Maralinga (OP)
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October 24, 2013, 03:52:53 AM |
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I got suckered d by Mt Gox even though I have a forex trading and banking background. I sold BTC / bought USD on MtGox believing they would settle the trade and deliver USD. I since learned they they can't honor the trade and deliver USD to me. WHat the F&^k is the point of executing the trade if they can't settle it and deliver USD? I had to cancel my USD wire transfer after 9 weeks of waiting and move the BTC to a different exchange. I paid approx 0.5% comission to Mt Gox for each trade and got nothing for it. I also lost money on the spread.
I think it's fraudulent for MtGox to offer BTC/USD trades knowing they can't settle the trade and deliver USD. Having the USD in an account at MtGox is not satisfactory because it still means I'm exposed to settlement risk / default risk months after the trade was completed.
Mt Gox should cease USD/BTC trading until they can actually settle the trades. Of course they are making too much money from suckers like me to let people know they can't settle USD trades. They should be honest about their ability to settle trades and stop feeding people this '2 week delay' BS.
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Winalunt
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October 24, 2013, 03:53:41 AM |
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mtgox paying out withdrawal now ?
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Winalunt
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October 24, 2013, 04:25:20 AM |
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mtgox price are not real and these are bubble
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Maralinga (OP)
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October 24, 2013, 04:42:06 AM |
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Why not withdraw in other currency?
Because I have a USD bank account. I dont have a non-USD account to settle to. If i wanted another currency I wouldn't have sold the BTC for USD I would have sold it for a different currency. |
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Maralinga (OP)
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October 24, 2013, 04:49:39 AM |
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Why not withdraw in other currency?
Buy back into BTC, sell for EU, make an non-USD account and there we go. That's the problem right there if you reread the original post - having to buy back the BTC. Why go to the bother of opening up another bank account? I just sold the BTC for USD on a different exchange. |
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Maralinga (OP)
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October 24, 2013, 05:03:32 AM |
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simplicity or lack thereof is not an issue I raised. perhaps you have mixed up this thread with another one.
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Maralinga (OP)
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October 24, 2013, 01:46:27 PM |
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No, you're complaining and that's wrong.
Don't blame Mt.Gox blame the government. This has been known for a while, and they aren't the top player for a long time..
Then your argument @ #9 is easily defeated because it is based on a straw man fallacy. http://www.logicalfallacies.info/ambiguity/straw-man/. - I near made the case you are arguing against. #11 is similarly unconvincing because it commits the false dilemma fallacy. It's not a choice of blaming one or the other. http://www.logicalfallacies.info/presumption/false-dilemma/I suggest that if you want to persuade people of your point of view, you avoid such logical fallacies. |
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DannyHamilton
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October 24, 2013, 02:01:22 PM |
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Please don't feed the trolls.
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tysat
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Keep it real
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October 24, 2013, 04:18:06 PM |
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Maybe people will stop trying to get USD out of Gox now... but probably not, I bet we'll continue to see new threads about not being able to get funds out for months to come.
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davinchi
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October 24, 2013, 04:44:36 PM |
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they should not they not allow people to withdraw
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Maralinga (OP)
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October 24, 2013, 05:27:39 PM
Last edit: October 24, 2013, 08:23:13 PM by Maralinga |
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they should not they not allow people to withdraw
Agreed. I would go even further. When people submited orders to buy USD / sell BTC they should have given a big warning that they cant actually deliver the USD to you. The absence of this warning caused me to buy back the USD 9 weeks later (once I realized they weren't going to honor the trades) . Their press releases misled me into believing they have solved their withdrawal problems after the 'brief hiatus' . Had they been honest, I would never have done the original trade. They owe me at least the commission and spread on the trades. |
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DannyHamilton
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October 24, 2013, 05:33:50 PM |
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They own me at least the commission and spread on the trades.
Good luck collecting on that. I assume you'll be taking the case to court in Japan? In the future, keep the following phrase at the top of your thoughts: Caveat emptor |
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nahtnam
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nahtnam.com
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October 25, 2013, 12:09:30 AM |
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Well thats mt.gox for you...  Next time use something like coinbase. If you are in america you can instantly verify your bank account (worked fine for me with chase)! Also for the first time you might get a error saying that you are a potential risk, but just ignore that and try buying again. It should take 3-5 days and if you finally get everything done and keep the account for 30 days then you can buy and sell btc instantly! |
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Pokerfan
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October 25, 2013, 12:19:28 AM |
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Sorry for your loss. MtGox is a trap at the moment. Next time google some, read some bitcointalk.org and reddit.
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cowandtea
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October 25, 2013, 12:52:00 AM |
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Sorry for your loss. MtGox is a trap at the moment. Next time google some, read some bitcointalk.org and reddit.
Most people do that after they have trouble withdrawing from MtGox  . Same here... |
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Maralinga (OP)
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October 25, 2013, 01:13:21 AM |
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Sorry for your loss. MtGox is a trap at the moment. Next time google some, read some bitcointalk.org and reddit.
thank you |
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bigasic
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October 25, 2013, 01:25:34 AM |
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When I contacted them, at least they were honest and said that it would take well more than 2 weeks for the fiat to reach my usa bank.. The support guy wouldnt even guess. So I had to bite the bullet and buy bitcoins and move them.. Im just lucky I was able to do it when btc on mt.gox was below 130 at the time..Was a real bad hit then, not so much now..
But, I do hear of a person every now and then stating that they received their fiat, it took a few weeks, but they received it. One guy opened up a japanese bank account with a branch in NY. Then he would physically withdraw the fiat and walk over to the usa bank.. probably a pain, but the transfers took less than a week... It would be nice to live in NY, many more options...
I don't know if I would ever go back to Mt.gox even after they get their shit together... But, they should at least put a warning up on the home page....
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nahtnam
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October 25, 2013, 02:31:07 AM |
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When I contacted them, at least they were honest and said that it would take well more than 2 weeks for the fiat to reach my usa bank.. The support guy wouldnt even guess. So I had to bite the bullet and buy bitcoins and move them.. Im just lucky I was able to do it when btc on mt.gox was below 130 at the time..Was a real bad hit then, not so much now..
But, I do hear of a person every now and then stating that they received their fiat, it took a few weeks, but they received it. One guy opened up a japanese bank account with a branch in NY. Then he would physically withdraw the fiat and walk over to the usa bank.. probably a pain, but the transfers took less than a week... It would be nice to live in NY, many more options...
I don't know if I would ever go back to Mt.gox even after they get their shit together... But, they should at least put a warning up on the home page....
and this is why they came up with coinbase |
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