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Author Topic: MtGox withdrawal delays [Gathering]  (Read 878059 times)
smoothie
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February 16, 2014, 09:22:27 PM
 #4321

does anyone know if the withdrawal on bitstamp is working now?

Yes it is working.

Attempting to pull a larger amount of money, the same as MtGox  Wink
I'll wait for money 3-4 month or much more.

I tried to withdraw $1.5 million from BS, and ran into a previously unannounced KYC check. After completing it, they let me withdraw the whole amount. They always acted very rapidly and courteously. I have not tried BTC withdrawal now, I have sold all my BTC there because it is ridiculous to think price can stay >600 for long.


I don't think it's so ridiculous, however I'm not claiming to have $1.5 Million where even small changes in price can mean incredible sums of money. To me, bitcoin seems stronger then ever- tough times indeed, but it was inevitable that we would need to harden the new generation of newbies that brought so much new money to the system. Each crash slowly teaches a new generation of traders about bitcoin and hardens them to the panic. You are always negative about bitcoin- yet you've profited so greatly from it.  I understanding wanting 1.5 million on cash, but why not stop trying to freak others out? Anyone else with as much money as you will know the risks they are dealing with, everyone will (much) less money that that can afford to ride the waves as they have less to loose, but more to gain.

I don't believe his statement was an intent to make people panic. Merely calling it as he sees it.

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crazy_rabbit
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February 16, 2014, 09:36:08 PM
 #4322

does anyone know if the withdrawal on bitstamp is working now?

Yes it is working.

Attempting to pull a larger amount of money, the same as MtGox  Wink
I'll wait for money 3-4 month or much more.

I tried to withdraw $1.5 million from BS, and ran into a previously unannounced KYC check. After completing it, they let me withdraw the whole amount. They always acted very rapidly and courteously. I have not tried BTC withdrawal now, I have sold all my BTC there because it is ridiculous to think price can stay >600 for long.


I don't think it's so ridiculous, however I'm not claiming to have $1.5 Million where even small changes in price can mean incredible sums of money. To me, bitcoin seems stronger then ever- tough times indeed, but it was inevitable that we would need to harden the new generation of newbies that brought so much new money to the system. Each crash slowly teaches a new generation of traders about bitcoin and hardens them to the panic. You are always negative about bitcoin- yet you've profited so greatly from it.  I understanding wanting 1.5 million on cash, but why not stop trying to freak others out? Anyone else with as much money as you will know the risks they are dealing with, everyone will (much) less money that that can afford to ride the waves as they have less to loose, but more to gain.

I don't believe his statement was an intent to make people panic. Merely calling it as he sees it.

Well, I guess it means cheaper bitcoin for me. :-)

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lucaing
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February 16, 2014, 09:36:58 PM
 #4323

It seems JPY withdrawal are slowly arriving..

https://bitcointalk.org/index.php?topic=428242.60

rpietila
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February 16, 2014, 09:37:52 PM
 #4324

I tried to withdraw $1.5 million. You are obviously a troll.
Please proof, screnshot ?

So what I say is a Screen shot or GTFO...

ok..


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February 16, 2014, 09:40:17 PM
 #4325


Well, there it is.

Although it begs the question- why actually withdraw that much USD? If there was to be another excellent buying opportunity, you would miss out on it, unless you're sending it to a can't-believe-you-would-send-it-there exchange in Japan to buy at super low prices and hope in the future you really can get the money out.

I wouldn't imagine you really think this bitcoin ship is sunk- so why withdraw so much cash?

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February 16, 2014, 09:42:26 PM
 #4326


Ok, I respect. Thanks

Cлaвьcя, Oтeчecтвo нaшe cвoбoднoe,
Бpaтcкиx нapoдoв coюз вeкoвoй,
Пpeдкaми дaннaя мyдpocть нapoднaя!
Cлaвьcя, cтpaнa! Mы гopдимcя тoбoй!
smoothie
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February 16, 2014, 09:42:47 PM
 #4327


Well, there it is.

Although it begs the question- why actually withdraw that much USD? If there was to be another excellent buying opportunity, you would miss out on it, unless you're sending it to a can't-believe-you-would-send-it-there exchange in Japan to buy at super low prices and hope in the future you really can get the money out.

I wouldn't imagine you really think this bitcoin ship is sunk- so why withdraw so much cash?

With keeping funds on an exchange comes risk. I personally would rather diversify into PMs or real estate.

███████████████████████████████████████

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     ²▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓╩    
        ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀       
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. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.                  History of Monero development Visualization ★☆ .
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February 16, 2014, 09:47:23 PM
 #4328


Well, there it is.

Although it begs the question- why actually withdraw that much USD? If there was to be another excellent buying opportunity, you would miss out on it, unless you're sending it to a can't-believe-you-would-send-it-there exchange in Japan to buy at super low prices and hope in the future you really can get the money out.

I wouldn't imagine you really think this bitcoin ship is sunk- so why withdraw so much cash?

With keeping funds on an exchange comes risk. I personally would rather diversify into PMs or real estate.

That begs an interesting point- how much is the recent price drop a reflection of a loss of faith in bitcoin versus a loss in faith in current exchanges. For example, maybe he's just withdrawing because he believes the exchange is unsafe for keeping funds and he would rather take the cash and move it to another, better, exchange when one comes around? Although bitstamp is pretty solid for now. But we need more solid exchanges.

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February 16, 2014, 10:01:11 PM
 #4329

...

I tried to withdraw $1.5 million from BS, and ran into a previously unannounced KYC check. After completing it, they let me withdraw the whole amount. They always acted very rapidly and courteously. I have not tried BTC withdrawal now, I have sold all my BTC there because it is ridiculous to think price can stay >600 for long.

...
Selling all Bitcoins, betting on a falling exchange rate, posting they will fall, because they are ridiculously too high, to motivate others follow, makes sense when planning to reinvest at a low rate.

As a global non-central bank-fed currency Bitcoin has more potential than any existing currency.
The quantitative easing policy of the Federal reserve produced $ 85 billion/month, now 75.
Bitcoins since their existence produced just 7.5 billions with a constant decrease in Bitcoin "money printing".

Other central banks are no difference. They pour money into the market with the intention to start inflation to help their economies. Inflation means the values of goods increase. But, according to your links in your posts, you are into silver, therefore very well aware of this. However, silver has reached a yearly production of 24.000 tons x 32.000 x 21 ~ 16 billion per year, trend increasing.

Comparing with central banks, though, silver has upwards potential, too. But it lacks the benefit of  payment function and its usage is limited: To industry, overpriced silver coins -sorry they have a payment function - though far lower than their value - and jewelry for personal use. Bitcoins potential is bigger.

And considering the much lower mtgox value now - i'm buying.


Sources:
http://www.reuters.com/article/2014/01/08/us-usa-fed-reverserepo-idUSBREA0717V20140108
https://blockchain.info/en/charts/market-cap
http://minerals.usgs.gov/minerals/pubs/commodity/silver/
 
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February 16, 2014, 10:04:01 PM
 #4330

coini you are a prophet  Smiley

now tell us if the 1MB block limit will kill BTC, because it does not allow a large number of transactions? how can btc work 5 years from now when the normal throughput of transactions will be much higher than today?
What? Despite the existence of transaction fee's (https://en.bitcoin.it/wiki/Transaction_fees) the Bitcoin network can't cope with bigger throughput of transactions Huh I hardly believe that. Isn't it that way: who pays the most fee will be priorized first. Can anyone agree on Bitcoin either failing with bigger throughputs of transactions or it just creates the need to increase the fee ?

could you take your newbie talk somewhere else, please?
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February 16, 2014, 10:09:53 PM
 #4331

IT´S ON!!!

"MtGox: We are proud to announce that we have fixed all the problems, and the price will be readjusted to 1200$(where it belongs). Howewer, unfortunately all our personal wallets have been deleted during the fixing process,
but we can assure you that nothing has been stolen. Deposits are now enabled again. As an excuse we offer free trading fees for the  first 6 hours of tomorrow. We thank you for your patience and loyalty and are looking forward to provide our service for you"

Best Wishes

Mt.Gox Team

"To know death, Otto, you have to fuck life in the gallbladder"
www.hsbc.com  - The world´s local bank
"These FUDsters are insane egomaniacs that just want cheap BTC" - oblivi
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February 16, 2014, 10:18:18 PM
 #4332

IT´S ON!!!

"MtGox: We are proud to announce that we have fixed all the problems, and the price will be readjusted to 1200$(where it belongs). Howewer, unfortunately all our personal wallets have been deleted during the fixing process,
but we can assure you that nothing has been stolen. Deposits are now enabled again. As an excuse we offer free trading fees for the  first 6 hours of tomorrow. We thank you for your patience and loyalty and are looking forward to provide our service for you"

Best Wishes

Mt.Gox Team

wouldn't touch it with yours fonzie.

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February 16, 2014, 10:20:26 PM
 #4333

coini you are a prophet  Smiley

now tell us if the 1MB block limit will kill BTC, because it does not allow a large number of transactions? how can btc work 5 years from now when the normal throughput of transactions will be much higher than today?
What? Despite the existence of transaction fee's (https://en.bitcoin.it/wiki/Transaction_fees) the Bitcoin network can't cope with bigger throughput of transactions Huh I hardly believe that. Isn't it that way: who pays the most fee will be priorized first. Can anyone agree on Bitcoin either failing with bigger throughputs of transactions or it just creates the need to increase the fee ?

could you take your newbie talk somewhere else, please?
Newbie, as the transaction ID manipulation? Almighty, come down your throne, and enlighten the asking with a simple 1. yes/ 2. no/ 3. maybe, but too complicated to explain, to go quicker on this.
itsunderstood
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February 16, 2014, 10:31:38 PM
 #4334


[...]

I really hope they master their obstacles and proove enough financial know how to stick to legal laws. Otherwise the next blow to Bitcoins is pre-programmed.

Good post.  So far the best obstacle mastered was the screwed customer with a sign.

Goxman used the "I am walking through you" technique.  A true nerdmaster push move and the dude gave way.  He didn't trip him or even smack his coffee, he just acknowledged the 'nerd push' and let Goxman inside wit coffee and 'brella.  Priceless.

Anyway I am still bullish and long all crypto.  But this is how nerds act 'bitchy' with one another.  Just like this.

Check out my prescient ATS thread from 2008: "Windows XP: End the Cyberwar, Open the Code Now!" http://www.abovetopsecret.com/forum/thread411978/pg1
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February 17, 2014, 04:53:35 AM
 #4335

What is a story behing this new btc withdraw queue?
I think they wont limit btc withdraw but introduce this new delay tactic. Horrible. When will nightmire end.

I don't know what the story is, but whenever bitcoin withdrawals on MtGox are open again (better to say: if ever), you will probably face the impacts of another technical problem of the bitcoin protocol much sooner as expected: the blocksize limit of 1MB. The protocol can't handle a flood of transactions right now. Even under normal conditions 500kb blocks have not been a rare case in the last months. When 1MB is reached even for a small period of time, transactions will pile up, miners/mining pools will have to restart the daemons every once in a while to clean up the memory pool, and valid transcations will get lost or not be processed. Transaction fees will eventually rise sharply. Furthermore, you won't be too happy when MtGox stops the service. Tranfers made between MtGox wallets don't go through the bitcoin network. A missing MtGox will result in much more real transactions and this will push the network nearer to the limit. I hope MtGox will be wise enough to make a withdrawal queue for bitcoin, wich carefully stacks up transcations and broadcasts them in a decent manner... but on the other hands, when have they ever been wise?


Have you raised the issue to Gox about that? or with other core developers? what is their reaction to this?
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February 17, 2014, 06:25:33 AM
 #4336

What is a story behing this new btc withdraw queue?
I think they wont limit btc withdraw but introduce this new delay tactic. Horrible. When will nightmire end.

I don't know what the story is, but whenever bitcoin withdrawals on MtGox are open again (better to say: if ever), you will probably face the impacts of another technical problem of the bitcoin protocol much sooner as expected: the blocksize limit of 1MB. The protocol can't handle a flood of transactions right now. Even under normal conditions 500kb blocks have not been a rare case in the last months. When 1MB is reached even for a small period of time, transactions will pile up, miners/mining pools will have to restart the daemons every once in a while to clean up the memory pool, and valid transcations will get lost or not be processed. Transaction fees will eventually rise sharply. Furthermore, you won't be too happy when MtGox stops the service. Tranfers made between MtGox wallets don't go through the bitcoin network. A missing MtGox will result in much more real transactions and this will push the network nearer to the limit. I hope MtGox will be wise enough to make a withdrawal queue for bitcoin, wich carefully stacks up transcations and broadcasts them in a decent manner... but on the other hands, when have they ever been wise?

With a burst of 10's of thousands of transactions, bitcoin is fine.
Transactions queue up, they get into blocks, and reasonably quickly get cleared out so your 'poolsz' gets back down to manageable levels (i.e. manageable being transactions getting through next block or so, most of the time)

This problem won't show up until a large company starts using bitcoin ... e.g. something like amazon or google or ...
That's when bitcoin will die.

Pool: https://kano.is Here on Bitcointalk: Forum BTC: 1KanoPb8cKYqNrswjaA8cRDk4FAS9eDMLU
Discord support invite at https://kano.is/ Majority developer of the ckpool code
Help keep Bitcoin secure by mining on pools with full block verification on all blocks - and NO empty blocks!
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February 17, 2014, 07:02:54 AM
 #4337

What is a story behing this new btc withdraw queue?
I think they wont limit btc withdraw but introduce this new delay tactic. Horrible. When will nightmire end.

I don't know what the story is, but whenever bitcoin withdrawals on MtGox are open again (better to say: if ever), you will probably face the impacts of another technical problem of the bitcoin protocol much sooner as expected: the blocksize limit of 1MB. The protocol can't handle a flood of transactions right now. Even under normal conditions 500kb blocks have not been a rare case in the last months. When 1MB is reached even for a small period of time, transactions will pile up, miners/mining pools will have to restart the daemons every once in a while to clean up the memory pool, and valid transcations will get lost or not be processed. Transaction fees will eventually rise sharply. Furthermore, you won't be too happy when MtGox stops the service. Tranfers made between MtGox wallets don't go through the bitcoin network. A missing MtGox will result in much more real transactions and this will push the network nearer to the limit. I hope MtGox will be wise enough to make a withdrawal queue for bitcoin, wich carefully stacks up transcations and broadcasts them in a decent manner... but on the other hands, when have they ever been wise?

With a burst of 10's of thousands of transactions, bitcoin is fine.
Transactions queue up, they get into blocks, and reasonably quickly get cleared out so your 'poolsz' gets back down to manageable levels (i.e. manageable being transactions getting through next block or so, most of the time)

This problem won't show up until a large company starts using bitcoin ... e.g. something like amazon or google or ...
That's when bitcoin will die.

This seems to be a much larger issue than malleability... do all the other coins have the same problem?
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February 17, 2014, 08:57:52 AM
 #4338

>>but we will be doing extensive testing before bitcoin
withdrawals are reactivated. We will publish an update on the situation on
Monday .<<

https://www.mtgox.com/img/pdf/20140215-BTC-transfers.pdf


It's 6 PM in Tokyo now. Where is the promised update?
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February 17, 2014, 09:02:42 AM
 #4339

>>but we will be doing extensive testing before bitcoin
withdrawals are reactivated. We will publish an update on the situation on
Monday .<<

https://www.mtgox.com/img/pdf/20140215-BTC-transfers.pdf


It's 6 PM in Tokyo now. Where is the promised update?

the silence speaks volumes, as does trading platforms removing gox as their price-up comparison.

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AFox
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February 17, 2014, 09:04:03 AM
 #4340

>>but we will be doing extensive testing before bitcoin
withdrawals are reactivated. We will publish an update on the situation on
Monday .<<

https://www.mtgox.com/img/pdf/20140215-BTC-transfers.pdf


It's 6 PM in Tokyo now. Where is the promised update?

Last time they said "we will release an update moday", it was at 7 PM Tokyo time :

My lucky BTC address : 1LoTTerY3WYbGxVRHvh8oDudDdTxFvvqWF
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