MtGox withdrawal delays [Gathering]

[Lohoris]

wtf, they must be using some crappy "small stones first" algorithm, that's utterly unfair!

How surprising!
Who could have guessed!

[virtualfaqs]

whats to stop gox at buying bitcoins at its low rates and selling off on other exchanges ? just wodering

Against law. And when asked, Mark has said he knows it and that they are not doing it.

lolz against the law. It was ok to charge people a 25 percent markup from all the other exchanges rates?
not against the law to lock up withdrawls and hold peoples money ransom ?

I wouldn't believe anything that came out of that liars fat mouth

The same reason they weren't buying BTC from other exchanges and selling on their site when the price was higher.

[jack0m]

wtf, they must be using some crappy "small stones first" algorithm, that's utterly unfair!

How surprising!
Who could have guessed!

Guessed what? Gox's unfairness? No, the surprising thing is how they keep denying evidence and treat their customers like idiots, with all the bs in any answer by their worthless support.

[dudel42]

since I previously said that I would post once my Jan 2nd SEPA withdrawal was processed, here's my update:

my withdrawal still wasn't processed this week, so I cancelled it, bought coins and cashed out through bitstamp. unfortunately not at the time where gox price was at 50% of the bitstamp price, but still with a good 30% markup.

if course, I still have to be able to get my btc out of gox but I still have faith in that happening, and the price differential was just too good to pass up on (and would have even much better had I waited another half day, but that's moot )

[Asinine]

We have general problem with bitcoin price,
Bitstamp is resolve problems with withdraw, but the price continues to fall !

https://www.bitstamp.net/article/Bitcoin-withdrawals-are-once-again-fully-automated/

Why ?

My guess?   Arbitrage is now possible between it and BTC-E.  BTC-E has been somewhat lower than Bitstamp over the past few days.

[dudel42]

since I previously said that I would post once my Jan 2nd SEPA withdrawal was processed, here's my update:

my withdrawal still wasn't processed this week, so I cancelled it, bought coins and cashed out through bitstamp. unfortunately not at the time where gox price was at 50% of the bitstamp price, but still with a good 30% markup.

if course, I still have to be able to get my btc out of gox but I still have faith in that happening, and the price differential was just too good to pass up on (and would have even much better had I waited another half day, but that's moot )

[Lohoris]

Guessed what? Gox's unfairness? No, the surprising thing is how they keep denying evidence and treat their customers like idiots, with all the bs in any answer by their worthless support.

And this has been widely known for months, ~since June 2013.

[jack0m]

Guessed what? Gox's unfairness? No, the surprising thing is how they keep denying evidence and treat their customers like idiots, with all the bs in any answer by their worthless support.

And this has been widely known for months, ~since June 2013.

not that widely. There have been known issues with USD withdrawals, but I could find no report of Sepa transfer still stuck after 6 weeks, like I'm experiencing now. If they were in good faith they could at least take the time to give a more credible explanation than simply "backlog", and provide a reasonable ETA, which they refuse to do instead and there is no excuse for this lack of transparency and communication

[Lohoris]

but I could find no report of Sepa transfer still stuck after 6 weeks, like I'm experiencing now

A SEPA transfer usually takes 1 day to clear.

[mp420]

but I could find no report of Sepa transfer still stuck after 6 weeks, like I'm experiencing now

A SEPA transfer usually takes 1 day to clear.

Yes, but Gox supposedly has a quota of 200k EUR per day of SEPA transfers. (It used to be 100k per day, and this was confirmed by someone who actually called their bank in order to ask - I don't know if the bank actually divulged information about Gox (I think that would be illegal) - but probably they asked what kind of limit would a foreign business opening an account have.)

[Lohoris]

Yes, but Gox supposedly has a quota of 200k EUR per day of SEPA transfers.

And if this limit isn't high enough, "they have problems".
As I was saying, it was widely known they had problems.

[rpietila]

but I could find no report of Sepa transfer still stuck after 6 weeks, like I'm experiencing now

A SEPA transfer usually takes 1 day to clear.

Yes, but Gox supposedly has a quota of 200k EUR per day of SEPA transfers. (It used to be 100k per day, and this was confirmed by someone who actually called their bank in order to ask - I don't know if the bank actually divulged information about Gox (I think that would be illegal) - but probably they asked what kind of limit would a foreign business opening an account have.)

For comparison - I casually made a SEPA transfer of 1,000,000 euros from my personal account to a company in a different country.

[jack0m]

but I could find no report of Sepa transfer still stuck after 6 weeks, like I'm experiencing now

A SEPA transfer usually takes 1 day to clear.

Yes, but Gox supposedly has a quota of 200k EUR per day of SEPA transfers. (It used to be 100k per day, and this was confirmed by someone who actually called their bank in order to ask - I don't know if the bank actually divulged information about Gox (I think that would be illegal) - but probably they asked what kind of limit would a foreign business opening an account have.)

For comparison - I casually made a SEPA transfer of 1,000,000 euros from my personal account to a company in a different country.

From #mtgox:

[19:08] <XXX> so if 100k EUR /day isn't enough then why not get a couple more accounts in different EU countries? also a GBP account in UK would be nice
[19:09] <@YYY> because most banks will not accept to open a bank account for a bitcoin exchange
[19:09] <@YYY> its not easy to find new banking partners
[19:09] <@YYY> and it takes time

Especially if you have such a bad reputation

[Lohoris]

From #mtgox:

[19:08] <XXX> so if 100k EUR /day isn't enough then why not get a couple more accounts in different EU countries? also a GBP account in UK would be nice
[19:09] <@YYY> because most banks will not accept to open a bank account for a bitcoin exchange
[19:09] <@YYY> its not easy to find new banking partners
[19:09] <@YYY> and it takes time

Especially if you have such a bad reputation

I don't care for their excuses.
Point is, they have problems, you know they have problems, you use them anyway.
You can't really complain, then.

[jack0m]

From #mtgox:

[19:08] <XXX> so if 100k EUR /day isn't enough then why not get a couple more accounts in different EU countries? also a GBP account in UK would be nice
[19:09] <@YYY> because most banks will not accept to open a bank account for a bitcoin exchange
[19:09] <@YYY> its not easy to find new banking partners
[19:09] <@YYY> and it takes time

Especially if you have such a bad reputation

I don't care for their excuses.
Point is, they have problems, you know they have problems, you use them anyway.
You can't really complain, then.

there are obviously problems that were NOT known, some were supposedly known but not to their real extent, and they are probably still hiding some others. That's why there are so many people who come and complain, and have full right to do so!

It turns out one of those unknown problems has grown too big to be denied, and NOW, yes, it's quite clear they are not as trusted as they pretended to be

[donk4u]

If mt gox finally alows people to withdraw and mt gox bitcoin is at say 300 usd while other exchanges are at 650 how does that work exactly?

[31337157]

If mt gox finally alows people to withdraw and mt gox bitcoin is at say 300 usd while other exchanges are at 650 how does that work exactly?

Then people withdraw to other exchanges and get back to normal (and hopefully in that process, mtgox goes away forever).

[viajero]

If mt gox finally alows people to withdraw and mt gox bitcoin is at say 300 usd while other exchanges are at 650 how does that work exactly?

Then people withdraw to other exchanges and get back to normal (and hopefully in that process, mtgox goes away forever).

nope. it will jump to 750$ at bitstamp and co, and to 850$ on gox. within seconds. thats what is going to happen. same situation as before that mess!


pretty simple...

[donk4u]

If mt gox finally alows people to withdraw and mt gox bitcoin is at say 300 usd while other exchanges are at 650 how does that work exactly?

Then people withdraw to other exchanges and get back to normal (and hopefully in that process, mtgox goes away forever).

nope. it will jump to 750$ at bitstamp and co, and to 850$ on gox. within seconds. thats what is going to happen. same situation as before that mess!


pretty simple...

ok thanks

[ArticMine]

but I could find no report of Sepa transfer still stuck after 6 weeks, like I'm experiencing now

A SEPA transfer usually takes 1 day to clear.

Yes, but Gox supposedly has a quota of 200k EUR per day of SEPA transfers. (It used to be 100k per day, and this was confirmed by someone who actually called their bank in order to ask - I don't know if the bank actually divulged information about Gox (I think that would be illegal) - but probably they asked what kind of limit would a foreign business opening an account have.)

For comparison - I casually made a SEPA transfer of 1,000,000 euros from my personal account to a company in a different country.

MTGox was having problems in the EU long before they ran into trouble with the US last year. This is from 2011 involving issues in France https://bitcointalk.org/index.php?topic=41317.0