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Author Topic: MtGox withdrawal delays [Gathering]  (Read 908321 times)
PhoneBloks
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October 02, 2013, 04:58:28 PM
 #1681

Right. If Mt. Gox 1) had the money, and 2) wanted to pay it out, they could find a way. It really isn't hard to send money if you have it.
In a legal way which scales to 600000 customers?  How?

Seems like they can process 10 wires a day right now.  How many checks could Mark sign and mail in a day?  Wouldn't scale to 600k customers, but would certainly help to get things caught up.

Got some interesting video for you all

Possible solution for Gox withdrawals Wink


http://www.youtube.com/watch?v=mvT8fCUmU3Q&feature=youtu.be





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PRIMEDICE
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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Luno
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October 02, 2013, 05:38:46 PM
 #1682

That crappy English in the vid! I had this guy writing my support ticket I'm sure he works there for real.
PhoneBloks
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October 02, 2013, 05:49:42 PM
 #1683

That crappy English in the vid! I had this guy writing my support ticket I'm sure he works there for real.

yea there are some mistakes : DDD


btw: gox gone bankrupt ? bitcoin price dropped by 35 % at bitstamp

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dudel42
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October 02, 2013, 06:15:49 PM
 #1684

My SEPA withdrawal from August 31st still hasn't arrived, still in status "confirmed" as it has been the last five weeks. Hope this really gets processed soon...

edit: actually just changed to "pending" this evening, fingers crossed!
Did you receive the money today?

yes, money arrived in my bank today 8/31 -> 10/2... I liked it better when it was within a week!
mp420
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October 02, 2013, 06:24:53 PM
 #1685


yes, money arrived in my bank today 8/31 -> 10/2... I liked it better when it was within a week!

Neat. We have a data point. Now we can start to estimate when withdrawals initiated on some day might be processed; just look at the EUR volume and extrapolate from the lengthening of the delay. I think it's a reasonable assumption that the trade volume correlates with the withdrawal volume.
sturle
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October 02, 2013, 06:41:29 PM
 #1686

Seems like they can process 10 wires a day right now.  How many checks could Mark sign and mail in a day?  Wouldn't scale to 600k customers, but would certainly help to get things caught up.
See previous discussions about checks in this thread.

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.
Radacoin
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October 02, 2013, 07:05:26 PM
Last edit: October 02, 2013, 07:21:59 PM by Radacoin
 #1687

Terribly stupid time to lose your patience.  Your money are right around the corner, and you will lose at least 13% of the value by this method (including fees).  But please don't let me stop you or give you second thoughts about this.  Your loss will become my profit. Grin

As it seems I have done the right thing: Withdraw my Bitcoins from MtGox, take the 15% hit - and sell at Bitstamp. The money is already in my bank account.

All happened before Bitcoin tanked Grin

What about your profit loss?

sturle
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October 02, 2013, 10:27:58 PM
 #1688

Terribly stupid time to lose your patience.  Your money are right around the corner, and you will lose at least 13% of the value by this method (including fees).  But please don't let me stop you or give you second thoughts about this.  Your loss will become my profit. Grin
As it seems I have done the right thing: Withdraw my Bitcoins from MtGox, take the 15% hit - and sell at Bitstamp. The money is already in my bank account.

All happened before Bitcoin tanked Grin

What about your profit loss?
All my manual trading is for arbitrage.  If you manage to lose money on arbitrage trading, you are doing it horribly wrong!  I have a bot on MtGox as well.  It has been making very good profit riding the waves today. :-)

I have a long position as well, but I am not doing any minute to minute profit calculations on that one.  When I got into Bitcoin in August 2010, I mined and saved some of my mined blocks in what I call my pension fund.  Probably spent a kWh or two on each block on a computer which used to search for Mersenne primes, which means I actually saved money because mining consumes less energy (no FP ops).  I expect to sell those with profit in 30 years or so, and if Bitcoin falls to 0 I have lost nothing but the microscopic chance of finding a Mersenne prime on my computer. :-)

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.
Nagle
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October 02, 2013, 10:40:12 PM
 #1689

The spread between Mt. Gox ($122) and BTC-E ($98.5) is now above 23%.
N12
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October 02, 2013, 10:49:53 PM
 #1690

And the spread between MtGox and Bitstamp was momentarily less than 1% a few hours ago: [20:49:28] <gribble> mtgox premium over bitstamp is currently 0.895161290323 %.

Prices are very volatile right now because Silk Road was taken down by the feds.
Frizz23
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October 07, 2013, 05:11:39 AM
 #1691

Anyone with a September SEPA withdrawal that already received the money?

Ξtherization⚡️First P2E 2016⚡️🏰💎🌈 etherization.org
Nagle
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October 07, 2013, 07:37:57 AM
 #1692

I see some still defend MtGox and believe everything will be alright. IT'S BEEN MONTHS.
Right. Continual foot-dragging on withdrawals is usually associated with a business in trouble, or the end stages of a Ponzi scheme.

It's important to get complaints against Mt. Gox filed in Japan, so that should Karpeles try to leave the country, alarms will go off. 
Alpaca Bob
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October 07, 2013, 09:39:08 AM
 #1693

Right. If Mt. Gox 1) had the money, and 2) wanted to pay it out, they could find a way. It really isn't hard to send money if you have it.
In a legal way which scales to 600000 customers?  How?

Seems like they can process 10 wires a day right now.  How many checks could Mark sign and mail in a day?  Wouldn't scale to 600k customers, but would certainly help to get things caught up.

Got some interesting video for you all

Possible solution for Gox withdrawals Wink


http://www.youtube.com/watch?v=mvT8fCUmU3Q&feature=youtu.be






http://i221.photobucket.com/albums/dd64/Magerum/SeemsLegit1_zpseb2e59b9.gif

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks
trdiablo
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October 07, 2013, 10:04:30 AM
 #1694

Why can't MtGox just work together with multiple banks in Europe to speed up the withdrawal process?

Work together with one major bank in each of the top 20 countries they do business with, problem solved.
Rampion
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October 07, 2013, 11:31:31 AM
 #1695

Don't worry guys, is just the old financial system unable to keep up with the thriving BTC economy... They just can't handle Gox's volume, you know... Hundreds of thousands of customers and millions $ coming in and out, the bank able to handle smoothly such a HUGE business volume is yet to be born!

/irony off


Hawkix
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October 07, 2013, 12:05:25 PM
 #1696

Do not trust anyone using COMIC SANS ..

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joesmoe2012
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October 07, 2013, 12:17:09 PM
 #1697

I see no reason why Tux would say that they don't have that software if in reality they did.

Do agree however that its definately a scam.

Check out BitcoinATMTalk - https://bitcoinatmtalk.com
gnix72
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October 07, 2013, 02:50:02 PM
 #1698

Someone above posted 8/31 -> 10/2 transfer, mine from 2013/08/25 17:19:13 still hasn't posted.
sturle
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October 07, 2013, 03:15:08 PM
 #1699

Why can't MtGox just work together with multiple banks in Europe to speed up the withdrawal process?

Work together with one major bank in each of the top 20 countries they do business with, problem solved.
Because, and I think you already know this, banks are not very happy with Bitcoin.  They had a hard time finding the Poilish bank after getting thrown out of France.  (Not thrown out, but the bank imposed impossible limits and prices.)

MtGox are licensing as a proper financial institutuion in Europe.  When this work is completed, everything will become much easier.  This licensing is very expensive and takes six months to  a year.  They couldn't afford it until 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.
gnix72
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October 07, 2013, 03:31:09 PM
 #1700

Sturle, you should change your board name to Shill.

http://en.wikipedia.org/wiki/Shill
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