Is MtGox dying?

[komar]

MtGox header says: "Trade with confidence on the world's largest Bitcoin exchange!"



But it's not "the world’s largest" anymore. You can see it on http://bitcoincharts.com/markets/:



I think that means MtGox lose it's only advantage. Now I don't know what could save MtGox on market.

MtGox bitcoin price is above $100 higher than on BTC-E or BitStamp. Everybody knows the reason: it's damn hard to withdraw fiat money from there and the only option is buying bitcoins and withdraw them. $100 difference looks scary so I drew a graph with relative difference between MtGox and BTC-E (I'm russian, you may be noticed :)



As you can see the relative difference is not so high yet — about 15% as usual.

So, what have I missed? What are you thinking guys? Or nobody cares about MtGox, huh?

[keithers]

It seems like its definitely on a downtrend, i dont have the slightest idea what is going on behind the scenes. I doubt that they are purposely trying to make withdrawals difficult, but if you can't get money off of the site, you are basically playing a bitcoin video game trying to get the most points...

[h3rlihy]

I think it's going down. Nowadays if a company withholds your money, people stop using them, simple. Gox has such a bad rep for withdrawals that I didn't even bother trying, just went straight to bitstamp as soon as I could

[Caiapfas]

I hope they are dying. I signed up and submitted the docs needed almost 4 months ago.

2 months into it I posted a ticket and asked wth? they replied after a month saying we are busy and will reply later.


My question is how can they keep peoples money and why don't we just boycott and destroy them? which would give btc-e more trades and the price would go up right?

[sase007]

I hope too...

They are terrible (and almost scamers) exchange page...

[empoweoqwj]

I suspect they are dying. Can't get fiat out for ages, now not processing bitcoin withdrawals reliably. The writing is on the wall.

Get your money out while you can. Oh, except you can't of course 

[Sonny]

It was the largest exchange, and maybe the admin "forget" to update the site. 

IMHO, mtgox has no advantage but tons of disadvantages when compared with other exchanges, eg. ~150+ higher buying price, terribly delayed USD withdrawal, very bad support, no LTC, etc.

[keithers]

has anyone here had a positive experience with gox?   I haven't seen anyone say anything good about gox once..

[Frankie]

Yeah, it's certainly in decline.

One thing I don't understand if this article is true: http://www.wired.com/wiredenterprise/2013/11/mtgox/

Why doesn't Gox use some of its bitcoin profits and trade for fiat off their own exchange? That retired their fiat debt, which gives them some breathing room whether or not they are actually solvent.

More importantly, they could bring the Gox price closer to parity with other exchanges. I'm sure their withdrawal problems are much worse because many of their customers would like to be the person who somehow successfully withdraws and scores a windfall arbitrage. Everyone knows you can't do that, but people apparently try because there are tons of complaints about it any time a new Gox thread is started. If their price wasn't so out of line, they might actually have fewer withdrawal requests--few enough that they could process them 10 a day (or whatever the alleged bottleneck is).

[komar]

Sounds funny.

Fiat withdraw problems → BTC price rise → more people want to sell BTC and withdraw fiat → more fiat withdraws → more fiat withdraw problems → BTC price rise → ...

I think there's a parameter which limits this circle. Otherwise BTC price will skyrocket. Could it be withdraw time?

(everything you read above is a joke)

[nobbynobbynoob]

has anyone here had a positive experience with gox?   I haven't seen anyone say anything good about gox once..

Yes, my experiences with Gox were mostly pretty good... in 2012.

[empoweoqwj]

has anyone here had a positive experience with gox?   I haven't seen anyone say anything good about gox once..

Nope. next question, lol.

Consider this: they haven't processed at least 90% of international wires for 6 months or so now. how many millions of dollars do you think that is in their bank account. And now people can't get btc out more and more. If its looks like a sinking ship, smells like  a burning ship, ... you can guess the rest.

[JohanM]

Mtgox is losing market share because the largest trading group (USD) can no longer withdraw funds (for whatever reason).
In Euro and JPY the problems are much less, you do get your money (with a delay of 4-6 weeks) and it is even predictable when you will get it.

So the real question is: who or what is blocking USD withdraws ? (Mtgox itself, US banks, US government, ... ??)

[empoweoqwj]

Mtgox is losing market share because the largest trading group (USD) can no longer withdraw funds (for whatever reason).
In Euro and JPY the problems are much less, you do get your money (with a delay of 4-6 weeks) and it is even predictable when you will get it.

So the real question is: who or what is blocking USD withdraws ? (Mtgox itself, US banks, US government, ... ??)

Or indeed why are BTC withdrawals suddenly stopping working? Can't blame a bank or government for that

[JohanM]

My last BTC withdraw from mtgox was 1 week ago. It was instantaneous ...

[Sonny]

My last BTC withdraw from mtgox was 1 week ago. It was instantaneous ...

The worst problem is USD withdrawals.
People have been waiting for months.

[5thStreetResearch]

It certainly appears as if its starting to die off

[empoweoqwj]

My last BTC withdraw from mtgox was 1 week ago. It was instantaneous ...

To where? Japan, SEPA, International?

[de3mka]

My last BTC withdraw from mtgox was 1 week ago. It was instantaneous ...

To where? Japan, SEPA, International?

BTC means he withdrew BTC.
I had the same experience. A week ago it was instant. Todays it takes hours/days. Perhaps they've run into some technical problems with withdrawal processor. I expect them to communicate better.


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[hulk]

My last BTC withdraw from mtgox was 1 week ago. It was instantaneous ...

Try doing the same thing on USD..