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Author Topic: MtGox withdrawal delays [Gathering]  (Read 879808 times)
NewLiberty
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November 01, 2013, 01:21:36 AM
 #2201

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.



Western Union should buy MtGox.
It would save both companies.
Both will die if they do nothing.

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tvbcof
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November 01, 2013, 01:44:11 AM
 #2202


Western Union should buy MtGox.
It would save both companies.
Both will die if they do nothing.


Damn good idea actually.  I gotta wonder if it is not to late for one or both of them already though.


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November 01, 2013, 02:24:29 AM
 #2203


Western Union should buy MtGox.
It would save both companies.
Both will die if they do nothing.


Damn good idea actually.  I gotta wonder if it is not to late for one or both of them already though.



I've been short NYSE:WU for a while as bitcoin eats away at their business.  If they make any major bitcoin purchase (MtGox would be ideal for them) I go long instead.  WU would give Gox all the MTL licenses it could ever want and compliance in most major economies worldwide.  In return, Gox would give WU a future.  Together they would be like localbitcoins on steroids, with branches globally and in most currencies.
WU also has the legal muscle to renegotiate the fees owed in the different jurisdictions and has been doing major investment in compliance and compliance workflow automations.  It is almost as if they are engaged to be married already.

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Blazed
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November 01, 2013, 02:24:16 PM
 #2204

That would be amazing!
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November 01, 2013, 03:45:47 PM
 #2205

Western Union should buy MtGox.
It would save both companies.
Both will die if they do nothing.

Say what you want about Gox, but the other markets are terrible. The APIs give the impression as they have been designed by my 12 year old nephew.





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November 01, 2013, 04:28:47 PM
 #2206


Western Union should buy MtGox.
It would save both companies.
Both will die if they do nothing.


Damn good idea actually.  I gotta wonder if it is not to late for one or both of them already though.



I've been short NYSE:WU for a while as bitcoin eats away at their business.  If they make any major bitcoin purchase (MtGox would be ideal for them) I go long instead.  WU would give Gox all the MTL licenses it could ever want and compliance in most major economies worldwide.  In return, Gox would give WU a future.  Together they would be like localbitcoins on steroids, with branches globally and in most currencies.
WU also has the legal muscle to renegotiate the fees owed in the different jurisdictions and has been doing major investment in compliance and compliance workflow automations.  It is almost as if they are engaged to be married already.

Must not be doing so well on that short.... WU has had a nice stable uptrend for some time now.

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November 01, 2013, 07:53:13 PM
 #2207

Anyone with a new witdraw processed??

Wich date??

 Huh
I'm still waiting for my four figure withdrawal from July. Their backlog doesn't seem to be moving very quickly.
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November 01, 2013, 08:51:11 PM
 #2208

Anyone with a new witdraw processed??

Wich date??

 Huh
I'm still waiting for my four figure withdrawal from July. Their backlog doesn't seem to be moving very quickly.

If it's not in EUR, PLN, or JPY, then it won't be going out anytime soon unless you pay the extra 5% to withdraw, which also currently have a backlog.


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November 01, 2013, 11:33:11 PM
 #2209

Say what you want about Gox, but the other markets are terrible. The APIs give the impression as they have been designed by my 12 year old nephew.

Agreed. Also, in spite of a poor record on this in the past, Gox is now easily the fastest to execute trades, particularly when things get busy.

As far as the upstarts go, Kraken has a damn sexy API, although no streaming stuff yet.
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November 01, 2013, 11:35:15 PM
 #2210


Western Union should buy MtGox.
It would save both companies.
Both will die if they do nothing.


Damn good idea actually.  I gotta wonder if it is not to late for one or both of them already though.



I've been short NYSE:WU for a while as bitcoin eats away at their business.  If they make any major bitcoin purchase (MtGox would be ideal for them) I go long instead.  WU would give Gox all the MTL licenses it could ever want and compliance in most major economies worldwide.  In return, Gox would give WU a future.  Together they would be like localbitcoins on steroids, with branches globally and in most currencies.
WU also has the legal muscle to renegotiate the fees owed in the different jurisdictions and has been doing major investment in compliance and compliance workflow automations.  It is almost as if they are engaged to be married already.

Must not be doing so well on that short.... WU has had a nice stable uptrend for some time now.
Its in the money, including dividends, its not a new position.

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Bulk premiums as low as .0012 BTC "BETTER, MORE COLLECTIBLE, AND CHEAPER THAN SILVER EAGLES" 1Free of Government
CurbsideProphet
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November 02, 2013, 03:29:23 AM
 #2211

Anyone with a new witdraw processed??

Wich date??

 Huh
I'm still waiting for my four figure withdrawal from July. Their backlog doesn't seem to be moving very quickly.

Is this your first withdrawal from Gox?

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November 02, 2013, 05:45:47 AM
 #2212

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 ^^

It is November now. Guess what happened to that.

Reminder that the last piece of "news" about withdrawals was back on 5th August. Three months ago.
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November 02, 2013, 05:47:44 AM
 #2213

6 Weeks I have waited now for a SEPA withdraw. Looks like the queue is only getting longer.
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November 02, 2013, 05:48:44 AM
 #2214

Be glad it's not 4-5 months minimum like it is with SWIFT. Actually, SWIFT can really be considered halted/broken entirely now.
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November 02, 2013, 08:15:22 AM
 #2215

Anyone with a new witdraw processed??

Wich date??

 Huh
I'm still waiting for my four figure withdrawal from July. Their backlog doesn't seem to be moving very quickly.

Or not moving at all?

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November 02, 2013, 11:55:52 AM
 #2216

Hello,

I'm a long time lurker on this forum (mostly the Speculation thread and this thread as well).

I just wanted to share an update, just to create another "datapoint".

I had a 1k SEPA withdrawal in queue, requested on 19/09/2013. Its status changed from "confirmed" to "pending" yesterday, 01/11/2013. During the 6 weeks of waiting I contacted 4 times the support, receiving mixed boilerplate response with a few details of the current status (no relevant additional info besides the ones I already had from this thread).

I also had a few btc on Gox, I decided to move them in mid-October, transaction was smooth (I moved them to Bitstamp, I logged there about 1 hour after the withdrawal and they was there).

I'd like to share some additional infos on my personal experience.

When I choose to withdraw on Gox I knew what I was doing. I was aware of the delays, although I was estimating them on 4 weeks. I decided to give a try on a small bitstamp-gox arbitraging. I investedo what I considered an amount of "play money". Now, given that I still don't have the fiat on my bank account (bank holidays and weekend, bad timing...), I'm above break-even (and I managed to keep a small amount of btc).

Had I kept the fiat on bitstamp and just day-traded them I would have gained more (at least this is what Captain Hindsight and his assistants keep on telling me).

Long story short: atm Gox sux, but I don't think they are scamming. I think I could entrust them again with small amount of btc/fiat, providing that the delays lowers beyond (at least) 4 weeks. With all its issue, I think the entire BTC ecosystem still benefits from Gox. I am not in any way endorsing them, I only wanted to share my personal experience.

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November 02, 2013, 05:43:49 PM
 #2217

I don't know that arbitrage is the best way to define what people are doing with Gox and other exchanges.

When used by academics, an arbitrage is a transaction that involves no negative cash flow at any probabilistic or temporal state and a positive cash flow in at least one state; in simple terms, it is the possibility of a risk-free profit after transaction costs. For instance, an arbitrage is present when there is the opportunity to instantaneously buy low and sell high.

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

Unless you are using a Japanese bank account where funds transfer rather quickly (at least that's my understanding), essentially you're getting paid for entrusting your money with a company for an indeterminate amount of time that may or may not be solvent.  Seems closer to buying junk bonds to me.

 

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November 02, 2013, 07:25:34 PM
 #2218

Unless you are using a Japanese bank account where funds transfer rather quickly (at least that's my understanding), essentially you're getting paid for entrusting your money with a company for an indeterminate amount of time that may or may not be solvent.  Seems closer to buying junk bonds to me.

Well, SEPA transfers are pretty fast (1-2 days from the moment the bank receives its submission) and generally unexpensive (depending on the bank, but you could find banks with 0 fee). Assuming the exchanger are indeed solvent (which I do not take for granted, btw), if there was no delay on Gox withdrawals the only risk would be the one of a big price movement between the moment of purchase of btc on the cheaper market (Bitstamp) and the btc deposit on the more expensive market (Gox). You would be entrusting the exchanger for your money the same way you are expected to entrust them for a "normal" fiat withdrawal. But of course the price difference between the exchangers would be too small to cover the fees, and the fiats would also be "locked" for the duration of the "round-trip" (no day-trading with them).

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November 03, 2013, 07:17:41 AM
 #2219

Well, SEPA transfers are pretty fast (1-2 days from the moment the bank receives its submission)
Thats a directive from the EU council, no bank can process it longer than on the same day.
and generally unexpensive (depending on the bank, but you could find banks with 0 fee).
They would be breaking the law if they are within the EU and have adopted the Euro. Anyway by Feb 2013 they all have to comply, no matter if GB or Switzerland.
Assuming the exchanger are indeed solvent (which I do not take for granted, btw)
We are on the same page afterall.
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November 03, 2013, 06:50:47 PM
 #2220


Western Union should buy MtGox.
It would save both companies.
Both will die if they do nothing.


Damn good idea actually.  I gotta wonder if it is not to late for one or both of them already though.



I've been short NYSE:WU for a while as bitcoin eats away at their business.  If they make any major bitcoin purchase (MtGox would be ideal for them) I go long instead.  WU would give Gox all the MTL licenses it could ever want and compliance in most major economies worldwide.  In return, Gox would give WU a future.  Together they would be like localbitcoins on steroids, with branches globally and in most currencies.
WU also has the legal muscle to renegotiate the fees owed in the different jurisdictions and has been doing major investment in compliance and compliance workflow automations.  It is almost as if they are engaged to be married already.

Must not be doing so well on that short.... WU has had a nice stable uptrend for some time now.

hole in the wall for WU...!


http://www.marketwatch.com/story/western-union-slides-on-2014-compliance-costs-2013-10-30?siteid=bigcharts&dist=bigcharts

high compliance costs

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