MtGox withdrawal is back, as they claim

[jl2012]

https://mtgox.com/press_release_20130704.html

Statement on Resumption of Withdrawals and Improved Banking

TOKYO - JAPAN - July 4th, 2013   

Dear Mt. Gox Merchants, 

Mt. Gox is happy to announce that global account withdrawals have now fully resumed as of today, after several days of testing our new system for processing transactions. We want to keep you informed about our progress in this arena, and especially assure our customers that their funds are accessible. 

Progress in the Previous Two Weeks
While we announced that there would be a temporary hiatus on withdrawals, during our testing over the past two weeks we managed to process over $1,000,000 USD to customers. As this required a great deal of manpower and was not a perfect solution, we are quite happy with the progress made despite the conditions. 

New Banking Partners
Mt. Gox has now formed relationships with several new banking partners both in Japan and around the world, and we are still in the process of finalizing even more. This means that we will have increased stability and ability to transmit withdrawals going forward. 

Current Back-log
The new system is just now getting under way, so there is still a back-log of withdrawals that we need to process. Our team is working hard to increase transaction speeds, but there is approximately a two-week back-log we need to overcome. It will take a few weeks to get back to normal, and we thank you for your patience during this time. 

Moving Forward
We at Mt. Gox are proud to be one of the first advocates and entrepreneurs in this growing ecosystem, but much still needs to be accomplished to bring trust and stability to a mass market. In addition to our improved withdrawal system and new trading engine, we are very excited about the innovation happening across our industry and around the world. Despite the hiccups, these are exciting times and we are eternally grateful for your confidence and support along this bumpy road.   

Regards

Mt.Gox Co. Ltd Team.

[jl2012]

Assuming this is true, I suspect they might have deliberately withheld the announcement to cause panic and drive the price down, i.e. dump and pump

[favdesu]

probably the best news regarding BTC today. If it's true.

[escrow.ms]

That's good news, price started going up.

[arbitrage001]

Anyone with Citibank can let us know if they are able to withdraw their money? and how long will the process take?


Is dwolla still out of question?

[naphto]

Assuming this is true, I suspect they might have deliberately withheld the announcement to cause panic and drive the price down, i.e. dump and pump

They obviously tried hard to increase the price by delaying withdrawal and offering bitcoins instead of EUR/USD withdrawals.

[TimJBenham]

   
2013/06/13
15:16:48
   withdraw   Status: confirmed   $10,000.00000   $4,408.06989
Withdraw to account BENDIGO BANK LIMITED

Still not processed, so the $1M must have all been withdrawals requested before 13 June.

[Pangia]

We have no way of verifying that they actually processed over $1,000. It's just their word.  I for one know for a fact that my withdrawal request just sat their with "CONFIRMED" for the 2 weeks. I finally cancelled it through their support and got my funds to another exchange by purchasing coins (took a minor loss due to Gox's higher BTC prices).

Also, they now state that they have a "BACKLOG". So if you put in a withdrawal request, you might end up waiting another month (if you even receive your funds at all) whilst they address their "BACKLOG".

[jl2012]

   
2013/06/13
15:16:48
   withdraw   Status: confirmed   $10,000.00000   $4,408.06989
Withdraw to account BENDIGO BANK LIMITED

Still not processed, so the $1M must have all been withdrawals requested before 13 June.

Please report here when you receive the wire

[Bugpowder]

   
2013/06/13
15:16:48
   withdraw   Status: confirmed   $10,000.00000   $4,408.06989
Withdraw to account BENDIGO BANK LIMITED

Still not processed, so the $1M must have all been withdrawals requested before 13 June.

Please report here when you receive the wire

My wire from 6/14 was just cancelled at my request.  They have a cash crunch for shizzle.

[TimJBenham]

   
2013/06/13
15:16:48
   withdraw   Status: confirmed   $10,000.00000   $4,408.06989
Withdraw to account BENDIGO BANK LIMITED

Still not processed, so the $1M must have all been withdrawals requested before 13 June.

Please report here when you receive the wire

Still not processed. Will update if anything happens.

[TheBanker]

   
2013/06/13
15:16:48
   withdraw   Status: confirmed   $10,000.00000   $4,408.06989
Withdraw to account BENDIGO BANK LIMITED

Still not processed, so the $1M must have all been withdrawals requested before 13 June.

Please report here when you receive the wire

Still not processed. Will update if anything happens.

This is like waiting for Moby Dick to appear in the middle of your living room . . .

[naphto]

Patience is a virtue.

[flound1129]

OK here's what I don't get:

New Banking Partners Mt. Gox has now formed relationships with several new banking partners both in Japan and around the world, and we are still in the process of finalizing even more. This means that we will have increased stability and ability to transmit withdrawals going forward.

But:

Current Back-log The new system is just now getting under way, so there is still a back-log of withdrawals that we need to process. Our team is working hard to increase transaction speeds, but there is approximately a two-week back-log we need to overcome. It will take a few weeks to get back to normal, and we thank you for your patience during this time.

They have this new great system in place, but the 2 week backlog of withdrawals is going to take "a few weeks" to get through?

You'd think that if they had implemented a new, better system, they'd be able to get through the 2 week backlog (minus the million dollars in transactions they claim they have already processed while "testing") in less than 2 weeks, not more than 2 weeks.

Something still smells fishy here.

[TheBanker]

Patience is a virtue.

I know we've butted heads in other topics over this. But seriously man, I'd like to hear about exactly what kind of signs you need before you start worrying about gox. Rome is burning all around you and you're the town idiot standing in the middle saying, "oh, this is nothing! we'll be just fine!"

So do you care to provide a list of signs that you would need before you start to worry about gox?

[naphto]

Patience is a virtue.

I know we've butted heads in other topics over this. But seriously man, I'd like to hear about exactly what kind of signs you need before you start worrying about gox. Rome is burning all around you and you're the town idiot standing in the middle saying, "oh, this is nothing! we'll be just fine!"

So do you care to provide a list of signs that you would need before you start to worry about gox?

I made a bitcoins withdrawal today from gox and was processed within a couple of minutes.

[Bugpowder]

OK here's what I don't get:

New Banking Partners Mt. Gox has now formed relationships with several new banking partners both in Japan and around the world, and we are still in the process of finalizing even more. This means that we will have increased stability and ability to transmit withdrawals going forward.

But:

Current Back-log The new system is just now getting under way, so there is still a back-log of withdrawals that we need to process. Our team is working hard to increase transaction speeds, but there is approximately a two-week back-log we need to overcome. It will take a few weeks to get back to normal, and we thank you for your patience during this time.

They have this new great system in place, but the 2 week backlog of withdrawals is going to take "a few weeks" to get through?

You'd think that if they had implemented a new, better system, they'd be able to get through the 2 week backlog (minus the million dollars in transactions they claim they have already processed while "testing") in less than 2 weeks, not more than 2 weeks.

Something still smells fishy here.

Yesterday they cancelled my wires that were supposedly processed 6/14 (at my request).  I still see no evidence they aren't just jawboning to try to get people to deposit fiat so they can wire it right back out.  Probably insolvent fractional reserve.

[Nagle]

 Probably insolvent fractional reserve.

My guess is that Mt. Gox did what so many crooked brokers have done in the past - they speculated with customer funds. 

Here's a typical story:

Just think, all those millions of dollars in some bank account, where interest rates are zero.  It must have been so tempting to put them into something with more earning potential.  Nobody would every know, right?

Then the investment lost some money. And, like so many crooked brokers in the past, they tried to get out of the hole by a riskier investment. That didn't work either.

So they tried stalling on payouts while encouraging more people to send them funds. That worked for a while, but then the customers got suspicious. Then a few big customers demanded their money, and the whole scheme collapsed, taking the business into bankruptcy.

It's a story that's been repeated many times. MF Global, Madoff, Barings... And now, on a rather smaller scale, probably Mt. Gox.

[tvbcof]

 Probably insolvent fractional reserve.

My guess is that Mt. Gox did what so many crooked brokers have done in the past - they speculated with customer funds. 

Here's a typical story:

Just think, all those millions of dollars in some bank account, where interest rates are zero.  It must have been so tempting to put them into something with more earning potential.  Nobody would every know, right?
...

Well...um...some people might assume it.  I mean that's kind of how banks work after all.

[flound1129]

 Probably insolvent fractional reserve.

My guess is that Mt. Gox did what so many crooked brokers have done in the past - they speculated with customer funds. 

Here's a typical story:

Just think, all those millions of dollars in some bank account, where interest rates are zero.  It must have been so tempting to put them into something with more earning potential.  Nobody would every know, right?
...

Well...um...some people might assume it.  I mean that's kind of how banks work after all.

Wonder who is dumping all that BTC on gox now... Someone who needs cash maybe?