MtGox withdrawal delays [Gathering]

[donk4u]

Probably safe to assume there will be a bitcoin  crash if Gox is indeed deemed to be bankrupt. There is a finite number of bitcoins , what happenes to the amount of bitcoin  estimated in 30 million usd value held by gox? if gox is bankurpt?

[1715274709]

1715274709

[1715274709]

1715274709

[1715274709]

1715274709

[1715274709]

1715274709

[pedro82]

Probably safe to assume there will be a bitcoin  crash if Gox is indeed deemed to be bankrupt

A crash certainly , but eventually it’s dead. Without governmental involvement, and surrounded by scam, fraud and suspicion it will be a failed experience, in short term.    

[donk4u]

bitcoin such an oxymoronish concept . Mt gox defeated the whole concept of the bitcoin

[ozjabi]

i had two stuck on "confirmed" from 12 and 14 January, Citibank, then i canceled them and the support told me that Citibank is not accepting transfers from BTC exchanges anymore.
Then i tried to withdraw my JPY using JapaNet Bank Account. But withdrawal now is stuck in confirmed from 28 January. That's all

JPY domestic transfers are about 3 weeks delayed currently due to a 100M yen daily limit when moving money from Mizuho bank to JapaNet.

Yes but three weeks have passed since 12 and 14 January.  

Note my emphasis.

Presumably he means he cancelled them this week.

Note the italics then.  How can reading be this hard?

Well, I am the OP of this mini-thread. Someone cut off my original post, which was that I have been waiting for JPY withdrawals from 14 and 15 January. Also more than three weeks ago.

[trdiablo]

This thread is becoming more and more a speculation thread, let's stick to the facts.
MtGox is not going bankrupt, they have earned enough money in the past years, they have no debts and they still have a lot of income.
So I am not worried.

I have a 5 figure amount SEPA withdrawal pending since 17 January and will let you all know when I receive that money.
They are probably processing SEPA withdrawal of the first weeks of January now so I am expecting to have to wait 3 more weeks.

[JohanM]

This thread is becoming more and more a speculation thread, let's stick to the facts.
MtGox is not going bankrupt, they have earned enough money in the past years, they have no debts and they still have a lot of income.
So I am not worried.

I have a 5 figure amount SEPA withdrawal pending since 17 January and will let you all know when I receive that money.
They are probably processing SEPA withdrawal of the first weeks of January now so I am expecting to have to wait 3 more weeks.

2nd that.

My SEPA withdraw history:
- okt 21, received nov 26
- nov 9, received dec 17
- nov 16, received jan 8
- nov 19, received jan 28
- nov 27, not yet received (so by the 20 day rule it should arrive on Feb 17)

All amounts are high k€.

[dafqok]

I have a 5 figure amount SEPA withdrawal pending since 17 January and will let you all know when I receive that money.
They are probably processing SEPA withdrawal of the first weeks of January now so I am expecting to have to wait 3 more weeks.

I'm in the same boat with a transaction confirmed on the 20th, similar amount. If they'd stick to their claim, processing is due on the Tuesday. If not, scam spilled over to SEPA. Where do EUR funds reside? Poland afair?

[fonzie]

"Dear CustomersRecently published media accounts are inferring a link between MtGox and the former online Silk Road marketplace and other illegal services and activities. MtGox denies that it has ever knowingly assisted, agreed to assist, or willingly cooperated with anyone to use Bitcoin to engage in illegal or illicit transactions."


FBI seized most of the coins/money....

[raskul]

"Dear CustomersRecently published media accounts are inferring a link between MtGox and the former online Silk Road marketplace and other illegal services and activities. MtGox denies that it has ever knowingly assisted, agreed to assist, or willingly cooperated with anyone to use Bitcoin to engage in illegal or illicit transactions."


FBI seized most of the coins/money....

i used to buy magic mushrooms off ebay... ah, those were the days. BAN FIAT!

[donk4u]

Not to speculate but last two weeks have made gox look more then shady if it looks like a ponzi and acts like a ponzi most likely......
I will jump for joy if able to withdraw and actually goes thru but I am expecting weeks of gox and its so called developmental team working feverishly to correct a nonexistent technical problem
They made an announcement that the problem of stuck withdrawls was only very limited users when it was 6000 plus etc etc etc

[Rampion]

Sturle, can you explain the logistics of such a trade? I would also be interested in buying up discounted mtgox CDSes (that's essentially what they are), if I could be confident that the trade could be accomplished securely. I don't think you can make Mtgox codes anymore? How are you going to transfer the Mtgox balance?

You can transfer BTC between MtGox accounts.  The sender can withdraw to the deposit address of the receiving account.  The transaction will be handled internally, and the transfer will not enter the blockchain.  (Unless you check "Open Transaction".  Don't do that.)

Okay, my goxBTC is for sale then!

Wise decision Ristö.

The good old Sturle is either getting Goxxed or he is just a paid shill who is risking nothing. Given his post history in the last months (constant shilling on this thread since April despite the alarming insolvency sympthoms) I would say sturle is the latter (a shill), but given sturle's history/reputation as a reliable OTC later I have my doubts. I give 50/50 chances that he is a shill or just a guy who will get Goxxed because he doesn't want to admit that he may be wrong.

What surprises me is that you are still on Gox, Risto. I always thought (and I still think) Karpeles is mostly honest, not a thief, but the sympthoms have been too strong for too long to ignore them - you know how they say, "it walks like a duck, it smells like a duck, it looks like a duck...."

It might be for legal problems, or because fractional reserve, but the truth is it really doesn't matter, it's been since this summer that is clear that Gox is not safe nor reliable. I work with banks all day long in my business and the hard cold fact is that if you have the money, you can steadily transfer it unless something very BAD or very temporary happens. The "we are overwhelming the banking system with our huge volume" excuse is the most ridiculous thing I've ever heard (only for outgoing money but not for incoming, how convenient!), and it was just a matter of time for BTC withdrawals to start following the same path. Withdrawals do not work, incoming transfers work just fine. Sweet....

I left Gox for good in July after a couple of months defending them... But things just kept getting worst. Bitstamp doesn't feel as the most secure place in the world neither, while withdrawals work just well daytrading and keeping serious founds on third party services is still a high risk practice in the BTC world. I won't do it until a serious alternative is launched, for sure the opportunity is huge for those who manage to build a SERIOUS service.

[gizmoh]

 Who wants to join the protest?
Its this guy : http://www.reddit.com/r/Bitcoin/comments/1x9gue/my_protest_at_mtgox_offices_5_to_7th_february

[itsunderstood]

http://www.reddit.com/r/Bitcoin/comments/1x9gue/my_protest_at_mtgox_offices_5_to_7th_february

Q16. Is MtGox manipulating the price by directly purchasing Bitcoins on their own exchange?

• No, MtGox is not permitted to do this.

[coincidently, almost immediately after this meeting the price on MtGox tanked]

[kano]

Lulz at the people saying don't complain about it.
It's been ongoing for over 2 months, then finally after all the shit they are getting, they decide to do something about it.
Yes if you wanted to bow down to him and say thank you master as he pisses on you, that may suit you.
However, people showing that they are pissed off at Gox and wont take no response from them, and speaking out, has finally made the scumbags do something about it.
I guess we'll see on Mon/Tue is we are any better off.
P.S. The pending transaction list is down to 175 ... so I guess that means most will have their BTC back in their Gox account ... which of course allows for what Gox wants ... people to use it and give them more transaction fees ...

[itsunderstood]

sohhlz 17 points 7 hours ago

Can you give any more details of the interview and their environment?

[–]lofties 73 points 7 hours ago

I was told that up until a few weeks [at time of the interview] ago, there was hardly any development environment to test changes. Most changes were done straight on the production environment. Typing this made me throw up in my mouth.

 

[itsunderstood]

Which uber-valuable-in-USD Magic card allows you to resurrect dead cards?  Can't recall the name...

[Nagle]

The financial press is picking up this story:

"Bitcoin Price Plunges as Mt. Gox Exchange Halts Activity" - Bloomberg

"Bitcoin Price Drops as Mt. Gox Exchange Closes Indefinitely" - San Francisco Chronicle

"Mt. Gox Halts Bitcoin Withdrawals -- When Will it Reopen?" - Barrons

"Bitcoin Price Plummets 20% to Under $690 as Mt Gox Exchange ... " - International Business Times UK

"Bitcoin Plunges After Mt. Gox Blocks Withdrawals" - Reuters

"Bitcoin Price Falls After Exchange Halts Withdrawals" - Wall Street Journal

"Bitcoin Prices Fall: Mt. Gox Suspends Withdrawal Capability Citing Technical Issues" - International Business Times

"Bitcoin Plunges as Exchange Halts Withdrawals Due to Technical Problems" - Fox Business

"Bitcoin’s Oldest Exchange, Now in Shambles, Suspends Payouts" - Wired

Any questions?

[smoothie]

The financial press is picking up this story:

"Bitcoin Price Plunges as Mt. Gox Exchange Halts Activity" - Bloomberg

"Bitcoin Price Drops as Mt. Gox Exchange Closes Indefinitely" - San Francisco Chronicle

"Mt. Gox Halts Bitcoin Withdrawals -- When Will it Reopen?" - Barrons

"Bitcoin Price Plummets 20% to Under $690 as Mt Gox Exchange ... " - International Business Times UK

"Bitcoin Plunges After Mt. Gox Blocks Withdrawals" - Reuters

"Bitcoin Price Falls After Exchange Halts Withdrawals" - Wall Street Journal

"Bitcoin Prices Fall: Mt. Gox Suspends Withdrawal Capability Citing Technical Issues" - International Business Times

"Bitcoin Plunges as Exchange Halts Withdrawals Due to Technical Problems" - Fox Business

"Bitcoin’s Oldest Exchange, Now in Shambles, Suspends Payouts" - Wired

Any questions?

Shang Tsung: "It has begun!"

[itsunderstood]

The financial press is [...]

...a useless bag of purchased prostitute rags.

[sturle]

Your "OMG THEY R GOIN DOWN" theories are based on speculation just as much as my "everything's gonna be alright eventually, be patient" theory.

It seems pretty logical that they're going to go down sooner or later as they cannot sustain their current business practises.

Why don't you put some of your money on it, if it is logical?  Interestingly a large majority says NO, at least for 2014.