2. Based on the above, I believe that the leadership days of MtGox are counted. As I looked today , bitstamp is on track to overtake MtGox as market leader soon. They already are 50% of MtGox today. Providing transparency on my side, I have just cancelled all my USD withdrawals , converted into BTC and transferred to bitstamp, bitfinex or cold wallet. By the way, so far I found bitfinex trustworthy as I had smooth experiences both for trading and USD withdrawals. It seems that others have done the same recently and that may be the reason why the bitstamp / MtGox spread is narrowing. MtGox is drained....
Mt.Gox has made it abundantly apparent that it has poor leadership, and poor work ethic. |
|
|
|
|
USD withdrawal requested AFTER 7/4/2013 and that is subsequently put into their account. You will need to post two screen shots, one of the Gox withdrawal and one of it actually in your bank account (the incoming wire).
|
|
|
|
 Bounty to: 18KcLRpwrzmjkumE7Xpqk2NV2oZbL6QsHT -EP USD wire or EUR? And is that to a US bank? |
|
|
|
|
A bottleneck of 2 months isn't a temporary bottleneck. And your exchange isn't functioning as a true exchange if you can't exchange to USD/wire to the United States!
|
|
|
|
Folks, The trading platform that TruCoin is launching today allows users to place stealth dark pool orders on all of the major exchanges. The stealth orders are hidden from the public until the order executes. So, they don't show up in any of the public market depth tables or charts. I can discretely place large orders now without affecting the market! Thoughts? How does Trucoin place an order on the mtgox book without it appearing in the public depth table? Trade secret Obv It will just be listed on their platform order book. Won't show up in Gox's order book. |
|
|
|
Because nobody believes this feature request will ever be implemented.
Gox is a business not a no profit org.
Were I to be the most honest exchanger in the world I still would not release such information.
Because it attracts people with ill intentions for my business.
Mtgox's profit derives from the volume of trades, not from high prices. How that info can lower their volumes? Currently they have a problem with a trust. No information -> people getting out of Mtgox to bitstamp. Opening the queue info could only lead to building trust with their customers. So it is definitly in their interest to open queue info. Well they can't build any trust if they won't disclose anything. If disclosure brings negative consequences then you can conclude that they are using the lack of information for their advantage. |
|
|
|
IMO the reason for the 10% or so fall over the last couple hrs is no exchange really knows what the right price is. Everyone always counted on mtgox but they aren't paying out. Thus, people are looking at other exchanges and seeing $5-$10 differences in price increases fear of instability, which BTC has always and already has a lot of. I really hope mtgox gets things rolling again soon or this could be horrible for the bitcoin price and community.
Agree with you. It would be great if MtGox could resume withdrawals Based on this, are you still solely using MtGox for your TA or will you be looking at other exchanges charts now? Since Gox can't be called an exchange, the price would be a volume weighted blended average of the top 5 exchanges by volume. And honestly you could exclude Gox from that price since their rate is artificial. |
|
|
|
If you do money transmitting business and you are not registered as Money Services Businesses (MSBs), you can get get a penalty or even go to jail. If you do want to register as MSB, you must pay, wait and not do any business. So gox is trapped. Am I right?
Gox is working on registration. You do not have to stop operations while they process the paperwork. They might be registering users (cash flow in), but not letting any USD out. That is not the definition of an exchange. Actually, scrap that. They are even having trouble accepting deposits now. "In the past we were able to credit customer accounts before the funds arrived in our own bank account, meaning that it could only take 3~4 days to register. The new process may take a week to ten days to register on your account depending on your bank, as well as weekends and holidays." https://support.mtgox.com/entries/21692589-Changes-to-Deposit-Transfer-Procedures |
|
|
|
Damn.
NO ONE seems to have been successful in making a USD withdrawal from Magic The Gathering Online eXchange.
Not very reassuring.
I mean, it were just a huge backlog or incompetent management, then at least ONE person on this forum should have been successful.
NO ONE huh? I received a wire from mtgox for a large amount. Took about 1.5 months, and a couple of support requests, but it finally came in. They're fixing it, and within the next month or less, it should be back to normal.
I don't think people realize how much volume gox does... ANY exchange with similar volume will/have run into these issues.
-EP
Gox processes a tiny amount of fiat volume compared to other companies. |
|
|
|
|
So EUR SEPA wire are trickling out, still no USD?
|
|
|
|
|
So your funds "disappeared" during the Dwolla DHS seizure?
|
|
|
|
|
MT.Gox isnt an exchange anymore.
|
|
|
|
IMHO if Gox is dying their actions have been in the best interested of Bitcoin.
Absolutely incorrect. Mt.Gox has time and time again lied and manipulated their customers. First they had the CoinLab suit, where they didn't even try to keep their end of the agreement. Second, they get their accounts frozen by DHS because Mark Karpeles said that his accounts were not being used for "currency trading, or money transmitting." Third, US dollar withdraws are prohibited because Gox didn't bother to think about legal ramifications. Oh and on top their inability to legally comply with any agreement or financial law, their trading engine had lag times of an hour at Bitcoins peak! All they ever cared about was money, they never cared about improving their product, and they didn't care about their customers. Who here can say they love Mt.Gox's support line? Have you ever seen Gox at any of the Bitcoin conferences? Let's say they realize they are insolvent and no way to pay back:
Option 1) They suddenly announcement their bankruptcy in their "prime" while having a 70%+ market share. Bitcoin would have absolutely bombed (we are talking single digits)
Yes, you are correct, but the other exchanges should be able to absorb some of the volume and mitigate a total collapse. Option 2) They stall/delay/lie over the period of several months and their market share slowly disperses to other exchanges. Users slowly get used to the fact that Gox might be in trouble. After a while people expect that Gox is in trouble. By the time they finally announce their bankruptcy everyone will be expecting it, and while their will be a lot of any people still left in that 40% market share, and it will affect the price of Bitcoin as a whole, it will not be anywhere near the disastrous results of option 1.
The only reason why the would be stalling is a.) they raided customer fiat accounts and are trying to bolster their liquidity through that or b.) they are using the spread to generate profit before their final collapse or until they become liquid again. Oh and they still aren't legally allowed to send wires in the US, and they have a $75 MM lawsuit over their head! |
|
|
|
Is this why BTCUSD is higher on Gox than on Stamp/Btce?
In all likelihood, yes. So a USD is worth less on Gox than on Stamp, implying they may not cash you out? At this time, the difference is so large we're not talking future value of money, but a scare of never being able to fully withdraw? Precisely. And that risk has been quantified in the 10% premium for USD (buying BTC on Gox & selling on Bitstamp). I see that spread jumping in the next week or two as traders realize that Gox is insolvent. It will happen suddenly. And when it does, a huge spread will develop between Gox and Bitstamp prices, until BTC on Gox reaches $1,000-$10,000 USD as no one is willing to sell BTC. What Gox could be doing is having an account open at Bitstamp, buying BTC there, selling BTC on their own exchange, then cycling the profits back to their Bitstamp account. Rinse, repeat. And as the price gets higher and higher on their own exchange, they could be selling BTC they acquired on Bitstamp to the desperate buyers on Gox, forcing everyone to liquidate fiat for BTC right into Gox's wallet. While this may keep Gox liquid, they will still be unable to process USD as they do not have their money transmitter license. And then what, close business! cause clients would leave Gox if they let this situation persist without further clarification. No doubt this will be seen by the pro's and denounced. For the moment there is no large buys going on Bitstamp,until then we can conclude this to be science fiction. Traders have let this persist for almost 1-2 months with lies and more lies. The pro's have seen it, why do you think there is such a large spread between Gox and Bitstamp? And why do you think Gox's market share has dropped dramatically in the last 2-3 months? |
|
|
|
|
Turn it into BTC and get it the hell out.
|
|
|
|
This could be just a fuck-up of the bank system.
hahaha. So you trust Gox more than a bank? |
|
|
|
TL;DR — he claims that SEPA EUR and PLN withdrawal backlog is at 1st week of june
Sadly not true. My SEPA EUR withdrawals from 2013-04-19 and onwards are still stuck at "confirmed". Not true indeed. Also my May 3 withdrawal is still at "confirmed". So the EUR SEPA delay is approaching 3 MONTHS. "May take up to 3 weeks", "Backlog is at 1st week of June". Fucking liars. That's an understatement. You are looking at fraud, with co-mingling of client accounts. |
|
|
|
Is this why BTCUSD is higher on Gox than on Stamp/Btce?
In all likelihood, yes. So a USD is worth less on Gox than on Stamp, implying they may not cash you out? At this time, the difference is so large we're not talking future value of money, but a scare of never being able to fully withdraw? Precisely. And that risk has been quantified in the 10% premium for USD (buying BTC on Gox & selling on Bitstamp). I see that spread jumping in the next week or two as traders realize that Gox is insolvent. It will happen suddenly. And when it does, a huge spread will develop between Gox and Bitstamp prices, until BTC on Gox reaches $1,000-$10,000 USD as no one is willing to sell BTC. What Gox could be doing is having an account open at Bitstamp, buying BTC there, selling BTC on their own exchange, then cycling the profits back to their Bitstamp account. Rinse, repeat. And as the price gets higher and higher on their own exchange, they could be selling BTC they acquired on Bitstamp to the desperate buyers on Gox, forcing everyone to liquidate fiat for BTC right into Gox's wallet. While this may keep Gox liquid, they will still be unable to process USD as they do not have their money transmitter license. |
|
|
|
|
Let's see the screenshot. USD withdraw?
|
|
|
|
|
Show Posts
