Mt Gox Slow to send BTC?

[RobN1972]

 Hello All,

  My first post here, and I am not trying to stir anything up.  I simply wanted to ask if this situation were normal...

  It's been about 9 hours since I withdrew just about 5 BTC (over 2 transactions) from Mt. Gox and I have yet to see the payment post to my wallet.  Neither transaction hash appears in the block chain, so Gox has not yet even initiated my payout.  Again, this is for BTC, not cash.

   I have made a couple BTC withdrawals from Mt Gox in the past and they came through nearly instantly.

  Is anyone else having this trouble?  Should I be concerned?  I am going to sleep now and its very possible that in the morning this will have fixed itself, but I felt it worth putting the question out there.  The longest I have had to wait for any transfer is about 75 minutes, so this one is well beyond that.

  I appreciate any insight that can be offered.  I am a little concerned as this is a decent chunk of change and I want to know it will not simply vanish...


  Thanks,

Rob

[1714720975]

1714720975

[gogodr]

From all the comments nowdays about mt gox, yeah it is normal.
People are not getting their BTC back, some are even waiting over a month.
its not like they don't have your BTC. They do, but for some reason their systems are "not working properly".

[fermion]

I ordered withdraw of 93 BTC two days ago. Still no bitcoins, support is silent.
Yesterday they said they had "a problem", but "transactions have now been returned to customer accounts in full":
https://support.mtgox.com/entries/26128504-Update-Statement-Regarding-BTC-Withdrawal-Delays
But this is lie, my balance at mtgox is 0 BTC. Looks like scam.

[RobN1972]

 Well it's morning and still no BTC in my wallet or my Mt. Gox account...  I did at least wake up to 2 replies, and I thank you for taking the time to respond to a newbie post 

  I can't help but wonder why this exchange is so popular.  It took them 6 weeks to verify me, and bitstamp was one day.  Then to get money out, you must go through another (undetermined) waiting period while your bank info is 'verified'.  I submitted that information about a week ago, and the account still has not been updated.  Additionally, there is a $1000 per day limit unless you send them the paperwork to become 'trusted'.  The paperwork isn't too much to get together, but how long then will THAT verification process take?

  Obviously, the higher price fetched on Mt Gox is appealing, but if you have to go through so much stress to get paid the price doesn't matter.  After singing up for a Mt Gox account nearly 3 months ago, I still can not make a cash withdrawal, so even if the price were $1 Million each, what good is it?

  *Sigh*...  For me it's 5 BTC, and whether I get them in a day, week or month, it won't matter much as long as I wind up getting them I suppose.  I just know for me, that Mt. Gox is not where I want to transact exchanges.  Seems to me with all the money they are making that they would want to have a more efficient system in place.   I do have to ask...  Is there a chance these BTC are gone forever?

  If it matters, the transaction hashes are: 
9b60b75da3c8947fe323b13904abd91d26239fa5ccf29a5ef5f2561545d59d47    and 
f4c65e84b564ba0de02689511615dcd7f68c01c0712cab9ede0d45b89563a7a7

  I'll simply wait and hope that this truly is a legitimate system problem and that I will wind up with my BTC at SOME point.



 

[vleroybrown]

This topic is being discussed at length.  The analysis of the situation to me and many others is that 1.  This is not a normal trend for BTC at MtGox.  2. There is clearly a coverup/gagorder on the extent of what is wrong at MtGox . 3. Based on this information alot of FUD is resulting especially under the circumstance like myself were you are holding BTC elsewhere and any loss in value due the the truth of the matter, is a double whammy.

[cristip23]

Same thing hapend to me. They dont process any whitdraw. Something very weird is hspend there. I am fucking scared sbout this situation.

[njcarlos]

The fact that they are intermittently fulfilling withdrawals (at a subjectively determined rate of about 30%) leads me to believe this is in fact a technical problem and they aren't "scamming" or "insolvent." It seems quite random but withdrawals are being honored to some degree, so there is still light at the end of the tunnel.

[alfabitcoin]

The fact that they are intermittently fulfilling withdrawals (at a subjectively determined rate of about 30%) leads me to believe this is in fact a technical problem and they aren't "scamming" or "insolvent." It seems quite random but withdrawals are being honored to some degree, so there is still light at the end of the tunnel.

Well, i am concerned yes, and i just think there is just incompotence and lazyness to fix the issue rather then scamming. They still make a lot of money and could do so much more. We just have different time perspective and what need urgent attention.

I have two btc wifhdraw stuck and have funds both fiat and btc.

[Bitnicity]

The fact that they are intermittently fulfilling withdrawals (at a subjectively determined rate of about 30%) leads me to believe this is in fact a technical problem and they aren't "scamming" or "insolvent." It seems quite random but withdrawals are being honored to some degree, so there is still light at the end of the tunnel.

i think now the determined wining rate is 0%, none of my 3 re-withdrawals get through today !

[Elo]

i think now the determined wining rate is 0%, none of my 3 re-withdrawals get through today !

I initiated 73 withdrawal transactions today, 11 of them successful. About a 15% success rate.

[atc1]

i think now the determined wining rate is 0%, none of my 3 re-withdrawals get through today !

I initiated 73 withdrawal transactions today, 11 of them successful. About a 15% success rate.

Damn,Gox is really going down the gutter.

[Bitnicity]

i think now the determined wining rate is 0%, none of my 3 re-withdrawals get through today !

I initiated 73 withdrawal transactions today, 11 of them successful. About a 15% success rate.

ok, that's a good way for Gox to charge 73x of transaction fees if all get through, what a genius Gox solution

[RobN1972]

 So the problem is obviously widespread.  To update from here, I'm now 2 days in and still no news or activity.  I sent a support ticket in yesterday and got an automated response about 12 hours later.  The response basically said we are going to respond when we get around to it.

  While I believe it unlikely I will lose them, until I get my 5 BTC back, I am going to worry about this, as will many others.  There is a problem much bigger than than this, though.  If they continue to keep us in the dark, and make people afraid to use them, news will continue to spread.  Mt. Gox is, according to the media, the #1 exchange for BTC.  If there is perception they can't be trusted or (worse yet) media coverage to this effect, it can cause another crash in the price of BTC.  "If you can't trust Mt. Gox, how can you trust BTC?"

  If anyone out there has any more direct lines to them, I know we would all appreciate being told what is happening.  System issues come up, and people will be much more forgiving is they are kept in the loop.  By not offering any explanation they are running the risk of losing their entire client base, and, as I said, shaking the entire economy of the community.  If they would just come forward with an explanation and a time frame, they could minimize the damage.  What they are doing now (seemingly NOTHING) is the worst thing for all of us, whether we have BTC tied up or not.

 Keep posting, people...

Rob

[vints998]

I "withdrew" 0.8 BTC about 3 hours ago, and so far has not shown up on blockchain.
For a test, a few minutes ago I withdrew 0.002 BTC and it went through instantly!
I can't understand why the 0.8 BTC is not showing up, there have sent me a confirmation email with the "transaction hash".
If they have generated a transaction hash, then surely it has been processed -yes?
Where is it??

[alfabitcoin]

I "withdrew" 0.8 BTC about 3 hours ago, and so far has not shown up on blockchain.
For a test, a few minutes ago I withdrew 0.002 BTC and it went through instantly!
I can't understand why the 0.8 BTC is not showing up, there have sent me a confirmation email with the "transaction hash".
If they have generated a transaction hash, then surely it has been processed -yes?
Where is it??

I got information from irc, if btc remain stuck for more then 6-10 days it would be returned to your mtgox account.

[vints998]

6-10 days is a very long time.
I am in the uk so Gox is the only exchange I can trade in Pounds.
Nevertheless I think I will switch to BTC-e now despite the inconvenience and cost of converting to dollars.

[roslinpl]

MtGox is one of the slowest if you ask

But. They have usually best prices btc/usd.

[vints998]

at the moment
Gox = 843
BTC-e = 780

[roslinpl]

at the moment
Gox = 843
BTC-e = 780

yes. That is what I was talking about


Anyway, ther are very slow, but money will come to you one day

So if you dont need money at the moment and you can wait, better to choose higher price

[Elo]

I can't understand why the 0.8 BTC is not showing up, there have sent me a confirmation email with the "transaction hash".
If they have generated a transaction hash, then surely it has been processed -yes?

No, creating a transaction doesn't mean it gets processed. The problem is that their software is buggy, and has been buggy for what seems like forever. It tends to create invalid transactions that get rejected by the network. The problem was never too bad, so they didn't bother to fix it, until recently it started snowballing due to unknown reasons, and currently as much as 85% of the transactions their system generates are invalid and rejected by the network.

All of the above is fact, what's subject to interpretation is what were the circumstances that led to this issue snowballing. Options to pick from are (1) it happened by accident, and was eventually bound to happen as long as they didn't bother to fix the problem, or (2) they are intentionally triggering the bug to hide a big loss of Bitcoins (stolen by insider / hacked by outsider / lost keys to them / whatever).

Option 2 is why everyone (like me) has jumped to try withdrawing their balance, making it a run on MtGox, and probably making the problem worse. (But if the worst comes to pass, it's better to get 15% of your Bitcoins than nothing)