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Author Topic: MtGox supports Dwolla  (Read 9707 times)
Cusipzzz
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June 09, 2011, 02:47:36 PM
 #61

Guys, they have said on /r/Mtgox that it is an o-auth issue, all the withdrawals are queued up and ready to go once that is fixed.

Unfortunately the ETA for this fix keeps shifting.

I think if not fixed in another 24 hrs, gox should temp hire some people and do them manually. It is getting a bit ridiculous and causing a loss of confidence.

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Veldy
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June 09, 2011, 03:21:43 PM
 #62

withdrew on the 5th, 7th, and 8th.  All under $100.  None have posted. 

I am in the same situation....

I have emailed several times, PM'd magical tux on here and they just wont contact me.

They reprocessed my transaction and of course, it didn't go through.  I am in the process of working with various parties to get this resolved.  As time progresses and if nothing has been resolved, I will be working more closely with parties beyond first party participants in an effort to recover my funds and prevent this from happening to others [who may have or or will have lost much larger sums of money than myself].  That will not be a pretty process for anybody.  

We know the worst case scenario here.  My advice at this point is to NOT use Mt. Gox for trading and go elsewhere [alternatives are appearing] and except the LLC to fold under the pressure (and the nature of an LLC makes fund recovery difficult if they somehow don't have it although the owners become responsible if actions by them are deemed illegal).  If the U.S. Government isn't already involved, it is only a matter of time.  Yes, they operate out of Japan, but they are a U.S. LLC entity.

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Veldy
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June 09, 2011, 03:25:21 PM
 #63

Guys, they have said on /r/Mtgox that it is an o-auth issue, all the withdrawals are queued up and ready to go once that is fixed.

Unfortunately the ETA for this fix keeps shifting.

I think if not fixed in another 24 hrs, gox should temp hire some people and do them manually. It is getting a bit ridiculous and causing a loss of confidence.

Try .. LOST CONFIDENCE.  It is not as if Dwolla has been their only problem.  People overlook it when things appear fixed, but this is a mistake.  Hold on to your coins or trade them elsewhere.  Watch, wait and see.  Mt. Gox will either reinvent itself or it will be gone soon [a relative term I suppose]; a prediction I am reasonably certain of.

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LFTR
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June 09, 2011, 04:07:07 PM
 #64

I'm also caught up in this.

I made a medium sized (~350 USD) withdrawal in the evening on 5 June. Approximately five hours later I made a smaller withdrawal (~150 USD) in the early hours of 6 June.

The smaller withdrawal went through just fine. The larger one is missing. I finally got a reply from mtgox last night, and they said that the withdrawal had been marked for retry. I have always been happy with mtgox service, and I expect they will resolve this issue to my satisfaction. That being said, I will not engage in any more trades there until this matter is closed.

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Veldy
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June 09, 2011, 04:12:55 PM
 #65

OK, step 1 in escalation:

Mt. Gox is a United States entity, incorporated in the United States in the State of Delaware as a Limited Liability Corporation.  Thus, the legal options are clearly defined in the United States.

MUTUM SIGILLUM LLC — 2915 OGLETOWN ROAD, # 1085 — NEWARK, DE 19713 — U.S.A.

You can contact them via this method as well, although I have not tried it as of yet.
http://www.mutumsigillum.com/contact.html

It appears that hackers are after the exchange's wallet.dat and has been for about a month.

http://news.ycombinator.net/item?id=2540567

Now, how about a phone number Smiley

Name:    CORPOMAX INC.
Address:    220 E DELAWARE AVENUE
City:    NEWARK    County:    NEW CASTLE
State:    DE    Postal Code:    19711
Phone:    (302)266-8200

They are NOT Mt. Gox (MUTUM SIGILLUM LLC), but they are the company that incorporated them and listed in public record.

It is up to readers how they want to use this information.  I assure you that there is more useful information to follow in good time as required.



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Veldy
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June 09, 2011, 04:15:13 PM
 #66

I'm also caught up in this.

I made a medium sized (~350 USD) withdrawal in the evening on 5 June. Approximately five hours later I made a smaller withdrawal (~150 USD) in the early hours of 6 June.

The smaller withdrawal went through just fine. The larger one is missing. I finally got a reply from mtgox last night, and they said that the withdrawal had been marked for retry. I have always been happy with mtgox service, and I expect they will resolve this issue to my satisfaction. That being said, I will not engage in any more trades there until this matter is closed.

There has not been a single report of resubmits going through.

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eodchop
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June 09, 2011, 04:57:33 PM
 #67

I'm also caught up in this.

I made a medium sized (~350 USD) withdrawal in the evening on 5 June. Approximately five hours later I made a smaller withdrawal (~150 USD) in the early hours of 6 June.

The smaller withdrawal went through just fine. The larger one is missing. I finally got a reply from mtgox last night, and they said that the withdrawal had been marked for retry. I have always been happy with mtgox service, and I expect they will resolve this issue to my satisfaction. That being said, I will not engage in any more trades there until this matter is closed.

There has not been a single report of resubmits going through.

They have told me my resubmits have gone through twice. I have seen neither, hit Dwolla. However, I did several transactions on tradehill.com yesterday evening and they have ALL him Dwolla already. I am so furious with Gox. I am taking my business elsewhere for good.
Veldy
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June 09, 2011, 06:08:50 PM
 #68

Did you get a good rate for your coins with tradehill?

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demonofelru
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June 09, 2011, 06:12:45 PM
 #69

It really is getting ridiculous,  I don't care how busy he is this is a serious issue.  He's shooting himself in the foot he makes a lot of money but now there seems to be compelling competing services.  Whether he's trustworthy or not his silence makes him look terrible.

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eodchop
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June 09, 2011, 06:13:33 PM
 #70

Did you get a good rate for your coins with tradehill?

Last trade I did with them:

June 8, 2011, 7:27 p.m.   Obtain: 29.5000 USD Gave: 1.0000 BTC   0.1770 USD Commission

The timing was Central Standard Time, in the USA. It was about 10 cents less than Mt. Gox. This was a test. The transaction was fast and it hit my Dwolla account within an hour.
eodchop
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June 09, 2011, 06:14:49 PM
 #71

I've yet to see my withdraw hit my Dwolla account. They have sent me two emails stating that it is queued for resubmission. Getting very old very quickly. Thank god for tradehill.com. Their timing is absolutely impeccable.
Veldy
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June 09, 2011, 06:20:29 PM
 #72

I've yet to see my withdraw hit my Dwolla account. They have sent me two emails stating that it is queued for resubmission. Getting very old very quickly. Thank god for tradehill.com. Their timing is absolutely impeccable.

It was probably strategic.  If you look at the archaic interface of Mt. Gox and the on and off load problems they have had, then the opportunity for somebody with the skill and know how to compete is blatantly obvious.  It was inevitable.  I suspect one or two more soon too.

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demonofelru
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June 09, 2011, 06:29:09 PM
 #73

Now they changed from will be fixed today to will be fixed tomorrow it's good they're keeping us informed but don't post a time it will be fixed unless you're sure IMO.

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Veldy
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June 09, 2011, 06:56:34 PM
 #74

Now they changed from will be fixed today to will be fixed tomorrow it's good they're keeping us informed but don't post a time it will be fixed unless you're sure IMO.

I haven't looked, but it sounds as if you are saying that they finally acknowledged it on their website?  That would be a very encouraging thing as that was a major point that I brought up to them that they have a duty to inform people, not just reactively, but proactively when there is any kind of trouble like this.  It would make far more sense not to initiate a funds transfer when you know a service [or part of a service] is not working.  That would leave confidence in trading bitcoins with Mt. Gox solid.  They have already done themselves damage, but it remains to be seen how much and for how long it affects their business [how long people "remember" and steer clear]. 

I think the SEC is going to take interest in exchanges in the U.S. before long [and even the odd layering of Mt. Gox in Japan and their legal entity here in the U.S. isn't going to protect them].  Fund transfers have different oversight, but it exists none-the-less and I think the volume of money they move on a daily basis almost certainly exceeds the amount needed for such oversight to be applicable.  I don't like it in the sense that Mt. Gox has been a good thing for me and many many people in the past, but I do like it because it will help protect us [Mt. Gox and their U.S. LLC could go bankrupt after squirreling the cash funds away [into bitcoins?] and we can't do much about it.  The other downside is oversight and regulation breeds expense and corruption [either payoffs to regulators or lobbying for exemptions which is probably not an issue, or increased expenses which would certainly become an issue].

I think the person/people at Mt. Gox are probably good and well intended, but in over their heads.

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demonofelru
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June 09, 2011, 07:01:45 PM
 #75

Yep on the left side after logging in it now says
"Announce
Dwolla withdraw delayed for technical reasons, will be fixed friday! Withdraws are not lost, just pending."

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Veldy
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June 09, 2011, 07:37:22 PM
 #76

Yep on the left side after logging in it now says
"Announce
Dwolla withdraw delayed for technical reasons, will be fixed friday! Withdraws are not lost, just pending."

If they would have done this on Sunday [or Monday as the case may be] and if they did this kind of thing as a matter of procedure, then they would have saved themselves the MASSIVE blowback and probably cut their email volume to a fraction of what it is currently.

They need an system on their site to submit problems, payment lapses, etc.  Frankly, if they haven't done it by now, like Slush never updates his pool software unless it crashes, I think Mt. Gox may lose it's preeminent position to competitors before too long.

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NicholasBell
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June 10, 2011, 06:18:32 AM
 #77

I am confident ... ABSOLUTELY ... that it did not arrive in your account.  Right?  Angry

Well, I did say I would update, and my update is that you are correct. But seeing as everyone else seems to be having a problem, that doesn't surprise me at this point. I'm glad I didn't get too far into exchanging yet, but the money in limbo here is still enough for me to care.

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Cusipzzz
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June 10, 2011, 01:32:45 PM
 #78

Well it's late Friday night in Japan and no update here or on the reddit. sigh.


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Veldy
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June 10, 2011, 01:40:56 PM
 #79

Well it's late Friday night in Japan and no update here or on the reddit. sigh.

They have such a backlog and weren't even bright enough to put a notice up on their site until told too [which would have reduced their email substantially], that I don't think they can possibly process all their transactions today even if they solved their technical difficulties .. which I remain cynical about.

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Cusipzzz
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June 10, 2011, 02:23:36 PM
 #80

What I'd like to see is - obviously not everyone there can be working on the issue, only the coding geeks or MT himself - start processing them manually already.

Even with a very generous 1 withdraw request completed per minute 1 person could knock out 500/day. Granted it would not fix the situation long term, but at least it would give 500 people some satisfaction and relief (and would probably comfort everyone else too - by seeing the reports from the happy 500). It's been almost a week and nothing should have higher priority than processing deposits and withdrawals.

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