MtGox withdrawal delays [Gathering]

[lucaing]

i have a japanese bank account and withdrew on the 7th, 11th and 15th january, all 100,000 yen, all confirmed but nothing. been keeping an eye on this thread and now starting to get worried with others adding to it in the same boat. stopped believing it has anything to do with the holiday period now. if anybody receives their yen please repost to give the rest of us hope. thanks

i have a japanese bank account too and withdrew on the 12th and 14th january, all confirmed but nothing.
I even wrote them in english and japanese some days ago, but no answer yet!!
 

[jaycutler]

ok so my first withdrawal was processed in yen to my japanese account from the 7th january on the 22nd january. still 2 more outstanding on later dates but at least its paying out still. panic over. 2/3 week delay estimates are correct. goodluck

[lucaing]

Thank you. So i suppose that i have to wait until the 27th January at least. i really don't know what is happening at Gox

[Lohoris]

i really don't know what is happening at Gox

They're running out of money?
Are people so blind to keep trusting them?
Big red flags mean nothing to you?

[gizmoh]

i really don't know what is happening at Gox

They're running out of money?
Are people so blind to keep trusting them?
Big red flags mean nothing to you?

How can they run out of money?

Btc just went through a huge growth, and Gox received at the very least $20 million in deposits, their order books went from $20m to $40m.
And i'm not talking of the killing profits they made on trading fees, nor Gox/Mark personal btc reserve in the thousands!

I'm not trusting them but i just can't see how could they go bankrupt!

[N12]

Has anyone received USD from them since mid November? I haven't

That's pretty much the same time I received my last USD withdrawal (at 5% fee). Haven't tried since..

How long did this particular withdrawal take?

[Lohoris]

Btc just went through a huge growth, and Gox received at the very least $20 million in deposits, their order books went from $20m to $40m.

That's what their own platform states, maybe, but how can you know they aren't operating as fractional reserve, or that they might fill the order book with bogus data?
I look with my eyes and see that first USD withdraws delay, after a few months EUR, after a few more months BTC, finally JPY too... I can safely say they are not reliable and they should not be trusted with your money, hence you shouldn't trust either what they state.
They can state they own 10 gazillion dollars for all I care: as long as they aren't able to actually send it, they are worth exactly 0 to me (and to any sane person).

[faiza1990]

Has anyone received USD from them since mid November? I haven't

That's pretty much the same time I received my last USD withdrawal (at 5% fee). Haven't tried since..

How long did this particular withdrawal take?

currently no time frame for this just going some fast in Japani yen and USA $ is holding for nearly 2 months

[cozytrade]

They must manage clients' asset apart from their capital principal. They could act as a market maker but they have to use their own capital. If not they can easily go running out of cash in the current situation. They are not a bank so they must not lend BTC to someone else and must not use for their own.

[saigo]

ok so my first withdrawal was processed in yen to my japanese account from the 7th january on the 22nd january. still 2 more outstanding on later dates but at least its paying out still. panic over. 2/3 week delay estimates are correct. goodluck

Good to hear, by that measure, mine should get done Friday or early next week, fingers and toes crossed

[lucaing]

ok so my first withdrawal was processed in yen to my japanese account from the 7th january on the 22nd january. still 2 more outstanding on later dates but at least its paying out still. panic over. 2/3 week delay estimates are correct. goodluck

Good to hear, by that measure, mine should get done Friday or early next week, fingers and toes crossed

That's what i'm hoping!
Let's me know when you guys will receive your money.

BTW i used to trade with MTGox because they always made JPY withdraw fast. But if they begin to delay them i'll leave it.

[Butters]

So just me trying to use some common sense, can someone tell me, where does gox gets its money ?

Who is depositing cash on their site to buy bitcoin when there is a 100+usd premium compared with other xchanges?

I don't want to say that gox gonna die, but yeah gox gonna die.

[sd]

They must manage clients' asset apart from their capital principal. They could act as a market maker but they have to use their own capital. If not they can easily go running out of cash in the current situation. They are not a bank so they must not lend BTC to someone else and must not use for their own.

Must? Do you mean you think that's Japanese law? It's common practice worldwide to delay payments and to spend customer's money when you run out of cash. Lots of companies do resort to exactly these measures to get though tough periods and most of them don't go bankrupt. I don't think it's illegal in most lines of businesses.

The problem with GOX is that they have been delaying payments for about a year now. They would not be burning their reputation in the way they are if they didn't have to. It looks like they have serious debts we don't know about. I don't understand how this can be as they should be strongly profitable.

[Lohoris]

The problem with GOX is that they have been delaying payments for about a year now. They would not be burning their reputation in the way they are if they didn't have to. It looks like they have serious debts we don't know about. I don't understand how this can be as they should be strongly profitable.

Seized assets for sure.
Might be they also screwed up something, but there's no proof on that AFAIK.

[Alpaca Bob]

So just me trying to use some common sense, can someone tell me, where does gox gets its money ?

Who is depositing cash on their site to buy bitcoin when there is a 100+usd premium compared with other xchanges?

I used to think the same thing, buy apparently dumb people are gonna be dumb. I know several newbie's that recently decided to get themselves some bitcoin through MtGox. Why? Simple. They don't care to do any research whatsoever, and MtGox is like a brand-name.

One of them lost his funds btw. Either his account got hacked into, or he was scammed by Gox. (He did not have 2FA.)

Edit: By the way, Gox told him to take it up with his local police, which is obviously a bad joke as we're situated in Europe.

[LB72]

still awaiting 3 withdraws from november 2013 ... and here is the standard support's answer :

Dear Valued Customer,
We apologize for the delay. As the transfers are processed manually, we are sorry that we are not able to provide the ETA for the withdrawal. We can cancel the withdrawal initiated and credit back the funds to your account. Please let us know if you wish to cancel the withdrawal.
We apologize for the delay and inconvenience that this may have caused.
Best regards,
MtGox Team




Mtgox sucks

[lubosspe]

Hey guys.

So what is the average waiting time for sepa withdrawal in eur now in mtgox? Thanks

[Bismarckbkk]

They must manage clients' asset apart from their capital principal. They could act as a market maker but they have to use their own capital. If not they can easily go running out of cash in the current situation. They are not a bank so they must not lend BTC to someone else and must not use for their own.

Must? Do you mean you think that's Japanese law? It's common practice worldwide to delay payments and to spend customer's money when you run out of cash. Lots of companies do resort to exactly these measures to get though tough periods and most of them don't go bankrupt. I don't think it's illegal in most lines of businesses.

Customer funds are not company funds. Theyre requiered by law to be segregated.

Its possible MTgox with bitcoin is still operating in a grey zone but they are acting as a brokerage and they should keep segregated accounts.

For any other buisiness its also illegal to treat customer property as company property.

To illustrate that point imagine you leave your country to travel the world for a year and give your car to a storage company. That doesnt mean theyre allowed to sell the car if they run out of cash or use it as a company vehicle.

A brokerage who does that will go bankrupt, they can go on for a while covering up the theft but the longer withdrawals take and the more word gets out the more it spirals out of control.

Unless they recieve a cash injection and are going to clean house theyre going to go bankrupt.

Im not saying they have been stealing on purpose, they likely had segregated accounts until they had their accounts seized.  In theory they could rebuild by paying out any profits to waiting customers whos accounts were seized and working off the backlog but that doesnt seem to be the case here.

Btw we dont know if any of the BTC exchanges keep customers funds segregated. I suspect that actually none of them do.

[Nagle]

They must manage clients' asset apart from their capital principal. They could act as a market maker but they have to use their own capital. If not they can easily go running out of cash in the current situation. They are not a bank so they must not lend BTC to someone else and must not use for their own.

Must? Do you mean you think that's Japanese law?

It is Japanese law. See Section 2 of the Payment Services Act.

[cozytrade]

It's common practice worldwide to delay payments and to spend customer's money when you run out of cash. Lots of companies do resort to exactly these measures to get though tough periods and most of them don't go bankrupt. I don't think it's illegal in most lines of businesses.

Yes for retailer or manufacturer, it may be common practice. On the other hand, banks can lend clients' money to other clients and mutual and hedge funds are for discretionary, while broker and exchanges should not. Of course even banks need to keep their own capital to be compliant with BIS. Many bankrupt cases can be seen in investment fund business but exchange and brokerage are quite different. Many banks have brokerage and IB under their umbrella but accounts are segregated. Whichever it is BTC related or not, we should not deal with those companies. If it is common practice in BTC "exchanges", unfortunately there should be some regulations as financial institutions to protect market participants against original thought ironically.