MTGox has taken over a month.Has anyone used BTC-E lately? Other methods?

[Boogerbrain]

Hi there!
MTGox has taken over a month to wire a bank transfer, and I still don't have the money in the bank yet. I am aware of all of the trouble, the freeze and the backlog, but this seems excessive, as far as the amount of time the transfer is taking. I am kind of wondering if I'll ever see the money. When they used OKPAY, things went smoothly. Is there a faster, reliable way to get USD for BTC? Is BTC-E still running well, and are they faster?
Thanks in advance!

[OhShei8e]

I recommend you cancel your withdraw and take the expensive way out by buying over-priced BTC at MtGox - while that's still possible. I suspect we are playing the lit match game here, passing on a lit match from person to person works but only so long and the last one to hold on to the match will get his fingers burned. It is possible to withdraw BTC, so at least you get your money out of dodge that way.

In Germany we call this a "rationality trap". I do not know if that's the right word in English. "Rationality trap" means: good for you, bad for everyone.

If all would follow your advice, the system would collapses completely. On Bitstamp there is just a million dollars. On Gox are at least 12 million dollars.

So only the early bird can escape. The rest is dying. The USD/BTC ratio on Bitstamp is at 50$ (on Gox we have right now a USD/BTC ratio of 135$!). There are 23,000 BTC on Bitstamp at the moment. On Gox are still 90,000 BTC. With this the ratio on Bitstmp would fall to 10$ if Gox dies and all people switch to Bitstamp.

So, if you really believe that Gox is a "lit match game", then you should get completely out of Bitcoin. Anything else would be totally stupid and irrational. After the crash, you could buy bitcoins back for single-digit.

The only "problem": Gox will not fail. And you know it. 

[mryayo]

Hi there!
MTGox has taken over a month to wire a bank transfer, and I still don't have the money in the bank yet. I am aware of all of the trouble, the freeze and the backlog, but this seems excessive, as far as the amount of time the transfer is taking. I am kind of wondering if I'll ever see the money. When they used OKPAY, things went smoothly. Is there a faster, reliable way to get USD for BTC? Is BTC-E still running well, and are they faster?
Thanks in advance!

1) Cancel MTGox transfer

2) Withdraw BTC to your wallet (expect a BS account validation maneuver)

3) Sell on Coinbase

4) Get funds with no problem.


~BCX~

That's exactly what I did yesterday, the reason Gox has that spread is because everyone is trying to get their money out of USD to BTC - really seems like Gox has liquidity issues - I've never heard of anyone taking 3 to 4 weeks to process bank withdrawals.

[mryayo]

I used coinbase and will get my money by friday.

[Lethos]

and this is why I keep recommend people move over to things like localbitcoins.com
Seriously all trades are usually completed in under 5 minutes, none of this wait a few days to hope it appears in my bank account eventually.
Also, fees, almost none compared to every other exchange I've used before.

They don't hold your fiat currency, just the Bitcoin, so as long as you stick to deal with people who are relatively local and do a bank transfer you always get instant payments.

I do feel sorry for those stuck in a bad situation with these exchanges, but move on a different type of exchange, not another of the same breed wearing different clothes. Until banks feel comfortable with Bitcoin (which might never happen), unfortunately exchanges which use them are going to get screwed and screw over their customers every so often. So stop using exchanges which rely on that relationship.

[nobbynobbynoob]

In Germany we call this a "rationality trap". I do not know if that's the right word in English. "Rationality trap" means: good for you, bad for everyone.

Prisoner's dilemma.

The only "problem": Gox will not fail. And you know it. 

TBTF in Bitcoinia?

[ardana123]

If all would follow your advice, the system would collapses completely. On Bitstamp there is just a million dollars. On Gox are at least 12 million dollars.

So only the early bird can escape. The rest is dying. The USD/BTC ratio on Bitstamp is at 50$ (on Gox we have right now a USD/BTC ratio of 135$!). There are 23,000 BTC on Bitstamp at the moment. On Gox are still 90,000 BTC. With this the ratio on Bitstmp would fall to 10$ if Gox dies and all people switch to Bitstamp.

How the hell do you come by these numbers? Only 12mil on Gox? Doesn't seem that much.

[01BTC10]

If all would follow your advice, the system would collapses completely. On Bitstamp there is just a million dollars. On Gox are at least 12 million dollars.

So only the early bird can escape. The rest is dying. The USD/BTC ratio on Bitstamp is at 50$ (on Gox we have right now a USD/BTC ratio of 135$!). There are 23,000 BTC on Bitstamp at the moment. On Gox are still 90,000 BTC. With this the ratio on Bitstmp would fall to 10$ if Gox dies and all people switch to Bitstamp.

How the hell do you come by these numbers? Only 12mil on Gox? Doesn't seem that much.

[mgio]

I had $23k on gox, $10k which was sitting for over a month waiting for a wire transfer.

I finally emailed them and told them I give up and they bought the cash back into my account. I used the money to buy more coins, transfered the off and now I have nothing on gox at all (whew, I'm safe).

I've been selling off the $23k of btc on localbitcoins for 3% under gox price, which is still pretty good since the price on gox has been up recently. Only $17k more to sell!

[OhShei8e]

I had $23k on gox, $10k which was sitting for over a month waiting for a wire transfer.

I finally emailed them and told them I give up and they bought the cash back into my account. I used the money to buy more coins, transfered the off and now I have nothing on gox at all (whew, I'm safe).

I've been selling off the $23k of btc on localbitcoins for 3% under gox price, which is still pretty good since the price on gox has been up recently. Only $17k more to sell!

So we see a big SELL OFF? I only see people like you who are selling their bitcoins. In large or huge quantities. How much money you originally invested? I suspect much less than the 23k. Thus, Bitcoin become a pump and dump. People buy on Gox. And then the charge is dropped elsewhere. Too bad. Probably the end of this project.

[Kris]

Are you in Europe ?

[OhShei8e]

Are you in Europe ?

Yes, Germany. But I am referring to what I read here every day. Perhaps the impression is deceptive, but somehow it's depressing what's happening right now. Gox for me has always been part of the community, just like any other reputable exchanges (eg Bitstamp). Now all grumble about Gox, but why? Just because you can not withdraw FIAT money from them fast enough? Is that our only problem? Then we are not better than the banks.

[Boogerbrain]

Thanks for all of the info. I had a successful transaction with Coinbase, already! What I need to know now, is how do I get my Bitcoins from MtGox to Coinbase. I can't find a button with that option. I have a Bitcoin address at Coinbase, and was looking to do it that way. Thanks!

[kawkaw2013]

Thanks for all of the info. I had a successful transaction with Coinbase, already! What I need to know now, is how do I get my Bitcoins from MtGox to Coinbase. I can't find a button with that option. I have a Bitcoin address at Coinbase, and was looking to do it that way. Thanks!

I haven't used Coinbase, but if you know your address at Coinbase for depositing bitcoins, then all you need do is go to Mt.Gox, select withdraw bitcoins and then paste the Coinbase address into the field. Some time later the coins will appear in your Coinbase account.

If they don't, I might have to delete my account from this forum!

Seriously, if you're unsure, test it with a small amount first until you get the hang of it.