992 stuck transactions now, and growing. Gox probably has to wait for some suckers to make deposits before doing withdrawals. This just screams "last stages of Ponzi scheme."
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MtGox finally accepted my bank account. Pushed some PLN to my bank. We'll see. It is rather low amount (less than 0.2 BTC). Will keep you informed.
Is this a general pattern - a few small withdrawals go though, but not big ones? That's yet another indication that Mt. Gox is out of money.
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And that just shows Mt. Gox claiming "processed". Some have reported Mt. Gox withdrawals reaching "processed" at the Mt. Gox end, but the money didn't show up. One would like to see the matching Bank of America item showing the money arriving.
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Gox is not "out of money". They've almost even, actually, with reasonable assumptions about their losses. Even if they're $5 million under water (debatable), there's more than $30 million on the orderbook. Lack of fiat is definitely not the reason they're unable to process withdrawals.
That's assuming they haven't been taking money out of the business.
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I am owed a seven figure sum...
In BTC, JPY, or USD?
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Here is my situation. I have there over 4 k usd ( in dollars). I am in eu and can do a sepa withdraw. Been verified a long time ago when i used mainly mtgox and never requested withdraw increase limit. Now i only have 1 k per day. I have requested it and waiting... Before i thought that when btc price go near bitstamp i would buy btc and transfer it out to the bitstamp. But price difference is now huge, or maybe just to buy and hold them and hope of future btc price around 970 usd. Any suggestion?
Get out of Mt. Gox any way you can. I don't think anyone except insiders like Sturle is getting fiat out of Mt. Gox in significant amounts any more. If anyone was, the spread between Mt. Gox and everybody else would not be 25% and climbing.
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Two bitcoin exchange operators charged in money laundering schemeReuters: "Federal prosecutors in New York announced charges against Charlie Shrem and Robert Faiella, both operators of bitcoin exchange businesses, for attempting to sell $1 million in the digital currency to users of the underground black market website Silk Road, which was shut down by authorities in September.
According to the charging document, Shrem, 24, chief executive officer of the exchange BitInstant.com, changed cash into bitcoins for Faiella, 52, who ran an underground bitcoin exchange through the username BTCKing on Silk Road's website. The criminal complaint says that Shrem, in addition to knowing that Faiella's business was funneling money into Silk Road, also used Silk Road himself to buy drugs."
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I managed more than 18% on my last round of arbitrage, all fees included. I wonder if I'll be able to get 25% on the next.
I think he just confessed to having insider access to withdrawals. The people who did that with Madoff ended up being subject to "clawbacks" after the bankruptcy.
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Yes, Mt. Gox is dying. The spread between Mt. Gox and other exchanges just passed 26%. That's huge. Live chart of Mt. Gox spread. With USD withdrawals stalled, and EUR , JPY, and BTC withdrawals now subject to long delays, nobody (except a few insiders) can get funds out of Mt. Gox. We're seeing the beginning of a panic. Prices today: mtgoxUSD $970 bitstampUSD $786 btceUSD $774
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Gox/BTC-E spread just passed 24%. This is an all time sustained high. The market is now convinced that money stuck in Gox isn't worth much. MtGox/BTC-E (USD) live ratio chart. Bitstamp at $817, BTC-E at $818, Coinbase at $818, Mt. Gox at $1011. Tomorrow is going to be interesting.
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What is going on? They always have a crazy higher BTC price vs other exchanges and it seems to have stayed this way for a very long time. Read this thread: MtGox withdrawal delays [Gathering]. And read the other recent Mt. Gox threads in Service Discussion. Mt. Gox appears to be collapsing.
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Amateur hour is over.
Either become an SEC licensed broker/dealer, with audits, capital backing, and SIPC insurance, or go home. We have enough wannabe exchange operators.
This is becoming a big issue as Mt. Gox collapses.
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Probably not. Someone at Forbes apparently misread a People's Bank of China notice and put up a story. Then other media picked it up. Then Forbes took the story down. If the guy at Forbes got it wrong, he'll probably be unemployed by Tuesday.
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Thanks. Right now, Mt. Gox vs BTC-E: 23.03%. That's huge. That just screams "you'll probably never see the money again".
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There's a whole thread for this in Service Discussion. Gox almost certainly doesn't have the USD to pay off the balances supposedly on deposit with them. They haven't paid out significant USD since June 2013. Their supporters floated various conspiracy theories to explain this away, but none of them held up. Then Gox started falling behind on EUR payments. Then JPY payments. Now BTC payments. It's time for Gox's creditors to raise hell. You don't have to put up with this. Contact the Japan Financial Services Agency and file a complaint. File a complaint with the US SEC (Gox has a Delaware office and registered with FinCen). Sue them in Delaware (Delaware's Justice of the Peace Court, their small claims court, can handle cases up to $10,000. Above that, it's the Delaware Chancellery Court). Talk to the Japan External Trade Organization for advice on collecting in Japan. Contact reporters at Forbes, the Wall Street Journal, and Nihon Keizai Shimbun. The Japan Financial Services Agency has the most power in this situation. They have the authority to send auditors into Mt. Gox (which is at Tōkyō-to, Shibuya-ku, Shibuya, 2丁目11−6, 5th floor.) at any time. They can also keep the principals of Mt. Gox from leaving the country.
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As I posted in another topic:
It's clear that Mt. Gox is near collapse. No USD withdrawals for eight months, delayed EUR withdrawals, delay on JPY withdrawals, delay on BTC withdrawals, and a 22% spread against other markets. How many red flags do you need?
This isn't a "support ticket" issue. This is a "send lawyers, guns, and money" issue. Anybody with money stuck in Mt. Gox should be talking to a lawyer, the Japan Financial Services Agency, the US SEC (yes, they have jurisdiction because Mt. Gox registered with FinCen, sells to US persons, and has an office in Delaware), and suing in the Delaware Justice of the Peace court, the Delaware Chancery Court, or in Japan.
It's important that some victim make this problem known to law enforcement in Japan. That will keep the principals of Mt. Gox from fleeing the country.
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It's clear that Mt. Gox is near collapse. No USD withdrawals for eight months, delayed EUR withdrawals, delay on JPY withdrawals, delay on BTC withdrawals, and a 22% spread against other markets. How many red flags do you need?
This isn't a "support ticket" issue. This is a "send lawyers, guns, and money" issue. Anybody with money stuck in Mt. Gox should be talking to a lawyer, the Japan Financial Services Agency, the US SEC (yes, they have jurisdiction because Mt. Gox registered with FinCen, sells to US persons, and has an office in Delaware), and suing in the Delaware Justice of the Peace court, the Delaware Chancery Court, or in Japan.
It's important that some victim make this problem known to law enforcement in Japan. That will keep the principals of Mt. Gox from fleeing the country.
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The spread between Mt. Gox and the other exchanges is around 22% today. This may be an all-time high. We've seen 20% a few times, but above 20% has been rare. The spread has been climbing slowly for weeks. (Is this charted somewhere? "bitcoincharts.com" doesn't chart it, but they're run by Mt. Gox.)
It's a slow day. This isn't due to volatility. This is purely the penalty for using Mt. Gox.
That number is getting into the range where a run on Mt. Gox is likely.
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It depends on the backlog of unconfirmed transactions. The whole Bitcoin system has a limit of about 7 transactions a second. Usually the queue is short (under 1000 or so), but during periods of heavy activity, the backlog can increase. Miners take the transactions with the highest reward first, so, during busy periods, it costs more to get a transaction confirmed in a reasonable time. Most free transactions still eventually get processed. Whether this will change is up to the big mining pools.
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I haven't really cared to look into it that much since I don't use gox, but how is their price per bitcoin always so substantially higher if no one can get money off of their site?
Again, see this thread.The price of Bitcoin appears to be higher on Mt. Gox because, if you sell there, you only get fake US dollars you can't withdraw. All you can do with them is buy stuff on Mt. Gox. So those fake dollars are only worth $0.80 to $0.90 each. The real sell price of a Bitcoin is what Coinbase will buy it for, because they pay up quickly. That's usually close to what BTC-E and Bitstamp quote, but way below Mt. Gox. Only a sucker would buy Bitcoins on Mt. Gox. Fortunately for Mt. Gox, there's one born every minute.
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