Mt.Gox out of cash???

[El Cabron]

Mt Gox just told me that I would not be able to access my funds using dwolla as they were out of cash.

"Thank you for contacting us. Unfortunately, due to a shortage, we do not know when this transfer will be completed. We strongly recommend you to cancel to this withdrawal and use other methods such as international wire transfer."

The problem is I can't get the funds I sent to me by using the international wire transfer over a week ago. I have just under $2,000 tied up with them and they are telling me to use alternative methods to get my cash? What is going on?

"Unfortunately, we do not have an estimated date for when both of the transfers will complete. We can check both transfers daily and will notify you when they are processed on our end. Both transfers have been submitted within our system; it seems that both transfers are pending at Dwolla/Bank. For international wire transfers can take up to 2 weeks to complete depending on intermediary banks. Dwolla transfers usually complete within several hours, unless the amount is large, which could take several business days. We sincerely apologize for the delay and any inconvenience caused."

So to solve a few days delay you want me to get a few weeks delay??? WTF!

I thought Mt. Gox got their shit together??  Once the funds are cleared (assuming they will be) I will update this thread...

[1714185616]

1714185616

[chungenhung]

No a surprise at all.
You should be glad that they at least answered you.
I've got a bunch of questions that was submitted last summer, and still no response yet.

[Yankee (BitInstant)]

He's just saying a few weeks delay to play it safe.

Both his company and mine rely on the banking days. If you look, all banks were closed Saturday-Monday this weekend, and last week Sunday-Monday.
Because of this, all wires in/out of Dwolla are delayed.

This happens during every banking holiday, I dont know why your so surprised.

[AmpEater]

Exactly the same response I got.  I dont even see any option to cancel transfers on the site, either!  WTF indeed.

They do have, like, ya know, a giant news ticker right on the front page, and they dont even put info their customers need to know on it?

This may well be the last transaction of mine Mt. Gox ever sees.

[PatrickHarnett]

Welcome to the club - I got the "use another method" response for my LR request after 15 days of waiting, but I wasn't keen on the extra 5% fee.

[Stephen Gornick]

From the #mtgox IRC channel:

<d> MagicalTux: Are dwolla withdrawals blocked again? PM'd you the ref id.
<MagicalTux> yeah
 because of holidays, funds are not moving *in* dwolla at the speed they should
 but since we process withdraws in realtime, it's still going out at the same speed
<MagicalTux> didn't expect to have a rally during the holidays, it's causing a lot more withdrawals to be happening than on normal days
<MagicalTux> we had $60k on dwolla friday

[finway]

Good to know, a lot withdraw.

[sunnankar]

This happens during every banking holiday, I dont know why your so surprised.

Banks are so Industrial Age. The cost in time, money and privacy is ridiculous.

[naypalm]

I just don't understand how two transactions under $1000 were so "unusually large" they broke their bank. Is there any exchange that functions? I left tradehill because of BS like this...

Since I don't have any bank accounts, I use my Paypal account to receive USD from Virwox. I've been using Virwox since June and they pay instantly if you have withdrawn before. It takes 12-24 hours if its your first time.

Kind of different for a first time user but you have to trade your BTC for SLL then trade your SLL for USD.
Make sure you match SLL and USD amounts that are for sale otherwise you might not get a good deal or your BTC/SLL will get buried in the "sell-wall".

I hope that made sense 

[teflone]

This is unacceptable in my eyes, and shouldnt be an issue to their customers.

Get some reserves FFS, its sooo easy to blame dwolla and the holidays..

It blows my mind what is acceptable these days..

My answer to Mtgox, from the OP, would be something on the lines.   "Why is this MY problem?, and what is MTgox going to do to fix it"

[Stephen Gornick]

Get some reserves FFS, its sooo easy to blame dwolla and the holidays..

Well, having those funds in Dwolla exposes Mt. Gox to risk.  Though Mt. Gox claimed to have an arrangement with Dwolla where Dwolla would not  reverse transactions, that doesn't mean Dwolla doesn't have the ability to do so (and has already done so with other exchanges).  Also keep in mind that it is entirely possible that an e-gold moment could happen where funds get frozen not by Dwolla but by a regulator instead since funds held at Dwolla are kept with an FDIC- or NCUA-insured bank.

Since Gox can add funds to Dwolla within a business day or two, this current cash management practice shouldn't be the end of the world.

[Yankee (BitInstant)]

Also MTux when asked about why there was a delay I was told because Dwolla closed down for the Holidays. I have a screen shot of this. Dwolla responded quickly and said it did not close.

fyi- When Tux said Dwolla was closed, he meant the banks were closed so wires from him to Dwolla or Dwolla to him were not processing

Very much looking for new options.

No worries! In about 2 weeks, our instant withdrawals will be launching

[Maged]

He should have said banks then. He specifically said Dwolla. If he does not know the difference between the two...

Mark isn't that great at English. If you want to speak with someone there who can be as specific as you apparently require, talk to Adam.

[koin]

Anyone who can tell me why my wire is still pending after 13 days would be great.

could be a typo from you or by some admin at gox.  they might admit it, or they might not.

could be that the bank filed a report listing the transfer as being suspicious and is not releasing the funds.  the bank won't admit it and even gox won't be told what's up.  here's 25,000 reasons why: http://www.theworksblog.com/index.php/2011/12/20/frank

http://www.sovereignman.com/expat/the-unpaid-spies-in-the-financial-system/

[Yankee (BitInstant)]

Also MTux when asked about why there was a delay I was told because Dwolla closed down for the Holidays. I have a screen shot of this. Dwolla responded quickly and said it did not close.

fyi- When Tux said Dwolla was closed, he meant the banks were closed so wires from him to Dwolla or Dwolla to him were not processing

Very much looking for new options.

No worries! In about 2 weeks, our instant withdrawals will be launching

Can you send me a link to where I can find more information about your service? Thanks

Sure, ask around everyone knows us!
www.Bitinstant.com