MtGox withdrawal delays [Gathering]

[BTCtrader71]

I had some BTC sitting in Gox and decided to transfer them all out about 5 days ago due to the ever-increasing concerns over Gox solvency. [Yes folks, this is how bank runs occur!] I decided to break it up into 12 transactions of different sizes and ended up spreading them out over 2-3 days. Of those 12, 5 went through immediately. Of the remaining 7, so far 2 have gone through (about 4 or 5 days late!). What is strange is that those two are the most recent of the 7, as well as the smallest. Does that mean they are processing them in reverse chronological order? I can't think of why they would do that. Or, does it mean they are processing smaller ones preferentially ahead of bigger ones? That seems more likely to me. If that is the case, it could have serious implications regarding solvency.

btw there are currently 735 unprocessed transactions more than 2 hours old, according to http://skanner.net/MtGox/mtgox_tx.php

[lucaing]

Hello. Any update about Japanese withdraws?
I'm still waiting mine from 12th January.

[sturle]

No, I use normal SEPA withdrawal.  It works fine for me and everyone else, and you know it.  But please go on and pretend it doesn't.  The panic it creates is very profitable.

What SEPA country? Congrats for your arbitrage profits, but I have a hard time believing it or did they actually resolve their SEPA delays?

Norway.  There are delays, but 18% in a month is still very good.

[rikkejohn]

I've been waiting about 18 hours for a withdrawal of BTC (about 1.5), no sign in blockchain, no response from Gox. I'm really pissed off!

[arniea]

Requested 2 SEPA Withrawals (11th and 13th of January), the first < €100, the second > €100.
Both 'Confirmed' status..

Opened a ticket, they say it takes less than a week to process an < €100 SEPA withrawal. ==> yeah, sure.

Does anyone have the same experience?

[JMATTH33]

Still waiting 74 hours now for 32 coins (and ticket response) from Gox...

Goxxed

[Beans]

Don't take any btc gox guys, unless you really want your funds in btc for a while. I had some usd on gox and tried to move it out in btc. The first two tests withdrawals worked, when I sent the rest it didn't go.

[Diabolicus]

New fun with gox.. "Invalid amount, limit reached" -even though the amount was well below my daily limit and more then enough funds on the exchange. After trying random values I was able to withdraw 300€, let's see when they arrive.

I'm not happy with the delays, but could live with that. What I can't agree on is randomly cutting down the daily limit, without even showing it to me.

edit: same thing with btc withdrawals 

Seems that you have to cancel your bids or asks first before you can withdraw any fiat / BTC. Makes sense, but the error message should mention it nonetheless.

[seldon]

New fun with gox.. "Invalid amount, limit reached" -even though the amount was well below my daily limit and more then enough funds on the exchange. After trying random values I was able to withdraw 300€, let's see when they arrive.

I'm not happy with the delays, but could live with that. What I can't agree on is randomly cutting down the daily limit, without even showing it to me.

edit: same thing with btc withdrawals 

Seems that you have to cancel your bids or asks first before you can withdraw any fiat / BTC. Makes sense, but the error message should mention it nonetheless.

omg, makes sense - thanks!!

[severance26]

New fun with gox.. "Invalid amount, limit reached" -even though the amount was well below my daily limit and more then enough funds on the exchange. After trying random values I was able to withdraw 300€, let's see when they arrive.

I'm not happy with the delays, but could live with that. What I can't agree on is randomly cutting down the daily limit, without even showing it to me.

edit: same thing with btc withdrawals 

Got my withdrawal now.

https://bitcointalk.org/index.php?topic=434734.0

Hello. Any update about Japanese withdraws?
I'm still waiting mine from 12th January.

I've got one from the 7th.   They are currently processing on the 8th.   You will be waiting another week probably.

HOW do you know this?

[JohanM]

Sorry for the people unable to withdraw USD from MtGox.

HOWEVER, SEPA does work. This is my recent SEPA withdraw history.
All withdraws coming from Poland to Belgium.
All amounts >> 1k€

- okt 21, received nov 26
- nov 9, received dec 17
- nov 16, received jan 8
- nov 19, received today jan 28
- nov 27, not yet received (so by the 20 day rule it should arrive on Feb 17)

The general rules from the MtGox FAQ seem to apply:
- about 6 weeks for a transfer
- minimum 20 days between each transfer (this is the one that seems to apply to 4 last transfers)

[arniea]

Sorry for the people unable to withdraw USD from MtGox.

HOWEVER, SEPA does work. This is my recent SEPA withdraw history.
All withdraws coming from Poland to Belgium.
All amounts >> 1k€

- okt 21, received nov 26
- nov 9, received dec 17
- nov 16, received jan 8
- nov 19, received today jan 28
- nov 27, not yet received (so by the 20 day rule it should arrive on Feb 17)

The general rules from the MtGox FAQ seem to apply:
- about 6 weeks for a transfer
- minimum 20 days between each transfer (this is the one that seems to apply to 4 last transfers)

Johan, which bank do you use? (and also, a Flemish or a Walloon bank?)
I use "VDK Spaarbank".

So you say every withrawal you made arrived?
That would be great!

[sturle]

I've got one from the 7th.   They are currently processing on the 8th.   You will be waiting another week probably.

HOW do you know this?

He probably read the FAQ.

[Macno]

Ok. So your arbitrage strategy works with an almost constant BTC price. If it moves too fast during the 6 weeks you are waiting, you easily miss more than 18%.

[gizmoh]

Ok. So your arbitrage strategy works with an almost constant BTC price. If it moves too fast during the 6 weeks you are waiting, you easily miss more than 18%.

Arbitrage Guarantees a profit unlike market movements.

[Macno]

yes, but where`s the profit if he has to buy the btc back at more than 18%? Or is it a one time strategy?

[zyk]

dont you get it ?...there is a 20 percent profit guarentee when dealing with Mt. Gox....free money for all Sepa account holders !!

[arniea]

dont you get it ?...there is a 20 percent profit guarentee when dealing with Mt. Gox....free money for all Sepa account holders !!

I guess what he means is that it takes over 6 weeks to get you money.
So it isn't very profitable if you have to wait such a long time

[Trade101]

yes, but where`s the profit if he has to buy the btc back at more than 18%? Or is it a one time strategy?

he buys on bitstamp, sells immediately on gox for 18 % profit... just that his funds arrive one month later.

nevertheless good return on investment

[zyk]

yeah..there are famous riches to be made..Bernanke hands out for 0.3 % year...... Gox gives us 18 % monthly!....lets everybody do it in droves .....

we might even get the spread down a bit   and then Gox is considered solvent again...win-win     everybody gains