MtGox withdrawal delays [Gathering]

[lucaing]

It seems JPY withdrawal are slowly arriving..

https://bitcointalk.org/index.php?topic=428242.60

[1715016475]

1715016475

[1715016475]

1715016475

[rpietila]

I tried to withdraw $1.5 million. You are obviously a troll.

Please proof, screnshot ?

So what I say is a Screen shot or GTFO...

ok..

[crazy_rabbit]

I tried to withdraw $1.5 million. You are obviously a troll.

Please proof, screnshot ?

So what I say is a Screen shot or GTFO...

ok..

Well, there it is.

Although it begs the question- why actually withdraw that much USD? If there was to be another excellent buying opportunity, you would miss out on it, unless you're sending it to a can't-believe-you-would-send-it-there exchange in Japan to buy at super low prices and hope in the future you really can get the money out.

I wouldn't imagine you really think this bitcoin ship is sunk- so why withdraw so much cash?

[igorr]

I tried to withdraw $1.5 million. You are obviously a troll.

Please proof, screnshot ?

So what I say is a Screen shot or GTFO...

ok..

Ok, I respect. Thanks

[smoothie]

I tried to withdraw $1.5 million. You are obviously a troll.

Please proof, screnshot ?

So what I say is a Screen shot or GTFO...

ok..

Well, there it is.

Although it begs the question- why actually withdraw that much USD? If there was to be another excellent buying opportunity, you would miss out on it, unless you're sending it to a can't-believe-you-would-send-it-there exchange in Japan to buy at super low prices and hope in the future you really can get the money out.

I wouldn't imagine you really think this bitcoin ship is sunk- so why withdraw so much cash?

With keeping funds on an exchange comes risk. I personally would rather diversify into PMs or real estate.

[crazy_rabbit]

I tried to withdraw $1.5 million. You are obviously a troll.

Please proof, screnshot ?

So what I say is a Screen shot or GTFO...

ok..

Well, there it is.

Although it begs the question- why actually withdraw that much USD? If there was to be another excellent buying opportunity, you would miss out on it, unless you're sending it to a can't-believe-you-would-send-it-there exchange in Japan to buy at super low prices and hope in the future you really can get the money out.

I wouldn't imagine you really think this bitcoin ship is sunk- so why withdraw so much cash?

With keeping funds on an exchange comes risk. I personally would rather diversify into PMs or real estate.

That begs an interesting point- how much is the recent price drop a reflection of a loss of faith in bitcoin versus a loss in faith in current exchanges. For example, maybe he's just withdrawing because he believes the exchange is unsafe for keeping funds and he would rather take the cash and move it to another, better, exchange when one comes around? Although bitstamp is pretty solid for now. But we need more solid exchanges.

[McKinley]

...

I tried to withdraw $1.5 million from BS, and ran into a previously unannounced KYC check. After completing it, they let me withdraw the whole amount. They always acted very rapidly and courteously. I have not tried BTC withdrawal now, I have sold all my BTC there because it is ridiculous to think price can stay >600 for long.

...

Selling all Bitcoins, betting on a falling exchange rate, posting they will fall, because they are ridiculously too high, to motivate others follow, makes sense when planning to reinvest at a low rate.

As a global non-central bank-fed currency Bitcoin has more potential than any existing currency.
The quantitative easing policy of the Federal reserve produced $ 85 billion/month, now 75.
Bitcoins since their existence produced just 7.5 billions with a constant decrease in Bitcoin "money printing".

Other central banks are no difference. They pour money into the market with the intention to start inflation to help their economies. Inflation means the values of goods increase. But, according to your links in your posts, you are into silver, therefore very well aware of this. However, silver has reached a yearly production of 24.000 tons x 32.000 x 21 ~ 16 billion per year, trend increasing.

Comparing with central banks, though, silver has upwards potential, too. But it lacks the benefit of  payment function and its usage is limited: To industry, overpriced silver coins -sorry they have a payment function - though far lower than their value - and jewelry for personal use. Bitcoins potential is bigger.

And considering the much lower mtgox value now - i'm buying.


Sources:
http://www.reuters.com/article/2014/01/08/us-usa-fed-reverserepo-idUSBREA0717V20140108
https://blockchain.info/en/charts/market-cap
http://minerals.usgs.gov/minerals/pubs/commodity/silver/
 

[ImI]

coini you are a prophet 

now tell us if the 1MB block limit will kill BTC, because it does not allow a large number of transactions? how can btc work 5 years from now when the normal throughput of transactions will be much higher than today?

What? Despite the existence of transaction fee's (https://en.bitcoin.it/wiki/Transaction_fees) the Bitcoin network can't cope with bigger throughput of transactions I hardly believe that. Isn't it that way: who pays the most fee will be priorized first. Can anyone agree on Bitcoin either failing with bigger throughputs of transactions or it just creates the need to increase the fee ?

could you take your newbie talk somewhere else, please?

[fonzie]

IT´S ON!!!

"MtGox: We are proud to announce that we have fixed all the problems, and the price will be readjusted to 1200$(where it belongs). Howewer, unfortunately all our personal wallets have been deleted during the fixing process,
but we can assure you that nothing has been stolen. Deposits are now enabled again. As an excuse we offer free trading fees for the  first 6 hours of tomorrow. We thank you for your patience and loyalty and are looking forward to provide our service for you"

Best Wishes

Mt.Gox Team

[raskul]

IT´S ON!!!

"MtGox: We are proud to announce that we have fixed all the problems, and the price will be readjusted to 1200$(where it belongs). Howewer, unfortunately all our personal wallets have been deleted during the fixing process,
but we can assure you that nothing has been stolen. Deposits are now enabled again. As an excuse we offer free trading fees for the  first 6 hours of tomorrow. We thank you for your patience and loyalty and are looking forward to provide our service for you"

Best Wishes

Mt.Gox Team

wouldn't touch it with yours fonzie.

[McKinley]

coini you are a prophet 

now tell us if the 1MB block limit will kill BTC, because it does not allow a large number of transactions? how can btc work 5 years from now when the normal throughput of transactions will be much higher than today?

What? Despite the existence of transaction fee's (https://en.bitcoin.it/wiki/Transaction_fees) the Bitcoin network can't cope with bigger throughput of transactions I hardly believe that. Isn't it that way: who pays the most fee will be priorized first. Can anyone agree on Bitcoin either failing with bigger throughputs of transactions or it just creates the need to increase the fee ?

could you take your newbie talk somewhere else, please?

Newbie, as the transaction ID manipulation? Almighty, come down your throne, and enlighten the asking with a simple 1. yes/ 2. no/ 3. maybe, but too complicated to explain, to go quicker on this.

[itsunderstood]

[...]

I really hope they master their obstacles and proove enough financial know how to stick to legal laws. Otherwise the next blow to Bitcoins is pre-programmed.

Good post.  So far the best obstacle mastered was the screwed customer with a sign.

Goxman used the "I am walking through you" technique.  A true nerdmaster push move and the dude gave way.  He didn't trip him or even smack his coffee, he just acknowledged the 'nerd push' and let Goxman inside wit coffee and 'brella.  Priceless.

Anyway I am still bullish and long all crypto.  But this is how nerds act 'bitchy' with one another.  Just like this.

[BitPaulo]

What is a story behing this new btc withdraw queue?
I think they wont limit btc withdraw but introduce this new delay tactic. Horrible. When will nightmire end.

I don't know what the story is, but whenever bitcoin withdrawals on MtGox are open again (better to say: if ever), you will probably face the impacts of another technical problem of the bitcoin protocol much sooner as expected: the blocksize limit of 1MB. The protocol can't handle a flood of transactions right now. Even under normal conditions 500kb blocks have not been a rare case in the last months. When 1MB is reached even for a small period of time, transactions will pile up, miners/mining pools will have to restart the daemons every once in a while to clean up the memory pool, and valid transcations will get lost or not be processed. Transaction fees will eventually rise sharply. Furthermore, you won't be too happy when MtGox stops the service. Tranfers made between MtGox wallets don't go through the bitcoin network. A missing MtGox will result in much more real transactions and this will push the network nearer to the limit. I hope MtGox will be wise enough to make a withdrawal queue for bitcoin, wich carefully stacks up transcations and broadcasts them in a decent manner... but on the other hands, when have they ever been wise?

Have you raised the issue to Gox about that? or with other core developers? what is their reaction to this?

[kano]

What is a story behing this new btc withdraw queue?
I think they wont limit btc withdraw but introduce this new delay tactic. Horrible. When will nightmire end.

I don't know what the story is, but whenever bitcoin withdrawals on MtGox are open again (better to say: if ever), you will probably face the impacts of another technical problem of the bitcoin protocol much sooner as expected: the blocksize limit of 1MB. The protocol can't handle a flood of transactions right now. Even under normal conditions 500kb blocks have not been a rare case in the last months. When 1MB is reached even for a small period of time, transactions will pile up, miners/mining pools will have to restart the daemons every once in a while to clean up the memory pool, and valid transcations will get lost or not be processed. Transaction fees will eventually rise sharply. Furthermore, you won't be too happy when MtGox stops the service. Tranfers made between MtGox wallets don't go through the bitcoin network. A missing MtGox will result in much more real transactions and this will push the network nearer to the limit. I hope MtGox will be wise enough to make a withdrawal queue for bitcoin, wich carefully stacks up transcations and broadcasts them in a decent manner... but on the other hands, when have they ever been wise?

With a burst of 10's of thousands of transactions, bitcoin is fine.
Transactions queue up, they get into blocks, and reasonably quickly get cleared out so your 'poolsz' gets back down to manageable levels (i.e. manageable being transactions getting through next block or so, most of the time)

This problem won't show up until a large company starts using bitcoin ... e.g. something like amazon or google or ...
That's when bitcoin will die.

[BitPaulo]

What is a story behing this new btc withdraw queue?
I think they wont limit btc withdraw but introduce this new delay tactic. Horrible. When will nightmire end.

I don't know what the story is, but whenever bitcoin withdrawals on MtGox are open again (better to say: if ever), you will probably face the impacts of another technical problem of the bitcoin protocol much sooner as expected: the blocksize limit of 1MB. The protocol can't handle a flood of transactions right now. Even under normal conditions 500kb blocks have not been a rare case in the last months. When 1MB is reached even for a small period of time, transactions will pile up, miners/mining pools will have to restart the daemons every once in a while to clean up the memory pool, and valid transcations will get lost or not be processed. Transaction fees will eventually rise sharply. Furthermore, you won't be too happy when MtGox stops the service. Tranfers made between MtGox wallets don't go through the bitcoin network. A missing MtGox will result in much more real transactions and this will push the network nearer to the limit. I hope MtGox will be wise enough to make a withdrawal queue for bitcoin, wich carefully stacks up transcations and broadcasts them in a decent manner... but on the other hands, when have they ever been wise?

With a burst of 10's of thousands of transactions, bitcoin is fine.
Transactions queue up, they get into blocks, and reasonably quickly get cleared out so your 'poolsz' gets back down to manageable levels (i.e. manageable being transactions getting through next block or so, most of the time)

This problem won't show up until a large company starts using bitcoin ... e.g. something like amazon or google or ...
That's when bitcoin will die.

This seems to be a much larger issue than malleability... do all the other coins have the same problem?

[Solarstorm75]

>>but we will be doing extensive testing before bitcoin
withdrawals are reactivated. We will publish an update on the situation on
Monday .<<
https://www.mtgox.com/img/pdf/20140215-BTC-transfers.pdf


It's 6 PM in Tokyo now. Where is the promised update?

[raskul]

>>but we will be doing extensive testing before bitcoin
withdrawals are reactivated. We will publish an update on the situation on
Monday .<<
https://www.mtgox.com/img/pdf/20140215-BTC-transfers.pdf


It's 6 PM in Tokyo now. Where is the promised update?

the silence speaks volumes, as does trading platforms removing gox as their price-up comparison.

[AFox]

>>but we will be doing extensive testing before bitcoin
withdrawals are reactivated. We will publish an update on the situation on
Monday .<<
https://www.mtgox.com/img/pdf/20140215-BTC-transfers.pdf


It's 6 PM in Tokyo now. Where is the promised update?

Last time they said "we will release an update moday", it was at 7 PM Tokyo time :

https://www.mtgox.com/press_release_20140210.html

[whave]

What is a story behing this new btc withdraw queue?
I think they wont limit btc withdraw but introduce this new delay tactic. Horrible. When will nightmire end.

I don't know what the story is, but whenever bitcoin withdrawals on MtGox are open again (better to say: if ever), you will probably face the impacts of another technical problem of the bitcoin protocol much sooner as expected: the blocksize limit of 1MB. The protocol can't handle a flood of transactions right now. Even under normal conditions 500kb blocks have not been a rare case in the last months. When 1MB is reached even for a small period of time, transactions will pile up, miners/mining pools will have to restart the daemons every once in a while to clean up the memory pool, and valid transcations will get lost or not be processed. Transaction fees will eventually rise sharply. Furthermore, you won't be too happy when MtGox stops the service. Tranfers made between MtGox wallets don't go through the bitcoin network. A missing MtGox will result in much more real transactions and this will push the network nearer to the limit. I hope MtGox will be wise enough to make a withdrawal queue for bitcoin, wich carefully stacks up transcations and broadcasts them in a decent manner... but on the other hands, when have they ever been wise?

How does a newbie (with a max total of 3 posts) come up with a credible post about the impact?

says the guy with negative trust and a warning under his name...

[papamoi]

Hi

does anyone knows why they have removed direct wire deposit to their account?

i ve seen they have added money polo

and you need to get verified by moneypolo to be able to deposit even if you have been verified by gox


so they are goxing u in a way or the other.......