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Author Topic: MtGox withdrawal delays [Gathering]  (Read 855595 times)
joesmoe2012
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August 25, 2013, 10:27:28 AM
 #1061

Page 50 of this thread iirc..

I see a report of a USD withdrawal there, but no date given.

Looks like people are reporting June 17th transfer still pending. What is that now, 8 or 9 weeks. A far cry from the 2 weeks which Gox support will claim in their initial response to inquiries about this matter.

While I agree that ongoing withdrawals in other currencies argue against insolvency, this is not the behavior of a responsible business.

I suggest you check your math...June 17th to August 17th would be a full 2 months.

Which is 8 or 9 weeks. Cheesy

haha sorry i need to check -my- math. Just woke up, head not working correctly yet.

I stand corrected.

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August 25, 2013, 12:15:27 PM
 #1062

I think you should not spread, that SEPA transfers are solved, until you saw it with your own eyes.. And even if no one here is lying it could be the same as usual, that it's just luck which transfer is fast and which not.
Fact is that there are thousands of undone withdraws pending or "confirmed" since weeks or months. Only if these undone transfers were done, they can say "it's solved".
You have to document your claim of thousands of withdraws pending.  I count a total of three recent SEPA withdrawals in this thread which have been pending for more  than two weeks.  Each one reeported over and over.  Standard international withdrawal is very slow.  We know that.  There is a huge backlog from the middle of June.

I'll try a four digit SEPA withdrawal next week, and report back.
I have 5 open SEPA transfers. 3 of them about 200€, one 400€ and one of 800€.  I ordered the transfers: 2013/07/30 , 2013/07/30 , 2013/07/31 ,2013/08/12 and 2013/08/14. One order from 2013/07/26 about 200€ I got after 3 weeks.

So nothing is solved for open transfers... and I doubt it's solved for new transfers, but we will see.

Edit: ah and one withdrawl about 150€ from 2013/07/23 I got after a few days.

Edit2: just because there are not many people reporting delayed transfers, u can't say there are no. Because at the moment it's "normal" and normally no one cares about it anymore.
Today I made a new SEPA transfer about 300€, I will report back, if I get them next week.
I didn't have to contact support.  MagicalTux explained it on #mtgox today:
Code:
13:30 < jouke> Just received an answer on my ticket: "We were bound to certain
               withdrawal limits per day which forces the requests to pile up
               in long queue. We suggest you to cancel all your pending
               withdrawal request and make a new combined single request. So
               that it be processed faster."
13:32 <@MagicalTux> remember one thing
13:32 <@MagicalTux> if you did multiple requests, only one can be processed
                    every ~20 days
In short: Cancel all your tiny withdrawals and merge them into one.  It will be processed much faster.

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August 25, 2013, 01:48:30 PM
 #1063


I didn't have to contact support.  MagicalTux explained it on #mtgox today:
Code:
13:30 < jouke> Just received an answer on my ticket: "We were bound to certain
               withdrawal limits per day which forces the requests to pile up
               in long queue. We suggest you to cancel all your pending
               withdrawal request and make a new combined single request. So
               that it be processed faster."
13:32 <@MagicalTux> remember one thing
13:32 <@MagicalTux> if you did multiple requests, only one can be processed
                    every ~20 days
In short: Cancel all your tiny withdrawals and merge them into one.  It will be processed much faster.

O.ō wtf ...
Okay thanks. I will wait and see I if I get sth. tomorrow.

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August 25, 2013, 02:01:11 PM
 #1064

I have 5 open SEPA transfers. 3 of them about 200€, one 400€ and one of 800€.  I ordered the transfers: 2013/07/30 , 2013/07/30 , 2013/07/31 ,2013/08/12 and 2013/08/14. One order from 2013/07/26 about 200€ I got after 3 weeks.

You do realize that you are slowing down the process for everybody else with withdrawals like that?
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August 25, 2013, 02:05:59 PM
 #1065

I have 5 open SEPA transfers. 3 of them about 200€, one 400€ and one of 800€.  I ordered the transfers: 2013/07/30 , 2013/07/30 , 2013/07/31 ,2013/08/12 and 2013/08/14. One order from 2013/07/26 about 200€ I got after 3 weeks.

You do realize that you are slowing down the process for everybody else with withdrawals like that?
No I did not ^^ I thought it would be faster because some days ago everybody said it would be better to withdraw smaller amounts Wink
--> every day it seems to be different whats best Cheesy

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August 25, 2013, 02:40:35 PM
 #1066

So now only 1 SEPA request every 20 days? Then they should put that in the notice goddamnit.
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August 25, 2013, 06:40:52 PM
 #1067

So now only 1 SEPA request every 20 days? Then they should put that in the notice goddamnit.

This is where Mark/Gox fails. They could have put this in their press releases but failed to do so. Hence buying more time due to more excuses. Now one has to cancel previous pending withdrawals and merge them into one to "allow withdrawal to go faster". lol


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August 25, 2013, 07:00:23 PM
 #1068

So now only 1 SEPA request every 20 days? Then they should put that in the notice goddamnit.
This is where Mark/Gox fails. They could have put this in their press releases but failed to do so. Hence buying more time due to more excuses. Now one has to cancel previous pending withdrawals and merge them into one to "allow withdrawal to go faster". lol
Have you ever written a press release?  It is supposed to be as short as possible.  A press release listing every little detail will get ignored by the press.  I have asked support to make a page listing all current withdrawal issues and expected time for the various methods, and hope this helps.

If you people had bothered to ask support why your SEPA withdrawals were slower than expected, which would only take a minute, you would have got the same answer as the guy i cited.  Why do people bother with multiple microtransactions via SEPA anyway?  Doing all in one withdrawal makes sense.  It lessens the load for everyone.

Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
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August 25, 2013, 07:13:31 PM
 #1069

So now only 1 SEPA request every 20 days? Then they should put that in the notice goddamnit.
This is where Mark/Gox fails. They could have put this in their press releases but failed to do so. Hence buying more time due to more excuses. Now one has to cancel previous pending withdrawals and merge them into one to "allow withdrawal to go faster". lol
Have you ever written a press release?  It is supposed to be as short as possible.  A press release listing every little detail will get ignored by the press.  I have asked support to make a page listing all current withdrawal issues and expected time for the various methods, and hope this helps.

If you people had bothered to ask support why your SEPA withdrawals were slower than expected, which would only take a minute, you would have got the same answer as the guy i cited.  Why do people bother with multiple microtransactions via SEPA anyway?  Doing all in one withdrawal makes sense.  It lessens the load for everyone.

There was a time (still may be true) that small transactions were used to fill in the little gap between a few larger wires clumped together and the actual banks limit.

To explain since that sentence didn't make much sense....

Say MTgox can send 50k a day SEPA.

They have 3 15k wires, totalling 45k, then they take 10-15 smaller wires to fill in the gap.

This was mentioned by tux at one point on IRC (ages ago), and i'm not going to dig up the reference, but I bet it can be found someone in this thread.

Also, withdraws over 10k are specifically noted to take a minimum of 2 weeks on gox's FAQ.

This 20 day stuff is all news to me though.

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August 25, 2013, 08:13:17 PM
 #1070

Have you ever written a press release?  It is supposed to be as short as possible.  A press release listing every little detail will get ignored by the press. 

What the hell are you talking about? They've either given false facts or left out vital information.  Their PR is absolutely worthless.  

what exactly is a false fact? lol

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August 25, 2013, 09:14:55 PM
 #1071

This topic is a comic book.
It's such a misfortune that there are only a few posts a day in it.
We need some more trolling from people that defends Gox without proof and other that attacks it without reason.

Personally, i'm betting my money (i'm awaiting on the line on bitstamp) to buy cheap when mtgox will collapse. It looks like to be much less probable than a week ago, but i still have reasons to keep my bet going. When the spread will be stable for a long period under 2-3%, i will call myself a loser. I could arbitrage from bitstamp to gox, but i wan't, because i don't trust the latter with the sepa withdrawn.

For me, this thread is being derailed by gox puppets showing how much they did arbitraging. If it's so easy to make this load of money, why is the spread still 10%?

My anger against what is wrong in the Bitcoin community is productive:
Bitcointa.lk - Replace "Bitcointalk.org" with "Bitcointa.lk" in this url to see how this page looks like on a proper forum (Announcement Thread)
Hashfast.org - Wiki for screwed customers
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August 25, 2013, 09:27:16 PM
 #1072

It was 20% a week ago....

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August 25, 2013, 10:15:20 PM
 #1073

"Customers were about to get their own IBAN at Bitcoin-Central when they had to close due to a security breach at their hosting provider.  I hope they'll open again soon."

Crap. Just added our bank details to our account there. Better tell the bank...

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August 25, 2013, 10:22:37 PM
 #1074

For me, this thread is being derailed by gox puppets showing how much they did arbitraging. If it's so easy to make this load of money, why is the spread still 10%?
A little under 8.3% now.  May still be worth the trouble, but not much longer as the spread goes down.  I expect it to go down even further when banks start moving again in the morning.  Price in EUR (or in JPY) on MtGox is 2.5% lower than price in USD, so 5.8%.  2% in fees, including transaction fees, bank fees and currency conversion fee from EUR to USD if I use Bitstamp.  3.8% left.  Bitcurex is a bit more promising right now, but very low volume.  Not sure if there will be more profitable arbitrage left when the money arrive if I withdraw from MtGox now.

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August 25, 2013, 10:30:28 PM
 #1075

"Customers were about to get their own IBAN at Bitcoin-Central when they had to close due to a security breach at their hosting provider.  I hope they'll open again soon."

Crap. Just added our bank details to our account there. Better tell the bank...
The security breach happened months ago.  If you just added something, you should be safe.

Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
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August 25, 2013, 11:11:34 PM
 #1076

"Customers were about to get their own IBAN at Bitcoin-Central when they had to close due to a security breach at their hosting provider.  I hope they'll open again soon."

Crap. Just added our bank details to our account there. Better tell the bank...
The security breach happened months ago.  If you just added something, you should be safe.

Thanks. Troubled mind eased...!

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August 26, 2013, 06:58:36 AM
 #1077

Have you ever written a press release?  It is supposed to be as short as possible.  A press release listing every little detail will get ignored by the press.

What the hell are you talking about? They've either given false facts or left out vital information.  Their PR is absolutely worthless.  

what exactly is a false fact? lol

People are using Gox as a source of "fact." Those "facts" are false.  

March 28th:
We are also working with authorities in Europe and US to ensure our activity is in line with local regulations.

June 26th:
Mt.Gox registers as MSB with FinCEN. http://www.fincen.gov/financial_institutions/msb/msbstateselector.html

3 months later? Oh ya thats "working with authorities in the US to ensure their activity is in line with local regulations"

July 4th:
"Mt. Gox is happy to announce that global account withdrawals have now fully resumed as of today, after several days of testing our new system for processing transactions.....Mt. Gox has now formed relationships with several new banking partners both in Japan and around the world, and we are still in the process of finalizing even more. ..... but there is approximately a two-week back-log we need to overcome. It will take a few weeks to get back to normal."  https://www.mtgox.com/press_release_20130704.html

Its been a month and a half and Karpeles is still saying in the IRC chats that they basically can only process 10 a day?  That isn't "fully resumed."

August 5th:
"We are in the process of forming relationships with new partners, banks, and taking other steps"  https://www.mtgox.com/press_release_20130805.html

Ya uh sure you are.  Didn't you just say that you already "formed relationships with several new banking partners" a month ago?

The double talk is the main tell that Gox likely has issues they are not disclosing.

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August 26, 2013, 10:29:22 AM
 #1078

One question:
How to cancel a withdrawal on Mtgox?

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August 26, 2013, 10:46:23 AM
 #1079

One question:
How to cancel a withdrawal on Mtgox?

Chat with or email support.


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August 26, 2013, 01:41:39 PM
 #1080

You do know how much Gox lost through their stupidity though?
It can take a while until they can plug that hole through insider trading.
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