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Author Topic: MtGox withdrawal delays [Gathering]  (Read 857236 times)
sturle
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October 07, 2013, 03:15:08 PM
 #1701

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.
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gnix72
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October 07, 2013, 03:31:09 PM
 #1702

Sturle, you should change your board name to Shill.

http://en.wikipedia.org/wiki/Shill
sturle
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October 07, 2013, 04:32:55 PM
 #1703

Someone above posted 8/31 -> 10/2 transfer, mine from 2013/08/25 17:19:13 still hasn't posted.
SEPA or international wire?  If it is a standard international wire, it is going to be slow.  AFAIK there are still some left from June.

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.
Alpaca Bob
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October 07, 2013, 04:45:30 PM
 #1704

If Sturle is a shill he's got to be the most skilled person involved with the whole of MtGox. By far.

He's a bit of an apologist imo, but I appreciate his efforts nonetheless.

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks
Luzio
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October 07, 2013, 05:12:01 PM
 #1705

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

Yes, my 02-sep arrived today, it went to pending last friday. Some k's.

Up or down, it doesn't matter. Keep trading.
sturle
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October 07, 2013, 05:53:15 PM
 #1706

Anyone with a September SEPA withdrawal that already received the money?
Yes, my 02-sep arrived today, it went to pending last friday. Some k's.
Ouch.  This means SEPA delay is approaching May levels at five weeks or more.  There was very high EUR volume on MtGox on August 27th, 30th and 31st, and higher than normal EUR volume the entire first week of September.  Looks like a lot of this resulted in withdrawals.  September 9th and 11th had high EUR volume as well.  The rest of September is more normal.  I hope the situation improves.  Unfortunately I probably have to wait another two weeks for my September 11th withdrawal. :-(

There will be an announcement with good news from MtGox this month.  I don't think people will be amused unless the good news are about withdrawals.  From #mtgox:

Code:
--- Day changed Fri Oct 04 2013
14:13 < ardana555> so when can we expect some new news on mtgox?
14:36 < marionxd> ardana555: During this month
14:36 < ardana555> marionxd: how do you know for sure?
14:48 < marionxd> ardana555: because I am working at mtgox maybe
14:49 < ardana555> marionxd: what information will there be in the announcement?
14:49 <@marionxd> ardana555: You will see in the press release :0
14:49 <@marionxd> But good news ^^

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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October 07, 2013, 05:59:05 PM
 #1707

That's actually me asking that...

I wouldn't trust what she's saying, a few weeks back i pmed Karpeles himself and he said the same thing, we can expect an announcement with good news soon. That was somewhere in the beginning of september i think.
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October 07, 2013, 06:52:37 PM
 #1708

I do not mind to wait 4 weeks for my SEPA payment. I would prefer to have it in 3 days off course but if it will take 4 to 6 weeks, I can live with that.

BUT at least tell me what me place in the queue is and how many days are left till it will be processed. Just like at one point when MtGox had an extreme increase of number of accounts they needed to verify. During that period they would show you how many people were in line before you in the verification queue and you could see that number go down every day, which was good to see.

If they would do the same with the withdrawal queue it would be great. A company just has to be honest and transparent to its customers, with good news and bad news.
manfred
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October 07, 2013, 08:08:13 PM
 #1709

There is only a slight withdrawal delay because of MtGox's unorthodox opening hours. Once they change to established Business hours withdrawals will flow smooth again. Grin
RedBill
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October 07, 2013, 09:26:43 PM
 #1710

My wire withdrawal in USD to a European bank from 2 Sep hadn't processed after over a month. I elected to use a manual transfer for a 5% fee. Eventually I was told they couldn't manually transfer USD. They said they could instead transfer AUD to an Australian bank. I cancelled, bought BTC and transferred those to another exchange and withdrew the USD from there. Doesn't look like USD wires work to any country atm.
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October 08, 2013, 12:58:52 AM
 #1711

My wire withdrawal in USD to a European bank from 2 Sep hadn't processed after over a month. I elected to use a manual transfer for a 5% fee. Eventually I was told they couldn't manually transfer USD. They said they could instead transfer AUD to an Australian bank. I cancelled, bought BTC and transferred those to another exchange and withdrew the USD from there. Doesn't look like USD wires work to any country atm.

Consistent with the earlier explanation:

[07:42] <cyro432> I am aware of a number of delayed wire transfers over 3 weeks old
[07:42] <@MagicalTux> cyro432: not much we can do right now because of US govt

Now 2 months since Mt Gox's last official statement on the matter.

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October 08, 2013, 01:19:15 AM
 #1712

I Just got a >90000 CAD swift withdrawl fram Sept. 9 although it was less
that 90000 because i paid the 5% emergency fee.
Everything seems good with Gox. They are an upstanding business
having temporary problems due to governments and third parties.
I have every confidnece that their situation will be resolved within
a few months.
I will continute to be a gox customer.
I may even take advantage of the present arbitrage opportunity
(that will make up the 5% hit).

One other thing. Other exchanges may soon face the same problems,
at which point i think the criticism of Gox will be a bit more muted.
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October 08, 2013, 01:55:09 AM
 #1713

I Just got a >90000 CAD swift withdrawl fram Sept. 9 although it was less
that 90000 because i paid the 5% emergency fee.
Everything seems good with Gox. They are an upstanding business
having temporary problems due to governments and third parties.

i paid the 5% now standard withdraw fee

They are an "upstanding" business having permanent problems due to incompetence

fixed that for you

Agreed oyvinds.
CAD $4,500 fee for a single wire transfer is a painful eye-gouge.  Being happy with that makes me think of: http://en.wikipedia.org/wiki/Stockholm_syndrome

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October 08, 2013, 02:00:33 AM
 #1714


CAD $4,500 fee for a single wire transfer is a painful eye-gouge.  Being happy with that makes me think of: http://en.wikipedia.org/wiki/Stockholm_syndrome
[/quote]

I paid the fee because A) i was a bit frightened by the circumstances (I won't deny it) and B)
the money is more useful to me *now*.
I understand that the fee covers mtgox's costs for processing the emergency wires so
its more or less fair even if it sucks.
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October 08, 2013, 03:11:58 AM
 #1715

I Just got a >90000 CAD swift withdrawl fram Sept. 9 although it was less
that 90000 because i paid the 5% emergency fee.
Everything seems good with Gox. They are an upstanding business
having temporary problems due to governments and third parties.

i paid the 5% now standard withdraw fee

They are an "upstanding" business having permanent problems due to incompetence

fixed that for you

Agreed oyvinds.
CAD $4,500 fee for a single wire transfer is a painful eye-gouge.  Being happy with that makes me think of: http://en.wikipedia.org/wiki/Stockholm_syndrome


There is no way to justify that high of a fee. Not that much work gets put into manually processing a wire transfer (even internationally).

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Hrumph
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October 08, 2013, 03:23:11 AM
 #1716

I Just got a >90000 CAD swift withdrawl fram Sept. 9 although it was less
that 90000 because i paid the 5% emergency fee.
Everything seems good with Gox. They are an upstanding business
having temporary problems due to governments and third parties.

i paid the 5% now standard withdraw fee

They are an "upstanding" business having permanent problems due to incompetence

fixed that for you

Agreed oyvinds.
CAD $4,500 fee for a single wire transfer is a painful eye-gouge.  Being happy with that makes me think of: http://en.wikipedia.org/wiki/Stockholm_syndrome


There is no way to justify that high of a fee. Not that much work gets put into manually processing a wire transfer (even internationally).

I understand that its a fee imposed by Gox's bank for wires in addition to what they're already allotted,
so Gox is just passing it along. Hence, big unfairness on the part of Japanese banks, but no unfairness on the part of Gox.
Of course 5% is a very round amount and I wonder if Gox isn't taking a cut. If they are, in the name of good customer relations
I think they should consider paying any such cut back (to all of us who paid the 5%).
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October 08, 2013, 05:04:39 AM
 #1717

I Just got a >90000 CAD swift withdrawl fram Sept. 9 although it was less
that 90000 because i paid the 5% emergency fee.
Everything seems good with Gox.

So currencies other than USD seem OK if you pay 5%, which is not that unreasonable if there is a conversion with JPY involved, since currency conversion spreads can be around 3 or 4%. Shame I wanted USD and that still seems to still be a problem. I will return to Gox only when they resolve the USD withdrawal issue.
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October 08, 2013, 05:28:00 AM
 #1718

I Just got a >90000 CAD swift withdrawl fram Sept. 9 although it was less
that 90000 because i paid the 5% emergency fee.
Everything seems good with Gox.

So currencies other than USD seem OK if you pay 5%, which is not that unreasonable if there is a conversion with JPY involved, since currency conversion spreads can be around 3 or 4%. Shame I wanted USD and that still seems to still be a problem. I will return to Gox only when they resolve the USD withdrawal issue.

I'm thinking that perhaps 'resolving the USD withdrawal issue' is not something that Mt. Gox has the ability or really the responsibility to do.  If our government and banking system's are creating road-blocks, it's up to USD users in our supposed democracy to rectify.  I've don'e nothing illegal and Bitcoin itself is not illegal so I am being unfairly harmed by whatever roadblocks are being erected either by my government who supposedly works for me, or the banks that I willingly choose to do business with.

My rational for believing that Mt. Gox is mostly not to blame here is that it makes no sense that they would not be very anxious to get over the USD problem.  Why on earth would they want to lose money and customers in this mess?  The only reason I could see for it is that they plan to abscond with funds, but there are arguments against believing this to be the case and Karpeles has proven reliable at other times when he could have stolen everything.

Anyway, if Mt. Gox is reading this, at least one person would like to attempt to push on the string from the other end.  I'd be happy to contact my congress person who happens to be no friend of the banking industry.  I also would be happy to harass my bank if an international wire has been rejected by them.  All I need is information on what's going on.


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October 08, 2013, 05:38:43 AM
 #1719

Is there some Gox-o-meter where I can quickly check how sentiments are today? Or should I just trust the MtGox$/Bitstamp$-ratio?

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October 08, 2013, 06:20:28 AM
 #1720

Is there some Gox-o-meter where I can quickly check how sentiments are today? Or should I just trust the MtGox$/Bitstamp$-ratio?

I'm choosing to just make gox irrelevant in my mind. To me they are insolvent based on their lack of information and are only trying to string along customers to keep afloat.


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