Mt.Gox Verification Speculation

[Nightowlace]

I have a friend who is just getting into Bitcoin and he signed up for his Mt.Gox and is currently over 20,000th in line to be verified. I was having a discussion with another friend and was very excited about this news because to me that means there are 20,000 people waiting in line to get there hands on some BTC. He then corrected me and stated that it might just be a lot of miners and early BTC people trying to cash out.

What is your take on this? Thousands of newcomers looking to buy, thousands looking to cash out, or a bit of both? Also with the verification process being so slow and the media frenzy slowing down how many people will lose interest once their account is verified?

[naphto]

Probably both ...

[Nightowlace]

I'm just worried that all of these people who raced to Mt.Gox when the media frenzy was happening will lose interest once they actually get verified.

[markblackntz]

Does anyone have a rough idea how long will it take mtgox to verify? For example, few hundreds or thousands a day?

[keepinithamsta]

I know that 7950's are still constantly getting sold out at basically all online retailers so there's still a lot of new miners are still trying to make accounts.

[evilscoop]

its gone down 4k in 24 hours...
Im in the queue

[insane]

Signed up as a new user 3 days ago and currently in 22,000th position

[Pingonious]

moved up to 7,000 and change today

[clemage]

It seems to be verified fast now. It is good for the BTC value.

[kendle]

It would be nice if they handled more than just BTC. 

Since I haven't placed myself into verification queue, what am I limited to?  I assume its just a limit on cash out with USD?

[clemage]

You can only receive and sent BTC. You can't be fund through the European account.

[Raghnar]

Yes all these new customers and interest should help BTC in the long run for sure.

[Loozik]

My estimation is 1.8k per day.

Do you perhaps know if it is allowed to send funds prior to the verification? E.g. you see yourself 500th in the queue and  you send the money before the positive clearance?

[simplydt]

I know that 7950's are still constantly getting sold out at basically all online retailers so there's still a lot of new miners are still trying to make accounts.

So people buying it to play video games can't be the reason they are sold out?

[prof7bit]

Most miners already have their established ways to sell BTC (mtgox accounts or other) because they have sold BTC all the time already, there is no plausible reason why there should be such an immense influx of new miners all of a sudden.

[St.Bit]

Do you perhaps know if it is allowed to send funds prior to the verification? E.g. you see yourself 500th in the queue and  you send the money before the positive clearance?

Don't know, but wouldn't recomend it. They warn that if you send money to a already verified without proper infos it would take long to manually clear transactions and on auto it takes sometimes over a week. It will only take much longer, so be patient ...

[lordgrows]

They are processing around 2000 verifications per business day, give or take a few hundred.

I'm about to be verified tomorrow or monday. Around 850th on the queue.

[vs3]

Does anyone know a good alternative to MtGox?

[Boxman90]

MtGox took over a week to verify me.

Alternatives:

BTC-e.com - Dealing in BTC/USD, BTC/EUR, LTC/EUR and several inter-cryptocoin exchanges. Typically lags behind a bit on MtGox.
Bitstamp - European based exchange for bitcoins only. Easy costless EUR deposit possible, which is impossible at MtGox until verified. Processed my payment of EUR within a day.

[Nathaniel B]

FYI I just got verified after a week or so from position 14000ish. Although I had an older (almost 1 year) account, but I'm not sure if they prioritize those. I mainly set it back up in order to cash out a bit to buy more mining equipment.