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Author Topic: MtGox withdrawal delays [Gathering]  (Read 878120 times)
whave
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February 17, 2014, 09:05:58 AM
 #4341

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?


How does a newbie (with a max total of 3 posts) come up with a credible post about the impact?

says the guy with negative trust and a warning under his name... Cheesy
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papamoi
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February 17, 2014, 09:06:30 AM
 #4342

Hi

does anyone knows why they have removed direct wire deposit to their account?

i ve seen they have added money polo

and you need to get verified by moneypolo to be able to deposit even if you have been verified by gox


so they are goxing u in a way or the other.......

BitPaulo
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February 17, 2014, 09:28:21 AM
 #4343

Hi

does anyone knows why they have removed direct wire deposit to their account?

i ve seen they have added money polo

and you need to get verified by moneypolo to be able to deposit even if you have been verified by gox


so they are goxing u in a way or the other.......



I have been with Gox since Jan 2014 and I always saw this message. The only deposits I have been making are through SEPA with my EURO account. I wanted to use my other accounts but I didn't want to go through the verification process with MoneyPolo.

Not sure why it was not showing in your account before. When did last try to deposit money? maybe you didn't see it.
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February 17, 2014, 09:29:29 AM
 #4344

Hi

does anyone knows why they have removed direct wire deposit to their account?

i ve seen they have added money polo

and you need to get verified by moneypolo to be able to deposit even if you have been verified by gox


so they are goxing u in a way or the other.......



a double-verification gox which in turn creates a double malleable transaction double spend and you wait double the time to see the funds land and double again to withdraw. i'm doubly confused now!

tips    1APp826DqjJBdsAeqpEstx6Q8hD4urac8a
hgamezoom
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February 17, 2014, 09:37:50 AM
 #4345

>>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 :

They must in great pain now for how to release the update.
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February 17, 2014, 10:39:27 AM
 #4346

https://www.mtgox.com/img/pdf/20140217-Announcement.pdf
whave
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February 17, 2014, 10:39:51 AM
 #4347

update out!

https://www.mtgox.com/img/pdf/20140217-Announcement.pdf

"With this new system in place, MtGox should be able to resume withdrawals
soon. At the beginning we will do so at a moderated pace and with new daily/
monthly limits in place to prevent any problems with the new system and to take
into account current market conditions. "
"
In order to launch the new system, we are going through the following steps:"
"
-" Re-indexing the entire Blockchain (approx. 32 million entries)"
-" Fully deploying the new NTX ID"
-" Implementing a new bitcoin withdrawal queue that needs to be tested"
"
We will update everyone again by Thursday at the latest. "
BitPaulo
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February 17, 2014, 10:41:55 AM
 #4348

yeah, finally some good news.

let's see how the market will respond to this..!
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February 17, 2014, 10:46:39 AM
 #4349

damn, I wish I had fiat on gox now... the price is going up already. Once Europe and the US wakes up, the price will go up again..!
lucaing
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February 17, 2014, 10:55:21 AM
 #4350

thanks MTgox! i bought a lot of chip coins  Grin
Rannasha
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February 17, 2014, 10:58:11 AM
 #4351

damn, I wish I had fiat on gox now... the price is going up already. Once Europe and the US wakes up, the price will go up again..!

Europe here, we're already awake. It's almost lunch time!
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February 17, 2014, 11:01:46 AM
 #4352

Quote
new daily/monthly limits in place [...] Implementing a new bitcoin withdrawal queue
Wow, I'm so glad, after delays in withdrawing Fiat, caused by bank limit, we will have delays to withdraw BTC because MighTy Gox decided.
What good news ...

My lucky BTC address : 1LoTTerY3WYbGxVRHvh8oDudDdTxFvvqWF
BitPaulo
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February 17, 2014, 11:11:41 AM
 #4353

Quote
new daily/monthly limits in place [...] Implementing a new bitcoin withdrawal queue
Wow, I'm so glad, after delays in withdrawing Fiat, caused by bank limit, we will have delays to withdraw BTC because MighTy Gox decided.
What good news ...

Well, at least it seems less likely that Gox is leaving with our money. that's the good part. I am happy to see that I didn't loose everything.

Now, the bad news you mentioned is...  freaking annoying. I wonder how long will the queue take to clear up. also, this could give the first ones in line a huge advantage to be able to sell their cheap BTCs on other exchanges..

ebolivia
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February 17, 2014, 11:14:02 AM
Last edit: February 17, 2014, 11:32:06 AM by ebolivia
 #4354

Here's the full post.  If you read my previous posts you'll see that I had very little belief Gox would pull through.  I should point out that I feel much more optimistic knowing that Blockchain.info is somehow collaborating with them.  

https://bitcointalk.org/index.php?action=post;topic=179586.4480;num_replies=4488

Tokyo, Japan, February 17th, 2014

Dear MtGox Customers,

We apologize for the inconvenience caused by the recent suspension of external
bitcoin transfers. Fortunately, as we announced on Saturday we have now
implemented a solution that should enable withdrawals and mitigate any issues
caused by transaction malleability (please see our previous statements for
details on this issue).

Thanks to our friends at Blockchain.info, MtGox now has a workaround that will
use a unique identifier created by Blockchain to show whether transactions have
been modified or not. This will prevent any fraudulent use of the malleability
issue and protect the assets of our customers.

Resuming Withdrawals

With this new system in place, MtGox should be able to resume withdrawals
soon. At the beginning we will do so at a moderated pace and with new daily/
monthly limits in place to prevent any problems with the new system and to take
into account current market conditions.

In order to launch the new system, we are going through the following steps:"

-" Re-indexing the entire Blockchain (approx. 32 million entries)"
-" Fully deploying the new NTX ID"
-" Implementing a new bitcoin withdrawal queue that needs to be tested"

We will update everyone again by Thursday at the latest. "

Additionally, you may have noticed that we have added a new login system that
sends you an email when you successfully access your account. This is an
additional security layer, but as always we strongly encourage our customers to
use the 2-step authorization options available in our Security Center. "

Thank you again for your support, and we look forward to resume bitcoin
withdrawals as quickly as possible.

Best regards,

MtGox Team
BitPaulo
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February 17, 2014, 11:18:56 AM
 #4355

How does a queuing work? is it the first come first served? or do they use other types or variables like amount to withdraw, bribes, etc?
IIpeBeD_MeDBeD
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February 17, 2014, 11:41:18 AM
 #4356

WHEN resume withdrawales?!!!!!!!!!!!!!!!!!!!!!!!!!!
FUCK THE MTGOX UPDATE!
I NEED MY BTC!!!!!!!!!!!!!

hgamezoom
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February 17, 2014, 11:46:15 AM
 #4357

What would the new daily limit be?

If 10B per account ,that is obviously too high because most of the users have less than 10B.

1 B per account? That seems some big holders should wait for years to withdraw all of them....
dserrano5
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February 17, 2014, 11:56:08 AM
 #4358

What would the new daily limit be?

If 10B per account ,that is obviously too high because most of the users have less than 10B.

1 B per account? That seems some big holders should wait for years to withdraw all of them....

I speculate it could be the largest of e.g. 10% of your balance or 10 BTC. This scheme would work reasonably well for everybody.
whave
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February 17, 2014, 12:04:02 PM
 #4359

Again with the speculation. Why can't you guys just wait for the official confirmation?

I'm just saying. I know MtGox isn't that speedy about the updates and providing information, but WHAT'S THE POINT OF THE GUESSING GAME?
rpietila
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February 17, 2014, 12:12:19 PM
 #4360

What would the new daily limit be?

If 10B per account ,that is obviously too high because most of the users have less than 10B.

1 B per account? That seems some big holders should wait for years to withdraw all of them....

Bitcoin distribution.


Mt.Gox claims to have a million customers, and I think 300,000 of them had nonzero balance in the latter part of January when the withdrawal by any means became impossible.

It is unlikely that many of the very smallest balances would have used Mt.Gox, but also unlikely that many of the very biggest would have had at least all of their coins there.

Judging from the characteristics of the distribution, I believe 5% of the Mt.Gox accounts (15,000 accounts) have larger than BTC10 balance in them, and that they collectively hold 90% of Mt.Gox BTC IOUs. Likely at least BTC1,000,000 is still held in Mt.Gox atm.

If they claim to not have 100% of the coins, that automatically classifies them as criminal, so as a corollary I must be wrong, and they must have the coins. Their "problem" to transfer them is not a function of number of BTC transferred, but the transaction size (which may be very large if parsed incorrectly) and the raw blocksize of the Bitcoin network. Essentially they can send a certain number of transactions per day, regardless big or small.

Once withdrawals are enabled, there is nothing, except Mt.Gox's insatiable desire to rape their largest customers once more, to prevent them from sending out 90% of the coins to 5% of the customers in the first 24 hours, essentially proving that they are solvent and pacifying the 95% of customers with the remaining 10% of coins. Any other solution is a further proof of insolvency resulting from and in criminal action, lying, cronyism etc usw.
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