MtGox withdrawal delays [Gathering]

[S3052]

may I ask you for a referral to bitfinex....sure Gox should be history 

I may misunderstand you, but cant you just register there?
here is also the contact: contact@bitfinex.com

[1713571071]

1713571071

[1713571071]

1713571071

[1713571071]

1713571071

[1713571071]

1713571071

[1713571071]

1713571071

[User705]

I guess it's possible that my overall balances somehow make me a preferred customer but are you trying to say Gox isn't?  So two possibilities exist.  Either they are doing it on purpose and lying about limits that don't exist or their bank really put in those limits because they see their money flows and balance sheet and think they are at risk.  Both scenarios are a bit worrisome.

...

I guess I'll look but again I've never heard of a limit on transactions by a bank.  Now their bank may be holding deposits for certain time and they can't send out withdrawals because of that.   It's called a liquidity crunch but I just can't see a hold on incoming wires longer then 7-10 days.

You either have very limited experience of banking or have preferential access due to substantial wealth, either way, bank transfer limits are very real for the rest of us.

[zyk]

may I ask you for a referral to bitfinex....sure Gox should be history 

I may misunderstand you, but cant you just register there?
here is also the contact: contact@bitfinex.com

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where are the codes to be gotten then 

[S3052]

got it. let me see if i can get a referrer cose

[sturle]

I guess it's possible that my overall balances somehow make me a preferred customer but are you trying to say Gox isn't?  So two possibilities exist.  Either they are doing it on purpose and lying about limits that don't exist or their bank really put in those limits because they see their money flows and balance sheet and think they are at risk.  Both scenarios are a bit worrisome.

Both scenarios are a bit far fetched.  The limit has been the same since MtGox got that Polish bank account in 2011.  Judging by the price difference ein EUR/BTC vs USD/BTC, much more money has gone in through that account than out.  Why would their bank lie about the limit, btw?

[joesmoe2012]

I don't see where my referral code would be on their site or i'd post it as well. I think that feature may be depreciated.

 

[S3052]

i just contacted them and will share the answer when I get it

[sturle]

Looks like MtGox has given up the partner track, and is becoming its own bank (more or less).  This information came up in a discussion in French in #mtgox very recently:

Code:

20:19 <@MagicalTux> nous sommes en train de nous enregistrer en Europe comme 
                    entité financière, ce qui devrais nous permettre de gérer 
                    un plus gros volume sans causer de délais

My knowledge of French is very limited, and I hope a native speaker can translate.  I have had some help from Google Translate and my wife, and think it means they are registering as a financial entity in Europe (EU), which enables them to handle a large volume of transactions without causing delays.

Regarding partnership with existing banks and payment services, the response was:

Code:

20:24 <@MagicalTux> nos avocats nous ont déconseillé la même méthode pour 
                    différentes raisons dont je ne peux pas parler
20:27 <@MagicalTux> plus exactement, nous avons conclus qu'il nous faut une 
                    license directement
20:28 <@MagicalTux> (les raisons pour lesquelles bosser avec un partenaire ne 
                    rend pas l'activité plus légale sont compliquées)

My understanding: MtGox's attorneys have advised against this for reasons which he can't talk about.  MtGox has concluded it needs a direct license.  Partnering with a bank doesn't make the activity more legal, and the reasons for this are complicated.

More about becoming their own bank:

Code:

20:33 <@MagicalTux> cyrflo: comme dit plus haut, nous sommes en train de créer 
                    une entité financière en Europe
20:34 <@MagicalTux> (il faut compter 6 mois à 1 an pour que ça soit fait)
20:35 <@MagicalTux> Je ne peux pas donner plus de détails pour l'instant pour 
                    différentes raisons
20:35 <@MagicalTux> cyrflo: c'est cher aussi, jusqu'à cette année nous n'avions 
                    pas les moyens

My understanding: MtGox is creating its own financial entity in Europe.  It will take 6 months to a year to do it.  He can't give more details at the moment for various reasons.  It is expensive as well.  They couldn't afford it until this year.  (This means MtGox is liquid as well, for those still in doubt.)

He didn't say how long he has been on this track.  I don't know if he means 6 months to a year from now or from sometime earlier this year.

[Puppet]

Your translations are correct.

[Nagle]

My understanding: MtGox is creating its own financial entity in Europe.  It will take 6 months to a year to do it.  He can't give more details at the moment for various reasons.  It is expensive as well.  They couldn't afford it until this year.  (This means MtGox is liquid as well, for those still in doubt.)

No, that means the marks have stopped believing the previous line of bullshit. So now they've come up with a new, fancier line of bullshit to try to buy more time.

This is a huge red flag (as if being in default for 90 days wasn't enough.) "It will take 6 months to a year to do it.  He can't give more details at the moment for various reasons." This is basic con man talk. It works on a surprising number of suckers. It's amusing to watch the marks on here make excuses for the mistakes of the con artist.

Ignore the bullshit and hammer on them, using every approach I've outlined and anything else you can think up, until you get paid.

[sturle]

Ignore the bullshit and hammer on them, using every approach I've outlined and anything else you can think up, until you get paid.

So far MtGox has paid me in expected time every time, so I'm not wasting any time or money on the approaches your suggest.  Ask the DHS or Peter Vessenes for your money if you are in the USSA.  They created the problems in the first place.

[zeroblock]

Ignore the bullshit and hammer on them, using every approach I've outlined and anything else you can think up, until you get paid.

So far MtGox has paid me in expected time every time, so I'm not wasting any time or money on the approaches your suggest.  Ask the DHS or Peter Vessenes for your money if you are in the USSA.  They created the problems in the first place.

No they didn't.  The blame rests with the company.  They are responsible for their actions.

[User705]

I guess it's possible that my overall balances somehow make me a preferred customer but are you trying to say Gox isn't?  So two possibilities exist.  Either they are doing it on purpose and lying about limits that don't exist or their bank really put in those limits because they see their money flows and balance sheet and think they are at risk.  Both scenarios are a bit worrisome.

Both scenarios are a bit far fetched.  The limit has been the same since MtGox got that Polish bank account in 2011.  Judging by the price difference ein EUR/BTC vs USD/BTC, much more money has gone in through that account than out.  Why would their bank lie about the limit, btw?

I said gox might be lying not the bank.  Also why can't they mail checks out if they have a wire limit?  International checks take a few weeks to clear but it won't be months.  Or are you saying there's a limit on how many checks their printer can print in a day?

[oblongmeteor]

Looks like MtGox has given up the partner track, and is becoming its own bank (more or less).  This information came up in a discussion in French in #mtgox very recently:

[...]

My understanding: MtGox is creating its own financial entity in Europe.  It will take 6 months to a year to do it.  He can't give more details at the moment for various reasons.  It is expensive as well.  They couldn't afford it until this year.  (This means MtGox is liquid as well, for those still in doubt.)

He didn't say how long he has been on this track.  I don't know if he means 6 months to a year from now or from sometime earlier this year.

Getting a banking license is not a trivial task (read: hellishly difficult). Typically depending upon the type of banking services the applicant is seeking to offer (Retail, Custodial, Investment etc) supplemental conditions also apply. It would be pretty close to a Loaves & Fishes event if they (Mt Gox) managed to get one - in Europe - within 2 years let alone 6-12 months.

[mechs]

Looks like MtGox has given up the partner track, and is becoming its own bank (more or less).  This information came up in a discussion in French in #mtgox very recently:

[...]

My understanding: MtGox is creating its own financial entity in Europe.  It will take 6 months to a year to do it.  He can't give more details at the moment for various reasons.  It is expensive as well.  They couldn't afford it until this year.  (This means MtGox is liquid as well, for those still in doubt.)

He didn't say how long he has been on this track.  I don't know if he means 6 months to a year from now or from sometime earlier this year.

Getting a banking license is not a trivial task (read: hellishly difficult). Typically depending upon the type of banking services the applicant is seeking to offer (Retail, Custodial, Investment etc) supplemental conditions also apply. It would be pretty close to a Loaves & Fishes event if they (Mt Gox) managed to get one - in Europe - within 2 years let alone 6-12 months.

If they did succeed, it would be a huge accomplishment.  However, the chances are slim to none.

[sturle]

Getting a banking license is not a trivial task (read: hellishly difficult). Typically depending upon the type of banking services the applicant is seeking to offer (Retail, Custodial, Investment etc) supplemental conditions also apply. It would be pretty close to a Loaves & Fishes event if they (Mt Gox) managed to get one - in Europe - within 2 years let alone 6-12 months.

Nah.  Doesn't take 2 years.  New banks and financial institutions pop up all the time.  I even found an easily verifiable example.    Company formed  2007-06-05, registered 2007-07-17, got their full banking licence 2007-11-16.  5 months.

[sturle]

I guess it's possible that my overall balances somehow make me a preferred customer but are you trying to say Gox isn't?  So two possibilities exist.  Either they are doing it on purpose and lying about limits that don't exist or their bank really put in those limits because they see their money flows and balance sheet and think they are at risk.  Both scenarios are a bit worrisome.

Both scenarios are a bit far fetched.  The limit has been the same since MtGox got that Polish bank account in 2011.  Judging by the price difference ein EUR/BTC vs USD/BTC, much more money has gone in through that account than out.  Why would their bank lie about the limit, btw?

I said gox might be lying not the bank.

The limit was revealed by their bank when someone called them.  I don't think MtGox has published their limit.

Also why can't they mail checks out if they have a wire limit?  International checks take a few weeks to clear but it won't be months.  Or are you saying there's a limit on how many checks their printer can print in a day?

I haven't seen a check since the 80ies, except one.  Got one in return from some USSAnian scammer company.  I was told by my bank I had to travel to USSA to cash it in.  Would you be happy if you got a check which you had to travel to Japan to cash in?  Probably cheaper to take the 5% option.

[smoothie]

Looks like MtGox has given up the partner track, and is becoming its own bank (more or less).  This information came up in a discussion in French in #mtgox very recently:

Code:

20:19 <@MagicalTux> nous sommes en train de nous enregistrer en Europe comme 
                    entité financière, ce qui devrais nous permettre de gérer 
                    un plus gros volume sans causer de délais

My knowledge of French is very limited, and I hope a native speaker can translate.  I have had some help from Google Translate and my wife, and think it means they are registering as a financial entity in Europe (EU), which enables them to handle a large volume of transactions without causing delays.

Regarding partnership with existing banks and payment services, the response was:

Code:

20:24 <@MagicalTux> nos avocats nous ont déconseillé la même méthode pour 
                    différentes raisons dont je ne peux pas parler
20:27 <@MagicalTux> plus exactement, nous avons conclus qu'il nous faut une 
                    license directement
20:28 <@MagicalTux> (les raisons pour lesquelles bosser avec un partenaire ne 
                    rend pas l'activité plus légale sont compliquées)

My understanding: MtGox's attorneys have advised against this for reasons which he can't talk about.  MtGox has concluded it needs a direct license.  Partnering with a bank doesn't make the activity more legal, and the reasons for this are complicated.

More about becoming their own bank:

Code:

20:33 <@MagicalTux> cyrflo: comme dit plus haut, nous sommes en train de créer 
                    une entité financière en Europe
20:34 <@MagicalTux> (il faut compter 6 mois à 1 an pour que ça soit fait)
20:35 <@MagicalTux> Je ne peux pas donner plus de détails pour l'instant pour 
                    différentes raisons
20:35 <@MagicalTux> cyrflo: c'est cher aussi, jusqu'à cette année nous n'avions 
                    pas les moyens

My understanding: MtGox is creating its own financial entity in Europe.  It will take 6 months to a year to do it.  He can't give more details at the moment for various reasons.  It is expensive as well.  They couldn't afford it until this year.  (This means MtGox is liquid as well, for those still in doubt.)

He didn't say how long he has been on this track.  I don't know if he means 6 months to a year from now or from sometime earlier this year.

Translation: MTGOX is yet again trying to string along users/customers.

6 months to a year? lol That is laughable. By that time people will have lost their patience.

[smoothie]

Ignore the bullshit and hammer on them, using every approach I've outlined and anything else you can think up, until you get paid.

So far MtGox has paid me in expected time every time, so I'm not wasting any time or money on the approaches your suggest.  Ask the DHS or Peter Vessenes for your money if you are in the USSA.  They created the problems in the first place.

Perhaps you should stop the finger pointing. It always takes two to tango. GOX is not in the clear of any wrong doing. As is Coinlab.

I can attest to the delays from Gox as being a U.S. resident. Unacceptable. Hence why I took my business elsewhere, where I get treated with respect as a customer as opposed to being treated as an unimportant creditor.

[smoothie]

I guess it's possible that my overall balances somehow make me a preferred customer but are you trying to say Gox isn't?  So two possibilities exist.  Either they are doing it on purpose and lying about limits that don't exist or their bank really put in those limits because they see their money flows and balance sheet and think they are at risk.  Both scenarios are a bit worrisome.

Both scenarios are a bit far fetched.  The limit has been the same since MtGox got that Polish bank account in 2011.  Judging by the price difference ein EUR/BTC vs USD/BTC, much more money has gone in through that account than out.  Why would their bank lie about the limit, btw?

I said gox might be lying not the bank.

The limit was revealed by their bank when someone called them.  I don't think MtGox has published their limit.

Also why can't they mail checks out if they have a wire limit?  International checks take a few weeks to clear but it won't be months.  Or are you saying there's a limit on how many checks their printer can print in a day?

I haven't seen a check since the 80ies, except one.  Got one in return from some USSAnian scammer company.  I was told by my bank I had to travel to USSA to cash it in.  Would you be happy if you got a check which you had to travel to Japan to cash in?  Probably cheaper to take the 5% option.

The 5% option is a MTGOX's way of putting their liabilities/responsibilities back on their customers by taking a huge haircut from customer funds to subsidize the BS that is partially GOX's fault.