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Author Topic: Unimpressed by MtGOX Slow Funds - 48 Hours and Counting  (Read 4568 times)
NamelessOne
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June 03, 2011, 05:38:41 PM
 #1

It has been almost 24 hours since adding my substantial funds to MtGox. I missed the latest rally, and am rather frustrated by it. I heard about Bitcoin when it was at 7, and after substantial research went through the process of wire transfers that took a week. I could have bought in at 11.5 yesterday when I added funds to mtgox, now I'll be lucky with 15. I realize things may be busy, but this is a tad crazy. I received an email almost 11 hours ago saying my funds had been processed, yet nothing appeared in my account. Then the rally to 14 began, and I sat back annoyed. I realize this comes with the Bitcoin territory, waiting for funds to transfer, but having uploaded my funds to mtgox nearly 12 hours before the rally to 14, and now still waiting after 24 hours,  I'm disappointed.

Anyone else having this problem?

UPDATE:

It has now been 48 hours since transferring my money to mtgox. 36 since being told my funds were processed and would be added to me account shortly. I again... missed the rally to 17. I am putting thousands into Bitcoin, and right now this is like watching money burn.
I understand things must be busy, and it is only one guy so I commend him for the effort, but come on.

Anyone else wait 48+ hours?
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alkor
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June 03, 2011, 05:45:09 PM
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Anyone else having this problem?
Yes, I've had a similar problem in the past. For me the solution was to purchase MtGox USD directly from somebody who had them in their MtGox account. That way I had the funds available immediately.
Serge
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June 03, 2011, 05:46:57 PM
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Money have tendency to travel slow when out of your control. But bills always come like a clock work - fast and on time. Go figure...
NamelessOne
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June 03, 2011, 05:49:47 PM
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Yeah, that would be a good idea for the future. Thanks for that tip. For now I'm waiting it seems.
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June 03, 2011, 05:54:29 PM
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You are unimpressed by wire transfers not Mtgox. If they had your money you'd have your MtGoxUsd

Terpie
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June 03, 2011, 05:58:06 PM
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Yea, it's the wire transfer process. MtGox has been rather quick to post funds when they *actually* arrive. I believe I waited 24+ hours as well after the funds had 'processed'.
NamelessOne
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June 03, 2011, 06:04:09 PM
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They told me 12 hours ago they had my money. I have emailed with them. The wire transfer through the banks was a different issue that I had already dealt with and wasn't what I was talking about. I used Paxum to transfer the funds which is a simple account to account transfer from mine to mtgox as far as I am aware. =)

Jaime Frontero
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June 03, 2011, 06:04:42 PM
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do better.
NamelessOne
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June 03, 2011, 06:05:14 PM
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Yea, it's the wire transfer process. MtGox has been rather quick to post funds when they *actually* arrive. I believe I waited 24+ hours as well after the funds had 'processed'.

Hopefully I'll have my funds soon then.
Terpie
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June 03, 2011, 06:17:11 PM
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Yea, it's the wire transfer process. MtGox has been rather quick to post funds when they *actually* arrive. I believe I waited 24+ hours as well after the funds had 'processed'.

Hopefully I'll have my funds soon then.

You might want to think about opening a Dwolla account and letting extra funds sit there. They'll be off MtGox in case shit goes down there from govt intervention, but they'll also be one quick step away in case you would like to add/remove to your position.
NamelessOne
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June 03, 2011, 06:22:30 PM
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You might want to think about opening a Dwolla account and letting extra funds sit there. They'll be off MtGox in case shit goes down there from govt intervention, but they'll also be one quick step away in case you would like to add/remove to your position.
[/quote]

Yeah, Dwolla would be great, currently they aren't available in Canada though. Hopefully there won't be any govt intervention in the immediate future. Is mtgox USA based? I know their new wire transfer option goes to a Japan based bank, is I'm not mistaken.
barbarousrelic
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June 03, 2011, 06:24:02 PM
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Amusingly, one of the most convincing cases for Bitcoin can be demonstrated by the hoops you have to jump through to buy it.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
gusti
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June 03, 2011, 06:26:00 PM
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I'm always selling MtGox USD for Western Union.
Fast and secure as btc, good trade references.
Pls pm me if interested.

If you don't own the private keys, you don't own the coins.
airdata
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June 03, 2011, 07:01:21 PM
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It took me 3 days to add funds to my dwolla account and then about 30-45 minutes last night to add money to mtgox from dwolla.  After that it worked great though.
TraderTimm
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June 03, 2011, 08:55:07 PM
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Amusingly, one of the most convincing cases for Bitcoin can be demonstrated by the hoops you have to jump through to buy it.

Good point, if it were a 'scam' like some people keep commenting about in other forums, it would be a lot easier to get money in to the system. There is also the corollary that when it truly does get easier we'll see a lot more adoption of the currency overall. One can only imagine where it would trade then, if you could just pipe funds in one business day or less into the market.

I can dream, can't I? Smiley

fortitudinem multis - catenum regit omnia
Cryptoman
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June 03, 2011, 09:00:45 PM
 #16

You might want to think about opening a Dwolla account and letting extra funds sit there. They'll be off MtGox in case shit goes down there from govt intervention, but they'll also be one quick step away in case you would like to add/remove to your position.

I'm wondering what would be more secure, Liberty Reserve or Dwolla?  Dwolla is U.S. based while LR is in Costa Rica.

"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history." --Gandhi
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June 03, 2011, 09:14:35 PM
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This seems like clever marketing from Mt gox. By being extra slow to add your dollar funds you will learn to appreciate bitcoin more.

Jokes aside, I feel you. I missed an opportunity to buy in just before a rally as well. This was one of the first rallies though so I'm feeling pretty good about bitcoin at ~$14 now regardless. I hope you will feel like me and not care in a couple of months.
innervisi0nn
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June 03, 2011, 09:21:05 PM
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You might want to think about opening a Dwolla account and letting extra funds sit there. They'll be off MtGox in case shit goes down there from govt intervention, but they'll also be one quick step away in case you would like to add/remove to your position.

I'm wondering what would be more secure, Liberty Reserve or Dwolla?  Dwolla is U.S. based while LR is in Costa Rica.

Im @ Dwolla and love it. BUT...im looking into LR just cause its off shore Wink their both still traceable if they decide to tax it, which theyll have the hardest time in doing so.

Freakin
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June 03, 2011, 09:53:47 PM
 #19

Had the same problem.  Missed the dip to $5.5 waiting for my dwolla transfer to get added to my MtGOX account.

Of course waiting on Dwolla ACH is an entirely different story... how hard can it be to add funds to my account when you've already cleared the ACH debit from my bank account?
Herodes
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June 03, 2011, 09:59:34 PM
 #20

I too have experienced the "pain" of slow wiretransfers.

But think of this:

"What if it went the other way?"

Say the price decreased while your money were held up, the you would not complain, would you?

Things like these happens, and it happens to us all. In the long run it all evens out though.

Still, I can feel your frustration.
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