MtGox withdrawal delays [Gathering]

[manfred]

Coinbase - No Gox
Bips - No Gox
BitPay - No Gox
blockchain - No Gox

've never dealt with them. Would never sell below the Gox price. I can get-off all my money via SEPA from Gox. No problems here. Had my last withdrawal started on July 24 and it's already on pending. So it has lasted less than a month. This is perfectly fine for me if I consider the whole comfort that I have with Gox.

A service that is not based on Gox is IMHO ridiculous. The Bitstamp price is a pure illusion. The mass will never get this exchange rate. Never. Not in weeks, not in months, not in years. Never. Without Gox we are single digit again. The course breaks down as soon as people try to withdraw their money.

The Bitstamp ratio is at 52$ and there are only a Million Dollar in the order book for months! Bitstamp has permanently an exchange rate which is much higher than there ratio. Why? Because it is only used for withdrawals  No man invested money there. No one.

If Bitstamps price is pure illusion what you call CAMPBX price or BTC-E?

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[Spaceman_Spiff]

<snip> Bitstamp is only used for withdrawals  No man invested money there. No one.

So yeah, that's complete bullshit.  Please explain to me where the money is coming from that is being withdrawn.....

[Syke]

As painful as this delay has been for me (still waiting on my June 26 withdrawl from MtGox), it's good for the economy. Having only 1 primary exchange is trouble. It's good to see BitStamp volume equal to MtGox. I'm enjoying CampBX with low fees and quick withdrawls, so I hope their volume improves too and I can send more business their way.

[vinne81]

I have a number of SWIFT (€) withdrawals pending, 3 digits, most from end of july, beginning of august.
[...]
What should I do?

SEPA is much faster than SWIFT at the moment for EUR.  SEPA queue is actually getting shorter.  If you can't wait a week or two for your money, there are a few other options giving much better prices than Bitstamp, which I consider the panic option.  E.g. sell BTC locally for cash via Localbitcoins.com.

I couldn't stand it any more and panicked out Bought BTC with my € for the ridiculous GOX BTC price, got those BTC outta there and transfered to euro via another Exchange.

Really, Gox, I hope you burn in hell for this. (or worse)

[Hawkix]

Please, anybody standing in the withdrawal queue before me, could you panic, too? So the queue shrinks and I get my money? ;-)

[vinne81]

Please, anybody standing in the withdrawal queue before me, could you panic, too? So the queue shrinks and I get my money? ;-)

Things weren't right. I had withdrawals from about a month ago that went trough 10 days ago. Another withdrawal from just one day later in july is still in the queue. So either

1) They are not processing in order
2) They haven't processed *anything* since that particular day.

Enough for me not to trust them. I really feel like Gox needs one more push and it's all over. (like one more agency/swift bank/whatever giving them a hard time)

Lost 10% of my value, but then again, I sold some BTC for € on Gox when the price was already higher than everywhere else 

[OhShei8e]

If Bitstamps price is pure illusion what you call CAMPBX price or BTC-E?

Irrelevant.

CAMPBX
-----------
FIAT: 86,282$
BTC: 1,255฿
USD/BTC-ratio: 69$
Source: http://campbx.com/api/xdepth.php

BTC-E
-----------
FIAT: 42,288$
BTC: 277฿
USD/BTC-ratio: 153$
Source: https://btc-e.com/api/2/btc_usd/depth

[vinne81]

I'm not an idiot.  I canceled my withdrawals and transferred everything out in Bitcoin the day the withdrawal notice went up.

Not necessarily a bad idea.... depending on how close to the front of the queue you were.

I sold everything at a gain in the past 2 days.

But how do you find out what position in the queue you are in?

That my friend is the great mistery of our time! Also, the queue is NOT processed in order afaik (from my own experience)

[sturle]

My claim was:

Because it is amazingly easy to sell at or above MtGox rates just about everywhere, except on a few exchanges.

Believe me, it is.

You are absolutely wrong.  I can't say that any more emphatically. 

See my own offers.  I sell at MtGox ask + 2.5%, and buy for MtGox bid - 1%.  If it was difficult to sell at MtGox bid + 2.5%, I wouldn't sell 200 to 500 BTC a week at this price.  Note my buy offer at MtGox bid - 1% as well.  Not above MtGox price, but not very far from it either.  When I can sell 200 to 500 BTC a week at this price, I consider it easy.  My buy offer is high to keep liquidity high with domestic transfers.  SEPA transfers to e.g. Bitstamp take suspiciously long time to get credited sometimes, and this can put me in a BTC liquidity squeeze in periods of high volume.  (My primary goal is to offer a fast and painless way to exchange between BTC and NOK at goot rates, not making as much profit as possible.)

I think you are absolutely wrong, or perhaps you never even tried?

"I never used any of those."  Then obviously you have no idea who makes up the Bitcoin marketplace.

Yes, I do.  Those are quite small compared to MtGox.

oh but wait! You have a few very dumb buyers on localbitcoins that will be willing to buy a handful Bitcoins from you at a premium!  Oh ya thats totally the right price! Not the millions of dollars a day processed through the other facilities!

A handful a day at Localbitcoins, one or two via email and and 10 to 30 via IRC.  I doubt the other facilities process millions of dollars every day.  The total order book at Bitstamp (bids) is only 1 million USD deep.  Not able to support millions of dollars every day, unless you mean Zimbabwe dollars.

[User705]

Yep, good point. And BTW, why would the bank "reject" credits after holding them for a few days?

It's probably possible that funds sent via a bank transfer from a stolen account can be reversed, specially if the stolen report comes shortly after the transfer.

The modern banking system operates as a full recourse system.  Nothing is irreversible.  It is the exact polar opposite of bitcoin.

[zeroblock]

My claim was:
Because it is amazingly easy to sell at or above MtGox rates just about everywhere, except on a few exchanges.

"I never used any of those."  Then obviously you have no idea who makes up the Bitcoin marketplace.

A handful a day at Localbitcoins, one or two via email and and 10 to 30 via IRC.  I doubt the other facilities process millions of dollars every day.  The total order book at Bitstamp (bids) is only 1 million USD deep.  Not able to support millions of dollars every day, unless you mean Zimbabwe dollars.

False.  Please provide backups to your statements. BitStamp's volume yesterday (8/14) was $1,783,880.83.  Would everyone quit using the damn order book as a comparison?  Those orders can be canceled, they are transitory.  Look at volume.  Those were actualized transactions.

http://bitcoincharts.com/charts/bitstampUSD#rg60ztgSzm1g10zm2g25zv

Coinbase had $2.5 MM in transactions in February, we can safely say they are doing probably $10 MM a month (they did $15 MM in April), that would be $333,333 a day.  

http://techcrunch.com/2013/05/27/bitcoin-2/

BTC-E $476,854.84 (8/14)

http://bitcoincharts.com/charts/btceUSD#rg60ztgSzm1g10zm2g25zv

BitPay lets assume $5 MM a month, or $166,667 a day

http://blog.bitpay.com/2013/04/bitpay-eclipses-silk-road-in-bitcoin.html

And don't forget BIPS, lets assume $5MM a month as well, or $166,667 a day

For a grand total of: $2,927,400 daily, excluding GOX and local transactions

[YipYip]

Let me ask what may be a stupid question...

(Please dont throw stones,,,stick are ok sortoff   lolz )

Are all these withdrawl delays only for USD to US customers or is it across the board

[ArticMine]

Let me ask what may be a stupid question...

(Please dont throw stones,,,stick are ok sortoff   lolz )

Are all these withdrawl delays only for USD to US customers or is it across the board

I suspect it is two separate issues:
USD is by far the worse because no matter where or to whom it is going a USD wire will be routed through a US Bank, and MTGox has had some serious problems with the US Government.
Other currencies is more a question of getting additional banking partners, and addressing the serious load that the number of wires they send is having on their banking partners.

[sturle]

I had withdrawals from about a month ago that went trough 10 days ago. Another withdrawal from just one day later in july is still in the queue. So either

1) They are not processing in order
2) They haven't processed *anything* since that particular day.

14:19 <@MagicalTux> those wires are processed in received order, nothing else

 

Quoting out of context again.  There are three types of wires via bank: SWIFT, SEPA and Japanese domestic transfers.  vinne81 transferred EUR, which I assume is via SEPA (fastest with the exception of domestic transfers).  MagicalTux was referring to SWIFT wires.  The queues for the two are different, since there is a limit on number of transfers per day for SWIFT and amount per day and month for SEPA.  I assume MtGox try to fill up their daily quota of SEPA volume by smaller transfers if the next one in the queue is too large to fit.

Please stop quoting out of context and talk about all wires as they were the same kind.

[Alonzo Ewing]

Does Mt Gox have a BTC withdrawal limit?  (not USD, but BTC)

[vinne81]

I had withdrawals from about a month ago that went trough 10 days ago. Another withdrawal from just one day later in july is still in the queue. So either

1) They are not processing in order
2) They haven't processed *anything* since that particular day.

14:19 <@MagicalTux> those wires are processed in received order, nothing else

 

Quoting out of context again.  There are three types of wires via bank: SWIFT, SEPA and Japanese domestic transfers.  vinne81 transferred EUR, which I assume is via SEPA (fastest with the exception of domestic transfers).  MagicalTux was referring to SWIFT wires.  The queues for the two are different, since there is a limit on number of transfers per day for SWIFT and amount per day and month for SEPA.  I assume MtGox try to fill up their daily quota of SEPA volume by smaller transfers if the next one in the queue is too large to fit.

Please stop quoting out of context and talk about all wires as they were the same kind.

The only way for this to be true is that the last withdrawal of mine that DID go trough, was used to fill up the quota. It's certainly possible, but it means they still have a serious backlog. To summarize: 2 or 3 weeks my ass

[dserrano5]

Plus, it's down right impossible to cash any bank cheque in much of continental Europe. I have never seen a cheque with my own eyes. In Europe, electronic bank wires (even between banks) have traditionally been very low cost, and with the introduction of SEPA, they're free. Anything that involves paper is very expensive.

Spaniard here: I've been cashing out cheques at a monthly basis for a couple of years now.

[OhShei8e]

Plus, it's down right impossible to cash any bank cheque in much of continental Europe. I have never seen a cheque with my own eyes. In Europe, electronic bank wires (even between banks) have traditionally been very low cost, and with the introduction of SEPA, they're free. Anything that involves paper is very expensive.

Spaniard here: I've been cashing out cheques at a monthly basis for a couple of years now.

A national cheque is quite different from an international bank cheque.

[kodachrome]

Is there a reason this thread is so long and no one else did this?

- I asked MTGOX to cancel my withdrawal via ticket, they did but no money refunded into Gox account, onto Chat, got the money in the Gox account via Chat support agent, bought BTC, withdrew BTC to Bitstamp, sold BTC instantly, withdrew funds via SEPA on Bitstamp - operation says its complete and I should know in 24hrs if the funds appear.


I was waiting 9 f'ing weeks on MTGOX to process the SEPA withdrawal but might have worked around them in about 30min. Didnt loose anything noticeable cash wise either and BitStamp seem to have a good site, flows that work and are based in Europe, all good things.

[ArticMine]

Is there a reason this thread is so long and no one else did this?

- I asked MTGOX to cancel my withdrawal via ticket, they did but no money refunded into Gox account, onto Chat, got the money in the Gox account via Chat support agent, bought BTC, withdrew BTC to Bitstamp, sold BTC instantly, withdrew funds via SEPA on Bitstamp - operation says its complete and I should know in 24hrs if the funds appear.


I was waiting 9 f'ing weeks on MTGOX to process the SEPA withdrawal but might have worked around them in about 30min. Didnt loose anything noticeable cash wise either and BitStamp seem to have a good site, flows that work and are based in Europe, all good things.

A lot of people are that is why the price on MTGox is 109.4940 USD and on BitStamp 97.8600 USD.