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Author Topic: Yet ANOTHER MtGox thread...  (Read 4359 times)
Dropkickdragout
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June 08, 2012, 11:57:32 PM
 #1

Alright, i made 2 withdrawal requests for wire transfers.

1.Withdraw      Status: confirmed   $592.88000
2.Withdraw    Status: confirmed   $395.24000

These have been sitting as "confirmed" for about a week.  MtGox will only say

"We have looked at your Withdraw status and see that it is in confirmed status. Meaning it is in the last step before becoming fully processed to your bank. It should reflect into your account balance within 3-5 business days. Please let us know if it takes longer than 5 business days."

To some of you traders out there this amount would not be a big deal, but its pretty significant for me.

this is completely and 100% unacceptable that a wire transfer would take this amount of time.

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Stephen Gornick
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June 09, 2012, 01:15:22 AM
 #2

this is completely and 100% unacceptable that a wire transfer would take this amount of time.

Are these your first withdrawals from Mt. Gox to this account? (i.e., were they faster previously?)

Dropkickdragout
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June 09, 2012, 02:31:02 AM
 #3

these aren't my first withdrawals... and yea they used to be faster, by a lot.

Inaba
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June 09, 2012, 03:26:54 AM
 #4

Yeah, that something is "Oh shit, we are insolvent!"

Stop!  Ponzi time!


If you're searching these lines for a point, you've probably missed it.  There was never anything there in the first place.
Phinnaeus Gage
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June 09, 2012, 05:07:55 AM
 #5

Alright, i made 2 withdrawal requests for wire transfers.

1.Withdraw      Status: confirmed   $592.88000
2.Withdraw    Status: confirmed   $395.24000

These have been sitting as "confirmed" for about a week.  MtGox will only say

"We have looked at your Withdraw status and see that it is in confirmed status. Meaning it is in the last step before becoming fully processed to your bank. It should reflect into your account balance within 3-5 business days. Please let us know if it takes longer than 5 business days."

To some of you traders out there this amount would not be a big deal, but its pretty significant for me.

this is completely and 100% unacceptable that a wire transfer would take this amount of time.

Forgive me for not being an ally with you on this claim, Dkd. I will not go into details as to why that is the case, but it should be pretty easy for anybody else to figure out.

Later, bud.

~Bruno~
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June 09, 2012, 05:14:27 AM
 #6

I wonder how long it will take before BTC withdrawals start getting the "delay" treatment.

Mark, if you're watching, I have an idea for you:  Move enough BTC on the blockchain to account for all the asks in the order book, and make the amount after the decimal (in satoshis) "20120608".  Clearly MtGox could use a confidence boost and there is little reason that this wouldn't be worth providing.

If you're able to move enough BTC to represent the bids as well, I'll stop the vast majority of my bitching.

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.
Bitcoin Oz
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June 09, 2012, 01:30:18 PM
 #7

I wonder how long it will take before BTC withdrawals start getting the "delay" treatment.

Mark, if you're watching, I have an idea for you:  Move enough BTC on the blockchain to account for all the asks in the order book, and make the amount after the decimal (in satoshis) "20120608".  Clearly MtGox could use a confidence boost and there is little reason that this wouldn't be worth providing.

If you're able to move enough BTC to represent the bids as well, I'll stop the vast majority of my bitching.

Sadly it seems they are short on Fiat.

Sadly fiat has no blockchain

Dropkickdragout
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June 11, 2012, 04:54:44 PM
 #8

Another day another disappointment. they still have not transferred the money.

sd
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June 12, 2012, 12:09:37 AM
 #9

Yeah, that something is "Oh shit, we are insolvent!"

Stop!  Ponzi time!

How could that be? They should be raking in USD with their steady percentage of a big turnover.

Surely if they had money troubles they would increase their transactions fees.


Maybe they had another robbery that they are trying to cover up? It might explain their apparent lack of USD.
Coinoisseur
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June 12, 2012, 12:22:26 AM
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It's possible MTGox's own currency exchanging and transferring is under similar scrutiny to the users (AML, etc.).
Bitcoin Oz
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June 12, 2012, 12:26:38 AM
 #11

I think this says more about the retardedness of the fiat system than it does about the insolvency of mt gox.

DeathAndTaxes
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June 12, 2012, 12:48:33 AM
 #12

Maybe they spent too much on hookers and blow.
Inaba
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June 12, 2012, 10:41:14 AM
 #13

Maybe they spent too much on hookers and blow.

From what I hear that is not cheap ion Japan...

Also maybe they are too busy filing criminal reports on customers and are unable to do their job...



Yeah, it's hard to compete with tentacle monsters for the hookers.

If you're searching these lines for a point, you've probably missed it.  There was never anything there in the first place.
rjk
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June 12, 2012, 02:18:23 PM
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if japan is anything like its media it must be one fucked up place.
Understatement.

Vending machines with used child's underwear, anyone?
It's a strange place.

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LordGreynick
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June 12, 2012, 02:23:03 PM
 #15

We know nothing about most of Mt Gox's business model.

We don't know their overheads. We don't know how many staff they have. We have no idea if company directors are pulling out funds for some other venture.

The only way to know for sure would be to look at their A&Ls and P&Ls. Since they're not about to make that information public, we have to speculate.

These issues have been happening for quite some time now. It was about 3 months ago I put my first post up about my regular monthly BTC purchase being held up both sending cash to Mt Gox and receiving funds back.

Since then, its just been post after post of disheartened BTCoiners.

Some people jumped to Mt Gox's defense, claiming that 14-21 days for wire transfers were "acceptable".


Mt Gox stated "this is only happening to a few people". But the numbers of unhappy clients are publicly mounting. There has been little else from them apart from "it will be ok soon".


Beware. Be very wary.

DeathAndTaxes
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June 12, 2012, 04:58:21 PM
 #16

Some people jumped to Mt Gox's defense, claiming that 14-21 days for wire transfers were "acceptable".

Anyone who did this is naive, and idiot, or a troll.

As a point of example.  Yesterday I pulled $80K from my Roth IRA for some much needed capital expansion.  I realized it had been so long since I sent a wire from that account it had the wrong bank info.  Crap that is going to cause some delays. I updated the bank info, sent the wire (no fee BTW) and the funds cleared in my checking account in ....  3 .... hours.

The whole point of a wire in INSTANT funds.  A wire which takes 14 days is just stupid.   You could print a check, mail it across the world, and deposit it, and wait for it to clear in less than 14 days.
Raize
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June 12, 2012, 05:56:57 PM
 #17

The delays are only happening because the US federal agents investigating money laundering and Silk Road purchases are taking too long to approve the transfers on Dwolla's end. We'll get back to you guys...

-Mt. Gox

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LordGreynick
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June 12, 2012, 06:16:33 PM
 #18

The delays are only happening because the US federal agents investigating money laundering and Silk Road purchases are taking too long to approve the transfers on Dwolla's end. We'll get back to you guys...

-Mt. Gox

So to the people who have nothing to do with Silk Road and are still getting 3 week plus delays?
Dropkickdragout
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June 12, 2012, 07:01:44 PM
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The delays are only happening because the US federal agents investigating money laundering and Silk Road purchases are taking too long to approve the transfers on Dwolla's end. We'll get back to you guys...

-Mt. Gox


I didn't request dwolla, so any delays on dwolla's end are completely irrelevant to my case.  I asked for a wire transfer and it has not been done.

Raize
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June 13, 2012, 01:49:59 AM
 #20

I didn't request dwolla, so any delays on dwolla's end are completely irrelevant to my case.  I asked for a wire transfer and it has not been done.

Okay, sorry, I assumed everyone was still complaining about the Dwolla stuff. That *is* interesting then, but it could still be Dwolla-related since these problems didn't really start to rear their ugly head till these new rules went into effect. In other words, perhaps it's something related to how easily MtGox can get the US cash out of Dwolla and into a wire-transfer that is the problem?

After all, those of use who have been using Dwolla are used to these several week delays, it would make sense that MtGox is being subjected to them vis-a-vis Dwolla as well.

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