MtGox USD withdrawals and deposits will soon be processed!

[Impaler]

I  just kept waiting for the punchline

Seriously, you have to be retarded to fall for such a system, it's almost like this is a parody of what Austrians think that Keynesians think.

[johnyj]

I think MTGOX is doing some kind of financial innovation: Forever delay the fiat withdraw, which force people to either establish other exchanges (more exchanges = better bitcoin eco system) or spend them directly

Same as government forcing people to use fiat money, we could also force people to use bitcoin

[ElectricMucus]

incase anyone missed it, i will leave this here...

Deposits and Withdrawal Update Finally, the issues with deposits and withdrawals from Mt. Gox are being relieved, but still not at the rate we want. For example it currently takes up to 10 days to process a deposit because our bank, upon receiving deposits, notifies us of the deposit but holds them for 7~10 days before transferring them to our account. This has always been the case, and we were still crediting customer accounts before receiving the funds ourselves, but some cases in which the bank subsequently rejected the deposits meant that we incurred significant losses. The risk is now too high for us to credit accounts prematurely. We are in the process of forming relationships with new partners, banks, and taking other steps -- hopefully we will not only be back where we were before we encountered these issues , but much further ahead.

This is just BS. It mentions nothing about withdrawals

You noticed?

[Zarathustra]

I think MTGOX is doing some kind of financial innovation: Forever delay the fiat withdraw, which force people to either establish other exchanges (more exchanges = better bitcoin eco system) or spend them directly

Yes, other possibilities can be excluded. It's not possible, that a company acts so stupid for weeks and months.

[ronaldlee0917]

I think MtGox is having fun doing 10% profit arbitrage between Bitstamp and their own platform, they won't release your fund until they have robbed all your money.

[MoreFun]

I think MtGox is having fun doing 10% profit arbitrage between Bitstamp and their own platform, they won't release your fund until they have robbed all your money.

Good point...     

[bitcon]

they said it was going to be 2 weeks over 5 weeks ago. .. .

[Qoheleth]

If and when withdrawls start being processed again, I expect that arbitrage would slowly come back online, narrowing the present gap between Mt. Gox and other exchanges from its current ~8% to something more like 3-4% (perhaps less, depending on the number of people with Trusted verification on Gox). I expect that this won't cause too much drift in the price aside from reconciling the exchanges, since any money that wanted to leave the system probably either has done so or hasn't been spent on anything but "get in the withdrawl queue" any time recently, and deposits have presumably been going to other (cheaper) exchanges.

[adamstgBit]

2 words

Crypto Financial!
https://bitcointalk.org/index.php?topic=269191.0
I expect big things from these people, i will be investing during the IPO

it could even solve MtGox's fait problems!

[adamstgBit]

https://www.mtgox.com/press_release_20130704.html

is it a lie?

apparently they just have a 2 week back log (and that was last month)

has anyone been able to get money out? anyone!

[hyphymikey]

A friend of mine was waiting about a month for a <20K USD withdrawal from Gox. They finally just cancelled the withdrawal upon request and he bought back his BTC (at a slight loss) and I clued him in on another "instant" way to cash out. I suspect this has happened to others recently, given the price rise. Plus, some people are still holding bitcoin until withdrawals are caught up. I think they would rather have BTC in their wallet than MtGox USD at the moment, given their problems. So when MtGox USD is easily turned into fiat again, then the price will drop, to at least the 70-80 dollar range.

I mean why would it go UP? The price is currently high because there is no reason to sell, its not like you actually get fiat when you sell.

[Wagner2014]

2 words

Crypto Financial!
https://bitcointalk.org/index.php?topic=269191.0
I expect big things from these people, i will be investing during the IPO

it could even solve MtGox's fait problems!

Who are they?
What are their credentials?
Who are their customers?
How are they licensed to do the business they propose internationally?
Why do they propose initial value of $15 million? Based on an idea?
How much revenue do they bring in?
What profits do they have?
What's their track record?
Or is it all a "paper" plan - that's magically worth millions?

I would have thought people had learned something from the .com scams.

[Ares]

A friend of mine was waiting about a month for a <20K USD withdrawal from Gox. They finally just cancelled the withdrawal upon request and he bought back his BTC (at a slight loss) and I clued him in on another "instant" way to cash out. I suspect this has happened to others recently, given the price rise. Plus, some people are still holding bitcoin until withdrawals are caught up. I think they would rather have BTC in their wallet than MtGox USD at the moment, given their problems. So when MtGox USD is easily turned into fiat again, then the price will drop, to at least the 70-80 dollar range.

I mean why would it go UP? The price is currently high because there is no reason to sell, its not like you actually get fiat when you sell.

One reason it could go up is because the largest exchange is working again. You have to also consider that people aren't putting Fiat onto the exchange either, so that too will change which means more Bitcoins bought.

Perhaps a small dip followed by a rise, accounting for the few days it takes for fiat transfers to arrive (man current fiat systems suck).

[Wagner2014]

A friend of mine was waiting about a month for a <20K USD withdrawal from Gox. They finally just cancelled the withdrawal upon request and he bought back his BTC (at a slight loss) and I clued him in on another "instant" way to cash out. I suspect this has happened to others recently, given the price rise. Plus, some people are still holding bitcoin until withdrawals are caught up. I think they would rather have BTC in their wallet than MtGox USD at the moment, given their problems. So when MtGox USD is easily turned into fiat again, then the price will drop, to at least the 70-80 dollar range.

I mean why would it go UP? The price is currently high because there is no reason to sell, its not like you actually get fiat when you sell.

This is what I think also -that the price has been kept artificially high for this reason. We'll see if that's the case if Mt. Gox's problems are resolved.

[CurbsideProphet]

incase anyone missed it, i will leave this here...

Deposits and Withdrawal Update Finally, the issues with deposits and withdrawals from Mt. Gox are being relieved, but still not at the rate we want. For example it currently takes up to 10 days to process a deposit because our bank, upon receiving deposits, notifies us of the deposit but holds them for 7~10 days before transferring them to our account. This has always been the case, and we were still crediting customer accounts before receiving the funds ourselves, but some cases in which the bank subsequently rejected the deposits meant that we incurred significant losses. The risk is now too high for us to credit accounts prematurely. We are in the process of forming relationships with new partners, banks, and taking other steps -- hopefully we will not only be back where we were before we encountered these issues , but much further ahead.

What garbage.  No bank on this earth worth their salt holds onto a WIRE transfer for 7 to 10 days.  And weren't they opening accounts with multiple banks?  Why is it singular now, "our bank?" 

[adamstgBit]

incase anyone missed it, i will leave this here...

Deposits and Withdrawal Update Finally, the issues with deposits and withdrawals from Mt. Gox are being relieved, but still not at the rate we want. For example it currently takes up to 10 days to process a deposit because our bank, upon receiving deposits, notifies us of the deposit but holds them for 7~10 days before transferring them to our account. This has always been the case, and we were still crediting customer accounts before receiving the funds ourselves, but some cases in which the bank subsequently rejected the deposits meant that we incurred significant losses. The risk is now too high for us to credit accounts prematurely. We are in the process of forming relationships with new partners, banks, and taking other steps -- hopefully we will not only be back where we were before we encountered these issues , but much further ahead.

What garbage.  No bank on this earth worth their salt holds onto a WIRE transfer for 7 to 10 days.  And weren't they opening accounts with multiple banks?  Why is it singular now, "our bank?" 

maybe the bank has flag incoming wires to mt gox as high risk so thats why they hold it for a week

[TTBit]

Imagine if bitstamp stopped withdrawals too -- we'd all be rich!

[ElectricMucus]

Imagine if bitstamp stopped withdrawals too -- we'd all be rich!

That made me LOL

[adamstgBit]

MtGox withdrawals have supposedly been actively processed for a month now...

[Qoheleth]

MtGox withdrawals have supposedly been actively processed for a month now...

Supposedly is the active ingredient here.