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Author Topic: MtGox withdrawal delays [Gathering]  (Read 855811 times)
S3052
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September 20, 2013, 06:33:17 PM
 #1481

Finally received a 5 figure SEPA transfer from July 4th  Grin


2.5 months is ridiculous. I gave up after 3 weeks.

I don't see the issue at all with MtGox withdrawals anymore (yes I am over-simplyfying). There are a few other exchanges where withdrawals work almost instantly, my best experience it with bitfinex. All withdrawals processed within 3 days. I had at least 10 of them in the past 3 months.

It could be that simple: Buy some BTC at MtGox, withdraw BTC, send to another exchange... and MtGox is history...

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zyk
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September 20, 2013, 06:39:57 PM
 #1482

may I ask you for a referral to bitfinex....sure Gox should be history  Wink
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September 20, 2013, 06:43:32 PM
 #1483

may I ask you for a referral to bitfinex....sure Gox should be history  Wink
I may misunderstand you, but cant you just register there?
here is also the contact: contact@bitfinex.com

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September 20, 2013, 06:45:04 PM
 #1484

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.
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September 20, 2013, 06:49:51 PM
 #1485

may I ask you for a referral to bitfinex....sure Gox should be history  Wink
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  Wink
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September 20, 2013, 06:51:24 PM
 #1486

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

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September 20, 2013, 07:06:07 PM
 #1487

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?

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.
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September 20, 2013, 07:07:40 PM
 #1488

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.

 

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September 20, 2013, 07:12:20 PM
 #1489

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

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September 20, 2013, 07:46:22 PM
 #1490

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.

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.
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September 20, 2013, 07:57:32 PM
 #1491

Your translations are correct.
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September 20, 2013, 08:17:17 PM
 #1492

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.
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September 20, 2013, 08:37:44 PM
 #1493

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.

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.
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September 20, 2013, 11:08:52 PM
 #1494

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.
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September 20, 2013, 11:21:05 PM
 #1495

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?
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September 21, 2013, 02:07:40 AM
 #1496

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.
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September 21, 2013, 02:23:45 AM
 #1497

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.
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September 21, 2013, 07:36:58 AM
 #1498

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.

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.
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September 21, 2013, 07:42:23 AM
 #1499

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.

Quote
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.

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.
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September 21, 2013, 07:45:41 AM
 #1500

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.


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