MtGox withdrawal delays [Gathering]

[ardana123]

Question is, once they create their new financial entitity, won't they have the same problems all over? Other banks not wanting to deal with the new mt.gox bank?

[1714960186]

1714960186

[1714960186]

1714960186

[1714960186]

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[oblongmeteor]

Getting a banking license is not a trivial task (read: hellishly difficult). Typically depending upon the type of banking services the applicant is seeking to offer (Retail, Custodial, Investment etc) supplemental conditions also apply. It would be pretty close to a Loaves & Fishes event if they (Mt Gox) managed to get one - in Europe - within 2 years let alone 6-12 months.

Nah.  Doesn't take 2 years.  New banks and financial institutions pop up all the time.  I even found an easily verifiable example.    Company formed  2007-06-05, registered 2007-07-17, got their full banking licence 2007-11-16.  5 months.

My suspicion is that 2007 was a very different financial climate to 2013. If you are in Europe, you are subject to the European Payment Services Directive, the unifying EU wide guidance that all financial institutions must adhere to (implemented locally by each member country). For reference you may wish to watch these three videos (The Bank of Dave) - although this is UK centric view - similar hurdles are applicable to all bank applicants in EU member states:

-> http://thepiratebay.sx/torrent/8034040/Bank.Of.Dave.S01E01.PDTV.x264-BARGE
-> http://thepiratebay.sx/torrent/8034056/Bank.Of.Dave.S01E02.HDTV.x264-BARGE
-> http://thepiratebay.sx/torrent/8207973/Bank.Of.Dave.Fighting.The.Fat.Cats.HDTV.x264-C4TV

While I am not saying it cannot be done - setting up a bank, especially one specifically designed to advocate an unregulated disruptive financial product (Bitcoin), is not going to simple, easy or cheap.

[2weiX]

withdrawal of  2559€ on Sept 15th initiated.
status still "confirmed".

[sturle]

withdrawal of  2559€ on Sept 15th initiated.
status still "confirmed".

You can expect it to be sent (changed to pending) on the 27th or 30th, unless you had other withdrawals recently, or the queue has changed much since last time I asked.

[sturle]

Getting a banking license is not a trivial task (read: hellishly difficult). Typically depending upon the type of banking services the applicant is seeking to offer (Retail, Custodial, Investment etc) supplemental conditions also apply. It would be pretty close to a Loaves & Fishes event if they (Mt Gox) managed to get one - in Europe - within 2 years let alone 6-12 months.

Nah.  Doesn't take 2 years.  New banks and financial institutions pop up all the time.  I even found an easily verifiable example.    Company formed  2007-06-05, registered 2007-07-17, got their full banking licence 2007-11-16.  5 months.

My suspicion is that 2007 was a very different financial climate to 2013. If you are in Europe, you are subject to the European Payment Services Directive, the unifying EU wide guidance that all financial institutions must adhere to (implemented locally by each member country). [...]
While I am not saying it cannot be done - setting up a bank, especially one specifically designed to advocate an unregulated disruptive financial product (Bitcoin), is not going to simple, easy or cheap.

The financial climate was different in 2007, which means it was easier to find investors in a new bank in 2007.  The changes in regulations since then hasn't made it considerably more difficult, just even more expensive.  The price tag is the reason why MtGox couldn't afford it until this year.

As I understand MagicalTux, MtGox is setting up a financial institution in Europe, which is not necessarily a complete bank with lending and all.

[Jhantor]

I guess it's possible that my overall balances somehow make me a preferred customer but are you trying to say Gox isn't?  So two possibilities exist.  Either they are doing it on purpose and lying about limits that don't exist or their bank really put in those limits because they see their money flows and balance sheet and think they are at risk.  Both scenarios are a bit worrisome.

Both scenarios are a bit far fetched.  The limit has been the same since MtGox got that Polish bank account in 2011.  Judging by the price difference ein EUR/BTC vs USD/BTC, much more money has gone in through that account than out.  Why would their bank lie about the limit, btw?

I said gox might be lying not the bank.

The limit was revealed by their bank when someone called them.  I don't think MtGox has published their limit.

Also why can't they mail checks out if they have a wire limit?  International checks take a few weeks to clear but it won't be months.  Or are you saying there's a limit on how many checks their printer can print in a day?

I haven't seen a check since the 80ies, except one.  Got one in return from some USSAnian scammer company.  I was told by my bank I had to travel to USSA to cash it in.  Would you be happy if you got a check which you had to travel to Japan to cash in?  Probably cheaper to take the 5% option.

Sturle, you  keep mentioning this 5% emergency withdrawal option, but not a single person on this site has been able to provide any evidence for it. Further, if such an option existed, it would currently be quite profitable as the spread between other sites and Mtgox is over 5%.

[User705]

I guess it's possible that my overall balances somehow make me a preferred customer but are you trying to say Gox isn't?  So two possibilities exist.  Either they are doing it on purpose and lying about limits that don't exist or their bank really put in those limits because they see their money flows and balance sheet and think they are at risk.  Both scenarios are a bit worrisome.

Both scenarios are a bit far fetched.  The limit has been the same since MtGox got that Polish bank account in 2011.  Judging by the price difference ein EUR/BTC vs USD/BTC, much more money has gone in through that account than out.  Why would their bank lie about the limit, btw?

I said gox might be lying not the bank.

The limit was revealed by their bank when someone called them.  I don't think MtGox has published their limit.

Also why can't they mail checks out if they have a wire limit?  International checks take a few weeks to clear but it won't be months.  Or are you saying there's a limit on how many checks their printer can print in a day?

I haven't seen a check since the 80ies, except one.  Got one in return from some USSAnian scammer company.  I was told by my bank I had to travel to USSA to cash it in.  Would you be happy if you got a check which you had to travel to Japan to cash in?  Probably cheaper to take the 5% option.

So your last experience with checks is from the 80s?  Checks are electronically processed now.  Also who called their bank?  Why would the bank tell them limits for another customer?

We don't have checks in Japan.

Why would you need them.  Isn't Gox processing Japan transfers instantly?

[sturle]

I haven't seen a check since the 80ies, except one.  Got one in return from some USSAnian scammer company.  I was told by my bank I had to travel to USSA to cash it in.  Would you be happy if you got a check which you had to travel to Japan to cash in?  Probably cheaper to take the 5% option.

Sturle, you  keep mentioning this 5% emergency withdrawal option, but not a single person on this site has been able to provide any evidence for it. Further, if such an option existed, it would currently be quite profitable as the spread between other sites and Mtgox is over 5%.

See previous pages of this thread for first hand reports of emergency withdrawals.

The spread must be much more than 5% for it to be worthwhile.  Even with normal SEPA withdrawal you need at least 5% spread to be sure to make noticeable profit.  Sell BTC (at bid) - fee.  Buy BTC (at ask) - fee.  Withdraw fiat - fee.  Transfer to another exchange - fee.  In between there may be a currency rate risk if the other exchange doesn't support EUR.  EUR/USD has been changing up to 2% in day lately.

It is better if you have a domestic bank account in Japan and can withdraw JPY at a fee of only 200 JPY.  It is next day to a few days if there is very high volume of withdrawals.  On Friday the JPY volume on MtGox was more than 50% of the total volume on Bitstamp, so I suppose people with a Japanese bank account are making a huge profit on arbitrage.  Makes much more sense than withdrawing at a 5% fee.  But of course, they as well have to struggle with Japanese banking when sending the money to the next exchange.  In other threads you will see people complain over restrictions.

[sturle]

I haven't seen a check since the 80ies, except one.  Got one in return from some USSAnian scammer company.  I was told by my bank I had to travel to USSA to cash it in.  Would you be happy if you got a check which you had to travel to Japan to cash in?  Probably cheaper to take the 5% option.

So your last experience with checks is from the 80s?  Checks are electronically processed now.  Also who called their bank?  Why would the bank tell them limits for another customer?

I doubt any checks are processed at all in my country.  The equipment was probably rusted away in a basement and thrown away 20 years ago.  We use plastic cards instead.  Probably the same in Japan.  How do you print a check in a country where checks don't exist?  The bank would have to redeem it somehow, wouldn't it?

The person who called their bank reported directly in this thread.  Just a few pages back.  I suggest you ask the person who called the bank if he would be able to get the same information for other customers.

[User705]

I haven't seen a check since the 80ies, except one.  Got one in return from some USSAnian scammer company.  I was told by my bank I had to travel to USSA to cash it in.  Would you be happy if you got a check which you had to travel to Japan to cash in?  Probably cheaper to take the 5% option.

So your last experience with checks is from the 80s?  Checks are electronically processed now.  Also who called their bank?  Why would the bank tell them limits for another customer?

I doubt any checks are processed at all in my country.  The equipment was probably rusted away in a basement and thrown away 20 years ago.  We use plastic cards instead.  Probably the same in Japan.  How do you print a check in a country where checks don't exist?  The bank would have to redeem it somehow, wouldn't it?

The person who called their bank reported directly in this thread.  Just a few pages back.  I suggest you ask the person who called the bank if he would be able to get the same information for other customers.

That's so interesting.  I'm going to read up on how it is done in your country.  Just goes to show you how many various solutions can be found to the same simple desire to move money around.

[Jhantor]

I haven't seen a check since the 80ies, except one.  Got one in return from some USSAnian scammer company.  I was told by my bank I had to travel to USSA to cash it in.  Would you be happy if you got a check which you had to travel to Japan to cash in?  Probably cheaper to take the 5% option.

Sturle, you  keep mentioning this 5% emergency withdrawal option, but not a single person on this site has been able to provide any evidence for it. Further, if such an option existed, it would currently be quite profitable as the spread between other sites and Mtgox is over 5%.

See previous pages of this thread for first hand reports of emergency withdrawals.

I have. The only person I have seen mentioning it really is you. Show people how to get one of these supposed emergency withdrawals or stop spreading this FUD.

[sturle]

I haven't seen a check since the 80ies, except one.  Got one in return from some USSAnian scammer company.  I was told by my bank I had to travel to USSA to cash it in.  Would you be happy if you got a check which you had to travel to Japan to cash in?  Probably cheaper to take the 5% option.

Sturle, you  keep mentioning this 5% emergency withdrawal option, but not a single person on this site has been able to provide any evidence for it. Further, if such an option existed, it would currently be quite profitable as the spread between other sites and Mtgox is over 5%.

See previous pages of this thread for first hand reports of emergency withdrawals.

I have. The only person I have seen mentioning it really is you. Show people how to get one of these supposed emergency withdrawals or stop spreading this FUD.

In what way am I scaring you?

Here is one report.  Search for more yourself.  You have to request emergency withdrawal from support.

[Rampion]

I haven't seen a check since the 80ies, except one.  Got one in return from some USSAnian scammer company.  I was told by my bank I had to travel to USSA to cash it in.  Would you be happy if you got a check which you had to travel to Japan to cash in?  Probably cheaper to take the 5% option.

Sturle, you  keep mentioning this 5% emergency withdrawal option, but not a single person on this site has been able to provide any evidence for it. Further, if such an option existed, it would currently be quite profitable as the spread between other sites and Mtgox is over 5%.

See previous pages of this thread for first hand reports of emergency withdrawals.

I have. The only person I have seen mentioning it really is you. Show people how to get one of these supposed emergency withdrawals or stop spreading this FUD.

In what way am I scaring you?

Here is one report.  Search for more yourself.  You have to request emergency withdrawal from support.

And there are more. The "emergency" withdrawal (what a joke of a name) exists. I would call it the "ransom" withdrawal

[isimme]

I haven't seen a check since the 80ies, except one.  Got one in return from some USSAnian scammer company.  I was told by my bank I had to travel to USSA to cash it in.  Would you be happy if you got a check which you had to travel to Japan to cash in?  Probably cheaper to take the 5% option.

Sturle, you  keep mentioning this 5% emergency withdrawal option, but not a single person on this site has been able to provide any evidence for it. Further, if such an option existed, it would currently be quite profitable as the spread between other sites and Mtgox is over 5%.

See previous pages of this thread for first hand reports of emergency withdrawals.

I have. The only person I have seen mentioning it really is you. Show people how to get one of these supposed emergency withdrawals or stop spreading this FUD.

I was offered the 5% emergency withdrawal option.

You merely have to ask for it, if it isn't offered to you.

[patryn]

I haven't seen a check since the 80ies, except one.  Got one in return from some USSAnian scammer company.  I was told by my bank I had to travel to USSA to cash it in.  Would you be happy if you got a check which you had to travel to Japan to cash in?  Probably cheaper to take the 5% option.

Sturle, you  keep mentioning this 5% emergency withdrawal option, but not a single person on this site has been able to provide any evidence for it. Further, if such an option existed, it would currently be quite profitable as the spread between other sites and Mtgox is over 5%.

See previous pages of this thread for first hand reports of emergency withdrawals.

I have. The only person I have seen mentioning it really is you. Show people how to get one of these supposed emergency withdrawals or stop spreading this FUD.

I was offered the 5% emergency withdrawal option.

You merely have to ask for it, if it isn't offered to you.

I asked and was told that such an option does not exist.

[S3052]

I haven't seen a check since the 80ies, except one.  Got one in return from some USSAnian scammer company.  I was told by my bank I had to travel to USSA to cash it in.  Would you be happy if you got a check which you had to travel to Japan to cash in?  Probably cheaper to take the 5% option.

Sturle, you  keep mentioning this 5% emergency withdrawal option, but not a single person on this site has been able to provide any evidence for it. Further, if such an option existed, it would currently be quite profitable as the spread between other sites and Mtgox is over 5%.

See previous pages of this thread for first hand reports of emergency withdrawals.

I have. The only person I have seen mentioning it really is you. Show people how to get one of these supposed emergency withdrawals or stop spreading this FUD.

I was offered the 5% emergency withdrawal option.

You merely have to ask for it, if it isn't offered to you.

I asked and was told that such an option does not exist.

sorry, but I still don't get it.

If you really want to withdraw fiat, why do you bother with MtGox?
You could buy BTC at MtGox, withdraw them to another platform, and then withdraw fiat easily. the whole operation should take approx 4-5 days. This is how it worked for me with bitfinex or bitstamp.

[S3052]

http://www.alloscomp.com/bitcoin/calculator

26 August 2013: I switched the exchange rate to Bitstamp since MtGox has been having currency access issues.

I guess I'm not the only one not really looking at gox's price as the ACTUAL price. My view is you can only attain a fiat value where you can withdraw or get it in person (cash) at the same price.

Local cash transactions have also resorted to using non-gox values to determine fair market value to exchange at.

I agree with you.
There is no fundamental reason to stick with mtgox and the price is inflated due to the default risk

It is easy to leave: https://bitcointalk.org/index.php?topic=1493.msg3208216#msg3208216

[sturle]

There is no fundamental reason to stick with mtgox and the price is inflated due to the default risk

The reason why the price is inflated can be debated.  Panic, desperation and bad advice are probably the main causes.  I think the price is inflated because many people buy BTC on MtGox, like you suggest.  I do it the opposite way.  Sell BTC on MtGox and withdraw fiat, to make some on arbitrage.  Much more profitable.

Default seems like a less probable outcome every day.  A steadily increasing share of trades are cross currency trades, of which MtGox makes 2.5% in addition to the normal fees.  This makes MtGox very profitable even at low volume.

[bnjmnkent]

2013-09-05: 10³ EUR; Status: confirmed; Type: SEPA withdrawal
2013-09-10: 10³ EUR; Status: confirmed; Type: SEPA withdrawal

I'd love to conduct further business with Mt.Gox, but it is difficult,
if money does not flow. Under these circumstances, I have trouble
investing more.

[zeta1]

2013-09-05: 10³ EUR; Status: confirmed; Type: SEPA withdrawal
2013-09-10: 10³ EUR; Status: confirmed; Type: SEPA withdrawal

I'd love to conduct further business with Mt.Gox, but it is difficult,
if money does not flow. Under these circumstances, I have trouble
investing more.

You will need to wait untill it gets to pending