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Author Topic: MtGox withdrawal delays [Gathering]  (Read 855635 times)
tvbcof
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October 13, 2013, 09:49:06 PM
 #1861


I thought I heard that Mt. Gox did this (hold customer's BTC hostage) a long time ago, but that appears to have been wrong or that the policy had changed. 

From what I have gathered, it looks like they do this occasionally, if they suspect an account has been hacked into / some other foul play.

Makes sense.  This is the kind of policy thing that should be front and center in a FAQ.  When it is not, it seems like one pretty much has to assume the worst.

I don't like to rely on 'hope' when it comes to financial matters.  One of the main failings of Bitcoin, in my opinion, is that doing so is usually non-optional if on wishes to play at all.  A classic example was when I requested a wire from Mt. Gox.  At least I was under no false illusion that I would get it in a timely manner (if at all.)  Not because of any information that Mt. Gox saw fit to provided but mostly because of reports on this forum.


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Lohoris
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October 13, 2013, 09:50:49 PM
 #1862

EUR withdrawals via SEPA works as it always has
Uh?
A few months ago I got the message "SEPA withdrawals are delayed by at least two weeks", and that's when I stopped using Gox.
I've no idea if they are working now, but they definitely haven't been "always working".
Why didn't you quote my next sentence as well where I address this issue?

I.e. slow but predictable due to a daily limit.
Two weeks is the lowest delay for SEPA transfers > 1000 EUR in more than a year.  The delay is back to five weeks now, which is the same as in May.  The delay is quite predictable based on EUR volume at MtGox, and the cause for SEPA delay is the same as it has always been.
I didn't quote it because I somehow managed to miss it, I apoligise.

That being said, if I really wanted to be anal, I could object that they haven't "always" been so slow anyway. I.e. before all these problems, they worked fine as they were supposed to.

But again, I apologise for the misquote.

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October 14, 2013, 01:06:17 AM
 #1863

The delay is quite predictable based on EUR volume at MtGox, and the cause for SEPA delay is the same as it has always been.
So you are finally accepting that Gox simply doesnt have the cash to pay out everybody.

And please no more misleading infos about the "daily limit":

This is not even a business account, but one can withdraw 1kkk PLN or 23kk+ EUR a day from WBK  by a lousy SMS confirmation.
Hypothetically they could pay out all BTC that exist in under 50 days by SEPA.
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October 14, 2013, 02:10:15 AM
 #1864

... and EUR withdrawals via SEPA works as it always has.

You must be on drugs. A year ago SEPA withdrawals really only took a few days to get through. Now it takes weeks and weeks.

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October 14, 2013, 02:11:15 AM
 #1865

Anybody manage to withdraw USD yet?

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October 14, 2013, 02:36:40 AM
 #1866

I am waiting on multiple transactions, one for less then $100 (as a test) and others over 1k. I made mine middle of last month, I really want to do more business but I would be asking to be ripped off if I put any more into gox now. At least until they get their shit together. Not sure whats going on but it is starting to feel like the backlog explanation is not holding up. I will keep you posted if I have any updates.

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October 14, 2013, 04:09:51 AM
 #1867

I think SEPA is up to a little over a month. I have a transfer pending since mid sept.

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October 14, 2013, 05:17:07 AM
 #1868

Will one of you sheep please sue Mt. Gox?
tvbcof
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October 14, 2013, 05:25:22 AM
 #1869

Will one of you sheep please sue Mt. Gox?

It would be fairly straightforward to get yourself into a position where you can legitimately do so.  I know...I did it with some deliberation a few months ago, though I doubt that Mt. Gox would/will be the likely target.  Why don't you go for it and stop calling others 'sheep'?


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October 14, 2013, 05:39:34 AM
 #1870

I have faith in MtGox.

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October 14, 2013, 05:47:31 AM
 #1871

I have faith in MtGox.

Several years ago I was hoping that Karpeles was a crook and Mt. Gox would do something sleazy since I was positioned to take advantage of that.  Mark let me down by being more honest and capable than about 95% of the rest of the operators in the community.  Ah well.  Bitcoin has been pretty damn good to me so far anyway.  And with some luck, we are just getting warmed up.


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October 14, 2013, 06:00:18 AM
 #1872

The delay is quite predictable based on EUR volume at MtGox, and the cause for SEPA delay is the same as it has always been.
So you are finally accepting that Gox simply doesnt have the cash to pay out everybody.
Are you dense?

Quote
And please no more misleading infos about the "daily limit":

This is not even a business account, but one can withdraw 1kkk PLN or 23kk+ EUR a day from WBK  by a lousy SMS confirmation.
Hypothetically they could pay out all BTC that exist in under 50 days by SEPA.
Rad the post earlier in this thread where someone called the bank and asked about MtGox's limit.

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 14, 2013, 06:08:53 AM
 #1873

... and EUR withdrawals via SEPA works as it always has.
You must be on drugs. A year ago SEPA withdrawals really only took a few days to get through. Now it takes weeks and weeks.
The people posting here are probably just kidding then?

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 14, 2013, 06:52:10 AM
 #1874

Why don't you go for it and stop calling others 'sheep'?
Because I don't have any money in Mt. Gox.
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October 14, 2013, 06:55:15 AM
 #1875

Why don't you go for it and stop calling others 'sheep'?
Because I don't have any money in Mt. Gox.

Lame excuse.  It's still relatively easy to get money into Mt. Gox as I understand things.  It was a matter of sending in some BTC for me.  Took a matter of seconds.


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October 14, 2013, 07:26:27 AM
 #1876

Just noticed on Gox Facebook page, the last post about maintenance was removed and Posts by other users option is now disabled.
They are now trying to hide the long litany of complaints on pending withdrawals..this is so deceptive tactics !

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October 14, 2013, 08:09:59 AM
 #1877


I meant to file a support ticket after one month, but was to lazy.  Now after two months I sent the following:

===========
I wish to know:

1) Has Mt. Gox attempted to wire the funds to my bank? If not, why not?

2) if #1, was there a failure?

3) if #2, what was the failure? Please give me the reference material I need to investigate.

4) If it is unsafe to attempt this transfer due to confiscation, or considered illegal due to U.S. or Japanese regulatory issues, please detail the issues so that I may solicit assistance from my elected representative.
===========

As anticipated I got back boilerplate.

The good news is that I got a response very quickly as has been the case with all of my communications so far with Mt. Gox. 

The bad news is, of course, that none of my questions were answered directly.  The content of the boilerplate (which includes the always hilarious 'several weeks' phraseology) can only be taken to imply that #1 is the the case.  It does not seem to be an issue with my using the wrong name or numbers on my intl wire USD submission, or at least it was not worth the service person's time to check although if a send attempt was not made I guess that might not have been very practical.


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October 14, 2013, 08:16:48 AM
 #1878

It would not surprise me if something did indeed happen that broke the camel's back and Gox was forced to shut down or cause a cascading amount of panic due to any number of things including delay/denial of withdrawals of Bitcoin and/or fiat.

Now that silk road is out of the way the only real big target left is gox. Given we are going to likely hit some volatility in the next 2 to 3 months due to a price increase, breaking news of something happening at gox that isn't good news will create volatility.

Sorry I know this is speculation. Just figured I would post this here for future reference and see if I was right on my call.


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October 14, 2013, 08:30:44 AM
 #1879

It would not surprise me if something did indeed happen that broke the camel's back and Gox was forced to shut down or cause a cascading amount of panic due to any number of things including delay/denial of withdrawals of Bitcoin and/or fiat.

Now that silk road is out of the way the only real big target left is gox. Given we are going to likely hit some volatility in the next 2 to 3 months due to a price increase, breaking news of something happening at gox that isn't good news will create volatility.

Sorry I know this is speculation. Just figured I would post this here for future reference and see if I was right on my call.


Ya, as the run-up was occurring today I was wondering if any of it might have been from people with fiat at Mt. Gox just saying 'fuck it' and buying BTC to get them out.  And similarly, those with BTC on account not wanting to convert them to fiat.  I guess that could be indicated by noting whether there was a lead or trail in the spread delta between Mt. Gox and other exchanges.  But I didn't/don't care enough to look.

As for Mt. Gox being 'the only real big target left', I would say that they are a shell of their former selves in terms of the BTC liquidity that they command.  And that is just comparing them to other publicly accessible exchange datasets.  I think it likely that in the past several years dark markets have developed for the big timers to play, and they probably dwarf the public exchanges where small time wankers do their thing.  OTOH, it is possible and not unlikely that Mt. Gox is a big part of the dark pool game to I suppose.


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October 14, 2013, 08:40:33 AM
 #1880

Rad the post earlier in this thread where someone called the bank and asked about MtGox's limit.
OFC, i will call them today and ask them to transfer me a few thousands, afterall they seem very liberal with other customers informations and very responsive.

This is very strange that you so vigorously defend them and even insult others that point to obvious facts.
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