Mt. Gox looks to me (as an outsider not having dealt with them) as a ponzi scheme at a huge level.
Likely? they don't have the actual bTC or Cash fund's to support the exchange and so they are holding back trying to get people in to pay off those leaving and they are not managing anymore.
Topic: Is MtGox prepping another vector of customer attack? [AML] (Read 661 times)
Ok, there seems to be light at the end of the tunnel and I want to give an account of the matters so far for others still in despair.
On the 6th of Jan I noticed that my account was finally verified, which makes it an endeavor of just short of 2 months. I then tried to file for EUR SEPA withdrawal of all my fundings which are in excess of a few grand. Mind you, it didn't work since there is a 1000EUR limit but it's not stated clearly in the error message "Invalid amount, limit reached or not enough EUR in your account". Also, this is lower, reasons unknown, than the $ limit of 10,000 afair. Only after revealing this fact with the support, I subsequently changed the limit to 10,000EUR to withdraw in one swoop. Speaking of support, replies seem to have gotten swifter in the new year. Also, it was the first time where I was asked to fill out an online feedback form to this support ticket.
I was able to initiate the withdrawal on the 20th of Jan. The next day, its status changed from 'pending' (or something a long those lines) to 'confirmed'. Today I received a message stating confirmation and some further information that "Situation as of 25th January 2014: We are currently processing withdrawals requested 3 weeks ago. "
The whole rundown so far:
15th Nov: Filing for authentication
29th Nov: Reply of temporary denying authentication and requesting another document
29th Nov: Uploading another document and urging them to keep their deadline
11th Dec: Reply that they forward the issue to the "concern department for better and quick assistance"
19th Dec: Me sending a message to urge them
06th Jan: Verification of Account, but hindered by 1,000 EUR limit and urging them to remedy this situation
19th Jan: Request from Gox to sign for an increase of limit if so desired, filed by me
20th Jan: Withdrawal limit lifted, Withdrawal initiated by me
25th Jan: Notification that they are processing this one against a 3 week backlog
I hope this is of help to someone as a blueprint of how things work out and that I can collect funds within 3-4 weeks.
On the 6th of Jan I noticed that my account was finally verified, which makes it an endeavor of just short of 2 months. I then tried to file for EUR SEPA withdrawal of all my fundings which are in excess of a few grand. Mind you, it didn't work since there is a 1000EUR limit but it's not stated clearly in the error message "Invalid amount, limit reached or not enough EUR in your account". Also, this is lower, reasons unknown, than the $ limit of 10,000 afair. Only after revealing this fact with the support, I subsequently changed the limit to 10,000EUR to withdraw in one swoop. Speaking of support, replies seem to have gotten swifter in the new year. Also, it was the first time where I was asked to fill out an online feedback form to this support ticket.
I was able to initiate the withdrawal on the 20th of Jan. The next day, its status changed from 'pending' (or something a long those lines) to 'confirmed'. Today I received a message stating confirmation and some further information that "Situation as of 25th January 2014: We are currently processing withdrawals requested 3 weeks ago. "
The whole rundown so far:
15th Nov: Filing for authentication
29th Nov: Reply of temporary denying authentication and requesting another document
29th Nov: Uploading another document and urging them to keep their deadline
11th Dec: Reply that they forward the issue to the "concern department for better and quick assistance"
19th Dec: Me sending a message to urge them
06th Jan: Verification of Account, but hindered by 1,000 EUR limit and urging them to remedy this situation
19th Jan: Request from Gox to sign for an increase of limit if so desired, filed by me
20th Jan: Withdrawal limit lifted, Withdrawal initiated by me
25th Jan: Notification that they are processing this one against a 3 week backlog
I hope this is of help to someone as a blueprint of how things work out and that I can collect funds within 3-4 weeks.
I see a lot of problems with Gx. And there seem to be little tricks to getting them to respond to what you need. Some people say just keep bugging them, I can't believe they run their business this way!
Thanks for your input!
I have to admit, I was not too educated prior to making my trades. Now I'm stuck with them. Even if I buy back into bitcoins I wouldn't be able to transfer them to another exchange. Considering your rapid verification I'm baffled what on earth should take them that long. Since when they put their chat offline btw? The bucks they apparently made should seriously be spent on support and service.
I have to admit, I was not too educated prior to making my trades. Now I'm stuck with them. Even if I buy back into bitcoins I wouldn't be able to transfer them to another exchange. Considering your rapid verification I'm baffled what on earth should take them that long. Since when they put their chat offline btw? The bucks they apparently made should seriously be spent on support and service.
Only to keep email them, and submit tickets, as they have no phone desk and chat is offline.
In the meantime, do you use other exchanges? I wonder what is your reason to stick with MtGox. My request was verified within 5 days in December.
Apart from the by now well known difficulties for withdrawing, I think they came up with another vector of undermining customer rights. Since I traded in for EUR in November, I requested account verification in parallel to this. The first reply took them 14 days stating the document is not viable, while it was an authority's edict with stamp, address, recently issued and everything! The same day I gave in, and sent them the needed albeit weaker document of a telephone bill plus a complaint that they are overdue with their service anyway. Formally it should take them 10 days to verify, not more. The last thing I got was a response that they'll forward the issue to the "concern department for better and quick assistance". What a hoax, I got nothing after that. I bumped my request upon their response, but nothing happened so far.
Here's the rundown:
15th Nov: Filing for authentication
29th Nov: Reply of temporary denying authentication and requesting another document
29th Nov: Uploading another document and urging them to keep their deadline
11th Dec: Reply that they forward the issue to the "concern department for better and quick assistance"
19th Dec: Me sending a message to urge them
... nothing more
This brings the whole procedure to a total of 45 days which should have been done within 5 days!
I'm on the brink to really get mad since no one is replying, they violate generous deadlines proclaimed by themselves. I don't want to see them go bottom-up before I can even start my withdrawal procedure... Did anyone experience similar issues and what is the recommendation to do now?
Here's the rundown:
15th Nov: Filing for authentication
29th Nov: Reply of temporary denying authentication and requesting another document
29th Nov: Uploading another document and urging them to keep their deadline
11th Dec: Reply that they forward the issue to the "concern department for better and quick assistance"
19th Dec: Me sending a message to urge them
... nothing more
This brings the whole procedure to a total of 45 days which should have been done within 5 days!
I'm on the brink to really get mad since no one is replying, they violate generous deadlines proclaimed by themselves. I don't want to see them go bottom-up before I can even start my withdrawal procedure... Did anyone experience similar issues and what is the recommendation to do now?
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