So I guess MtGox isn't even trying anymore ...

[DeathAndTaxes]

Rant mode on.

(snip list of withdrawals endlessly in "confirmed" status.  Wow glad you "confirmed" that I pressed the withdrawal button)

These withdrawals are now going on 10 days for the oldest one. What is the status? If it is an issue with Dwolla why are the wire transfers not being processed.

Their response:

Hello,

We are currently experiencing with delays.

It may take anywhere from 3-5 business days to become fully processed into your account balance.

(May take longer depending on the volume of the transfer)

We apologize for the long hold up and we hope to have this problem sorted out as soon as we can.

If its urgent, we will be able to cancel your withdraw and use another funding options for better solution. Please let us know by

replying to this message and we will be more than glad to assist you through.

Thanks,

MtGox.com Team

1) 3-5 days?  I wish.  Hell I would pay you a bonus if my same day wire "only" took 3-5 days.  Is 3-5 days the gox version of BFL 4-6 weeks?

2) Use another funding option?  What funding option?  Bitcoins?  Kinda useless to be an exchange where the recommend method for cashing out fiat is Bitcoins which you take to another exchange.  Please tell me the funding option I should use.  It can't be Dwolla.  It can't be a bank wire.  Is Liberty Reserve at 3.75% loss the "solution".

3) IF I cancel the withdraw and buy back Bitcoins will you refund me the useless 1% (0.5% selling the coins for funds which can go nowhere and then another 0.5% buying my own damn coins back)?  I know you won't but just pointing our how utterly shady it is to profit double at your customers expense for your own incompetence.



Rant mode off.

[1713499065]

1713499065

[1713499065]

1713499065

[1713499065]

1713499065

[1713499065]

1713499065

[1713499065]

1713499065

[1713499065]

1713499065

[Bitcoin Oz]

Looks like your money has "the Gox"

[R-]

D&T, the points you make are fair. You got us wondering: what are the solutions to the problem? IMO, Charlie Shrem will bring us the solution. He mentioned that BitInstant will "make Dwolla redundant" through a deposit and withdrawal system they plan to implement at BitInstant. Shrem believes their major hurdles are finding a KYC verification team and getting ACH clearance.

[2weiX]

withdrawing 50k€/month, never waited > 1week for SEPA.

[DeathAndTaxes]

D&T, the points you make are fair. You got us wondering: what are the solutions to the problem? IMO, Charlie Shrem will bring us the solution. He mentioned that BitInstant will "make Dwolla redundant" through a deposit and withdrawal system they plan to implement at BitInstant. Shrem believes their major hurdles are finding a KYC verification team and getting ACH clearance.

I don't think this has ANYTHING to do with AML/KYC.  I am level 2 verified, and I was told level 3 wouldn't help speed the process up.  

This part of the quote is telling:

we will be able to cancel your withdraw

in the past Mt.Gox has indicated that when funds are frozen due to AML they CAN'T cancel/refund the funds.  Even on amounts as trivial as <$100 coming from Dwolla they insist the funds have to remain frozen.  Mt.Gox giving me (and Inaba as another example) the option to cancel, pay even more fees converting to BTC and withdrawing without delay all but guarantees this has nothing to do with AML/KYC.

AML/KYC is a nightmare but Mt.Gox hiding behind it (either explicitly or implicitly) is an abomination.

I would point out that in my last round of 2 week delays Mt.Gox never contacted me once to verify source of funds, ask questions regarding my financial activity, or make any other inquiries.  It was simply delayed day 1,2,3,4,5,6,7,8,9,10,11,12,13,14, and then BAM the wire was finally submitted to their originating bank and I had my money 4 days later.

It is no wonder a bank wire "takes 19 days" when the originating bank doesn't even get the request (per their wire confirmation) until 15 days after I requested it.   I mean they had any more information on day 15 that they didn't have on day 1.  So what happened on day 2 to 14?

Now Mt.Gox claims this is due to Dwolla and if that is true, STOP ACCEPTING DWOLLA.  I am paying >$40 for an international wire and yet funds flow slower than a paper check sent by ground mail.  If Dwolla issues are constraining their ability to issue wires in a timely manner then they should accept Dwolla has failed and prioritize international wires.  The only possible scenario that I can think of is they are funding their Dwolla account via a US bank and using bank wires to get the funds their.  They could be running into wire limits imposed by their Japanese bank due to the volume of Dwolla they need (Dwolla funding has become very onsided, all outgoing).  Once again this is just a guess because they haven't provided any real information.

The complete and utter lack of any transparency is worse than the delays.   WHY EXACTLY does it take them 14 days to give the already approved (months ago) wire instructions to their OWN BANK.  This has been going on for two months now and delays are getting longer not shorter.  Customer have a right to know WHY funds are being delayed.

R:  If the post seems hostile it isn't directed at you.  Obviously you can't answer some of the questions they are more rhetorical in nature.

[casascius]

This is the same question I asked myself not too long ago.  I go directly from asking myself, "why are they lying to us", to concluding that there must be a reason they are lying to us, and that reason can't be good.

An honest and straightforward business should have no problem giving honest and straightforward answers.  We can't even get them to move some BTC (or sign a message) to prove they have it, and that should be simple and easy and immune to alleged AML/KYC/regulatory hurdles, and could be the first thing they could do to build faith.

Just curious, why are you still willing to buy this musical chairs nightmare off people for 97.5 cents on the dollar?

[h00ters]

And I wonder why more ppl have not caught on to being Gox'ed. These fuckers are fraudulent!

On another note, There has been multiple times within the last ~6mo that the price per btc randomly dropped to like $2 per btc... then back up to normal price... They have closed my account and friends accounts for no reason and KEPT THE BTC.

Why are they popular, because of these forums... and others that have no idea of their history.

Gox, go eat a bowl of dicks!

[Inaba]

I have been happy with Bitfloor so far... been fairly flawless and I've done several ACH withdrawals without incident or delay.  Glad I spent the time getting my automated platform converted over, which was a fairly painless process in and of itself.

[DeathAndTaxes]

Just curious, why are you still willing to buy this musical chairs nightmare off people for 97.5 cents on the dollar?

We aren't ... anymore.  Just trying to get the last of our money out of here.  

We sell coins directly and use the exchanges as a backstop when our BTC position becomes too long for our comfort.   The funds being delayed, obfuscated, and lied about are only a fraction of what we purchased, thankfully.

Having a steady and discounted source of coins is part of a bigger plan.  

[P_Shep]

My Dwolla withdrawal took 11 days (7 business days)
My wire transfer is currently at 15 days (11 buisness days) and counting...

[barbarousrelic]

I realize it's not the same, but SpendBitcoins.com gift codes/cards are quick and can be used to buy most things that cash would buy.

[casascius]

Just curious, why are you still willing to buy this musical chairs nightmare off people for 97.5 cents on the dollar?

We aren't ... anymore.  Just trying to get the last of our money out of here.  

It seems as though your post (the OP in your fast cash thread) still advertises buying Gox dollars.

[DeathAndTaxes]

Just curious, why are you still willing to buy this musical chairs nightmare off people for 97.5 cents on the dollar?

We aren't ... anymore.  Just trying to get the last of our money out of here.  

It seems as though your post (the OP in your fast cash thread) still advertises buying Gox dollars.

Yeah that probably should come down. We continue to accept it, but immediately buy BTC at market price and move off exchange.  It cuts into the margin but we have been doing it as a courtesy for some of our sellers while trying to educate them on the advantages of direct sales.  I am sure Mt.Gox loves it.  Double profit!

Update:  removed.  we will honor a couple trades still in the air but no new trades.

[Trader Steve]

I feel for you. Have you listed yourself on the local cash exchanges?

http://tradeyourbitcoin.com
http://localbitcoins.com
http://btcnearme.com

Trader Steve
Say "NO" to banks!

[Mt.Gox Support]

Yes and Yes and Yes and Yes... We are working on fixing this Dwolla situation and working on other alternative to make sure that something like today's Dwolla Situation will not reproduce itself. and PLEASE remember that we are STILL WAITING Dwolla's reply on whether or not they are willing to continue to work with Bitcoin and Mt.Gox in generla... It is now around 15 days that we have no news from them.

As for an explanation we already did it here https://bitcointalk.org/index.php?topic=87086.0.

Remember what Bitcoin is and how Bitcoin is perceived by Banks and Institutions around the world. At one point we had to Stop SEPA and Euro deposit/withdrawal became difficult while everything went smoothly with USD, now, like 2weiX underline it, the situation is solved for EUR and we will solve the Dwolla situation as well.

[Aseras]

That doesn't explain one damn thing. Bitcoin is nothing to banks. Mtgox isn't even a gnat in the financial world. It's a microbe.

What about wire transfers? What's your excuse there? I wire huge amounts of money all over the world with far far more AML regs and yet they don't take more than 15 minutes to do a wire and receive a confirmation of reception. Yet mtgox takes a week to even start it.

Let's face it gox has extremely poor liquidity and that's usually the red flag that any financial institution is about to go under.

You all should be prepping your resumes rather than running the PR bullshiat here. None of us are buying it.

The rats are jumping your sinking ship.

[the joint]

Is Mt. Gox hiring any customer services reps?  I could use a part-time job atm and I'd love to be able to tell people what is really going on.

Edit:  Post #2016.  Henceforth, my difficulty will increase.

[Mt.Gox Support]

That doesn't explain one damn thing. Bitcoin is nothing to banks. Mtgox isn't even a gnat in the financial world. It's a microbe.

What about wire transfers? What's your excuse there? I wire huge amounts of money all over the world with far far more AML regs and yet they don't take more than 15 minutes to do a wire and receive a confirmation of reception. Yet mtgox takes a week to even start it.

Let's face it gox has extremely poor liquidity and that's usually the red flag that any financial institution is about to go under.

You all should be prepping your resumes rather than running the PR bullshiat here. None of us are buying it.

The rats are jumping your sinking ship.

Did you open a ticket? And what is the Ticket number to check what's going on. I am not telling this is your case, but we see many mistakes made by users when filling the withdrawal process that in some case will make the overall process very long.

[fatigue]

Is Mt. Gox hiring any customer services reps?  I could use a part-time job atm and I'd love to be able to tell people what is really going on.

Edit:  Post #2016.  Henceforth, my difficulty will increase.

Ahh shit, time to trade up to a couple Jalapenos...

[DeathAndTaxes]

That doesn't explain one damn thing. Bitcoin is nothing to banks. Mtgox isn't even a gnat in the financial world. It's a microbe.

What about wire transfers? What's your excuse there? I wire huge amounts of money all over the world with far far more AML regs and yet they don't take more than 15 minutes to do a wire and receive a confirmation of reception. Yet mtgox takes a week to even start it.

Let's face it gox has extremely poor liquidity and that's usually the red flag that any financial institution is about to go under.

You all should be prepping your resumes rather than running the PR bullshiat here. None of us are buying it.

The rats are jumping your sinking ship.

Did you open a ticket? And what is the Ticket number to check what's going on. I am not telling this is your case, but we see many mistakes made by users when filling the withdrawal process that in some case will make the overall process very long.

I can't speak for him but ...

In my case this is the 4th wire.  All exactly the same.  Same bank, same instructions, same account, same AML docs.
The first two went fast, third one took over two weeks before you even submitted it (and when submitted it cleared quickly in 5 days).
The fourth one hasn't been submitted yet.  

I am not sure if you know this but ... a bank wire can't be transferred if you don't give it to your bank.  That is kinda step #1.  

So the question is why are you intentionally NOT sending the wire instructions to your bank?

Dwolla?  AML/KYC?  Wrong instructions?  I say bullshit!  Hell they aren't even good lies.