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Author Topic: Yet ANOTHER MtGox thread...  (Read 4355 times)
Mt.Gox Support
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June 13, 2012, 04:30:58 AM
 #21

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

Hi, could you please give me the ticket number associated with this reply that I can get into the button of this please?

Mt.Gox : The Leading International Bitcoin Exchange.
Mt.Gox Merchant Solutions : https://mtgox.com/merchant
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June 13, 2012, 04:50:22 AM
 #22

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.

I'm guessing this was a domestic wire transfer and both the source and destination of funds were known as well as the originating and receiving institution having adequate identity verification information on you.  It's likely that neither the originating or receiving institution were designated "high risk" and you may very well be classified as a low risk customer.

The game changes when you're talking about businesses like exchanges, which are regarded as being high risk in and of themselves, sending many wires to unrelated people in countries all over the world, many of which are regarded as "high risk" due to high levels of money laundering, drug trafficking, being tax havens, and generally being non-compliant with FATF recommendations.  Because users are customers of the exchange and not the bank, the burden of proof that the transactions are legitimate falls on the exchanges.  Banks are reluctant to let questionable wire transfers go through without challenge because there have been significant fines levied against financial institutions which have done that in the past - Wachovia is probably the best known example, but Western Union and Ocean Bank have also been fined for inadequate KYC/transaction monitoring.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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June 13, 2012, 04:54:25 AM
 #23

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

LOL,  nice one

+1

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June 13, 2012, 04:59:56 AM
 #24

We don't know their overheads.

actually we do https://mtgox.com/img/pdf/20120201/Transparency_Jan.pdf even if this is out of date.

Anyone who ready to put some work into it can figure out their revenue and expecens based on public information.

What not known is whether there is any revenue from a hypothetical side biz like "proprietary trading" and whether there are any large losses due to bank fraud, more hacks etc...

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June 13, 2012, 05:11:34 AM
 #25

We don't know their overheads.

actually we do https://mtgox.com/img/pdf/20120201/Transparency_Jan.pdf even if this is out of date.

Anyone who ready to put some work into it can figure out their revenue and expecens based on public information.

What not known is whether there is any revenue from a hypothetical side biz like "proprietary trading" and whether there are any large losses due to bank fraud, more hacks etc...


It was someone confusing because they quoted different things in different currencies, but the 5,000,000 yen they quoted for overhead worked out to about USD 62,000 per month.  I expect that figure has increased with the increasing administrative burden imposed by AML/KYC compliance and we have no idea how much they lose to direct and indirect fraud, as Vladimir said.  We also don't know whether funds which have been frozen in the past - Technocash, the French bank accounts, and even PayPal when Mark first took over MtGox - have now been released to them.  We also don't know whether they still pay anything to the previous owners - remember that the MtGox hack happened when a third party had access to audit them because of this arrangement.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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