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Author Topic: MTGox is apparently out of money...  (Read 4537 times)
Inaba
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January 22, 2013, 04:09:52 AM
 #1

So I initiated a $4000 MTGox Dwolla withdrawal over ten days ago... I sent in two support tickets and they finally got back to me tonight, here's what the response was.

Quote
Gene, Jan 22 13:06 (JST):

Hello Josh,

The transaction is still in process and the transaction has not been processed due to insufficient funds in our account.We will retry and update you once processed.We appreciate your patience.

Thanks,

MtGox.com Team

Huh... MTGox can't even afford a $4000 withdrawal after 10+ days.  This does not bode well.

If you're searching these lines for a point, you've probably missed it.  There was never anything there in the first place.
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pyra-proxy
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January 22, 2013, 04:13:22 AM
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I think that is because they only keep a limited amount of funds in their dwolla account to protect against dwolla freezing BTC related accounts...... not that they are broke or some such....

Inaba
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January 22, 2013, 04:17:14 AM
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Sure... I could understand that for a few days.  But 11 days and counting?  That doesn't make much sense.

If you're searching these lines for a point, you've probably missed it.  There was never anything there in the first place.
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January 22, 2013, 04:18:40 AM
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I think that is because they only keep a limited amount of funds in their dwolla account to protect against dwolla freezing BTC related accounts...... not that they are broke or some such....

+1
I think that is how they handle it as well. Probably would have been better off splitting it up in to smaller withdrawals.

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January 22, 2013, 04:23:21 AM
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Sure... I could understand that for a few days.  But 11 days and counting?  That doesn't make much sense.


They limit their Dwolla exposure at any given time so Dwolla transactions are often back-logged.  There are likely other people ahead of you in the queue for Dwolla processing so your request may not get processed until a previous batch of withdrawals has fully cleared.

I sometimes think MtGox would be better off dumping Dwolla altogether as their risk management strategy for limiting potential losses is extremely customer-unfriendly even though it's very necessary.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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January 22, 2013, 05:54:57 AM
 #6

okay why was the new posts deleted?

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January 22, 2013, 06:01:44 AM
 #7

I agree they probably only keep a minimal amount of money on Dwolla.  Seeing as how Tradehill was suing Dwolla over holding funds (or something), I bet Mt. Gox only keeps a minimal amount in there.  Probably about the same amount you have withdrawn.

And seeing as how it takes like a week or so to move USD in and out of exchanges, they would probably have to take money out specifically for a large withdrawal. 

I think $4k to them is pocketchange, especially with $17 coins and the volume of BTC they move through, that's only 235 BTC, I'm sure they can handle that. 

Give it time. 

Are you.. looking to pre-order some Avalons ASAP?  (jokes)

Thread title = misleading!!!!

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January 22, 2013, 08:53:48 AM
 #8

Sure... I could understand that for a few days.  But 11 days and counting?  That doesn't make much sense.


Hello,

We have sent funds to Dwolla since last week and we are waiting for the funds to arrive to facilitate the Dwolla withdrawals.  The support staff will inform you once your withdrawal is processed.  Once again we apologize for the delay.
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January 22, 2013, 10:00:14 AM
 #9

Huh... MTGox can't even afford a $4000 withdrawal after 10+ days.  This does not bode well.
Huh... Looks like a very similar situation if you can't afford full bitcoin refunds.
BFL is apparently out of bitcoins...

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January 22, 2013, 11:03:16 AM
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Rename topic: Inaba is apparently out of money

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January 22, 2013, 11:28:14 AM
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Oh Hai.

From the immortal Dumb and Dumber "Were in a hole... We just gotta dig ourselves out"
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January 22, 2013, 11:43:34 AM
 #12

Sure... I could understand that for a few days.  But 11 days and counting?  That doesn't make much sense.


Hello,

We have sent funds to Dwolla since last week and we are waiting for the funds to arrive to facilitate the Dwolla withdrawals.  The support staff will inform you once your withdrawal is processed.  Once again we apologize for the delay.

It appears Inaba chose the Bitcoin hating Dwolla for one large (over $1000) fund withdrawal. Poor choice for large amounts. Would it not be better to split up payments through BitInstant, CoinBase, and other exchanges?

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January 22, 2013, 11:50:49 AM
 #13

I just transferred about $800 from mt gox to dwolla on the 17th or 18th of last week. The money was there almost instantly and then from dwolla to my bank was also fast. I was able to access the money yesterday, even with the weekend and a holiday.

My mtgox>dwolla>bank experience in the past has never been this quick, but I'll take it!  Smiley

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January 22, 2013, 01:00:38 PM
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Sure... I could understand that for a few days.  But 11 days and counting?  That doesn't make much sense.


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January 22, 2013, 01:11:06 PM
 #15

Sure... I could understand that for a few days.  But 11 days and counting?  That doesn't make much sense.


Welcome to our world.

Ha! +1

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January 22, 2013, 03:20:19 PM
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I don't like this one bit. I understand the minimum for banks to start up IRS work with withdrawals or deposits for IRS purposes in the states is akin to $5000 or close to that, perhaps banks in Japan are more tightly regulated?

On the other hand, I do not blame Dwolla as much, though I hate them as much as PayPal(which if you did not know, is not and will never be, your pal).

Problems caused by statists really, you know, for making sure you pay your 'fair share'. And for the roads, and the kids!



Sure... I could understand that for a few days.  But 11 days and counting?  That doesn't make much sense.


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January 22, 2013, 05:53:45 PM
 #17

Funny, I withdrew $3,000 yesterday to Dwolla and got the money the same day.  Ditto on (I believe) the 18th.  Was actually quite surprised as I'm used to waiting several days.
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January 22, 2013, 06:29:32 PM
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Funny, I withdrew $3,000 yesterday to Dwolla and got the money the same day.  Ditto on (I believe) the 18th.  Was actually quite surprised as I'm used to waiting several days.

You kidding, huh!!! I am waiting for 2 weeks.

Had requested another wire withdrawal, haven't got it either. Asked for receipt, and MtGox support folks don't even bother responding. Just rolled it into a first request.

Speaking of which, have anybody here received WIRE withdrawals from gox latey, and what was the wait time

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January 22, 2013, 07:27:05 PM
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I withdrew 10K Aud by bank wire on the first of Jan and had it a few working days later, I have never had a problem with Gox in 2 years and any support questions have been answered quickly.
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January 22, 2013, 07:34:31 PM
 #20

Funny, I withdrew $3,000 yesterday to Dwolla and got the money the same day.  Ditto on (I believe) the 18th.  Was actually quite surprised as I'm used to waiting several days.

I guess you used up a lot of their cushion.

With BTC value behaving like it is, I'll bet there's a lot of ppl doing the same thing right now (selling for fiat).

"All safe deposit boxes in banks or financial institutions have been sealed... and may only be opened in the presence of an agent of the I.R.S." - President F.D. Roosevelt, 1933
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