MtGox withdrawal delays [Gathering]

[Serpens66]

I didn't have to contact support.  MagicalTux explained it on #mtgox today:

Code:

13:30 < jouke> Just received an answer on my ticket: "We were bound to certain 
               withdrawal limits per day which forces the requests to pile up 
               in long queue. We suggest you to cancel all your pending 
               withdrawal request and make a new combined single request. So 
               that it be processed faster."
13:32 <@MagicalTux> remember one thing
13:32 <@MagicalTux> if you did multiple requests, only one can be processed 
                    every ~20 days

In short: Cancel all your tiny withdrawals and merge them into one.  It will be processed much faster.

O.ô wtf ...
Okay thanks. I will wait and see I if I get sth. tomorrow.

[bernard75]

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.

You do realize that you are slowing down the process for everybody else with withdrawals like that?

[Serpens66]

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.

You do realize that you are slowing down the process for everybody else with withdrawals like that?

No I did not ^^ I thought it would be faster because some days ago everybody said it would be better to withdraw smaller amounts
--> every day it seems to be different whats best

[ardana123]

So now only 1 SEPA request every 20 days? Then they should put that in the notice goddamnit.

[smoothie]

So now only 1 SEPA request every 20 days? Then they should put that in the notice goddamnit.

This is where Mark/Gox fails. They could have put this in their press releases but failed to do so. Hence buying more time due to more excuses. Now one has to cancel previous pending withdrawals and merge them into one to "allow withdrawal to go faster". lol

[sturle]

So now only 1 SEPA request every 20 days? Then they should put that in the notice goddamnit.

This is where Mark/Gox fails. They could have put this in their press releases but failed to do so. Hence buying more time due to more excuses. Now one has to cancel previous pending withdrawals and merge them into one to "allow withdrawal to go faster". lol

Have you ever written a press release?  It is supposed to be as short as possible.  A press release listing every little detail will get ignored by the press.  I have asked support to make a page listing all current withdrawal issues and expected time for the various methods, and hope this helps.

If you people had bothered to ask support why your SEPA withdrawals were slower than expected, which would only take a minute, you would have got the same answer as the guy i cited.  Why do people bother with multiple microtransactions via SEPA anyway?  Doing all in one withdrawal makes sense.  It lessens the load for everyone.

[joesmoe2012]

So now only 1 SEPA request every 20 days? Then they should put that in the notice goddamnit.

This is where Mark/Gox fails. They could have put this in their press releases but failed to do so. Hence buying more time due to more excuses. Now one has to cancel previous pending withdrawals and merge them into one to "allow withdrawal to go faster". lol

Have you ever written a press release?  It is supposed to be as short as possible.  A press release listing every little detail will get ignored by the press.  I have asked support to make a page listing all current withdrawal issues and expected time for the various methods, and hope this helps.

If you people had bothered to ask support why your SEPA withdrawals were slower than expected, which would only take a minute, you would have got the same answer as the guy i cited.  Why do people bother with multiple microtransactions via SEPA anyway?  Doing all in one withdrawal makes sense.  It lessens the load for everyone.

There was a time (still may be true) that small transactions were used to fill in the little gap between a few larger wires clumped together and the actual banks limit.

To explain since that sentence didn't make much sense....

Say MTgox can send 50k a day SEPA.

They have 3 15k wires, totalling 45k, then they take 10-15 smaller wires to fill in the gap.

This was mentioned by tux at one point on IRC (ages ago), and i'm not going to dig up the reference, but I bet it can be found someone in this thread.

Also, withdraws over 10k are specifically noted to take a minimum of 2 weeks on gox's FAQ.

This 20 day stuff is all news to me though.

[prophetx]

Have you ever written a press release?  It is supposed to be as short as possible.  A press release listing every little detail will get ignored by the press. 

What the hell are you talking about? They've either given false facts or left out vital information.  Their PR is absolutely worthless.  

what exactly is a false fact? lol

[cedivad]

This topic is a comic book.
It's such a misfortune that there are only a few posts a day in it.
We need some more trolling from people that defends Gox without proof and other that attacks it without reason.

Personally, i'm betting my money (i'm awaiting on the line on bitstamp) to buy cheap when mtgox will collapse. It looks like to be much less probable than a week ago, but i still have reasons to keep my bet going. When the spread will be stable for a long period under 2-3%, i will call myself a loser. I could arbitrage from bitstamp to gox, but i wan't, because i don't trust the latter with the sepa withdrawn.

For me, this thread is being derailed by gox puppets showing how much they did arbitraging. If it's so easy to make this load of money, why is the spread still 10%?

[joesmoe2012]

It was 20% a week ago....

[EBM]

"Customers were about to get their own IBAN at Bitcoin-Central when they had to close due to a security breach at their hosting provider.  I hope they'll open again soon."

Crap. Just added our bank details to our account there. Better tell the bank...

[sturle]

For me, this thread is being derailed by gox puppets showing how much they did arbitraging. If it's so easy to make this load of money, why is the spread still 10%?

A little under 8.3% now.  May still be worth the trouble, but not much longer as the spread goes down.  I expect it to go down even further when banks start moving again in the morning.  Price in EUR (or in JPY) on MtGox is 2.5% lower than price in USD, so 5.8%.  2% in fees, including transaction fees, bank fees and currency conversion fee from EUR to USD if I use Bitstamp.  3.8% left.  Bitcurex is a bit more promising right now, but very low volume.  Not sure if there will be more profitable arbitrage left when the money arrive if I withdraw from MtGox now.

[sturle]

"Customers were about to get their own IBAN at Bitcoin-Central when they had to close due to a security breach at their hosting provider.  I hope they'll open again soon."

Crap. Just added our bank details to our account there. Better tell the bank...

The security breach happened months ago.  If you just added something, you should be safe.

[EBM]

"Customers were about to get their own IBAN at Bitcoin-Central when they had to close due to a security breach at their hosting provider.  I hope they'll open again soon."

Crap. Just added our bank details to our account there. Better tell the bank...

The security breach happened months ago.  If you just added something, you should be safe.

Thanks. Troubled mind eased...!

[smoothie]

Have you ever written a press release?  It is supposed to be as short as possible.  A press release listing every little detail will get ignored by the press.

What the hell are you talking about? They've either given false facts or left out vital information.  Their PR is absolutely worthless.  

what exactly is a false fact? lol

People are using Gox as a source of "fact." Those "facts" are false.  

March 28th:

We are also working with authorities in Europe and US to ensure our activity is in line with local regulations.

June 26th:
Mt.Gox registers as MSB with FinCEN. http://www.fincen.gov/financial_institutions/msb/msbstateselector.html

3 months later? Oh ya thats "working with authorities in the US to ensure their activity is in line with local regulations"

July 4th:
"Mt. Gox is happy to announce that global account withdrawals have now fully resumed as of today, after several days of testing our new system for processing transactions.....Mt. Gox has now formed relationships with several new banking partners both in Japan and around the world, and we are still in the process of finalizing even more. ..... but there is approximately a two-week back-log we need to overcome. It will take a few weeks to get back to normal."  https://www.mtgox.com/press_release_20130704.html

Its been a month and a half and Karpeles is still saying in the IRC chats that they basically can only process 10 a day?  That isn't "fully resumed."

August 5th:
"We are in the process of forming relationships with new partners, banks, and taking other steps"  https://www.mtgox.com/press_release_20130805.html

Ya uh sure you are.  Didn't you just say that you already "formed relationships with several new banking partners" a month ago?

The double talk is the main tell that Gox likely has issues they are not disclosing.

[Serpens66]

One question:
How to cancel a withdrawal on Mtgox?

[joesmoe2012]

One question:
How to cancel a withdrawal on Mtgox?

Chat with or email support.

[bernard75]

You do know how much Gox lost through their stupidity though?
It can take a while until they can plug that hole through insider trading.

[acoindr]

Ok the BTC price has largely recovered from June and fully from July. If you requested a withdrawal anytime after July 1st you can cancel that request and sell your BTC elsewhere at a premium probably. Anything after June 1st can probably break even. I believe earlier withdrawals are largely filled. This BTC price rise should really ease this issue. Once again, there seems to be no problem withdrawing BTC from Mt.Gox. Simply contact their support by chat or email to cancel your USD withdrawal request (chat may be best).

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.

Are they listed as SEPA or International?  SEPA is fast, international fits your description.

reading my post could help...

05-14-2013 - 800 EUR sepa - received 05-21-2013
05-22-2013 - 500 EUR sepa - received 05-23-2013
06-01-2013 - 500 EUR sepa - received 06-04-2013
06-04-2013 - 1000 EUR sepa - received 07-30-2013
06-19-2013 - 500 EUR sepa - received 07-01-2013
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

[Radacoin]

If you requested a withdrawal anytime after July 1st you can cancel that request and sell your BTC elsewhere at a premium probably.

No, because if you cancel your withdrawal request you still have only USD or EUR in you account - and not BTC.

You'd still have to exchange USD -> BTC on MtGox before you can move it to another exchange.