MtGox withdrawal delays [Gathering]

[sturle]

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.

Here is what pending means:

Code:

14:52 <@MagicalTux> "pending" means we have asked our bank to send the funds, but haven't confirmed the debit on the bank account yet

So:

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. 

They obviously can't send proof that the money have been sent or give a date until their bank has confirmed sending it.  They can however try to cancel the transaction with their bank.  I don't know how that procedure works.  However, I know this exact date is a particularly difficult one.  It could be hanging at the Wells Fargo account which was seized the morning after, and in that case MtGox will be unable to check status and won't be allowed to comment while the legal action is going on.  In short: MtGox can't do anything about it, and can't even tell you what the problem is.

Code:

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. 

Eh, no it isn't "exactly fraud" if they asked their bank to do the transaction, and the bank is dragging their feet or forbidden by law enforcement to tell MtGox about any movements on the account.  And they obviously can't credit your account on MtGox until the transaction is cancelled at the bank.  And it is certainly not stolen money.  Worst case it may be seized money, which will be returned when MtGox can access the account again.

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

I think it would be a waste of time and money.  Try contacting support in a more friendly tone.  I cancelled a transaction today after I noticed it was sent as international transfer (months) instead of SEPA (days).  It took three minutes from I sent the request until it was cancelled and the money credited back to my account.  My transaction was still in confirmed status, i.e. confirmed by MtGox, but not sent to the bank yet.

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[Zarathustra]

Hey Sturle and OhShei8e, what do you have to say about this?

http://thegenesisblock.com/warrant-for-mt-gox-wells-fargo-accounts-shows-additional-2-1m-seized/

Idiots.

I guess they'll keep trolling and promote this kind of business, endlessly until the end, regardless of what's happening there.

Welcome to Mt.Gox Customer Service!
Stay updated with announcements

https://support.mtgox.com/home

[sturle]

Hey Sturle and OhShei8e, what do you have to say about this?

http://thegenesisblock.com/warrant-for-mt-gox-wells-fargo-accounts-shows-additional-2-1m-seized/

Idiots.

Less than I expected.  Why?  And why are you calling me an idiot?

[sturle]

Hey Sturle and OhShei8e, what do you have to say about this?

http://thegenesisblock.com/warrant-for-mt-gox-wells-fargo-accounts-shows-additional-2-1m-seized/

Idiots.

Less than I expected.  Why?  And why are you calling me an idiot?

Because you ignore every fact that slaps you in the face.  

Don't tell me this came as a surprise to you?  It is completely un-dramatic and the only unknown was the sum.  I expected it to be in the same ballbark as the Verdian Credit Union seizure at 2.9 million USD.  It was a little less.  So a little lower than expected, but still in the same ballpark.  And the total is still lower than MtGox's revenue since April.  How can anyone feel slapped in the face by this?  Do you feel that way?  What did you expect the number to be?

Income since April (4 months): 8,000,000 USD
Operating costs since April: 4 * 36,000 USD = 144,000 USD
Seizure: 5,000,000 USD.

Total revenue since April: 8,000' - 5,144' = 2,856'

Almost 3 million USD profit since April, even if the seized funds are counted as lost!  Looks very healthy to me, and I assume MtGox had some profit before the end of April as well.  I would be worried if the last seizure was more than 8 million USD, but what did you expect when it was done a few days after the first?

[sturle]

LOL and you believe what Karpeles said his income was since April?  You are a fool. 

Ehm.  It's public.  Anyone can verify this by looking at the transaction volume in the various currencies, multiply and add.

[FreeMeBTC]

Ehm.  It's public.  Anyone can verify this by looking at the transaction volume in the various currencies, multiply and add.

It's actually not that simple, as traders with higher 30-day volumes are given discounts on the trading fees. Even a relatively small trader could get down to rates of 0.50% and larger traders, who probably make up a significant percentage of the volume, could get as low as 0.30% without too much trouble.

https://www.mtgox.com/fee-schedule

I would guess that their revenue is more in the $6-7 million range, and is potentially lower than that, depending on what percentage of the total trade volume is accounted for by the largest traders.

[zeroblock]

Ehm.  It's public.  Anyone can verify this by looking at the transaction volume in the various currencies, multiply and add.

It's actually not that simple, as traders with higher 30-day volumes are given discounts on the trading fees. Even a relatively small trader could get down to rates of 0.50% and larger traders, who probably make up a significant percentage of the volume, could get as low as 0.30% without too much trouble.

https://www.mtgox.com/fee-schedule

I would guess that their revenue is more in the $6-7 million range, and is potentially lower than that, depending on what percentage of the total trade volume is accounted for by the largest traders.

Evidently quite a bit.  And i'm guessing they've negotiated rates far lower than whats on the schedule due to the risk of keeping funds at Gox.

https://bitcointalk.org/index.php?topic=278643.0

[Walsoraj]

Any bitcoin lawyers in the hood able to comment on likelihood of Gox getting back some of their seized funds? is it even possible? They did reapply for FINCEN reg.

[sturle]

Evidently quite a bit.  And i'm guessing they've negotiated rates far lower than whats on the schedule due to the risk of keeping funds at Gox.

https://bitcointalk.org/index.php?topic=278643.0

They don't need to, so I doubt it.  That buyer wanted BTC (obviously).  If they had tried to buy the same amount of BTC on another exchange, they would have paid more due to much lower liquidity at the other exchanges.  MtGox was the cheapest exchange to use for this trade.  And please name one exchange you think it would be safer to keep two million USD on.

[FreeMeBTC]

Ehm.  It's public.  Anyone can verify this by looking at the transaction volume in the various currencies, multiply and add.

It's actually not that simple, as traders with higher 30-day volumes are given discounts on the trading fees. Even a relatively small trader could get down to rates of 0.50% and larger traders, who probably make up a significant percentage of the volume, could get as low as 0.30% without too much trouble.

https://www.mtgox.com/fee-schedule

I would guess that their revenue is more in the $6-7 million range, and is potentially lower than that, depending on what percentage of the total trade volume is accounted for by the largest traders.

Evidently quite a bit.  And i'm guessing they've negotiated rates far lower than whats on the schedule due to the risk of keeping funds at Gox.

https://bitcointalk.org/index.php?topic=278643.0

Agreed on both points.

Doing an analysis like klao's, one could determine an upper bound for their revenue. Even assuming that every single trade is by a new user, those 1000 BTC trades would already put you in the 0.46% category and make a fairly large dent in their revenues.

Gox originally posted that fee schedule back in Dec 2011, so the values of those BTC figures has gone up ~40x since then. I doubt that most large traders would have been willing to trade on the same fee schedule even last year when the fiat values were in the 3-4x range, let alone now.

Anyway, I'm glad I found this thread before I started attempting arbitrage myself. But if I can find a friend with a bank account in Japan...

[erk]

Interesting article:

http://www.coindesk.com/bitcoin-law-what-us-businesses-need-to-know/


Seems miners have to register with FinCEN too.

[zeroblock]

Evidently quite a bit.  And i'm guessing they've negotiated rates far lower than whats on the schedule due to the risk of keeping funds at Gox.

https://bitcointalk.org/index.php?topic=278643.0

They don't need to, so I doubt it.  That buyer wanted BTC (obviously).  If they had tried to buy the same amount of BTC on another exchange, they would have paid more due to much lower liquidity at the other exchanges.  MtGox was the cheapest exchange to use for this trade.  And please name one exchange you think it would be safer to keep two million USD on.

How about cold storage?  I don't think anyone keeps $2M on any exchange, you would be incredible stupid to leave that much cash at any one exchanges disposal.  

[sturle]

Evidently quite a bit.  And i'm guessing they've negotiated rates far lower than whats on the schedule due to the risk of keeping funds at Gox.

https://bitcointalk.org/index.php?topic=278643.0

They don't need to, so I doubt it.  That buyer wanted BTC (obviously).  If they had tried to buy the same amount of BTC on another exchange, they would have paid more due to much lower liquidity at the other exchanges.  MtGox was the cheapest exchange to use for this trade.  And please name one exchange you think it would be safer to keep two million USD on.

How about cold storage?  I don't think anyone keeps $2M on any exchange, you would be incredible stupid to leave that much cash at any one exchanges disposal.  

They won't be able to buy 2 million USD of BTC with their USD in cold storage.  Should they show up at MtGox's door in Tokyo with a couple of suitcases (or a fridge) full of dollars and buy BTC?

Large traders don't need to worry about the fee schedule.  They are in the lowest tier already, and MtGox is the only exchange where they can do large trades without moving the price too much.  It is the only exchange which they can trust a decent amount of money to as well.  Small traders may worry about the fee schedule.  The number of USD they need to trade to get a lower fee has increased quite a bit.

[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.

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.

Same thing happened to me - I contacted support, they asked me for a screenshot, then they told me to try again later. It worked later.

[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.

Same thing happened to me - I contacted support, they asked me for a screenshot, then they told me to try again later. It worked later.

The day after they kindly contacted me to ask me if the issue was solved. MtGox is quite bipolar, for some issues they are über-irritating with that outrageous copy&paste templates, for some other issues they are extremely fast, polite and efficient.

Honestly, I hope they solve their problems with regulators, banks and whatnot. Amateurish or not, at least Gox is an honest business - we cannot say that of at least 50% of the other exchanges that have been created since 2011, most of them closed and ran with customer's money at some point.

[BitCoinNutJob]

Zeroblock has some kind of agenda to get people to panic buy out of MtGox.  I doubt anyone posting in this forum section is depositing new money into MtGox until they sort their shit out... we get this.

5 million seized is basically jack shit. They clearly aren't broke else you couldn't withdraw BTC + for whatever reason fresh SEPA withdraws seem available within a week judging by reports at this point.

MtGox either sorting their shit out or dying slowly is the best thing for BTC community investment.

 

[BitCoinNutJob]

Zeroblock has some kind of agenda to get people to panic buy out of MtGox.  I doubt anyone posting in this forum section is depositing new money into MtGox until they sort their shit out... we get this.

5 million seized is basically jack shit. They clearly aren't broke else you couldn't withdraw BTC + for whatever reason fresh SEPA withdraws seem available within a week judging by reports at this point.

MtGox either sorting their shit out or dying slowly is the best thing for BTC community investment.

  

I'm simply quoting facts.  That is it.  You obviously are a super Gox fanboy even when they treat their customers like shit.

You are not simply quoting facts - you called a guy an idiot a few posts back for not agreeing on your OPINION of what a fact meant.  

Your topic a few days back was something along the lines of "gox vs bitstamp now 20% gap, the bank run has begun" < your agenda here seems to be cause a mass buy out @ gox.   If we look at FACTS the gap has closed from 20% since so you've judged this wrong.

Your opinion is not fact there is a difference.

[cosurgi]

stop arguing. Back to topic. Did anybody had a successful withdrawal recently? Be it PLN or USD.

[cedivad]

stop arguing. Back to topic. Did anybody had a successful withdrawal recently? Be it PLN or USD.

Also, is it true that SEPA transferts are now working? :/

[sturle]

stop arguing. Back to topic. Did anybody had a successful withdrawal recently? Be it PLN or USD.

Yes, many people are reporting successful withdrawals in various currencies.  Read a few pages back.