so its coinlabs fault that gox is insolvent...greeeat..this gets better everday...... gooooosh!
wow, I got 2 withdrawals out of them this week. all insolvent companies should learn this trick... Insolvency doesn't imply that they have NO funds. So... not really a trick. Perhaps, but my point was really that you can't have any idea what their status is. Just random people rambling at this point. What we know is that they've lost $10 millions (and BTC 1400) recently, we also know pretty well how much they earn, what we don't know is their costs - but we can do some estimations. If WhatTheyEarn - $10millions - Costs < 0 - then they are insolvent. If you bothered to read the claim you would also note that they were returned over 7 million. On top of their earnings since april (8 million, as of last month), we know they are fine. Stop spreading FUD. Thanks. How a simple equation is FUD? This is a simple fact and you are completely missing your facts - because the return of 7 millions is accounted in the equation, and just because you seem to be a bit slow with this math thing here it is: 12 - 7 = 5. Go read your sources again and come back for a real discussion. Insolvency implies they cannot cover the deposits on hand. Given projected earnings and the current price of Bitcoin they are [probably] fine. We don't know all the numbers, so anything is just a guess. edit: point being, it's not entirely about the math. FUD = an estimate/approximation of something with negative connotations, a claim backed by half evidence but purported as truth. which is what you came to the table with. Which exactly claim you have on mind? That they lost $10 millions? That is 5 in Dwolla and 5 for Coinalabs - both pretty well documented. Or do you mean the equation? |
|
|
|
so its coinlabs fault that gox is insolvent...greeeat..this gets better everday...... gooooosh!
wow, I got 2 withdrawals out of them this week. all insolvent companies should learn this trick... Insolvency doesn't imply that they have NO funds. So... not really a trick. Perhaps, but my point was really that you can't have any idea what their status is. Just random people rambling at this point. What we know is that they've lost $10 millions (and BTC 1400) recently, we also know pretty well how much they earn, what we don't know is their costs - but we can do some estimations. If WhatTheyEarn - $10millions - Costs < 0 - then they are insolvent. If you bothered to read the claim you would also note that they were returned over 7 million. On top of their earnings since april (8 million, as of last month), we know they are fine. Stop spreading FUD. Thanks. How a simple equation is FUD? This is a simple fact and you are completely missing your facts - because the return of 7 millions is accounted in the equation, and just because you seem to be a bit slow with this math thing here it is: 12 - 7 = 5. Go read your sources again and come back for a real discussion. |
|
|
|
so its coinlabs fault that gox is insolvent...greeeat..this gets better everday...... gooooosh!
wow, I got 2 withdrawals out of them this week. all insolvent companies should learn this trick... Insolvency doesn't imply that they have NO funds. So... not really a trick. Perhaps, but my point was really that you can't have any idea what their status is. Just random people rambling at this point. What we know is that they've lost $10 millions (and BTC 1400) recently, we also know pretty well how much they earn, what we don't know is their costs - but we can do some estimations. If WhatTheyEarn - $10millions - Costs < 0 - then they are insolvent. "what we know"?, is the US guv has 5 mil on hold or so, coinlab stole 5 mil or so, you have no idea of their operating costs, and you have no idea of their earnings, otherwise you would of given your estimation. Sounds accurate to me. We know that they earn a percentage of the trades and we know the volume of the trades. |
|
|
|
|
It all depends on how the MtGox withdrawal problem ends.
|
|
|
|
so its coinlabs fault that gox is insolvent...greeeat..this gets better everday...... gooooosh!
wow, I got 2 withdrawals out of them this week. all insolvent companies should learn this trick... Insolvency doesn't imply that they have NO funds. So... not really a trick. Perhaps, but my point was really that you can't have any idea what their status is. Just random people rambling at this point. What we know is that they've lost $10 millions (and BTC 1400) recently, we also know pretty well how much they earn, what we don't know is their costs - but we can do some estimations. If WhatTheyEarn - $10millions - Costs < 0 - then they are insolvent. |
|
|
|
I think - if it is a "pong" , then the price below $ 100 is possible only if suddenly there is a negative fundamental factor (something be happen with bitstamp or another trouble with withdrawal of cash), because we have a good bullish trend, and 100-110 is very strong levels.
I am surprised how people are denying to figure out that we are in epicenter of biggest Bitcoin shitstorm ever. AFAIK from this topic https://bitcointalk.org/index.php?topic=179586.1400 MtGOX is bankrupt. The one thing keeping them in distance from bankruptcy status - is a lack of regulations and blind faith of people. 5 millions here (Dwolla), 5 millions there (Coinalabs) - it really looks like MtGox is bleeding |
|
|
|
|
Looks like MtGox is really insolvent at this current stage - over 5 millions $ and some coins at Coinalabs plus 5 millions frozen in Dwolla is probably enough to make them belly up.
For the lost BTC they probably can compensate with the Bitcoinica funds that they refuse to give back.
|
|
|
|
Alternatively you could petition The Bitcoin Foundation. On their website they state "We see this foundation as critical for bringing legitimacy to the Bitcoin currency." - there is no bigger threat to legitimacy of bitcoin then the scams that surround it and if MtGox has become one of them that would be a really disaster. Sure they are much in bed with MtGox - but I would trust for example Jon Matonis if he guided the investigation. I have proposed this some time ago - but in the mean time I just moved out of MtGox. |
|
|
|
I have a list of wishes for Gox like anybody here, but lets get real - here is what they brought to the table:
1) Big and small orders treated the same - lots of orders are around a dollar forchrissakes.
2) Around the clock trading.
On equity bourses, they have this random share price and random share numbers. An idea for those guys: Redefine a whole share to be the complete company, trade arbitrarily low fractions of that.
And why stop at 4pm (ah - do they mean 16:00 eastern something with DST in some random country?). I know, the NY brokers need to eat, but what has that got to do with some palm wine drinker in Malaysia?
I say to NYSE and NASDAQ: Learn from MtGox.
You forgot about the most revolutionary invention of MtGox - not letting peopel withdraw their money! |
|
|
|
|
I call it top now. Just looking at the divergences and the wedge formation.
|
|
|
|
pulled about $22k worth of coins out of gox, lost about 14% trading it from GBP into coins, then onto bitstamp back into USD.
but its worth it, was waiting over 2 months for the GBP funds.
Bitstamp just verified the withdrawl i made eariler, and i expect the cash in days, this alongside the other 30k ive done in the last 2 weeks everything has been timely and has worked so far.
THANK YOU for providing top quality service and support.
It is very likely that the price will rise in the next few weeks to $ 120-130. Anyone who have watched the market a little and a have little bit of experience, knows that. And if someone do not know, he or she can read a forecast for so little money: http://bitcoinbullbear.com/But you take a 14% haircut instantly? You dealing with larger amounts but you have only little experience? Strange. I had bought again on Gox coins at 105$. That was less than two weeks ago. If I wanted to sell it short-term, I would just wait until the price hits 105$ on Bitstamp. Was that not even in a short-tick the case? Anyway, 14% is currently way too much and I do not think that an experienced trader would make such a rookie mistake. But I have read reports like yours a lot here in the recent weeks. Everyone seems to have taken the haircut with large amounts of money. I just wonder why? If I bought on Gox Bitcoins, I'm not forced to sell them immediately. Wait a week in the current market situation saves a lot of money. 14% is too much if there is less then 1 in 7 chance that you lose everything (assuming for now that there is no chance that you lose for example 50%) - but Gox are lying - we have no idea what is going on there. What are they hiding? Why don't they at least inform us about the length of the queues and how they change? I personally have the feeling that there is much more then 1/7 chance that they are hiding something significant. |
|
|
|
Yes i read them all daily they dont relate to my topic...... the backlog will take who knows how long to pay.
What im wanting to discuss is if you put in a sepa transfer today will you get it in around 1 weeks time.
quick answer: no It's about 2-3weeks. My experience is, that u get an amount of about 500€ in a few days once a month. If u withdraw more than 500€ in that month u have to wait 2 or 3 weeks to get ur money. (I did some withdraws 3, 2 and 1 week ago, and the first arrived today) Is that even legal to segregate customers like this without any warning? |
|
|
|
|
I don't know - it all sounds like divination. MtGox is lying through their teeth. Maybe they do say the truth sometimes - but who knows?
|
|
|
|
|
They should stop trading and try to work out the queue.
|
|
|
|
That's a SWIFT from gox to polish bank account denominated in EURO but in japanese yen (so bank will convert upon arrival).
SWIFT transfer is futile at the moment. EUR (SEPA) or PLN (domestic) will be much faster. I have been waiting more than a month for PLN and I gave up. Are there any news about PLN wire transfers from MtGox? |
|
|
|
So who knows a lawyer in japan? I'm starting to get tired of this.
Has anyone received a withdrawal in the last two weeks? This is getting ridiculous. Another avenue might be to contact the equivalent of the secretary of state in Tokyo and the bank regulators in Japan. As I've pointed out before, there are lots of things you can do. File a complaint with the US SEC. Mt. Gox has a US address for service of process, and they're a foreign broker/dealer with US customers. The SEC has jurisdiction. When you complain to the SEC, use terms like "unregistered broker/dealer", "refusing to return customer funds", and "default". Give names, dates, and amounts. Japan has the Financial Services Agency.Useful info about Mt. Gox: FinCen Money Service Business Registration Number: 31000029348132 Legal Name: MtGox Inc 615 S Dupont Hwy Dover, DELAWARE 19901 (Source: FinCen database) MT. GOX KK, a Japanese corporation, and TIBANNE KK, a Japanese corporation Round-Cross Shibuya 5F, 2-11-6, Shibuya, Shibuya-ku, Tokyo, Japan 150-0002 Tel: 81-3-4520-6200 Fax: 81-3-4520-6209 (Source: Tokyo Chamber of Commerce) Actual location: Tōkyō-to, Shibuya-ku, Shibuya, ２丁目１１−６, 5th floor. Google maps link - About 300 meters east of Shibuya Station. Keep in mind that it's Mt. Gox's problem. No matter what they say. If they have banking problems, that's their problem, not yours, and it's not an acceptable excuse for non-payment to any court or regulatory agency. Don't act like sheep. Raise hell until you get paid. I was contemplating doing this - but the 10% haircut looks still cheaper than going through a legal proceeding - so I took that route. I have to add that MtGox support is kind of prodding users to do that - they eliminate the most angry guys this way (but it is also possible that they are actually making money on arbitraging - so they want the difference to be big). |
|
|
|
We have deposits that were sent over 30 Days to MTGOX still not credited to our account, it used to take 48 hours.
So besides the Withdrawal problem it seems theyre having DEPOSIT issue's IE not crediting accounts!
Are these US$ deposits? (or AU$) AU converted and sent as USD to their new bank details they provided after the withdraw mess started. Ah, so even their new banks are spooked by the regulatory investigation. All this bleating about how the volume of wires overwhelmed their old bank is just complete eyewash. As MtGox provides an AUD orderbook and must have AUD accounts, perhaps the deposit would have arrived if it remained entirely in AUD, and did not touch a US-domiciled correspondent bank. Of course they would never help their customers by advising them as to which currencies can be sent without delays. I don't think that keeping it in AUD would make any change - I was fooled to sell my bitcoins into PLNs because MtGox was saying that the problem is only about USD - but guess what - after 1.5months of waiting I had to cancel the withdrawal and withdraw it via bitcoins. |
|
|
|
I doubt so, a week or two should be the normal time
It should be 2 days - this the normal time on any exchange - but unfortunately on MtGox it is more or less unpredictable - they might be sending small amounts just to keep peoples hope, but everything else will probably never be paid (or maybe paid after a liquidation and a lawsuit). |
|
|
|
|
My current theory is that they have their main account frozen and this is why they changed the bank account details for deposits recently. What is deposited into the new account they use for paying someone from the withdrawals queue - but the queue is only growing anyway.
The question is why their account got frozen - I don't know - maybe it was just some bureaucratic failure (like that one when Karpeles declared MtGox noto be a a money transmitter in the USA) - or maybe it is some lawsuit (maybe even it is the effect of MtGox not releasing the Bitcoinica funds to the debtors).
|
|
|
|
|
Makes me wonder if they are aware of the fact that MtGox does not let people withdraw their money from the exchange and the price there is a total fantasy.
|
|
|
|
|
Show Posts
