MtGox withdrawal delays [Gathering]

[bctjim]

Remember the name "Mark Karpeles" CEO of MtGox and never ever do business with him again, and remind people of this incident in any future business that he's involved. I'm sure shady organizations like the US gov would love to pick him up.

[sturle]

Well, Gox "promised" not to do that.  What does seem evident is that they have whales proxies who are getting their wires prioritized in order to keep liquidity flowing through the exchange.  Otherwise the price would have been $10,000 yesterday. 

Do you have proof of this, or are you making up even more bs?

People are withdrawing all kinds of amounts.  1000 EUR makes no whale.

[sturle]

Is there "liquidity flowing through the exchange?" Or is most of the volume just trading back and forth within Mt. Gox's system?

If some "whale" was able to get money out and exploit that huge spread, the spread would shrink.

Much of the volume is from bots, yes.  There is no signs of whales exploiting the spread.  They would have to risk a lot of money on an exchange operating on borrowed time, and I don't think anyone would risk a "whale" amount of money on Bitstamp after what happened to bitcoin24.  But there are many individuals making a fair amount on four digit EUR amounts.  Including some people trolling here.

[prophetx]

Remember the name "Mark Karpeles" CEO of MtGox and never ever do business with him again, and remind people of this incident in any future business that he's involved. I'm sure shady organizations like the US gov would love to pick him up.

lmao you have it ass backwards...

[prophetx]

Is there "liquidity flowing through the exchange?" Or is most of the volume just trading back and forth within Mt. Gox's system?

If some "whale" was able to get money out and exploit that huge spread, the spread would shrink.

Much of the volume is from bots, yes.  There is no signs of whales exploiting the spread.  They would have to risk a lot of money on an exchange operating on borrowed time, and I don't think anyone would risk a "whale" amount of money on Bitstamp after what happened to bitcoin24.  But there are many individuals making a fair amount on four digit EUR amounts.  Including some people trolling here.

actually... another poster did an analysis and found that there were a few large transactions(1000+) that may be attributable to a few account holders.  anyway it is open to interpretation.

it would probably be the first time in human history that an entire population of wealthy ones decided not to exploit the weak...

[sturle]

Is there "liquidity flowing through the exchange?" Or is most of the volume just trading back and forth within Mt. Gox's system?

If some "whale" was able to get money out and exploit that huge spread, the spread would shrink.

Much of the volume is from bots, yes.  There is no signs of whales exploiting the spread.  They would have to risk a lot of money on an exchange operating on borrowed time, and I don't think anyone would risk a "whale" amount of money on Bitstamp after what happened to bitcoin24.  But there are many individuals making a fair amount on four digit EUR amounts.  Including some people trolling here.

actually... another poster did an analysis and found that there were a few large transactions(1000+) that may be attributable to a few account holders.  anyway it is open to interpretation.

If they wanted to do arbitrage, they would be selling on MtGox, not buying. 

[barbarousrelic]

Right now I'm not able to withdrawal my Bitcoin balance from mtgox - it says "Invalid bitcoin address, please confirm your input" - but I am 100% certian it is a valid Bitcoin address.

[Rampion]

Right now I'm not able to withdrawal my Bitcoin balance from mtgox - it says "Invalid bitcoin address, please confirm your input" - but I am 100% certian it is a valid Bitcoin address.

Yep, it happened a couple of days ago to me too. I contacted chat support, they told me to try again in a couple of hours, I tried and it worked.

[Inedible]

Why isn't someone with a Japanese bank account exploiting this arbitrage opportunity?

[Rampion]

Why isn't someone with a Japanese bank account exploiting this arbitrage opportunity?

Maybe they are, but nevertheless the money flow doesn't allow a quick arbitrage and thus a steady decrease of the spread between exchanges? That could explain why Bitstamp is slowly following upwards, while Gox is just stationary ATM.

Anyhow, let's do not forget that the money flow out from Gox (where the big players still are) is slow. Even if you are a trusted status user, it takes time to withdraw significant money, if you are just verified is simply a joke (max. $10k per day and $50k per month). Add to that the delay in wire clearing (it seems that best case scenario ATM is 10/15 days), and then you have a very inefficient market in which arbitrage is a gamble because of the delays, etc.

[sturle]

Why isn't someone with a Japanese bank account exploiting this arbitrage opportunity?

They do, but due to the time it takes (1 business day for withdrawal from MtGox + 4 days for deposit to Bitstamp/BTC-E/whatever) it takes a while, and there is some risk involved.  You lose a week of trading on MtGox, which can be just as profitable.  I assume this is the reason why JPY volume at MtGox stayed fairly low until the difference passed 10%.  From that time it takes about a week until the money withdrawn are deposited on Bitstamp.  And don't forget that Bitstamp only allows a small amount for first time deposit.  I guess most Japanese haven't bothered to send their money to a foreign exchange before, so that's another clamp.  The difference will stay high for at least one more week.  The supply of stupid people selling at a loss is endless.

[Zarathustra]

The supply of stupid people selling at a loss is endless.

The believers and stupid promoters of companies with stupid, irreal, misleading and ridiculous information policy like this:

https://www.mtgox.com/
https://support.mtgox.com/home

... are limited within the bitcoin community, because the average bitcoiner is not stupid.

[jonas.schnelli]

still waiting for a 5 digits transaction (EUR) since june 24 (almost 2 month!).
Wrote to Gox's support.. response with standard text "will take serval weeks". 

[sturle]

The supply of stupid people selling at a loss is endless.

The believers and stupid promoters of companies with stupid, irreal, misleading and ridiculous information policy like this:

https://www.mtgox.com/
https://support.mtgox.com/home

... are limited within the bitcoin community, because the average bitcoiner is not stupid.

Numbers tell otherwise.  Well over 50% market share, and by far the deepest order book of all exchanges.  MtGox is clearly the most trusted of all exchanges.

[sturle]

still waiting for a 5 digits transaction (EUR) since june 24 (almost 2 month!).
Wrote to Gox's support.. response with standard text "will take serval weeks". 

You should send as EUR SEPA (if your account is within the SEPArea), not international wire.  SEPA should take a week or less.

[Rampion]

still waiting for a 5 digits transaction (EUR) since june 24 (almost 2 month!).
Wrote to Gox's support.. response with standard text "will take serval weeks". 

You should send as EUR SEPA (if your account is within the SEPArea), not international wire.  SEPA should take a week or less.

The truth is it seems pretty random. What's obvious is that the "withdrawals are processed in receiving order" is utter BS. Just now some people reports SEPA withdrawals clearing in 15/20 days, some others have been +5 weeks waiting.

[Zarathustra]

The supply of stupid people selling at a loss is endless.

The believers and stupid promoters of companies with stupid, irreal, misleading and ridiculous information policy like this:

https://www.mtgox.com/
https://support.mtgox.com/home

... are limited within the bitcoin community, because the average bitcoiner is not stupid.

Numbers tell otherwise.  Well over 50% market share, and by far the deepest order book of all exchanges.  MtGox is clearly the most trusted of all exchanges.

MtGox is clearly those exchange of the bigger ones, that is losing market share at the highest speed.

[sturle]

The truth is it seems pretty random. What's obvious is that the "withdrawals are processed in receiving order" is utter BS. Just now some people reports SEPA withdrawals clearing in 15/20 days, some others have been +5 weeks waiting.

International wires are processed in receiving order.  No word about the processing order of SEPA withdrawals, but I suspect they start with the oldest and run through the queue while skipping those which are too large to fit within the daily quota.  This means smaller SEPA withdrawals will have a small advantage.

If you have been waiting 5 weeks for a SEPA withdrawal, you should contact support and ask if anything is wrong.  It probably is.  Some wrong info perhaps, like joesmoe who misspelled his Japanese name, or it got in the international (SWIFT) queue by mistake.

[sturle]

Numbers tell otherwise.  Well over 50% market share, and by far the deepest order book of all exchanges.  MtGox is clearly the most trusted of all exchanges.

MtGox is clearly those exchange of the bigger ones, that is losing market share at the highest speed.

Their market share has always been following volume, and volume has been extraordinary low for a while.  MtGox went back over 80% for a while yesterday when volume was high (24h volume).

[Zarathustra]

Numbers tell otherwise.  Well over 50% market share, and by far the deepest order book of all exchanges.  MtGox is clearly the most trusted of all exchanges.

MtGox is clearly those exchange of the bigger ones, that is losing market share at the highest speed.

Their market share has always been following volume, and volume has been extraordinary low for a while.  MtGox went back over 80% for a while yesterday when volume was high (24h volume).

Over the month, it is as low as never before. Short volume spikes represent the moments when more smart money is leaving this rididulous company with its ridiculous, misleading information policy. What is your motivation to promote this kind of business doing? Any other interests?