MtGox withdrawal delays [Gathering]

[pedro82]

fiat jpy withdrawal submitted on jan 27th just went through this afternoon.

thats 14 business days. 6 day increase from one on jan 6 that was 8 business days.

Fiat SEPA withdrawal submitted on jan 7th just went through this mornig.

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[papamoi]

blochain.info is down right now

it s this related to mtgox anmoucement?

[mmitech]

People screaming good news !!! where do you see the good news ? no withdrawals yet, and when they allow them again you will have a limit, so FIAT withdrawals limits with huge delay and now BTC withdrawals limits !!!  is this good news for you ?

you, Mtgox customers, are all financially hostages, what if something really urgent happen to you or your family that you need to cash out your BTC/FIAT as soon as possible ? what if your life depends on that Bitcoin ? 

this is a totally new situation and not similar to the Fiat withdrawal limit, because before you could buy BTC at premium price and withdraw it, now you cant do anything about it, how this is acceptable for you ? are you just happy that gox didn't close down and run with you money ? what is the difference between that situation and this one ?

[pedro82]

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

Can't see the good news here  

Very bad news indeed ! withdraw your fiat while you can because they are preparing to seize a fraction of everyone coins ! 

[dave111223]

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.

Hm...does this even make sense unless the limits are frequency limits (1 withdrawal per day or something) as opposed to total value limits.

How does sending 100BTC put any more stress on their system than sending 0.1BTC?

Also what does this last part even mean: "and to take into account current market conditions"; are withholding your BTC because they don't think the price is right?? WTF?

[gizmoh]

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

Can't see the good news here  

Very bad news indeed ! withdraw your fiat while you can because they are preparing to seize a fraction of everyone coins !  

'Bank MtGox' bailing out from its customers. Hilarious!

[rpietila]

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.

No, the Bitcoin network did not change overnight in a way which suddenly makes it impossible for MtGox to handle everyone's BTC transactions. That's the most stupid thing I've read in a very long time.

Umm. There is the blocksize limit in place, right? MtGox provably has very large amount of dust in their BTC balances, right? This limits their ability to pay everybody at exactly the same time (at least so that the transactions would be confirmed, because they cannot be all included in an exact same block due to their sheer number (300,000) compared to the blocksize (1MB)).

Since you appear knowledgeable on the subject, perhaps you can compute the reasonable estimate how long this would take, because surely it is not instant, but certainly it won't take weeks either.

[rpietila]

Also what does this last part even mean: "and to take into account current market conditions"; are withholding your BTC because they don't think the price is right?? WTF?

I think the most important part of the statement is the the supposed guardian of the customers' bitcoins, Mt.Gox, has finally admitted that they run a fractional reserve. The market has confirmed that this is a good news. Perhaps because it is the first honest public statement I remember ever to have heard from them...

[whave]

People screaming good news !!! where do you see the good news ? no withdrawals yet, and when they allow them again you will have a limit, so FIAT withdrawals limits with huge delay and now BTC withdrawals limits !!!  is this good news for you ?

you, Mtgox customers, are all financially hostages, what if something really urgent happen to you or your family that you need to cash out your BTC/FIAT as soon as possible ? what if your life depends on that Bitcoin ? 

this is a totally new situation and not similar to the Fiat withdrawal limit, because before you could buy BTC at premium price and withdraw it, now you cant do anything about it, how this is acceptable for you ? are you just happy that gox didn't close down and run with you money ? what is the difference between that situation and this one ?

If your life depends on that bitcoin, then you know nothing about investment and risks, and you should avoid bitcoin once and for all. And all kinds of exchanges...

[trdiablo]

fiat jpy withdrawal submitted on jan 27th just went through this afternoon.

thats 14 business days. 6 day increase from one on jan 6 that was 8 business days.

Fiat SEPA withdrawal submitted on jan 7th just went through this mornig.

Awesome. My SEPA withdrawal is from 17 Jan, I was expecting to receive it at the end of this month and it looks like that will happen.
I will update here once I receive it.

[whave]

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

Can't see the good news here  

Very bad news indeed ! withdraw your fiat while you can because they are preparing to seize a fraction of everyone coins ! 

Source? Oh wait, the guessing game again? Nevermind  

[trdiablo]

People screaming good news !!! where do you see the good news ? no withdrawals yet, and when they allow them again you will have a limit, so FIAT withdrawals limits with huge delay and now BTC withdrawals limits !!!  is this good news for you ?

you, Mtgox customers, are all financially hostages, what if something really urgent happen to you or your family that you need to cash out your BTC/FIAT as soon as possible ? what if your life depends on that Bitcoin ?  

this is a totally new situation and not similar to the Fiat withdrawal limit, because before you could buy BTC at premium price and withdraw it, now you cant do anything about it, how this is acceptable for you ? are you just happy that gox didn't close down and run with you money ? what is the difference between that situation and this one ?

There was already a BTC withdrawal limit as well as Fiat withdrawal limit, nothing new there.
Thanks to all the haters of Gox I keep making money on arbitrage. Gox is good as long as you withdraw in EUR and have 6 weeks patience, can make good profits.
But I would not do business with them in USD.

[whave]

People screaming good news !!! where do you see the good news ? no withdrawals yet, and when they allow them again you will have a limit, so FIAT withdrawals limits with huge delay and now BTC withdrawals limits !!!  is this good news for you ?

you, Mtgox customers, are all financially hostages, what if something really urgent happen to you or your family that you need to cash out your BTC/FIAT as soon as possible ? what if your life depends on that Bitcoin ?  

this is a totally new situation and not similar to the Fiat withdrawal limit, because before you could buy BTC at premium price and withdraw it, now you cant do anything about it, how this is acceptable for you ? are you just happy that gox didn't close down and run with you money ? what is the difference between that situation and this one ?

There was already a BTC withdrawal limit as well as Fiat withdrawal limit, nothing new there.
Thanks to all the haters of Gox I keep making money on arbitrage. Gox is good as long as you withdraw in EUR and have 6 weeks patience, can make good profits.
But I would not do business with them in USD.

Exactly.

[cAPSLOCK]

There was already a BTC withdrawal limit as well as Fiat withdrawal limit, nothing new there.

You are missing the point.

with new daily/
monthly limits in place

Another detail people seem to be missing here:

We will update everyone again by Thursday at the latest.

It might be a little soon to start the party...

[rpietila]

Exactly.

The smell of a sockpuppet is strong here.

[mp420]

I made a crude back-of-the envelope calculation back last year suggesting that if Gox is actually under water, it's only a few million total (when their orderbook is tens of millions). So, the people shouting "GOX IS INSOLVENT", please back your claim up with some kind of evidence or reasoning.

About the recent BTC withdrawal issue, evidence would be easy to gather from the blockchain. If you're suggesting someone scammed huge amounts of BTC out of Gox.

[raskul]

I made a crude back-of-the envelope calculation back last year suggesting that if Gox is actually under water, it's only a few million total (when their orderbook is tens of millions). So, the people shouting "GOX IS INSOLVENT", please back your claim up with some kind of evidence or reasoning.

About the recent BTC withdrawal issue, evidence would be easy to gather from the blockchain. If you're suggesting someone scammed huge amounts of BTC out of Gox.

whether solvent or insolvent, for me is irrelevant. I'll never use Gox again,  while Mark K is at the helm.

[trdiablo]

There was already a BTC withdrawal limit as well as Fiat withdrawal limit, nothing new there.

You are missing the point.

with new daily/
monthly limits in place

Another detail people seem to be missing here:

We will update everyone again by Thursday at the latest.

It might be a little soon to start the party...

We dont even know what the new limits are. If they are going to set the limit to 1 BTC per week I will also join the angry mob with pitchforks and fire.
The current BTC limit was 100 BTC per 24 hours and as many people are in panic mode currently I can imagine that MtGox wants to limit that somehow.
Maybe the new limit will be 10 BTC a day, maybe 10 BTC a month. Let's wait till Thursday and see

[psilos]

fiat jpy withdrawal submitted on jan 27th just went through this afternoon.

thats 14 business days. 6 day increase from one on jan 6 that was 8 business days.

Fiat SEPA withdrawal submitted on jan 7th just went through this mornig.

Hi Pedro, may I ask you what was the amount that you withdrew?

Because so far , people confirmed withdrawal of small amounts ~100-300 EUR.

 

[rpietila]

I made a crude back-of-the envelope calculation back last year suggesting that if Gox is actually under water, it's only a few million total (when their orderbook is tens of millions). So, the people shouting "GOX IS INSOLVENT", please back your claim up with some kind of evidence or reasoning.

About the recent BTC withdrawal issue, evidence would be easy to gather from the blockchain. If you're suggesting someone scammed huge amounts of BTC out of Gox.

The burden of proof is on Gox and them alone. They have the means to prove if the have the coins, nobody outside of them has any realistic means to disprove it.

Oh wait, perhaps they do... you have to dismiss all the circumstantial evidence by 10,000s of people who have not had their coins or anything from gox first..    And even then the burden of proof is on Gox.