MtGox withdrawal delays [Gathering]

[smoothie]

After waiting for nearly 4 weeks, I have asked them to cancel my sepa withdrawal, what they almost instantly did.

Then I bought some BTC and transferred them to my wallet.

This "artificial demand" drives the price higher and higher. Until the day MtGox goes bankrupt.

Indeed, the btc price is only rising because most people cannot withdraw fiat. So the price is very artificial and will eventually deflate back to $100-$120. At current $230 price you would expect a lot of early adopters to cash out, earning millions. But gox can't deliver and other exchanges don't have enough cash.

The amount of BTC traded on other exchanges than MTGOX debunks your theory of gox causing the rally through artificially people being forced to cancel withdrawals and buying bitcoins.

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[Rampion]

After waiting for nearly 4 weeks, I have asked them to cancel my sepa withdrawal, what they almost instantly did.

Then I bought some BTC and transferred them to my wallet.

This "artificial demand" drives the price higher and higher. Until the day MtGox goes bankrupt.

Indeed, the btc price is only rising because most people cannot withdraw fiat. So the price is very artificial and will eventually deflate back to $100-$120. At current $230 price you would expect a lot of early adopters to cash out, earning millions. But gox can't deliver and other exchanges don't have enough cash.

I agree that the demand on Gox is artificial, but the fact is that is well backed by huge action on both BTCChina and Bitstamp.

In my opinion the problem with Gox going broke is the loss of confidence of big investors. Many big whales are still on Gox, the cash on Gox is still one order of magnitude bigger than on Bitstamp while the supply of coins is shrinking dramatically on all the exchanges.

If Gox goes bankrupt many big investors will lose tons of money, and that will be a huge hit to the confidence on the whole BTC ecosystem.

It's kind of a vicious circle, because for people to run out of Gox in BTC some other people need to have GoxUSD in the system.. . I for one pray for them to pull their shit together ASAP, but every day that passes is more unlikely in my opinion. If Gox goes busto the customers stuck in will be "Goxxed" for real, and we will have news on every media outlet about how regulatory pressure (Dwolla account seizure) and bad management/internal disputes (coinlab issues) made innocent investors to lose millions of $.

What makes me extremely angry is that bastard at the head of the Bitcoin foundation who is holding onto $6M of Goxs customers money demonstrating he doesn't give a shit about BTC, he is just into maximizing his profit. If this falls apart, in my book most of the blame is on him and not on Karpeles.

[nby]

Just an update on my personal case.

1K SEPA withdrawal
19/09/2013 - confirmed (MtGox status)
01/11/2013 - pending (MtGox status)
05/11/2013 - funds received (bank account)

The processing fees were 1%, as expected.

[NewLiberty]

After waiting for nearly 4 weeks, I have asked them to cancel my sepa withdrawal, what they almost instantly did.

Then I bought some BTC and transferred them to my wallet.

Case closed.  

See, it works out for everyone, you got your money out, and they used your money to buy the coins back on another exchange.

[mp420]

People canceling large withdrawals and taking the hit from converting to BTC and withdrawing them works in favor of those who do not cancel their withdrawals. If the common belief is correct, Gox can process 100k€ worth of SEPA transfers per day, and anything from 400€ up is processed sequentially (the small transfers are used as padding for the daily quota).

Unfortunately many people appear to be still depositing fiat to Gox, so the situation is going to continue and the queue is going to get longer. Withdrawing BTC and selling elsewhere can be a big hassle. I, for example, am not verified at any exchange besides Gox, so if I decide to sell the rest of my coins, I'm going to use Gox, while I'm aware that withdrawing the EUR can take months at this point.

[Frizz23]

I, for example, am not verified at any exchange besides Gox, ...

It took me less than 24 hours to get verified at Bitstamp. All I needed was a scan of my passport and a utility bill.

[erk]

Is Gox even relevant anymore? Bitstamp and Btcchina both seem to be out performing Gox volume day after day. I mean who would realistically keep anything on Gox nowadays given their terrible track record with locking up funds?

[Blue]

Even BTC withdrawals are blocked

I initiated a 11 BTC withdrawal yesterday and contacted support 1h later since it had been confirmed but not processed by MtGox. Now 14h later still nothing !!

support answer: "... Few BTC withdrawals are delayed and the transaction should eventually go through. We will update you once the transfer is complete."

Obviously they are technically insolvent / broke if they cannot even perform BTC withdrawals !

Anyone else with the same problem ?

[Rampion]

Even BTC withdrawals are blocked

I initiated a 11 BTC withdrawal yesterday and contacted support 1h later since it had been confirmed but not processed by MtGox. Now 14h later still nothing !!

support answer: "... Few BTC withdrawals are delayed and the transaction should eventually go through. We will update you once the transfer is complete."

Obviously they are technically insolvent / broke if they cannot even perform BTC withdrawals !

Anyone else with the same problem ?

No, they are just overwhelming the BTC network with their huge volume, right sturtle?

[mp420]

The BTC withdrawals, from what I've heard, suffer from some kind of a bug that causes a lot of them to be delayed for up to several days.

[TheKoziTwo]

I withdrew BTC yesterday with no issues, was sent instantly. Anyways you may sometimes be the victim of the so-called "network congestion" and have to wait a few days.

[justusranvier]

Anyways you may sometimes be the victim of the so-called "network congestion" and have to wait a few days.

1. Newly-mined coins are not spendable for 100 blocks.
2. Some miners direct their payouts to their Mt Gox account.
3. Mt Gox withdrawal code is not smart enough to avoid attempting to spend unspendable coinbase outputs.
4. When something goes wrong, they don't have any way to manually fix it besides waiting for the coinbase outputs to mature and rebroadcasting the transaction.

[cedivad]

So mtgox is starting to receive money from the current rally and paying out the debt with these newly wired money.
Makes sense.

[Blue]

no , it does not make sense - how do these "unspendable" coins get transfered to Mt.Gox in the first place ?
Functionally , BTC sure is fucked up if it doesn´t perform transfers !!  

once the transfer is done, can I verify if the coins I received were "unspendable" on transfer  initiation ?

unspendable for 100 blocks: @ current mining rate that would only be 14h !
more than 18h have passed since the withdrawal request and blockchain still shows nothing.

-> that "unspendable" explanation does not cut it !

[justusranvier]

no , it does not make sense - how do these "unspendable" coins get transfered to Mt.Gox in the first place ?
Functionally , BTC sure is fucked up if it doesn´t perform transfers !!

https://en.bitcoin.it/wiki/Block_chain

[zeroblock]

That is merely a cover for what is really going on.  Capital controls.

[justusranvier]

That is merely a cover for what is really going on.  Capital controls.

I'm not ready to rule out incompetence yet.

[bitcoinbboyce]

That is merely a cover for what is really going on.  Capital controls.

I'm not ready to rule out incompetence yet.

Incompetence at Gox, surely not?!

[Savior]

Pending now after 6 weeks and two days. Requested 21.sept.

Recieved money in my bank account today Keep your faith guys, there is still hope lol

[joesmoe2012]

Having BTC withdraw issues now @ Gox.

Been waiting hours and have multiple BTC withdraws that still haven't showed up on blockchain.

On IRC they are saying that it's because of the large number of transactions that gox is processing right now (in the last hours or so over 2000 were performed allegedly).