MtGox withdrawal delays [Gathering]

[Frizz23]

... and EUR withdrawals via SEPA works as it always has.

You must be on drugs. A year ago SEPA withdrawals really only took a few days to get through. Now it takes weeks and weeks.

[cowandtea]

Anybody manage to withdraw USD yet?

[aynstein]

I am waiting on multiple transactions, one for less then $100 (as a test) and others over 1k. I made mine middle of last month, I really want to do more business but I would be asking to be ripped off if I put any more into gox now. At least until they get their shit together. Not sure whats going on but it is starting to feel like the backlog explanation is not holding up. I will keep you posted if I have any updates.

[joesmoe2012]

I think SEPA is up to a little over a month. I have a transfer pending since mid sept.

[Nagle]

Will one of you sheep please sue Mt. Gox?

[tvbcof]

Will one of you sheep please sue Mt. Gox?

It would be fairly straightforward to get yourself into a position where you can legitimately do so.  I know...I did it with some deliberation a few months ago, though I doubt that Mt. Gox would/will be the likely target.  Why don't you go for it and stop calling others 'sheep'?

[joesmoe2012]

I have faith in MtGox.

[tvbcof]

I have faith in MtGox.

Several years ago I was hoping that Karpeles was a crook and Mt. Gox would do something sleazy since I was positioned to take advantage of that.  Mark let me down by being more honest and capable than about 95% of the rest of the operators in the community.  Ah well.  Bitcoin has been pretty damn good to me so far anyway.  And with some luck, we are just getting warmed up.

[sturle]

The delay is quite predictable based on EUR volume at MtGox, and the cause for SEPA delay is the same as it has always been.

So you are finally accepting that Gox simply doesnt have the cash to pay out everybody.

Are you dense?

And please no more misleading infos about the "daily limit":

This is not even a business account, but one can withdraw 1kkk PLN or 23kk+ EUR a day from WBK  by a lousy SMS confirmation.
Hypothetically they could pay out all BTC that exist in under 50 days by SEPA.

Rad the post earlier in this thread where someone called the bank and asked about MtGox's limit.

[sturle]

... and EUR withdrawals via SEPA works as it always has.

You must be on drugs. A year ago SEPA withdrawals really only took a few days to get through. Now it takes weeks and weeks.

The people posting here are probably just kidding then?

[Nagle]

Why don't you go for it and stop calling others 'sheep'?

Because I don't have any money in Mt. Gox.

[tvbcof]

Why don't you go for it and stop calling others 'sheep'?

Because I don't have any money in Mt. Gox.

Lame excuse.  It's still relatively easy to get money into Mt. Gox as I understand things.  It was a matter of sending in some BTC for me.  Took a matter of seconds.

[gizmoh]

Just noticed on Gox Facebook page, the last post about maintenance was removed and Posts by other users option is now disabled.
They are now trying to hide the long litany of complaints on pending withdrawals..this is so deceptive tactics !

[tvbcof]

I meant to file a support ticket after one month, but was to lazy.  Now after two months I sent the following:

===========
I wish to know:

1) Has Mt. Gox attempted to wire the funds to my bank? If not, why not?

2) if #1, was there a failure?

3) if #2, what was the failure? Please give me the reference material I need to investigate.

4) If it is unsafe to attempt this transfer due to confiscation, or considered illegal due to U.S. or Japanese regulatory issues, please detail the issues so that I may solicit assistance from my elected representative.
===========

As anticipated I got back boilerplate.

The good news is that I got a response very quickly as has been the case with all of my communications so far with Mt. Gox. 

The bad news is, of course, that none of my questions were answered directly.  The content of the boilerplate (which includes the always hilarious 'several weeks' phraseology) can only be taken to imply that #1 is the the case.  It does not seem to be an issue with my using the wrong name or numbers on my intl wire USD submission, or at least it was not worth the service person's time to check although if a send attempt was not made I guess that might not have been very practical.

[smoothie]

It would not surprise me if something did indeed happen that broke the camel's back and Gox was forced to shut down or cause a cascading amount of panic due to any number of things including delay/denial of withdrawals of Bitcoin and/or fiat.

Now that silk road is out of the way the only real big target left is gox. Given we are going to likely hit some volatility in the next 2 to 3 months due to a price increase, breaking news of something happening at gox that isn't good news will create volatility.

Sorry I know this is speculation. Just figured I would post this here for future reference and see if I was right on my call.

[tvbcof]

It would not surprise me if something did indeed happen that broke the camel's back and Gox was forced to shut down or cause a cascading amount of panic due to any number of things including delay/denial of withdrawals of Bitcoin and/or fiat.

Now that silk road is out of the way the only real big target left is gox. Given we are going to likely hit some volatility in the next 2 to 3 months due to a price increase, breaking news of something happening at gox that isn't good news will create volatility.

Sorry I know this is speculation. Just figured I would post this here for future reference and see if I was right on my call.

Ya, as the run-up was occurring today I was wondering if any of it might have been from people with fiat at Mt. Gox just saying 'fuck it' and buying BTC to get them out.  And similarly, those with BTC on account not wanting to convert them to fiat.  I guess that could be indicated by noting whether there was a lead or trail in the spread delta between Mt. Gox and other exchanges.  But I didn't/don't care enough to look.

As for Mt. Gox being 'the only real big target left', I would say that they are a shell of their former selves in terms of the BTC liquidity that they command.  And that is just comparing them to other publicly accessible exchange datasets.  I think it likely that in the past several years dark markets have developed for the big timers to play, and they probably dwarf the public exchanges where small time wankers do their thing.  OTOH, it is possible and not unlikely that Mt. Gox is a big part of the dark pool game to I suppose.

[bernard75]

Rad the post earlier in this thread where someone called the bank and asked about MtGox's limit.

OFC, i will call them today and ask them to transfer me a few thousands, afterall they seem very liberal with other customers informations and very responsive.

This is very strange that you so vigorously defend them and even insult others that point to obvious facts.

[sturle]

Rad the post earlier in this thread where someone called the bank and asked about MtGox's limit.

This is very strange that you so vigorously defend them and even insult others that point to obvious facts.

You are comparing the limits of a personal account, which is ment for personal payments, to a company which process payments on behalf of users, and has to stay below the limits for when it becomes a payment service according to various EU directives and Polish law.  IIRC the limit is 500k EUR/month which should make MtGox's limit only 25k / business day, but there must be a loophole which enable MtGox to do transfer more than that.  I haven't had time to look into the laws myself.  IANAL.

[Erdogan]

Rad the post earlier in this thread where someone called the bank and asked about MtGox's limit.

This is very strange that you so vigorously defend them and even insult others that point to obvious facts.

You are comparing the limits of a personal account, which is ment for personal payments, to a company which process payments on behalf of users, and has to stay below the limits for when it becomes a payment service according to various EU directives and Polish law.  IIRC the limit is 500k EUR/month which should make MtGox's limit only 25k / business day, but there must be a loophole which enable MtGox to do transfer more than that.  I haven't had time to look into the laws myself.  IANAL.

That was new information. Source?

[bernard75]

Rad the post earlier in this thread where someone called the bank and asked about MtGox's limit.

OFC, i will call them today and ask them to transfer me a few thousands, afterall they seem very liberal with other customers informations and very responsive.

This is very strange that you so vigorously defend them and even insult others that point to obvious facts.

You are comparing the limits of a personal account, which is ment for personal payments, to a company which process payments on behalf of users, and has to stay below the limits for when it becomes a payment service according to various EU directives and Polish law.  IIRC the limit is 500k EUR/month which should make MtGox's limit only 25k / business day, but there must be a loophole which enable MtGox to do transfer more than that.  I haven't had time to look into the laws myself.  IANAL.

You are just repeating Goxs propaganda. There is no such thing as a transaction limit for PSPs under SEPA. Or do you think PP could operate with 25k per day?
I found the directives for you, so you can read up on it yourself:
http://ec.europa.eu/internal_market/payments/framework/
It solely depends on the bank and account type you choose:
http://www.bzwbk.pl/firmy/bankowosc-elektroniczna/pakiet-moja-firma-plus/pakiet-moja-firma-plus.html
Point 4: They can withdraw 100kk PLN or 23.5kk EUR daily.
And thats the limit for small businesses with SMS transaction confirmation.
Gox could pay out all BTC in under 50 days at the current exchange rate.