MtGox withdrawal delays [Gathering]

[sturle]

Yes.  Delay for SEPA is up to two weeks, in most cases less than a week.  I also got some information from MtGox today: SEPA withdrawals are sent to the bank very early in the morning.  In practice you can expect it will be sent next business day at best.  Huge SEPA withdrawals (not to worry about unless you have trusted status) get lower priority unless the user inform MtGox in advance.

That's not "working". That's a debtor in financial trouble.

SEPA withdrawals working faster than ever, and next day JPY withdrawals always working is not a sign of financial trouble.  Some high volume days more than 20% of their volume has been from sales in JPY and EUR.  I expect those money leave for arbitrage pretty quickly, and look!  Difference between exchanges went down pretty fast as well!  So far nobody has complained about late domestic withdrawals, except one who got it late because he misspelled his Japanese name.  And how on earth could MtGox have spent tens of millions in half a year, which would be required to get in financial trouble?

None of that delay comes from money-laundering regulations or conspiracy theories involving governments. This is plain, ordinary "they don't have enough money" stalling.

Please elaborate.  In the time leading up to this, the following happened:

• SEPA amount per day limit hit (a very long time ago).  Many Europeans choose international wire instead.
• LR was busted, AurumExchange closed.  Withdrawal to several e-currencies no longer possible.
• OKpay stopped dealing with Bitcoin exchanges.  Another popular withdrawal method gone.
• Dwolla stopped, all US customers now have to use international wire.
• MtGox overloaded their bank with small wire transfers which would normally have gone through one of the methods above.

This was a short summary of the official story, and it looks perfectly plausible to me.  What I have trouble believing is some diffuse story about MtGox somehow wasting tens of millions of USD to become insolvent.  You need to elaborate on that.

Mt. Gox's customers need an audit of Mt. Gox. Where are all those US dollars right now? 

In their bank accounts, of course.

[BitCoinNutJob]

... None of that delay comes from money-laundering regulations or conspiracy theories involving governments. This is plain, ordinary "they don't have enough money" stalling.

Why do you think Mt.Gox doesn't have enough money? You do realize Mt.Gox was making money on BTC years ago when it was less than $0.50. You don't think they loaded up on BTC which is now worth over $100 (over a 10,000% increase)? I may not know much about their USD, but I'll bet anything they have a ton of BTC worth millions in USD at the very least.

Yep i agree, i'm just gunna guess gox is the largest BTC holder by far.  Gox seem very keen to promote bitcoin have you all noticed ?

If they were to run off with customer money it would probably cost them more vs paying customers back because of lost BTC community investment/confidence.   Overall its a very bullish time for BTC over the next few years.

[BitCoinNutJob]

you need to study more

[cosurgi]

....  And how on earth could MtGox have spent tens of millions in half a year, which would be required to get in financial trouble?
....

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

[MarKusRomanus]

Well, I've finally pulled the pin on MTGox.  USD Transfers from June 13th and still not completed.  Yesterday I cancelled all wire transfers and bought bitcoins.  I've taken all the coins out of MTGox.

[ardana123]

Sepa transfers not working either, the guy who's saying they are is a big fat fucking liar. Gox is insolvent, everyone take out your coins while you still can and sell on bitstamp to save your fiat.

[erk]

Well, I've finally pulled the pin on MTGox.  USD Transfers from June 13th and still not completed.  Yesterday I cancelled all wire transfers and bought bitcoins.  I've taken all the coins out of MTGox.

No problems getting the BTC out?

If that's the case then I suggest others do the same if they need to withdraw funds and find another site to convert them. There are no shortage of BTC -> USD exchangers around.

[joesmoe2012]

I have sepa pending since the end of july.

[sturle]

....  And how on earth could MtGox have spent tens of millions in half a year, which would be required to get in financial trouble?
....

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

https://bitcointalk.org/index.php?topic=179586.msg2988898#msg2988898

[sturle]

Sepa transfers not working either, the guy who's saying they are is a big fat fucking liar. Gox is insolvent, everyone take out your coins while you still can and sell on bitstamp to save your fiat.

Yep, all the people receiving SEPA transfers must be big fat liars, spescially fat, and certainly bigger than you.

I bet you got your money as well, and just do what's economically sound.  Spread the FUD so you can make more money on arbitrage.

What did support have to say about it, btw?  Written on the support pages: On a daily basis, due to missing or incomplete information we have transfers that we or our bank cannot process until we hear from our customers.

[BitCoinNutJob]

Sepa transfers not working either, the guy who's saying they are is a big fat fucking liar. Gox is insolvent, everyone take out your coins while you still can and sell on bitstamp to save your fiat.

Yep, all the people receiving SEPA transfers must be big fat liars, spescially fat, and certainly bigger than you.

I bet you got your money as well, and just do what's economically sound.  Spread the FUD so you can make more money on arbitrage.

+1

[Serpens66]

Sepa transfers not working either, the guy who's saying they are is a big fat fucking liar. Gox is insolvent, everyone take out your coins while you still can and sell on bitstamp to save your fiat.

Yep, all the people receiving SEPA transfers must be big fat liars, spescially fat, and certainly bigger than you.

I bet you got your money as well, and just do what's economically sound.  Spread the FUD so you can make more money on arbitrage.

What did support have to say about it, btw?  Written on the support pages: On a daily basis, due to missing or incomplete information we have transfers that we or our bank cannot process until we hear from our customers.

I think you should not spread, that SEPA transfers are solved, until you saw it with your own eyes.. And even if no one here is lying it could be the same as usual, that it's just luck which transfer is fast and which not.
Fact is that there are thousands of undone withdraws pending or "confirmed" since weeks or months. Only if these undone transfers were done, they can say "it's solved".

Sry for bad english. I hope u understand what I want to say

[ardana123]

Sepa transfers not working either, the guy who's saying they are is a big fat fucking liar. Gox is insolvent, everyone take out your coins while you still can and sell on bitstamp to save your fiat.

Yep, all the people receiving SEPA transfers must be big fat liars, spescially fat, and certainly bigger than you.

I bet you got your money as well, and just do what's economically sound.  Spread the FUD so you can make more money on arbitrage.

What did support have to say about it, btw?  Written on the support pages: On a daily basis, due to missing or incomplete information we have transfers that we or our bank cannot process until we hear from our customers.

I'm not the one spreading fud about sepa transfers not working...because they aren't, and they probably won't anymore. over 5mil seized from Gox, they're about to file for bankruptcy i bet. I just don't want to be there when the bitfloor scenario goes down again so i pulled out all my money this morning and sold on bitstamp. Fuck this.

[BitCoinNutJob]

5 mil is nothing to the largest BTC holder in the world.

[joesmoe2012]

I still have SEPA transfers from the last day of July Pending. And from the first week of august.


The few SEPA transfers that have gone through are really small ones, this has been explained on IRC, they are able to squeeze in alot of small ones with a couple big ones before hitting their daily limits, so that's why small ones get through quicker.

So far as USD, aside from "Emergency Wires," I haven't seen anybody receive a USD withdraw, and I've got one pending since June 17th.

[sturle]

I'm not the one spreading fud about sepa transfers not working...because they aren't, and they probably won't anymore. over 5mil seized from Gox, they're about to file for bankruptcy i bet. I just don't want to be there when the bitfloor scenario goes down again so i pulled out all my money this morning and sold on bitstamp. Fuck this.

Please tell us how seizing less than 2/3 of their profit since April this year could possibly make them bankrupt.  I've heard this story many times, but nobody are willing to answer this simple question.

Since you are unwilling to contact support about your pending transfer, I'll ask them a general question on Monday.  Just how many pending SEPA transfers there are > 2 weeks old.  Except, of course, those which are pending due to missing user input.  A common error is to choose International transsfer instead of SEPA, btw.

[sturle]

I think you should not spread, that SEPA transfers are solved, until you saw it with your own eyes.. And even if no one here is lying it could be the same as usual, that it's just luck which transfer is fast and which not.
Fact is that there are thousands of undone withdraws pending or "confirmed" since weeks or months. Only if these undone transfers were done, they can say "it's solved".

You have to document your claim of thousands of withdraws pending.  I count a total of three recent SEPA withdrawals in this thread which have been pending for more  than two weeks.  Each one reeported over and over.  Standard international withdrawal is very slow.  We know that.  There is a huge backlog from the middle of June.

I'll try a four digit SEPA withdrawal next week, and report back.

[Serpens66]

I think you should not spread, that SEPA transfers are solved, until you saw it with your own eyes.. And even if no one here is lying it could be the same as usual, that it's just luck which transfer is fast and which not.
Fact is that there are thousands of undone withdraws pending or "confirmed" since weeks or months. Only if these undone transfers were done, they can say "it's solved".

You have to document your claim of thousands of withdraws pending.  I count a total of three recent SEPA withdrawals in this thread which have been pending for more  than two weeks.  Each one reeported over and over.  Standard international withdrawal is very slow.  We know that.  There is a huge backlog from the middle of June.

I'll try a four digit SEPA withdrawal next week, and report back.

I have 5 open SEPA transfers. 3 of them about 200€, one 400€ and one of 800€.  I ordered the transfers: 2013/07/30 , 2013/07/30 , 2013/07/31 ,2013/08/12 and 2013/08/14. One order from 2013/07/26 about 200€ I got after 3 weeks.

So nothing is solved for open transfers... and I doubt it's solved for new transfers, but we will see.

Edit: ah and one withdrawl about 150€ from 2013/07/23 I got after a few days.

Edit2: just because there are not many people reporting delayed transfers, u can't say there are no. Because at the moment it's "normal" and normally no one cares about it anymore.
Today I made a new SEPA transfer about 300€, I will report back, if I get them next week.

[CompNsci]

Page 50 of this thread iirc..

I see a report of a USD withdrawal there, but no date given.

Looks like people are reporting June 17th transfer still pending. What is that now, 8 or 9 weeks. A far cry from the 2 weeks which Gox support will claim in their initial response to inquiries about this matter.

While I agree that ongoing withdrawals in other currencies argue against insolvency, this is not the behavior of a responsible business.

[JamesD]

Hi All,

I'm usually a very private person but decided to do my lates SEPA GOX Arbitrage in public as mentioned earlier in this thread (I'm also JamesD on BTC-E)

I initiated a 2500 EUR SEPA Withdrawal on the 2013/08/20 10:13:11
It has just shown in my bank account (obviously still waiting to clear) on 23 Aug 2013

It's UK Bank account in a major high street bank, funds credited in GBP obviously.

I'll update later to confirm it's cleared but thought people would like to know, yes I should probably keep this to myself and make some nice profit on arbitrage but I'm not that kinda guy  

Hope this helps all, sorry it doesn't help people doing int transfers of USD.

Regards
James