MtGox wires ARE delayed

[MPOE-PR]

Well that's a strange thing I learned. When you get IP banned from a site, suddenly your API requests to the site fail. Why does this happen? Nobody knows. It is a complete mystery. Someone should make a game about that. A mystery game.

And technically speaking the site's continued efforts to prevent you from bypassing that ban could be construed to count as "them working on it".

I don't know how large this bank that MtGox uses

One of the three so-called Japanese "megabanks" (along with Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group)

To put it into perspective: the Mizuho bank that provides banking services for this unheard of nonentity you call MtGox among many (MANY) others is just about large enough that MtGox accounts for about five minutes of their volume. Every 25 to 128 years.

[Rampion]

I have to support what the OP is saying.

I've very recently initiated 3 withdrawals, 5 figures each, SEPA transfers, and I received all of them in 2/3 days.

The withdrawals went from "confirmed" to "processed" in minutes, and the money took 2 days in 2 occasions, and 3 days in 1 occasion.

I really don't get all these reports about delayed SEPAs and International wires, at least for me they work like a charm.

[samson]

One of the three so-called Japanese "megabanks" (along with Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group)

To put it into perspective: the Mizuho bank that provides banking services for this unheard of nonentity you call MtGox among many (MANY) others is just about large enough that MtGox accounts for about five minutes of their volume. Every 25 to 128 years.

It is interesting that a comparatively small amount of wire transfers which came from MtGox customers have caused their entire wire systems API to fail.

Like I said earlier I don't believe it for one minute.

The bank have given out a bullshit excuse. I'd really like to know the real reason behind this.

It's possible (or even probable) that the MtGox contact at the bank also knows nothing about the real reason behind this.

[greyhawk]

One of the three so-called Japanese "megabanks" (along with Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group)

To put it into perspective: the Mizuho bank that provides banking services for this unheard of nonentity you call MtGox among many (MANY) others is just about large enough that MtGox accounts for about five minutes of their volume. Every 25 to 128 years.

It is interesting that a comparatively small amount of wire transfers which came from MtGox customers have caused their entire wire systems API to fail.

Like I said earlier I don't believe it for one minute.

The bank have given out a bullshit excuse. I'd really like to know the real reason behind this.

It's possible (or even probable) that the MtGox contact at the bank also knows nothing about the real reason behind this.

It's also possible Karpelen is talking out of his ass.

On the other hand it's also totally possible that MtGox grew so big they completely overwhelmed the ninth largest financial group in the world. Absolutely possible.....






























.... in Bizarroland.

[Rampion]

LOL

[EuroTrash]

LOL

 

[Bugpowder]

One of the three so-called Japanese "megabanks" (along with Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group)

To put it into perspective: the Mizuho bank that provides banking services for this unheard of nonentity you call MtGox among many (MANY) others is just about large enough that MtGox accounts for about five minutes of their volume. Every 25 to 128 years.

It is interesting that a comparatively small amount of wire transfers which came from MtGox customers have caused their entire wire systems API to fail.

Like I said earlier I don't believe it for one minute.

The bank have given out a bullshit excuse. I'd really like to know the real reason behind this.

It's possible (or even probable) that the MtGox contact at the bank also knows nothing about the real reason behind this.

It's also possible Karpelen is talking out of his ass.

On the other hand it's also totally possible that MtGox grew so big they completely overwhelmed the ninth largest financial group in the world. Absolutely possible.....

It's also possible that when the price isn't going up parabolically, they stop getting "1-20 Million $ of deposits a day"   I bet wires go out the minute a new 10,000 BTC bidwall appears...

[lukasbradley]

Mtux says Mizuho Bank's automated wire transfer API is broken right now.  Wires can only be sent out manually by Mizuho.  Gox is opening accounts at other banks, which should drastically improve USD withdrawal times and bypass the technical problems at Mizuho.  This process should take around 2 weeks.

LOL W(hy)TF didn't Mt. Gox just put THAT info in the press release?  They seem to love crafting press releases designed to maximize panic.

And why did I learn about all of this here, instead of receiving an email to my account?  Who handles customer service at Gox?  I would love to ask them directly, but their chat service on the site is also not working.

[MPOE-PR]

It's also possible Karpelen is talking out of his ass.

On the other hand it's also totally possible that MtGox grew so big they completely overwhelmed the ninth largest financial group in the world. Absolutely possible.....

.... in Bizarroland.

Apparently, Japan's second largest bank was a victim of MtGox's own success.



Loading Godzilla.

[xavier]

The fact they resort to lying about why USD withdrawals are disabled is troubling.

I suspect something serious is afoot at MtGox right now. Most likely, they are in talks with US or Japanese regulators.

Don't expect USD wires to be re-enabled anytime soon.

[joesmoe2012]

Well yesterday on their site it said that the worst case scenario would be end of next week. Today it says 2 weeks  as they are "upgrading."

Now aurum's gone too...

Getting nervous.

[ineededausername]

I have asked MTux some of your questions.

Code:

[20:32] <MagicalTux> [09:32:02] <ineededausername> also, why does the technical problem take 2 weeks to resolve? <- banks
[20:32] <MagicalTux> [09:31:22] <ineededausername> how did your volume manage to break their system? they're one of the largest banks in japan... <- their volume in terms of number of international transfers per day is not that large
[20:33] <MagicalTux> we grew to be ~50% of all the international transfers on Mizuho, causing their system load to double
[20:35] <MagicalTux> their system was already pushed to the limit
[20:35] <ineededausername> what people don't understand is how a wire transfer system gets pushed to its limit, I guess
[20:36] <ineededausername> is it a technical issue, or an issue of manpower?
[20:38] <MagicalTux> technical, according to the bank

He has confirmed my (our) interpretation of his earlier comments, and still says it's a technical issue.

[joesmoe2012]

I have asked MTux some of your questions.

Code:

[20:32] <MagicalTux> [09:32:02] <ineededausername> also, why does the technical problem take 2 weeks to resolve? <- banks
[20:32] <MagicalTux> [09:31:22] <ineededausername> how did your volume manage to break their system? they're one of the largest banks in japan... <- their volume in terms of number of international transfers per day is not that large
[20:33] <MagicalTux> we grew to be ~50% of all the international transfers on Mizuho, causing their system load to double
[20:35] <MagicalTux> their system was already pushed to the limit
[20:35] <ineededausername> what people don't understand is how a wire transfer system gets pushed to its limit, I guess
[20:36] <ineededausername> is it a technical issue, or an issue of manpower?
[20:38] <MagicalTux> technical, according to the bank

He has confirmed my (our) interpretation of his earlier comments, and still says it's a technical issue.

Thanks for sharing this, that's good to know.

Hopefully the bank is interested in working with them and that in reality the accounts haven't been closed.

[ineededausername]

Additional information, which makes the whole situation sound much better:

Code:

[20:38] <ineededausername> is the 2 week estimate a soft or concrete estimate
[21:04] <MagicalTux> it's a worst case estimate
[21:04] <MagicalTux> we already have some wires going through again
[21:04] <ineededausername> so the queue is slowly being processed already?
[21:05] <MagicalTux> yep, only for specific partners who can't do without it (bitpay, etc)

They are still manually sending out wires to high-priority partners, it's just the automated system that doesn't work.

[smoothie]

I have asked MTux some of your questions.

Code:

[20:32] <MagicalTux> [09:32:02] <ineededausername> also, why does the technical problem take 2 weeks to resolve? <- banks
[20:32] <MagicalTux> [09:31:22] <ineededausername> how did your volume manage to break their system? they're one of the largest banks in japan... <- their volume in terms of number of international transfers per day is not that large
[20:33] <MagicalTux> we grew to be ~50% of all the international transfers on Mizuho, causing their system load to double
[20:35] <MagicalTux> their system was already pushed to the limit
[20:35] <ineededausername> what people don't understand is how a wire transfer system gets pushed to its limit, I guess
[20:36] <ineededausername> is it a technical issue, or an issue of manpower?
[20:38] <MagicalTux> technical, according to the bank

He has confirmed my (our) interpretation of his earlier comments, and still says it's a technical issue.

Yet they can still obtain deposits from customers into their account?

When will it ever happen that deposits are disabled and only withdrawals can happen? ANSWER: Never

[jubalix]

<MagicalTux> technical, according to the bank

ominous sounding

[smoothie]

<MagicalTux> technical, according to the bank

ominous sounding

Which we all know is bullshit. Why would the bank stop withdrawals via wire from MTGOX's accounts yet allow deposits from US customers?

This all stinks ....not good at all.

[ineededausername]

<MagicalTux> technical, according to the bank

ominous sounding

Which we all know is bullshit. Why would the bank stop withdrawals via wire from MTGOX's accounts yet allow deposits from US customers?

This all stinks ....not good at all.

I'm not defending either side here, but according to Mark's story, the bank did NOT stop wire transfers, its automated wire transfer system simply broke.  Manual wire transfers, including from MtGox's account, are still being processed by bank personnel.

[ElectricMucus]

I've read Euros can be withdrawn just fine and quickly? Is it is true how does that fit with the automated wire transfer system outage? Wouldn't they be processed by the same system?

[TimJBenham]

Wire requested Thursday 13/06 hasn't arrived. Looks like it's not going to for a long while yet.