 This is odd. MtGox reported $7+ for a while, but there really wasn't any change in volume. I think something isn't working right, or almost all the asks were removed and somebody bought anyway, or some combination. Hi, so everything is working what you saw is in fact "normal" this is due to our process always showing up the "LAST PRICE" regardless of the currency. Then this price is converted for your on our HP in USD for example. I will check what can be done to make this better or at least give a warning at some point. |
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It seems that a lot of people see us as "EVIL" and the next bad thing to kill or abolish... Well this is "normal" after all, MtGox has been the leading exchange since quite sometimes now and despite having many different new players coming in we are still on top, so yes we understand that to some we can be seen as monopolistic despite the fact that we are just a drop in the Bitcoin Ocean. Mt.Gox is not Bitcoin and will never be, we are just an exchange with a huge volume and more track records that many others today. Today it is us, tomorrow it may be someone else and we live with it, but we are working hard to keep our edge with our Merchant Solution and this new Trusted Vendor program.
Now to make things worse (for us) we have a fully acknowledge Withdrawal problem with Dwolla and by now you must ALL KNOW the reason why, there is also a small number of international withdrawal that are affected, but this as well we have been explained many times : most of the time user affected reach a threshold with several withdrawal that can trigger a check from a GVT or a BNK. And when a company with our volume start to send huge amount of money on a daily basis to international costumers we are subject to random checks, like for example at the airport/immigration.
Most people do not understand the situation here and see the problem with their local point of view. Tomorrow Mr Jon Doe could start an exchange in the US, Open an account and deal with US customers. This I can tell you will not raise any problems at first, start to deal with a lot more of money and customers and become the 2nd Tradehill (in Volume) and you will see how things will turn. Now add a layer of "Internationalization" to it and "voila" you do not have one more country or bank to deal with but a lot more and a lot more potential problem and risks.
Tight verification, yeah I know you all hate it, after all Bitcoin was supposed to be the holy grail of anonymity, and actually Bitcoin is pretty close to it IF and ONLY IF you Mine coins and spend coins without ever needing to cash IN/OU these coins. But reality force us, at some point to deal with Banks that are not seeing the overall Bitcoin thingy the same we we see it. We are no different than you, we value our privacy but we do not have a choice. If we do not comply with such basic verification process we will sooner or later loose all our financial partner due to fraud and risk meaning that ultimately you will no longer be able to buy or sell your coin. And this my dear friends ANY Bitcoin company Helping you yo cash IN/OUT have or will have to deal with it at one point, this is JUST a question of time.
Are we perfect? No! But we are working into making things faster and safer for our customers and hope to achieve perfection at some point. So this Trusted Vendor Program is nothing more than a seal (that will be soon be improved) let people know : Yes we know this merchant, they are legit and they gave us all documents to prove us that they are who they are.
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MtGox's continued use of them really puts their client's funds at risk and exposes MtGox to more operational risk.
Soon the end of the tunnel my friend. |
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If we do new SEPA transfers, should we expect the same process or has a problem that might be causing the delay be fixed on your side?
The problem has been fixed, everything should be in ok now. |
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To use Coinabul as the example here: I want them to provide the goods they promise. I do not want them to spy on customers and report that information to governments wishing to steal property.
I am not sure if you understand the concept of this program. We are not asking ANYONE to spy or send us Client's data or whatever. We at Mt.Gox have a very strict AML/KYC system that help us to get an accurate information of the merchants and being sure that they are who they say they are and not a virtual company with no one behind. While the system could be improve and we will work on improving it, this is a first step, we hope in the future to make it better for both side. What we want is that people start shopping without wondering if the store they are visiting is real or not... |
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https://mtgox.com/press_release_20120705.htmlTOKYO - JAPAN - July 5, 2012 - Mt.Gox has officially accepted Coinabul, LLC ( Coinabul.com) as the first "Trusted Vendor" in the new Mt.Gox Trusted Vendors Program. This program will identify trusted merchants and websites in the Bitcoin community and is intended to usher in a new age of confidence and security for Bitcoin consumers. What is the Trusted Vendor Program? There has always been an issue for the Bitcoin consumer: Trust. Today, Mt.Gox is tackling the problem by creating the Trusted Vendor Program. The Trusted Vendor Program is designed to improve confidence in Bitcoin businesses for consumers. It guarantees that the business in question is a legitimate entity which has complied with all of Mt.Gox's Anti-Money Laundering and Know Your Customer requirements. How the Trusted Vendor Program works? The Trusted Vendor Program is entirely voluntary and free of membership fees. However, vendors and merchants may face expulsion from the program if they do not meet the standards listed below. Also please note that only companies can apply to the Trusted Vendor program. - The first step in becoming a "Trusted Vendor" is to obtain a "Trusted" account by providing the Mt.Gox Legal Affairs & Compliance Division the appropriate documents. The list of needed document can be found here on our Mt.Gox Support page: https:// support.mtgox.com/entries/20920158-aml-policies
- A minimum level of community trust must be maintained within the wider community. One example for doing this is by merchants ensuring they keep a high rating on BTC-OTC.
- Once approved as a Trusted Vendor, the Mt.Gox payment page will automatically display an Mt.Gox Trusted Vendor Program Logo and a Trusted Vendor Program Logo will be made available for use elsewhere on the merchant's website pages.
How to Apply to the Trusted Vendor Program? Vendors wishing to be entered into the program may send their company information to TrustedVendors@MtGox.comRegards Mt.Gox Co. Ltd Team. Media Contacts press@mtgox.com
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It seems that most SEPA Deposit problems has been clear, if your deposit has not been cleared this is most probably due to the following problem :
The Bank Information from where the money was sent does not match the information on your Mt.Gox account. Simply Put if Jane Doe from Germany send money to Jone Doe Mt.Gox account who's registered in Italy your Deposit will normally be rejected and funds sent back to you.
Of course if you have any question please open a ticket on Mt.Gox support Page.
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But a JP to US transfer is slightly more complicated and trigger many alarms when it reach 10,000 USD within a certain period of time.
Dear Mtgox Support Please allow me to call BS on that. I requested my very first wire transfer ever for 9k. It has been 10 days, and no one at gox has lifted a finger to help it along. It is still in the "confirmed" status. No further response from your system. I have a trusted status in your system. Since it is my very first wire request, it has obviously not reached the 10k limit.It is not dwolla, it is a wire transfer, so you can't pin this one on dwolla. If it were "processed" at your end, and the bank were delaying it, I would understand. But, that is not the case. It is in a "confirmed" status. By contrast, Jeremy West of spendbitcoins recently sent me a similar amount from Australia, and it arrived the very next day. I believe that Magiclatux talked to you on IRC (Just about now) about this... Now since we cannot obviously give the details of all your transactions here on this forum I would like however to remind you that things are not as simple as you may think. You won't avoid government scrutiny by sending a 9999.99 USD wire or send 1,000 USD every day during 10 Days, Or send 1,000 then 2,000, then 1,000.... and so on on a very short period of time. While all of these are each time below the 10,0000 USD Mark, government official ALSO make sure to check the "total" amount of withdraws you made within a certain period of time. We hope now that you better understand the situation and what's happening to your withdrawals. |
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There is more to come on Mt.Gox and remember that we initiated the "Transparency" program, something that no other exchange had ever come public with. Now granted that we are WAY behind for our second edition... I am trying to get the information pulled out our DB for that, but our dev are so busy on other stuff that they always postpone my request.
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The last three transactions I've done from MtGox to Dwolla over the last month or two have all taken greater than 8-10 days. In each instance, the amount was between $500 - $1,000.
There's got to be a better way. This is getting pretty ridiculous.
The better way? Ask Dwolla to send us "Writing Consent" that we asked for, it is now over 4 weeks that we replied to all their question and still waiting. Thanks for the insight. My apologies if it seemed like I was blaming Mt. Gox. I wasn't aware that Dwolla was holding things up. Where can I learn more about it? Does Mt. Gox have any suggested alternatives to get money to a US bank account that are not too expensive? For all the difficulties, I still appreciate the service Mt. Gox provides, as well as the fast support response. No Problems here. Dwolla's silence is not helping in us in intrusting them with a LOT of money... |
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The last three transactions I've done from MtGox to Dwolla over the last month or two have all taken greater than 8-10 days. In each instance, the amount was between $500 - $1,000.
There's got to be a better way. This is getting pretty ridiculous.
The better way? Ask Dwolla to send us "Writing Consent" that we asked for, it is now over 4 weeks that we replied to all their question and still waiting. |
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The identifier was in fact, the reason the MtGox help desk person gave as well in my case. They have come back to me within only 4 hours after sending my ticket. The money has now been credited to my account; the only problem: 80 EUR! have been taken off the amount initially sent from my bank to their UK account. I sent: 1820 EURUK bank converted to GBP @ unknown exchange rate Then MtGox converted GBP to USD @ unknown rate Then they credited: $2,161.45which is converted back to EUR at European Central Bank's current rate (EUR/USD= 1.2426): 1,739.457589 EURfor rates see here: http://www.ecb.int/stats/exchange/eurofxref/html/index.en.htmlMy bank furthermore assured me, that the 1820 EUR sent are the final amount reaching the destination account (MtGox's UK account). The difference above amounts to a 4.425% fee of the initial amount. If thats the going rate, I will not do this again. I replied to the help desk response and asked for some clarification on the resulting fees, as they are not disclosed on their website: https://support.mtgox.com/entries/20490576-withdrawals-and-depositsIt only states: Please note that if you do not send GBP to this account, it will be converted to GBP and some (small) fees will apply. Hi, I am very sorry to hear that you have some problems, however, please remember that our UK Bank (Barclay) ONLY ACCEPT GBP so it will convert ANYTHING you send it into GBP, so we we recieved GBP. Barclay is great but their conversion rate is rather steep around 3%. Also we take 2.5% when you are converting from one currency to another ( https://mtgox.com/terms_of_service). Once you made your deposit you received an email with all your transaction details including our conversion rate so stating "Then MtGox converted GBP to USD @ unknown rate" is incorrect. Finally here you are a very simple Golden Rule to follow when you are sending money :Send Money in EURO ? Send it to our EURO account (Poland or Japan) Send Money in GBP ? Send it to our GBP account (UK or Japan) Send Money in USD ? Send it to our USD account (Japan or Dwolla is you are a US Resident) |
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**Withdrawal Limits not increased yet by Gox even though verified, having to do multiple Dwolla pulls.
Hi This is in fact normal, being verified does not automatically raise your limits. You have to contact the support for that as explained during the process. So just contact the support and they will handle it for you quickly. Cheers |
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I think I understand what Mt Gox support is saying and hope they'll correct me if I'm wrong. It sounds like Mt Gox is limiting the amount of user funds being put at risk by only putting a certain amount of Dwolla withdrawals through at any given time, so that if Dwolla does suddenly lock their account they will be able to reimburse users out of their own reserves rather than those funds being unavailable to users indefinitely.
TradeHill claimed in their lawsuit that they had put $2 million through Dwolla in the month prior to folding. It's not unreasonable to assume that MtGox does a similar volume of Dwolla business but if they kept enough funds in their Dwolla account to cover anticipated withdrawals for the coming month, two weeks or whatever, they'd risk a huge amount of money being frozen at no notice. The only way to avoid that risk is to put smaller volumes of transactions through and wait until they've been fully processed before putting any more funds into the Dwolla system. While we don't know what their risk tolerance is, obviously larger withdrawals bring them closer to that ceiling than smaller withdrawals.
That's how I understand what they're saying, anyway.
No need for correction. |
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"We are still waiting for Dwolla to give us a "Green Light" and continue to work with them. Since we do not have any reply from them after sending them all the necessary documentation we want to play safe."
Mt Gox when do you expect to receive an answer from Dwolla regarding the "Green Light"?
Ask them, not us! As I said, one of my colleague did send everything Dwolla asked several weeks ago (now 3?), I contacted personally Ben Milne over a week ago by email and no reply. I won't give up I will try to get in touch with them, but at this stage we are waiting for them and ready to work with them like in the past! |
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It has been explained here over and over. Dwolla decided to change its TOS when it comes to Bitcoin, this in order to protect their clients and their company and we have no problem whatsoever with them willing to protect their business. Dwolla requires now companies like us to submit certain documentations to issue them a "Writing Consent" that allow companies like us to freely continue to do business with Dwolla. As for today and after submitted these documents several weeks ago we are still waiting fro Dwolla to get back to us putting us in a very delicate situation with the fear of being shutdown at any single instant and have the funds on our Dwolla account frozen.
Thanks, I initiated a support ticket with Dwolla and referenced this discussion thread. I am sure that when everyone knows where the bottleneck is we will get this worked out. Thanks, hope it will have the effect we are all waiting for, we, Mt.Gox try to do everything by the book and would love to continue working with Dwolla and comply with their terms. I personally sent an email to Ben Milne 22nd but have yet received an email from him. How odd, I got this back from my support ticket with Dwolla: Michael, Thank you for the clarification, I was under the impression you were sending funds to a third party. It appears that your account is active and verified, if the payment has not reached the Dwolla system we have no control over how long the transfer will take. If another Dwolla user has initiated a transfer to your Dwolla account you will see it in your "pending" transactions or "Money In" tab. I do not see any payments being made to your Dwolla balance at this time, therefore I am not able to see what the hold up is. I would recommend getting in contact again with the third party in question, to see if the funds have successfully been sent to your Dwolla account. Thank you, Dwolla Support What's up with this? There is nothing odd here and this has nothing do to with you being a verified and active Dwolla user. The problem has I stated earlier is that Dwolla has changed its TOS and impose us, as well as other Bitcoin oriented business working with them to comply with new TOS. Only Business approved by Dwolla and that received the so call "Writing Consent" will be in the clear. As for today, after sending them everything they asked us, after personally contacted Ben Milne to get this done one way or another, we are still in the "Dark". So in order to avoid another "Technocash" fisaco we decided to be EXTREMELY cautious with Dwolla in every aspect resulting a slowdown in Withdrawals. |
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@MtGox, make withdrawals clear faster and I'm yours for the rest of my life. Keep up the good work!
Thanks for your support! As I have stated, we are working on faster Deposit and withdrawals and reduces fees. However you will need to own a "Trusted Account" to be able to use this new feature. btw. if you want me back as a customer just provide a way to check my addresses for coins which you think are tainted (before i send you the coins of course). i am really afraid of getting my account locked (and no: i did not rob anybody in my hole life). Tainted coins are "visible" by anyone, in Bitcoinica's case for example, these coins were made public and you could check if you received or not some of them. The way it work, in the event we are ask by a company to track some coins, is that only unverified account holder maybe lock in order to check their identity. If you own a verified account you won't be locked out of your account. Anyway if no one is asking us to track some coins we will do nothing. |
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@MtGox, make withdrawals clear faster and I'm yours for the rest of my life. Keep up the good work!
Thanks for your support! As I have stated, we are working on faster Deposit and withdrawals and reduces fees. However you will need to own a "Trusted Account" to be able to use this new feature. |
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And how about moving some bitcoins or signing a text message with private keys to prove ownership of BTC? Too difficult? Too busy? This would help perception, but it is a simple avenue not being pursued.
Mark already replied to you by e-mail for that. |
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