Meni Rosenfeld (OP)
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October 16, 2013, 02:58:05 PM |
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Rumor has it that it is possible to withdraw USD from Mtgox by paying a 5% fee.
Has this been confirmed by Mtgox?
Where can I find more information about it?
Is the money collected by Mtgox or their bank?
When did this option start?
How is it actually done? I could find no mention of it in the withdrawal interface.
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Transactions must be included in a block to be properly completed. When you send a transaction, it is broadcast to miners. Miners can then optionally include it in their next blocks. Miners will be more inclined to include your transaction if it has a higher transaction fee.
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pand70
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October 16, 2013, 03:06:16 PM |
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And that rumor come from where? In any case if this is true we 'll see the gap between gox and bitstamp/btc-e getting smaller....
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Meni Rosenfeld (OP)
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October 16, 2013, 03:09:30 PM |
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And that rumor come from where? In any case if this is true we 'll see the gap between gox and bitstamp/btc-e getting smaller....
It's mentioned, for example, in the last few pages of https://bitcointalk.org/index.php?topic=179586.0. |
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wachtwoord
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October 16, 2013, 03:12:25 PM |
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If this were true I would expect the spread between Gox and Stamp to be ~5%. Not 8% as it is now. Otherwise this represents a very easy arbitrage opportunity. |
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Meni Rosenfeld (OP)
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October 16, 2013, 03:14:41 PM |
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If this were true I would expect the spread between Gox and Stamp to be ~5%. Not 8% as it is now. Otherwise this represents a very easy arbitrage opportunity. Well, rumor also has it that even those who pay the 5% don't get their funds promptly... And again this is just a rumor, as this thread indicates little is publicly known about it, even if true the market may have not yet absorbed it. |
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N12
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October 16, 2013, 03:17:16 PM |
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If this were true I would expect the spread between Gox and Stamp to be ~5%. Not 8% as it is now. Otherwise this represents a very easy arbitrage opportunity. Mtgox sell fee + slippage MtGox withdrawal fee Bitstamp conversion fee to USD Bitstamp buy fee + slippage And it's barely profitable anymore. |
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wachtwoord
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October 16, 2013, 03:21:10 PM |
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Well, rumor also has it that even those who pay the 5% don't get their funds promptly... And again this is just a rumor, as this thread indicates little is publicly known about it, even if true the market may have not yet absorbed it.
Okay point taken. Mtgox sell fee + slippage
MtGox withdrawal fee
Bitstamp conversion fee to EUR
Bitstamp buy fee + slippage
And it's barely profitable anymore.
They actually charge a fee on top of the 5%? Does Stamp still only accept Euro deposits? This all goes to show I've never bought a single Bitcoin on an exchange  |
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adpinbr
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October 16, 2013, 08:59:13 PM |
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The backlash they would receive from the community would be monumental, the nerve they have to do such a thing, rather than fix their problem they are profiting from it, makes me rethink that this is a solvency issue and not a banking issue
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tvbcof
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October 16, 2013, 09:14:20 PM |
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The backlash they would receive from the community would be monumental, the nerve they have to do such a thing, rather than fix their problem they are profiting from it, makes me rethink that this is a solvency issue and not a banking issue
Somewhere in the thousands of pages of commentary about Mt. Gox's recent issues someone made an argument that a bulk of the fee did not go into Mt. Gox's coffers. Rather it was largely the charge demanded by a financial institution who was able and willing to perform the fiat transaction. Said institution is used sparingly by Mt. Gox...for obvious reasons. I have no idea if there is any truth to this and don't remember who proposed it. Probably user 'sturle' as he is among the most vocal (and informed) of the Mt. Gox advocates. In fact he is about the only one here on this forum it seems. It is also recent scuttlebutt that even with the 5% fee transactions are no longer going through. At least for some people. I don't find difficulty imagining that Mt. Gox has relationships with large, important, or historic customers which are not as negatively impacted as their relationships with the small fry. |
sig spam anywhere and self-moderated threads on the pol&soc board are for losers.
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subi
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October 17, 2013, 04:02:50 AM |
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This feels like extortion. I've been waiting MONTHS now for my withdrawal request (international). A couple weeks ago I received an option for a "manual" withdrawal at 5% fee. Of course I went for it because something is better than nothing -- well I'm STILL waiting even after agreeing to pay the ransom.
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adpinbr
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October 18, 2013, 04:42:13 AM |
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I think someone should go knock on their door with a 12 gauge and renegotiate this policy. If they have anyways to get out money they should do it for free, even if it requires more effort on their part. if they can only get it out by paying a bank a 5% fee they should subsidize it with their profits and be open about whats happening. seriously i think we should donate a few bitcoins a person to have someone apply some pressure or a lawyer (even though i don't think they would do much good). we haven't seen a memo in months they don't give a crap karpleles is on fucking mine craft fuck him
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tvbcof
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October 18, 2013, 04:57:49 AM |
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I think someone should go knock on their door with a 12 gauge and renegotiate this policy. ...
I'd guess that your chances of finding a 12 gauge in Shibuya are about the same as getting one through security at Narita. |
sig spam anywhere and self-moderated threads on the pol&soc board are for losers.
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enquirer
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October 18, 2013, 05:13:40 AM |
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5% is close to what western union charges for transferring large amounts
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IamRichard
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October 18, 2013, 08:38:50 AM |
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I found the thread on reddit few months back and contact mtgox about this.
They proceeded with the withdrawal for 5% fee. Took a week and a half to receive in my US bank
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wachtwoord
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October 18, 2013, 03:57:27 PM |
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I found the thread on reddit few months back and contact mtgox about this.
They proceeded with the withdrawal for 5% fee. Took a week and a half to receive in my US bank
So have you arbitraged between Stamp and Gox since finding this loophole? |
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chungenhung
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October 18, 2013, 04:33:43 PM |
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I found the thread on reddit few months back and contact mtgox about this.
They proceeded with the withdrawal for 5% fee. Took a week and a half to receive in my US bank
So have you arbitraged between Stamp and Gox since finding this loophole? I am sitting on over 2 weeks, and still NOTHING. |
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joesmoe2012
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October 18, 2013, 09:00:12 PM |
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So now it's a 2 week + delay for the 5% manual withdraws?! That's craziness!
I have 2 pending, been over a week on one.
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dissipate
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December 01, 2013, 04:08:22 AM |
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I recently requested a withdrawal with the 5% fee. I got a reply that I don't fully understand. Maybe someone can help translate? Thank you for your email.We will update our banking team to schedule manual processing for your withdrawals as requested and we will keep you informed once its processed.
Please be advised that we are in the process of finalizing partnership and you can expect a more assured announcement on this soon. Anyone know what 'partnership' they are referring to? |
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