MtGox withdrawal delays [Gathering]

[PuertoLibre]

Or....

It might be that MtGox is being audited through a third party (government agency) as part of it's compliance....

</rumor started>

[Rampion]

i tried to withdraw 8 btc from mtgox this morning and now 8 hours later the transaction still hasnt being processed. 

is anyone else having this issue recently? bitcoin withdraw was always near instant for me usually only takes 30 mins or so.  I submitted a ticket to mtgox also

I being waiting 3 days for BTC withdraw

That's abnormally long...

No, it's just the traditional banking system which is unable to keep up with the thriving BTC economy... Oh, wait...

Maybe is just that Gox's huge volume is overwhelming their BTC wallet...

[newguy05]

yes anyone else having this problem?  i am a verified user (mailed them my passport etc..) and never had this problem until today.  Not able to get my btc out for over 8 hours now and still waiting, very frustrating as i need it to do a transaction.

i got a bullshit cookie cutter response from mtgox, btc withdraw still not processed.   wtf, i am going to get all my btc out of mtgox, this is crap.

Hello,

Thank you for contacting us. Please be aware that:

When withdrawing or depositing bitcoins into your Mt.Gox account there may occasionally be a delay (1~24 hours) depending on network congestion, your internet connection speed and the time required to get 6 confirmations on the network. If you're sending to your computer's wallet, it's good practice to keep your bitcoin client running so it can download the block chain. For those that may not know the block chain is the complete history of all transactions made on the bitcoin network, and as such it can take some time to update and download the most current block and see the bitcoins in your wallet.

If you aren't seeing the funds after either withdrawing/sending to Mt. Gox from your bitcoin program, please wait 24 hours before contacting us. If your transfer has still not occurred within 48 hours, please lodge a support request so we may begin the process of tracking your bitcoins and reinitiating the transfer.

We apologize for any inconvenience this may cause. If you have any further enquiries, please do not hesitate to contact Mt.Gox Support by responding to this email (should the enquiry relate to this ticket).

Best regards,

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

This is such bullshit i still dont have my bitcoins and no response from mtgox after 2+ days now.

I can understand bank wire taking time due to external factors with international wire transfers and regulations.

But there is NO EXCUSE why bitcoin transfers is taking anything more than 30 mins.

fuck mtgox.

[Nagle]

But there is NO EXCUSE why bitcoin transfers is taking anything more than 30 mins.

Maybe Mt. Gox is running out of Bitcoins. Here's the Mt. Gox and BTC-E order books:

Mt. Gox order book. USD/BTC.


BTC-E order book. USD/BTC.


Bitstamp order book. USD/BTC.

Looks like a lot of money is trying to get out of Mt. Gox by buying Bitcoins and selling them on other exchanges at a big loss.

[tvbcof]

Looks like a lot of money is trying to get out of Mt. Gox by buying Bitcoins and selling them on other exchanges at a big loss.

Or just buying BTC to sit on them and see what happens since in recent days we seem to have the potential to be on the cusp of another run-up.  If I had had cash on Mt. Gox over the past few days that is probably what I would do.  Now it is true that I have a 2 month delinquent wire which I guess I could re-convert, but I have enough BTC (tucked safely in bed in deep storage) that I don't need to worry to much about such annoying hoops to jump through.

Whatever the case, it looks like a BTC low liquidity event is rearing it's ugly head, and kind of across the whole ecosystem.  Perhaps it's an artifact of the decreased velocity associated with the loss of Silk Road?

[hutcho]

I made a withdrawal of BTC from Mt.Gox 2 hours ago and i see nothing at my CampBX account address which is a disposable one expiring in a week. After reading this thread, I now have to worry that the address will expire before the transaction actually takes place. I feel a headache coming.

[oakpacific]

i tried to withdraw 8 btc from mtgox this morning and now 8 hours later the transaction still hasnt being processed. 

is anyone else having this issue recently? bitcoin withdraw was always near instant for me usually only takes 30 mins or so.  I submitted a ticket to mtgox also

I being waiting 3 days for BTC withdraw

That's abnormally long...

No, it's just the traditional banking system which is unable to keep up with the thriving BTC economy... Oh, wait...

Maybe is just that Gox's huge volume is overwhelming their BTC wallet...

I am curious, what's the message Gox going to show you when the withdrawal cannot be made immediately?

[sturle]

But there is NO EXCUSE why bitcoin transfers is taking anything more than 30 mins.

Maybe Mt. Gox is running out of Bitcoins. Here's the Mt. Gox and BTC-E order books
[...]
Looks like a lot of money is trying to get out of Mt. Gox by buying Bitcoins and selling them on other exchanges at a big loss.

Ehm..  Did you notice the scale on the left?

[tvbcof]

But there is NO EXCUSE why bitcoin transfers is taking anything more than 30 mins.

Maybe Mt. Gox is running out of Bitcoins. Here's the Mt. Gox and BTC-E order books
[...]
Looks like a lot of money is trying to get out of Mt. Gox by buying Bitcoins and selling them on other exchanges at a big loss.

Ehm..  Did you notice the scale on the left?

10k-ish is about as low as I've seen in maybe forever by my recollection of things.

Not that it matters much.  The amount that users don't have on the block combined with the amount in any dark pools (If Gox runs them currently) combined with their own stash (which I would guess is upwards of 100k) likely dwarfs what shows up on their public feed.

[Frizz23]

@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?

What if the "ASIC cartel" is this anyone? They (like most players in the Bitcoin world) have a vested interest in an everlasting uptrend in the Bitcoin price.

Because they want to sell their overpriced hardware.

With increasing difficulty this gets increasingly difficult. Unless ... unless the price of Bitcoin also rises 

So what if the "ASIC cartel" silently agreed to peg the market (or should I say: manipulate)?

[tvbcof]

What if the "ASIC cartel" is this anyone? They (like most players in the Bitcoin world) have a vested interest in an everlasting uptrend in the Bitcoin price.

Because they want to sell their overpriced hardware.

With increasing difficulty this gets increasingly difficult. Unless ... unless the price of Bitcoin also rises 

So what if the "ASIC cartel" silently agreed to peg the market (or should I say: manipulate)?

That actually is a 'conspiracy hypothesis' worthy of critical analysis.  I like it!

[Spider]

What if the "ASIC cartel" is this anyone? They (like most players in the Bitcoin world) have a vested interest in an everlasting uptrend in the Bitcoin price.

Because they want to sell their overpriced hardware.

With increasing difficulty this gets increasingly difficult. Unless ... unless the price of Bitcoin also rises 

So what if the "ASIC cartel" silently agreed to peg the market (or should I say: manipulate)?

That actually is a 'conspiracy hypothesis' worthy of critical analysis.  I like it!

That's actually not a 'conspiracy hypothesis' but the knowledge available for a small group of people. Oh wait... for everybody else IT IS the 'conspiracy hypothesis'.

[aynstein]

Conspiracy theories aside, I have cancelled my larger wire request but still have a small one for about $100 usd from mid september pending, figured it was worth the $100 to see if\when it gets released (or paroled?).They cancelled and credited me the money very fast, so that is something.  Not sure if anyone cares but because I believe I am the center of the universe, and I dont have that much else going on, I will post any updates as they happen.


Regards.

[sturle]

But there is NO EXCUSE why bitcoin transfers is taking anything more than 30 mins.

Maybe Mt. Gox is running out of Bitcoins. Here's the Mt. Gox and BTC-E order books
[...]
Looks like a lot of money is trying to get out of Mt. Gox by buying Bitcoins and selling them on other exchanges at a big loss.

Ehm..  Did you notice the scale on the left?

10k-ish is about as low as I've seen in maybe forever by my recollection of things.

Bitstamp had 10k asks as well not long ago.  Far from that now.  When the price goes up, it is normally because the asks are being bought so there are less left to buy.  I assumed most people knew this..  21k BTC left in asks on MtGox now.  Total.

[tvbcof]

10k-ish is about as low as I've seen in maybe forever by my recollection of things.

Bitstamp had 10k asks as well not long ago.  Far from that now.  When the price goes up, it is normally because the asks are being bought so there are less left to buy.  I assumed most people knew this..  21k BTC left in asks on MtGox now.  Total.

It is probably as or more accurate to say that as the asks disappear because they are gobbled up, the price goes goes up.  Just sayin'.

I dunno where you are seeing the 21k asks on Mt. Gox.  As I type this, that figure seems like a decent estimate for all visibly available BTC on all the exchanges combine.  At least for anything roughly within 100% of current spot.

If I was a betting man, I'd bet that some of the larger pac-man types are taking advantage of the fact that most normal humans are soundly asleep and thus not in a state of consciousness required to pull their asks before it's to late.

[sturle]

10k-ish is about as low as I've seen in maybe forever by my recollection of things.

Bitstamp had 10k asks as well not long ago.  Far from that now.  When the price goes up, it is normally because the asks are being bought so there are less left to buy.  I assumed most people knew this..  21k BTC left in asks on MtGox now.  Total.

It is probably as or more accurate to say that as the asks disappear because they are gobbled up, the price goes goes up.  Just sayin'.

I dunno where you are seeing the 21k asks on Mt. Gox.  As I type this, that figure seems like a decent estimate for all visibly available BTC on all the exchanges combine.  At least for anything roughly within 100% of current spot.

You can get the full order book from the API.  Currently there are more than 5k offered at over 300 USD.

[Lohoris]

What if the "ASIC cartel" is this anyone? They (like most players in the Bitcoin world) have a vested interest in an everlasting uptrend in the Bitcoin price.

Because they want to sell their overpriced hardware.

With increasing difficulty this gets increasingly difficult. Unless ... unless the price of Bitcoin also rises 

So what if the "ASIC cartel" silently agreed to peg the market (or should I say: manipulate)?

They are usually barely able to actually produce and ship their hardware, let alone team up for a conspirancy...

[Frizz23]

So what if the "ASIC cartel" silently agreed to peg the market (or should I say: manipulate)?

They are usually barely able to actually produce and ship their hardware, let alone team up for a conspirancy...

"Stabilizing" the price is not that complicated. And "team up for conspiracy"? Well, look at this photo ...

From left to right:
- Sam of KNC
- Josh of BFL
- random cheater
- Yifu of AVALON

[aynstein]

I just attempted a btc transaction out of gox. I am getting worried, doesnt show on the ledger yet. Is this interesting to anyone besides my accountant?

[newguy05]

But there is NO EXCUSE why bitcoin transfers is taking anything more than 30 mins.

Maybe Mt. Gox is running out of Bitcoins. Here's the Mt. Gox and BTC-E order books:

Mt. Gox order book. USD/BTC.


BTC-E order book. USD/BTC.


Bitstamp order book. USD/BTC.

Looks like a lot of money is trying to get out of Mt. Gox by buying Bitcoins and selling them on other exchanges at a big loss.

FYI, this is very concerning. Didnt realize it, but checked mtgox market depth and it's true. There already seem to be a slow run on the bank with mtgox.

Not to create panic, but i suggest anyone with money/bitcoin in mtgox to get it out for safekeeping. Right now people are still walking towards the exit, you dont want to wait until it becomes a stampede.  It's pretty obvious at this rate, the bitcoins will be drained out due to mtgox inability to withdraw funds, and now even majority bitcoin withdraw is getting delayed.

I work in the financial industry for a long time, this is no different than a run on a fund, you dont want to be the last one in it trying to get out, always be the first. Yes it may not come to that, but why take the risk by leaving your bitcoins in mtgox?

I have converted the remaining balance in mtgox to bitcoin and submitted the withdraw request to get all of it out.