MtGox withdrawal delays [Gathering]

[smoothie]

The spread between Mt. Gox and the other exchanges is around 22% today.  This may be an all-time high. We've seen 20% a few times, but above 20% has been rare. The spread has been climbing slowly for weeks.  (Is this charted somewhere?  "bitcoincharts.com" doesn't chart it, but they're run by Mt. Gox.)

It's a slow day. This isn't due to volatility. This is purely the penalty for using Mt. Gox.

That number is getting into the range where a run on Mt. Gox is likely.

A disconnect between markets is hardly surprising, given the delays in JPY withdrawals (previously the only fast withdrawal route) means arbitrage is going to be far less effective at making Gox track other markets.  (I wonder if the JPY withdrawal delays are in turn caused by an increasing number of arbitrageurs making use of this route.)

roy

Hardly surprising but ALARMING would be a better word I would use.

RED FLAG ALERT

[Alpaca Bob]

The spread between Mt. Gox and the other exchanges is around 22% today.  This may be an all-time high. We've seen 20% a few times, but above 20% has been rare. The spread has been climbing slowly for weeks.  (Is this charted somewhere?  "bitcoincharts.com" doesn't chart it, but they're run by Mt. Gox.)

http://www.coinometrics.com/bitcoin/dispersion

btw where's Sturle to calm everybody down?

[31337157]

This is straight up ludicrous. What is the freakin' deal with MTGOX? It's appalling to think that someone in that stinkhole of a company thinks that they are pulling one over on us by not saying anything. Straight up disrespectful to the BTC community and society itself.

I pulled out everything I had a few months ago with an exception of a USD withdrawal which I just cancelled. Bought BTC and transferred it out (after a 5 day wait) and I don't ever want to think about the company again. I can't believe one peep hasn't come out of them, if they are going down at this point they really do deserve it.

[Nagle]

The spread has been climbing slowly for weeks.  (Is this charted somewhere? 

http://www.coinometrics.com/bitcoin/dispersion

Thanks.  Right now, Mt. Gox vs BTC-E: 23.03%.

That's huge. That just screams "you'll probably never see the money again".

[smoothie]

2014 is indeed going to be an interesting year for Bitcoin and MTGOX (as it appears).

[Block-Chainz]

I got verified on Mt. Gox, then I applied for bank withdrawal using Citibank, after a week they said:

Sincere apologies for the inconveniences but Mt.Gox is currently not supporting this bank.
We are working on solving this issue.

What US Bank have you guys got verified with?

TIA

[richardweiming]

I have 2  10 bitcoins withdraw not receive in several hours.
I only have the 2
Transaction reference: 21f57eda-dd79-4244-9890-2dca284945b5
Transaction reference: 413f630a-4952-4bac-b983-51bb2809369b

I did not not the TX ID when the withdraw is made. How can I check my withdraw details now? How to find my TX ID. It seems without the TX ID. All the api can not use.

who can help me?

[sgroup]

I'm guessing this issue is only with large withdrawals? I tried a 0.01 BTC withdrawal from MtGox and it went through in a few hours without any issues. I want to trade on Mtgox but this thread has me worried, kind of ridiculous to have delays on international transfers when you're paying $22? (I'm in Canada)

[alfabitcoin]

I have 2  10 bitcoins withdraw not receive in several hours.
I only have the 2
Transaction reference: 21f57eda-dd79-4244-9890-2dca284945b5
Transaction reference: 413f630a-4952-4bac-b983-51bb2809369b

I did not not the TX ID when the withdraw is made. How can I check my withdraw details now? How to find my TX ID. It seems without the TX ID. All the api can not use.

who can help me?

Try this;
http://skanner.net/MtGox/mtgox_tx.php

With receiving btc address or amount.

[opet]

I have 2  10 bitcoins withdraw not receive in several hours.
I only have the 2
Transaction reference: 21f57eda-dd79-4244-9890-2dca284945b5
Transaction reference: 413f630a-4952-4bac-b983-51bb2809369b

I did not not the TX ID when the withdraw is made. How can I check my withdraw details now? How to find my TX ID. It seems without the TX ID. All the api can not use.

who can help me?

Try this;
http://skanner.net/MtGox/mtgox_tx.php

With receiving btc address or amount.

Skanner.net hasn't been updating since yesterday.  I suggest trying thegoxreport.com while we wait for delerium to fix skanner.net.

EDIT:  nevermind, Delerium just fixed it, should be working again.

[dave111223]

Almost 25% spread between bitstamp and gox...holyshit.

Makes that <10% haircut I took 5 months ago seem pretty attractive.

I think 30% could be the breaking point.  If it gets over 1100 today things could turn nasty real fast.

Atleast we might see $10,000 BTC sooner than expected 

[richardweiming]

I have 2  10 bitcoins withdraw not receive in several hours.
I only have the 2
Transaction reference: 21f57eda-dd79-4244-9890-2dca284945b5
Transaction reference: 413f630a-4952-4bac-b983-51bb2809369b

I did not not the TX ID when the withdraw is made. How can I check my withdraw details now? How to find my TX ID. It seems without the TX ID. All the api can not use.

who can help me?

Try this;
http://skanner.net/MtGox/mtgox_tx.php

With receiving btc address or amount.

Skanner.net hasn't been updating since yesterday.  I suggest trying thegoxreport.com while we wait for delerium to fix skanner.net.

EDIT:  nevermind, Delerium just fixed it, should be working again.

I find my 2 withdraw on http://skanner.net/MtGox/mtgox_tx.php
It shows nothing error but just delayed.

I wonder if Mtgox did not pay my balance why skanner can show Input/Output address?
What is raw Raw Transaction ?
Did it mean Mtgox already my withdraw but just not release it for it's own reason?

[opet]

I find my 2 withdraw on http://skanner.net/MtGox/mtgox_tx.php
It shows nothing error but just delayed.

I wonder if Mtgox did not pay my balance why skanner can show Input/Output address?
What is raw Raw Transaction ?
Did it mean Mtgox already my withdraw but just not release it for it's own reason?

paste your raw transaction(s) into this page to get the answer for each:
https://blockchain.info/pushtx

[richardweiming]

I find my 2 withdraw on http://skanner.net/MtGox/mtgox_tx.php
It shows nothing error but just delayed.

I wonder if Mtgox did not pay my balance why skanner can show Input/Output address?
What is raw Raw Transaction ?
Did it mean Mtgox already my withdraw but just not release it for it's own reason?

paste your raw transaction(s) into this page to get the answer for each:
https://blockchain.info/pushtx

I got this result of raw transaction check
An outpoint is already spent [(109508977, 1), (109625375, 0), (109405785, 1), (109620108, 6), (109622069, 0), (109620194, 0), (109601345, 1), (109624787, 0)]

What does it mean? Paid or not? or problem?

[opet]

I got this result of raw transaction check
An outpoint is already spent [(109508977, 1), (109625375, 0), (109405785, 1), (109620108, 6), (109622069, 0), (109620194, 0), (109601345, 1), (109624787, 0)]

What does it mean? Paid or not? or problem?

That's the main issue with the broken withdrawals at the moment.  Gox's system is double-spending (or attempting to).  The outpoints are not being collected and used correctly by their system, so your transfer gets stuck.  Normally, it would simply re-broadcast with a fresh set of outputs a few hours later -- but, that isn't happening either.

Their "support" on IRC is claiming that they still don't know what is causing the issue.  It could be a problem with their code, or it could be the result of a dust-related DDOS attack (which is what they claimed in November when the same thing happened).

Nobody knows (except maybe them) how/why their system is broken, so we'll just have to wait and see.

AFAIK, they are manually pushing through the broken TX one at a time, and at a snail's pace.  Some people have been waiting more than 6 days for theirs to rebroadcast, and the broken TX are piling up much faster than they are able to process manually...

[Nagle]

Gox/BTC-E spread just passed 24%. This is an all time sustained high.  The market is now convinced that money stuck in Gox isn't worth much. 

MtGox/BTC-E (USD) live ratio chart.

Bitstamp at $817, BTC-E at $818, Coinbase at $818, Mt. Gox at $1011.

Tomorrow is going to be interesting.

[RG]

* Withdrawals

All withdrawals will be sent through the MtGox Polish bank account and will involve a 1% fee with a minimum of 5.5 PLN

Please note the following rules :
- It is not possible to withdraw less than 10 EUR.
- Withdraws lower than 100.00 EUR are on average take less than a week.
- It takes at least a month on average for withdrawals larger than 10,000 EUR
- Withdrawals greater than 50,000 EUR need to be split it into multiple transfers or you can use the International Wire payment method.
- Due to the volume of withdrawals requests, each customer is currently only allowed 1 withdrawal every 20 days (estimate)
 Situation as of 16th January 2014: We are currently processing withdrawals requested 3 weeks ago. (Users with several withdrawals in the queue must take the 20 day rule above into account)

Is this an official announcement?

Sure, its in the FAQ: https://support.mtgox.com/entries/21649594-Withdrawals-and-Deposits

Does this correspond to everyone's actual experience?

This is from the FAQ under the "Europe/SEPA Transfers(EUR)" section. I am taking about Japanese domestic transfers, where the same FAQ says:

"* Withdrawals
All JPY withdrawals placed before 4pm Tokyo time on banking days are now processed the following banking day, and will be sent from our JapanNet Bank account."

Which is patently false.

Haha yes that is true. Its totally false. Thats why at the withdrawal center, its written in the pink box that there are delays from New Year. I think that message is intended for domestic transfers but MtGox probably left it intentionally vague so as to seem like an excuse for ALL of their withdrawals having serious delays. They really need better management...

Really? Just when i got my hands in a Japanese Account, what's the real time for JPY withdraws?

[lucaing]

* Withdrawals

All withdrawals will be sent through the MtGox Polish bank account and will involve a 1% fee with a minimum of 5.5 PLN

Please note the following rules :
- It is not possible to withdraw less than 10 EUR.
- Withdraws lower than 100.00 EUR are on average take less than a week.
- It takes at least a month on average for withdrawals larger than 10,000 EUR
- Withdrawals greater than 50,000 EUR need to be split it into multiple transfers or you can use the International Wire payment method.
- Due to the volume of withdrawals requests, each customer is currently only allowed 1 withdrawal every 20 days (estimate)
 Situation as of 16th January 2014: We are currently processing withdrawals requested 3 weeks ago. (Users with several withdrawals in the queue must take the 20 day rule above into account)

Is this an official announcement?

Sure, its in the FAQ: https://support.mtgox.com/entries/21649594-Withdrawals-and-Deposits

Does this correspond to everyone's actual experience?

This is from the FAQ under the "Europe/SEPA Transfers(EUR)" section. I am taking about Japanese domestic transfers, where the same FAQ says:

"* Withdrawals
All JPY withdrawals placed before 4pm Tokyo time on banking days are now processed the following banking day, and will be sent from our JapanNet Bank account."

Which is patently false.

Haha yes that is true. Its totally false. Thats why at the withdrawal center, its written in the pink box that there are delays from New Year. I think that message is intended for domestic transfers but MtGox probably left it intentionally vague so as to seem like an excuse for ALL of their withdrawals having serious delays. They really need better management...

Really? Just when i got my hands in a Japanese Account, what's the real time for JPY withdraws?

Taday it's been 15 days waiting my JPY withdraw. From 12th January...

[nekojita]

I have multiple transactions from 1/6-9 that haven't been processed yet.  Word on the street is that they are processing transactions in order and that they did get backed-up over the holiday (bank holidays + holidays related to an already small staff).  I've heard they are trying to beef-up the team and make improvements, but that takes time given the small pool of employees they have to train the new employees.

I've had great service / interactions with Mt. Gox sans issues around delayed response in Japan; although I agree they could definitely benefit from hiring additional people with experience managing a company.

[sturle]

The spread between Mt. Gox and the other exchanges is around 22% today.  This may be an all-time high. We've seen 20% a few times, but above 20% has been rare. The spread has been climbing slowly for weeks.  (Is this charted somewhere?  "bitcoincharts.com" doesn't chart it, but they're run by Mt. Gox.)

btw where's Sturle to calm everybody down?

I have decided to stop wasting time here, and let you all feed the panic instead.  It is much more profitable.  I managed more than 18% on my last round of arbitrage, all fees included.  I wonder if I'll be able to get 25% on the next. 

Please keep panicing!  Never search for the true answers; make up your own!  Don't ever believe it is possible to withdraw anything!  Don't believe arbitrage is possible.  Please keep spreading rumours that MtGox are broke, etc.  I've never made this much money with no risk and almost no work!  I'm in my last week of full time employment.  From now on I will make a living out of the price difference between Panicstamp and MtGox, and my bot of course.  You guys!  I love you all for making this possible!

For all the other arbitragers who are making good money on spreading FUD here: I think you are a bit dishonest, and there is no need to.  The clueless people here are fully capable of creating a panic for themselves.

OK, I can't resist revealing some information about JPY withdrawals.  Last known processed is from January 5th.  Reason for the delay is 9 days of closed banks (Mizuho) and this:

07:19 <@MagicalTux> jpy withdrawal delays come from the fact there are more withdrawals than deposit, so we need to convert usd/etc to jpy, then send it to our japanese bank, which takes time and has limits much stricter than other transfer methods

The daily limit is 100 million JPY, btw.

For everything else there is not much new.  You will find the answers on previous pages in this thread.