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

[fabrizziop]

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.

Or they only stopped the USD withdrawals because they know people would say that there's a bank problem because they didn't stop EUR withdrawals, and you're fooled by Mt.Gox

tinfoil hat: on

[cedivad]

They actually did stop SEPA withdrawn, since that noone has received one in the last 2 weeks at least...

[gizmoh]

I have the impression the background is blurred intentionally..One can't  be certain if its filmed from Gox headquarters or this guy's workplace.
And where is Karpeles? No word from him on this issues for more than 10 days!

[el_rlee]

I have the impression the background is blurred intentionally..One can't  be certain if its filmed from Gox headquarters or this guy's workplace.
And where is Karpeles? No word from him on this issues for more than 10 days!

You call this "focus"

[zby]

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.

I cannot withdraw PLNs neither.

[zeroblock]

Mt.Gox uses Mizuho Bank, one of the biggest banks in the world. MtGox represents an absolutely tiny fraction of the total volume that bank processes.  So we are supposed to beleive that a major bank can't process MtGox withdraws after volume dropped signficantly but deposits are no problem?  Sounds like a stall tactic to refresh deposits.  

Another more ominous conspiracy that I saw on reddit.....

"There is definitely an incentive for MtGox to act like this; withholding fiat withdrawals to pup up the price, and then start buying coins on other exchanges while selling them on their own with 5+% profit. After a month or two, they can just re-start processing of the withdrawals, saying 'sorry' like nothing ever happened, though being so much richer at that point already. And who is going to prove them any wrongdoing? It would also explains a high volume, despite of the fact that they have not been an actual exchange, for far over a month already, but only a service that sells bitcoins, at a price 5-10% higher from the market."

[fabrizziop]

Mt.Gox uses Mizuho Bank, one of the biggest banks in the world. MtGox represents an absolutely tiny fraction of the total volume that bank processes.  So we are supposed to beleive that a major bank can't process MtGox withdraws after volume dropped signficantly but deposits are no problem?  Sounds like a stall tactic to refresh deposits. 

So another more ominous conspiracy that I saw on reddit.....


"There is definitely an incentive for MtGox to act like this; withholding fiat withdrawals to pup up the price, and then start buying coins on other exchanges while selling them on their own with 5+% profit. After a month or two, they can just re-start processing of the withdrawals, saying 'sorry' like nothing ever happened, though being so much richer at that point already. And who is going to prove them any wrongdoing? It would also explains a high volume, despite of the fact that they have not been an actual exchange, for far over a month already, but only a service that sells bitcoins, at a price 5-10% higher from the market."

I think the problem is more with the bank services API, that would explain Mt.Gox not automating wires. IMO the bank changed the API or something and Mt.Gox hasn't adapted.

[gambitv]

Anyone made a deposit recently to them? What currency arrived safely?

[zeroblock]

Mt.Gox uses Mizuho Bank, one of the biggest banks in the world. MtGox represents an absolutely tiny fraction of the total volume that bank processes.  So we are supposed to beleive that a major bank can't process MtGox withdraws after volume dropped signficantly but deposits are no problem?  Sounds like a stall tactic to refresh deposits. 

So another more ominous conspiracy that I saw on reddit.....


"There is definitely an incentive for MtGox to act like this; withholding fiat withdrawals to pup up the price, and then start buying coins on other exchanges while selling them on their own with 5+% profit. After a month or two, they can just re-start processing of the withdrawals, saying 'sorry' like nothing ever happened, though being so much richer at that point already. And who is going to prove them any wrongdoing? It would also explains a high volume, despite of the fact that they have not been an actual exchange, for far over a month already, but only a service that sells bitcoins, at a price 5-10% higher from the market."

I think the problem is more with the bank services API, that would explain Mt.Gox not automating wires. IMO the bank changed the API or something and Mt.Gox hasn't adapted.

And what gives you reason to think that?

[OhShei8e]

They actually did stop SEPA withdrawn, since that noone has received one in the last 2 weeks at least...

My SEPA withdrawal from the 4th of June goes to "pending" today.

[EPiSKiNG]

Is there still a bounty?  Mine came through.

-EP

[zeroblock]

Let's see the screenshot. USD withdraw?

[fabrizziop]

Mt.Gox uses Mizuho Bank, one of the biggest banks in the world. MtGox represents an absolutely tiny fraction of the total volume that bank processes.  So we are supposed to beleive that a major bank can't process MtGox withdraws after volume dropped signficantly but deposits are no problem?  Sounds like a stall tactic to refresh deposits. 

So another more ominous conspiracy that I saw on reddit.....


"There is definitely an incentive for MtGox to act like this; withholding fiat withdrawals to pup up the price, and then start buying coins on other exchanges while selling them on their own with 5+% profit. After a month or two, they can just re-start processing of the withdrawals, saying 'sorry' like nothing ever happened, though being so much richer at that point already. And who is going to prove them any wrongdoing? It would also explains a high volume, despite of the fact that they have not been an actual exchange, for far over a month already, but only a service that sells bitcoins, at a price 5-10% higher from the market."

I think the problem is more with the bank services API, that would explain Mt.Gox not automating wires. IMO the bank changed the API or something and Mt.Gox hasn't adapted.

And what gives you reason to think that?

The description of the current situation, I think they're processing large wires manually but I doubt the guys with one million dollars at mtgox will claim a 1 BTC bounty. I'm assuming they're acting in good faith.

[Evolvex]

I have the impression the background is blurred intentionally..One can't  be certain if its filmed from Gox headquarters or this guy's workplace.
And where is Karpeles? No word from him on this issues for more than 10 days!

You call this "focus"

SOMEONE ON THE INTERNET WAS WRONG, MUST CORRECT THEM.....

You dont actually, you call it "depth of field" (at least in the photography world...)

[Spaceman_Spiff]

I have the impression the background is blurred intentionally..One can't  be certain if its filmed from Gox headquarters or this guy's workplace.
And where is Karpeles? No word from him on this issues for more than 10 days!

You call this "focus"

SOMEONE ON THE INTERNET WAS WRONG, MUST CORRECT THEM.....

You dont actually, you call it "depth of field" (at least in the photography world...)

His comment is actually relevant to the situation, yours is nitpicking over something that isn't even wrong.

[bennybong]

Is there still a bounty?  Mine came through.

-EP

You're the winner if you just provide a screenshot! 

[notme]

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?

0 transfers eh?

Let's go back one page in this very thread:

i just made another successful domestic withdrawl to my Japanese bank account.  Took only a day or 2 as usual.

(i know this doesn't count, but just thought i'd let you guys know)

0 USD transfers that were initiated after withdrawals were resumed (7/4) might be accurate.

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.

No, I don't find it odd that people wiring money out of Gox don't come report to you.  Their money is non of your business.  You guys are paranoid.

But, let's assume you are right for a second.  What are you going to do?  If I believed what you believe, I would cancel my withdrawal request, buy bitcoins, and get as far away from MtGox as possible.  If you still have money at MtGox with your beliefs you are an idiot.  If you don't have money with MtGox, then why the fuck are you trying to whip people into a panic instead of going about your business.  Or is trading on MtGox the only reason you are here?  If so, go find something productive to do to help develop the bitcoin economy or GTFO.

[abrkn]

　

[Spaceman_Spiff]

Is this why BTCUSD is higher on Gox than on Stamp/Btce?

In all likelihood, yes.

[zby]

No, I don't find it odd that people wiring money out of Gox don't come report to you.  Their money is non of your business.  You guys are paranoid.

But, let's assume you are right for a second.  What are you going to do?  If I believed what you believe, I would cancel my withdrawal request, buy bitcoins, and get as far away from MtGox as possible.  If you still have money at MtGox with your beliefs you are an idiot.  If you don't have money with MtGox, then why the fuck are you trying to whip people into a panic instead of going about your business.  Or is trading on MtGox the only reason you are here?  If so, go find something productive to do to help develop the bitcoin economy or GTFO.

It is not about believing or not - it is about assigning probability to this event.  The probability grows and it makes me uncomfortable - I did move out most of my funds already and I am pretty happy with my overall profits, but this situation is still rather unnerving for me.