MtGox withdrawal delays [Gathering]

[el_rlee]

I think what we are seeing now is that the flow of new BTCs onto Gox has stopped, anyone who wishes to sell for cash knows they can not do so on Gox.  Thus the supply of coins on Gox is going down precipitously, while the dollar depth is still growing (I suspect that growth is more due to dollars on accounts becoming a visible bid rather then new dollars being sent to Gox).  The problem is that Gox is not that Gox is insolvent, the problem is that it is rapidly becoming ILLIQUID.

Yes, 30K BTC have disappeared in the recent days from the order book. But all who go now will come back soon. Maybe after the crash, when we went back to single digits outside of Gox. In Goxs orderbook are permanent 12 to 14 million dollar. Bitstamp has half a million. Other exchanges are even smaller. Bitcoin is dead as a dodo without the Gox money. We go at least a year back in time but with significantly poorer prospects.

I would buy significant amounts for single digits and I guess I am not the only one.
That's whats preventing it from happening.

[erk]

Thanks Nagle, Paul Vigna's article came out today.  What's weird is that I tried to use google to search for your bitcointalk.org post with Vigna's name, but nothing came up.  Usually, they've got this place indexed to the hilt.  Luckily the search here still works so that I can follow it up with this:

Bitcoin Exchange Mt. Gox Still Grappling With Slowdown
http://blogs.wsj.com/moneybeat/2013/07/30/bitcoin-exchange-mt-gox-still-grappling-with-slowdown/

In that article, Gox say quite clearly "“We have no problems with liquidity and we never have”.

[zeroblock]

Thanks Nagle, Paul Vigna's article came out today.  What's weird is that I tried to use google to search for your bitcointalk.org post with Vigna's name, but nothing came up.  Usually, they've got this place indexed to the hilt.  Luckily the search here still works so that I can follow it up with this:

Bitcoin Exchange Mt. Gox Still Grappling With Slowdown
http://blogs.wsj.com/moneybeat/2013/07/30/bitcoin-exchange-mt-gox-still-grappling-with-slowdown/

In that article, Gox say quite clearly "“We have no problems with liquidity and we never have”.

Just give them 2 more weeks!

[Nagle]

In that article, Gox say quite clearly "“We have no problems with liquidity and we never have”.

From their perspective, Mt. Gox doesn't have a liquidity problem.  Their customers may have a problem, but Mt. Gox doesn't, since they don't have a hard obligation to pay up on a specific number of days after the trade.  If they had to settle by T+2, like everybody else in foreign exchange, they'd be dead by now. 

In the real world, when you sell a stock, you must be paid by T+3, that is, the third business day after the trade. Money market funds usually settle on T+1.  Foreign exchange transactions settle by T+2. These are hard limits - a brokerage that fails to meet the settlement date is in default, in big trouble, and may be out of business within days.  That happened to Lehman.  Hero to zero in three days.  (Here's the dramatized version of the Lehman collapse, courtesy of the BBC.)

Note that Mt. Gox did not say that they have 100% of customer funds. Their terms of service say they must keep 100% of customer funds in a segregated account. Whether they actually have all the money is an open question.

[harposox]

In that case here are the guys who can't withdraw out in the real world

https://www.facebook.com/MtGox?filter=2

This is even worse than I thought. Stalling on withdrawals didn't start on June 20; it goes back further.

Paul Vigna, a reporter at the Wall Street Journal, is covering this story.  I've talked to him. He can be reached at Paul.Vigna@wsj.com. He would like to hear from people who are having trouble getting substantial amounts of money out of Mt. Gox.

Thanks Nagle, Paul Vigna's article came out today.  What's weird is that I tried to use google to search for your bitcointalk.org post with Vigna's name, but nothing came up.  Usually, they've got this place indexed to the hilt.  Luckily the search here still works so that I can follow it up with this:

Bitcoin Exchange Mt. Gox Still Grappling With Slowdown
http://blogs.wsj.com/moneybeat/2013/07/30/bitcoin-exchange-mt-gox-still-grappling-with-slowdown/

Well, that's a perfectly terrible piece. Vigna had the opportunity to ask some pretty probing questions, but didn't bother. What a waste.

[harposox]

Thanks Nagle, Paul Vigna's article came out today.  What's weird is that I tried to use google to search for your bitcointalk.org post with Vigna's name, but nothing came up.  Usually, they've got this place indexed to the hilt.  Luckily the search here still works so that I can follow it up with this:

Bitcoin Exchange Mt. Gox Still Grappling With Slowdown
http://blogs.wsj.com/moneybeat/2013/07/30/bitcoin-exchange-mt-gox-still-grappling-with-slowdown/

In that article, Gox say quite clearly "“We have no problems with liquidity and we never have”.

What a bunch of weasels. The issue isn't liquidity, it's SOLVENCY. Jackasses.

[Nagle]

Bitcoin Exchange Mt. Gox Still Grappling With Slowdown
http://blogs.wsj.com/moneybeat/2013/07/30/bitcoin-exchange-mt-gox-still-grappling-with-slowdown/

Well, that's a perfectly terrible piece. Vigna had the opportunity to ask some pretty probing questions, but didn't bother. What a waste.

The article says "Mt. Gox representative Thomas Glucksmann-Smith wrote in an email response to inquiries from MoneyBeat...". All Vigna really has is an email response from Mt. Gox "customer support." I'm disappointed.

[bouvier]

MtGox has 3 withdraw options for bank accounts: international, SEPA and PLN to Polish accounts. Does anyone know is there same delays when withdrawing PLN to Polish account?

[malkusch]

FYI. I had also a 6K€ confirmed but not received SEPA withdrawal since July 1st. Today I asked the support to cancel my withdrawal and put the money back on my account. They did so in less than 1h. Now I get those BTC to another exchange. Maybe that's an option before waiting forever.

[bctjim]

I've attempted to withdraw $10k over a month ago. 2 weeks later they said they had to cancel the withdrawal and put my money back because they don't support Citibank. I had to start all over in the "queue."

James Support, Jul 17 13:26 (JST):
Hello,

Sorry for the delay. Please be advised withdrawals that involves CITIBANK as the processing bank / intermediate bank couldn’t be processed as they are not accepting to clear any transactions for MtGox. I have cancelled the withdrawal and the funds have been refunded back to your account.

Please be advised I have cancelled your withdrawal already. Please initiate the withdrawal once again and you are unable to queue in old queue.

Then I immediately initiated another transfer to Bank of America.. 2 weeks later, they said they still needed more time.

Dennis, Aug 02 03:33 (JST):
Hello,

Thank you for contacting us regarding your withdrawal request.

Due to a change in our banking system we are currently experiencing a back-log of withdrawals that we need to process.

Our team is working hard to increase transaction speeds, but there is approximately a two-week back-log we need to overcome.

It will take a few weeks to get back to normal, and we thank you for your patience during this time.

Again, we apologize for the delay and we will contact you once your withdrawal has been processed.

[Lohoris]

FYI. I had also a 6K€ confirmed but not received SEPA withdrawal since July 1st. Today I asked the support to cancel my withdrawal and put the money back on my account. They did so in less than 1h. Now I get those BTC to another exchange. Maybe that's an option before waiting forever.

I's refreshing to hear that some people get it, as opposite to others who keep on waiting forever and see no problem with that.

[BobLemoine]

This is my datas updated :
2013/05/04  745e -> received on 2013/05/07 (3 days)
2013/05/05 1000e -> received on 2013/06/03 (29 days)
2013/05/06 1000e -> received on 2013/07/23 (78 days)
2013/05/07 1200e -> received on 2013/08/01 (85 days)
2013/05/15 2000e -> Waiting ...
For sure it's really too slow, but it's look like that they will finally pay all my withdrawal :-) I hope !

[solex]

This is my datas updated :
2013/05/04  745e -> received on 2013/05/07 (3 days)
2013/05/05 1000e -> received on 2013/06/03 (29 days)
2013/05/06 1000e -> received on 2013/07/23 (78 days)
2013/05/07 1200e -> received on 2013/08/01 (85 days)
2013/05/15 2000e -> Waiting ...
For sure it's really too slow, but it's look like that they will finally pay all my withdrawal :-) I hope !

So much for them aggregating withdrawals! How stretched are they if they can't even combine a couple??

[joesmoe2012]

This is my datas updated :
2013/05/04  745e -> received on 2013/05/07 (3 days)
2013/05/05 1000e -> received on 2013/06/03 (29 days)
2013/05/06 1000e -> received on 2013/07/23 (78 days)
2013/05/07 1200e -> received on 2013/08/01 (85 days)
2013/05/15 2000e -> Waiting ...
For sure it's really too slow, but it's look like that they will finally pay all my withdrawal :-) I hope !

So much for them aggregating withdrawals! How stretched are they if they can't even combine a couple??

They have never aggregated withdraws.

[sturle]

Prices on Mt. Gox are getting more unrealistic as more people run into withdrawal problems. There's now a 12% spread between BTC-E and Mt. Gox in Bitcoin/USD.

Haha!  Have you ever tried to withdraw USD from BTC-E?  Their fee for bank transfer is minimum 150 USD.  BTC-E has always been below MtGox due to their slack AML requirements, making it a favourite for criminals who wants to get rid of stolen and dirty coins, and due to general lack of trust in BTC-E.

[sturle]

For information, if getting a bank account in Japan is worth your time.  From #mtgox on Freenode:

Code:

10:12 <@MagicalTux> SEPA is currently the 2nd fastest way to get funds in/out of MtGox
10:13 <@MagicalTux> japanese domestic transfers are credited within 1 to 3 hours
10:13 <@MagicalTux> and withdrawals are credited next day
10:19 < sturles> MagicalTux: How hard is it for a foreigner to get a bank account in Japan?
10:19 <@MagicalTux> sturles: surprisingly simple
10:21 < sturles> This may explain the high JPY volume at MtGox recently. :-)
10:21 <@MagicalTux> ya

[bctjim]

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

[joesmoe2012]

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

Withdraw usually takes 2-3 hours for domestic japan. However I cannot figure out a way to open an account in Japan without being a resident or having a visa. If you find a way, please let me know!

[ardana123]

brb hopping on a plane to japan to make a bank account

[Nagle]

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."