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Author Topic: MT.Gox will not release over $26,000 USD  (Read 8015 times)
Inaba
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May 15, 2012, 11:12:10 PM
 #1

I have been trying for nearly 3 weeks to release over $26,000 from MTGox.  Through miriad delays, lies and false promises, I am still unable to withdraw any USD from MTGox.  I believe, though I have not tested, that I may be able to transfer the funds out via Bitcoins, but it would come at a cost of conversion.  Which I have already paid twice in the past three weeks trying to get funds out.

At this point, I am absolutely sick and tired of the lying and BS that comes out of MTGox.  Nothing honest is ever released on their blog, it's always missing important facts or contains outright falsehoods.  Their customer service is a joke (I know, surprise!), and every time I contact them, they take days to get back to me... when they do it does not address the issue, but points to useless blog posts or gives excuses for actions taken or not taken.

After finally getting them to cancel the Dwolla withdrawals they had "pending" for over a week, they canceled just one of them, letting another $10,000 hang in limbo until I contacted them again.  I requested that they do a wire transfer of the funds to my bank and that I would pay the fee on my side, even though they should cover all fees for holding on to my money for a week with no compensation or reasonable explanation.  I got no response to this request, not even a denial.  

I then  converted the USD to bitcoins and sucked up the "fee" MtGox charges for the privilege of keeping my money indefinitely.  After trying to find a suitable way to transfer the BTC out and convert it into fiat, it became clear that the charges to do so would be exorbitant, as all the exchange services are not setup to convert large amounts of BTC to fiat and their fee structure makes it impractical.

So, I went ahead, last night, and sucked up the exchange rate and lost several hundred dollars as well as the "fee" MtGox charges, again, and converted back to USD.  I tried to initiate a wire transfer and lo-and-behold... MtGox no longer offers wire transfers.*  Only Dwolla and OKPay.  So now MTGox is offering a service to replace a wire transfer with Dwolla, which they can't seem to transfer even a nickle to, much less $26000.  So now I have basically no way to transfer money out of MTGox, other than as, possibly, Bitcoins. To add insult to this injury, even "adding" a Dwolla account, which I have been using for months and month, goes into "Validation" status and will not, apparently, come out.  As such, I can't even attempt a Dwolla transfer.  

So now, they basically have had free use of my funds for nearly 3 weeks, with no compensation, besides the lies and delay tactics I've received so far and have eliminated that last possible method for me to get USD out of MTGox.  

It's almost laughable how poorly managed MTGox is, or it would be if it were not for the fact that they are holding millions of dollars of users funds without any recourse.  Unless these concerns are addressed and some reasonable explanation is offered, I will be moving all of my operations to another exchange.  Yes, I realize I am a small fish in a large pond, but I am also suggesting that everyone else do the same.  MTGox can not be trusted with your data, as they have shown through being hacked via methods that were detailed to them long before the hack took place.  They are clearly showing that they can't be trusted with your funds, either, since they will not release funds in any usable manner (with the possible exception of BTC).  

* EDIT - MTGox still offers wire transfers, it's just now called "Withdrawal Wizard"

If you're searching these lines for a point, you've probably missed it.  There was never anything there in the first place.
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galambo
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May 15, 2012, 11:24:44 PM
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Inaba, do you care to publicly disclose the source of this 26,000$ USD that you have managed to acquire in bitcoin?
SgtSpike
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May 15, 2012, 11:27:20 PM
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Let us know what exchange you end up choosing and why.  I haven't had much trouble with Mt Gox (besides Dwolla withdrawals being delayed, though mine eventually came through), but the growing number of complaints against Mt Gox has me a bit worried... would like to check out other options.
the joint
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May 15, 2012, 11:33:37 PM
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I don't even use Gox, and reading this pissed me off entirely.  I'm considering starting a petition thread to boycott Gox unless they bite the bullet and hire a competent customer service team that is available 24/7.

Fuck you, Gox.  And fuck you, Karpeles, with your ugly face.  Take the mask off your operations and put it on that honkin' beezer.

teek
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May 15, 2012, 11:37:20 PM
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Yeah i'd like to see what comes of this too Inaba.. if you find a good way please share

Serge
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May 15, 2012, 11:44:28 PM
 #6

From Withdraw Funds page (in my case):
BTC : You can still withdraw up to 400.00000000 BTC provided you have enough on your account (your limit is 400.00000000 BTC per 24 hours )
USD : You can still withdraw up to $1,000.00000 provided you have enough on your account (your limit is $1,000.00000 per 24 hours and $10,000.00000 per 30 days)

Also when you click "Add withdraw method" button there is still an option to add international wire details, the video in following link explains it well https://mtgox.com/press_release_20120418.html
Not sure how wire withdraw option is not available to you though
tvbcof
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May 15, 2012, 11:47:39 PM
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Inaba, do you care to publicly disclose the source of this 26,000$ USD that you have managed to acquire in bitcoin?

(mostly to watch thread, but...)

Why the fuck should he?  It's not a huge amount of money, he's been around a while and a cursory glance shows that he's had some interest in mining.  One of the niceties of Bitcoin is that you don't have to document every financial action for a gaggle of nosy jerk-offs.  Or one would hope it is that way.


pirateat40
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May 15, 2012, 11:51:29 PM
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Inaba, do you care to publicly disclose the source of this 26,000$ USD that you have managed to acquire in bitcoin?

LOL, LMAO... LOL

SgtSpike
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May 15, 2012, 11:51:51 PM
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Inaba, do you care to publicly disclose the source of this 26,000$ USD that you have managed to acquire in bitcoin?
Like tvb suggested, I would guess Bitcoin mining.  He's a big-time miner.
Inaba
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May 16, 2012, 12:00:27 AM
 #10

This is my "Add Withdrawal Method" link:



The more I think about this, the more it pisses me off.  It took me 3 days to initiate the transfers due to the 10,000 daily limit. They held on to the money for a week, then finally refunded it, now if I could even get the money out, I'd have to wait another 3 days to withdraw it.  My "Dwolla" is till "validating" BTW.  I mean, I've only done twenty or thirty successful Dwolla withdrawals in the past 6 or 7 months, you'd think it could be "validated" by now.

If you're searching these lines for a point, you've probably missed it.  There was never anything there in the first place.
galambo
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May 16, 2012, 12:04:06 AM
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Inaba, do you care to publicly disclose the source of this 26,000$ USD that you have managed to acquire in bitcoin?
Like tvb suggested, I would guess Bitcoin mining.  He's a big-time miner.

I didn't ask you to disclose your assumptions. I asked Inaba to disclose the source of this income.

Inaba doesn't seem to be interested in discussing it.

Why should the bitcoin community consider his whining if he doesn't want to discuss this issue in an objective manner?
SgtSpike
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May 16, 2012, 12:06:41 AM
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Inaba, do you care to publicly disclose the source of this 26,000$ USD that you have managed to acquire in bitcoin?
Like tvb suggested, I would guess Bitcoin mining.  He's a big-time miner.

I didn't ask you to disclose your assumptions. I asked Inaba to disclose the source of this income.

Inaba doesn't seem to be interested in discussing it.

Why should the bitcoin community consider his whining if he doesn't want to discuss this issue in an objective manner?
Why does it matter where he got his $26k?  I find it to be completely irrelevant to the situation at hand.
tvbcof
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May 16, 2012, 12:09:51 AM
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...

Why should the bitcoin community consider his whining if he doesn't want to discuss this issue in an objective manner?

I am considering it because I would like to know who is going to fuck with me and how if/when I decide I wish to liquidate some or all of my stash.


Littleshop
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May 16, 2012, 12:14:30 AM
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I didn't ask you to disclose your assumptions. I asked Inaba to disclose the source of this income.

Inaba doesn't seem to be interested in discussing it.

Why should the bitcoin community consider his whining if he doesn't want to discuss this issue in an objective manner?

WTF?

Serge
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May 16, 2012, 12:20:05 AM
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This is my "Add Withdrawal Method" link:



The more I think about this, the more it pisses me off.  It took me 3 days to initiate the transfers due to the 10,000 daily limit. They held on to the money for a week, then finally refunded it, now if I could even get the money out, I'd have to wait another 3 days to withdraw it.  My "Dwolla" is till "validating" BTW.  I mean, I've only done twenty or thirty successful Dwolla withdrawals in the past 6 or 7 months, you'd think it could be "validated" by now.


The bank transfer option in your screenshot didn't work for you? Did you select SWIFT option in the following screen when you complete the wizard?

I bank at TD bank and once started getting international wires found out the hard way that TD bank has different wire details for domestic and international incoming wires, by default TD gave me only domestic wire details and first couple of tries of getting wires from abroad were unsuccessful, funds would return to client taking 1-2 weeks for them to land back in their account,   just something to think  about: make sure your bank gives you international wire details.
casascius
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May 16, 2012, 12:24:57 AM
 #16

You ought to offer MtGox USD codes on Bitcoin-otc.  On quite a few occasions someone will need some Gox USD now and would rather buy yours than buy Gox's.  In fact I haven't withdrawn money from Gox in almost a year - have always liquidated balances when necessary by either selling BTC or GoxUSD.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
Stephen Gornick
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May 16, 2012, 12:30:05 AM
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Quote
"Please be aware that our International Wire withdraw method has now officially been replaced by our newly launched Withdrawal Center"

Woah. ... no more international wire withdrawal?  Is that globally, or just U.S.?   [Update: Just a misunderstanding, wire's still supported]

Serge
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May 16, 2012, 12:38:28 AM
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Quote
"Please be aware that our International Wire withdraw method has now officially been replaced by our newly launched Withdrawal Center"

Woah. ... no more international wire withdrawal?  Is that globally, or just U.S.?

It sounds confusing at first, but there is an ability to setup wire withdraws from Withdraw Center by clicking on "Add withdraw method" button and then completing withdraw template wizard
Inaba
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May 16, 2012, 12:40:15 AM
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Ok, so apparently the "Withdraw Wizard" is actually a "Wire Transfer Wizard."  What a completely asinine design.

Anyway, you can apparently still do wire transfers, they've just hidden it behind a bunch of junk, making it non-obvious.  Select bank transfer, then get a pop up screen with DWOLLA and OKPAY promenintly displayed, but click that button over there that says wizard and has nothing to do with "Bank Transfer", then you can enter your information.

Now I'm back to paying $20 fee per transfer, of which I have to do 3 of, so $60 charged by MTGox to withdraw my funds... not to mention the money I have to pay for EACH transfer by my institution.

All in all, I've lost over $1000 due to "fees" and exchange rate fluctuation over the past 3 weeks, all thanks to MTGox ineptitude.

If you're searching these lines for a point, you've probably missed it.  There was never anything there in the first place.
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May 16, 2012, 01:03:32 AM
 #20

Wow another e-tantrum directed at MTGOX from a dodgy user - big surprise.

Result will either be

A) MTGOX had legit delays, resolves it and the big sook gets his 26k
B) MTGOX ask for ID, Inaba refuses and posts another e-rant.

Seriously, grow the fuck up, You tell everyone to accept delays from BFL but you wont wait 3 weeks for them to resolve an international money transfer issue ?

EDIT: Oh well done for reading the MTGOX FAQ, that rant seems a bit stupid now doesnt it ?

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