand how Bitcoin works is difficult. And that they overloaded the second largest bank in Japan is extremely hard to believe. 14:17 < rfish> MagicalTux: I think you owe it to customers to make the numbers
of swift transfers you are doing per day more public and explain
the reasons
14:18 <@MagicalTux> rfish, rather than spending time on this, fixing it is
likely going to bring more on the long term
14:18 < rfish> MagicalTux: And you should be fair about which you do, like
wires greater than X amount, in the order they are received
14:19 <@MagicalTux> those wires are processed in received order, nothing else
"<@MagicalTux> rather than spending time on this, fixing it is likely going to bring more on the long term" Ok, well in the 30 seconds you spend reviewing your press releases, maybe you should insert some truth somewhere. This is a different statement than before "<@MagicalTux> Not allowed to talk about the exact problem" instead he shifts the blame to being "too busy." "<@MagicalTux> those wires are processed in received order, nothing else" This is in direct contradiction to what MagicalTux posted a few weeks ago where he said that "5 digit or more" wires were taking priority. I'm done. No further explanation necessary. Let everyone decide for themselves whether or not they believe any word that comes out of Gox's mouth. July 24, 2013: [14:45] <@MagicalTux> right now we're giving priority to larger transfers [14:45] <racerx> please define "larger" [14:46] <@MagicalTux> 5 digits or more https://bitcointalk.org/index.php?topic=179586.340For some more hilarious content please see the rest of the conversation: [14:51] <@MagicalTux> [22:49:57] <nutcase> and only wire transfers are working for US people right MagicalTux? <- at this point, yes. We are working on US domestic solutions however [14:52] <nutcase> okay cool thanks MagicalTux [14:52] <racerx> so wires to the rest of the world are just on hold until further notice? [14:53] <nutcase> the wires to the rest of the world never got stopped afaik [14:54] <@MagicalTux> it's not on hold, just processing slowly [14:54] <racerx> nutcase: that was the communication in the press release, but gox support are using the USD hiatus as the reason why my wires are pending with no ETA [14:54] <@MagicalTux> we're working with our banking partners to increase the throughput of outgoing wires [15:00] <racerx> MagicalTux: I apprecaite your input but I hope you can understand the concerns we/I have. So many reports of outgoing wires (bitcointalk.org) not being transfered in any logical order and everyone is being strung along by support [15:01] <EPiSKiNG-> MagicalTux = BEST [15:01] <EPiSKiNG-> MtGox = BEST! And EPiSKiNG is the only one who posted a USD withdraw for the bounty... hmm. https://bitcointalk.org/index.php?topic=251895.160 |
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No. What Karpeles is confirming is that the USD withdraws are being halted by the US gov. NOT due to problems with Mt.Gox's banking connections, which they have used as an excuse the last 2 months. This essentially means that USD withdraws will not resume for quite some time, if ever.
These two explanations can both be true at the same time so I don't see a big controversy here. My personal guess is that the problems arrived when Gox registered as a money transmitter at the federal level, but they lack the necessary licensing from state level. Before they were not registered as a money transmitter they could fly under the radar for some of the banks as some kind of strange business selling some bits on the net. Now that they are officially money transmitter that explanation does not fly anymore but since they do not have licensing to operate as such no bank wants to touch their business with a ten foot pole and it gets more difficult each day as they seem like a very untrustworthy unlicensed money transmitter. Their immediate problem is that they cannot find a bank that wants to do USD based business with an unlicensed money transmitter. Their problems stem from incompetency, not because the registered as an MSB with FinCEN. Their immediate problem is also their relatively permanent problem. Not only will it take at least a year to get their Money transmitter licenses in all 50 states, but they exchanged liberty reserve dollars, and they have a $75MM lawsuit over their heads. Good luck having a US bank willing to take on that kind of risk... ever. |
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Can anyone confirm this conversation? If this is true, then we need to escalate this to a major news source. Gox needs to be outed for the fraud that it really is.
I can confirm it - it's on my screen now in the #mtgox channel on freenode. [07:40] * cyro432 has joined #mtgox [07:40] <cyro432> MagicalTux, people in this forum are saying they are going to go to SEC over not receiving money [07:40] <cyro432> https://bitcointalk.org/index.php?topic=179586.500[07:41] <Title> [ MtGox withdrawal delays [Gathering] ] [07:41] <DBordello> MagicalTux, that would be great. I am sure it'd help reduce the load [07:42] <cyro432> I am aware of a number of delayed wire transfers over 3 weeks old [07:42] <@MagicalTux> cyro432: not much we can do right now because of US govt [07:44] * torment has joined #mtgox [07:49] * sheldonthomas has joined #mtgox [07:53] <phantomcircuit> cyro432, irony of ironies going to the us gov to fix a problem they largely created The differences in time shown here are due to the IRC program displaying local time. My timezone is GMT+7, Bangkok time. Whoa, alright time to hit up some media contacts everyone! I don't get it. What is new here? The Dwolla seizure has been known for a while. Have you been living in a cave for the last three months? No. What Karpeles is confirming is that the USD withdraws are being halted by the US gov. NOT due to problems with Mt.Gox's banking connections, which they have used as an excuse the last 2 months. This essentially means that USD withdraws will not resume for quite some time, if ever. |
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It's not MtGox's fault! They are just a completely innocent victim of US govt! REMAIN CALM, ALL IS WELL https://www.youtube.com/watch?v=zDAmPIq29ro02:42 < cyro432> I am aware of a number of delayed wire transfers over 3 weeks old 02:42 <@MagicalTux> cyro432: not much we can do right now because of US govtThis cyro432 needs to get out more. I am aware of a delayed wire transfer that is over 8 weeks old: mine. Can anyone confirm this conversation? If this is true, then we need to escalate this to a major news source. Gox needs to be outed for the fraud that it really is. I can confirm it - it's on my screen now in the #mtgox channel on freenode. [07:40] * cyro432 has joined #mtgox [07:40] <cyro432> MagicalTux, people in this forum are saying they are going to go to SEC over not receiving money [07:40] <cyro432> https://bitcointalk.org/index.php?topic=179586.500[07:41] <Title> [ MtGox withdrawal delays [Gathering] ] [07:41] <DBordello> MagicalTux, that would be great. I am sure it'd help reduce the load [07:42] <cyro432> I am aware of a number of delayed wire transfers over 3 weeks old [07:42] <@MagicalTux> cyro432: not much we can do right now because of US govt [07:44] * torment has joined #mtgox [07:49] * sheldonthomas has joined #mtgox [07:53] <phantomcircuit> cyro432, irony of ironies going to the us gov to fix a problem they largely created The differences in time shown here are due to the IRC program displaying local time. My timezone is GMT+7, Bangkok time. Whoa, alright time to hit up some media contacts everyone! |
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It's not MtGox's fault! They are just a completely innocent victim of US govt! REMAIN CALM, ALL IS WELL https://www.youtube.com/watch?v=zDAmPIq29ro02:42 < cyro432> I am aware of a number of delayed wire transfers over 3 weeks old 02:42 <@MagicalTux> cyro432: not much we can do right now because of US govtThis cyro432 needs to get out more. I am aware of a delayed wire transfer that is over 8 weeks old: mine. Can anyone confirm this conversation? If this is true, then we need to escalate this to a major news source. Gox needs to be outed for the fraud that it really is. |
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Because they are withholding a large sum of fiat from Bitcoiners.
In case they would finally shutdown, all the bitcoins held by them will be migrated quickly to all the other exchanges, however the fiat cannot.
The low supply of fiat and a sudden increase in bitcoin supply will cause the price to drop drastically in the other exchanges.
This will lead to a short-term panic bear market for sure.
eh? The above is a description of the current situation, not some future scenario. Just look at the price, $94 where you can withdraw fiat and $104 at MtGox. BTC is leaving MtGox, fiat can not and does not. Most smart people left MtGox ages ago. The situation would actually be very different if MtGox actually shut down, if they just closed their website tomorrow then nothing would leave MtGox. It is all based on faith. If everyone lost faith in Gox tomorrow, the price would skyrocket on Gox, while depress prices on other exchanges. |
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Selling inbitcoinwetrust.com domain name.
May the bidding begin on possibly the most legendary Bitcoin domain name of all time.
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What I don't understand is why you have to get verified to withdrawal BTC.  anti-money laundering laws I assume. I don't think so. Wallet to wallet is simply a transfer, I couldn't see how that would apply with AML. |
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This is a common thing with small "run lean" startups in Silicon valley. It's normal.
If you are selling a product where your location is usually not relevant to the customer then it is normal. To provide financial services and ask for people to deposit large sums of money is a completely different story. Excellent counter point. They could probably stand to be a little more forthright in their true location. Still looks to be a legit business though. The only thing that struck me as a little funny in Ryan Singer's statement above was the statement concerning "security conscious". That address is pretty secure with guards at all 8 elevators that require a building security issued picture badge to board the elevator. Every person going up an elevator is checked and visitors have to register at security. You cannot simply say "oh he's with me", they will direct you to security for a visitors badge. Also this place has more high def cams than a Vegas Casino. That part puzzled me. In all honesty I think they are simply trying to spin it that they are a 1 Market Plaza financial operator and not actually a small startup at the *slightly* less prestigeous 20 Mission St location  ~BCX~ Have you seen the other locations of Bitcoin startups? Everyone has to be scrappy at this point in the game. And would you want random people from forums coming into your office, when your services don't require them to? I'm not sure what your expectations are, but every Bitcoin startup is working with a limited supply of cash. |
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Here is the latest news from support on my 15 BTC withdraw from 31/07/13 James Support
Welcome to Mt.Gox Live Chat Support
Faraday
When will my bitcoin withdraw be sent? (2013/07/31 09:42:15 Withdraw 15.95585745 BTC)
James Support
Hi
Faraday
Hi James
Faraday
I made a withdraw of bitcoin to my account to the address 1A3UXEJnqg7dZLuJMDf7sGbhinvwQ5H7hH
James Support
Please provide me your username and account #.
Faraday
and it has never been sent
Faraday
Account Number: Faraday
Faraday
User name: Faraday
James Support
Thank you for the information.
James Support
Please wait let me have a check.
Faraday
Thank you.
James Support
Thank you for waiting.
Faraday
No problem.
James Support
It has been already informed to our developer to check on this and I will let you know once it is processed.
Faraday
It there an estimated time that this will take? At it has already been 9 days since requesting the withdraw, I would just like to know how long this would take?
James Support
Please be advised the BTC transaction on whole day has been missing and it has been reported to the developer to check on this. Our developers working on it to track the transaction as soon as possible.
Faraday
Alright, well it is good to know that they are working on it. I don't suppose there is any ETA for how long this will be?
James Support
We can not predict the ETA at this time, I will let you know the status of it once I get update from our developer.
Faraday
Alright, well thanks for the update. and I would really appreciate if you could email me when you have any more news.
James Support
Sure, I will keep you update, you can also contact us back via email.
Faraday
Great, thanks for your help.
Faraday
Have a nice day, James.
James Support
You are welcome.
James Support
Have a nice day!
James Support
Thank you for contacting Mt.Gox chat support. Please feel free to contact us for further assistance.
James Support has left the room
So according to James a whole day of bitcoin transactions is missing? Why am I the only one posting about this if it's true?! Anyway it seems there is not much I can do other than keep waiting. Also this was the one time I didn't pay transaction fee. (As I didn't need the BTC immediately, thought it might take 24 hours or something. No idea the transaction would end up lost for a week! Pay transaction fee people!) I'm fairly certain it has nothing to do with the transaction fee. I've made many withdrawals without paying fees and never had a problem. You seem to be suffering from the same technical glitch that I suffered from about the same time, and I'm sure many others that aren't privy to this forum are also affected. Keep after them and they should come around. Gox is implementing capital controls on the flow of funds. They will be exercising more "errors" and "fraud flagging" as the exchange becomes more and more illiquid. |
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Since Gox has legal troubles in the US, probably any USD transfer from/to gox may be delayed/cancelled by US intermediary bank.
Every international USD transfer goes through US bank which has power to block it.
Any bank dealing with USD must comply with US "international" regulations. Any USD transfer is under control by intermediary US banks.
Yep. This is what has been the problem since withdraw freezes were first announced. There isn't a problem with their bank in Japan, there is a problem with US banks refusing to work with Gox, which cannot be solved "in 2 weeks." |
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Thanks guys, we might be announcing another surprise simultaneously when we launch Android |
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The worse part, it is like he is not even putting much effort into it. Couldn't he take a few minutes to lift a photo from Linked in? Pretty lazy scammer. Coindesk has lost all journalistic integrity in my book. I tried to leave a comment on the article with a link here and some proof this is a scam and they did not approve the comment. I am starting to wonder if Coindesk it participating in this scam themselves. Seriously, noone even knew about them until coindesk wrote the article which is what gave this blatant scam an air of legitimacy. If they did even 5 minutes of basic research, they would have found all the blaring scam evidence we have. This is below the par of a Junior High School newspaper. I am not sure whether the journalist and editor are Incompetent, Lazy or Dishonest. Those really are the only 3 options or some combination thereof. Pathetic Its not like WSJ has better fact checking. Coindesk doesn't perform DD either. http://online.wsj.com/article/SB10001424127887323997004578644491403250124.html?mod=WSJ_article_MoreIn_Tech |
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I like the design. Will it be possible to change the referenc currency to EUR?
Yes, within the mobile app simply tap the current price on the main landing screen. This will change your currency across the dashboard, charts, calculator, and price push notifications. We don't have multiple currencies yet on the dashboard, but they should be on there within the next 3-4 days. |
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If you are new to Bitcoin, we are the one stop for everything you need to know in real time. We've recently undergone some extensive upgrades to the zeroblock network. We are now officially the first cross-platform news aggregator network. If your page is having trouble loading, please refresh. Your browser is connecting directly to Mt.Gox's websocket, which sometimes doesn't load properly. We are working on fixing this issue asap.Web:www.zeroblock.comiOS:
www.mobile.zeroblock.comOverview: https://i.imgur.com/sWjqa5t.png (Thanks to MonCorpus) Android:2 Android developers were just brought onto the team, will take ~1-2 months We've been working with Andrew Le, our new in house web developer the last month to create our web platform. You can check out his portfolio at http://andrewle.com/work/. Our web platform has many of the features you enjoy with the iOS platform, however we are continually working on upgrade the site to be a perfect compliment. ZeroBlock will be the only network with the capability of reaching every Bitcoin user instantly, no matter what device they are on. We've added some new features to the mobile app: - Multi-currency support - Color Clark Moody charts and indicators via In-app-purchase (on the About screen - Thanks for the support!) - M1 Money Supply rank - More mining data These features are in addition to what the mobile app already offers: - News Aggregator - Market data updates instantly - Push notifications for price - Personal holdings calculator - Share stories via Facebook, Twitter and email      |
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