MtGox withdrawal delays [Gathering]

[chungenhung]

So I have been trying to withdraw with their new 5% fee.
Still nothing......

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[tvbcof]

For anyone interested, this does not seem to have been posted here yet:

  http://thegenesisblock.com/coinlab-files-response-mt-gox-lawsuit/

I don't pretend to completely follow the arguments, but it seems to me that if Coinlabs needed customer information in order to achieve a desired level of FINCEN compliance or whatever, they should have asked customers to provide it to them or authorize them to obtain it from Mt. Gox on an individual basis.

I continue to feel that Mt. Gox did the right thing by not selling customer's private information to a third party without informing customers and obtaining customer's approval.  At the time Mt. Gox did not have my personal information since I was not 'verified'.  I only took that step after the Coinlabs fiasco.  Not that it did me much good though...they have an identity theft kit for me now and I DON'T have my USD after several months of waiting.

BTW, I find elements of the failed Mt. Gox/Coinlabs deal to be highly relevant to this discussion.  Mt. Gox's problems seemed to have started in earnest when this deal fell through.  I find myself wondering if perhaps some in the US at the regulatory level were not a bit miffed that a barrage of interesting data did not come through as a result of this deal.  Yes, the implication of this 'conspiracy hypothesis' is that Coinlabs would have been more than willing to open their books to the authorities, and a follow-up hypothesis is that that was actually a key element of their business plan.

[Nagle]

until we start working on withdrawals made in the beginning of October. 

So he does work for Mt. Gox.

[Alpaca Bob]

@sturle, the MtGox master shill:

My key point is:

Why would anyone transfer USD, EUR, JPY, ... to MtGox when you can buy Bitcoins at any other exchange for ~10% less?

Well that's probably why they have been bleeding market share for quite a while now, right? Sounds about right to me...

[Alpaca Bob]

until we start working on withdrawals made in the beginning of October. 

So he does work for Mt. Gox.

Then why would he even lie about it though? What's the rational behind that? Even if MtGox is running a fractional reserve, why would they have some shill lie to us, instead of an actual spokesperson?

Personally I'd wish that someone from MtGox would man this thread to answer questions...

[tvbcof]

until we start working on withdrawals made in the beginning of October. 

So he does work for Mt. Gox.

That is kind of obvious.  Whether there is a formal relationship with money involved is not clear.  Nor is the term 'we' necessarily indicative of much of anything when used in a vernacular form.  I, for instance, use it liberally in code comments.  It's just a style thing.

Anyway, it would be great if an insider to Mt. Gox was providing information here on this forum.  One of my main complaints against Mt. Gox is that they are not good at avoiding an information vacuum.  Like pretty much every other business in this fucking space.  It's got to be one of the most annoying things about the Bitcoin ecosystem.

[sturle]

@sturle, the MtGox master shill:

My key point is:

Why would anyone transfer USD, EUR, JPY, ... to MtGox when you can buy Bitcoins at any other exchange for ~10% less?

I have no idea.  Why do you keep asking this?  This is not a point, it is a question.  I am not a shill, btw.  You would know that if you bothered to read my posts.

[sturle]

until we start working on withdrawals made in the beginning of October. 

So he does work for Mt. Gox.

No, I don't.  I am not affiliated with MtGox in any way, except as a normal user.  I don't do any more work for MtGox than you do.

[Nagle]

Anyway, it would be great if an insider to Mt. Gox was providing information here on this forum.  One of my main complaints against Mt. Gox is that they are not good at avoiding an information vacuum.  Like pretty much every other business in this fucking space.  It's got to be one of the most annoying things about the Bitcoin ecosystem.

More PR from Mt. Gox wouldn't help. When they do provide information, it's usually a lie. Reread their statements since the "two week hiatus" started in June.

What I can't understand is why someone isn't suing them yet.

[bernard75]

There are at least 2 large lawsuits:
https://bitcointalk.org/index.php?topic=96118.msg2972913#msg2972913
And thats only those that were big enough to make the press.
In any case Gox has at least 5kk+ frozen and thats why they keep that bullshit about "bank problems" up.

[Bzzzum]

I had withdrawed ~ 10 BTC on Thursday 10th Oct. Up today they didn't show up in the blockchain.
After a request to the support all I got was:
 

Dennis, Oct 11 08:40 (JST):

Hello,

Thank you for the email. Few BTC withdrawals are delayed because of the multiple transactions requested at the same time causing network congestion. The transaction should eventually go through and we will update you once it is complete.


Best regards,

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

hehe, that makes me laugh:

causing network congestion

It's now 3 days over and still nothing received, yet.
Who's experiencing the same problems?

[sturle]

There are at least 2 large lawsuits:
https://bitcointalk.org/index.php?topic=96118.msg2972913#msg2972913
And thats only those that were big enough to make the press.
In any case Gox has at least 5kk+ frozen and thats why they keep that bullshit about "bank problems" up.

This theory doesn't check out with known facts.  The bank problems started before the 5M were frozen, and 5M is less than MtGox's profit for the first half of 2013.

[el_rlee]

After 3 days of congestion a mild laxative might be the right thing

[Bzzzum]

After 3 days of congestion a mild laxative might be the right thing

Lol .. and all the shit will pressed out?

[bernard75]

There are at least 2 large lawsuits:
https://bitcointalk.org/index.php?topic=96118.msg2972913#msg2972913
And thats only those that were big enough to make the press.
In any case Gox has at least 5kk+ frozen and thats why they keep that bullshit about "bank problems" up.

This theory doesn't check out with known facts.  The bank problems started before the 5M were frozen, and 5M is less than MtGox's profit for the first half of 2013.

May 14, 2013 doesnt work out?
I withdrew in April SEPA within 3 days.

And how in the world can they kepp up a 100% reserve without any physical cash coming in? From fees?

[sturle]

There are at least 2 large lawsuits:
https://bitcointalk.org/index.php?topic=96118.msg2972913#msg2972913
And thats only those that were big enough to make the press.
In any case Gox has at least 5kk+ frozen and thats why they keep that bullshit about "bank problems" up.

This theory doesn't check out with known facts.  The bank problems started before the 5M were frozen, and 5M is less than MtGox's profit for the first half of 2013.

May 14, 2013 doesnt work out?
I withdrew in April SEPA within 3 days.

Small amount perhaps?

And how in the world can they kepp up a 100% reserve without any physical cash coming in? From fees?

I didn't quite understand that question.  100% reserve is what they have because people can't spend more money than they have deposited.  MtGox do not depend on a steady income of deposits to keep up the reserve.  In addition to this, MtGox has revenue from trading fees and currency exchange fees.

[Luno]

I had withdrawed ~ 10 BTC on Thursday 10th Oct. Up today they didn't show up in the blockchain.
After a request to the support all I got was:
 

Dennis, Oct 11 08:40 (JST):

Hello,

Thank you for the email. Few BTC withdrawals are delayed because of the multiple transactions requested at the same time causing network congestion. The transaction should eventually go through and we will update you once it is complete.


Best regards,

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

hehe, that makes me laugh:

causing network congestion

It's now 3 days over and still nothing received, yet.
Who's experiencing the same problems?

Some Bitcoin protocol savoy have been able to broadcast their Bitcoin withdrawals manually on the network, even if Gox doesn’t do it, and they have gotten their Bitcoins out that way. Don't ask me the details, as I won't know how to do that.

[Bzzzum]

I had withdrawed ~ 10 BTC on Thursday 10th Oct. Up today they didn't show up in the blockchain.
After a request to the support all I got was:
 

Dennis, Oct 11 08:40 (JST):

Hello,

Thank you for the email. Few BTC withdrawals are delayed because of the multiple transactions requested at the same time causing network congestion. The transaction should eventually go through and we will update you once it is complete.


Best regards,

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

hehe, that makes me laugh:

causing network congestion

It's now 3 days over and still nothing received, yet.
Who's experiencing the same problems?

Some Bitcoin protocol savoy have been able to broadcast their Bitcoin withdrawals manually on the network, even if Gox doesn’t do it, and they have gotten their Bitcoins out that way. Don't ask me the details, as I won't know how to do that.

My transaction did now show up ... uhhhh, I was sitting here and rubbed my ass on the chair but now it went smooth 

[sturle]

I see your point. The scary thing for those using MtGox is that Bitstamp seems to come out on top even if you take total MtGox volume vs Bitstamp volume these days. It will, of course, be more meaningful to say Bitstamp is #1 if this trend stays and it looks like that on the 30d, not just 1d or 3d periods. The trend seems to be pretty clear here - but that would of course change the instant MtGox starts doing withdraws - or would it? I mean, I can pay 0.6% (or maby 0.5% or something if I started using it) at MtGox or 0.34% at Bitstamp (or 0.08% at BFX and 0.35% at Bitstamp). MtGox has higher withdraw fees. And so on.

I just had a look at http://data.bitcoinity.org/#caaaabcfba.  MtGox is on top of all listed periods except for 3d (Bitstamp on top) and 10m (btcchina on top when I checked).

MtGox is back on top for all listed time periods now.

[joesmoe2012]

There are at least 2 large lawsuits:
https://bitcointalk.org/index.php?topic=96118.msg2972913#msg2972913
And thats only those that were big enough to make the press.
In any case Gox has at least 5kk+ frozen and thats why they keep that bullshit about "bank problems" up.

Those aren't customers suing gox though.