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Author Topic: MtGox withdrawal delays [Gathering]  (Read 881146 times)
Nagle
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August 21, 2013, 05:06:29 AM
 #901

Maybe gox is buying low from other sources(bitstamp, btc-e, etc).. and selling it high on gox.. someone alert the owners from bitstamp, etc about this possible shenanigan and stop it at its source.
Well, Gox "promised" not to do that.  What does seem evident is that they have whales proxies who are getting their wires prioritized in order to keep liquidity flowing through the exchange.  Otherwise the price would have been $10,000 yesterday. 
Is there "liquidity flowing through the exchange?" Or is most of the volume just trading back and forth within Mt. Gox's system?

If some "whale" was able to get money out and exploit that huge spread, the spread would shrink.
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August 21, 2013, 05:10:43 AM
 #902

It sorta looks like what you're trying to do, zeroblock, when you say things like "The spread is widening at an alarming rate" is to cause more people to panic.
Well, the spread is widening at an alarming rate:

▲ mtgoxUSD    121.5000    
▲ bitstampUSD 104.4300
Spread: 16.8%

I guess it depends what your timescale is. That's actually narrower than it was yesterday.

No. The average price variation yesterday was 15.93% (16%).  So this is higher than yesterday, intraday swings have been going from 12-20%.  You can verify this on Bitcoincharts.  Go to "view larger chart" then "load raw data" for the daily weighted price.

http://bitcoincharts.com/

My turn to quote wikipedia!

http://en.wikipedia.org/wiki/Straw_man  Tongue

But seriously, I didn't claim that it was narrower than the average price difference yesterday, did I?
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August 21, 2013, 06:33:03 AM
 #903

Remember the name "Mark Karpeles" CEO of MtGox and never ever do business with him again, and remind people of this incident in any future business that he's involved. I'm sure shady organizations like the US gov would love to pick him up.
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August 21, 2013, 06:38:13 AM
 #904

Well, Gox "promised" not to do that.  What does seem evident is that they have whales proxies who are getting their wires prioritized in order to keep liquidity flowing through the exchange.  Otherwise the price would have been $10,000 yesterday. 
Do you have proof of this, or are you making up even more bs?

People are withdrawing all kinds of amounts.  1000 EUR makes no whale.

Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
Warning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills.
sturle
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August 21, 2013, 06:43:27 AM
 #905

Is there "liquidity flowing through the exchange?" Or is most of the volume just trading back and forth within Mt. Gox's system?

If some "whale" was able to get money out and exploit that huge spread, the spread would shrink.
Much of the volume is from bots, yes.  There is no signs of whales exploiting the spread.  They would have to risk a lot of money on an exchange operating on borrowed time, and I don't think anyone would risk a "whale" amount of money on Bitstamp after what happened to bitcoin24.  But there are many individuals making a fair amount on four digit EUR amounts.  Including some people trolling here.

Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
Warning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills.
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August 21, 2013, 06:54:17 AM
 #906

Remember the name "Mark Karpeles" CEO of MtGox and never ever do business with him again, and remind people of this incident in any future business that he's involved. I'm sure shady organizations like the US gov would love to pick him up.

lmao you have it ass backwards...
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August 21, 2013, 06:56:41 AM
 #907

Is there "liquidity flowing through the exchange?" Or is most of the volume just trading back and forth within Mt. Gox's system?

If some "whale" was able to get money out and exploit that huge spread, the spread would shrink.
Much of the volume is from bots, yes.  There is no signs of whales exploiting the spread.  They would have to risk a lot of money on an exchange operating on borrowed time, and I don't think anyone would risk a "whale" amount of money on Bitstamp after what happened to bitcoin24.  But there are many individuals making a fair amount on four digit EUR amounts.  Including some people trolling here.

actually... another poster did an analysis and found that there were a few large transactions(1000+) that may be attributable to a few account holders.  anyway it is open to interpretation.

it would probably be the first time in human history that an entire population of wealthy ones decided not to exploit the weak...
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August 21, 2013, 07:11:40 AM
 #908

Is there "liquidity flowing through the exchange?" Or is most of the volume just trading back and forth within Mt. Gox's system?

If some "whale" was able to get money out and exploit that huge spread, the spread would shrink.
Much of the volume is from bots, yes.  There is no signs of whales exploiting the spread.  They would have to risk a lot of money on an exchange operating on borrowed time, and I don't think anyone would risk a "whale" amount of money on Bitstamp after what happened to bitcoin24.  But there are many individuals making a fair amount on four digit EUR amounts.  Including some people trolling here.
actually... another poster did an analysis and found that there were a few large transactions(1000+) that may be attributable to a few account holders.  anyway it is open to interpretation.
If they wanted to do arbitrage, they would be selling on MtGox, not buyingSmiley

Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
Warning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills.
barbarousrelic
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August 21, 2013, 08:33:58 AM
 #909

Right now I'm not able to withdrawal my Bitcoin balance from mtgox - it says "Invalid bitcoin address, please confirm your input" - but I am 100% certian it is a valid Bitcoin address.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
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August 21, 2013, 08:38:51 AM
 #910

Right now I'm not able to withdrawal my Bitcoin balance from mtgox - it says "Invalid bitcoin address, please confirm your input" - but I am 100% certian it is a valid Bitcoin address.

Yep, it happened a couple of days ago to me too. I contacted chat support, they told me to try again in a couple of hours, I tried and it worked.

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August 21, 2013, 09:03:33 AM
 #911

Why isn't someone with a Japanese bank account exploiting this arbitrage opportunity?

If this post was useful, interesting or entertaining, then you've misunderstood. 1N6rmaDiPf8ke3mx8217NykAMDZXkX713x
Rampion
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August 21, 2013, 09:07:18 AM
 #912

Why isn't someone with a Japanese bank account exploiting this arbitrage opportunity?

Maybe they are, but nevertheless the money flow doesn't allow a quick arbitrage and thus a steady decrease of the spread between exchanges? That could explain why Bitstamp is slowly following upwards, while Gox is just stationary ATM.

Anyhow, let's do not forget that the money flow out from Gox (where the big players still are) is slow. Even if you are a trusted status user, it takes time to withdraw significant money, if you are just verified is simply a joke (max. $10k per day and $50k per month). Add to that the delay in wire clearing (it seems that best case scenario ATM is 10/15 days), and then you have a very inefficient market in which arbitrage is a gamble because of the delays, etc.

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August 21, 2013, 09:59:52 AM
 #913

Why isn't someone with a Japanese bank account exploiting this arbitrage opportunity?
They do, but due to the time it takes (1 business day for withdrawal from MtGox + 4 days for deposit to Bitstamp/BTC-E/whatever) it takes a while, and there is some risk involved.  You lose a week of trading on MtGox, which can be just as profitable.  I assume this is the reason why JPY volume at MtGox stayed fairly low until the difference passed 10%.  From that time it takes about a week until the money withdrawn are deposited on Bitstamp.  And don't forget that Bitstamp only allows a small amount for first time deposit.  I guess most Japanese haven't bothered to send their money to a foreign exchange before, so that's another clamp.  The difference will stay high for at least one more week.  The supply of stupid people selling at a loss is endless.

Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
Warning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills.
Zarathustra
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August 21, 2013, 10:39:20 AM
 #914

The supply of stupid people selling at a loss is endless.

The believers and stupid promoters of companies with stupid, irreal, misleading and ridiculous information policy like this:

https://www.mtgox.com/
https://support.mtgox.com/home

... are limited within the bitcoin community, because the average bitcoiner is not stupid.
jonas.schnelli
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August 21, 2013, 10:56:22 AM
 #915

still waiting for a 5 digits transaction (EUR) since june 24 (almost 2 month!).
Wrote to Gox's support.. response with standard text "will take serval weeks".  Roll Eyes
sturle
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August 21, 2013, 10:58:49 AM
 #916

The supply of stupid people selling at a loss is endless.
The believers and stupid promoters of companies with stupid, irreal, misleading and ridiculous information policy like this:

https://www.mtgox.com/
https://support.mtgox.com/home

... are limited within the bitcoin community, because the average bitcoiner is not stupid.
Numbers tell otherwise.  Well over 50% market share, and by far the deepest order book of all exchanges.  MtGox is clearly the most trusted of all exchanges.

Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
Warning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills.
sturle
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August 21, 2013, 11:00:48 AM
 #917

still waiting for a 5 digits transaction (EUR) since june 24 (almost 2 month!).
Wrote to Gox's support.. response with standard text "will take serval weeks".  Roll Eyes
You should send as EUR SEPA (if your account is within the SEPArea), not international wire.  SEPA should take a week or less.

Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
Warning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills.
Rampion
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August 21, 2013, 11:04:12 AM
 #918

still waiting for a 5 digits transaction (EUR) since june 24 (almost 2 month!).
Wrote to Gox's support.. response with standard text "will take serval weeks".  Roll Eyes
You should send as EUR SEPA (if your account is within the SEPArea), not international wire.  SEPA should take a week or less.

The truth is it seems pretty random. What's obvious is that the "withdrawals are processed in receiving order" is utter BS. Just now some people reports SEPA withdrawals clearing in 15/20 days, some others have been +5 weeks waiting.

Zarathustra
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August 21, 2013, 11:08:39 AM
 #919

The supply of stupid people selling at a loss is endless.
The believers and stupid promoters of companies with stupid, irreal, misleading and ridiculous information policy like this:

https://www.mtgox.com/
https://support.mtgox.com/home

... are limited within the bitcoin community, because the average bitcoiner is not stupid.
Numbers tell otherwise.  Well over 50% market share, and by far the deepest order book of all exchanges.  MtGox is clearly the most trusted of all exchanges.

MtGox is clearly those exchange of the bigger ones, that is losing market share at the highest speed.
sturle
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August 21, 2013, 12:00:29 PM
 #920

The truth is it seems pretty random. What's obvious is that the "withdrawals are processed in receiving order" is utter BS. Just now some people reports SEPA withdrawals clearing in 15/20 days, some others have been +5 weeks waiting.
International wires are processed in receiving order.  No word about the processing order of SEPA withdrawals, but I suspect they start with the oldest and run through the queue while skipping those which are too large to fit within the daily quota.  This means smaller SEPA withdrawals will have a small advantage.

If you have been waiting 5 weeks for a SEPA withdrawal, you should contact support and ask if anything is wrong.  It probably is.  Some wrong info perhaps, like joesmoe who misspelled his Japanese name, or it got in the international (SWIFT) queue by mistake.

Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
Warning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills.
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