Bitcoin Forum
March 19, 2024, 06:15:01 AM *
News: Latest Bitcoin Core release: 26.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 ... 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 [61] 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 ... 348 »
  Print  
Author Topic: MtGox withdrawal delays [Gathering]  (Read 908321 times)
sturle
Legendary
*
Offline Offline

Activity: 1437
Merit: 1002

https://bitmynt.no


View Profile WWW
August 31, 2013, 06:44:35 AM
 #1201

If domestic (JPY) withdrawal takes a day or two, while USD takes a few weeks or more, why can't someone in Japan set up a business which for a % fee will withdraw your money in JPY, exchange into USD at forex rate, and paypal/send cash by mail/or find some other way of getting the money to you?
Also, why can't the same business do million or so of arbitrage per day? This spread is so stable that it has to be exploited... By someone that wants to risk on mtgox.
It is being exploited, but carefully.  There aren't any other trustworthy exchanges with enough BTC in their order books for it to be interesting.  Would you deposit millions of USD on an exchange operating in violation of the law?  Or on an exchange operating from the USSA?  I do my arbitrage by buying directly from people at lowest of Bitstamp bid / Bitcurex ask, and only keep small amounts on the exchanges.

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.
1710828901
Hero Member
*
Offline Offline

Posts: 1710828901

View Profile Personal Message (Offline)

Ignore
1710828901
Reply with quote  #2

1710828901
Report to moderator
1710828901
Hero Member
*
Offline Offline

Posts: 1710828901

View Profile Personal Message (Offline)

Ignore
1710828901
Reply with quote  #2

1710828901
Report to moderator
1710828901
Hero Member
*
Offline Offline

Posts: 1710828901

View Profile Personal Message (Offline)

Ignore
1710828901
Reply with quote  #2

1710828901
Report to moderator
Whoever mines the block which ends up containing your transaction will get its fee.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1710828901
Hero Member
*
Offline Offline

Posts: 1710828901

View Profile Personal Message (Offline)

Ignore
1710828901
Reply with quote  #2

1710828901
Report to moderator
1710828901
Hero Member
*
Offline Offline

Posts: 1710828901

View Profile Personal Message (Offline)

Ignore
1710828901
Reply with quote  #2

1710828901
Report to moderator
cedivad
Legendary
*
Offline Offline

Activity: 1176
Merit: 1001



View Profile
August 31, 2013, 07:12:17 AM
 #1202

Bitstamp is certanly an interesting exchange to operate with.
I heard from you that mtgox on their side seems to have a 30k SEPA withdrawn limit, if you go over, you wait more than 2 weeks. That's very unfortunate, for one that wants to exploit that spread.

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
sturle
Legendary
*
Offline Offline

Activity: 1437
Merit: 1002

https://bitmynt.no


View Profile WWW
August 31, 2013, 07:44:38 AM
 #1203

Bitstamp is certanly an interesting exchange to operate with.
I heard from you that mtgox on their side seems to have a 30k SEPA withdrawn limit, if you go over, you wait more than 2 weeks. That's very unfortunate, for one that wants to exploit that spread.
Would you really deposit as much as 30k EUR on Bitstamp?  Bitstamp issues USD on Ripple, which is an e-currency.  They do this without the proper licencing, authorization and insurances in place, which of course is illegal.  Even more illegal than transferring money between two bank accounts without a money transmitter license.  If you deposit 30k EUR there, I hope you can afford to lose 30k EUR if Bitstamp gets closed before you are able to buy BTC and move the BTC to MtGox. It is a gamble, and not my kind of gamble.  I suspect this the main reason why the price difference rarely goes below 8%, and why the whales still play on MtGox.

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.
cedivad
Legendary
*
Offline Offline

Activity: 1176
Merit: 1001



View Profile
August 31, 2013, 07:47:49 AM
 #1204

I'm sorry sturle, but i can't agree with you anymore. When you write pro-gox, and about the withdrawns that in your opinion are going well, i can accept that, since that personally i have no proof of the opposite.

But i can't really agree on bitstamp being less secure than mtgox, at the moment.

They do this without the proper licencing, authorization and insurances in place, which of course is illegal.
Where are mtgox documents about this?
They both operate in the dark.

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
sturle
Legendary
*
Offline Offline

Activity: 1437
Merit: 1002

https://bitmynt.no


View Profile WWW
August 31, 2013, 08:15:21 AM
 #1205

They do this without the proper licencing, authorization and insurances in place, which of course is illegal.
Where are mtgox documents about this?
They both operate in the dark.
MtGox is operating fully within all regulations in Japan, where they are located and registered.  MtGox does not issue any kind of e-currency, and would be operating legally if they moved to (most of) Europe as well.  MtGox are well lit.  They even have a known owner and a physical address in Tokyo.  We do not know who the owner(s) of Bitstamp is/are, or where their physical office(s) (if any) are located.  We only have an address to a maildrop in London and a bank account in Slovenia.

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.
cedivad
Legendary
*
Offline Offline

Activity: 1176
Merit: 1001



View Profile
August 31, 2013, 08:22:22 AM
 #1206

MtGox is operating fully within all regulations in Japan, where they are located and registered.
Can i ask for some proof of this? Because i've never heard of this, but it could be my fault.

We do not know who the owner(s) of Bitstamp is/are, or where their physical office(s) (if any) are located.  We only have an address to a maildrop in London and a bank account in Slovenia.
We do know who the owner is. Google will help you. He also held a speech at the London Bitcoin last year.

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
posormo
Member
**
Offline Offline

Activity: 109
Merit: 10


View Profile
August 31, 2013, 08:36:35 AM
 #1207

MtGox is operating fully within all regulations in Japan, where they are located and registered.
Can i ask for some proof of this? Because i've never heard of this, but it could be my fault.

We do not know who the owner(s) of Bitstamp is/are, or where their physical office(s) (if any) are located.  We only have an address to a maildrop in London and a bank account in Slovenia.
We do know who the owner is. Google will help you. He also held a speech at the London Bitcoin last year.

If they were not operating within the rules of Japan they would be shut down pretty dam quick.  There is heavy legislation there for AML and such.   As many people have said.  One of the main problems is everyone wants to deposit there money there because its the highest offer on the table.   But the downside of this is you have to wait in line to get your money out.   

cedivad
Legendary
*
Offline Offline

Activity: 1176
Merit: 1001



View Profile
August 31, 2013, 08:44:11 AM
 #1208

If they were not operating within the rules of Japan they would be shut down pretty dam quick.
I'm sorry, but this is not a proof.
You don't have to "wait in line". You have to sit back and hope not to lose everything in the meanwhile.

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
sturle
Legendary
*
Offline Offline

Activity: 1437
Merit: 1002

https://bitmynt.no


View Profile WWW
August 31, 2013, 08:57:11 AM
 #1209

MtGox is operating fully within all regulations in Japan, where they are located and registered.
Can i ask for some proof of this? Because i've never heard of this, but it could be my fault.
I can't submit any kind of proof which you are going to accept. It is a case where proving compliance is very difficult.  It would require me to go through every detail of their operations, showing that everything is according to Japanese law (which I don't know).  Proving the opposite would be very easy, however.  Just find one example of MtGox doing something which is not in full compliance with Japanese laws or regulations.  Perhaps you could try that, and agree that MtGox is compliant unless we can find an example of MtGox breaking any law or regulation in Japan or other countries where it is represented (e.g. Poland).

Quote
We do not know who the owner(s) of Bitstamp is/are, or where their physical office(s) (if any) are located.  We only have an address to a maildrop in London and a bank account in Slovenia.
We do know who the owner is. Google will help you. He also held a speech at the London Bitcoin last year.
Did he tell why they choose to operate in violation of the law, risking their business and customers money?

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.
posormo
Member
**
Offline Offline

Activity: 109
Merit: 10


View Profile
August 31, 2013, 09:07:06 AM
 #1210

If they were not operating within the rules of Japan they would be shut down pretty dam quick.
I'm sorry, but this is not a proof.
You don't have to "wait in line". You have to sit back and hope not to lose everything in the meanwhile.

BS, you don't have to sit back and do anything.   Withdrawal BTC.  It works fine.  Then you can take your BTC to the nice "safe" exchanges in Eastern Europe and the US.

joesmoe2012
Hero Member
*****
Offline Offline

Activity: 882
Merit: 501


Ching-Chang;Ding-Dong


View Profile WWW
August 31, 2013, 09:31:28 AM
 #1211

Sturle, where is the proof that gox is legally operating in japan?

And how about some proof that bitstamp isn't legally operating in England...?

Your constant posting of things you honestly know nothing about is starting to really frustrate me. You've never made a withdraw from gox, yet you have more to say on the issue than anyone else...I just don't get it.

Why if you have no interest in this game are you continuously posting crap?

Is this really the definition of a Troll?

Also, why are you even posting about the legalities of bitstamp in a mtgox thread...?

Check out BitcoinATMTalk - https://bitcoinatmtalk.com
cedivad
Legendary
*
Offline Offline

Activity: 1176
Merit: 1001



View Profile
August 31, 2013, 09:41:22 AM
 #1212

BS, you don't have to sit back and do anything.
We were talking about FIAT.

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
posormo
Member
**
Offline Offline

Activity: 109
Merit: 10


View Profile
August 31, 2013, 09:45:26 AM
 #1213

BS, you don't have to sit back and do anything.
We were talking about FIAT.


Ya, change fiat to BTC on gox, and withdrawal.   Better than it collapsing as its running illegally according to many in this thread.   So get it out in the form of BTC.

cedivad
Legendary
*
Offline Offline

Activity: 1176
Merit: 1001



View Profile
August 31, 2013, 09:53:14 AM
 #1214

BS, you don't have to sit back and do anything.
We were talking about FIAT.


Ya, change fiat to BTC on gox, and withdrawal.   Better than it collapsing as its running illegally according to many in this thread.   So get it out in the form of BTC.
We were talking about getting a profit arbitraging. How do you do that withdrawing btc, may i ask?
Read with more attention next time. Thanks.

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
sturle
Legendary
*
Offline Offline

Activity: 1437
Merit: 1002

https://bitmynt.no


View Profile WWW
August 31, 2013, 10:31:23 AM
 #1215

Sturle, where is the proof that gox is legally operating in japan?
Read my answer above.  It is more or less impossible to prove given finite time and resources, but easy to disprove if they don't operate legally.  Just find an example of MtGox breaking the law in Japan.  The burden of proof is on those who claim they operate illegally.

Quote
And how about some proof that bitstamp isn't legally operating in England...?
This is easy.  Bitstamp issues electronic money (Ripple USD) without proper licensing, which is a clear breach of the e-money directive which all member states of the EU and EEA have implemented in their national laws.  England is a member of the EU.

Quote
Your constant posting of things you honestly know nothing about is starting to really frustrate me. You've never made a withdraw from gox, yet you have more to say on the issue than anyone else...I just don't get it.
I have posted this before, and you are constantly forgetting or ignoring. 

I have collected facts, which nobody else seems interested in, and posted them here for everyone to verify.  And, yes I have made a withdrawal from MtGox to test if my facts are true.  I know it would be stupid, I should have kept the BTC I bought instead of selling them on MtGox or anywhere else, but I did it to test if the facts I have collected hold.  So far I haven't find any counterexamples.  Just your constant nagging about old transfers, while you neglect to tell about the transfers which went through and put your other transfers back in the queue.

Quote
Also, why are you even posting about the legalities of bitstamp in a mtgox thread...?
Because someone wondered why the price difference is high, and this gives a good explanation of why it is so.

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
Hero Member
*****
Offline Offline

Activity: 882
Merit: 501


Ching-Chang;Ding-Dong


View Profile WWW
August 31, 2013, 10:34:48 AM
 #1216

Sturle, where is the proof that gox is legally operating in japan?
Read my answer above.  It is more or less impossible to prove given finite time and resources, but easy to disprove if they don't operate legally.  Just find an example of MtGox breaking the law in Japan.  The burden of proof is on those who claim they operate illegally.

Quote
And how about some proof that bitstamp isn't legally operating in England...?
This is easy.  Bitstamp issues electronic money (Ripple USD) without proper licensing, which is a clear breach of the e-money directive which all member states of the EU and EEA have implemented in their national laws.  England is a member of the EU.

Quote
Your constant posting of things you honestly know nothing about is starting to really frustrate me. You've never made a withdraw from gox, yet you have more to say on the issue than anyone else...I just don't get it.
I have posted this before, and you are constantly forgetting or ignoring. 

I have collected facts, which nobody else seems interested in, and posted them here for everyone to verify.  And, yes I have made a withdrawal from MtGox to test if my facts are true.  I know it would be stupid, I should have kept the BTC I bought instead of selling them on MtGox or anywhere else, but I did it to test if the facts I have collected hold.  So far I haven't find any counterexamples.  Just your constant nagging about old transfers, while you neglect to tell about the transfers which went through and put your other transfers back in the queue.

Quote
Also, why are you even posting about the legalities of bitstamp in a mtgox thread...?
Because someone wondered why the price difference is high, and this gives a good explanation of why it is so.

Okay fair enough. I just don't see your motive.

Gox also exchanges USD without a license which makes it equally illegally operating.

But the information you have gathered mainly seems correct so I guess i'll stop being so critical.


Check out BitcoinATMTalk - https://bitcoinatmtalk.com
sturle
Legendary
*
Offline Offline

Activity: 1437
Merit: 1002

https://bitmynt.no


View Profile WWW
August 31, 2013, 10:42:01 AM
 #1217

Gox also exchanges USD without a license which makes it equally illegally operating.
They need a licence for that in Japan!?  I don't need a license for exchanging currency here in Norway, and Norway is quite strict on this stuff.  Do you have a reference to the law they are breaking?

Edit: MtGox are actually not exchanging USD to other currencies.  You can exchange USD for BTC, which is not regarded a currency in Japan, and exchange BTC for EUR.  Avoiding direct exchange of both currencies.

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
Hero Member
*****
Offline Offline

Activity: 882
Merit: 501


Ching-Chang;Ding-Dong


View Profile WWW
August 31, 2013, 11:21:02 AM
 #1218

Japanese banking law is very strict. I would imagine that any company that is going to be holding customers money in their account would require licenses and to be regulated in japan. Not sure if they comply with this or not.

And yes, to exchange USD without a license means they are breaking US law (even if just for BTC), just as bitstamp is.


Check out BitcoinATMTalk - https://bitcoinatmtalk.com
posormo
Member
**
Offline Offline

Activity: 109
Merit: 10


View Profile
August 31, 2013, 11:58:59 AM
 #1219

BS, you don't have to sit back and do anything.
We were talking about FIAT.


Ya, change fiat to BTC on gox, and withdrawal.   Better than it collapsing as its running illegally according to many in this thread.   So get it out in the form of BTC.
We were talking about getting a profit arbitraging. How do you do that withdrawing btc, may i ask?
Read with more attention next time. Thanks.

No, I moved on to people bitching and whining about their withdrawal times and accusing gox of operating outside of the law because their wires are in a queue.   Which is what I was responding to.   People are doing arbitrage as you can read in a few spots around the forum.  The withdrawal as BTC is for those accusing gox of operating in a dodgy manner or accusing them of being on the verge of collapse.

Any way.  This is a repetitive topic.   

cedivad
Legendary
*
Offline Offline

Activity: 1176
Merit: 1001



View Profile
August 31, 2013, 11:59:42 AM
 #1220

People are arbitrating but the spread is still and always at 10%, does it makes sense?

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
Pages: « 1 ... 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 [61] 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 ... 348 »
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!