Topic: Is MT.Gox a total joke? (Read 1042 times)

It is interesting that you can move bitcoins from Japan to Slovenia in half an hour, but moving dollars from Slovenia to the U.S. takes days.  The old money transfer system is so archaic!

This is basically what I did (stamp withdrawal took about 2-3 business days to reach my account)

My account was fully verified, but I still waited about six weeks for a USD withdrawal.  Nothing ever happened.  Finally, I asked them to cancel the withdrawal, converted the USD to XBT, moved them to Bitstamp, converted back to USD, and initiated a wire transfer from there.  I hated having to buy high and sell low, but the alternative would be to never see my money at all.

Mt.Gox is still useful if you're only day trading and never planning to cash out, and they are useful for non-U.S. customers, who can still get fiat out.

It's important to remember where the blame lies for these problems.  U.S. banks will not deal with Mt.Gox because they do not have the required licenses to provide financial services to U.S. customers.  The banks are afraid of getting in trouble with the U.S. government.

Of course, the honorable thing would be for Mt.Gox to at least loudly warn U.S. customers of this issue up front.  Since they don't seem to have that level of honor, they deserve a portion of the blame, too.

Bottom line: there is no good reason for anyone in the U.S. to use Mt.Gox.  If you're buying bitcoins, you will pay too much there.  If you're selling, you will never get your dollars out.  If you're just day trading, do you really want your bitcoins held at an exchange with such poor business ethics?

It will most likely be more than 3 weeks even if you had the 10K limit/day. Currently, mtgox is going through a lot of withdrawal delays, many users are reporting months to eventually receive (unless your in Japan, requesting a domestic withdrawal) and some have still not even been processed yet (USD swift transfers/wires). Unless you had a plan to do the 5% manual withdrawal where you would have to email the support team and ask if you can do a manual withdrawal. They will deduct 5% of the amount you are trying to withdraw. As far as I know, this 5% withdrawal method is limited so you should make a ticket on mtgox and ask before hand to get an idea of their time frame.

Obviously they are going down. There will be less and less users. I really suggest them to prepare bankruptcy.

Well, the downside is that the price difference is quite big. But that price difference is useless if you can't withdraw it fast enough.
Anyway, i haven't tried bitstamp yet; i'll give it a shot.

The rumor mill says that Gox is cash broke and running a fractional reserve.

Also people still use Gox? I thought Bitstamp was where the action fled to...

..

The US froze their Dwolla account with several million $USD. Meaning that Mt.Gox may have liquidity problems since.

Also, Mt.Gox has a 3 million $USD monthly withdrawal limit for their European banks. This is why SEPA transfers take up to 8 weeks.

And the fact Mt.Gox was not FinCen registered in the US to do business with Americans.

All that and the 80 million $USD Coinlab lawsuit.

Etc. etc.

I pulled BTC out of Mt.Gox a month ago.

I think its because US government freeze their 5 million bank account, they got no choice but to delay everyone as they dont have that much money to repay?

It's a bad joke.

mt.gox does not suck! its over abused

The reason mt.gox takes so long to do all of this stuff is around 90% of bitcoin users are buying and selling here and they simply grew to fast with not enough employes

So it does suck for the fact it takes a long time but if the website had 50% drop in popularity then it would be great to use again

Yeah... We are all aware of how much Mt.Gox sucks. I don't use it anymore either. And i definetly wouldn't recommend it to anyone.
I'm quite amazed it's actually still used at all...

Oh, and as I was attempting to get my bank account verified to withdraw my money, they changed the amount I could withdraw from $10k per day to $1k, so now, even AFTER they verify the account, which they still haven't done, it's going to take an ADDITIONAL several days at $1000 per day! So 3 weeks to get my funds from this garbage website? Vs. 3 days from Russia out of BTC-e.com. MT.Gox must be a joke.

Just to get my account verified, I had to email them a dozen times... the idiots couldn't read that the utility bill that I submitted had BOTH my street address and PO Box on it, and of course they don't accept PO Boxes, but they're not intelligent enough to state this fact ANYPLACE.

I just want to complain about this website. These people took 2 weeks to verify my account with Thousands of dollars stuck in it. Then they've taken several days to verify my bank account. They're incredibly slow, unresponsive, and lack standard business ethics. What's the deal with this site? The #1 trading site? Is that for real? Why? I got my money out of BTC-e without effort or trouble. Why would ANYONE do business with MT.Gox? I've got to know.