Mt.Gox SEPA withdrawals

[sd]

Got this from the support:

Hello,

We have reached the daily limit for withdrawal that was imposed on us by our bank and all withdrawals are now being queued for processing and all will be processed according to the daily queue and we will keep you updated once processed and we apologize for the inconvenience

Thanks,

MtGox.com Team

This Explaination fits to that was is happening.
The Withdraw robots takes from every User the oldest Withdraw and processes this until the Limit it is reached. Then it stop in the Userlist and starts there on the next run.
So if you have more withdraws in the queue, then it takes long, if you only have one in the withdraw queue, then it goes fast.
It fits to my Experience and to other Posts that i have read in the Forum.
Or maybe somebody else has a different Theorie ?

My theory is that this is their operational problem and they have to sort it out unless they want to be replaced as the main bitcoin exchange. I've never had a SEPA transfer from anyone anywhere take this long. I'll be sticking to bitcoin.de in future.

[Zoiner]

Now 23 days, 15 working days since my withdrawal on the 10th of April was confirmed!!!

No change to pending, yet alone processed.

They are getting worse rather than better.

Stuff the theories they should get on with things.  I have now had to raise a support ticket for two out of three withdrawals!  That should not be necessary on any planet.  MtGox will be commercially doomed if they don't fix this.

I shall revert to my old route for turning btc to cash, slightly more involved but more trustworthy.

[sd]

Mt.Gox need to be replaced, there is no other way BitCoin can succeed.

Ideally they should be replaced with with something peer2peer or at least with a number of smaller exchanges.

[sd]

Now 23 days, 15 working days since my withdrawal on the 10th of April was confirmed!!!

I'm 2, 3 and 4 days behind you....

God it's annoying.

That long? Looks like I've got a long wait.

First these jokers leak my password hash and email.
Then they close my account and keep the loose change I left in it.
Then they demand all sorts of paperwork that I'm really starting to regret giving.
Then they go up and down like a jo-jo.
Now they won't or can't give me my own money.
Then they get sued by Coinlab for $75 million because they won't or can't keep to the terms of their contract thus putting at risk all the withdrawals they are stalling on.
Plus their fees are excessive.

Mt.Gox needs to be replaced. I'm never dealing with them again.

Hopefully CoinLab will go their own way and setup something better instead of crying about being stabbed in the back by Mt.Gox.

[Zoiner]

Raised a ticket and got the same standard message... but now my withdrawal says pending.  Last time "pending" became "processed" in less than a day but it's a weekend now.  Not holding my breath!

As for Coinlab that was just hot air.  The muppets were claiming for "Beach[sic] of duty". If they can't spell a crucial word in a legal document would you trust your money to them???!!!  They seem like a bunch of chancers on the bandwagon and I doubt they will be any more efficient at running the business.

[sd]

Raised a ticket and got the same standard message... but now my withdrawal says pending.  Last time "pending" became "processed" in less than a day but it's a weekend now.  Not holding my breath!

As for Coinlab that was just hot air.  The muppets were claiming for "Beach[sic] of duty". If they can't spell a crucial word in a legal document would you trust your money to them???!!!  They seem like a bunch of chancers on the bandwagon and I doubt they will be any more efficient at running the business.

CoinLab may be a non-starter run by people who have about the same ability as MtGox but there are lots of share and ForEX trading sites who have been doing what Gox is failing to do for many years now, and with far better security and far lower fees. All we need is one to get on board and if they do a competent job they will win most market share in a very short time.

Peer2peer trading will always be conceptually better if anyone could get that to work.

[Zoiner]

....there are lots of share and ForEX trading sites who have been doing what Gox is failing to do for many years now, and with far better security and far lower fees. All we need is one to get on board and if they do a competent job they will win most market share in a very short time.

Peer2peer trading will always be conceptually better if anyone could get that to work.

That's a different matter.  There are two practical problems - one is volume of trade: low fees come from  having a big turnover - the second is the banks who are trying as hard as possible to block btc by not dealing with the exchange companies.  There is no UK or US bank so far as I can see that deals with them.

That's why SEPA is so important for UK bitcoin because the UK banks can't stop a SEPA payment and have to convert EUR to GBP. Even then some of the scumbags like Nat West put an additional fee on top of any exchange commission when euros are sent to your account. (For every foreign transaction not just bitcoin related)

In short I don't think expertise is the sole problem.


....Also all the high fees are not within the trading section  (apart from the loony tunes maker/taker crap) but the transitions and intermediaries.


Yay 10:50 UTC marked as "processed" so the Poles have got it, now how fast is SEPA itself?

[SkyNet]

SEPA normally takes only one working day

[etheral]

confirmed on 2013/04/13 still not processed
24 days passed (576 hours)

E.g. It would take about 13 days or 320 hours to walk from Warsaw Poland to Marlborough, UK according to google maps (without stopping of course)


I wonder if this will be processed in less than 640 hours or not, this is really sad, I wonder why are they offering this crippled service at all and why it's ok for them to receive the money but not to send it back

[OhShei8e]

My last withdrawal that happened before the crash took 8 (working) days... now after the crash I am worried how long it will take...

Anyone else waiting for sepa withdrawals?

My last SEPA withdrawal happens on 4th April. It was credited to my German bank account yesterday. Minus 1% fee. So it took over a month. But nevertheless it works.

My advice: Be patient. Do not panic! Only invest what you are willing to lose. If you win do not be greedy. AND (most important): Never ever imagine malignancy if impotence completely sufficient as explanation.

Until now I have not lost money with Mt. Gox. I trade there for a year now, which is longer than most other sites exist.

If Mt. Gox would disappear, prices would go to the basement for a very long time. On all platforms.

[etheral]

don't tell me to be patient, It has been 5 weeks since I am waiting for SEPA transfer that is supposed to take 1 working day to complete.

Mt.gox is garbage, only good to deposit money (and they do, it takes them 1 day to RECEIVE your SEPA transfer)

[Jakewell]

Maybe they sit on your money for a while

[zarl]

i wait 3 weeks + now ; ;(

Fuck this btc shit

glad i not invested 1 million then i would piss blod by now

[Theraty]

Slightly side tracking here but how long oes sepa deposits to mt gox take roughly?