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Author Topic: THE TRUTH: Can someone withdraw fiat money from MTGOX?  (Read 12191 times)
KingOfSports
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July 18, 2013, 08:48:19 AM
 #21

IMO the reason for the 10% or so fall over the last couple hrs is no exchange really knows what the right price is. Everyone always counted on mtgox but they aren't paying out. Thus, people are looking at other exchanges and seeing $5-$10 differences in price increases fear of instability, which BTC has always and already has a lot of. I really hope mtgox gets things rolling again soon or this could be horrible for the bitcoin price and community.

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July 18, 2013, 11:29:10 AM
 #22

IMO the reason for the 10% or so fall over the last couple hrs is no exchange really knows what the right price is. Everyone always counted on mtgox but they aren't paying out. Thus, people are looking at other exchanges and seeing $5-$10 differences in price increases fear of instability, which BTC has always and already has a lot of. I really hope mtgox gets things rolling again soon or this could be horrible for the bitcoin price and community.

Agree with you.
It would be great if MtGox could resume withdrawals

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July 18, 2013, 06:19:27 PM
 #23

Are any fiat withdrawals possible or not? A while ago they suspended USD withdrawals, but mentioned that EUR and other currencies would not be affected.
However, EUR withdrawals seem not to work over the past week.

Who in the forum has the same problem or managed to withdraw fiat currencies?

My SEPA withdrawal from the 4th of June arrived today (950€). SEPA seems to work again. I can not confirm if this is true for withdrawals over 1000 Euros. But I trust Gox.

The panic and the allegations go way too far for my taste. Gox has for various reasons lost in a short time many of his virtual withdrawal options (Dwolla, Liberty Reserve, OKPAY). All customers fall back to the normal banking transfers. But they were already at the limit before.

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July 18, 2013, 07:19:38 PM
 #24

IMO the reason for the 10% or so fall over the last couple hrs is no exchange really knows what the right price is. Everyone always counted on mtgox but they aren't paying out. Thus, people are looking at other exchanges and seeing $5-$10 differences in price increases fear of instability, which BTC has always and already has a lot of. I really hope mtgox gets things rolling again soon or this could be horrible for the bitcoin price and community.

Agree with you.
It would be great if MtGox could resume withdrawals

Based on this, are you still solely using MtGox for your TA or will you be looking at other exchanges charts now?

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July 18, 2013, 09:02:36 PM
 #25

IMO the reason for the 10% or so fall over the last couple hrs is no exchange really knows what the right price is. Everyone always counted on mtgox but they aren't paying out. Thus, people are looking at other exchanges and seeing $5-$10 differences in price increases fear of instability, which BTC has always and already has a lot of. I really hope mtgox gets things rolling again soon or this could be horrible for the bitcoin price and community.

Agree with you.
It would be great if MtGox could resume withdrawals

Based on this, are you still solely using MtGox for your TA or will you be looking at other exchanges charts now?

Since Gox can't be called an exchange, the price would be a volume weighted blended average of the top 5 exchanges by volume.  And honestly you could exclude Gox from that price since their rate is artificial. 
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July 18, 2013, 09:50:56 PM
 #26

Since Gox can't be called an exchange,

You carry it to excess. The prices do converge again. Gox is on the way to normal service.

Many people are selling now on Gox because of the better price. Not everyone lives from hand to mouth. My last withdrawal was on the 4th of June. It arrived today. Not pretty, but acceptable. Gox is usually so much faster. Each exchange office can have bottlenecks from time to time.

Gox is and remains the reference price.

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July 18, 2013, 09:58:29 PM
 #27

A bottleneck of 2 months isn't a temporary bottleneck.  And your exchange isn't functioning as a true exchange if you can't exchange to USD/wire to the United States!
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July 18, 2013, 10:46:08 PM
 #28

A bottleneck of 2 months isn't a temporary bottleneck.  

Yes, outside the Bitcoin world.

And your exchange isn't functioning as a true exchange if you can't exchange to USD/wire to the United States!

The USD withdrawals from Gox depended partially on Liberty Reserve, Dwolla, OKPAY and such services. That's all broken due to regulation. This is not (only) the fault of Gox. It is absurd that you have to register in the U.S. as a money service. Other countries seems to be much more liberal: http://www.coindesk.com/hmrc-uk-bitcoin-exchanges-dont-have-to-register-under-money-laundering-regulations/

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July 19, 2013, 12:19:50 AM
 #29


There is no proper UK exchange as the banks always close down their bank accounts. Even Bitstamp don't have a GBP account, you have to SEPA wire funds in Euros.

It's all well and good for the tax man to say exchanges don't need to do AML, but if a company can't hold onto a bank account, unfortunately the AML statement is worthless.

Someone in the UK needs to get regulated as a payment institution, until then Brits are using LocalBitcoins or sending Euros.
CurbsideProphet
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July 19, 2013, 12:41:17 AM
 #30

IMO the reason for the 10% or so fall over the last couple hrs is no exchange really knows what the right price is. Everyone always counted on mtgox but they aren't paying out. Thus, people are looking at other exchanges and seeing $5-$10 differences in price increases fear of instability, which BTC has always and already has a lot of. I really hope mtgox gets things rolling again soon or this could be horrible for the bitcoin price and community.

Agree with you.
It would be great if MtGox could resume withdrawals

Based on this, are you still solely using MtGox for your TA or will you be looking at other exchanges charts now?

Since Gox can't be called an exchange, the price would be a volume weighted blended average of the top 5 exchanges by volume.  And honestly you could exclude Gox from that price since their rate is artificial. 

He goes off Gox's chart for his TA newsletter, which is why I'm asking.

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July 19, 2013, 12:42:28 AM
 #31

The answer is no.

/thread


Why would anybody still be using MtGox? Cut your losses, take your money out as bitcoin before they stop allowing bitcoin withdrawals as well.

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TimJBenham
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July 19, 2013, 01:52:15 AM
 #32

We have made three USD wire transfer withdrawals starting from June 12th ...

We have not yet received any of our wire transfers and have had no updates to our support tickets or emails.  5 weeks and counting.  It's very worrisome

Has anyone else received a wire transfer in the past month, whether USD, EUR, or JPY?

I am in a similar situation. I am waiting on two pre "hiatus" USD wire withdrawals, the first made on 13 June. My support ticket just got a generic answer with specifics as to when the withdrawal would be processed.

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July 19, 2013, 05:30:52 AM
 #33

My SEPA withdrawal from the 4th of June arrived today (950€). SEPA seems to work again. I can not confirm if this is true for withdrawals over 1000 Euros. But I trust Gox.

The panic and the allegations go way too far for my taste. Gox has for various reasons lost in a short time many of his virtual withdrawal options (Dwolla, Liberty Reserve, OKPAY). All customers fall back to the normal banking transfers. But they were already at the limit before.

I can confirm what OhShei8e says. I tested SEPA with 500 Euro.

Send 2013/07/17



Incoming 2013/07/18




Just to let you know/report.

Im not interested in the bounty and i think SEPA is different than international wire because as you can see, SEPA comes from mtgox Poland Account.

bitmessage:BM-2D9c1oAbkVo96zDhTZ2jV6RXzQ9VG3A6f1​
threema:HXUAMT96
OhShei8e
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July 19, 2013, 06:20:28 AM
 #34

Why would anybody still be using MtGox? Cut your losses, take your money out as bitcoin before they stop allowing bitcoin withdrawals as well.

Why is the gap between Gox and the other exchanges getting smaller and smaller? Why the Gox exchange rate does not break up and away? Why SEPA withdrawals work again (not only on Bitstamp also on Gox)?

Yesterday the ASK side of the order book on Bitstamp was totally flat for hours.  Wink

Another reason: Gox sells its own coins. The price went down since weeks. Now it has stabilized somewhat. Maybe Gox is not sad about it. At the end they own the customer funds completely legal, because countless people have bought at exorbitant prices.

So, why would anybody still be using MtGox?  Ask questions about it. Wink

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July 19, 2013, 07:16:04 AM
 #35

I have had multiple 1k€ SEPA withdrawals waiting for over 2 months now, and the first one changed from confirmed to pending just today, so apparently the money is coming (no money in my bank yet). My status is:

2013/05/14 confirmed
2013/05/10 confirmed
2013/05/08 confirmed
2013/05/07 confirmed
2013/05/06 confirmed
2013/05/03 pending

Good timing too, I was just about to ask them to cancel my withdrawals.
xenofanesSkarak
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July 19, 2013, 07:36:13 AM
 #36

I dont even think of withdrawing fiat money from MTGox.
When I read about it here or elswhere I can imagine it is a big pain.
when I want to withdraw on MTGox I buy BTC and send BTC away - and exchange it elswhere for other coins - I didnot withdraw anything yet
I spent every little coin for other coins - but it doesnot solve the question
 but I think I could withdraw on Bitstamp or BTC-e.com (which is unfortunately right now unavailable which make me nervous)
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July 19, 2013, 09:11:10 AM
 #37

I dont even think of withdrawing fiat money from MTGox.
When I read about it here or elswhere I can imagine it is a big pain.

Depends on when you try it. Gox has time-consuming processes for withdraws. For whatever reason. But if not so many people withdraw it goes very quickly with them too.

when I want to withdraw on MTGox I buy BTC and send BTC away - and exchange it elswhere for other coins - I didnot withdraw anything yet
I spent every little coin for other coins - but it doesnot solve the question
 but I think I could withdraw on Bitstamp or BTC-e.com (which is unfortunately right now unavailable which make me nervous)

All markets except Gox have someday leave the market. This is the price for high automation, rapid growth and the laws of the country of residence.

Gox is much safer but you pay for it elsewhere. A good alternative might be Bitcoin.de in the future, if it becomes a real time market. I expect this for 2015. At the moment they are out of the question. Only one customer to another. This is bad and an invitation to fraudsters of all kinds. But as Gox Bitcoin.de operates in a normal country (Japan/Germany) with an serious judiciary that respect the rights of everyone.

I'm very skeptical because of BTCe in the long term. They are in Russia. This is an authoritarian state like the U.S. or China. While you're very "free" they beat the crap out of you if you get the wrong people in the way. Only to my mind but I do not trade in countries where I would not even go on vacation. I can not expect a reliable trading platform in such a country. Thus actually only remains Bitstamp. Which are at least in the European Union.

The best thing would be an exchange in Switzerland. That would be really cool.  Cheesy

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July 19, 2013, 10:55:07 AM
 #38

But as Gox Bitcoin.de operates in a normal country (Japan/Germany) with an serious judiciary that respect the rights of everyone.

I'm very skeptical because of BTCe in the long term. They are in Russia. This is an authoritarian state like the U.S. or China. While you're very "free" they beat the crap out of you if you get the wrong people in the way. Only to my mind but I do not trade in countries where I would not even go on vacation. I can not expect a reliable trading platform in such a country. Thus actually only remains Bitstamp. Which are at least in the European Union.

The best thing would be an exchange in Switzerland. That would be really cool.  Cheesy

+1 in regards to your opinion of the countries. Fully agree.

Re: Switzerland... a couple of months ago I was in Zurich at a bitcoin meetup. One of the attendees said he had tried to start an exchange by setting up a company account with a local bank - but decided to stop operations after being questioned by local police in regards to receiving 4 flagged transactions from stolen funds.

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July 19, 2013, 12:01:23 PM
 #39

here are a couple of thoughts based on what I am observing. And thanks so much for all the great insights. Keep it coming since this clarity provides transparency to the bitcoin community.

1. Gox must have a big liquidity problem: they only process small withdrawals. While they don't process larger ones. I know from my own experience and from friends that since more than 5 weeks no withdrawal larger than 3000-5000 USD went through. Let me know if you got a larger withdrawal processed.

2. Based on the above, I believe that the leadership days of MtGox are counted. As I looked today , bitstamp is on track to overtake MtGox as market leader soon. They already are 50% of MtGox today. Providing transparency on my side, I have just cancelled all my USD withdrawals , converted into BTC and transferred to bitstamp, bitfinex or cold wallet. By the way, so far I found bitfinex trustworthy as I had smooth experiences both for trading and USD withdrawals. It seems that others have done the same recently and that may be the reason why the bitstamp /  MtGox spread is narrowing. MtGox is drained....

3. As a consequence, Digital Currency Research will now look into starting to display bitstamp charts. That said, we can reassure subscribers that we are already monitoring bitstamp and the forecast is the same.

It would help if bitstamp prices would be available soon as live charts on Sierra chart and trading view . Perhaps someone could help on this front.

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July 19, 2013, 03:10:12 PM
 #40



2. Based on the above, I believe that the leadership days of MtGox are counted. As I looked today , bitstamp is on track to overtake MtGox as market leader soon. They already are 50% of MtGox today. Providing transparency on my side, I have just cancelled all my USD withdrawals , converted into BTC and transferred to bitstamp, bitfinex or cold wallet. By the way, so far I found bitfinex trustworthy as I had smooth experiences both for trading and USD withdrawals. It seems that others have done the same recently and that may be the reason why the bitstamp /  MtGox spread is narrowing. MtGox is drained....


Mt.Gox has made it abundantly apparent that it has poor leadership, and poor work ethic. 
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