MtGox withdrawal delays [Gathering]

[papamoi]

anyone who wants to fund their acct in usd needs to go to moneypolo or okpay???

the direct transfer disappear from my acct

that s another goxing way to do business

[coini]

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.

For me Bitcoin is not fine at all. The blocksize limit generaly has become a top priority problem in my eyes - regardless of an eventually upcoming TX flood caused by MtGox withdrawals. 10's of thousands? Where will you put them? The bitcoin network can currently handle 4200 TX per block at best.

Forum member rpietila estimates that currently about 300.000 users were desperately waiting to remove their coins from the volcano, and I agree with that guess. So at least 300.000 transactions have to be processed in a shot period of time (will probably be much more, because many will make a small test withdrawal before removing bigger amounts).

The last 1000 blocks had an average size of 201292 byte. So when the MtGox flood comes, you have an average free space for 3360 transactions per block. After the first hour of mass removal more than 250.000 transactions will pile up in the network, wich will become completly unreliable then. Nobody would be able to reliably make transcations anymore for days. As it becomes likely then, that transactions get lost, I would save my wallet before every tansaction, to be able to retransmit without using wallet surgery tools.

[mike81]

The last 1000 blocks had an average size of 201292 byte. So when the MtGox flood comes, you have an average free space for 3360 transactions per block. After the first hours of mass removal roughly 250.000 transactions will pile up in the network. Maybe nobody would be able to reliably send Bitcoins anymore for days.

So this is where the transaction fees become important. It has all been thought through, the network won't break because of this, it just becomes a little more expensive to complete a transaction quickly.

On another note, i don't see where these 300.000 transactions would come from. You might be overestimating Mt.Gox a bit...

[coini]

The last 1000 blocks had an average size of 201292 byte. So when the MtGox flood comes, you have an average free space for 3360 transactions per block. After the first hours of mass removal roughly 250.000 transactions will pile up in the network. Maybe nobody would be able to reliably send Bitcoins anymore for days.

So this is where the transaction fees become important. It has all been thought through, the network won't break because of this, it just becomes a little more expensive to complete a transaction quickly.

Well, we will see. I think 300.000 transactions with a 0.1 BTC fee are still 300.000 transactions. Fees won't help much.

[jack0m]

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.

 

I can't believe it: I've just canceled a SEPA withdrawal for 10k EUR, then the very first one I submitted (1k EUR, confirmed since Jan 2nd) magically turned to pending!
Should I assume that's just a coincidence?  

[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.

 

I can't believe it: I've just canceled a SEPA withdrawal for 10k EUR, then the very first one I submitted (1k EUR, confirmed since Jan 2nd) magically turned to pending!
Should I assume that's just a coincidence?  

Well at least the good news are that SEPA is working for bigger amounts as well.

How did you cancel the withdrawal? Did you submit a ticket to the support or is there an automated way to do it? In case you submitted a ticket how long did it take for the support to reply you and then credit back the money to your account?

[BitPaulo]

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.

 

I can't believe it: I've just canceled a SEPA withdrawal for 10k EUR, then the very first one I submitted (1k EUR, confirmed since Jan 2nd) magically turned to pending!
Should I assume that's just a coincidence?  

Well at least the good news are that SEPA is working for bigger amounts as well.

How did you cancel the withdrawal? Did you submit a ticket to the support or is there an automated way to do it? In case you submitted a ticket how long did it take for the support to reply you and then credit back the money to your account?

on my side, I canceled a withdrawal 5 days ago through a ticket and it took 5 hours to get my money into the account.

[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.

 

I can't believe it: I've just canceled a SEPA withdrawal for 10k EUR, then the very first one I submitted (1k EUR, confirmed since Jan 2nd) magically turned to pending!
Should I assume that's just a coincidence?  

Well at least the good news are that SEPA is working for bigger amounts as well.

How did you cancel the withdrawal? Did you submit a ticket to the support or is there an automated way to do it? In case you submitted a ticket how long did it take for the support to reply you and then credit back the money to your account?

on my side, I canceled a withdrawal 5 days ago through a ticket and it took 5 hours to get my money into the account.

Wow! So from the moment you sent the ticket, it took them just 5 hours to process it and credit back your money. That s fast.

[jack0m]

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.

 

I can't believe it: I've just canceled a SEPA withdrawal for 10k EUR, then the very first one I submitted (1k EUR, confirmed since Jan 2nd) magically turned to pending!
Should I assume that's just a coincidence?  

Well at least the good news are that SEPA is working for bigger amounts as well.

How did you cancel the withdrawal? Did you submit a ticket to the support or is there an automated way to do it? In case you submitted a ticket how long did it take for the support to reply you and then credit back the money to your account?

on my side, I canceled a withdrawal 5 days ago through a ticket and it took 5 hours to get my money into the account.

Wow! So from the moment you sent the ticket, it took them just 5 hours to process it and credit back your money. That s fast.

well, there's a much faster way, although not officially supported by MtGox: http://skanner.net/MtGox/cwithdrawal.php
or you may directly use the undocumented api yourself: https://www.mtgox.com/api/2/money/bank/cancel_pending

[JohanM]

Hey all,

Well, I also got a SEPA withdraw on my bank today. amount is 10k€

My full history is:
My SEPA withdraw history:
- okt 21, received nov 26
- nov 9, received dec 17
- nov 16, received jan 8
- nov 19, received jan 28
- nov 27, received today feb 17
- nov 28, not yet received ...

It still follows the "20 day between withdraw" rule like clockwork.
So my next should be received mar 9.

[fonzie]

http://www.coindesk.com/mt-gox-may-headed-bankruptcy/

[invisiblefriend]

BTCBTCBTC

thank you in advance MTGOX

 of course we know u could have run away --


obviously u also see the large picture as we all do ---


thk u for not giving up n moving ahead ------     this is still very new -- n we allay be very lucky !  BTCBTCBTC

[Bitsinmyhead]

There is absolutely no reason for anyone to have fiat or pending withdrawals with Gox right now. With the current spread between Gox and Stamp you can easily move your fiat out of Gox. If you have fiat or pending withdrawals there send me a PM and I will have your money out in a couple of hours.

[BitPaulo]

http://www.coindesk.com/mt-gox-may-headed-bankruptcy/

that article gave me the chills.....

[cAPSLOCK]

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

I am not angry, have never had a pitchfork, nor am I part of a mob. I am a poker player.  I can't help using deductive reasoning.,

The fact they are taking the time to announce adjustments to the withdrawal limits means they NEED to limit the withdrawals enough to mention it now.  Why do they NEED to limit withdrawals enough mention it now? Only two reasons I see... To put a valve on the outflow of coins from gox.  And/or they already know they don't have the coins to pay back customers in full (they have fractional holdings).

Secondly, did you notice something about a BTC withdrawal queue?

Considering Mt Gox's performance with fiat withdrawals I also believe this is unfortunately notable.

[itsunderstood]

http://www.coindesk.com/mt-gox-may-headed-bankruptcy/

"While everyone believed that the poker sites were making billions, their overheads due to staffing and marketing was significant."


^^^ Like I said: IT department is a cost center, and that COST of tech, is how top tier doucherry goes on.  The dumbshits at the top, think "staffing" is all it takes.  

Edward Snowden is all temps everywhere.  So, "staffing" takes on a whole new meaning when your temp worker can bring your corporation to its knees.  Thank ye gods poker "staff" don't moonlight as evil shits during the night, I guess poker network has more internal understanding than the cryptocoin clan?

Temp staffing as stupid policy?  Yes.  But, jobs are outmoded now that coins made the workers rich and they don't want to do shitty tech work but want to day trade, LOLZ.  Day trader says:  "Hey man, I WORK for a living, what do YOU do?"   Hahahahah...

[Zarathustra]

Actually they make 500 coins on fees per day. How can they be insolvent without being either criminal or hacked?

[smoothie]

1. Not opening withdrawals of BTC yet.

2. Haven't proven they have all of their customer funds.

3. "Supposedly" going to re-open withdrawal with new limits (BTC).

4. Not defined "limits" for BTC withdrawals (could be anything). <------- Prevents a bank run.

5. Claimed they will have more info by Thursday of this week (more delays as expected).

6. Still failing at running an exchange at world-class level.



Seriously they need to go away. Bitcoin doesn't need MTGOX and obviously MTGOX doesn't believe it needs to operate in the best interest of their customers. Anyone can deduce this simply by looking that their track record for the past 2 years.

[smoothie]

What I don't understand is why they don't just manually allow withdrawals of full amounts of BTC.

Of course they won't let this happen because it would likely show very quickly that they do not have the funds.

Once again MTGOX has the burden to prove they have all the BTC they claim yet they fail to do so.

Those with funds stuck there should seriously rethink ever using them again and tell others not to use them when doing bitcoin trading.

[smoothie]

I would expect the daily/monthly BTC withdrawals to be something like 10BTC/day and 50 BTC/month. Anyone with a large account will be stuck there for a long long time.