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Author Topic: MtGox withdrawal delays [Gathering]  (Read 855551 times)
sturle
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October 14, 2013, 10:51:00 AM
 #1881

Rad the post earlier in this thread where someone called the bank and asked about MtGox's limit.
This is very strange that you so vigorously defend them and even insult others that point to obvious facts.
You are comparing the limits of a personal account, which is ment for personal payments, to a company which process payments on behalf of users, and has to stay below the limits for when it becomes a payment service according to various EU directives and Polish law.  IIRC the limit is 500k EUR/month which should make MtGox's limit only 25k / business day, but there must be a loophole which enable MtGox to do transfer more than that.  I haven't had time to look into the laws myself.  IANAL.

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
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Erdogan
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October 14, 2013, 11:45:04 AM
 #1882

Rad the post earlier in this thread where someone called the bank and asked about MtGox's limit.
This is very strange that you so vigorously defend them and even insult others that point to obvious facts.
You are comparing the limits of a personal account, which is ment for personal payments, to a company which process payments on behalf of users, and has to stay below the limits for when it becomes a payment service according to various EU directives and Polish law.  IIRC the limit is 500k EUR/month which should make MtGox's limit only 25k / business day, but there must be a loophole which enable MtGox to do transfer more than that.  I haven't had time to look into the laws myself.  IANAL.

That was new information. Source?


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bernard75
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October 14, 2013, 01:09:30 PM
 #1883

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.
You are comparing the limits of a personal account, which is ment for personal payments, to a company which process payments on behalf of users, and has to stay below the limits for when it becomes a payment service according to various EU directives and Polish law.  IIRC the limit is 500k EUR/month which should make MtGox's limit only 25k / business day, but there must be a loophole which enable MtGox to do transfer more than that.  I haven't had time to look into the laws myself.  IANAL.

You are just repeating Goxs propaganda. There is no such thing as a transaction limit for PSPs under SEPA. Or do you think PP could operate with 25k per day?
I found the directives for you, so you can read up on it yourself:
http://ec.europa.eu/internal_market/payments/framework/
It solely depends on the bank and account type you choose:
http://www.bzwbk.pl/firmy/bankowosc-elektroniczna/pakiet-moja-firma-plus/pakiet-moja-firma-plus.html
Point 4: They can withdraw 100kk PLN or 23.5kk EUR daily.
And thats the limit for small businesses with SMS transaction confirmation.
Gox could pay out all BTC in under 50 days at the current exchange rate.
papamoi
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October 14, 2013, 01:16:34 PM
 #1884

HI GUYS

i m willing to sue them and i m in my way to find a suitable lawyer in japan

anyone wants to join me in this?

if yes please pm,don t write anything here as they are probably reading us

thanks
sturle
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October 14, 2013, 02:26:28 PM
 #1885

Rad the post earlier in this thread where someone called the bank and asked about MtGox's limit.
This is very strange that you so vigorously defend them and even insult others that point to obvious facts.
You are comparing the limits of a personal account, which is ment for personal payments, to a company which process payments on behalf of users, and has to stay below the limits for when it becomes a payment service according to various EU directives and Polish law.  IIRC the limit is 500k EUR/month which should make MtGox's limit only 25k / business day, but there must be a loophole which enable MtGox to do transfer more than that.  I haven't had time to look into the laws myself.  IANAL.
That was new information. Source?
If I had any reliable sources, I would post them, and IANAL.  Here article 118 states a limit of 500k EUR/month, but I don't know if it applies.  At least one person pretending to be a lawyer has posted in this thread, and may be able to explain the basics.

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.
sturle
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October 14, 2013, 02:31:02 PM
 #1886

You are just repeating Goxs propaganda. There is no such thing as a transaction limit for PSPs under SEPA.
Probably not.  MtGox is not a PSP, so it wouldn't apply to them anyway.  Limits for companies which are not PSP may apply to MtGox.

Quote
Or do you think PP could operate with 25k per day?
Of course not.

Quote
I found the directives for you, so you can read up on it yourself:
http://ec.europa.eu/internal_market/payments/framework/
Please let me know when you find something relevant in there.

Quote
It solely depends on the bank and account type you choose:
http://www.bzwbk.pl/firmy/bankowosc-elektroniczna/pakiet-moja-firma-plus/pakiet-moja-firma-plus.html
Point 4: They can withdraw 100kk PLN or 23.5kk EUR daily.
And thats the limit for small businesses with SMS transaction confirmation.
Gox could pay out all BTC in under 50 days at the current exchange rate.
You should call their bank and tell them.

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, 03:25:22 PM
 #1887

You are just repeating Goxs propaganda. There is no such thing as a transaction limit for PSPs under SEPA.
Probably not.  MtGox is not a PSP, so it wouldn't apply to them anyway.  Limits for companies which are not PSP may apply to MtGox.
You are comparing the limits of a personal account, which is ment for personal payments, to a company which process payments on behalf of users, and has to stay below the limits for when it becomes a payment service according to various EU directives and Polish law.
So which is it now? They process payments, which makes them just that under EU law.
Quote
I found the directives for you, so you can read up on it yourself:
http://ec.europa.eu/internal_market/payments/framework/
Please let me know when you find something relevant in there.
I cant, because its not in there and the banks had to adopt it until 2009.
Quote
It solely depends on the bank and account type you choose:
http://www.bzwbk.pl/firmy/bankowosc-elektroniczna/pakiet-moja-firma-plus/pakiet-moja-firma-plus.html
Point 4: They can withdraw 100kk PLN or 23.5kk EUR daily.
And thats the limit for small businesses with SMS transaction confirmation.
Gox could pay out all BTC in under 50 days at the current exchange rate.
You should call their bank and tell them.
The problem is not the bank but Gox obviously lying.
I called and they told me the standard daily limit for a basic company is 100kk PLN converted according to the daily exchange rate in EUR.
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October 14, 2013, 05:12:17 PM
 #1888

I cannot fathom sturtle to be a samaritan defending Gox without any benefits, it defies logic. This guy has concentrated his posts exclusively on Gox topics, trying to explain gox shortfalls, just like any PR would.
If it looks and smells shitty..make your own judgement.

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sturle
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October 14, 2013, 05:32:36 PM
 #1889

You are comparing the limits of a personal account, which is ment for personal payments, to a company which process payments on behalf of users, and has to stay below the limits for when it becomes a payment service according to various EU directives and Polish law.
So which is it now? They process payments, which makes them just that under EU law.
Depends on a lot of things.  The directive is full of exceptions, pointers to other legislation and grey areas.  I will have a look at it some day, but IANAL.  I may be wrong.  Feel free to get a professional opinion.

Edit: Norwegian law has the same exception as the Polish law, and aproximately the same monthly amount.  It refers to the EEA, so I assume it is EU legislation made valid in the entire EEA.  I can only find it in Norwegian: http://www.finanstilsynet.no/no/Bank-og-finans/Betalingsforetak/tilsyn-og-overvakning/Krav-til-konsesjon/

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.
sturle
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October 14, 2013, 06:07:57 PM
 #1890

The problem is not the bank but Gox obviously lying.
I called and they told me the standard daily limit for a basic company is 100kk PLN converted according to the daily exchange rate in EUR.
Here it is!.  Article 26.  Feel free to read all of it.  A short quote of the most interesting part:

Quote from: European Union
(a) the average of the preceding 12 months' total amount of payment transactions executed by the person concerned, including any agent for which it assumes full responsibility, does not exceed EUR 3 million per month. That requirement shall be assessed on the projected total amount of payment transactions in its business plan, unless an adjustment to that plan is required by the competent authorities; and
[...]
3 million EUR per month =~ 100k EUR / day maximum.  Who is lying?  At least MtGox agrees with the EU Payment Services Directive 2007/64/EC.

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, 06:40:12 PM
 #1891

does anyone know that there are btc withdrawl problems?....i don't see the withdrawl now since 3 hours in blockchain...
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October 14, 2013, 07:27:22 PM
 #1892

To those who are so sure that Gox is out of money: Even if they spent all of their millions in profits into operational and administrative costs and their $10 million of seized / disputed funds are missing from their customers' deposits, they have $13M in the orderbook and who knows how much fiat out of orderbook, sitting on customers' accounts waiting for better times (I have $3k there and I believe I'm not the only one). As long as they have more than $10M fiat on the accounts, lack of funds is not the limiting factor on withdrawals.

And I very much doubt they've managed to waste all of their operating revenue, even if I'm of the opinion that they're managing their business very clumsily.
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October 14, 2013, 09:01:22 PM
 #1893

Anybody get SEPA today?

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October 15, 2013, 12:53:31 AM
 #1894

11 days and counting on an 8.5K USD withdrawl

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October 15, 2013, 02:02:09 AM
 #1895

11 days and counting on an 8.5K USD withdrawl

USD withdraws aren't going out right now.

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October 15, 2013, 02:57:10 AM
 #1896

11 days and counting on an 8.5K USD withdrawl

USD withdraws aren't going out right now.

Can anyone confirm a regular USD withdrawl to the US in the past 4 months (that wasn't using the 5% special fee)?

Buy & Hold
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October 15, 2013, 07:23:11 AM
 #1897

Waiting for Euro 10k SEPA transfer for >1 month now. Trusted Gox account. Getting impatient.
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October 15, 2013, 08:13:19 AM
 #1898

Waiting for Euro 10k SEPA transfer for >1 month now. Trusted Gox account. Getting impatient.
Please let us know when you get it, and I'll update my forecast.

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 15, 2013, 08:23:46 AM
 #1899

after waiting 3 weeks, with a Trusted Account, (SEPA), We asked to have back the bitcoins, they give back immediatly.

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sturle
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October 15, 2013, 09:15:38 AM
 #1900

Waiting for Euro 10k SEPA transfer for >1 month now. Trusted Gox account. Getting impatient.
Please let us know when you get it, and I'll update my forecast.
I just got an update from MtGox.  They claim to be processing the rest of the 10th and begin on the 11th today.  Which means they are ahead of my forecast.  Please post if you have any SEPA withdrawals still in confirmed state from before September 10.

Updated forecast:
I still expect the 11th to take two days to process, which means it will be done tomorrow or Thursday.  The rest of September is a smooth ride.  I expect them to be processing October withdrawals by the end of next week.

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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