MTGOX Withdrawal expectation

[Flatlinezor]

Okay, I know that there are 20k new customers per day, and so on.

In the past, we all know withdravals (EUR in this case to EUR account within EU) were not the snappiest. My last cashout became processed after 12 days. That was under 1000 euros.

Now, I initiated 3 cashouts, 1000 each, and after 2 weeks, still no sign of even a pending status, only confirmed. Can someone weigh in, how much is the usual waiting time for withdrawal transactions at the moment? MTGOX support surely has a backlog, because since 5 days they haven't answered to my request.

Anyone?

(Made a mistake, originally wrote processed, which would be that it's en route my bank, but it's just confirmed still)

[alexanderrrr]

Oh god I can't believe this. I have only waited 1 week and still waiting....... Guess MtGox is dead for real now

[NothinG]

I assume you should still be able to withdraw BTC, as I did a few days ago. I'd suggest to pull out as much BTC as possible and store on your own copy of the Bitcoin Client.

[Flatlinezor]

I am talking about EUR. I don't have any more btc there now, everything is fiat.

Some say they have 2 weeks of backlog of withdrawals, which I can relate to, but then again, if you can not access your money within a MONTH, why bother making any trades?

[bitcoinminer]

When will you guys figure out that Mt Gox is rigged?

[Kluge]

fwiw, a USD withdrawal to Dwolla took me ~2 days. Requested on the 12th, I believe. I'm guessing they're not out of cash, at least.

- But yeah, you should probably be poking customer service more. 12 days is insane, over 2 weeks is outrageous. Companies can have a bar of gold shipped to your house in less time than that -- accepting BTC, too.

[bitcoinminer]

It's easy.  Take any amount of money, invest it for 2-4 weeks, and keep the interest.  Mt Gox is a ponzi scheme.  every time there is a big swing in the market price, up or down, there is a hack where someone loses a bunch of BTC, or a bunch of USD, ("Fiat" as the hipsters call it) or can't get their money out, or whatever.  This is every single time.  This isn't most times, or sometimes, or once in awhile.  This is every single time there is a major market issue or move.

Yet, somehow, everybody keeps saying "Oh I bet they'll fix it this time".  But they don't.  Ever.

[szita2000]

What I hate, is that the processing is no more than 3-5 days when you send money to your Gox account. They say that they have to "process" the transfers.

My question is:
How can they "process" the incoming money within about 5 days, but they need over 2 weeks for the outgoing money?

Bulls**t if you ask me.

I was withdrawing money on the 04.04 And it is still only confirmed, NOT even processed !!!!

[Dexter770221]

Last time when I was withdrawing I'm waited 22 days... That's absurd if you ask me. I'm suspecting that they doing something with that money (investing for two weeks) before they really send them.

[szita2000]

Yes.
unfortunately as BTC is not regulated, neither the market platfroms that it is traded on, (that's so good about it !)
so we have to accept that this is the liability of our game.

[ivanc]

Same here.
I already have 21,000 EUR + 100 BTC stuck on bitcoin 24.
Now I've been pressuring MtGox support for information about the withdrawal process. They seem like they want to keep you in the dark, I will publish the whole thread with the support here if it goes really bad.
I have 24,000 EUR on MtGox (all BTC have been withdrawn of course).
I don't think MtGox is a Ponzi scheme as of now. But I don't fully understand why they try to prevent people from withdrawing money.

[RoadStress]

MtGox informed me that they hit their daily limit on their EUR account for withdrawal. I'm waiting for over 2 weeks now. Guess next time will use the USD account. That doesn't seem to have problems with that.Anyway MtGox gets a black ball from me for this. We need more exchangers!

[bitcoinminer]

I don't know of any legitimate bank in the world that would make you or anyone wait 2+ weeks to withdraw funds.  Are they banking in Cyprus?  I'm going to assume it's a Ponzi scheme until it's proven otherwise.  And I don't mean by letting people eventually withdraw.  I want to see ledgers.

[localhost]

What I hate, is that the processing is no more than 3-5 days when you send money to your Gox account. They say that they have to "process" the transfers.

That's already much too long, if you ask me. Sent a deposit recently to both MtGox and Bitstamp at the same time. Bitstamp was credited within 36 hours. Gox is still waiting, that's 4 days now... Maybe they give higher priority to larger transactions...

[szita2000]

I don't know of any legitimate bank in the world that would make you or anyone wait 2+ weeks to withdraw funds.  Are they banking in Cyprus?  I'm going to assume it's a Ponzi scheme until it's proven otherwise.  And I don't mean by letting people eventually withdraw.  I want to see ledgers.

Actually I have to say that I have my money now, so no issue there, But we have to remember, that BTC is dodgy, nobody regulates it, nobody regulates the exchanges, the payouts, anything.
So this is the liability we have to take with it.

[localhost]

Actually I have to say that I have my money now, so no issue there, But we have to remember, that BTC is dodgy, nobody regulates it, nobody regulates the exchanges, the payouts, anything.
So this is the liability we have to take with it.

Yes and no. I think I trust MtGox more than their bank. Sure, they are (very) late in processing the payments, but I feel like the main liability is in their bank more than in them. That's quite subjective though, but they're the market leader and they practice fairly profitable fees, so I don't think it would be their interest to go rogue while business is already working so well. Their bank, on the other hand, is an easy target for the authorities who would like to "regulate" Bitcoin.

[szita2000]

Actually I have to say that I have my money now, so no issue there, But we have to remember, that BTC is dodgy, nobody regulates it, nobody regulates the exchanges, the payouts, anything.
So this is the liability we have to take with it.

Yes and no. I think I trust MtGox more than their bank. Sure, they are (very) late in processing the payments, but I feel like the main liability is in their bank more than in them. That's quite subjective though, but they're the market leader and they practice fairly profitable fees, so I don't think it would be their interest to go rogue while business is already working so well. Their bank, on the other hand, is an easy target for the authorities who would like to "regulate" Bitcoin.

I understand where are you coming from, but let's say you selling me a stolen car.
To be fair, I don't care, how you going to do it, which way you going to come to the deal, all I am interested if that you say I will get you a stolen car in 2 months time to stick to the promised date.

I would like to emphasize that I would not have any problem with the whole transaction if they would say the payouts for EUR is 14 day max. (because we have difficulties getting the money out or whatever.)
My issue was that there is no explanation provided why it is taking 2 days to deposit, but 14 to withdraw.

But hey. I can live with it.

[localhost]

I understand where are you coming from, but let's say you selling me a stolen car.
To be fair, I don't care, how you going to do it, which way you going to come to the deal, all I am interested if that you say I will get you a stolen car in 2 months time to stick to the promised date.

I would like to emphasize that I would not have any problem with the whole transaction if they would say the payouts for EUR is 14 day max. (because we have difficulties getting the money out or whatever.)
My issue was that there is no explanation provided why it is taking 2 days to deposit, but 14 to withdraw.

But hey. I can live with it.

Oh. I quite agree about those outrageous delays (5 days for my latest deposit, hurray...). Plus the weird fees (I deposited several times the same amount, from the same bank, fees were never the same...... once there was even no fee at all). With performances like this I'm not sure they deserve the whopping 0.6% fee on all trades...