MtGox withdrawal delays [Gathering]

[sayulita]

If anybody is waiting for a USD wire transfer from MtGox back to a US bank account PM me right away.

I have a way for you to get your money out of MtGox and into your hands immediately. No waiting, no fees, no headaches.

[Nagle]

If anybody is waiting for a USD wire transfer from MtGox back to a US bank account PM me right away.

(All posts from that user appear to be ads for Bitcoin-Brokers.)

[Lohoris]

If anybody is waiting for a USD wire transfer from MtGox back to a US bank account PM me right away.

(All posts from that user appear to be ads for Bitcoin-Brokers.)

thanks!

[codler]

Today I got my SEPA withdrawal from 2013-05-30

[joesmoe2012]

Today I got my SEPA withdrawal from 2013-05-30

Great, thanks for the heads up!

[zeroblock]

Today I got my SEPA withdrawal from 2013-05-30

Great, thanks for the heads up!

EURO?

[codler]

Today I got my SEPA withdrawal from 2013-05-30

Great, thanks for the heads up!

EURO?

yes

[alexuk]

still waiting for my withdrawal from the 26th of June ... =/

[bohdan87]

Ok this is worrying: "BTC : You can still withdraw up to 0.00000000 BTC provided you have enough on your account (your limit is 0.00000000 BTC per 24 hours )"

Does this mean we cannot even withdraw BTC from MtGox anymore?

[Nagle]

Ok this is worrying: "BTC : You can still withdraw up to 0.00000000 BTC provided you have enough on your account (your limit is 0.00000000 BTC per 24 hours )"

Does this mean we cannot even withdraw BTC from MtGox anymore?

Could you post a screenshot of that, please?  Thanks.

[erk]

My Gox screen says:

    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)

That sounds reasonable.

[Lohoris]

Ok this is worrying: "BTC : You can still withdraw up to 0.00000000 BTC provided you have enough on your account (your limit is 0.00000000 BTC per 24 hours )"

Does this mean we cannot even withdraw BTC from MtGox anymore?

Maybe they locked you?

[vokain]

you can talk to customer service about it. i asked to up my limit to be able to withdraw 1000BTC/24hrs and I got it upgraded within a few hours

[Impaler]

I think what we are seeing now is that the flow of new BTCs onto Gox has stopped, anyone who wishes to sell for cash knows they can not do so on Gox.  Thus the supply of coins on Gox is going down precipitously, while the dollar depth is still growing (I suspect that growth is more due to dollars on accounts becoming a visible bid rather then new dollars being sent to Gox).  The problem is that Gox is not that Gox is insolvent, the problem is that it is rapidly becoming ILLIQUID.

[bystander]

In that case here are the guys who can't withdraw out in the real world

https://www.facebook.com/MtGox?filter=2

This is even worse than I thought. Stalling on withdrawals didn't start on June 20; it goes back further.

Paul Vigna, a reporter at the Wall Street Journal, is covering this story.  I've talked to him. He can be reached at Paul.Vigna@wsj.com. He would like to hear from people who are having trouble getting substantial amounts of money out of Mt. Gox.

Thanks Nagle, Paul Vigna's article came out today.  What's weird is that I tried to use google to search for your bitcointalk.org post with Vigna's name, but nothing came up.  Usually, they've got this place indexed to the hilt.  Luckily the search here still works so that I can follow it up with this:

Bitcoin Exchange Mt. Gox Still Grappling With Slowdown
http://blogs.wsj.com/moneybeat/2013/07/30/bitcoin-exchange-mt-gox-still-grappling-with-slowdown/

[OhShei8e]

I think what we are seeing now is that the flow of new BTCs onto Gox has stopped, anyone who wishes to sell for cash knows they can not do so on Gox.  Thus the supply of coins on Gox is going down precipitously, while the dollar depth is still growing (I suspect that growth is more due to dollars on accounts becoming a visible bid rather then new dollars being sent to Gox).  The problem is that Gox is not that Gox is insolvent, the problem is that it is rapidly becoming ILLIQUID.

Yes, 30K BTC have disappeared in the recent days from the order book. But all who go now will come back soon. Maybe after the crash, when we went back to single digits outside of Gox. In Goxs orderbook are permanent 12 to 14 million dollar. Bitstamp has half a million. Other exchanges are even smaller. Bitcoin is dead as a dodo without the Gox money. We go at least a year back in time but with significantly poorer prospects.

[el_rlee]

I think what we are seeing now is that the flow of new BTCs onto Gox has stopped, anyone who wishes to sell for cash knows they can not do so on Gox.  Thus the supply of coins on Gox is going down precipitously, while the dollar depth is still growing (I suspect that growth is more due to dollars on accounts becoming a visible bid rather then new dollars being sent to Gox).  The problem is that Gox is not that Gox is insolvent, the problem is that it is rapidly becoming ILLIQUID.

Yes, 30K BTC have disappeared in the recent days from the order book. But all who go now will come back soon. Maybe after the crash, when we went back to single digits outside of Gox. In Goxs orderbook are permanent 12 to 14 million dollar. Bitstamp has half a million. Other exchanges are even smaller. Bitcoin is dead as a dodo without the Gox money. We go at least a year back in time but with significantly poorer prospects.

I would buy significant amounts for single digits and I guess I am not the only one.
That's whats preventing it from happening.

[erk]

Thanks Nagle, Paul Vigna's article came out today.  What's weird is that I tried to use google to search for your bitcointalk.org post with Vigna's name, but nothing came up.  Usually, they've got this place indexed to the hilt.  Luckily the search here still works so that I can follow it up with this:

Bitcoin Exchange Mt. Gox Still Grappling With Slowdown
http://blogs.wsj.com/moneybeat/2013/07/30/bitcoin-exchange-mt-gox-still-grappling-with-slowdown/

In that article, Gox say quite clearly "“We have no problems with liquidity and we never have”.

[zeroblock]

Thanks Nagle, Paul Vigna's article came out today.  What's weird is that I tried to use google to search for your bitcointalk.org post with Vigna's name, but nothing came up.  Usually, they've got this place indexed to the hilt.  Luckily the search here still works so that I can follow it up with this:

Bitcoin Exchange Mt. Gox Still Grappling With Slowdown
http://blogs.wsj.com/moneybeat/2013/07/30/bitcoin-exchange-mt-gox-still-grappling-with-slowdown/

In that article, Gox say quite clearly "“We have no problems with liquidity and we never have”.

Just give them 2 more weeks!

[Nagle]

In that article, Gox say quite clearly "“We have no problems with liquidity and we never have”.

From their perspective, Mt. Gox doesn't have a liquidity problem.  Their customers may have a problem, but Mt. Gox doesn't, since they don't have a hard obligation to pay up on a specific number of days after the trade.  If they had to settle by T+2, like everybody else in foreign exchange, they'd be dead by now. 

In the real world, when you sell a stock, you must be paid by T+3, that is, the third business day after the trade. Money market funds usually settle on T+1.  Foreign exchange transactions settle by T+2. These are hard limits - a brokerage that fails to meet the settlement date is in default, in big trouble, and may be out of business within days.  That happened to Lehman.  Hero to zero in three days.  (Here's the dramatized version of the Lehman collapse, courtesy of the BBC.)

Note that Mt. Gox did not say that they have 100% of customer funds. Their terms of service say they must keep 100% of customer funds in a segregated account. Whether they actually have all the money is an open question.