I agree, it is the worst platform.

I have GNT withdrawal in "Awaiting Approval" state for 4 days.

Can't cancel, stuck in position. 

I contacted them 3 times already. no response.

For the amounts we are talking about, it is not OK to just not contact customer for 4 days.

Seriously take a look at the other threads.  1.5 month verification delays,  up to 2 weeks deposit/withdrawal delays.  Classic Cryptsy/Gox symptoms.

If you expose yourself to Poloniex default right now, you are asking to be screwed. 

Don't.  Do. It.

I'm glad you finally got your level 2 verification.  If I were you I would use it to get all of my funds out of Poloniex as fast as possible.

These level 2 verification requests are PURE PROFIT for Poloniex since if Poloniex is legit this means more trading volume.

If they are like most startups I know they would just do 1 minute quick checks to satisfy the nominal requirements and then click "accept". 
If they didn't have enough people they'd hire people off the street for $10/hr to click "accept".  Money, money, money.
So Occam's razor says the feet-dragging on verifications is to avoid withdrawals.

Sorry. Nothing else makes sense.

If anyone has an argument against this line of reasoning please post it. Why aren't Polo just hiring a bunch of unskilled teenagers on contract wages to click "accept". How hard is it?

Hi All,

I currently have a GNT withdrawal delayed, i.e. Awaiting Approval, for 4 days, which I initiated on June 5.

Can other Poloniex users please post their experience?
It is really important to track this type of behaviour.
How many times has this happened to you?  On what dates?

First, these types of delays are completely unacceptable.
Second, it is a big warning flag.

What are the possibilities?
1. they create delays to cope with missing assets that they either sell or move off the exchange. (possibly to short etc)
2. delayed deposits/withdrawals play into pump and dump manipulations, since there have been indications/accusations, based on trading volume, that this is going on.
3. They are overwhelmed by support requests.
4. ??

In any case the longer this goes on the higher the likelihood of it being (1) or (2) which means they can't be trusted

Adding to all of this is the huge backlog on verification level 2 requests.  It doesn't make sense.
These requests are PURE PROFIT for Poloniex since if Poloniex is legit this means more trading volume. If they are like most startups I know they would just be doing 1 minute quick checks to satisfy the nominal requirements and then clicking "accept".  If they didn't have enough people they'd hire people off the street for $10/hr to click "accept".  Money, money, money.

So Occam's razor says the feet-dragging on verifications is to avoid withdrawals. Sorry. Nothing else makes sense.

I won't be using Poloniex in the future.  It feels like Gox all over again.
Beware everyone.

DON'T USE POLONIEX!!!

I have been waiting for 80 hours for a withdrawal.
No communication, no message no nothing.

I think this is a bad bad sign.

The story is they are too busy...   But they don't allow you to cancel the unexecuted withdrawal.  
So they stick you in a position. You can lose a lot of money.
It is totally dodgy, bad way of handling the situation.

It smells.

For those who don't remember, when an exchange's behavior starts to smell, don't use it.
Just think Gox.

I will never use Poloniex again.  Even if their price has 1% differential. This just stinks.

-B

The confirmation time won't change, by design, but there are risks.

It seems that the risk of a double spend attack is increased.

If the price dropped precipitously and enough miners dropped out, a block of miners could purposefully turn on all of it's capacity, operate at a loss, and take over the network. Other miners who had dropped out due to economics wouldn't have an incentive to compete. In fact even the miners that hadn't dropped out might at that  point drop out, leaving the single entity (operating at a loss) as the sole mining block.

Does anyone else see this as a possible threat. Does the protocol deal with this?

Hmm. The FAQ released on the same day on pg 4 does say:

"We will disclose the necessary information for the creditors through the Company’s
website later, and detailed information for the filing of proofs of claims, including the form of
the filing document, the method of filling in such document and the process of the filing will
also be disclosed through the Company’s website at a later date."

But the creditors' meeting is on July 23rd, only two months away. So it isn't FUD to wonder where the hell those forms are.

Does anyone have any information about when the claim forms will be released?

Can anyone actually share experience regarding a submitted claim?

Firstly and most importantly do they respond to confirm receipt?

Secondly do they let you know if something about the claim is incorrect or ill-formed?

Any report on first-hand experience of snail-mail communication with the the lawyer's office given in the notice would be greatly appreciated.

I am interested. Pm me particulars when you have more information

GBP is not working fine, at least by international wire. I have a pending wire from July 11.

I believe some banks (like Citibank) will transmit and receive SEPA payments, even for accounts in GBP (though this incurs exchange fees)
Please ask your source and confirm whether they received an international wire or a SEPA to a GBP account at a bank that supports SEPA.

I have a wire from July 11 pending for 4 figures.   (2 months so far)

I'm going to try to get a EUR account at a UK bank and do a SEPA.
One week ago I asked support if I would get my money quicker by cancelling and going via SEPA. Here is what they sent me Sept 3rd.

Thanks for reminding me!  This explains the simple relationship between gap between MtGox USD/ Bitstamp USD and  MtGox JPY (in $equiv) / Bitstamp USD.

It also explains the 2.5% that qxzn referred to in his calculation of the costs of
BTC --> MtGox JPY.   (2.5% + 0.3%)

2.5% is the MtGox currency exchange fee for transactions that are coming from another currency is that right?

Question:
If all transactions are in one pool and I will pay 2.5% for a transaction with a seller in any other currency, what happens if I buy bitcoins from a seller using my currency, but which is not from the dominant currency. For example if I am based in GBP and I buy 1 BTC for 60GBP  from another user will this incur a 2.5% currency exchange free from the dominant currency? I.e. does seller actually list in USD (dominant currency) and thereby pay 2.5% and then I buy in GBP and pay 2.5% to do so?

How does one see when the 2.5% is charged to a transaction?

As a UK user is it stupid for me to keep GBP on MtGox? Is it better to just eat the currency exchange fee on entry and exit as is done at Bitstamp?

Good luck to everyone arbitraging BTC --> MtGox JPY --> JPY --> USD --> Bitstamp USD --> BTC !

If you are successful and report it here it will likely decrease arbitrage opportunity since it would change market confidence. It's possible that psychological effect would have as great an effect in reducing gap as increasing bitcoin supply in JPY market. Thus I don't expect to hear many positive results other than people who do an experiment for fun. Nevertheless I will be happy to be wrong!

Interestingly it might be possible to distinguish the supply and market perception effects.

Arbitrage should bring the Mtgox JPY price to parity with Bitstamp USD given USD/JPY exchange rate.  Then the change in the gap with MtGox USD / Bitstamp USD between now and when JPY exchange parity is achieved will show the psychological shift since a reasonable hypothesis is that most people who are causing the gap on MtGox USD / Bitstamp USD (by buying at premium as opposed to waiting) do not have the possibility to exit via MtGox JPY --> JPY --> currency exchange --> USD.

Hi All,

Has anyone received a BitPay refund? How did it work?

I am considering asking for a refund for a product I paid with Bitpay 1 month ago.
I paid the price of $1000 using bitcoins (i.e. bitpay calculated bitcoin amount based on $1000 price)

If I get a refund today will I get today's $1000 equivalent of BTC or will they do bank transfer? Something else?
In what form do I get the refund?

Thanks for any information you can provide. i will also ask BitPay and post their response.

I agree that is a reasonable inference. Yet a few people report no problems with yen transfers and the only complaint so far re yen withdrawals were by joesmoe2012 who complained his withdrawal took 1 week (as opposed to 4-12 weeks for sepa/wire).

This topic has been ongoing for 4 months and no serious problem mentioned re JPY.

It is possible there are problems but japanese account holders don't hang out much on bitcointalk and therefore don't post about them.

It is also possible that there is no problem with JPY withdrawals and active, clued in JPY users don't mention not having problems because they have an arbitrage opportunity.

I wonder what could allow the gap to continue despite an efficient way to extract fiat from Gox.
Perhaps for some reason the JPY exchange still has bitcoin buyers who prefer to use MtGox since it is based in Japan?

The JPY situation is definitely curious.

It would be great if any JPY account holder would confirm that they are effectively arbitraging but of course if they're any good they won't say anything.

Hmmmm....

True. Current Ask price of MtGox JPY  is ~10590 = $108.12.  So still 10% arbitrage between MtGoxJPY and Bitstamp USD.

Assuming 0.55% currency exchange cost  this loop still very profitable
    USD  -->  Bitstamp BTC  --> MtGox BTC --> JPY  ---> USD


But only one person has complained of a delay on JPY transfers despite many requests for comments from people using JPY withdrawal method.
Even then his complaint was that it took 1 week to arrive, not the 4-12 weeks for Sepa/Wire
https://bitcointalk.org/index.php?topic=179586.msg2939409#msg2939409


If you can get your money within a week doesn't make much sense that there is such a price gap. I don't get it.

Did you ask support about this? Did they come back with canned statement about delays?

Can someone please ask MagicalTux on IRC about JPY domestic transfers. There would seem to be no excuse for delayed JPY transfers other than liquidity problems.

I just pulled out 80 BTC.

I had the bad address problem. Then I tried 3 new addresses I created. The third one worked. So it seems like you just need to keep creating new addresses until one works.

I paid the miner fee and it took 5 hours to enter the blockchain, and then 10 minutes to get the confirmations.

While such a scenario is possible it completely fails to explain why MtGox is not more transparent about the exact nature of the problem. If they gave some reasonable detail describing the types of hurdles they were facing the situation would be more manageable. As it is any reasonable person should suspect duplicitous behaviour. (e.g. merged customer/company accounts and liquidity problems)

I currently have an international wire GBP withdrawal from July 11 pending. 4+ weeks delay

The problem is not limited to USD.

If anyone can speak to magicaltux/mtgox ask why all international wires are being delayed if the problem is claimed to be US gov.