Gox Withdrawal Delays Not Just Affecting AUD

[lishbtc]

Hey guys,

Quick FYI to share my experience trying to withdraw from Gox.

Despite their claims to the contrary, withdrawal problems are not just with USD.  I've waited weeks and weeks for nearly $20,000 to be withdrawn.

Lots of excuses, I've been told (repeatedly) 2 more weeks, 2 more weeks.  Also told withdrawals of 5 figures were prioritized (untrue).  Been so long now my bank is on my back to repay some costs and all my money was tied up in Gox.

I had no choice but to cancel the withdrawals, pull out in bitcoin and cash out via other means.  I lost about $2,000 in extra fees and associated costs for arbitrage and using other services.

I'm glad that months long horror is over with but I think we should all be aware, the cost of doing business with MtGox, can be around 10% to get your money out (unless you're willing to risk leaving it there and hoping in future months they will give you your money - 10% may be worth the risk in some peoples eyes).

Just sharing my experiences.

Cheers

[achillez]

exactly - there are many other threads with MTGox sharing similar problems. They are purposefully lying to everyone as to the status of their withdrawals. They *only* want us to withdraw BTC. AFAIK they have no FIAT currency available at all because it's stuck in court cases, frozen by governments or something else.  In short, get the heck out of MTGOX if you're there.

[erk]

You could try converting your Gox funds back to BTC, make sure it's a quiet time, so the price is not going to flap around much. Then move the BTC out to somewhere like coinjar.in in Melbourne, and convert it to AUD there.

[erk]

It should be blatantly clear to all that MTGOX doesn't have the cash flow to operate in too large a capacity as an exchange. Sure they can handle small withdrawals to keep the illusion up but choke on anything large. I highly suspect they are operating on Fractional BTC reserves also and if people started making huge BTC withdrawals, we would start to see similar actions there.



~BCX~

It's probably more complicated than that, if they wanted to increase their reserves, they would just increase the fees until it balanced.