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Author Topic: MtGox withdrawal delays [Gathering]  (Read 868225 times)
ArticMine
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August 12, 2013, 09:48:47 PM
 #581

The question in my mind is that if the United States and USD are the real issue here what are the wire transfer withdrawal delays of
1) CAD to a Canadian bank?
2) EUR to a European bank?
3) GBP to an UK bank?
4) AUD to an Australian bank?

... etc.

The spread between MTGox CAD and Virtex CAD is over 17% for example. If wires that bypass the US banking system can flow then arbitrage from non US persons outside the United States can go a long way towards solving the problem of the "trapped" USD while MTGox gets its US compliance in order.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
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sturle
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August 12, 2013, 11:24:32 PM
 #582

I don't get it.  What is new here?  The Dwolla seizure has been known for a while.  Have you been living in a cave for the last three months?
No.  What Karpeles is confirming is that the USD withdraws are being halted by the US gov.  NOT due to problems with Mt.Gox's banking connections, which they have used as an excuse the last 2 months.  This essentially means that USD withdraws will not resume for quite some time, if ever.   
This is pure speculation.  From the context I assumed, and still assume, he was referring to the Dwolla case which significantly increased the load on USD bank wires.  Why don't you ask him yourself?  He is frequently active and answering questions in #mtgox on freenode.  I'm sure he would have been there a lot more if it hadn't been for the zombies nagging about scamcoins they want on MtGox whenever he types something.  It is early morning in Japan now.  He'll be there soon.

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
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gog1
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August 12, 2013, 11:36:54 PM
 #583

Some believe the fund is frozen in some bank accounts and they just cannot meet the withdraw request as they are insolvent.
prophetx
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August 13, 2013, 12:04:24 AM
 #584

However, there is no one in the US (that I know of) that currently has all the potential state registrations to take it on.
There is at least one company in the process of obtaining those state registrations with the goal of taking over from Mt Gox in the US, which is something Coinlab apparently never even tried to do.

Last I heard bitinstant had registered in over 30+ states as of a couple months ago, and anyway there are plenty of businesses who have 49 state msb reg that could buy out the business...

this is what a normal company does... https://www.bitinstant.com/updates

business is not rocket science...
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August 13, 2013, 12:16:22 AM
 #585

I currently have an international wire GBP withdrawal from July 11 pending. 4+ weeks delay

The problem is not limited to USD.

If anyone can speak to magicaltux/mtgox ask why all international wires are being delayed if the problem is claimed to be US gov.
solex
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August 13, 2013, 12:24:39 AM
 #586

I currently have an international wire GBP withdrawal from July 11 pending. 4+ weeks delay

The problem is not limited to USD.

If anyone can speak to magicaltux/mtgox ask why all international wires are being delayed if the problem is claimed to be US gov.


US Gov: Don't you have branches, agencies, corporate accounts and billions of USD in turnover each year, here in the US?
UK Bank: Er. Yes.
US Gov: Do you want to put all that business at risk for a poxy magical online card gathering account?
UK Bank: Er. No.
US Gov: Then downgrade that account to "glacial service status" for everything
UK Bank: Er. Yes.

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August 13, 2013, 12:35:58 AM
 #587

I currently have an international wire GBP withdrawal from July 11 pending. 4+ weeks delay

The problem is not limited to USD.

If anyone can speak to magicaltux/mtgox ask why all international wires are being delayed if the problem is claimed to be US gov.


US Gov: Don't you have branches, agencies, corporate accounts and billions of USD in turnover each year, here in the US?
UK Bank: Er. Yes.
US Gov: Do you want to put all that business at risk for a poxy magical online card gathering account?
UK Bank: Er. No.
US Gov: Then downgrade that account to "glacial service status" for everything
UK Bank: Er. Yes.


While such a scenario is possible it completely fails to explain why MtGox is not more transparent about the exact nature of the problem. If they gave some reasonable detail describing the types of hurdles they were facing the situation would be more manageable. As it is any reasonable person should suspect duplicitous behaviour. (e.g. merged customer/company accounts and liquidity problems)
justusranvier
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August 13, 2013, 12:52:08 AM
 #588

While such a scenario is possible it completely fails to explain why MtGox is not more transparent about the exact nature of the problem. If they gave some reasonable detail describing the types of hurdles they were facing the situation would be more manageable. As it is any reasonable person should suspect duplicitous behaviour. (e.g. merged customer/company accounts and liquidity problems)
Supposedly because they are afraid of pissing off the regulators by making everything public, generating news stories, etc.
lambo
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August 13, 2013, 01:03:18 AM
 #589

I have a pending withdraw from MtGox over 5 weeks old now(USD). I'm starting to think any money in MtGox is considered lost. I'm forced to buy bitcoins and sell them at 10% loss on other exchanges just to get money out of my cocks account.
prophetx
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August 13, 2013, 01:05:11 AM
 #590

I have a pending withdraw from MtGox over 5 weeks old now(USD). I'm starting to think any money in MtGox is considered lost. I'm forced to buy bitcoins and sell them at 10% loss on other exchanges just to get money out of my cocks account.

just use localbitcoins.com you get better rates
ArticMine
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August 13, 2013, 01:08:50 AM
 #591

I currently have an international wire GBP withdrawal from July 11 pending. 4+ weeks delay

The problem is not limited to USD.

If anyone can speak to magicaltux/mtgox ask why all international wires are being delayed if the problem is claimed to be US gov.


The real question now is a non US person with no relationship to the US withdrawing fiat other than USD (CAD, EUR, GBP, etc.,) to a bank outside the US. If this is also blocked then the problem is a lot more serious since this is totally outside the control of the US Government.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
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August 13, 2013, 01:10:16 AM
 #592

The real question now is a non US person with no relationship to the US withdrawing fiat other than USD (CAD, EUR, GBP, etc.,) to a bank outside the US. If this is also blocked then the problem is a lot more serious since this is totally outside the control of the US Government.
You really think the US Government doesn't have control over that?
ArticMine
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August 13, 2013, 01:24:27 AM
 #593

The real question now is a non US person with no relationship to the US withdrawing fiat other than USD (CAD, EUR, GBP, etc.,) to a bank outside the US. If this is also blocked then the problem is a lot more serious since this is totally outside the control of the US Government.
You really think the US Government doesn't have control over that?

Yes I do. For example Canadian Credit Cards denominated in CAD that have no affiliation with the US can be used in Cuba.
Quote
2.) Canadian Credit Cards: Any of the "Big Five" Canadian banks are fine. Royal Bank, TD/Canada Trust, Bank of Montreal, Bank of Nova Scotia and Canadian Imperial Bank of Commerce. No problems with PC Financial or Canadian Tire Mastercards as well. And for our friends in Quebec the National Bank Mastercard and Desjardins Visa also work too.
http://www.tripadvisor.ca/Travel-g147270-c109329/Cuba:Caribbean:Money.Exchange.html

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
Alpaca Bob
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August 13, 2013, 07:32:13 AM
 #594

AFAIK international wires go through the backbone of global banking, which consists of the big six (banks) aka the banking cartel. These are of course mostly American.

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks
Ente
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August 13, 2013, 12:22:49 PM
 #595

/r/bitcoin says:
Mt.Gox denying BTC withdrawls
http://www.reddit.com/r/Bitcoin/comments/1k81p5/mtgox_denying_btc_withdrawls/

From what I see, it is several individual cases. Combined with weird user-interface effects (withdraw is accepted, funds deducted, shortly after funds reappear). Some individual(s) said they are asked to get verified.

Whoops, nevermind, "service discussion" is full of this already!

Ente
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August 13, 2013, 12:25:31 PM
 #596

I don't get it.  What is new here?  The Dwolla seizure has been known for a while.  Have you been living in a cave for the last three months?
No.  What Karpeles is confirming is that the USD withdraws are being halted by the US gov.  NOT due to problems with Mt.Gox's banking connections, which they have used as an excuse the last 2 months.  This essentially means that USD withdraws will not resume for quite some time, if ever.   
This is pure speculation.  From the context I assumed, and still assume, he was referring to the Dwolla case which significantly increased the load on USD bank wires.  Why don't you ask him yourself?  He is frequently active and answering questions in #mtgox on freenode.  I'm sure he would have been there a lot more if it hadn't been for the zombies nagging about scamcoins they want on MtGox whenever he types something.  It is early morning in Japan now.  He'll be there soon.
Here are some new IRC quotes for you, reordered for readability:
Code:
13:43 < sturles> SEPA has been delayed for as long as I can remember.  I wish
                 MtGox had more SEPA banks, but they generally don't like
                 Bitcoin buisnesses.  Perhaps the one in Slovenia which
                 Bitstamp is using could be worth a try?  Could be troubled
                 with the same issue, of course.
13:48 <@MagicalTux> sturles, we already applied to that one
13:53 < sturles> MagicalTux: Great!  Lower SEPA delays would do wonders!  In
                 fact all good news regarding delays would be wonderful at this
                 time..
13:54 <@MagicalTux> sturles, we've been reducing SEPA delay day by day
13:54 <@MagicalTux> things are much better than one month ago
13:54 < sturles> Have your limits increased?
13:54 <@MagicalTux> nope
This is great news!
Code:
13:50 < samson_> MagicalTux: Would you say we're facing a banking embargo on
                 the entire Bitcoin business ?
13:51 <@MagicalTux> samson_, things are not easy, but it's far from what you
                    could qualify as "embargo"
13:51 < samson_> ok thanks
Difficulties (we know that from many countries, e.g. UK), but no organized embargo.
Code:
13:58 < sturles> Btw, there are roumous now that USD withdrawals are somehow
                 blocked entirely.  Is there any truth to that?  Some people
                 intepret this as "US government are blocking all USD
                 withdrawals": <@MagicalTux> cyro432: not much we can do right
                 now because of US govt
13:59 <@MagicalTux> sturles, "blocked" is not the correct word
14:00 < sturles> What is the exact problem then?  You can see here how the
                 speculations go:
https://bitcointalk.org/index.php?topic=179586.msg2918767#msg2918767
14:01 <@MagicalTux> sturles, we are not allowed to talk about the exact problem
                    (doing so would only make things worse)
That's no explanation of the problem, but explains the lack of news.  For other currencies:
Code:
13:58 < SleepersTide> MagicalTux: Are Australian bank transfer withdrawals
                      being processed normally?
13:58 < SleepersTide> (also how long do those take?)
14:00 <@MagicalTux> SleepersTide, right now all SWIFT transfers are processed
                    up to the limits of our current bank (up to 10 transfers
                    per day - we should be able to increase that as soon as we
                    have more banking partners ready - it's taking longer than
                    expected because of the time required by the people at the
                    bank to understand our business)
14:10 < sturles> MagicalTux: Why only 10 SWIFT transfers per day?  Is that
                 commonplace for customers in your bank?
14:12 <@MagicalTux> sturles, most companies in Japan will do one, maybe two
                    SWIFT transfers a month to providers overseas (actually
                    most will do zero)14:14 < Delerium> when you say transfers per day you mean 10 swift runs
                  (containing LOADS of transfers within) or literally just 10
                  transfers
14:16 <@MagicalTux> Delerium, literal
14:17 <@MagicalTux> when we were in the second largest bank in Japan, we
                    represented more than half of all the volume of SWIFT
                    processed by that bank (almost overloading their systems a
                    couple of times)
With only 10 withdrawals per day in all other currencies than JPY and EUR, it is going to take time.  And he confirms again that MtGox are in fact overloading their bank.  The discussion is still going on, btw.  About ordering and more about transparency:
Code:
14:17 < rfish> MagicalTux:  I think you owe it to customers to make the numbers
               of swift transfers you are doing per day more public and explain
               the reasons
14:18 <@MagicalTux> rfish, rather than spending time on this, fixing it is
                    likely going to bring more on the long term
14:18 < rfish> MagicalTux: And you should be fair about which you do, like
               wires greater than X amount, in the order they are received
14:19 <@MagicalTux> those wires are processed in received order, nothing else

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.
Ban Curtain
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August 13, 2013, 12:32:52 PM
 #597

Seems that my experience is already outdated.
I have problems with withdraw of bitcoins.
Web site writes me that bitcoin address where I trying to send money to is invalid ("Invalid bitcoin address, please confirm your input"), I  tried 3 addresses - the same error (I used the same address as used before ).
No support in chat, i hope they'll response me by email.

Very suspicious that they stopped to withdraw bitcoins... Huh

i have withdrawn 10 btcs today without any problems from gox

Yeah, today everything works. Sorry for panic. Seems that was technical error
samson
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August 13, 2013, 12:38:42 PM
 #598

10 outgoing wires per day is not many at all. I have no plans to withdraw any USD any time soon but I hope this gets sorted out as soon as possible.
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August 13, 2013, 12:48:13 PM
 #599

SEPA test withdraw of 101€ from 05.08.2013 arrived today!
Larger EU withdrwas of 700 - 1000 € didnt arrive after 5 weeks of waiting, so I canceld it.

No more GOX for me!
samson
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August 13, 2013, 01:04:15 PM
 #600

No more GOX for me!

Just a quick note to all the MtGox detractors out there :

Whatever happens first to MtGox will surely happen to the rest of the exchanges at some point in the future.

Any exchange that grows large enough to be useful will experience all sorts of problems - just like MtGox.

This applies to things like trade engine lag as well as banking problems. Just try using cryptsy when it's really busy - it grinds to a halt.
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