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Author Topic: MtGox withdrawal delays [Gathering]  (Read 877143 times)
sturle
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February 03, 2014, 10:31:57 AM
 #3221

He either withdrew via International wire (not SEPA) or he had another withdrawal complete successfully for the last 20 days.  Last time I heard MtGox were processing SEPA withdrawals initiated at 2013-12-30.  The reasons for the delays (SEPA and JPY) have been fully explained here many times, but please don't let it stop you from inventing your own.  It tricks weak souls into overbidding, making arbitrage very profitable.  Grin
I'm just report fatcts their payment time increased or they stoped it.
Of course you report facts, but you are omitting important facts as well.  Please read my answer again for the explanation of the delay.

Quote
How they get their own liquidity in their one direction market ? If most of the people imputs btc and withdraw fiat, how can they sustain this for long therm, were they get the money to pay arbitrage profit  ?
Deposits of course.  Every time you sell, you sell to someone who deposited money at some time.  (Or from someone who sold BTC to someone who deposited BTC at some time, etc, for many iterations.)

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If any one can answer that maybe the understandable speculation will decrease !
This is how every exchange with an order book works.

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
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lucaing
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February 03, 2014, 10:39:35 AM
 #3222

He either withdrew via International wire (not SEPA) or he had another withdrawal complete successfully for the last 20 days.  Last time I heard MtGox were processing SEPA withdrawals initiated at 2013-12-30.  The reasons for the delays (SEPA and JPY) have been fully explained here many times, but please don't let it stop you from inventing your own.  It tricks weak souls into overbidding, making arbitrage very profitable.  Grin
I'm just report fatcts their payment time increased or they stoped it.
Of course you report facts, but you are omitting important facts as well.  Please read my answer again for the explanation of the delay.

Quote
How they get their own liquidity in their one direction market ? If most of the people imputs btc and withdraw fiat, how can they sustain this for long therm, were they get the money to pay arbitrage profit  ?
Deposits of course.  Every time you sell, you sell to someone who deposited money at some time.  (Or from someone who sold BTC to someone who deposited BTC at some time, etc, for many iterations.)

Quote
If any one can answer that maybe the understandable speculation will decrease !
This is how every exchange with an order book works.

+1
whave
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February 03, 2014, 10:55:13 AM
 #3223

would be good to know if SEPA withdrawls are still coming ....

Somebody knows which day they are processing right know ?   sure Sturle you are counting them Wink
End of December.  Will try to get a more accurate date tomorrow.  The FAQ only has useless information right now: Situation as of 29th January 2014: We are currently processing 20 days rule withdrawals. (backlog)

Hi there, any chance you got that mentioned accurate date regarding SEPAs yet? Smiley
whave
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February 03, 2014, 11:23:39 AM
 #3224

This conforms perfectly to the 20 day rule.  If you make a new withdrawal less than 20 days after the previous one, it will not be processed until the 20 days have passed.  Small withdrawals are processed out of the queue.  See the support page about deposits and withdrawals.

Also, what is considered a small withdrawal? < 500EUR? < 100 EUR?

I've withdrawn around 2000 EUR in 3 parts, 1000, ~700, ~400, between 29/jan and 31/jan, hoping for the first 1000 to arrive around the end of Feb. Do we know how long the 20day rule is gonna be up?
donk4u
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February 03, 2014, 02:12:01 PM
 #3225

i  got 2 emails that my transaction wasn't processed and that sent to their developmental team. I don't care about their developmental team they didn't process the transaction and all they need to do is re send. Meanwhile people  this happened to after me are getting their transactions.
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February 03, 2014, 02:13:50 PM
 #3226

Technical part nothing to do with. Just their wallets are empty, they must show us addresses cold wallets.

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February 03, 2014, 02:21:27 PM
 #3227

I also have money and BTC tied up in the MtGox withdrawal process, it's generally pretty upsetting

Sad
zyk
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February 03, 2014, 02:35:30 PM
 #3228

This conforms perfectly to the 20 day rule.  If you make a new withdrawal less than 20 days after the previous one, it will not be processed until the 20 days have passed.  Small withdrawals are processed out of the queue.  See the support page about deposits and withdrawals.

Also, what is considered a small withdrawal? < 500EUR? < 100 EUR?

I've withdrawn around 2000 EUR in 3 parts, 1000, ~700, ~400, between 29/jan and 31/jan, hoping for the first 1000 to arrive around the end of Feb. Do we know how long the 20day rule is gonna be up?


may be you are lucky ...but am willing to bet 1 BTC that at the latest 15. th of march GOX doesn´t exist anymore as an entity which pays back more than 50 cents of money owed
bitcoinbboyce
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February 03, 2014, 02:41:09 PM
 #3229

This conforms perfectly to the 20 day rule.  If you make a new withdrawal less than 20 days after the previous one, it will not be processed until the 20 days have passed.  Small withdrawals are processed out of the queue.  See the support page about deposits and withdrawals.

Also, what is considered a small withdrawal? < 500EUR? < 100 EUR?

I've withdrawn around 2000 EUR in 3 parts, 1000, ~700, ~400, between 29/jan and 31/jan, hoping for the first 1000 to arrive around the end of Feb. Do we know how long the 20day rule is gonna be up?


may be you are lucky ...but am willing to bet 1 BTC that at the latest 15. th of march GOX doesn´t exist anymore as an entity which pays back more than 50 cents of money owed

hey I will take that bet with you, where can we escrow?
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February 03, 2014, 02:53:12 PM
 #3230

please stay away from Mt Gox !

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zyk
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February 03, 2014, 03:01:19 PM
 #3231

I will also take the bet. Even if they are going down I think it will take longer than a month.

who would win the bet if the current state of affairs persists ?
zyk
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February 03, 2014, 03:05:55 PM
 #3232

who would win the bet if the current state of affairs persists ?

Even in worst case scenario, you don't think they can drag it out for another month and a half?


if the tx backlog is cleared --- I lose ?

if the SEPA and JPY withdrawls in its current form are stopped ---- you lose ?
Trupik
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February 03, 2014, 03:09:10 PM
 #3233

Any one received sepa transfers these days ?  
Negative. My brother is still waiting for payment from 2013-12-17. It is 7 weeks as of now and the "6 weeks" statement on the emptyGox webpage is simply false. Isn't it one definition of bankruptcy that a person is unable to fulfill its mature obligations?
He either withdrew via International wire (not SEPA) or he had another withdrawal complete successfully for the last 20 days.  Last time I heard MtGox were processing SEPA withdrawals initiated at 2013-12-30.  The reasons for the delays (SEPA and JPY) have been fully explained here many times, but please don't let it stop you from inventing your own.  It tricks weak souls into overbidding, making arbitrage very profitable.  Grin
I'm not aware of such policy (one withdrawal per 20 days) at the time of making that withdrawal. In fact, on the withdrawal page there is no mention of it even now:
Quote
    BTC : You can still withdraw up to 100.00000000 BTC provided you have enough on your account (your limit is 100.00000000 BTC per 24 hours )
    USD : You can still withdraw up to $1,000.00000 provided you have enough on your account (your limit is $1,000.00000 per 24 hours and $10,000.00000 per 30 days)


Notes on International Withdrawals

SEPA Withdrawals:
Due to the daily withdrawal limits imposed by our European bank, all fund transfers to SEPA accounts in Europe will take 6 weeks or less depending on the size of your withdrawal.

International Wire Transfers: 
At the moment we are manually processing wire transfers and have a slight backlog as we create a new withdrawal system with our banking partners. Your withdrawal may take 4 weeks or more depending on the amount.

Your patience and understanding in processing withdrawals is greatly appreciated.
20 day limit is not mentioned anywhere and is not enforced by the system. If it is invalid to make withdrawal in less than 20 days from previous withdrawal, they should invalidate the withdrawal, return the money back to the MtGox account and inform the client. This looks like completely arbitrary limit introduced to delay MtGox meltdown. It is only mentioned on some obscure forums that client don't have to check before taking actions. The client would take other action if he was properly informed. I don't know how is it considered in your country, but in my it is called "fraud", and it is a criminal offense if it is done knowingly.
donk4u
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February 03, 2014, 03:20:46 PM
 #3234

Dosen't make sense that people are still getting withdrawls to online wallets . I understand the ponzi concept  but how are any transactions going true if gox is indeed broke?
whave
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February 03, 2014, 03:34:07 PM
 #3235

Dosen't make sense that people are still getting withdrawls to online wallets . I understand the ponzi concept  but how are any transactions going true if gox is indeed broke?

Because no one knows what's actually happening. Conspiracy theories come and go, but nothing has been proven officially so far.

As far as the public knows, they could be simply incompetent, thus REALLY REALLY slow. Or they could be really doing a ponzi, but allowing the small amounts to flow, to keep hopes up and avoid mega-panic.

My 0.3 and 0.05 both went through in a matter of minutes to blockchain.info wallet...

And so far I haven't read anything about a SEPA not arriving at all - they just take ridiculous amounts of time, like 1-2 months (especially with the 1tx/20days limit).
igorr
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February 03, 2014, 04:25:29 PM
 #3236

I can not believe what I paid 1000 USD.   Roll Eyes
Just now, I understand, Bitcoin is fog.

Cлaвьcя, Oтeчecтвo нaшe cвoбoднoe,
Бpaтcкиx нapoдoв coюз вeкoвoй,
Пpeдкaми дaннaя мyдpocть нapoднaя!
Cлaвьcя, cтpaнa! Mы гopдимcя тoбoй!
sturle
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February 03, 2014, 05:38:10 PM
 #3237

may be you are lucky ...but am willing to bet 1 BTC that at the latest 15. th of march GOX doesn´t exist anymore as an entity which pays back more than 50 cents of money owed
I'm in!  I won a similar bet on betsofbitco.in that MtGox would be sold or closed by the end of 2013, but this didn't happen either.

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.
tvbcof
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February 03, 2014, 05:52:13 PM
 #3238

may be you are lucky ...but am willing to bet 1 BTC that at the latest 15. th of march GOX doesn´t exist anymore as an entity which pays back more than 50 cents of money owed
I'm in!  I won a similar bet on betsofbitco.in that MtGox would be sold or closed by the end of 2013, but this didn't happen either.

You want to bet whether Mt. Gox sends me the wire that they've been putting off sending for 1/2 of a year now before I take legal action?

If so, you better hurry.  I've got an appointment with my attorney later today.


zyk
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February 03, 2014, 06:06:31 PM
 #3239

If so, you better hurry.  I've got an appointment with my attorney later today.

I get that you're pissed off with sturle in the long term, but should point out that this bet was specifically over zyk's unrealistic prediction that gox will collapse by march, with no other judgement about their health implied.


implied was that their current ability of sustaining the ponzi will be visibly halfed by then ....  Sepa , Yen withdrawls longer than 9 weeks or stopped alltogether, tx backlog not cleared etc.

 
sturle
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February 03, 2014, 06:29:23 PM
 #3240

may be you are lucky ...but am willing to bet 1 BTC that at the latest 15. th of march GOX doesn´t exist anymore as an entity which pays back more than 50 cents of money owed
I'm in!  I won a similar bet on betsofbitco.in that MtGox would be sold or closed by the end of 2013, but this didn't happen either.
You want to bet whether Mt. Gox sends me the wire that they've been putting off sending for 1/2 of a year now before I take legal action?
If so, you better hurry.  I've got an appointment with my attorney later today.
Let me repeat my favourite quote:
Quote from: MagicalTux in #mtgox
03:03 <@MagicalTux>  a class action in the US to force us to do something the US govt prevents us from doing might not lead you very far
But, hey!  You are free to waste your own money.

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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