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Author Topic: MtGox withdrawal delays [Gathering]  (Read 855147 times)
joesmoe2012
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August 28, 2013, 03:23:07 PM
 #1121

Mtgox withdrew in JPY ?

Confirmed at one day processing time a few pages back in this thread.

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CompNsci
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August 28, 2013, 05:40:14 PM
 #1122

But your last post...

Would you be kind engouh to explain me how can you defend that hard MtGox without having done any SEPA withdrawal before?


Yes, that is sort of incredible. But I guess the characteristics of the speaker don't logically have anything to do with the truth or falsity of their statements.
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August 28, 2013, 05:46:09 PM
 #1123

Mt.Gox doesn't owe anyone the ability to sell BTC for fiat cash. If someone bought BTC then that's their decision to invest in that asset.

Well that is the business they purport to be in. They should be transparent about the actual withdrawals delays and provide estimates based on the current queue.

A person who had traded with them before these problems and then sold BTC on Mt. Gox before these problems developed and are clearly stated on their website has a valid complaint against them. Based on all past experience one would expect that they would continue to withdraw in a reasonable timeframe, say, 2-3 business days. 8 weeks isn't even close to a "reasonable" timeframe.
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August 28, 2013, 05:51:27 PM
 #1124

I try to collect facts, and to help people do smart decisions based on the facts.  Nothing else.  I also have a considerable amount invested in Bitcoin, and I run a small Bitcoin business myself.  And I do arbitrage between MtGox and other exchanges like most other people posting here.

Yes, and that is a big service in the present circumstances. Of course, Mt. Gox should post estimates on their website and these facts to warn potential sellers. Thanks for gathering this information.
acoindr
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August 28, 2013, 07:35:51 PM
 #1125

... Based on all past experience one would expect that they would continue to withdraw in a reasonable timeframe, say, 2-3 business days. 8 weeks isn't even close to a "reasonable" timeframe.

What part of they don't control the entire transfer process don't people understand? Mt.Gox must work with other banks to transfer fiat. The old legacy banking system is lethargic, inefficient, cumbersome and over regulated. That's a reason Bitcoin is so valuable.

If you want to transfer bitcoins to/from Mt.Gox, something they can completely handle without middlemen, what is the timeframe? Nearly instant.

I suspect if you are willing to visit Japan and request fiat in person they can accommodate you in speedy fashion too. Apparently Japanese withdrawals are processed in a single day.

Nagle
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August 28, 2013, 08:00:37 PM
 #1126

Mt.Gox doesn't owe anyone the ability to sell BTC for fiat cash. If someone bought BTC then that's their decision to invest in that asset.
Mt. Gox doesn't have to offer the ability to sell BTC for fiat cash.

The problem is that they do offer that ability. Then they keep your money.

That's usually called "theft".
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August 28, 2013, 08:27:20 PM
 #1127

Mt.Gox doesn't owe anyone the ability to sell BTC for fiat cash. If someone bought BTC then that's their decision to invest in that asset.
Mt. Gox doesn't have to offer the ability to sell BTC for fiat cash.

The problem is that they do offer that ability. Then they keep your money.

That's usually called "theft".

Not my money for the moment. How much did they steal from you, Nagle? I thought you were out and that Bitcoin was a ponzi scheme which endgame was approaching.

Did you bought back and now you trade BTC? Is the endgame finally approaching? Maybe the endgame will finally be the collapse of MtGox and the other exchanges due to regulatory pressure/illiquidity?

Anyhow: please report how much MtGox stole from you so we can start legal action.

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August 28, 2013, 09:19:56 PM
 #1128

Mt.Gox doesn't owe anyone the ability to sell BTC for fiat cash. If someone bought BTC then that's their decision to invest in that asset.
Mt. Gox doesn't have to offer the ability to sell BTC for fiat cash.

The problem is that they do offer that ability. Then they keep your money.

That's usually called "theft".

No, a bank keeps your money too. It's only theft when they won't give your money back.

As I said Mt.Gox can give anyone their money in the form of bitcoins instantly. Nobody has refuted that. They can probably give anyone their fiat money within the same day who claims it locally (Japan); nobody has refuted that either. They have been shown to give people their money back, though after some delay, via the original wire request.

That is far from theft.
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August 28, 2013, 11:21:55 PM
 #1129

I'm out. 2 months later and they still couldn't give me an ETA on when my transfers would be completed. I cancelled my transfers and took the 5% special transfer wire option. Funds landed in my bank 3 days later.

Buy & Hold
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August 28, 2013, 11:27:58 PM
 #1130

I'm out. 2 months later and they still couldn't give me an ETA on when my transfers would be completed. I cancelled my transfers and took the 5% special transfer wire option. Funds landed in my bank 3 days later.

Ouch. That would be $500 on as little as $10k

Has anyone asked Gox whether they would post a cheque? A week in the mail is infinitely better than their glacial transfers.

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August 29, 2013, 01:38:13 AM
 #1131

I cancelled my transfers and took the 5% special transfer wire option. Funds landed in my bank 3 days later.
What's this?
solex
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August 29, 2013, 02:47:18 AM
 #1132

I cancelled my transfers and took the 5% special transfer wire option. Funds landed in my bank 3 days later.
What's this?

MtGox's bank will do one manual transfer a day for them, at an eye-gouging rate of commission.

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August 29, 2013, 03:43:14 AM
 #1133

In case other people want to know about where I got the 10 days from: I let someone from MtGox support have a look at my previous version, and got some clarifications and updates.  The reduction from 20 to 10 days happened very recently.

Hmm.. 20days would match to my experience, 10 days not.
I agree. 10 days doesn't seem correct. My last SEPA withdrawal was send 2 weeks ago. All other are still waiting as "confirmed". All are smaller than 1000eur.
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August 29, 2013, 08:48:58 AM
 #1134

In case other people want to know about where I got the 10 days from: I let someone from MtGox support have a look at my previous version, and got some clarifications and updates.  The reduction from 20 to 10 days happened very recently.
Hmm.. 20days would match to my experience, 10 days not.
I agree. 10 days doesn't seem correct. My last SEPA withdrawal was send 2 weeks ago. All other are still waiting as "confirmed". All are smaller than 1000eur.
Only bank days (business days) are counted, so 2 weeks = 10 days.  Your next withdrawal should reach Pending any time now then.  Please keep us updated.

The waiting time depends on the FIFO queue for SEPA withdrawals, which is 4 days long currently.  I.e. a SEPA withdrawal between 1k and 30k EUR will reach pending state after four business days.

A few other interesting pieces of information:
The international transfer queue is actually progressing, and has reached mid June.  If anyone have an international transfer issued before June 20th which has been in pending for more than five days, you should contact support.  There is probably something wrong with it.  A misspelling, mistyped account number, your bank holding back the payment (there are a few examples of Citibank doing this), etc.

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
Warning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills.
smoothie
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August 29, 2013, 08:59:26 AM
 #1135

I'm out. 2 months later and they still couldn't give me an ETA on when my transfers would be completed. I cancelled my transfers and took the 5% special transfer wire option. Funds landed in my bank 3 days later.

Wow 5%...

So it comes down to the highest bidder to get funds out.

I suppose 10% would get me at the front of the line no problem eh GOX?

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sturle
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August 29, 2013, 09:05:12 AM
 #1136

I'm out. 2 months later and they still couldn't give me an ETA on when my transfers would be completed. I cancelled my transfers and took the 5% special transfer wire option. Funds landed in my bank 3 days later.
Wow 5%...
So it comes down to the highest bidder to get funds out.
I suppose 10% would get me at the front of the line no problem eh GOX?
AFAIK the fee is the same for everyone who request the express manual wire transfer.  Never heard of anyone paying more than 5%.  The fee goes to the payment provider, if I understood this correctly.

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
Warning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills.
joesmoe2012
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August 29, 2013, 10:24:48 AM
 #1137

USD SWIFT pending since june 17th...

EURO SEPA 20,xxx pending since beg of august...

friend has 1 BTC EURO SEPA Pending for a little over a week now.

sturle
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August 29, 2013, 11:23:57 AM
 #1138

USD SWIFT pending since june 17th...

EURO SEPA 20,xxx pending since beg of august...

friend has 1 BTC EURO SEPA Pending for a little over a week now.
Has the transfers been in pending state all this time?  The state before pending is Confirmed.  Pending means it has been sent to the bank, and if it stays in pending state for more than 5 business days (2 for SEPA), you should contact support.  There is probably something wrong so the bank couldn't send it.

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
Warning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills.
joesmoe2012
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August 29, 2013, 12:00:11 PM
 #1139

I thought processed came after confirmed? That's how all my others have shown while they were being processed.

They have all shown confirmed all this time.

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August 29, 2013, 12:17:15 PM
 #1140

According to the Support :

Confirmed (user mail confirmation done) >> Processing (transfer moved in the bank queue) >> Processed (done by the Polish bank)

By the way I know the bought a company in Poland and so they use their account and so on. But does someone know what are their advantage to stay there? Because usually "brokers" (or similar) use some kind of fiscal paradise like Chypre eg.
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