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Author Topic: MtGox withdrawal delays [Gathering]  (Read 857233 times)
RedBill
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October 30, 2013, 08:15:42 AM
 #2181

Nevermind I can't do that even if I WANTED to because NO BODY trades bitcoin in NZD on MtGox.
Don't worry about trading BTC for NZD on MtGox.  The order books are connected at +/- 2.5%.  When you sell to a bid, the bid can be in any currency.
You can even sell BTC for NZD to yourself and buy the same BTC in USD. It is a form of converting currencies and taking the hit of the spread. I did this converting some JPY to USD some time ago; it was a mistake by me but it worked.
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RedBill
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October 30, 2013, 08:24:22 AM
 #2182

  • So I replied okay, FINE, I really wanted USD not NZD but whatever, money is better than no money, right? So I replied and state that the bank account I specified was a USD currency account and i'd have to give them my NZD currency account number instead. This is when they replied with clarification. They can cancel my USD withdrawal and I have to buy bitcoins in USD and sell them in NZD and then do a withdrawal to the correct NZD account.

I had exactly the same response but with AUD rather than NZD. I also wanted USD so I cancelled, bought BTC and transferred to BTC-E, sold for USD and transferred to OK Pay. Lost out on the rates but at least I got the USD out of Gox.
leoragraves666
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October 30, 2013, 01:12:05 PM
 #2183

My SEPA from 28.8. arrived

PC & Mac repairs
joesmoe2012
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October 30, 2013, 01:44:32 PM
 #2184

My SEPA from 28.8. arrived

August 28 or Sept 28?

We should be way further along the queue than aug 28th.

We are nearly upto Sept 28th by now...Must have been an issue with your bank or something.

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October 30, 2013, 06:33:26 PM
 #2185

It is important to remember that the mtgox btc valuation is artificially high because of them being blacklisted by as much of the fiat banking system the USG can influence. So, transferring the btc to another exchange and selling it is only realizing what the btc are really worth.

Enough with the conspiracy theories. Mt. Gox's troubles are due to Mt. Gox.

This has been going on for months. If Mt. Gox really wanted a high-volume banking arrangement, they would have found one by now. But they seem to find having excuses for non-payment more useful. This suggests they don't have the depositors' money.
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October 30, 2013, 10:28:30 PM
 #2186

This has been going on for months. If Mt. Gox really wanted a high-volume banking arrangement, they would have found one by now. But they seem to find having excuses for non-payment more useful. This suggests they don't have the depositors' money.

While it is very likely they have less then 100% of client's funds on deposit, we really don't know if they are insolvent. If most banks deem their activity as high risk, they may not be able to set up a relationship that meets their needs in a reasonable time frame.

Either scenario is certainly possible, we cannot (currently) say for certain which one it is.
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October 30, 2013, 11:30:17 PM
 #2187

If most banks deem their activity as high risk
Fun thing is, their activity is at high risk mostly because the banks themselves are boycotting it.

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October 30, 2013, 11:55:05 PM
 #2188

What surprises me the most is that you are all mostly talking about why they are having trouble processing/covering withdrawals and not why they haven't been straight forward (honest) about the whole situation and told you. Even worse, there have been countless chances to get out at zero loss. We had $130 btc a few weeks ago. Cheaper before that. Several opportunities to buy cheap (SR dump) etc, etc. After all these months why in God's name would you still have money in there. Are you all sadistic?
much +1, I've been wondering this too, still baffled.

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solex
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October 30, 2013, 11:56:04 PM
 #2189

What surprises me the most is that you are all mostly talking about why they are having trouble processing/covering withdrawals and not why they haven't been straight forward (honest) about the whole situation and told you.

They are straight forward about not being straight forward.
2.5 months have passed and the situation seems unchanged.

CONFIRMATION TIME!

I was on at #mtgox on irc.freenode.org when identified user MagicalTux, CEO of MtGox, gave the statements in sturles post https://bitcointalk.org/index.php?topic=179586.msg2924021#msg2924021 and I can confirm that the quotes are accurate and exactly what was said.

It would be great if one or two other people who also have the conversation in their scrollback buffer can also confirm this.

13:48 <@MagicalTux> sturles, we already applied to that one
13:51 <@MagicalTux> samson_, things are not easy, but it's far from what you could qualify as "embargo"
13:54 <@MagicalTux> sturles, we've been reducing SEPA delay day by day
13:54 <@MagicalTux> things are much better than one month ago
13:54 <@MagicalTux> nope
13:59 <@MagicalTux> sturles, "blocked" is not the correct word
14:00 <@MagicalTux> SleepersTide, right now all SWIFT transfers are processed up to the limits of our current bank (up to 10 transfers per day - we should be able to increase that as soon as we have more banking partners ready - it's taking longer than expected because of the time required by the people at the bank to understand our business)
14:01 <@MagicalTux> sturles, we are not allowed to talk about the exact problem (doing so would only make things worse)
14:12 <@MagicalTux> sturles, most companies in Japan will do one, maybe two SWIFT transfers a month to providers overseas (actually most will do zero)
14:16 <@MagicalTux> Delerium, literal
14:17 <@MagicalTux> when we were in the second largest bank in Japan, we represented more than half of all the volume of SWIFT processed by that bank (almost overloading their systems a couple of times)
14:18 <@MagicalTux> rfish, rather than spending time on this, fixing it is likely going to bring more on the long term
14:19 <@MagicalTux> those wires are processed in received order, nothing else
14:25 <@MagicalTux> publishing that would be against our ToS
14:26 <@MagicalTux> (specifically privacy policies)

^^ see sturles post for full conversation, just confirming MagicalTux's statements.

..if you're wondering why we should confirm this is true: various "news outlets" are now watching and typing up stories

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October 31, 2013, 12:00:49 AM
 #2190

They are straight forward about not being straight forward.
2.5 months have passed and the situation seems unchanged.

14:01 <@MagicalTux> sturles, we are not allowed to talk about the exact problem (doing so would only make things worse)
Not being allowed to state the exact problem might be fine, but why then they are lying elsewhere, such as with plain wrong wait times, and ridiculous excuses ("network congestion")?

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papamoi
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October 31, 2013, 06:52:59 AM
 #2191

so what should we understand from this??

they are not cheaters but just fucked up by the system?
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October 31, 2013, 07:02:20 AM
 #2192

so what should we understand from this??

they are not cheaters but just fucked up by the system?


As annoyed as I am with Mt. Gox, that still strikes me as the strongest hypothesis.  The reason is still that it would make little sense for Mt. Gox to fuck up their reputation and marketshare when they had a damn good and very profitable thing going.


eZc
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October 31, 2013, 10:05:38 AM
 #2193

So what is now the expected withdrawal time for:

SEPA >1000EUR
SEPA <1000EUR
Int Wire >1000USD
Int Wire <1000USD
Int Wire JPY
bnjmnkent
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October 31, 2013, 10:27:54 AM
 #2194

so what should we understand from this??

they are not cheaters but just fucked up by the system?


As annoyed as I am with Mt. Gox, that still strikes me as the strongest hypothesis.  The reason is still that it would make little sense for Mt. Gox to fuck up their reputation and marketshare when they had a damn good and very profitable thing going.


Having found the strongest hypothesis, what are the actions to derive (otherwise the search process is just
a big waste of time)?
sturle
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October 31, 2013, 10:29:05 AM
 #2195

So what is now the expected withdrawal time for:

SEPA >1000EUR
SEPA <1000EUR
Six weeks.  You need to go below 400 EUR to get it significantly faster.

Quote
Int Wire >1000USD
Int Wire <1000USD
USD have to pass through US banks, which aren't very cooperative.  I think there are still withdrawals left dating back to mid June.

Quote
Int Wire JPY
For other currencies in general the queue is shorter than the USD queue, but I don't know exactly how long.

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 31, 2013, 04:37:20 PM
 #2196

USD have to pass through US banks, which aren't very cooperative.  I think there are still withdrawals left dating back to mid June.
Enough with the bullshit. Nobody has reported that a US bank has refused an incoming wire transfer from Mt. Gox. If there's a problem on the bank side (which is questionable; Mt. Gox has never offered any concrete proof of this) it's at the sending end in Japan.

Mt. Gox doesn't seem to be having any trouble getting wire transfers from the US. If some limits were being applied at the US end, there would be trouble sending to Mt. Gox from the US.
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October 31, 2013, 05:36:08 PM
 #2197

so what should we understand from this??

they are not cheaters but just fucked up by the system?


As annoyed as I am with Mt. Gox, that still strikes me as the strongest hypothesis.  The reason is still that it would make little sense for Mt. Gox to fuck up their reputation and marketshare when they had a damn good and very profitable thing going.


Having found the strongest hypothesis, what are the actions to derive (otherwise the search process is just
a big waste of time)?


If this hypothesis is the correct one, then inaction is the most appropriate course of action for me.  This was my best hypothesis before I risked the money I did with them, and it factored into a decision about how much money to put at risk here.  I would not have done so if I needed to see results within a certain time-frame.

To reiterate my posture:

 - having loss of access to a non-trivial sum of $$$ gives me a legitimate rational to attack the problems at their root (which I feel is probably the established financial corporations and the regulators they sponsor.)

 - the $5M (or $10M) of formerly Mt. Gox controlled value is now sitting in a pool that Mt. Gox cannot touch should they implode or decide to run.  I have a better chance of recouping my losses out of this pool since it is held by the the U.S. govt and I am a U.S. citizen.

 - It is perfectly possible that Mt. Gox figures out a way to overcome their issues eventually and the wire lands in my bank account someday with little fan-fare.  Mt. Gox's best bet is to agree to be a pliant honey-pot in exchange for return of their funds, and I think there is a fair chance that they will be offered that option and accept it.

The greatest good would be possible by perusing the first bullet point, but absent some cooperation from Mt. Gox, it is not very practical to do so.


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October 31, 2013, 08:02:10 PM
 #2198

Anyone with a new witdraw processed??

Wich date??

 Huh

Leave the force be with you...
bernard75
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October 31, 2013, 08:06:12 PM
 #2199

They stopped sending money, it was just annoying and a major inconvenience anyway.
They will now dedicate all of their time on receiving cash, although that doesnt happen very often.
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October 31, 2013, 08:42:17 PM
 #2200

so what should we understand from this??

they are not cheaters but just fucked up by the system?


As annoyed as I am with Mt. Gox, that still strikes me as the strongest hypothesis.  The reason is still that it would make little sense for Mt. Gox to fuck up their reputation and marketshare when they had a damn good and very profitable thing going.

Someone important told me that the lawyers he chose are not the best ones in the field, yet he refused any external offer for help.

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