coga (OP)
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July 16, 2012, 11:34:40 PM |
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Despite the fact that withdrawals from MtGox are still taking weeks, I still see people actively trading on it, and there is significant amount of them. Since withdrawals are so slow, you essentially "lock" the cash once you transfer it there. So, why would anyone do it? If it is for trading purposes, they might not get the money back, so why do that? If it is to sell BTC, you might not get cash, so why do that?
I essentially came to a conclusion, that there is obviously a way to withdraw the cash from MtGox, but I'm just not aware of it. Perhaps not in USD, but in some other currency? Can someone enlighten me how is it done?
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FreeMoney
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Strength in numbers
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July 16, 2012, 11:39:27 PM |
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Not to be a conspiritard, but maybe they are actually telling the truth and only a few percent of withdrawals got delayed?
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Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
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finkleshnorts
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July 16, 2012, 11:44:03 PM |
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I'm glad somebody else is wondering.
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notme
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July 16, 2012, 11:46:22 PM |
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Not to be a conspiritard, but maybe they are actually telling the truth and only a few percent of withdrawals got delayed?
Lies! Obviously the guy with half a million USD on there is just retarded.
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rjk
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1ngldh
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July 16, 2012, 11:55:33 PM |
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Don't they support liberty reserve? Has it been delayed at all?
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coga (OP)
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July 17, 2012, 12:09:14 AM |
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Not to be a conspiritard, but maybe they are actually telling the truth and only a few percent of withdrawals got delayed?
I can tell firsthand, since I have been withdrawing on a regular basis, they have been delaying worse and worse. They started delaying sometimes in early May 2012, and delays were around week long: We see that your first withdrawal has been processed and should now be in your account. Unfortunately, due to huge volumes of Dwolla withdrawals, we are unable to complete your withdrawal at the moment and it would take up to 6 business days for the transfer to be processed. and: Later on delays grew up to 2 weeks, and this is where I had to move to another exchange. I really did like working with MtGox: they are fast (other than withdrawals), the market depth is very good, mostly problem-free, their API works very well. There was so little headache doing business. My thought is, I do see a lot of people trading on MtGox. Most of them are probably not stupid, so they got to know some way to cash out. HOW DO THEY DO IT!!!???
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notme
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July 17, 2012, 12:12:48 AM |
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Wires. Dwolla has become a pain in the butt, and it's not MtGox's fault that they changed their TOS.
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coga (OP)
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July 17, 2012, 12:18:18 AM |
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Wires. Dwolla has become a pain in the butt, and it's not MtGox's fault that they changed their TOS.
Again I experienced this firsthand: wires are not solution, they [wires from MtGox that is] are as slow as Dwolla. Also: Dwolla is not a problem. I trade at Intersango, and their Dwolla transfers take 5-10 minutes.
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notme
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July 17, 2012, 12:21:06 AM |
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Wires. Dwolla has become a pain in the butt, and it's not MtGox's fault that they changed their TOS.
Again I experienced this firsthand: wires are not solution, they [wires from MtGox that is] are as slow as Dwolla. Also: Dwolla is not a problem. I trade at Intersango, and their Dwolla transfers take 5-10 minutes. Bad luck?
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finkleshnorts
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July 17, 2012, 12:39:18 AM |
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Wires. Dwolla has become a pain in the butt, and it's not MtGox's fault that they changed their TOS.
Again I experienced this firsthand: wires are not solution, they [wires from MtGox that is] are as slow as Dwolla. Also: Dwolla is not a problem. I trade at Intersango, and their Dwolla transfers take 5-10 minutes. Yes, CampBX process dwolla several times a day too. Very fast
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DeathAndTaxes
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Gerald Davis
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July 17, 2012, 12:42:04 AM |
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Wires. Dwolla has become a pain in the butt, and it's not MtGox's fault that they changed their TOS.
Let me guess you actually have never used a wire from MtGox? My last 4 wires were 18 days, 15 days, 20 days, and 14 (and still not processed) days and those results aren't atypical. Wires are running 2 to 3 weeks (yes weeks not days) and it has been that way for months now. One of the wires was made the same day as a Dwolla withdrawal and the wire (which I paid $40 in fees) took 4 days longer than Dwolla.
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coga (OP)
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July 17, 2012, 12:45:39 AM |
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Wires. Dwolla has become a pain in the butt, and it's not MtGox's fault that they changed their TOS.
Again I experienced this firsthand: wires are not solution, they [wires from MtGox that is] are as slow as Dwolla. Also: Dwolla is not a problem. I trade at Intersango, and their Dwolla transfers take 5-10 minutes. Bad luck? I'm seriously hoping you are not trolling this thread, since issues with MtGox withdrawals are well known. I'm doing business on a regular basis, and withdrawing money 2-3 times a week, so it is a fact to me. But anyway, what are disagreeing with here - that MtGox withdrawals to Dwolla are slow, or that Intersango withdrawals to Dwolla are fast?
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Mt.Gox_Alex
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July 17, 2012, 12:48:07 AM |
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These has been explained over and over, but let's do it again. Dwolla : We are still waiting for their reply despite having contacting them again and again. Don't compare us to Intersango please! They do not handle the same volume as we do. This will help you to understand https://bitcointalk.org/index.php?topic=86224.msg997245#msg997245International Wire : 1. Yes a small number is affected, but this should be solve normally by the end of July maximum early August. Also please remember that yesterday (Monday 16) was a public holiday in Japan so our bank did not processed anything yesterday. 2. Random checks. I am not sure if you are aware but sending money to the US can be subject to random checks and delays when it reach a certain threshold (10,000 USD) in either one withdrawal or several ones that combined reach this amount. Things are that unlike other companies that can send 100,000 USD or 500,000 USD to the US, most of them send it to one and one account only, while in our case we are sending that much to thousand of people make is it, in the eyes of banks and authorities a little bit suspicious, explaining the random checks. Think of it as when a plan arrive at immigration in a country... There are random checks on your person or your luggage. Thanks!
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Mt.Gox : The Leading International Bitcoin Exchange. Mt.Gox Merchant Solutions : Now Available!
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DeathAndTaxes
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Gerald Davis
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July 17, 2012, 12:53:10 AM |
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International Wire : 1. Yes a small number is affected, but this should be solve normally by the end of July maximum early August. Also please remember that yesterday (Monday 16) was a public holiday in Japan so our bank did not processed anything yesterday. 2. Random checks. I am not sure if you are aware but sending money to the US can be subject to random checks and delays when it reach a certain threshold (10,000 USD) in either one withdrawal or several ones that combined reach this amount. Things are that unlike other companies that can send 100,000 USD or 500,000 USD to the US, most of them send it to one and one account only, while in our case we are sending that much to thousand of people make is it, in the eyes of banks and authorities a little bit suspicious, explaining the random checks. Think of it as when a plan arrive at immigration in a country... There are random checks on your person or your luggage. Please stop lying to our faces. 1) "A small number". Strange that not a single person has ever reported getting a wire of any significant value sent in say 7 days. Anyone? Anyone reading this thread in the last month have you had a US wire take "only" 7 days? In this thread and the half dozen other ones on the topic there are dozens and dozens of reports of delayed wires. AFAIK not a single person saying "hey I got lucky mine only took 4 days". If small number means 10% one would expect that from the 90% getting ultra fast wires SOMEONE would be reporting it somewhere. 2) Bank Holiday. That is just insulting. When wires are taking 2-3 weeks it isn't caused by the occasional bank holiday. Your wire times are so long that any occasional bank holiday falls into the standard deviation on your wire delivery times. 3) Random checks? Once again unless the random % is 100% that doesn't exactly explain it. Every single wire of significant value is delayed. 4) This has absolutely nothing to do w/ AML because your customer support continually offers to cancel wires and withdraw funds by other faster methods (bitinstant). If funds were held for actually AML check offering to assist your customer with evading AML reporting is a felony in both US AND Japan. So please please stop with the lying!
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notme
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July 17, 2012, 12:56:21 AM |
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Wires. Dwolla has become a pain in the butt, and it's not MtGox's fault that they changed their TOS.
Again I experienced this firsthand: wires are not solution, they [wires from MtGox that is] are as slow as Dwolla. Also: Dwolla is not a problem. I trade at Intersango, and their Dwolla transfers take 5-10 minutes. Bad luck? I'm seriously hoping you are not trolling this thread, since issues with MtGox withdrawals are well known. I'm doing business on a regular basis, and withdrawing money 2-3 times a week, so it is a fact to me. But anyway, what are disagreeing with here - that MtGox withdrawals to Dwolla are slow, or that Intersango withdrawals to Dwolla are fast? If you are transacting that much and having such issues, why use MtGox? When I sell bitcoins, the USD is in my account the next day (or two days if I do it late at night). As MtGox themselves just replied, Dwolla is a problem for them because of the volume. As for the bad luck comment, that was about the wires. If you're doing greater than $10k, then blame the US government.
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DeathAndTaxes
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July 17, 2012, 01:00:00 AM |
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As for the bad luck comment, that was about the wires. If you're doing greater than $10k, then blame the US government.
Filing a SAR takes about 2 minutes. Nobody anywhere on the planet considers 14-21 day delay acceptable. Blaming it on US govt is just dumb. Do you honestly think all of the estimated $40 trillion in international wires are delayed 14-21 days. >$10K in transfers requires REPORTING. It doesn't require freezing funds. It doesn't require unexplained week long delays. IF funds are held by the US govt then how can MtGox customer service offer to cancel the wire and immediately process the withdraw by BitInstant? Hmm? That would be a felony under US law.
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coga (OP)
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July 17, 2012, 01:20:56 AM |
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If you are transacting that much and having such issues, why use MtGox? When I sell bitcoins, the USD is in my account the next day (or two days if I do it late at night). So, what is it that you are using to sell BTC? ON SUBJECT: I have not started it as another attempt at MtGox-bashing. There is enough such threads already. I am not trying to get any sort of explanation why withdrawals are so slow. I already read explanations 65535 times. What I am trying to understand is what the folks do who use MtGox successfully. How is it possible to trade, knowing that you cannot withdraw FRNs for extended periods, and how MtGox survives and thrives despite such issues. My only speculation is that maybe SilkRoad is at play here?
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notme
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July 17, 2012, 01:23:31 AM |
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As for the bad luck comment, that was about the wires. If you're doing greater than $10k, then blame the US government.
Filing a SAR takes about 2 minutes. Nobody anywhere on the planet considers 14-21 day delay acceptable. Blaming it on US govt is just dumb. Do you honestly think all of the estimated $40 trillion in international wires are delayed 14-21 days. >$10K in transfers requires REPORTING. It doesn't require freezing funds. It doesn't require unexplained week long delays. IF funds are held by the US govt then how can MtGox customer service offer to cancel the wire and immediately process the withdraw by BitInstant? Hmm? That would be a felony under US law. The vast majority of that $40 trillion is large payments from one company to another company. Why don't you start your own company sending hundreds of $10-50k internationally to recipients in the US and see just how easy it is. The funds aren't held by the government, they are held by the banks waiting for the government to approve the transfer. Perhaps in the future wires being investigated may be restricted from being cancelled, but these regulations are strapped on top of a legacy system built mostly on a language spoken by a shrinking group of programmers (COBOL). http://www.savingtoinvest.com/2010/08/making-an-overseas-money-transfer-between-two-countries-costs-rates-and-risks.htmlKey Factors to Consider when sending Money internationally
- Government Tracking and Regulations. Since the terrorist attacks of Sept. 11, 2001, governments around the world track money that might be used to fund terrorism. All companies that transfer money overseas must comply with laws to monitor financial transactions, including check ID’s of the sender and recipient. Banks and other financial services companies are required to also report large transactions (greater $10,000 generally) to official authorities. Thus for larger money transfers, expect delays in the transfers.
I'm sorry for your luck.
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notme
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July 17, 2012, 01:24:16 AM |
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If you are transacting that much and having such issues, why use MtGox? When I sell bitcoins, the USD is in my account the next day (or two days if I do it late at night). So, what is it that you are using to sell BTC? You can get next day USD via Bit-pay, BitFloor, or bitcoin-otc. There are probably other options.
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coga (OP)
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July 17, 2012, 01:31:01 AM |
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So, what is it that you are using to sell BTC?
You can get next day USD via Bit-pay, BitFloor, or bitcoin-otc. There are probably other options. Interesting that Bit-pay has MtGox rate of exchange. Are they too waiting the same amount of time to cash out?
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