MtGox withdrawal delays [Gathering]

[sturle]

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!

That was in LOListan.  Land of the constantly watched.  Where MtGox is considered a serious threat to homeland security.  For now MtGox only operate in civilized parts of the world.  You may get your own funds seized if you are in the USSA, of course.  They have laws there, but that's not something the government take seriously.

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[tvbcof]

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!

That was in LOListan.  Land of the constantly watched.  Where MtGox is considered a serious threat to homeland security.  For now MtGox only operate in civilized parts of the world.  You may get your own funds seized if you are in the USSA, of course.  They have laws there, but that's not something the government take seriously.

Japan is completely subjugated.  When we say 'jump', they say 'how high?' (and say it in English.)  We can station marines anywhere we like and they can go off-base and rape 12 year old girls an the Japanese can do nothing about it.  Mt. Gox could be shut down, Mark sent to Gitmo, and all of their assets seized if we wished it so.  Would take a matter of hours.  Of course it would cost some political capital so it would have to be worth doing.  But it's certainly possible that it would be worth doing in times of economic crisis.

[bernard75]

Still selling dedicated API feeds and delays in your "engine"?

[sturle]

And don't expect them to "return to glory" if they ever solved their "USD issues" (which they won't). mtgox fees are 2x what the rest of the exchanges offer. my guess is that the only reason people still use them is that they have their fiat hostage there and still don't want to take the hit when exiting.

Funny you mention fees.  The volume on both BTC-E and Bitstamp grew just after MtGox announced reduced fees.

I've mentioned the advantages of MtGox many times.  Those advantages have made it possible for me to turn 400 NOK into millions in less than two years.  It couldn't have been done on any other exchange due to missing features.  Don't forget Bitstamp and BTC-E are mostly gaining from panicing USSAnians.  There have been multiple panics at Bitstamp and BTC-E calmed by arbitraging bots kicking off and making the price bounce when the difference got interesting.  The panics and bounces add to their volume of course.

There are 39 million USD worth of bids at MtGox now.  When you started calling them a clowncar exchange there were 12 millions in bids.  Not a sign of a dying exchange, is it?  Every business day about 1.1 million USD worth of fiat currencies leaves MtGox via bank transfers.  MtGox would have been empty long ago unless people deposited even more.

[joesmoe2012]

And don't expect them to "return to glory" if they ever solved their "USD issues" (which they won't). mtgox fees are 2x what the rest of the exchanges offer. my guess is that the only reason people still use them is that they have their fiat hostage there and still don't want to take the hit when exiting.

Funny you mention fees.  The volume on both BTC-E and Bitstamp grew just after MtGox announced reduced fees.

I've mentioned the advantages of MtGox many times.  Those advantages have made it possible for me to turn 400 NOK into millions in less than two years.  It couldn't have been done on any other exchange due to missing features.  Don't forget Bitstamp and BTC-E are mostly gaining from panicing USSAnians.  There have been multiple panics at Bitstamp and BTC-E calmed by arbitraging bots kicking off and making the price bounce when the difference got interesting.  The panics and bounces add to their volume of course.

There are 39 million USD worth of bids at MtGox now.  When you started calling them a clowncar exchange there were 12 millions in bids.  Not a sign of a dying exchange, is it?  Every business day about 1.1 million USD worth of fiat currencies leaves MtGox via bank transfers.  MtGox would have been empty long ago unless people deposited even more.

Glad to see your still here fighting hard for gox

And congratulations on your profits.

[sturle]

Glad to see your still here fighting hard for gox

Never tired of fighting FUD spreading.

And congratulations on your profits.

Thanks.  I think everyone who follow this thread understand the situation by now, so why don't you go ahead and profit from it instead of complaining?  It doesn't require a genius to understand how, and it is almost free of any risk.  You don't need a Japanese bank account or the possibility of making fiat withdrawals.  It is so easy you could do it by hand, and when you get tired of that, you will write a bot to do the tedious work.  It is more accurate as well.  Of course it is possible to avoid making money by staying away from certain exchanges, and I really don't understand why some people seem to be vigorously opposed to making a profit.  (I must admit to staying completely away from BTC-E myself, but that's mostly because I don't trust my money, and especially not bitcoin, to people hiding their identity.)

The bot I wrote in two hours makes much more money than I do in my normal day job, so I am quitting my day job next month.  I have ideas for a few more advanced bots using some of the same algorithms in other ways, but mostly I will try to make a living out of my exchange operations.  That would require more time than I have when working full time in a normal job.

[tvbcof]

... Of course it is possible to avoid making money by staying away from certain exchanges, and I really don't understand why some people seem to be vigorously opposed to making a profit.  (I must admit to staying completely away from BTC-E myself, but that's mostly because I don't trust my money, and especially not bitcoin, to people hiding their identity.)
...

Last I remember Bitstamp was also in the same basic category.  It kept me away from both (as did the stunt of locking up peoples' BTC after posting a 'warning' on Facebook.)

Have things changed?  Is there now an actual name behind Bitstamp (and/or whatever the U.K. based shell company thingy is?)

The main thing which would give me some confidence that it is within realistic expectation that the Bitstamp crew could be hunted down is that Coinbase apparently uses them.  They've probably got enough muscle to get at least their own asses made whole if Bitstamp choose to make the 'run like hell' play.

[smoothie]

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.

So because it operate "legally" in Japan it means that it isn't or hasn't violated any other international laws related to the U.S.? lol Yes it makes me laugh that you would insinuate that legally operating in a country proves that the business (which operates internationally) is in fact within the laws of other countries.

"Depends on a whole lot of factors..."....LOL

Yes let's now avert the issue that many people are still waiting for their withdrawals from long ago.

I guess the "factors" for them weren't good enough to get them their money on time right?

So where is the transparency from MTGOX?

One thing I've learned is that just because you (or anyone else for that matter) says something, doesn't make it true.

[DieJohnny]

I am completely out of Gox until they:

1. Make right my lost wire transfer confirmed received by their bank yet still lost in limbo since Nov 4th.
2. Improve their built in trading options
3. Improve withdrawal options
4. Create some communication or remove the glowing cloud of creepiness that I feel is enveloping the company.

I do appreciate their volume, However, I am not a programmer and cannot write my own bots. So I am left to my own devices and miss out on buying and selling opportunities constantly. Also, I cannot withdraw my funds unless I transfer with BTC.

With my money stuck in never never land and my natural distrust of any organization that controls my Bitcoin stash, I have chosen to go elsewhere with my trading. In general though, I don't think we see 2014 come and go without a major exchange disappearing.

However, If anyone wants to sell me their trading bot, I would be willing to purchase with Bitcoin

[SimonG]

How long is average time for sepa tranfser?

[kwoody]

not a single business in the financial services industry should ever, ever take 3+ months to complete a wire transfer.
this should be seen as unacceptable, and a display of incompetence on behalf of mtgox. either hire more people (you can afford it, making 0.6% commission on every trade), or leave the market.
the market you're trying to serve would ultimately be better off without your amateurish operation as a member. 

[bernard75]

http://www.coindesk.com/following-the-money-bitcoin-black-market-purchases-anonymous/
@sturle
Will you and your buddies at Gox disclose/have disclosed personal data to US authorities although you are in no way obliged to?

[tvbcof]

http://www.coindesk.com/following-the-money-bitcoin-black-market-purchases-anonymous/
@sturle
Will you and your buddies at Gox disclose/have disclosed personal data to US authorities although you are in no way obliged to?

The U.S. govt has $5M that used to belong to Mt. Gox, and could put their hands on another $5M that Vessenes suckered Mark out of (unless he's blown it.)  My guess is the answer would be 'yup!'

[JohanM]

How long is average time for sepa tranfser?

It really depends on a number of factors: amount, how many transfers there are, etc.

To give you an idea, here is my recent SEPA history:
- okt 21, received nov 26
- nov 9, received dec 17
- nov 16, received jan 8
- nov 19, not yet received

So the general rule of 6 weeks (mentioned on the website) is not really followed. some are faster, some are slower...

I also made a BTC withdraw in januari and that was near instantaneous (5 seconds or so)

[sturle]

So because it operate "legally" in Japan it means that it isn't or hasn't violated any other international laws related to the U.S.? lol

Yes, lol.  There are no international laws.  There are a few international conventions which multiple countries are signatories to.  Like the Bern convention and Geneva convention.  Signatory countries must implement the agreements into their own laws.

Yes it makes me laugh that you would insinuate that legally operating in a country proves that the business (which operates internationally) is in fact within the laws of other countries.

It doesn't matter.  The USSA has jo juridistiction there.  I am braking US funny-laws every day, as often as I can.  It doesn't matter.  No DHS "special investigator" can do anything as long as I am outside of LOListan.  Mutum Sigillum is a US company with their funds in the USSA, which is the only reason the "special" kids at the DHS could steal their money.

[sturle]

How long is average time for sepa tranfser?

It really depends on a number of factors: amount, how many transfers there are, etc.

To give you an idea, here is my recent SEPA history:
- okt 21, received nov 26
- nov 9, received dec 17
- nov 16, received jan 8
- nov 19, not yet received

So the general rule of 6 weeks (mentioned on the website) is not really followed. some are faster, some are slower..

This conforms perfectly to the 20 day rule.  If you make a new withdrawal less than 20 days after the previous one, it will not be processed until the 20 days have passed.  Small withdrawals are processed out of the queue.  See the support page about deposits and withdrawals.

[sturle]

http://www.coindesk.com/following-the-money-bitcoin-black-market-purchases-anonymous/
@sturle
Will you and your buddies at Gox disclose/have disclosed personal data to US authorities although you are in no way obliged to?

I am not affiliated with MtGox in any way, and don't have access to any personal data stored by MtGox.  You should ask MtGox about this, but I assume the answer is no.  They wouldn't disclose the data to Coinbase, and I don't see any reason why they would disclose any data to any authorities unless ordered to by a Japanese court.  It would be devastating to business.

[sturle]

How long is average time for sepa tranfser?

3-4 weeks unless it is very small.  The support pages usually have a more exact answer.

[zeta1]

How long is average time for sepa tranfser?

3-4 weeks unless it is very small.  The support pages usually have a more exact answer.

I got my relatively smaller payment <€1000 out in only 5 days.

[smoothie]

So because it operate "legally" in Japan it means that it isn't or hasn't violated any other international laws related to the U.S.? lol

Yes, lol.  There are no international laws.  There are a few international conventions which multiple countries are signatories to.  Like the Bern convention and Geneva convention.  Signatory countries must implement the agreements into their own laws.

Yes it makes me laugh that you would insinuate that legally operating in a country proves that the business (which operates internationally) is in fact within the laws of other countries.

It doesn't matter.  The USSA has jo juridistiction there.  I am braking US funny-laws every day, as often as I can.  It doesn't matter.  No DHS "special investigator" can do anything as long as I am outside of LOListan.  Mutum Sigillum is a US company with their funds in the USSA, which is the only reason the "special" kids at the DHS could steal their money.

LOL so I guess MTGOX is even more of "special kids" than the DHS no? Given they put their funds in the USSA lol...

The symptoms that MTGOX are experiencing in price and in volume decline since June are that of a dying business. Not to mention the many delays reported here in this thread.

Just because you paint a turd gold doesn't remove the fact that it is a turd. Same applies to gox. You can make it sounds all so "good" and put lipstick on that pig but at the end of the day it is just that, a pig. lol