MtGox withdrawal delays [Gathering]

[defaced]

still waiting for over 4 weeks now. for 3 digit wire transfer .

[1714113817]

1714113817

[1714113817]

1714113817

[1714113817]

1714113817

[Nagle]

Thanks a ton for that.
I will also file a complaint with the SEC, and then close my account at MtGox , too.
I have been with them since September 2010.

How stupid is that? Gox LOST Dwolla, Liberty Reserve and OKPAY. What do you had expected? That this has no effect? That was Goxs backbone for payments.

Gox claims they haven't lost customer funds. If Gox is telling the truth, they have nothing to fear from either an audit or from a rush on withdrawals. If they're lying, it's better to have them shut down before they blow through more customer money.

[Nagle]

I will also file a complaint with the SEC, and then close my account at MtGox , too.

Do you really think filing a complaint will help speed up withdrawals?

Not at all. I will be doing this as a matter of principle.

I and other customers would be grateful if you could wait until their banking problems are solved. 

In other words, you want to get your money out before the whole thing collapses.

If you're not out of Mt. Gox already, it's probably too late.

[sturle]

I will also file a complaint with the SEC, and then close my account at MtGox , too.

Do you really think filing a complaint will help speed up withdrawals?

Not at all. I will be doing this as a matter of principle.

I and other customers would be grateful if you could wait until their banking problems are solved. 

In other words, you want to get your money out before the whole thing collapses.

If you're not out of Mt. Gox already, it's probably too late.

Not as long as people are still receiving their wires, and there are steady reports from people receiving their wires.

A few things to think through before filing a complaint:

• Is MtGox the only exchange keeping US customer funds?  Does bitcoin count as funds?
• Does SEC have a positive attitude towards bitcoin?  Could this affect their acts?
• DHS already deemed money transfer by MtGox a threat to US homeland security and confiscated a small part of their funds.  Could this apply to other exchanges?
• At least one very large and powerful US bank is actively blocking transfers to and from MtGox and at least one other exchange (by personal experience).  Why don't you file a complaint over the bank instead?  Could a complaint over MtGox make matters worse?
• The second largest exchange is in obvious breach of an EU directive (the elctronic money directive), and could get closed any time.  Could this happen if SEC and/or DHS decides to take actions against Bitcoin in general?
• Could bitcoins kept at the exchanges get confiscated in addition to money?
• How about web based wallets etc hosted in the US holding bitcoins, if bitcoins are funds?
• Do you have a good place to hide in case your complaint leads to people losing their money kept at MtGox (millions of USD) or at other exchanges, wallets, etc?

[Grinder]

I'm helping Norwegian customers withdraw, at the same time reducing the number of withdrawal requests from MtGox, by automated buying of bitcoins for NOK at a rate 1% below best MtGox bid.

You really shouldn't so that, it will be taken advantage of by arbitragers. Yes, the money will be locked up for a short while, but they can probably earn 6-8% profit/round trip with minimal risk by buying coins on Bitstamp and selling to you. That's a lot of money to give away.

[horsebox1]

I was waiting since mid May, cancelled my SEPAs and set up all again as international wire transfers, left waiting a month again, finally cancelled the lot and bought coins and transfers to other exchanges.

Probably lost 6 - 8% at least, but 92% is better than 0%.

Gox are a bunch of fucking lying useless incompetents. I will never use that exchange again.

[Nagle]

If you're not out of Mt. Gox already, it's probably too late.

Not as long as people are still receiving their wires, and there are steady reports from people receiving their wires.

Some money does seem to be trickling out of Mt. Gox, but very slowly. That suggests it's coming from newly deposited money, and that Mt. Gox is probably broke.

[sturle]

I'm helping Norwegian customers withdraw, at the same time reducing the number of withdrawal requests from MtGox, by automated buying of bitcoins for NOK at a rate 1% below best MtGox bid.

You really shouldn't so that, it will be taken advantage of by arbitragers. Yes, the money will be locked up for a short while, but they can probably earn 6-8% profit/round trip with minimal risk by buying coins on Bitstamp and selling to you. That's a lot of money to give away.

I've had SEPA transfers to Bitstamp take a week, and I don't want to trust them with a lot of money due to dubious legal circumstances.  Low amounts + time means I get liquidity problems myself unless I can buy faster.  If other people want to take the risk, it is fine with me.  I do send money to Bitcurex for easy arbitrage, but the volume is rather low there.

[sturle]

If you're not out of Mt. Gox already, it's probably too late.

Not as long as people are still receiving their wires, and there are steady reports from people receiving their wires.

Some money does seem to be trickling out of Mt. Gox, but very slowly. That suggests it's coming from newly deposited money, and that Mt. Gox is probably broke.

Do you really think people deposit large sums of money at MtGox now, in this market?  Don't think everyone receiving a wire from MtGox will come to bitcointalk.org to brag about it.

[TimJBenham]

Not as long as people are still receiving their wires, and there are steady reports from people receiving their wires.

What? no-one has received a USD wire since early June.

[hrunhan]

mt can be replaced by bitstamp.vote with feet

[sturle]

Not as long as people are still receiving their wires, and there are steady reports from people receiving their wires.

What? no-one has received a USD wire since early June.

Really?

I don't care much about USD anyway.  I'm fine as long as BTC and EUR goes through.  There are plenty of people confirming SEPA withdrawals, and BTC withdrawal has always worked.

[morningtime]

Mt.Gox Polish bank account for EUR/SEPA has monthly withdrawal limits. This means that your withdrawal enters a queue at the Polish bank, and you have to wait for it to be processed. This is not Mt.Gox' fault, this is the Polish bank's attitude.

[Nagle]

Mt.Gox Polish bank account for EUR/SEPA has monthly withdrawal limits. This means that your withdrawal enters a queue at the Polish bank, and you have to wait for it to be processed. This is not Mt.Gox' fault, this is the Polish bank's attitude.

No, it's Mt. Gox's fault. It's their problem to manage their banking relationships.

[morningtime]

I asked MtGox to send my money via a cheque(check) or bank draft to my mail address, they refused without giving a reason.
If the money is really there in their account, how could they be unable to write me a cheque? The only explanation is that they had stolen our money or the money is frozen or they are really a Ponzi.

"The only explanation"? Obviously Mt.Gox will not send paper cheques because of money laundering risk, or the cheque landing in the wrong hands, you know all that.

[morningtime]

The goal of SEPA was to improve cross border payments (lower the costs involved), there isn't a  "1 day transfer" in the spec ;-)

The reason SEPA from clowncar MtGox takes a while isn't because SEPA is slow, it's because MtGox takes their sweet time before actually doing the transfer.

Nope, it's because the Polish bank has a monthly withdrawal limit. If you're not in this month's queue, you have to wait until the next month and hope you're in that queue, or wait another month... This has to do with anti-money laundering laws - the bank is enforcing a withdrawal limit to kill money-laundering. Successfully, I presume, since so many here are complaining about it.

If you criminals would stop using Bitcoin, us honest Bitcoin businesses could actually USE Bitcoin.

[ronaldlee0917]

I asked MtGox to send my money via a cheque(check) or bank draft to my mail address, they refused without giving a reason.
If the money is really there in their account, how could they be unable to write me a cheque? The only explanation is that they had stolen our money or the money is frozen or they are really a Ponzi.

"The only explanation"? Obviously Mt.Gox will not send paper cheques because of money laundering risk, or the cheque landing in the wrong hands, you know all that.

A crossed cheque can only be deposited into an account with the payee's name, the risks you mentioned are voided.
Google Adsense paid me in cheques too, guess they are money launderers too.

[atlosas]

Are Japanese domestic bank transfers also late?

[CurbsideProphet]

I will also file a complaint with the SEC, and then close my account at MtGox , too.

Do you really think filing a complaint will help speed up withdrawals?

Not at all. I will be doing this as a matter of principle.

I and other customers would be grateful if you could wait until their banking problems are solved.  If it isn't helping, don't.

Well, if the consensus is that it won't help the majority of bitcoiners , I will hold off with the complaint.

I don't see a consensus, I see one person trying to speak for the whole.  I would file a complaint with the SEC if I were you.  I would do it myself if I had any funds with MtGox but I saw this coming before the Dwolla shutdown.

[Nagle]

I don't see a consensus, I see one person trying to speak for the whole.  I would file a complaint with the SEC if I were you.  I would do it myself if I had any funds with MtGox but I saw this coming before the Dwolla shutdown.

Good point. If Mt. Gox is going broke, it's better to know sooner than later.

Mt. Gox is now almost two months behind on USD withdrawals. None of their lame excuses are credible at this point. In the real brokerage world, you get three days behind and the hammer comes down. It's time to end this farce.