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Author Topic: MtGox withdrawal delays [Gathering]  (Read 860264 times)
prophetx
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August 14, 2013, 12:18:17 PM
 #641

I have cancelled all withdrawals  as none of them went through for 3 months.
Back into BTC, then all BTC withdrawn yesterday out of MtGox and now I am done with them.
For me mtgox is dead as of today.

Where will you trade now ?

has anyone in the EU used bitcoin.de? i saw they just signed an agreement with a real bank in germany and supposedly customers will get free checking accounts as well?

does anyone know if you must be a german resident or can citizens of other EU countries residing outside of Germany take advantage of this??

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joesmoe2012
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August 14, 2013, 12:40:28 PM
 #642

I have cancelled all withdrawals  as none of them went through for 3 months.
Back into BTC, then all BTC withdrawn yesterday out of MtGox and now I am done with them.
For me mtgox is dead as of today.

Where will you trade now ?

has anyone in the EU used bitcoin.de? i saw they just signed an agreement with a real bank in germany and supposedly customers will get free checking accounts as well?

does anyone know if you must be a german resident or can citizens of other EU countries residing outside of Germany take advantage of this??

You must be EU resident.

To do over 2500 EUR you must be vierified. To be verified you must be german resident.

Hope this answers your question.

prophetx
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August 14, 2013, 12:44:06 PM
 #643

I have cancelled all withdrawals  as none of them went through for 3 months.
Back into BTC, then all BTC withdrawn yesterday out of MtGox and now I am done with them.
For me mtgox is dead as of today.

Where will you trade now ?

has anyone in the EU used bitcoin.de? i saw they just signed an agreement with a real bank in germany and supposedly customers will get free checking accounts as well?

does anyone know if you must be a german resident or can citizens of other EU countries residing outside of Germany take advantage of this??

You must be EU resident.

To do over 2500 EUR you must be vierified. To be verified you must be german resident.

Hope this answers your question.

what is the 2500 limit, weekly, monthly, per tx?

WINGS Beta is live - list your project for only 200 WINGS (erc20 coin) at https://wings.ai - over $750 Million raised by ICOs with WINGS
joesmoe2012
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August 14, 2013, 12:44:58 PM
 #644

I have cancelled all withdrawals  as none of them went through for 3 months.
Back into BTC, then all BTC withdrawn yesterday out of MtGox and now I am done with them.
For me mtgox is dead as of today.

Where will you trade now ?

has anyone in the EU used bitcoin.de? i saw they just signed an agreement with a real bank in germany and supposedly customers will get free checking accounts as well?

does anyone know if you must be a german resident or can citizens of other EU countries residing outside of Germany take advantage of this??

You must be EU resident.

To do over 2500 EUR you must be vierified. To be verified you must be german resident.

Hope this answers your question.

what is the 2500 limit, weekly, monthly, per tx?

Yearly. They are working on fixing this though, they expect a few weeks.

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August 14, 2013, 12:48:21 PM
 #645

I have cancelled all withdrawals  as none of them went through for 3 months.
Back into BTC, then all BTC withdrawn yesterday out of MtGox and now I am done with them.
For me mtgox is dead as of today.

Where will you trade now ?

Nowhere. Except to sell bitcoins. But he has sold most of his already in May as he wrote elsewhere already.

Assuming that Gox dies, that's logical, because Gox last helds 14 million USD in the Orderbook while bitstamp is more than 10 times smaller. Regardless how much money is on the exchanges the ratio is pretty clear here. Without Gox we go back to single digits. But Gox and the Millions of USD will survive, even if now "celebrity traders" like S3052 speculate against Gox. One should never be infected by panic. Gox either gets the problems solved or they are bought. Nobody throws 14 million dollar and more away just like that.

Personally, I can still make SEPA withdrawals as usual. I think it's an SEC / USD / GOX issue. Fortunately, I have never changed my account to dollars like so many people do.

Too much regulation in the USA and a community that does not understand that. But lets see! If the major community keep calm the SEC will have no change against us. Although they can freeze our fiat money this does not change the value of Bitcoin. The exact opposite is the case! But a part of the community do not believe in Bitcoin. They love to be pushed around by the banks and the SEC. They take a 10% and more haircut because they think we go back to single digits.

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August 14, 2013, 12:52:52 PM
 #646

I have 1500USD in Gox and it seems that only International Wire transfers are affected, because 2 guys on another forum, that I'm a member reported they got paid quick via SEPA.

And I'm trying to withdraw these 1500USD quickly and cheaply, which might not be possible?

If I want to do SEPA my only option is to buy Bitcoins and then sell them for Euro, right?

Also do you know what will happen if I use TransferWise account details, but give Gox my name as the account holder, because they can only withdraw/deposit to/from an account under your name.
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August 14, 2013, 01:18:35 PM
 #647

I have 1500USD in Gox and it seems that only International Wire transfers are affected, because 2 guys on another forum, that I'm a member reported they got paid quick via SEPA.

Warning: SEPA has never been "quick"! At least not for me. But I still get my money after a few weeks. I never withdarawl more than 999 euros in one go.

If I want to do SEPA my only option is to buy Bitcoins and then sell them for Euro, right?

You have to switch your account to EURO. It will cost you 2.5% of your dollar assets. Then you need a SEPA bank account. You verify it with Mt. Gox and than you can withdrawal your money.

It's maybe not worth worrying about. It might save you a few weeks. Bank transfers always take long for Bitcoin. There are always times where individual exchanges are faster, but once all this AML shit comes with in it takes forever. Plan just several weeks or month. A year ago there was not so much money on Gox. Therefore, it was faster, also because Gox has ignored the laws. Now while everyone wants to withdrawal and the FINCEN is behind them it takes maybe forever. I did not even know until a few weeks ago that USD withdrawals went so fast in the past. I always tought it would be normal to have to wait several weeks.
So nothing has changed for me.  Smiley

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August 14, 2013, 01:22:01 PM
 #648

I have 1500USD in Gox and it seems that only International Wire transfers are affected, because 2 guys on another forum, that I'm a member reported they got paid quick via SEPA.

Warning: SEPA has never been "quick"! At least not for me. But I still get my money after a few weeks. I never withdarawl more than 999 euros in one go.

If I want to do SEPA my only option is to buy Bitcoins and then sell them for Euro, right?

You have to switch your account to EURO. It will cost you 2.5% of your dollar assets. Then you need a SEPA bank account. You verify it with Mt. Gox and than you can withdrawal your money.

It's maybe not worth worrying about. It might save you a few weeks. Bank transfers always take long for Bitcoin. There are always times where individual exchanges are faster, but once all this AML shit comes with in it takes forever. Plan just several weeks or month. A year ago there was not so much money on Gox. Therefore, it was faster, also because Gox has ignored the laws. Now while everyone wants to withdrawal and the FINCEN is behind them it takes maybe forever. I did not even know until a few weeks ago that USD withdrawals went so fast in the past. I always tought it would be normal to have to wait several weeks.
So nothing has changed for me.  Smiley

Where do you get the information that you can convert money on gox for 2.5%? I don't believe this is true. You would have to buy for USD then sell for EUR, thus it'd be the difference between those plus the fees (two times).

prophetx
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August 14, 2013, 01:30:42 PM
 #649

I have 1500USD in Gox and it seems that only International Wire transfers are affected, because 2 guys on another forum, that I'm a member reported they got paid quick via SEPA.

Warning: SEPA has never been "quick"! At least not for me. But I still get my money after a few weeks. I never withdarawl more than 999 euros in one go.

If I want to do SEPA my only option is to buy Bitcoins and then sell them for Euro, right?

You have to switch your account to EURO. It will cost you 2.5% of your dollar assets. Then you need a SEPA bank account. You verify it with Mt. Gox and than you can withdrawal your money.

It's maybe not worth worrying about. It might save you a few weeks. Bank transfers always take long for Bitcoin. There are always times where individual exchanges are faster, but once all this AML shit comes with in it takes forever. Plan just several weeks or month. A year ago there was not so much money on Gox. Therefore, it was faster, also because Gox has ignored the laws. Now while everyone wants to withdrawal and the FINCEN is behind them it takes maybe forever. I did not even know until a few weeks ago that USD withdrawals went so fast in the past. I always tought it would be normal to have to wait several weeks.
So nothing has changed for me.  Smiley

Where do you get the information that you can convert money on gox for 2.5%? I don't believe this is true. You would have to buy for USD then sell for EUR, thus it'd be the difference between those plus the fees (two times).


see the bottom of this https://support.mtgox.com/entries/20800336-Multi-Currency-Trading

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August 14, 2013, 01:39:02 PM
 #650


Quote
Q. Can I convert one currency in my wallet (e.g. EUR) into another currency (e.g. USD) in another wallet?

A. No, it is not possible to convert EUR to USD directly from one wallet to another as Mt.Gox is not a currency exchange.

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August 14, 2013, 01:40:24 PM
 #651

I have 1500USD in Gox and it seems that only International Wire transfers are affected, because 2 guys on another forum, that I'm a member reported they got paid quick via SEPA.

Warning: SEPA has never been "quick"! At least not for me. But I still get my money after a few weeks. I never withdarawl more than 999 euros in one go.

If I want to do SEPA my only option is to buy Bitcoins and then sell them for Euro, right?

You have to switch your account to EURO. It will cost you 2.5% of your dollar assets. Then you need a SEPA bank account. You verify it with Mt. Gox and than you can withdrawal your money.

It's maybe not worth worrying about. It might save you a few weeks. Bank transfers always take long for Bitcoin. There are always times where individual exchanges are faster, but once all this AML shit comes with in it takes forever. Plan just several weeks or month. A year ago there was not so much money on Gox. Therefore, it was faster, also because Gox has ignored the laws. Now while everyone wants to withdrawal and the FINCEN is behind them it takes maybe forever. I did not even know until a few weeks ago that USD withdrawals went so fast in the past. I always tought it would be normal to have to wait several weeks.
So nothing has changed for me.  Smiley


Are you aware if I can make a SEPA payment to a UK GBP denominated account?
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August 14, 2013, 01:40:43 PM
 #652

Where do you get the information that you can convert money on gox for 2.5%? I don't believe this is true. You would have to buy for USD then sell for EUR, thus it'd be the difference between those plus the fees (two times).

Quote from: Mt. Gox
A fixed Commission of 2.5% shall apply to all Conversion Transactions which are performed by the Platform, and shall be deducted directly from the amount converted. The Commission shall be calculated on the amount of currency converted.
https://www.mtgox.com/terms_of_service

IMHO this fee is also payable if you change your auxiliary currency. I have not tried it yet, but everything else would be completely illogical. Or not?

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August 14, 2013, 01:50:45 PM
 #653

Are you aware if I can make a SEPA payment to a UK GBP denominated account?

Britain is indeed a member of the SEPA currency area. See:

http://en.wikipedia.org/wiki/Single_Euro_Payments_Area

But I have no practical experience with it. But what prevents you to verify your English bank account with Gox as SEPA Account? I would just try it and then withdrawal a small sum.

I am sure that you can also set up an account with an English bank, which runs in EURO. Every small business has serveral bank accounts in different currencies. That's not special. Just ask your bank.

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August 14, 2013, 01:53:22 PM
 #654


But I have no practical experience with it. But what prevents you to verify your English bank account with Gox as SEPA Account? I would just try it and then withdrawal a small sum.
I will probably do that, but just want to know what to expect before I do it.
For example I asked one of the banks where I hold an account if they support incoming SEPA payments - the guy hasn't even heard of it. He said they only support SWIFT payments.

I am sure that you can also set up an account with an English bank, which runs in EURO. Every small business has serveral bank accounts in different currencies. That's not special. Just ask your bank.

Yes, but none of these are free as most UK GBP accounts are.

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August 14, 2013, 02:02:57 PM
 #655

I have cancelled all withdrawals  as none of them went through for 3 months.
Back into BTC, then all BTC withdrawn yesterday out of MtGox and now I am done with them.
For me mtgox is dead as of today.

Where will you trade now ?

low amounts at bitstamp and bitfinex. It works smoothly, e.g. Withdrawals always within 2-3 days.
But I don't risk the farm because I am not sure about their security and regulatory status

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August 14, 2013, 03:36:36 PM
Last edit: August 14, 2013, 03:54:10 PM by zeroblock
 #656

*This is totally speculative

Who do you think is providing liquidity to Gox?

http://www.youtube.com/watch?v=UP1YsMlrfF0

$3721 Exchange fee (lets assume 0.5-5% of total value wired)

Total Value:
0.5% - $744,200
1% - $372,100
2% - $186,050
3% - $124,033

Buy Bitstamp/Coinbase - sell at Gox?

http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp

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August 14, 2013, 04:14:47 PM
 #657

*This is totally speculative

Who do you think is providing liquidity to Gox?

http://www.youtube.com/watch?v=UP1YsMlrfF0

$3721 Exchange fee (lets assume 0.5-5% of total value wired)

Total Value:
0.5% - $744,200
1% - $372,100
2% - $186,050
3% - $124,033

Buy Bitstamp/Coinbase - sell at Gox?

http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp



1% seems to be typical - at least that is what I pay my bank and I do not do large amounts like this.

the only candidates for this would be bitstamp and mtgox (Btce will not accept wires from US banks), and he claims to currently be located in Tokyo.

Someone is making an obscene killing right now.


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August 14, 2013, 05:08:53 PM
 #658

Who do you think is providing liquidity to Gox?
Nobody.
The spread between Mt. Gox and everybody else is 15% today.

Last week, the spread was around 10%. Two weeks ago, around 5%.
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August 14, 2013, 05:55:29 PM
 #659

..
Someone is making an obscene killing right now.

If Roger is cleaning up on this, that is good!  He's been ass-raped by just about every high-end huckster who has passed through the ecosystem in the couple of years that I've been observing things.  At least that it what it looks like to me.  They guy has done a lot for the system and whether it has turned out on balance to be a positive or negative, his heart seems to be in the right place.


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August 14, 2013, 06:29:49 PM
 #660

It's now been 1 week since I requested a JPY Domestic Withdraw. It is for 10k Yen and still shows as "Confirmed."

So it does not appear that their SWIFT limit is the problem.

Also, 10 SWIFT transfers a day is BS, I've sent more than that in a day (I don't routinely do it, but nobody at my bank cares if i want to make 10 SWIFT transfers...).

Just to confirm once again, I have USD SWIFT Wire pending since 6/17 (6 figures), EUR SWIFT to Poland, EUR SEPA to Poland, and JPY to domestic japanese bank.

NONE of these have come through yet.

I'm going to go ahead and cancel a few of my withdraws and just take the hit to withdraw bitcoin. I don't see the situation at gox getting any better.


Did you ask support about this? Did they come back with canned statement about delays?

Can someone please ask MagicalTux on IRC about JPY domestic transfers. There would seem to be no excuse for delayed JPY transfers other than liquidity problems.

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