[SOLVED] MtGox: transfer happens but doesn't show up on blockexplorer

[goodlord666]

Hi

I transferred 1 BTC from a MtGox account to another recently. I got it in no time and the balance is correct.
But the transfer involving 1J77dvxnk9m5eQ1rW6D553kjvC5oz1btce (as seen in the screencap) doesn't show up anywhere on blockexplorer or blockchain.info. Same for the source address used (which also goes as 'never used on the network').



How can this be?

[Matthew N. Wright]

uhh, because MtGox does fractional reserve banking?

[Maged]

Unless you check the Open Transaction box on the withdrawal screen, if the address you enter is connected to another MtGox account, it will be deposited into that account instantly and without hitting the blockchain. If you have a transaction that needs to be public, always check that box just in case the receiver is using a MtGox address.

[Pieter Wuille]

uhh, because MtGox does fractional reserve banking?

Doing internal transactions directly instead of via the blockchain isn't fractional reserve banking.

[FreeMoney]

uhh, because MtGox does fractional reserve banking?

I thought it was because Mark likes salmon?

[FreeMoney]

Unless you check the Open Transaction box on the withdrawal screen, if the address you enter is connected to another MtGox account, it will be deposited into that account instantly and without hitting the blockchain. If you have a transaction that needs to be public, always check that box just in case the receiver is using a MtGox address.

Instawallet does the same thing, minus giving you the option to put it on the chain. Actually, now I'm not sure, maybe it's just that it puts them on the chain and accepts them with 0 confirms.

[goodlord666]

Unless you check the Open Transaction box on the withdrawal screen, if the address you enter is connected to another MtGox account, it will be deposited into that account instantly and without hitting the blockchain. If you have a transaction that needs to be public, always check that box just in case the receiver is using a MtGox address.

Thanks.

[FreeMoney]

I just checked, one of my instawallets that I've only funded from another instawallet does not have it's address in the chain.

Letting the user choose is pretty important as it can cause confusion or prevent the normal verifying of payments.

Suppose you and your recipient are both using instawallet and the recipiant loses access, you cannot prove you actually paid. Or the recipient is a jerk, and sees the tx isn't visible and claims it never came.

[goodlord666]

I just checked, one of my instawallets that I've only funded from another instawallet does not have it's address in the chain.

Letting the user choose is pretty important as it can cause confusion or prevent the normal verifying of payments.

Suppose you and your recipient are both using instawallet and the recipiant loses access, you cannot prove you actually paid. Or the recipient is a jerk, and sees the tx isn't visible and claims it never came.

I agree. MtGox should have an explanation to those checkboxes right on the page.

I had thought the Redeem code was the only way of moving funds from and to accounts invisibly to the public network.

[NothinG]

I just checked, one of my instawallets that I've only funded from another instawallet does not have it's address in the chain.

Letting the user choose is pretty important as it can cause confusion or prevent the normal verifying of payments.

Suppose you and your recipient are both using instawallet and the recipiant loses access, you cannot prove you actually paid. Or the recipient is a jerk, and sees the tx isn't visible and claims it never came.

Which explains why http://www.bitlotto.com/ states:

DO NOT SEND COINS FROM AN EWALLET.(Online Wallet) Only send the BTC from Bitcoin software running on your computer. If you send the BTC from an EWALLET, you will not get the winnings. Known exceptions: StrongCoin, blockchain.info-my wallet