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Author Topic: MtGox withdrawal delays [Gathering]  (Read 878272 times)
donk4u
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February 07, 2014, 06:44:04 PM
Last edit: February 07, 2014, 06:59:52 PM by donk4u
 #3561


I am willing to sell you the following at 90% of the face value:

476.22140850 BTC in Mt.Gox user interface
58.59 BTC in delayed transfers.


WOW, you must have huge balls to keep such an amount on Scox.

Generally speaking, I think we should fasten our seat belts and get ready for the worst scam in Bitcoin history. Let's face the facts. Most likely, the story about a technical issue is plain bullcrap. And by now, also the most naive Bitcoiner must have realized that Mt.Gox is not to be trusted as a trading platform leaving those crooks with only two options.

A: Take hundreds of millions in customer funds and disappear enjoying la dolce vita on some private island somewhere in the Pacific.
B: Announce that everything is back to normal and watch 99% of all customers instantly withdraw their coins.

As far as I am concerned, it's kinda obvious what it's going to be.

Not only do they face a simple decision, but it also seems like they got ready for this very moment quite a while ago. According to the article "The rise and fall of the world's largest bitcoin exchange" published on wired.co.uk (7th of November 2013), Mt.Gox not even has a physical office anymore. And of course Karpeles and his gang weren't seen in a very long time as well. Plus, they might start feeling some heat after Shrem and Faiella's arrest.  

Well, let's hope for the best while preparing for the worst.

Good luck.

With his pudgy face all over Internet, Mark is gonna need a serious plastic intervention before he could entertain such an idea. Also, Pacific doesn't have a whole lot of private islands anymore. And the Caribbean is vast, but not totally uninhabited.



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pedro82
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February 07, 2014, 06:56:21 PM
 #3562

because literally EVERYTHING related to bitcoin is a scam.

I cashed out of bitcoin and I am literally done, I will not buy back in at any price.

Physical metals are the best alternative currency, not cryptogarbage.



If gox shut down, btc can probably drawn with them. Digital crypt currency have low governmental support  for obvious reason , so the hope was on the side of a pure citizen ecosystem , the fall of one of the largest exchangers (among many previous others) in such a grey smoke curtain will be the end of a beautiful vision for many people, me included !
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February 07, 2014, 07:01:06 PM
 #3563

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?
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February 07, 2014, 07:09:20 PM
 #3564

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.    
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February 07, 2014, 07:16:15 PM
 #3565

bitcoin such an oxymoronish concept . Mt gox defeated the whole concept of the bitcoin
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February 07, 2014, 07:36:06 PM
 #3566

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.
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February 07, 2014, 07:40:25 PM
 #3567

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
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February 07, 2014, 08:04:10 PM
 #3568

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€.
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February 07, 2014, 08:06:25 PM
 #3569

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?
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February 07, 2014, 08:08:28 PM
 #3570

"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....

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February 07, 2014, 08:28:42 PM
 #3571

"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!

tips    1APp826DqjJBdsAeqpEstx6Q8hD4urac8a
donk4u
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February 07, 2014, 08:29:33 PM
Last edit: February 07, 2014, 08:51:34 PM by donk4u
 #3572

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
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February 07, 2014, 08:54:32 PM
 #3573

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.

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February 07, 2014, 09:27:39 PM
 #3574

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


How Ripple Rips you: "The founders of Ripple Labs created 100 billion XRP at Ripple's inception. No more can be created according to the rules of the Ripple protocol. Of the 100 billion created, 20 billion XRP were retained by the creators, seeders, venture capital companies and other founders. The remaining 80 billion were given to Ripple Labs. Ripple Labs intends to distribute and sell 55 of that 80 billion XRP to users and strategic partners. Ripple Labs also had a giveaway of under 200 million XRP (0.002% of all XRP) via World Community Grid that was later discontinued.[29] Ripple Labs will retain the remaining 25 billion"
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February 07, 2014, 09:40:57 PM
 #3575

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


Quote
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]

Check out my prescient ATS thread from 2008: "Windows XP: End the Cyberwar, Open the Code Now!" http://www.abovetopsecret.com/forum/thread411978/pg1
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February 07, 2014, 09:42:06 PM
 #3576

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 ...

Pool: https://kano.is Here on Bitcointalk: Forum BTC: 1KanoPb8cKYqNrswjaA8cRDk4FAS9eDMLU
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February 07, 2014, 09:45:57 PM
 #3577

Quote
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.

 Cheesy

Check out my prescient ATS thread from 2008: "Windows XP: End the Cyberwar, Open the Code Now!" http://www.abovetopsecret.com/forum/thread411978/pg1
itsunderstood
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February 07, 2014, 09:53:19 PM
 #3578

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

Check out my prescient ATS thread from 2008: "Windows XP: End the Cyberwar, Open the Code Now!" http://www.abovetopsecret.com/forum/thread411978/pg1
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February 07, 2014, 09:54:46 PM
 #3579

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
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February 07, 2014, 09:59:08 PM
 #3580

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?



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