Dear all,

I requested 2 withdrawals with MtGox on 05.07.2012 and 06.07.2012 totalling almost 1500 EUR. MtGox decided to avoid paying me and refuses to give a detailed explanation about what is going on.

“2012/07/05 08:55:21 Withdraw Status: confirmed 1,000.00000 € 452.15020 € Withdraw to account DEUTSCHE POSTBANK AG”

“2012/07/06 09:28:49 Withdraw Status: confirmed 459.58000 € 0.00206 € Withdraw to account DEUTSCHE POSTBANK AG”

(I have also taken a screenshot that documents my withdrawals, which you can find here: http://postimage.org/image/9j2khpkxl/)

According to their website, the whole withdrawal process can take up to 5 working days. I have double checked my bank info and I am 100% sure that incorrect information are not the cause of the delay. I have also verified my account with them, even though I have never been asked to do so. Screenshot: http://postimage.org/image/evbink5tz/

Here is the message history with support. As you can see I am not given any serious reason for the delay, they just keep using their standard-answer which is an unbearable situation for me. Even though the chances of getting my money are very low now, I have still reported them with the Japanese chamber of commerce and their local police for fraud.

If you want to review my whole discussion with their "support" please kindly check these Screenshots:

http://postimage.org/image/4h42p9m49/
http://postimage.org/image/8p977gn6f/

As you see they are not making any serious efforts in helping me. Since almost 3 weeks have passed now, I gave up on getting my money back and try to warn as many people about MtGox as I can.

I strongly believe that MtGox is a highly fraudulent operation.

I would recommend to never put serious amounts of money there, as I did :-((

Look at the 2 moving averages (28 EMA, 7 EMA) in this chart:



Source Address: http://bitcoincharts.com/charts/mtgoxUSD#rg150ztgSza1gEMAzm1g28za2gEMAzm2g7 (<- This is updated automatically so it can easily be followed)

When the faster moving average (purple) crosses the slower EMA (brown) from below this indicates an uptrend in technical trading (and vice versa). As you can see in the chart, we have been in a very active downtrend (purple < brown) for more than 4 month now, which has not been broken a single time.

In order to prevent losing more money I personally sold all my BTC at 5 USD and now wait until the market reverses (purple line > brown line). At the moment we are in a very depressive phase which started after the burst of the bubble. Fundamentally, nothing has changed for bitcoin, so there is no reason that It cannot go to old highs again. Since people are depressed now the time to get back in should come soon.

What do you think about this approach? Its a standard trend following strategy from stock trading and since bitcoin has been highly trending so far I think it should become useful in this situation.