MTGox Yen Withdrawal Thread. For Japan Residents.

[cryptog1]

fiat jpy withdrawal submitted on jan 27th just went through this afternoon.

thats 14 business days. 6 day increase from one on jan 6 that was 8 business days.

which bank?

[severance26]

JNB, of course!

and LOL. so you can probably guess why i, after finally receiving the money, sent a certain amount BACK to gox

IT WAS INSTANTANEOUS. literally. i clicked the mt gox tab after sending from jnb... INSTANT. ROFL

fsckin gawks

[cryptog1]

JNB, of course!

and LOL. so you can probably guess why i, after finally receiving the money, sent a certain amount BACK to gox

IT WAS INSTANTANEOUS. literally. i clicked the mt gox tab after sending from jnb... INSTANT. ROFL

fsckin gawks

I see. Shinsei is taking too much time.
JNB has better ties with mtgox.
Shinsei must be putting some restrictions in a way.

What do u mean you clicked on mtgox tab after sending from jnb?

[severance26]

in my browser.

japan
net
bank
desu

[cryptog1]

in my browser.

japan
net
bank
desu

oh right.

instantaneous...you mean a few mn to load your mtgox jpy account from a jnb send click?

[severance26]

few minutes?

no, im not joking, under the one second it took to move from the jnb tab to the mtgox tab. it happened instantly.

wish the reverse would be so kind.

from jan 6 to the 27th, withdrawal time increased by 6 business days. 14 business days is, as far as i can tell from other posts, probably the the backlog. i imagine my withdrawal on the 6th was simply lucky enough to get in before many others. there was probably 14 business days of backlog by the morning of the 7th.

since it seems this thread doesnt have any trolls atm, just curious, how do you guys feel about gawks? i see mark as an insecure nerd but i really dont see a fat frenchman who drinks "coffee desserts" as liable to run off with money, and there is no way in hell they are insolvent. why is it the price is getting close to 1/3 of the other exchanges? isnt it a little overkill?

[ArticMine]

I am not a resident of Japan, I live in Canada but I see any delay in domestic (within Japan) JPY withdrawals as a very serious negative indication of the creditworthiness of MTGox.

[zyk]

few minutes?

no, im not joking, under the one second it took to move from the jnb tab to the mtgox tab. it happened instantly.

wish the reverse would be so kind.

from jan 6 to the 27th, withdrawal time increased by 6 business days. 14 business days is, as far as i can tell from other posts, probably the the backlog. i imagine my withdrawal on the 6th was simply lucky enough to get in before many others. there was probably 14 business days of backlog by the morning of the 7th.

since it seems this thread doesnt have any trolls atm, just curious, how do you guys feel about gawks? i see mark as an insecure nerd but i really dont see a fat frenchman who drinks "coffee desserts" as liable to run off with money, and there is no way in hell they are insolvent. why is it the price is getting close to 1/3 of the other exchanges? isnt it a little overkill?

you should always know where the sucker sits at the table or else it might be you

simple reasoning: the person who sells you goxcoins for 30 % of outside worth, would only do so, if she knows

already  that there won´t be unhindered withdrawls on Thursday and is apparently not able to sell them on account

at bitstamp herself but can take out the balance at gox immediatly.....no desesperation smelled?

selling any commodity in this quantities under the market price is driving any entity on earth in bankrupcy.....

or its an outreight heist ---- no way that you found paradise at Gox !

[solex]

I am not a resident of Japan, I live in Canada but I see any delay in domestic (within Japan) JPY withdrawals as a very serious negative indication of the creditworthiness of MTGox.

I agree with you, but the plausible theory for this is that because USD wires are blocked and euro ones are glacial, then the main flow of fiat out of gox recently is via yen. This presents a problem as gox may not have enough incoming yen deposits and would need to convert USD or euro holdings into yen. They are stuck on that, hence the yen withdrawals are drying up too.

[tamronx]

My 500,000 JPY from 1/27 is still stuck at "Confirmed" as of right now...

[windjc]

I am not a resident of Japan, I live in Canada but I see any delay in domestic (within Japan) JPY withdrawals as a very serious negative indication of the creditworthiness of MTGox.

I agree with you, but the plausible theory for this is that because USD wires are blocked and euro ones are glacial, then the main flow of fiat out of gox recently is via yen. This presents a problem as gox may not have enough incoming yen deposits and would need to convert USD or euro holdings into yen. They are stuck on that, hence the yen withdrawals are drying up too.

But this is exactly what they do, isn't it? -- charge a 5% premium to convert. So why would this be an issue?

[solex]

I am not a resident of Japan, I live in Canada but I see any delay in domestic (within Japan) JPY withdrawals as a very serious negative indication of the creditworthiness of MTGox.

I agree with you, but the plausible theory for this is that because USD wires are blocked and euro ones are glacial, then the main flow of fiat out of gox recently is via yen. This presents a problem as gox may not have enough incoming yen deposits and would need to convert USD or euro holdings into yen. They are stuck on that, hence the yen withdrawals are drying up too.

But this is exactly what they do, isn't it? -- charge a 5% premium to convert. So why would this be an issue?

Isn't the 5% fee for an "faster" withdrawal? And these are delayed too. What I am thinking is that gox has delays with its bank(s) in just converting currency for its own purposes.

[cryptog1]

few minutes?

no, im not joking, under the one second it took to move from the jnb tab to the mtgox tab. it happened instantly.

wish the reverse would be so kind.

from jan 6 to the 27th, withdrawal time increased by 6 business days. 14 business days is, as far as i can tell from other posts, probably the the backlog. i imagine my withdrawal on the 6th was simply lucky enough to get in before many others. there was probably 14 business days of backlog by the morning of the 7th.

since it seems this thread doesnt have any trolls atm, just curious, how do you guys feel about gawks? i see mark as an insecure nerd but i really dont see a fat frenchman who drinks "coffee desserts" as liable to run off with money, and there is no way in hell they are insolvent. why is it the price is getting close to 1/3 of the other exchanges? isnt it a little overkill?

i see. impressive.
i cancelled all my shinsei withdrawals.
It seems that besides jnb it s taking too long everywhere else.
I know someone else that got his money today in the bank after requesting a withdrawal on the 27th of january via jnb.

I don t think they are insolvent either.
I think it s a combination of regulatory pressure and incompetence.
If they were insolvent why would they keep on making the withdrawals for jnb account holders only?
If they were insolvent there will be some sort of ponzi scheme in which they would serve customers in the chronological order, which is not something it appears they are doing unless they can only deal with jnb now.

But it seems the 17th withdrawal passed today: dizko   1/17   PROCESSED   2/17 in http://thegoxreport.com/.
This one is probably not a jnb account, is it?

I suspect that the Japanese financial authorities have started putting pressure on them to explain the jpy delays.

[severance26]

few minutes?

no, im not joking, under the one second it took to move from the jnb tab to the mtgox tab. it happened instantly.

wish the reverse would be so kind.

from jan 6 to the 27th, withdrawal time increased by 6 business days. 14 business days is, as far as i can tell from other posts, probably the the backlog. i imagine my withdrawal on the 6th was simply lucky enough to get in before many others. there was probably 14 business days of backlog by the morning of the 7th.

since it seems this thread doesnt have any trolls atm, just curious, how do you guys feel about gawks? i see mark as an insecure nerd but i really dont see a fat frenchman who drinks "coffee desserts" as liable to run off with money, and there is no way in hell they are insolvent. why is it the price is getting close to 1/3 of the other exchanges? isnt it a little overkill?

i see. impressive.
i cancelled all my shinsei withdrawals.
It seems that besides jnb it s taking too long everywhere else.
I know someone else that got his money today in the bank after requesting a withdrawal on the 27th of january via jnb.

I don t think they are insolvent either.
I think it s a combination of regulatory pressure and incompetence.
If they were insolvent why would they keep on making the withdrawals for jnb account holders only?
If they were insolvent there will be some sort of ponzi scheme in which they would serve customers in the chronological order, which is not something it appears they are doing unless they can only deal with jnb now.

But it seems the 17th withdrawal passed today: dizko   1/17   PROCESSED   2/17 in http://thegoxreport.com/.
This one is probably not a jnb account, is it?

I suspect that the Japanese financial authorities have started putting pressure on them to explain the jpy delays.

thanks for not being a troll! most people dont know that there is a difference between a jnb acct and non-jnb, or why the difference is important. most of the doomsayers of gox dont live in japan, which is why i still have faith in my own estimation of the situation. americans tend to believe that any country which is not america has the safety of ariel castro's basement. the fact is, banks in japan are so bureaucratized that a company like mtgox, trying to blow through millions of USD worth of withdrawals every day, hits every obligatory red flag the poor nips have. and in japan, even if its perfectly obvious there actually isnt a problem(though i rather imagine they feel there is!), one must still file the paperwork about such and such unusual transfer (their name isnt even in kanji!), wait for the boss to sign off on it when he comes in tomorrow afternoon, etc.


i imagine there is some kind of regulatory pressure, but entirely on the KYC/AML side of things, and likely only in conjunction with american pressure. the unsurprising BoJ response to bitcoin regulation was "wait and see what everyone else does". forex is still underdeveloped here, hell, im filing my taxes, and forex goes under 'other' in capital gains. japan is slow to change laws or change anything at all. i highly doubt anyone gives a shit about the withdrawals. and these foreigners coming here with crappy signs to protest? they arent accomplishing anything, except to make headlines on coindesk. none of those guys can tell a cop why he is there and what the HELL MtGox is. And when was the last time you bothered to report something, anything, to a Japanese cop?

anyway, not to get on the hate-on-japan rant too much. if you live here, you get it, everyone else thinks mark karpeles is an algerian pirate.

also, ive heard there are also limits placed on how often you can withdraw; i only withdraw in bulk so i havent tested it myself but i see a lot of people complaining that their four withdrawals arent going through... you should just send one. i dont know if this is true of jnb accts or not, but certainly this has been an issue mentioned before.

it surprises me, really. i feel like most people didnt do their homework before throwing in their life savings into this thing. now there are problems and they FUD all over the place. granted i dont like the waiting either, but when i submitted my last withdrawal, i didnt even open a support request. why bother? we all know its going to take weeks. i wasnt even stressed til the market went haywire and i was then wishing i had the money BACK in gox for the selloff.

one last thing... while we should expect BTC transfers to come back online, i hope you arent expecting withdrawal times to improve more than marginally. mark is not helen of troy, his pasty face will not launch ships, NOTHING is going to change in japanese banks, or the legal/regulatory system, not until america tells them what to do first and then only after a lot of paper-shuffling. what WILL change, is maaaany people will be burned by this experience enough to stay out, and withdrawal requests will subside as mtgox loses business to exchanges with more qualified staff. mtgox's place in the bitcoin world is one of a small exchange for the japanese and occasional weirdo.

also, i loved magic the gathering as a kid. i wonder if mark still plays...

[zyk]

I wonder if Mark still pays ?

but lets stop beating a dead horse....yen withdrawls are tickling down to 6 weeks from here and then stop all

together......something always must be given to the cronies and laywers

[cryptog1]

few minutes?

no, im not joking, under the one second it took to move from the jnb tab to the mtgox tab. it happened instantly.

wish the reverse would be so kind.

from jan 6 to the 27th, withdrawal time increased by 6 business days. 14 business days is, as far as i can tell from other posts, probably the the backlog. i imagine my withdrawal on the 6th was simply lucky enough to get in before many others. there was probably 14 business days of backlog by the morning of the 7th.

since it seems this thread doesnt have any trolls atm, just curious, how do you guys feel about gawks? i see mark as an insecure nerd but i really dont see a fat frenchman who drinks "coffee desserts" as liable to run off with money, and there is no way in hell they are insolvent. why is it the price is getting close to 1/3 of the other exchanges? isnt it a little overkill?

i see. impressive.
i cancelled all my shinsei withdrawals.
It seems that besides jnb it s taking too long everywhere else.
I know someone else that got his money today in the bank after requesting a withdrawal on the 27th of january via jnb.

I don t think they are insolvent either.
I think it s a combination of regulatory pressure and incompetence.
If they were insolvent why would they keep on making the withdrawals for jnb account holders only?
If they were insolvent there will be some sort of ponzi scheme in which they would serve customers in the chronological order, which is not something it appears they are doing unless they can only deal with jnb now.

But it seems the 17th withdrawal passed today: dizko   1/17   PROCESSED   2/17 in http://thegoxreport.com/.
This one is probably not a jnb account, is it?

I suspect that the Japanese financial authorities have started putting pressure on them to explain the jpy delays.

thanks for not being a troll! most people dont know that there is a difference between a jnb acct and non-jnb, or why the difference is important. most of the doomsayers of gox dont live in japan, which is why i still have faith in my own estimation of the situation. americans tend to believe that any country which is not america has the safety of ariel castro's basement. the fact is, banks in japan are so bureaucratized that a company like mtgox, trying to blow through millions of USD worth of withdrawals every day, hits every obligatory red flag the poor nips have. and in japan, even if its perfectly obvious there actually isnt a problem(though i rather imagine they feel there is!), one must still file the paperwork about such and such unusual transfer (their name isnt even in kanji!), wait for the boss to sign off on it when he comes in tomorrow afternoon, etc.


i imagine there is some kind of regulatory pressure, but entirely on the KYC/AML side of things, and likely only in conjunction with american pressure. the unsurprising BoJ response to bitcoin regulation was "wait and see what everyone else does". forex is still underdeveloped here, hell, im filing my taxes, and forex goes under 'other' in capital gains. japan is slow to change laws or change anything at all. i highly doubt anyone gives a shit about the withdrawals. and these foreigners coming here with crappy signs to protest? they arent accomplishing anything, except to make headlines on coindesk. none of those guys can tell a cop why he is there and what the HELL MtGox is. And when was the last time you bothered to report something, anything, to a Japanese cop?

anyway, not to get on the hate-on-japan rant too much. if you live here, you get it, everyone else thinks mark karpeles is an algerian pirate.

also, ive heard there are also limits placed on how often you can withdraw; i only withdraw in bulk so i havent tested it myself but i see a lot of people complaining that their four withdrawals arent going through... you should just send one. i dont know if this is true of jnb accts or not, but certainly this has been an issue mentioned before.

it surprises me, really. i feel like most people didnt do their homework before throwing in their life savings into this thing. now there are problems and they FUD all over the place. granted i dont like the waiting either, but when i submitted my last withdrawal, i didnt even open a support request. why bother? we all know its going to take weeks. i wasnt even stressed til the market went haywire and i was then wishing i had the money BACK in gox for the selloff.

one last thing... while we should expect BTC transfers to come back online, i hope you arent expecting withdrawal times to improve more than marginally. mark is not helen of troy, his pasty face will not launch ships, NOTHING is going to change in japanese banks, or the legal/regulatory system, not until america tells them what to do first and then only after a lot of paper-shuffling. what WILL change, is maaaany people will be burned by this experience enough to stay out, and withdrawal requests will subside as mtgox loses business to exchanges with more qualified staff. mtgox's place in the bitcoin world is one of a small exchange for the japanese and occasional weirdo.

also, i loved magic the gathering as a kid. i wonder if mark still plays...

I agree that there is a lot of FUD generated by their acute organizational incompetence.
I heard that they have good relationships with the Japanese authorities.
Bitcoin is getting momentum and exposure in Japan recently.
I think one of the way for them to get back on track would be to focus on the Japanese market but they would need to hire Japanese staff instead of opening a bitcoin cafe.
It seems that they will enable LTC trading soon.
So they have plans for the near future.

It seems that SEPA withdrawals are still working even with a high amount of euros.
I suppose it is the same for JPY.
I just need now a much quicker way to withdraw cash from selling my bitcoins.
MtGOX used to be quick for JPY...months ago.

Maybe with a drastic decrease of the overseas customers, we would see a huge decrease of the time required to process withdrawals.
I am not sure about that though.

What I am confident about though, is that they will renable btc withdrawals very soon, hopefully this week, with some daily limits though.
And I agree that using mtgox from overseas makes the whole process (buying, selling, withdrawing) biased.

[tamronx]

Hmm,

All unprocessed withdrawals are now deleted from thegoxreport.

 

[cryptog1]

Hmm,

All unprocessed withdrawals are now deleted from thegoxreport.

 

they probably cancelled their withdrawals to buy cheap coins...

[iikun]

Nice to see a level-headed thread here.

I haven't withdrawn from gox in a couple of months, but when I did in the past (to MTUFJ) they took 2 or 3 working days from my request to the cash being in my account. Relavively small amounts both times though, approx 100k yen.

Thx for the info about JNB btw, time to dust off that account I think. But first it might just be worth sending them 10,000 yen so I can buy 1BTC, at the current rate I think it's a reasonable gamble & could pay 6 to 1. So saying, I could also lose that 10k but it is only 10k after all.

[medialab101]

Is anybody else here depositing money at this point to scoop up cheap Gox coins?

So tempting but I feel I'm already gambling too much...