MtGox withdrawal delays [Gathering]

[crazy_rabbit]

New Press release: https://www.mtgox.com/press_release_20130805.html

Gox apparently has lost "significant" amounts of money to crediting bank deposits prior to them clearing. Hmmmm. I'd want to know how much "significant" is.

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[joesmoe2012]

Just to throw in my datapoint again....

My oldest wire is from 6/17 to USA in USD, still waiting (high 5 figures).

Have a few other wires pending as well.

Still nothing.

[prophetx]

Which bank makes it easy for US citizens to open in Japan? How long does withdrawal usually take from Gox to a Japanese bank?

Talk to a Union Bank branch in the United States. Union Bank is a wholly-owned subsidiary of Mitsubishi UFJ Financial Group.  They may be able to set you up with an account in Japan which can accept domestic Japan wire transfers. "For more information, call Union Bank's Foreign Exchange Specialists at 1-866-868-4034."

You would need to set up a sub in JP, there is some consultant I found who will do the paperwork for the set up for $2200... I would be more than happy to do this if I found some partners.

[smoothie]

Just to throw in my datapoint again....

My oldest wire is from 6/17 to USA in USD, still waiting (high 5 figures).

Have a few other wires pending as well.

Still nothing.

i had some dating back to the 13th. I had them cancel it, bought bitcoins, moved to another exchange.

Been happier ever since. Gox has serious management issues. To the point that the risk and frustration of moving funds in and out is not worth it. Rather just take my business elsewhere.

[Nagle]

New Press release: https://www.mtgox.com/press_release_20130805.html

Gox apparently has lost "significant" amounts of money to crediting bank deposits prior to them clearing. Hmmmm. I'd want to know how much "significant" is.

Yes. More significantly, the announcement says nothing about withdrawal delays or solvency. It's all about diverting attention from the real problems.

Their statement about Akamai makes little sense. They say they've signed up with Akamai for hosting, and then they say "Structurally we've moved from being a hosted service to being entirely self-hosted".  That's backwards. 

They make a big deal about a "trading engine" able to support 500,000 trades per second. But Mt. Gox only does a few trades per minute.

This isn't progress.  It's about diverting the mark's attention from the scam.

[flound1129]

New Press release: https://www.mtgox.com/press_release_20130805.html

Gox apparently has lost "significant" amounts of money to crediting bank deposits prior to them clearing. Hmmmm. I'd want to know how much "significant" is.

Yes. More significantly, the announcement says nothing about withdrawal delays or solvency. It's all about diverting attention from the real problems.

Their statement about Akamai makes little sense. They say they've signed up with Akamai for hosting, and then they say "Structurally we've moved from being a hosted service to being entirely self-hosted".  That's backwards. 

They make a big deal about a "trading engine" able to support 500,000 trades per second. But Mt. Gox only does a few trades per minute.

This isn't progress.  It's about diverting the mark's attention from the scam.

Akamai doesn't do hosting, they do caching.  So to say they're hosted at Akamai doesn't make any sense in the first place.   Only their static content will be served by Akamai.

[Nagle]

Akamai doesn't do hosting, they do caching.  So to say they're hosted at Akamai doesn't make any sense in the first place.   Only their static content will be served by Akamai.

Today, "mtgox.com" is going through a server on Amazon AWS, at "ec2-175-41-192-215.ap-northeast-1.compute.amazonaws.com" [175.41.192.215], with poor latency since the routing goes to Japan and then back to the US. That may be where the trading work gets done, or it may just be a front end which talks to a machine at Mt. Gox.

"www.mtgox.com", which has mostly static content, goes through Akamai.

(Akamai does do hosting now, as well as caching.  They call it "IP Application Acceleration", with the brand names "Terra" and "Terra Alta". That's Akamai's "cloud" service. Mt. Gox seems to be using an AWS server instead, which makes sense considering the low transaction volume.)

None of this affects the real problem - "Where's the money?"

[cedivad]

I did the same mistake, you did a ping for mtgox.com not for your www.mtgox.com.

[Lohoris]

I did the same mistake, you did a ping for mtgox.com not for your www.mtgox.com.

The mistake is keeping money there <rimshot>

[cedivad]

I did the same mistake, you did a ping for mtgox.com not for your www.mtgox.com.

The mistake is keeping money there <rimshot>

I don't.

[Rampion]

New Press release: https://www.mtgox.com/press_release_20130805.html

Gox apparently has lost "significant" amounts of money to crediting bank deposits prior to them clearing. Hmmmm. I'd want to know how much "significant" is.

Yep, good point. And BTW, why would the bank "reject" credits after holding them for a few days?

[MarKusRomanus]

It's almost as if MTGox has hired Butterfly Labs to manage their wire transfer division.

[gog1]

It's almost as if MTGox has hired Butterfly Labs to manage their wire transfer division.

+1

[dave111223]

Yep, good point. And BTW, why would the bank "reject" credits after holding them for a few days?

It's probably possible that funds sent via a bank transfer from a stolen account can be reversed, specially if the stolen report comes shortly after the transfer.

[prophetx]

Yep, good point. And BTW, why would the bank "reject" credits after holding them for a few days?

It's probably possible that funds sent via a bank transfer from a stolen account can be reversed, specially if the stolen report comes shortly after the transfer.

you go it basically

http://www.reba.net/news/wtransfer but this is only for US, who knows what the rules are in JP

[Lohoris]

Yep, good point. And BTW, why would the bank "reject" credits after holding them for a few days?

Because the banking system is an old crumbling behemoth?

[Rygon]

Even though there is a 10% difference in exchange rates between MtGox and Bitstamp, I think the risk of insolvency is much higher. The markets have too much faith in MtGox, probably because they have been the largest exchange and it's hard to understand why they could screw it up so badly.

At least they are still allowing withdrawals to be canceled so BTC can be rebought and moved back to a private wallet without delay. The next step will probably be delaying large BTC withdrawals.

[S3052]

Just to throw in my datapoint again....

My oldest wire is from 6/17 to USA in USD, still waiting (high 5 figures).

Have a few other wires pending as well.

Still nothing.

i had some dating back to the 13th. I had them cancel it, bought bitcoins, moved to another exchange.

Been happier ever since. Gox has serious management issues. To the point that the risk and frustration of moving funds in and out is not worth it. Rather just take my business elsewhere.

I have done the same and its fine now using other exchanges like bitstamp and bitfinex ( by the way , I am not associated with those in any way, just observing and trying to find the best solution in this MtGox fiasco )

[TimJBenham]

I'm starting to wonder whether MtGox might not be under LEA control.

[Lohoris]

I'm starting to wonder whether MtGox might not be under LEA control.

What's LEA?