0.25 BTC Bounty - Show me a Mt Gox USD Withdrawal :)

[bennybong]

I cancelled my withdrawal last night (after 3 weeks of waiting), got the GBP back in my account today, bought BTC and sold them on here within a matter of minutes!

Take note.

[achillez]

I cancelled my withdrawal last night (after 3 weeks of waiting), got the GBP back in my account today, bought BTC and sold them on here within a matter of minutes!

Take note.

Where'd you sell it here? I'm looking for a reputable source

[bitcodo]

Do we know how much it costs to be money transmitter by finCEN standards?
How much money at Dwolla?

Maybe gox is just borrowing that x$ it needs for license.

[EuroTrash]

Do we know how much it costs to be money transmitter by finCEN standards?
How much money at Dwolla?

Maybe gox is just borrowing that x$ it needs for license.

From customers' funds, you imply? And that would be OK for you?

[bitcodo]

Yes, customers' funds. Not OK. Just asking.
25 millions for finCEN? Is this right? Seems bit high.

[Bugpowder]

Yes, customers' funds. Not OK. Just asking.
25 millions for finCEN? Is this right? Seems bit high.

To be able to operate in all 50 states, each with their own rules, requires, all-in, $2.5 million in total lawyer fees, licensing fees, compliance officers, etc.  An additional $25k / mo to maintain.  And 18 months from initial registration.

Source : I asked Patrick Murck, the Bitcoin Foundation General Counsel at a gathering in DC at 1776.  That was his response.

[bitcodo]

+ minimum $7 million for Money Transmitter Surety Bonds

[Delerium]

Video from Roger Ver on MtGox Finances to ease the communitys misplaced fears on MtGox Insolvency - http://www.youtube.com/watch?v=UP1YsMlrfF0

[dave111223]

Video from Roger Ver on MtGox Finances to ease the communitys misplaced fears on MtGox Insolvency - http://www.youtube.com/watch?v=UP1YsMlrfF0

[darrd]

i dont deal with Mt Gox USD anymore.

[zby]

Video from Roger Ver on MtGox Finances to ease the communitys misplaced fears on MtGox Insolvency - http://www.youtube.com/watch?v=UP1YsMlrfF0

So he repeats the old story that the problem is the amount of transfers - but we have seen that for last month there were 0 transfers executed from MtGox - how that fits the story?

[joesmoe2012]

Video from Roger Ver on MtGox Finances to ease the communitys misplaced fears on MtGox Insolvency - http://www.youtube.com/watch?v=UP1YsMlrfF0

So he repeats the old story that the problem is the amount of transfers - but we have seen that for last month there were 0 transfers executed from MtGox - how that fits the story?

Exactly, and could we have some numbers to back it up?

They said that around $1mil went out during the haitus, that's nothing, i'm sure there are single customers with far great than $1mil in waiting.

Also how come no warning at all? Every business gets a warning at least a few days before their bank accounts are completely frozen. I'm sure this was the case here as well.

[jl2012]

Video from Roger Ver on MtGox Finances to ease the communitys misplaced fears on MtGox Insolvency - http://www.youtube.com/watch?v=UP1YsMlrfF0

So he repeats the old story that the problem is the amount of transfers - but we have seen that for last month there were 0 transfers executed from MtGox - how that fits the story?

"CoinLab is the world's first US Venture-backed Bitcoin Company; it was funded in April 2012 by a group of progressive investors, including Tim Draper, Roger Ver, and Geoff Entress."

https://mtgox.com/press_release_20130228.html

 

[zby]

I wonder if we could complain to FinCEN - when they are registered with them.

[cedivad]

Video from Roger Ver on MtGox Finances to ease the communitys misplaced fears on MtGox Insolvency - http://www.youtube.com/watch?v=UP1YsMlrfF0

He is reading some text speaking in first person.

I'm more scared than ever.

[ab8989]

Right... a bounty for a withdrawal started less than 8 business days ago when MtGox said it would take several weeks to get caught on on the queue before they can deal with new requests.

Yes, this bounty was created for withdrawals initiated after 7/4/2013, but don't you find it a little odd that there are no reports to be found anywhere for any kind of success in receiving USD for any kind of withdrawal requests?

I am quite sure that some happy customer that got their very old USD withdrawal finally coming through would show up also on this thread. Or in some other thread. Anywhere.

I cannot think of any other explanation for this lack of any kinds of success except that they are not really processing the queue at all.

If you listen carefully to what Roger Ver is saying on the video and especially what he is NOT saying , even he is not telling us of any kind of achieved progress in processing the withdrawals at all.

[el_rlee]

I'm more scared than ever.

What the holy fuck. Is that meant to be a parody?

[xaviarlol]

Just my two cents....

If Gox was/is going through a liquidity crisis, it would indeed not pay out withdrawals in fiat. They would do much of what appears to be happening now, delaying the payments until they have collected enough revenue to be solvent, while still accepting deposits and allowing BTC withdrawals as if nothing was wrong. A kind of temporary pyramid scheme, just to give them time to pay back the money they "borrowed" to cover short-term cashflow issues.

However, if this was the case, two things contradict logic:
1) They would release SOME withdrawals to provide some confidence to the public and not have the community in an uproar as it would back up their claim of a huge backlog slowly churning through. They wouldn't stop every single USD withdrawal if they wanted to be deceptive, as that is easily visible to the public.

2) They wouldn't simply stop withdrawals in USD ONLY. They would stop withdrawals of all currencies, and not discriminate. And as I said above, they would continue to pay out SOME withdrawals so that they can back up their claim of a huge backlog slowly churning through.

Therefore, it is my conclusion that the likelihood of them lying about the reasons behind the USD withdrawals to hide the fact that they are having a liquidity crisis is low. The likelihood of their story of having issues with banks processing their requests in USD being true is likely.

[🏰 TradeFortress 🏰]

Video from Roger Ver on MtGox Finances to ease the communitys misplaced fears on MtGox Insolvency - http://www.youtube.com/watch?v=UP1YsMlrfF0

I love this forum sometimes.

[xaviarlol]

Just my two cents....

If Gox was/is going through a liquidity crisis, it would indeed not pay out withdrawals in fiat. They would do much of what appears to be happening now, delaying the payments until they have collected enough revenue to be solvent, while still accepting deposits and allowing BTC withdrawals as if nothing was wrong. A kind of temporary pyramid scheme, just to give them time to pay back the money they "borrowed" to cover short-term cashflow issues.

However, if this was the case, two things contradict logic:
1) They would release SOME withdrawals to provide some confidence to the public and not have the community in an uproar as it would back up their claim of a huge backlog slowly churning through. They wouldn't stop every single USD withdrawal if they wanted to be deceptive, as that is easily visible to the public.

2) They wouldn't simply stop withdrawals in USD ONLY. They would stop withdrawals of all currencies, and not discriminate. And as I said above, they would continue to pay out SOME withdrawals so that they can back up their claim of a huge backlog slowly churning through.

Therefore, it is my conclusion that the likelihood of them lying about the reasons behind the USD withdrawals to hide the fact that they are having a liquidity crisis is low. The likelihood of their story of having issues with banks processing their requests in USD being true is likely.

what if they have being failing for 2 years now. what if the delays for the last two years were the temp solution and now this is just the end?

Than they would stop processing withdrawals for all currencies and not just USD.