MtGox withdrawal delays [Gathering]

[raskul]

I woke up this morning to find myself verified.
I am now going to do an initial test trade, and withdrawal, as I have done with other exchanges, i'll post here when the money hits my bank.
It does look like mtgox are striving to sort things out, so here goes...

EDIT: actually 'now' may be this afternoon when BTC prices rise a bit  

EDIT2: bank details submitted and currently 'verifying'.

EDIT3: OK, i'd said to myself, the first thing I see on the site that is unusual, or suspect, i'd have to reconsider...



^^^ last price higher than my order ask, and the order hasn't processed. does not fall in line with my obsessive compulsive brain.

as soon as the confusion dissipates, i'm taking back my small amount of BTC.

When did you apply for verification, May I ask?

16 december 2013 (or thereabouts, i think)

[1714121325]

1714121325

[1714121325]

1714121325

[cozytrade]

EDIT3: OK, i'd said to myself, the first thing I see on the site that is unusual, or suspect, i'd have to reconsider...
^^^ last price higher than my order ask, and the order hasn't processed. does not fall in line with my obsessive compulsive brain.

Well it is correct implementation according to them. If the there is not trade for a defined time span, the last price is calculated from the last from other currency market and converted. Probably in this case USD trade price was converted to GBP. That is normal spec. I thought wired at first too.

[cozytrade]

EDIT: 4 hrs 30mins after request, BTC withdrawal has been received in my wallet.

You lucky. Receiving on the same date is quite fast 

[raskul]

EDIT3: OK, i'd said to myself, the first thing I see on the site that is unusual, or suspect, i'd have to reconsider...
^^^ last price higher than my order ask, and the order hasn't processed. does not fall in line with my obsessive compulsive brain.

Well it is correct implementation according to them. If the there is not trade for a defined time span, the last price is calculated from the last from other currency market and converted. Probably in this case USD trade price was converted to GBP. That is normal spec. I thought wired at first too.

that makes sense. thanks. I do want to use mtgox and I do want to work with them for both my business, I just hope that whatever sticky pathc they are going through, they get sorted as soon as possible - it is almost as though their customers are the ones suffering here...

[raskul]

Ah okay. Thanks

are you waiting for verification yourself?

[barryliu]

i just confused why too much person go to MTGOX, if you can not get your money out, why do not take BTC out to other exchange plat?? like china plat? they deposit with in hour and withdrew with in 24 hours??? why not???

[Vandroiy]

EDIT: 4 hrs 30mins after request, BTC withdrawal has been received in my wallet.

You lucky. Receiving on the same date is quite fast  

Are you implying that Gox is systematically delaying Bitcoin withdrawals?

That would be an intentional delay, as there are no technical limitations (except for rare cold storage visits) for broadcasting transactions immediately.

(I just ordered a BTC withdrawal and indeed I'm not seeing the transaction yet.)

[raskul]

EDIT: 4 hrs 30mins after request, BTC withdrawal has been received in my wallet.

You lucky. Receiving on the same date is quite fast  

Are you implying that Gox is systematically delaying Bitcoin withdrawals?

That would be an intentional delay, as there are no technical limitations (except for rare cold storage visits) for broadcasting transactions immediately.

(I just ordered a BTC withdrawal and indeed I'm not seeing the transaction yet.)

I didn't imply anything, my friend. I was just stating that I saw a delay, however... the transaction ID i was given when I initiated the withdrawal does not match the transaction ID of the actual withdrawal. and the BTC was only sent to my wallet after I sent them an email (which, as you know, will most likely still be sitting in a 3 week queue)

I just think they need more employees to handle the workload, is all.

[bitcoinvest]

UPDATE about Withdrawals on MtGox.

I have a reply from the Support team (AFTER 3 days! i don't know if this is good or not... i must be lucky or something with what i read from other people)
saying that as of 25th January each client has the option for 1 withdrawal each 20 days estimate!!!!!!!

What is going on people? Does the MtGox holding OUR funds (our btc and money)? ? ?

Can you imaging withdrawing 18.000€ ... suppose you have the limit of 1.000 and 20 days for each you will need about 14 months to have your money !!!


and of course if the situation stays as of 25th ..... if things for wrong what's next? you loose your money?

This i CRAZY!!!!

[raskul]

UPDATE about Withdrawals on MtGox.

I have a reply from the Support team (AFTER 3 days! i don't know if this is good or not... i must be lucky or something with what i read from other people)
saying that as of 25th January each client has the option for 1 withdrawal each 20 days estimate!!!!!!!

What is going on people? Does the MtGox holding OUR funds (our btc and money)? ? ?

Can you imaging withdrawing 18.000€ ... suppose you have the limit of 1.000 and 20 days for each you will need about 14 months to have your money !!!


and of course if the situation stays as of 25th ..... if things for wrong what's next? you loose your money?

This i CRAZY!!!!

that is seriously bad news where I am concerned, i already have a £1000 / 24hr limit... if it is the case they will be making this £1000 / 20days...
I can't use MtGox for my business sales in BTC, and it will only be worth to me, the coins I mine.
beer money

[bitcoinvest]

If no change is going to come from MtGox in the next few days i do believe we are going DOWN!!!!!!

i agree with you that is seriously BAD news!!!

Someone is playing with OUR money.....

[cozytrade]

EDIT: 4 hrs 30mins after request, BTC withdrawal has been received in my wallet.

You lucky. Receiving on the same date is quite fast  

Are you implying that Gox is systematically delaying Bitcoin withdrawals?

That would be an intentional delay, as there are no technical limitations (except for rare cold storage visits) for broadcasting transactions immediately.

(I just ordered a BTC withdrawal and indeed I'm not seeing the transaction yet.)

For BTC withdrawals, I don't think it is intentional. Though there are no technical limitation once they send the transaction to the network, there seems to be technical issues and financial issues within them. Apart from exchange, if we consider it as wallet, they could net the transaction or hold for cost saving, verification purpose or so, however it is not going straight through due to their internal scheme. Once this kind of congestion happens, the situation is getting worse dramatically under 24-7 operation.

[HeliKopterBen]

The problem is lack of competition.  Should a reputable exchange with good customer service (or at least somewhat good customer service) pop up in the US, I'm sure many users would jump ship in a heartbeat... and not just from mt gox but from just about every other exchange.  This may be the greatest opportunity for a reputable wall street investment bank or other large, reputable company with the resources to tap into a wide open market where users would flock in droves. 

Most likely the only thing holding them back is the uncertain regulatory environment, with precedence being when the government shut down mt gox's subsidiary mutum sigiliam on a technicality and confiscated all assets. 

Opening a reputable US exchange would be the business opportunity of a lifetime.

[DaRude]

So another page of posts but no new info 
To sum things up, SWIFT is not being processed at all unless you take 5% fee/haircut even then it takes few? months (USD and all currencies GBP etc...?)
99% of BTC withdrawals work on time the other 1% might take a day but they are being processed
SEPA is still 3 weeks? (any updates on this?)
JPY went from few days to few weeks now as well? (any updates on this would be appreciated)

[hd060053]

i like the high prices on gox because EUR is also 20% higher than on other EUR Exchanges.

I can get 20% profit each (1-6 weeks / SEPA) without any risk. Never had problems.

[btbrae]

Waiting for 30 BTC withdrawal from Mtgox for 48 hours, they're not responding to my ticket so far...

[raskul]

Ah okay. Thanks

are you waiting for verification yourself?

Yes I am, submitted it on the 27th DEC

so... 11 days from now you should be verified...
also... after verification, I've entered my bank info... and guess what... can't cashout because "BANK (verifying)"

in the time it's taken mtgox to get me on the system, i've registered, verified and cashed out from kraken. I'd rather have some funds sooner than wait (gawdonlyknowshowlong) for an extra few pence. Unless you are trading whale-like volumes, the difference in BTC price doesn't actually make a huge difference.

[Nagle]

The problem is lack of competition.  Should a reputable exchange with good customer service (or at least somewhat good customer service) pop up in the US, I'm sure many users would jump ship in a heartbeat... and not just from mt gox but from just about every other exchange.  This may be the greatest opportunity for a reputable wall street investment bank or other large, reputable company with the resources to tap into a wide open market where users would flock in droves. 

Opening a reputable US exchange would be the business opportunity of a lifetime.

The last two US exchanges, Tradehill and Kraken, both of which boasted about their "professionalism", turned out to be flakes.

It's really pretty simple. To be a Bitcoin exchange or market maker in the US, you should be a SEC registered broker/dealer. There's a lot of "oh, Bitcoin is different and doesn't need to be regulated" talk on here. By now, it should be obvious why broker/dealers are regulated - otherwise, there's a huge temptation to take the money and run, which over half of Bitcoin exchanges have done. It's not clear that it's absolutely necessary under US law to be a broker/dealer to be a Bitcoin dealer. What is clear that if you are an SEC registered broker/dealer, there's no problem. There are even advantages over being registered with the SEC - no need for state-level money transfer registration.

The problem, of course, is that most of the people doing Bitcoin exchanges don't have the training or the money to start a brokerage firm. It's not just paperwork. There are exams, audits, financial requirements, insurance, background checks... That's what you have to do to handle other people's money.

Eventually, if Bitcoin stays around, somebody who is already a broker-dealer will start dealing in it. Then there will be a way to buy and sell Bitcoins without all these delays, excuses, and losses.

Incidentally, as for the Know Your Customer and Anti-Money Laundering requirements, with a real broker, you take care of that when you open an account.  You never get told you can't withdraw your money. If a legit US broker did that, they'd be in big trouble. Some sleazy brokers dealing in Pink Sheets stocks have tried that on occasion. Some of them now have Federal prisoner numbers.

[illdeletethis]

withdrew 1btc today, showed up immediately and got into the next block

[gizmoh]

There is a nice web app, to look for your lost btc withdrawals from Gox giving possible reasons( Mine is showing LT : Large Transaction Size)

http://skanner.net/MtGox/mtgox_tx.php


Support tickets takes 4-5 days to be responded, as they have huge backlog.