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Author Topic: MtGox withdrawal delays [Gathering]  (Read 876910 times)
oriolpont
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February 21, 2014, 06:52:33 AM
 #4801

I have quit reading this thread due to high volume and very low signal to noise ratio.  Just stopping by announce that my 10k EUR withdrawal from January 4th changed to pending today, and will arrive tomorrow.  I have cancelled my other withdrawals to buy BTC.
Please re-consider. There needs to be a voice of reason in this mad house. I'm sure I'm not alone in appreciating your input.
You're not alone.
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AustinHook2
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February 21, 2014, 07:06:16 AM
Last edit: February 21, 2014, 08:48:30 AM by AustinHook2
 #4802

Made a 50 Euro SEPA withdrawal on the 16th of Feb.   Was posted in my German bank on the 18th of February.   Meanwhile my withdrawal for 1,000 Euro from 22 January is not yet even pending.  

Meanwhile I initiated another 50 Euro withdrawal.  

Probably they were just trying to tempt me to put more money back in.   No way!  I would buy 1 BTC from someone, at this point, at Mt.Gox price, just as a further test to take out 50 Euro at a time, but pay for it on the side --  I wouldn't want to see MtGox get another cent to play with.

Further note:  I just got a reply from support telling me what I had already found out about the 50 Euro deposit to my German bank, and the way it was worded indicated that the meaning of the FAQ, where they talk about withdrawals under 100 Euro, is that such transactions are not entered into their infamous "queue", and are processed independently and quickly.   So everyone, get those 99.99 Euro withdrawals moving on out.  Of course I got only the world's most confusing statement about why my 1,000 Euro withdrawal was still hanging out to dry.

I have an idea, just as a test. And just for whoever tries it first:  I run Computer Shop of Calgary LTD, the world oldest computer retailer, and also sell OpenBSD items via www.openbsd.org/orders.html.  Order $150 CDN worth of merchandise, including at least one poster.  Don't pay by credit card but select "pre-arranged", and mention in the comments you want to pay by 1 MtGox Euro.   You will get an order confirmation, followed once shipping alerts me to it, by an email with how to pay.  Send it after I email you a wallet address at MtGox (since moving Bitcoin within MtGox is still enabled).   Next step, send me an email saying you want to cancel the order.  I will refund you by SEPA transfer if you give me your IBAN number, 100 Euros.  Plus I will send you the poster anyway!   Why so complicated?  It's so that you will know that you are dealing with a reliable merchant, and not be afraid to advance one MtGox bitcoin.  And we have way too many posters still in stock, plus I love to promote OpenBSD.  austin@computershop.ca
raskul
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February 21, 2014, 07:20:00 AM
 #4803

Bitstamp and btce also collapse.

Likely this is due to two factors:

1. Confidence in Bitcoin has sunk because of the MTGOX debacle

2. People are anticipating that any coins that come out of gox will be immediately sold for a profit.

i'd also place in the mix; 3. mass mining farms flying in the face of the ethos of decentralisation.

There are more midgies in the broth than just the troubles at gox. Remember, the market has been ignoring gox btc value for a few days now. Those big farms will have a dictat on the value because we are seeing those who run these farms now with hundreds of thousands of coin - it's obviously going to devalue the asset (in many ways).

tips    1APp826DqjJBdsAeqpEstx6Q8hD4urac8a
LukeCoin
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February 21, 2014, 07:25:01 AM
 #4804

I am afraid the tragedy allready happend no matter what happens to MtGox. I am sorry for everyone having Coins or FIAT with Gox, but I think this could burn bitcoin to ashes considered the overall picture. Lets investigate the main reason for the cryptoboom:

We have a free currency not being influenced by politicians, governments or banks around the world. The money is just controled by the users. Thats fine. However, the other side of the coin is that companies around the world can operate in legal limbo. No doubt, if something similar happened to a bank, authorities would allready have taken control to investigate whats going on. From what we have seen so far even deposits would have been guaranted (at least up to 100.000 Eur as in Cyprus). In contrary, if the Gox guys dont run as milionaires given the arbitrage they can play, they are dumb as a bucket of shrimp...

Again, no matter what happens to Gox, the trust is gone. The merchants wont care about technical details. As soon as everyone realises that this could also happen (close and run) to their wallet-provider er even other exchanges, this migth be a death penalty to bitcoin.
maexm89
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February 21, 2014, 07:35:11 AM
 #4805

I transferred money from OKPAY and via SEPA last sunday and still no deposit or any reaction of the support staff -.-
cryptog1
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February 21, 2014, 08:02:53 AM
 #4806

that are not shitcoins...they are real I guess and the insiders just sell out and run with everything they can get as long


as no authority comes to arrest them...the lower the price the surer they are that all matters of proof will be destroyed

its take the money and run!


what money gox at 90 dollars lol. How is gox not shut down until they allow withdrawls? how is it possible?

because I believe gox or people in collusion with them or people with insider information wanted to cause a panic sale, which they did at least partially. We still don't have a goxBTC at 50usd but who knows from now on.
It seems that the trend is up though.
cryptog1
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February 21, 2014, 08:09:53 AM
 #4807

the police is talking to the protesters.

http://www.ustream.tv/channel/mtgox-protest
freedomno1
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February 21, 2014, 08:12:24 AM
Last edit: February 21, 2014, 08:25:38 AM by freedomno1
 #4808

the police is talking to the protesters.

http://www.ustream.tv/channel/mtgox-protest

This is interesting stuff here feed is now off they need to get a protest license
trdiablo
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February 21, 2014, 08:35:14 AM
 #4809

Made a 50 Euro SEPA withdrawal on the 16th of Feb.   Was posted in my German bank on the 18th of February.   Meanwhile my withdrawal for 1,000 Euro from 22 January is not yet even pending.  

Meanwhile I initiated another 50 Euro withdrawal.  

Probably they were just trying to tempt me to put more money back in.   No way!  I would buy 1 BTC from someone, at this point, at Mt.Gox price, just as a further test to take out 50 Euro at a time, but pay for it on the side --  I wouldn't want to see MtGox get another cent to play with.


MtGox is allowed to pay out a maximum of 6 million euro a month due to European law (They need some license to be allowed to pay out more than 6 a month)
This means they can pay out about 200.000€ a day. On any certain day, when they are close to that limit of 200.000 the bank adds some small withdrawals (like your 50 euro) to get to that 200K limit. That is why small withdrawals are paid very fast and bigger withdrawals just wait in line.
rpietila
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February 21, 2014, 08:39:42 AM
 #4810

MtGox is allowed to pay out a maximum of 6 million euro a month due to European law (They need some license to be allowed to pay out more than 6 a month)
This means they can pay out about 200.000€ a day. On any certain day, when they are close to that limit of 200.000 the bank adds some small withdrawals (like your 50 euro) to get to that 200K limit. That is why small withdrawals are paid very fast and bigger withdrawals just wait in line.

Either the above, or the "20 day rule" is hogwash. Which one?
Rampion
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February 21, 2014, 08:45:25 AM
 #4811


AustinHook2
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February 21, 2014, 09:10:42 AM
 #4812


MtGox is allowed to pay out a maximum of 6 million euro a month due to European law (They need some license to be allowed to pay out more than 6 a month)
This means they can pay out about 200.000€ a day. On any certain day, when they are close to that limit of 200.000 the bank adds some small withdrawals (like your 50 euro) to get to that 200K limit. That is why small withdrawals are paid very fast and bigger withdrawals just wait in line.

They used to have a story about how they could only pay out 60,000 Euro a day, and that withdrawals greater than 50,000 Euros had to be split up in chunks of 50,000 at most.   Last I recall it is still on the FAQ somewhere.

Actually, I have it on good authority, that since the 1st of February 2014 there is no longer any limit on SEPA transfers except that the form that banks have to use only accepts up to 9 digits plus two decimal points.  You can Google for the SEPA  rule changes that are effective for the first of this month.  Doesn't mean that individual banks can't make their own rules, especially a Polish bank which not actually in the EUROzone, but is in the EU, and has an understanding with EUROzone members.   EUROzone officials frown on exceptions though, so such banks can be threatened through the special agreements to comply with the rules that promote commerce, or discontinue the arrangement. 

Somehow I doubt the MtGox is paying out even 60,000 Euro a day, except maybe to themselves, the proceeds of their crimes.  I suspect the token amounts are just honey to attract flies.
DjangoSi
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February 21, 2014, 09:18:22 AM
 #4813

I know that the BZ WBK (Bank) has very low limits on withdrawals.
I am not sure if they really can withdraw more than 50.000 EUR / Day, I don't think so.
There is a day and a transaction limit.
AustinHook2
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February 21, 2014, 09:28:11 AM
 #4814

MtGox is allowed to pay out a maximum of 6 million euro a month due to European law (They need some license to be allowed to pay out more than 6 a month)
This means they can pay out about 200.000€ a day. On any certain day, when they are close to that limit of 200.000 the bank adds some small withdrawals (like your 50 euro) to get to that 200K limit. That is why small withdrawals are paid very fast and bigger withdrawals just wait in line.

Either the above, or the "20 day rule" is hogwash. Which one?

The 20 day rule is explained as a way for every one to get a chance at withdrawals, instead of one large holder of cash to just tie up the "queue" for months with a rush of individual maximum withdrawals all initiated at the same time. 

It is plausible, given an effective limit as above.    On the other hand if there were a flow of 200,000 Euro a day, outgoing, then I am sure we would hear about a lot more people getting large chunks of it.  So, yes, it has got to be hogwash anyway.     
sophiajinjinjin
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February 21, 2014, 09:52:29 AM
 #4815

I transferred money from OKPAY and via SEPA last sunday and still no deposit or any reaction of the support staff -.-
me too, no deposit and no respond.
severance26
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February 21, 2014, 10:06:29 AM
 #4816

i couldnt bear to watch the whole 90 minutes thats posted on that website, but from what i can see... very ineffective. some token reporters that were headed to gox anyway, ALL english speakers.

is one guy handing out beers? and one dude is actually wearing google glass? so what, their IQs average out to like... 60?

embarassing.

also sitting around with their hoodies up in japan looks super sketchy. they failed to get their message across to everyone "irl", including gox. so in short this was a lame reddit stunt.
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February 21, 2014, 10:08:37 AM
 #4817

also sitting around with their hoodies up in japan looks super sketchy.

This was funny, care to elaborate?

Maybe the usual custom in Japan is to wear only a t-shirt while its freezing cold and snowing like Karpeles does?

hgmichna
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February 21, 2014, 10:10:18 AM
 #4818

Incidentally, it seems to have escaped most observers that the Mt. Gox BTCUSD rate is much closer to a sensible rate bitcoin would have if it were used only as a means of paying for goods and services, i.e. as a trade currency, without all the crazy "to the moon" hype and speculation, which creates bubble after bubble.

I have predicted a price of $20 several months ago, assuming that the last bubble would burst completely. Meanwhile the adoption of bitcoin by brick-and-mortar businesses has exceeded my expectations, so I might have to correct my estimate upward a bit, but it would still remain well within the double-digit range. Now the Mt. Gox price has indeed entered the double-digit range briefly.

But I recognize that the Mt. Gox price is unlinked from the rest of the world, so this is probably just a funny coincidence.

Another point seems to have escaped almost everybody here. The Mt. Gox announcements, when read and analyzed attentively, seem to be naively honest. They openly admit to their own mistakes. I cannot discern any attempt in them to mislead the public. (They may or may not constitute such an attempt.) Any experienced PR person could write announcements that are much better suited to misleading the public into believing that all is well.

This could mean two things. Either the person writing these announcements is really fairly honest, even invoking self-criticism, or the team is unbelievably incompetent and completely unaware of its own incompetence.

It could be a mixture of both, and ultimately I cannot make much sense of it. Just wanted to mention it.
roslinpl
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February 21, 2014, 10:17:44 AM
 #4819

also sitting around with their hoodies up in japan looks super sketchy.

This was funny, care to elaborate?

Maybe the usual custom in Japan is to wear only a t-shirt while its freezing cold and snowing like Karpeles does?

Karpless is heating inside Tongue so he don't need to wear warm cloths

 
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severance26
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February 21, 2014, 10:25:30 AM
 #4820

also sitting around with their hoodies up in japan looks super sketchy.

This was funny, care to elaborate?

Maybe the usual custom in Japan is to wear only a t-shirt while its freezing cold and snowing like Karpeles does?

Yeah, sorry.

In Japan, when someone does something where they don't want to be recognized, one typically wears a hood and medical facemask (and maybe sunglasses for a 'total sketch' look). Even without the glasses though, this makes one tough to pick out. Medical facemasks are worn regularly in Japan by people of all ages; high population density makes cold/flu spread very easily. There is much controversy as to whether this is in anyway effective but people do it anyway. So, wearing a mask hides your identity pretty well, but it's socially acceptable. Putting a hood up on top of that though, crosses some vague line in the Japanese mind. Haha thats really the only way I can describe it.

Hoodies are pretty popular here. I've never seen anyone use the hood barring a serious snowstorm. Its fashionable, but people dont put them up, unless they are committing a crime. Tongue Google 'downtown tokyo in winter'. You'll see facemasks but no hoods.

Anyhow Japan functions largely on image alone, so I was just pointing out that these guys look very sketchy dressed like that, even if its not their intention.

Oh and, it being Tokyo, it hit 9 deg C today. Its not that cold here.
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