MtGox withdrawal delays [Gathering]

[Nagle]

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.

If Mt. Gox had "serious problems with the US Government", there would be press releases from DOJ or the SEC, news coverage, and possibly arrests.  They have serious problems with CoinLab, which is suing them for good reasons.  They might have serious problems with some Tokyo banks.  But even that is unlikely. If you have money, you can generally send it somewhere else.  If you don't...

Mt. Gox had trouble at the US end, they'd probably be blocked from receiving money transfers. They're not. Somehow, the only things that don't work are things that take money away from Mt. Gox. That's very convenient for Mt. Gox. 

[1713436751]

1713436751

[acoindr]

I have a question. I've been reading through this thread and have seen everybody pissing on MtGox with fury over the situation. At the same time it seems people have multiple withdrawal requests for thousands of dollars.

Mt.Gox is a way to buy bitcoins.

As far as I know there have been no problems buying or transferring bitcoins. The only problem is withdrawing USD, which is obviously tied to the old existing banking system.

Now, I'm not saying Mt.Gox should not have offered withdrawal by wire service, but it seems to me if they didn't this problem wouldn't exist. In other words the people making all these USD withdrawal requests apparently were not truly interested in owning bitcoins, but in something different. So now that the system has jammed up everyone is in a temper. It seems to me Mt.Gox isn't the only entity responsible for the resulting situation of multitudes of people withdrawing thousands of USD, or am I missing something?

[vinne81]

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.

L2read, I just did this and wrote about it yesterday

[vinne81]

I have a question. I've been reading through this thread and have seen everybody pissing on MtGox with fury over the situation. At the same time it seems people have multiple withdrawal requests for thousands of dollars.

Mt.Gox is a way to buy bitcoins.

As far as I know there have been no problems buying or transferring bitcoins. The only problem is withdrawing USD, which is obviously tied to the old existing banking system.

Now, I'm not saying Mt.Gox should not have offered withdrawal by wire service, but it seems to me if they didn't this problem wouldn't exist. In other words the people making all these USD withdrawal requests apparently were not truly interested in owning bitcoins, but in something different. So now that the system has jammed up everyone is in a temper. It seems to me Mt.Gox isn't the only entity responsible for the resulting situation of multitudes of people withdrawing thousands of USD, or am I missing something?

Everybody who thinks he should exchange his BTC for fiat should have the possibility to do so.

Besides, if everybody should be a true bitcoin believer, and not sell much (as you propose), then how could other people buy Bitcoins? There would be none for sale at MtGox.

[flound1129]

I have a question. I've been reading through this thread and have seen everybody pissing on MtGox with fury over the situation. At the same time it seems people have multiple withdrawal requests for thousands of dollars.

Mt.Gox is a way to buy bitcoins.

As far as I know there have been no problems buying or transferring bitcoins. The only problem is withdrawing USD, which is obviously tied to the old existing banking system.

Now, I'm not saying Mt.Gox should not have offered withdrawal by wire service, but it seems to me if they didn't this problem wouldn't exist. In other words the people making all these USD withdrawal requests apparently were not truly interested in owning bitcoins, but in something different. So now that the system has jammed up everyone is in a temper. It seems to me Mt.Gox isn't the only entity responsible for the resulting situation of multitudes of people withdrawing thousands of USD, or am I missing something?

You're missing quite a bit.

[sturle]

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

Quit spreading lies.  Any forum user should ignore posts coming from OhShei8e, as he is the only individual on the forums who incessantly supports Gox, and uses poor or irrelevant facts to back up his position.  His information is false.

Eh?  What OhShei8se writes is 100% true.  I've received a cheque myself which couldn't be redeemed outside USSA (and possibly Canada).  No bank in my country wanted it.  Scammers.

I don't think national cheques exist in my country any more.  Haven't seen one since the 80ies.  Checked my bank's price list now, and hidden in some price list for special services I found a price for currency cheque.  So it seems they do one kind of cheques.  It is the second most expensive service in my bank's price list, after taking up a new loan.  85 USD.  Recalling a currency cheque, in case it is lost in the mail, is the third most expensive service in my bank.  (I wonder if this is what was previously called a "travellers cheque"?) Then there is a swiftcheque (same price), which is basically as SWIFT transfer to someone without a bank account.  I suppose those will have the same limit as other SWIFT payments.

There are many kinds of cheques, and not all can be redeemed everywhere.

[ArticMine]

If Mt. Gox had "serious problems with the US Government", there would be press releases from DOJ or the SEC, news coverage, and possibly arrests.  

I would consider the seizure of a Credit Union account by the US Department of Homeland Security to be serious problems with the US Government https://bitcointalk.org/index.php?topic=205694.0

They have serious problems with CoinLab, which is suing them for good reasons.  

I would rather not comment on the merits or lack thereof of a lawsuit before the courts. I will point out a thread back in March where I asked a series of mundane questions regarding compliance in Canada I received a prompt response from MTGox but no response to this day from Coinlab so I will let the reader be the judge here. https://bitcointalk.org/index.php?topic=148147.msg1579776#msg1579776

They might have serious problems with some Tokyo banks.  But even that is unlikely. If you have money, you can generally send it somewhere else.  If you don't...

Mt. Gox had trouble at the US end, they'd probably be blocked from receiving money transfers. They're not. Somehow, the only things that don't work are things that take money away from Mt. Gox. That's very convenient for Mt. Gox.  

I still believe the problems are regulatory and not financial.

[sturle]

If you have money, you can generally send it somewhere else.  If you don't...

They can.  Withdrawal of JPY to Japanese bank accounts work fine and arrive next day.  JPY has sailed up as the third most traded currency at MtGox now, and the price difference between MtGox and Bitstamp is slowly decreasing.  Below 10% for the first time in days now.

[Alonzo Ewing]

May I ask how many BTCs were involved?  I'm trying the same thing but Mt Gox is limiting me to withdrawal of 100 BTCs a day.

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.

[davidgdg]

If you have money, you can generally send it somewhere else.  If you don't...

They can.  Withdrawal of JPY to Japanese bank accounts work fine and arrive next day.  JPY has sailed up as the third most traded currency at MtGox now, and the price difference between MtGox and Bitstamp is slowly decreasing.  Below 10% for the first time in days now.

Do you know for a fact that withdrawal to a Japanese account is doable? The yen rate for BTC at Gox is as high as the dollar rate which would suggest that it is no more possible to withdraw yen than dollars.

[zeroblock]

If you have money, you can generally send it somewhere else.  If you don't...

and the price difference between MtGox and Bitstamp is slowly decreasing.  Below 10% for the first time in days now.

False.  $110.34 vs $98.87 3:09 PT = 11.6% spread

http://bitcoinwisdom.com/

[mmortal03]

I have a question. I've been reading through this thread and have seen everybody pissing on MtGox with fury over the situation. At the same time it seems people have multiple withdrawal requests for thousands of dollars.

Mt.Gox is a way to buy bitcoins.

As far as I know there have been no problems buying or transferring bitcoins. The only problem is withdrawing USD, which is obviously tied to the old existing banking system.

Now, I'm not saying Mt.Gox should not have offered withdrawal by wire service, but it seems to me if they didn't this problem wouldn't exist. In other words the people making all these USD withdrawal requests apparently were not truly interested in owning bitcoins, but in something different. So now that the system has jammed up everyone is in a temper. It seems to me Mt.Gox isn't the only entity responsible for the resulting situation of multitudes of people withdrawing thousands of USD, or am I missing something?

No, BitInstant or Coinbase are ways to buy bitcoins. Mt. Gox is an exchange.

[smoothie]

If Mt. Gox had "serious problems with the US Government", there would be press releases from DOJ or the SEC, news coverage, and possibly arrests.  

I would consider the seizure of a Credit Union account by the US Department of Homeland Security to be serious problems with the US Government https://bitcointalk.org/index.php?topic=205694.0

They have serious problems with CoinLab, which is suing them for good reasons.  

I would rather not comment on the merits or lack thereof of a lawsuit before the courts. I will point out a thread back in March where I asked a series of mundane questions regarding compliance in Canada I received a prompt response from MTGox but no response to this day from Coinlab so I will let the reader be the judge here. https://bitcointalk.org/index.php?topic=148147.msg1579776#msg1579776

They might have serious problems with some Tokyo banks.  But even that is unlikely. If you have money, you can generally send it somewhere else.  If you don't...

Mt. Gox had trouble at the US end, they'd probably be blocked from receiving money transfers. They're not. Somehow, the only things that don't work are things that take money away from Mt. Gox. That's very convenient for Mt. Gox.  

I still believe the problems are regulatory and not financial.

Regulatory problems imply financial problems especially when it involves your bank accounts being frozen.

[bkava]

If you have money, you can generally send it somewhere else.  If you don't...

They can.  Withdrawal of JPY to Japanese bank accounts work fine and arrive next day.  JPY has sailed up as the third most traded currency at MtGox now, and the price difference between MtGox and Bitstamp is slowly decreasing.  Below 10% for the first time in days now.

Do you know for a fact that withdrawal to a Japanese account is doable? The yen rate for BTC at Gox is as high as the dollar rate which would suggest that it is no more possible to withdraw yen than dollars.

I agree that is a reasonable inference. Yet a few people report no problems with yen transfers and the only complaint so far re yen withdrawals were by joesmoe2012 who complained his withdrawal took 1 week (as opposed to 4-12 weeks for sepa/wire).

This topic has been ongoing for 4 months and no serious problem mentioned re JPY.

It is possible there are problems but japanese account holders don't hang out much on bitcointalk and therefore don't post about them.

It is also possible that there is no problem with JPY withdrawals and active, clued in JPY users don't mention not having problems because they have an arbitrage opportunity.

I wonder what could allow the gap to continue despite an efficient way to extract fiat from Gox.
Perhaps for some reason the JPY exchange still has bitcoin buyers who prefer to use MtGox since it is based in Japan?

The JPY situation is definitely curious.

It would be great if any JPY account holder would confirm that they are effectively arbitraging but of course if they're any good they won't say anything.

Hmmmm....

[Nagle]

Mt.Gox is a way to buy bitcoins.

At 10%-15% over the going rate, it's not a very good one.

[sturle]

If you have money, you can generally send it somewhere else.  If you don't...

They can.  Withdrawal of JPY to Japanese bank accounts work fine and arrive next day.  JPY has sailed up as the third most traded currency at MtGox now, and the price difference between MtGox and Bitstamp is slowly decreasing.  Below 10% for the first time in days now.

Do you know for a fact that withdrawal to a Japanese account is doable? The yen rate for BTC at Gox is as high as the dollar rate which would suggest that it is no more possible to withdraw yen than dollars.

Yes.  If you found an example of JPY rate same as USD rate on MtGox yesterday, you were lucky.  Most JPY trdes on MtGox yesterday were mix currency, i.e. a trade done in JPY and matched with an order in a different currency at 2.5% conversion fee.

[sturle]

I agree that is a reasonable inference. Yet a few people report no problems with yen transfers and the only complaint so far re yen withdrawals were by joesmoe2012 who complained his withdrawal took 1 week (as opposed to 4-12 weeks for sepa/wire).

The reason for this was an error in the Japanese spelling of his name.  His JPY transfer arrived the day after he contacted support and corrected the error.  There have been many reports on this forum, even in this thread, that JPY transfers work fine both ways.

[sturle]

If you have money, you can generally send it somewhere else.  If you don't...

and the price difference between MtGox and Bitstamp is slowly decreasing.  Below 10% for the first time in days now.

False.  $110.34 vs $98.87 3:09 PT = 11.6% spread

Must have been taken just after some large trade.  Here are my samples from the time around my post (timestamps in CET):
20:12 <gribble> mtgox premium over bitstamp is currently 9.43015538326 %.
20:53 <gribble> mtgox premium over bitstamp is currently 9.80714742711 %.
22:18 <gribble> mtgox premium over bitstamp is currently 9.15855226897 %.

Currently:
07:18 <gribble> mtgox premium over bitstamp is currently 9.95425434584 %.

Far below the 12% to 14% from a couple of days ago.

[joesmoe2012]

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.

Actually you can withdraw via domestic Polish PLN transfer as well.

[joesmoe2012]

If you have money, you can generally send it somewhere else.  If you don't...

They can.  Withdrawal of JPY to Japanese bank accounts work fine and arrive next day.  JPY has sailed up as the third most traded currency at MtGox now, and the price difference between MtGox and Bitstamp is slowly decreasing.  Below 10% for the first time in days now.

Do you know for a fact that withdrawal to a Japanese account is doable? The yen rate for BTC at Gox is as high as the dollar rate which would suggest that it is no more possible to withdraw yen than dollars.

I agree that is a reasonable inference. Yet a few people report no problems with yen transfers and the only complaint so far re yen withdrawals were by joesmoe2012 who complained his withdrawal took 1 week (as opposed to 4-12 weeks for sepa/wire).

This topic has been ongoing for 4 months and no serious problem mentioned re JPY.

It is possible there are problems but japanese account holders don't hang out much on bitcointalk and therefore don't post about them.

It is also possible that there is no problem with JPY withdrawals and active, clued in JPY users don't mention not having problems because they have an arbitrage opportunity.

I wonder what could allow the gap to continue despite an efficient way to extract fiat from Gox.
Perhaps for some reason the JPY exchange still has bitcoin buyers who prefer to use MtGox since it is based in Japan?

The JPY situation is definitely curious.

It would be great if any JPY account holder would confirm that they are effectively arbitraging but of course if they're any good they won't say anything.

Hmmmm....

Yes the JPY transfer went through, the reason it was being held up by gox was that my name in japanese wasn't spelt right, so they couldn't process it. They didn't notify me of this, and the status still just showed confirmed.

If a withdraw is confirmed,  doesn't that mean they have confirmed all the info?

Anyhow the mistake was on my behalf, not goxes. I do belive that JPY transfers are going out as normal.