MtGox withdrawal delays [Gathering]

[JohanM]

Last SEPA transfer made nov 16, received today jan 8, so total time = 53 days = 7 weeks 4 days

[sturle]

Last SEPA transfer made nov 16, received today jan 8, so total time = 53 days = 7 weeks 4 days

When one SEPA transfer is processed, there is a 20 day wait until they will process the next one.  If you made more than one withdrawal in a short time frame, knowing the delay is not very interesting unless you provide all the dates.

[N12]

Been waiting on roughly $8k in transfers from Gox to a US bank. Withdraw was "confirmed" on Gox's site on December 9th. Nearly a full month later, I'm guessing I should expect at least another 2 month delay?

You will never get the money via SWIFT. There are people who have withdrawals from June 2013 that have not been paid.

June 2013.

[joesmoe2012]

Requested SEPA withdraw today. Will report back when its been received.

[smoothie]

Been waiting on roughly $8k in transfers from Gox to a US bank. Withdraw was "confirmed" on Gox's site on December 9th. Nearly a full month later, I'm guessing I should expect at least another 2 month delay?

You will never get the money via SWIFT. There are people who have withdrawals from June 2013 that have not been paid.

June 2013.

I don't think some people are getting it hence the quoting.

I am shocked at how many people still use MTGOX for their buying and selling of Bitcoin. It appears to me as if it is one giant server of funny munny sloshing around. May as well be a MT4 trial account.

[bennybong]

I cancelled my withdrawal, funds were credited 3 days later. Here was thier response:

Dear valued customer,

Thank you for contacting us. We have merged the tickets for better followup.

I have cancelled the withdrawal as requested and the funds has been credited back to your account. We are working on more improved banking solution to increase the transaction speeds. Hopefully we will not only be back where we were before we encountered these issues , but much further ahead. We apologize for the inconvenience caused.

We have formed new partnership with MoneyPolo and the withdrawals through MoneyPolo will be implemented soon. For more details please refer the link below

https://www.mtgox.com/press_release_20131219.html

Please contact us back for further assistance.

Best regards,

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

[sturle]

I am shocked at how many people still use MTGOX for their buying and selling of Bitcoin. It appears to me as if it is one giant server of funny munny sloshing around. May as well be a MT4 trial account.

There are a lot of good reasons to use MtGox.  Arbitrage for instance.  Buy on one exchange, sell on MtGox at 10% more, withdraw, repeat.  Domestic JPY withdrawals work smootly.  EUR as well, just quite slow.  No reason to be shocked about that.  People selling their coins for cheap at other exchanges is more shocking to me.  And there is day trading on MtGox, of course.  And multi-currency trading which enables you to profit even at times when BTC/USD is dead stable.  And multiple choices of APIs for bots.  And the owner and location is known.  Its not like handing over your money to some anonymous person on the street, like with some other exchanges.  And it operates legally, so you don't risk immediate closure.  Etc, but all this has been covered before.  There is no reason to be shocked.

[BitCoinNutJob]

Requested SEPA withdraw today. Will report back when its been received.

good luck

[jerk]

So my account has finally been verified...took almost 2 months.

Question: I'm now verified but my BTC withdrawal limit is still 0? is this normal?

[sturle]

Question: I'm now verified but my BTC withdrawal limit is still 0? is this normal?

I have no idea if it is normal or not, but you usually have to ask support for limit increases.  Both fiat and BTC.  This was written in the email I got when I verified.  Didn't you get one?

I have kept my own daily BTC withdrawal limit intentionally low in case someone try to rob me.  They may get my password and my Yubikey, but their outcome will still be limited by my daily limit.

[N12]

139 pages and 9 months later, Emptygox is continuing its slow, slow death.

It is now, including all of its non-USD currencies, the third largest Bitcoin exchange (excluding Huobi): http://bitcoinity.org/markets/list?currency=ALL&span=7d

Either they give people their money back or they will eventually have to close up shop.

[Taborresen]

Question: I'm now verified but my BTC withdrawal limit is still 0? is this normal?

I have no idea if it is normal or not, but you usually have to ask support for limit increases.  Both fiat and BTC.  This was written in the email I got when I verified.  Didn't you get one?

I have kept my own daily BTC withdrawal limit intentionally low in case someone try to rob me.  They may get my password and my Yubikey, but their outcome will still be limited by my daily limit.

I too am only verified. Same reason. I have ben waiting for 5-6 weeks for my withdrawal in NOK. The answer is that they have registered it, but they are still processing the withdrawals. Think they do it manually these days.

[tvbcof]

There are a lot of good reasons to use MtGox.  Arbitrage for instance.  Buy on one exchange, sell on MtGox at 10% more, withdraw, repeat.  Domestic JPY withdrawals work smootly.  EUR as well, just quite slow.  No reason to be shocked about that.  People selling their coins for cheap at other exchanges is more shocking to me.

Arbitrage? Sure, lots of people must be doing this since there is a 12% price difference between functioning exchanges and your clowncar mtgox. Sure.

12% may sound attractive.. but then you deduct fees and consider that it takes one month or more to get EUR out of mtgox. 8-10%/month in "arbitrage" is, to me, not worth the risk of using that joke of an exchange.

We are not selling coins "cheap" at other exchanges, we sell them at market price. By market price I mean the price you can sell for and actually get your funds within a day or two. mtgoxEUR and mtgoxUSD worth less than real EUR and USD. As blitz said, it's been like this since June 2013.

I'd be really surprised if everyone paid the 'emergency fee' to get service in a timely manner.

I'll bet a dollar to a donut that certain people get decent service and a heads-up about upcoming events such that they can operate a very lucrative set of operations.  Sturle would be high on my list of suspects since it would explain his activity here.

If it is actually true that there is a limit to the amount of fiat that Mt. Gox can egress then Mt. Gox is certainly screwing people deep in the queue.  Like me.  If not, they are screwing us even worse.

Anyway it's just the free market at work so I have no real complaints...and I'm not even a Libertarian!  That's what we all want after all, right?  If an opportunity to extract some revenge comes along and I've got nothing better to do, I'll certainly jump on it.  Particularly if I can make a dime doing so.  Fair is fair.

[smoothie]

I am shocked at how many people still use MTGOX for their buying and selling of Bitcoin. It appears to me as if it is one giant server of funny munny sloshing around. May as well be a MT4 trial account.

There are a lot of good reasons to use MtGox.  Arbitrage for instance.  Buy on one exchange, sell on MtGox at 10% more, withdraw, repeat.  Domestic JPY withdrawals work smootly.  EUR as well, just quite slow.  No reason to be shocked about that.  People selling their coins for cheap at other exchanges is more shocking to me.  And there is day trading on MtGox, of course.  And multi-currency trading which enables you to profit even at times when BTC/USD is dead stable.  And multiple choices of APIs for bots.  And the owner and location is known.  Its not like handing over your money to some anonymous person on the street, like with some other exchanges.  And it operates legally, so you don't risk immediate closure.  Etc, but all this has been covered before.  There is no reason to be shocked.

LOL your justification of how MTGOX is "legit" as one might put it based on your obviously biased view of the business practices of GOX is quite humorous.

We all know why the price of Bitcion on MTGOX is higher. It has a lot to do with that word LIQUIDITY.

"And it operates legally..."....lol is that why MTGOX's dwolla account was siezed and frozen? Please don't make me laugh.

Do you folks have a public charting of the average time it takes users to get their money into their bank account from the time the wire is initiated to the time it posts into their accounts?

 This would be very helpful data. But of course transparency with GOX is its strong point right?

[smoothie]

There are a lot of good reasons to use MtGox.  Arbitrage for instance.  Buy on one exchange, sell on MtGox at 10% more, withdraw, repeat.  Domestic JPY withdrawals work smootly.  EUR as well, just quite slow.  No reason to be shocked about that.  People selling their coins for cheap at other exchanges is more shocking to me.

Arbitrage? Sure, lots of people must be doing this since there is a 12% price difference between functioning exchanges and your clowncar mtgox. Sure.

12% may sound attractive.. but then you deduct fees and consider that it takes one month or more to get EUR out of mtgox. 8-10%/month in "arbitrage" is, to me, not worth the risk of using that joke of an exchange.

We are not selling coins "cheap" at other exchanges, we sell them at market price. By market price I mean the price you can sell for and actually get your funds within a day or two. mtgoxEUR and mtgoxUSD worth less than real EUR and USD. As blitz said, it's been like this since June 2013.

It is obvious that when he mentioned people selling coins "Cheap" he has the mindset that MTGOX is the center of the Bitcoin universe and everything else including other exchanges' prices should revolve around MTGOX's prices.

This is the where the kool-aid drinking is very apparent.

[sturle]

There are a lot of good reasons to use MtGox.  Arbitrage for instance.  Buy on one exchange, sell on MtGox at 10% more, withdraw, repeat.  Domestic JPY withdrawals work smootly.  EUR as well, just quite slow.  No reason to be shocked about that.  People selling their coins for cheap at other exchanges is more shocking to me.

Arbitrage? Sure, lots of people must be doing this since there is a 12% price difference between functioning exchanges and your clowncar mtgox. Sure.

Yep, finally a good opportunity for EUR users again.  Japanese banks have been closed for a whole week for the Japanese New Year celebrations.  I expect the difference to decrease quite fast during next week, since it has become possible to move JPY again.

12% may sound attractive.. but then you deduct fees and consider that it takes one month or more to get EUR out of mtgox. 8-10%/month in "arbitrage" is, to me, not worth the risk of using that joke of an exchange.

The delay is 3-4 weeks, not one month or more.  And arbitrage is 0 risk by definition.  If you manage to make it risky, you are doing it wrong.  The delay limits how often you can get your 10% or more profit, of course.  You can easily make 3000 EUR or more on arbitrage every month using normal SEPA transfer, which means you can make a living just by doing arbitrage.  Japanese users can make a fortune.  Don't quit your job yet, however.  When Moneypolo withdrawals are enabled, I expect the prices to become more in sync again.

We are not selling coins "cheap" at other exchanges, we sell them at market price. By market price I mean the price you can sell for and actually get your funds within a day or two. mtgoxEUR and mtgoxUSD worth less than real EUR and USD. As blitz said, it's been like this since June 2013.

When I can buy from you 12% cheaper than I sell for on MtGox, you are selling cheap.  The situation has been opposite on several occations since June 2013.  It has taken a while, sometimes more than 12 hours, for other exchanges to get back in line after large dumps on MtGox.  For arbitragers with fiat reserves on MtGox, this means you can arbitrage in the opposite direction and hold to do another round when MtGox bounces back.

The only exchange where I can sell my BTC and get my money within a day is my own, btw.

[medicine]

When Gox does sort out its sh&%, if it ever does, we will know it quickly because the price gap between it and the other exchanges will quickly disappear.  When and if the withdrawal time lines move in line with other exchanges, how long do you think it will take the price to follow?
I give it a day or two a most before the spread disappears.

Reading some of the other posts on this page makes me wish I lived in Japan and had a Japanese bank account so I could try and take advantage of this arbitrage opportunity.
Living outside of Japan I wouldn't touch this exchange with a 10 foot pole.

[sturle]

LOL your justification of how MTGOX is "legit" as one might put it based on your obviously biased view of the business practices of GOX is quite humorous.

We all know why the price of Bitcion on MTGOX is higher. It has a lot to do with that word LIQUIDITY.

"And it operates legally..."....lol is that why MTGOX's dwolla account was siezed and frozen? Please don't make me laugh.

Make YOU laugh? 

Mutum Sigillum's account was closed because the DHS in the USSA decided it was a threat against the country's homeland security!  Yes, it makes me laugh, but for a completely different reason than you.  MtGox operates legally in Japan, where it is located, and in the civilized parts of the world.

Do you folks have a public charting of the average time it takes users to get their money into their bank account from the time the wire is initiated to the time it posts into their accounts?

A charting service like this would be useless.  If you had been reading this thread, you would know the time depends on a whole lot of factors.  Expected transfer times are detailed on MtGox's support pages under deposits and withdrawals.  The average time is probably very short due to the speed of Japanese domestic transfer.

[sturle]

It is obvious that when he mentioned people selling coins "Cheap" he has the mindset that MTGOX is the center of the Bitcoin universe and everything else including other exchanges' prices should revolve around MTGOX's prices.

Coins have been cheap on MtGox as well on several occations, which means I have been able to buy cheaper on MtGox than on other exchanges.  Cheap means at a much lower price than I am able to sell for.  This is by no means a MtGox centric view of anyting.  If I can buy coins cheap at MtGox, and sell at a profit on other exchanges, then MtGox users are selling the cheap coins.

[joesmoe2012]

it certainly is not 0 risk with MtGox. They have already had funds sized multiple times, don't think for a second it can't happen again!