MtGox withdrawal delays [Gathering]

[Grinder]

Just a few weeks ago there were 115k BTC on the Ask site. I am now in the middle of my first abritrage. Bought 5 BTC on bitcoin.de at 78 € and now sell 4 BTC at 99.5 € on Gox. This was only a test, but I will earn 20% (1 BTC)! I would not call the

The term for this is speculation, not arbitrage.

[sickpig]

Exiting, where?
There is not the corresponding selling pressure on bitstamp.

This. It's true that tens of k's are leaving Gox, but they are not showing up on Bitstamp at all. And this have been going on for months now. Just check the order books.

serious question: any idea on where are they going ?

[Rampion]

Exiting, where?
There is not the corresponding selling pressure on bitstamp.

This. It's true that tens of k's are leaving Gox, but they are not showing up on Bitstamp at all. And this have been going on for months now. Just check the order books.

serious question: any idea on where are they going ?

Not to any exchange. Cold storage I'd say.

[stereotype]

Exiting, where?
There is not the corresponding selling pressure on bitstamp.

This. It's true that tens of k's are leaving Gox, but they are not showing up on Bitstamp at all. And this have been going on for months now. Just check the order books.

serious question: any idea on where are they going ?

Not to any exchange. Cold storage I'd say.

LocalBitcoin

[sickpig]

Exiting, where?
There is not the corresponding selling pressure on bitstamp.

This. It's true that tens of k's are leaving Gox, but they are not showing up on Bitstamp at all. And this have been going on for months now. Just check the order books.

serious question: any idea on where are they going ?

Not to any exchange. Cold storage I'd say.

LocalBitcoin

It could be, but we're talking about thousands of BTC, though. It would be fun to see those face to face exchanges

[sturle]

Exiting, where?
There is not the corresponding selling pressure on bitstamp.

This. It's true that tens of k's are leaving Gox, but they are not showing up on Bitstamp at all. And this have been going on for months now. Just check the order books.

serious question: any idea on where are they going ?

Not to any exchange. Cold storage I'd say.

Or staying at MtGox, but out of the order book.  10k or more BTC suddenly coming out of nowhere (not corresponding with recent large transactions in the blockchain) in a big dump happens now and then.  Keeping them out of the book makes an impression of buying pressure.

[sturle]

...
06-04-2013 - 1000 EUR sepa - received 07-30-2013
06-27-2013 - 750 EUR sepa - received 08-08-2013
06-28-2013 - 750 EUR int.wire - still open
07-01-2013 - 500 EUR sepa - received 07-16-2013
08-09-2013 - 300 EUR sepa - still open

as you can see, it may take about 2 month for 1000 EUR.
my limit is 1000 EUR per day.
support giving just standard answers - no help.

This fits well with the latest information from MtGox.  SEPA withdrawal times are decreasing.  Aug. 9th was a Friday, and if it was done in normal daytime in Europe processing started on Monday 12th.  It should arrive any time now.  Just cancel your international wire.  It is going to take a very long time.  As a verified user you can easily increase your daily limit to 10k EUR by asking support.

no, i have been waiting 2 month for 1000 EUR and more than 1 month for 750 EUR.
it shows, that smaller amounts up to 500 EUR are much faster. maybe it's better to split it in smaller amounts.

Those are old.  The reduction of SEPA queue to a week or less happened very recently.  Last word from marionxd (MtGox support) in #mtgox on Freenode is: "Europe is currently solved."  Contact them if you don't get your latest SEPA withdrawal today.

Spread between MtGox and Bitstamp supports this.  It is currently below 9%, and I haven't seen it above 10% all day.  Arbitrage is working.  I expect the difference to stay well below 10% until tomorrow evening, perhaps rise a bit during the weekend (no deposits), and return to below 5% next week.  Less than 5% is hardly worth the trouble of moving fiat around, but I guess some people will anyway.

Btw, why don't you ask for a higher withdrawal limit?  My limit is 10k EUR, and my status is verified.

[Rampion]

...
06-04-2013 - 1000 EUR sepa - received 07-30-2013
06-27-2013 - 750 EUR sepa - received 08-08-2013
06-28-2013 - 750 EUR int.wire - still open
07-01-2013 - 500 EUR sepa - received 07-16-2013
08-09-2013 - 300 EUR sepa - still open

as you can see, it may take about 2 month for 1000 EUR.
my limit is 1000 EUR per day.
support giving just standard answers - no help.

This fits well with the latest information from MtGox.  SEPA withdrawal times are decreasing.  Aug. 9th was a Friday, and if it was done in normal daytime in Europe processing started on Monday 12th.  It should arrive any time now.  Just cancel your international wire.  It is going to take a very long time.  As a verified user you can easily increase your daily limit to 10k EUR by asking support.

no, i have been waiting 2 month for 1000 EUR and more than 1 month for 750 EUR.
it shows, that smaller amounts up to 500 EUR are much faster. maybe it's better to split it in smaller amounts.

Those are old.  The reduction of SEPA queue to a week or less happened very recently.  Last word from marionxd (MtGox support) in #mtgox on Freenode is: "Europe is currently solved."  Contact them if you don't get your latest SEPA withdrawal today.

Spread between MtGox and Bitstamp supports this.  It is currently below 9%, and I haven't seen it above 10% all day.  Arbitrage is working.  I expect the difference to stay well below 10% until tomorrow evening, perhaps rise a bit during the weekend (no deposits), and return to below 5% next week.  Less than 5% is hardly worth the trouble of moving fiat around, but I guess some people will anyway.

Btw, why don't you ask for a higher withdrawal limit?  My limit is 10k EUR, and my status is verified.

Europe is currently solved? Wow, if that is true is very good news. We might see some dumping ahead.

[Serpens66]

Those are old.  The reduction of SEPA queue to a week or less happened very recently.  Last word from marionxd (MtGox support) in #mtgox on Freenode is: "Europe is currently solved."  Contact them if you don't get your latest SEPA withdrawal today.

Spread between MtGox and Bitstamp supports this.  It is currently below 9%, and I haven't seen it above 10% all day.  Arbitrage is working.  I expect the difference to stay well below 10% until tomorrow evening, perhaps rise a bit during the weekend (no deposits), and return to below 5% next week.  Less than 5% is hardly worth the trouble of moving fiat around, but I guess some people will anyway.

Btw, why don't you ask for a higher withdrawal limit?  My limit is 10k EUR, and my status is verified.

Europe is currently solved? Wow, if that is true is very good news. We might see some dumping ahead.

I will try to withdraw ~500€, but I don't think it's solved. Otherwise the price would be equal on the exchanges already.

[Rampion]

Those are old.  The reduction of SEPA queue to a week or less happened very recently.  Last word from marionxd (MtGox support) in #mtgox on Freenode is: "Europe is currently solved."  Contact them if you don't get your latest SEPA withdrawal today.

Spread between MtGox and Bitstamp supports this.  It is currently below 9%, and I haven't seen it above 10% all day.  Arbitrage is working.  I expect the difference to stay well below 10% until tomorrow evening, perhaps rise a bit during the weekend (no deposits), and return to below 5% next week.  Less than 5% is hardly worth the trouble of moving fiat around, but I guess some people will anyway.

Btw, why don't you ask for a higher withdrawal limit?  My limit is 10k EUR, and my status is verified.

Europe is currently solved? Wow, if that is true is very good news. We might see some dumping ahead.

I will try to withdraw ~500€, but I don't think it's solved. Otherwise the price would be equal on the exchanges already.

Well, the big 20% divergence just happened a couple of days ago, and since then is steadily decreasing.

▲ mtgoxUSD   122.8900
▲ bitstampUSD   112.7800

[cosurgi]

anybody had success with PLN withdrawals?

[sturle]

I will try to withdraw ~500€, but I don't think it's solved. Otherwise the price would be equal on the exchanges already.

Never underestimate the power of trolls on the internet.  You didn't think it was solved, or you would have withdrawn earlier, right?  Trolls have been feeding a zombie epidemic.  People are seduced into believing in crazy stories about millions of USD mysteriously disappearing from MtGox.  The people become zombies who buy BTC on MtGox and sell at a loss on other exchanges to "secure their money", and go on to spread the epidemic further.  This is very profitable for the trolls who cash in large amounts on arbitrage by doing the opposite of the zombies.

Equalization takes time.  Right now there are bids for 14439 BTC on MtGox at Bitstamp price or above.  That's more than the entire order book on Bitstamp, and a lot of money has to move before the price is equal.

[Zarathustra]

I will try to withdraw ~500€, but I don't think it's solved. Otherwise the price would be equal on the exchanges already.

Never underestimate the power of trolls on the internet. 

Yes. All that has to be said about this Zombie company and its Zombie followers and pushers is this:

It's sickening how unprofessional Gox is. When you have millions of people's dollars in limbo, you should be posting an update every single day, as well as a clear warning on their site of the current situation for new investors.

https://bitcointalk.org/index.php?topic=278785.msg2977631#msg2977631

Here we see criminal business behavior and its promoters.

[sturle]

I will try to withdraw ~500€, but I don't think it's solved. Otherwise the price would be equal on the exchanges already.

Never underestimate the power of trolls on the internet. 

Yes. All that has to be said about this Zombie company and its Zombie followers and pushers is this:

Go see a decent zombie flick and come back when you know what a zombie epidemic is.

It's sickening how unprofessional Gox is. When you have millions of people's dollars in limbo, you should be posting an update every single day, as well as a clear warning on their site of the current situation for new investors.

https://bitcointalk.org/index.php?topic=278785.msg2977631#msg2977631

Here we see criminal business behavior and its promoters.

AFAIK MtGox has no other investors than Mark.  Mark is the sole owner of the company.

MtGox are not allowed to comment on the current situation regarding legal actions in the US.  This is the answer we get over and over whenever someone ask.  Doing so would make them real criminals.  They are walking on a very thin line here, and saying too much would risk customers funds for real.  The reason why MtGox enjoys so much trust is the fact that they don't put their customers at risk.  Unlike other major exchanges which operate illegally in broad daylight

01:47 <@MagicalTux> We can't comment on the legal actions in the US

We know there is some investigation related to the US (only USD withdrawals are affected), which MtGox aren't allowed to comment on, and that international withdrawals (i.e. everything but SEPA and JP domestic) are limited to 10/day.  We also now that it is possible to request a prioritized transfer, which I assume is done via a third party money transmitter at a high cost.

What do you think would is most unprofessional of the following?:
1 Abiding to what law enforcement tells you, even when it causes frustration among customers.
2 Operate illegally in broad daylight, risking shutdown and seizure of customers funds.
3 Not abiding to orders from law enforcement, risking shutdown and seizure of customers funds.

[CompNsci]

It's sickening how unprofessional Gox is. When you have millions of people's dollars in limbo, you should be posting an update every single day, as well as a clear warning on their site of the current situation for new investors.

While it is true that Mt. Gox is trusted, and can't discuss ongoing litigation, there are at least 3 things they should be doing as a responsible business.

1. Being transparent about the situation. Tell the customers what  the delays are and what the limitations are.

2. Paying interest on delays of withdrawals. It is not right to keep hundreds of thousands of other people's money, without their explicit consent, and not at least pay them interest. Why should Mt. Gox be able to keep interest they earn on other people's funds when that wasn't in their original service agreement or the implicit agreement that was formed by prior operations.

3. Openly offer priority withdrawals, for a fee, if they are available. The idea of having an NDA to find out what the fees are makes everyone wonder what sneaky thing is going on here.

[Vezunchik]

Does anyone knows - is there any collective suit against MtGox to return stolen money?

[sturle]

Does anyone knows - is there any collective suit against MtGox to return stolen money?

I'm sure MtGox would return stolen money if they were deposited on MtGox.

[Vezunchik]

Doubtful. I am waiting for 3 days for simple return of my money to MtGox account to withdraw them as BTC with huge loss after 7 weeks.
Theirs answer:

Code:

The withdrawal request which you made on 2013-06-18 is in pending status and it will be credited shortly in your bank account. Kindly apologize us for the delay and inconvenience that may have caused.

Best regards,

Mt.Gox Team 
https://www.mtgox.com

Code:

Please give me proof of that you have sent money for withdrawal request 2013-06-18. Also tell me date when this transfer will arrive to my bank account. Or again - return them to MtGox account. 
Otherwise this is exactly fraud, no more doubts. I think you just short of money - BTC and USD. This is real reason why you can't return this transfer to MtGox account. Also note that I've already lost ~[17%+bank rate] of this money because of price change and wasted time.

Code:

Hello Yaroslav,

Thank you for your email. Please be clear that, yet we have not credited the funds to your bank account of the withdrawal which is initiated on 06/18/2013 and still it is in the pending status. Unfortunately, we are unable to provide you the exact time frame for the withdrawals. So we will check with the banking team and keep you updated as earliest. 

Best regards,

Mt.Gox Team 
https://www.mtgox.com

Code:

So let's see what will happen earlier: 
- return of stolen money 
- legal action

Now I am looking for someone with same problems to start collective suit...
What do you think?

[Vezunchik]

By the way, my requests were:

Code:

2013/06/16 
19:52:41 

2013/06/22 
20:04:09 

2013/06/19 
00:01:21 

2013/06/26 
20:41:32 

2013/06/28 
21:32:50

None was processed, all, except last was returned on MtGox.

[zeroblock]

By the way, my requests were:

Code:

2013/06/16 
19:52:41 

2013/06/22 
20:04:09 

2013/06/19 
00:01:21 

2013/06/26 
20:41:32 

2013/06/28 
21:32:50

None was processed, all, except last was returned on MtGox.

This is precisely what new users need to know.  That only money goes into Gox.  Very little trickles out.