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Topic: 0.25 BTC Bounty - Show me a Mt Gox USD Withdrawal :) - page 6. (Read 48873 times)

sr. member
Activity: 406
Merit: 250
Damn.

NO ONE seems to have been successful in making a USD withdrawal from Magic The Gathering Online eXchange.

Not very reassuring.

I mean, it were just a huge backlog or incompetent management, then at least ONE person on this forum should have been successful.

NO ONE huh?

I received a wire from mtgox for a large amount.  Took about 1.5 months, and a couple of support requests, but it finally came in.  They're fixing it, and within the next month or less, it should be back to normal.  

I don't think people realize how much volume gox does...  ANY exchange with similar volume will/have run into these issues.

-EP

Hi NotMe,

I don't want to get into a pissing contest, but it seems that you either work for MTGOX or you're a client hell-bent on continuing to believe that something isn't awry with MTGOX.

If in fact the individual you referenced in your remark did receive their USD, then did they submit proof and recieve their BTC reward (I think that it's up to .75 BTC now).

Best Regards,
Pangia
legendary
Activity: 1904
Merit: 1002
Damn.

NO ONE seems to have been successful in making a USD withdrawal from Magic The Gathering Online eXchange.

Not very reassuring.

I mean, it were just a huge backlog or incompetent management, then at least ONE person on this forum should have been successful.

NO ONE huh?

I received a wire from mtgox for a large amount.  Took about 1.5 months, and a couple of support requests, but it finally came in.  They're fixing it, and within the next month or less, it should be back to normal. 

I don't think people realize how much volume gox does...  ANY exchange with similar volume will/have run into these issues.

-EP

Gox processes a tiny amount of fiat volume compared to other companies.  



And way more than any Bitcoin company.  Banks don't like regulatory uncertainty, and Bitcoin takes the cake there.
full member
Activity: 238
Merit: 100
Damn.

NO ONE seems to have been successful in making a USD withdrawal from Magic The Gathering Online eXchange.

Not very reassuring.

I mean, it were just a huge backlog or incompetent management, then at least ONE person on this forum should have been successful.

NO ONE huh?

I received a wire from mtgox for a large amount.  Took about 1.5 months, and a couple of support requests, but it finally came in.  They're fixing it, and within the next month or less, it should be back to normal. 

I don't think people realize how much volume gox does...  ANY exchange with similar volume will/have run into these issues.

-EP

Gox processes a tiny amount of fiat volume compared to other companies.  

legendary
Activity: 1022
Merit: 1000
Two more such claims just surfaced:

Are any fiat withdrawals possible or not? A while ago they suspended USD withdrawals, but mentioned that EUR and other currencies would not be affected.
However, EUR withdrawals seem not to work over the past week.

Who in the forum has the same problem or managed to withdraw fiat currencies?

My SEPA withdrawal from the 4th of June arrived today (950€). SEPA seems to work again. I can not confirm if this is true for withdrawals over 1000 Euros. But I trust Gox.

The panic and the allegations go way too far for my taste. Gox has for various reasons lost in a short time many of his virtual withdrawal options (Dwolla, Liberty Reserve, OKPAY). All customers fall back to the normal banking transfers. But they were already at the limit before.


One of my withdrawals arrived today. This was, however, the last one I did. Two still remains (which was executed prior to the one I received).

All we need now is photo "proof"  Wink
legendary
Activity: 1904
Merit: 1002
Damn.

NO ONE seems to have been successful in making a USD withdrawal from Magic The Gathering Online eXchange.

Not very reassuring.

I mean, it were just a huge backlog or incompetent management, then at least ONE person on this forum should have been successful.

NO ONE huh?

I received a wire from mtgox for a large amount.  Took about 1.5 months, and a couple of support requests, but it finally came in.  They're fixing it, and within the next month or less, it should be back to normal. 

I don't think people realize how much volume gox does...  ANY exchange with similar volume will/have run into these issues.

-EP
sr. member
Activity: 406
Merit: 250
Damn.

NO ONE seems to have been successful in making a USD withdrawal from Magic The Gathering Online eXchange.

Not very reassuring.

I mean, it were just a huge backlog or incompetent management, then at least ONE person on this forum should have been successful.
sr. member
Activity: 336
Merit: 250
I would love to see some of my cash come back, doesn't look likely.
newbie
Activity: 11
Merit: 0
 Smiley Grin :(what times?
hero member
Activity: 728
Merit: 500
Option 2) They stall/delay/lie over the period of several months and their market share slowly disperses to other exchanges.  Users slowly get used to the fact that Gox might be in trouble.  After a while people expect that Gox is in trouble.  By the time they finally announce their bankruptcy everyone will be expecting it, and while their will be a lot of any people still left in that 40% market share, and it will affect the price of Bitcoin as a whole, it will not be anywhere near the disastrous results of option 1.

Agree on this one, although to me it still feels like the "bargaining" stage of grief.

(disclaimer: at present I have no fiat nor coins in any exchange. Only coins in cold storage.)
zby
legendary
Activity: 1594
Merit: 1001
No, I don't find it odd that people wiring money out of Gox don't come report to you.  Their money is non of your business.  You guys are paranoid.

But, let's assume you are right for a second.  What are you going to do?  If I believed what you believe, I would cancel my withdrawal request, buy bitcoins, and get as far away from MtGox as possible.  If you still have money at MtGox with your beliefs you are an idiot.  If you don't have money with MtGox, then why the fuck are you trying to whip people into a panic instead of going about your business.  Or is trading on MtGox the only reason you are here?  If so, go find something productive to do to help develop the bitcoin economy or GTFO.

It is not about believing or not - it is about assigning probability to this event.  The probability grows and it makes me uncomfortable - I did move out most of my funds already and I am pretty happy with my overall profits, but this situation is still rather unnerving for me.

Then don't use Gox.... you've been around long enough to know their history.  This shouldn't surprise you.

At least it is still there - unlike Bitomat or bitcoinica or TradeHill or that german exchange (or Bitmarket - which is still around but does not return funds lost).  MtGox is incompetent - we know that - but if you think other exchages are any better - you are rather optimistic.  Also it is only recently that the volume on Bitstamp became practical.

Now I can move my funds out of MtGox with a 10% haircut - or I can wait and see if I don't lose them all - if the probability to lose them becomes greater than 10% the rational thing to do is move out, but even if it is less than 10% it still makes me nervous.
full member
Activity: 177
Merit: 100
Video from Roger Ver on MtGox Finances to ease the communitys misplaced fears on MtGox Insolvency - http://www.youtube.com/watch?v=UP1YsMlrfF0

Thanks, it's probably the most awkward reading of statement I've seen a long, long time.   There was a time when anchor David Horowitz was asked to read a statement on air with the statement preparer right next to him.
full member
Activity: 238
Merit: 100
IMHO if Gox is dying their actions have been in the best interested of Bitcoin.

Absolutely incorrect.  Mt.Gox has time and time again lied and manipulated their customers.  First they had the CoinLab suit, where they didn't even try to keep their end of the agreement.  Second, they get their accounts frozen by DHS because Mark Karpeles said that his accounts were not being used for "currency trading, or money transmitting."  Third, US dollar withdraws are prohibited because Gox didn't bother to think about legal ramifications.  Oh and on top their inability to legally comply with any agreement or financial law, their trading engine had lag times of an hour at Bitcoins peak!  All they ever cared about was money, they never cared about improving their product, and they didn't care about their customers.  Who here can say they love Mt.Gox's support line?  Have you ever seen Gox at any of the Bitcoin conferences? 

Let's say they realize they are insolvent and no way to pay back:

Option 1) They suddenly announcement their bankruptcy in their "prime" while having a 70%+ market share.  Bitcoin would have absolutely bombed (we are talking single digits)

Yes, you are correct, but the other exchanges should be able to absorb some of the volume and mitigate a total collapse.
 

Option 2) They stall/delay/lie over the period of several months and their market share slowly disperses to other exchanges.  Users slowly get used to the fact that Gox might be in trouble.  After a while people expect that Gox is in trouble.  By the time they finally announce their bankruptcy everyone will be expecting it, and while their will be a lot of any people still left in that 40% market share, and it will affect the price of Bitcoin as a whole, it will not be anywhere near the disastrous results of option 1.


The only reason why the would be stalling is a.) they raided customer fiat accounts and are trying to bolster their liquidity through that or b.) they are using the spread to generate profit before their final collapse or until they become liquid again.  Oh and they still aren't legally allowed to send wires in the US, and they have a $75 MM lawsuit over their head! 
legendary
Activity: 1638
Merit: 1001
₪``Campaign Manager´´₪
Any news on the London Bitcoin exchange which has been mentioned by Max Keiser and others?

A fully professional exchange is sorely needed.

Indeed, trustworthy exchanges are essential if we want to build a decent infrastructure in which normal businesses can add bitcoin as a payment mechanism and reliably get their fiat through bitpay-like intermediaries.
legendary
Activity: 1078
Merit: 1006
100 satoshis -> ISO code
Any news on the London Bitcoin exchange which has been mentioned by Max Keiser and others?

A fully professional exchange is sorely needed.
legendary
Activity: 1190
Merit: 1001
I'm too lazy to check, but is there any "will bitcoin survive gox failure ?" bet anywhere ?  Grin

IMHO if Gox is dying their actions have been in the best interested of Bitcoin.

Let's say they realize they are insolvent and no way to pay back:

Option 1) They suddenly announcement their bankruptcy in their "prime" while having a 70%+ market share.  Bitcoin would have absolutely bombed (we are talking single digits)

Option 2) They stall/delay/lie over the period of several months and their market share slowly disperses to other exchanges.  Users slowly get used to the fact that Gox might be in trouble.  After a while people expect that Gox is in trouble.  By the time they finally announce their bankruptcy everyone will be expecting it, and while their will be a lot of any people still left in that 40% market share, and it will affect the price of Bitcoin as a whole, it will not be anywhere near the disastrous results of option 1.


Option 1 is no doubt the best for their customers though, as they could distribute their remaining assets and everyone takes a haircut, with option 2 a lot of people would take a total loss.
sr. member
Activity: 280
Merit: 250
Gox can not be killed by a bank run.
That's just plain stupid.

A lot of their money is seized by the Feds and if people run on MtGox they are done. If people want move their funds to other exchanges they won't be able to convert all fiat to BTC since the spread would explode and Mt.Gox already doesn't process USD withdrawls. It doesn't matter that they own the freezed accounts, if customers demand a payout and they can't serve all that's insolvency.

They have enough other problems (Coinlab, Feds, ...) to be at risk, but the 10% premium and this threat could easily trigger one in addition.
sr. member
Activity: 336
Merit: 250
Cuddling, censored, unicorn-shaped troll.
Then they would have changed there BTC to FIAT for astronomical exchange rates.
Except they don't own any BTC ? Or do you have any insight to share ?  Smiley
legendary
Activity: 1792
Merit: 1059
Funny thing is once every one made it out from gox with BTC, gox is dead and will not likely revive.

Then they would have changed there BTC to FIAT for astronomical exchange rates.
sr. member
Activity: 336
Merit: 250
Cuddling, censored, unicorn-shaped troll.
Funny thing is once every one made it out from gox with BTC, gox is dead and will not likely revive.
Very interesting times are about to come.

I'm too lazy to check, but is there any "will bitcoin survive gox failure ?" bet anywhere ?  Grin
full member
Activity: 238
Merit: 100
Is this why BTCUSD is higher on Gox than on Stamp/Btce?

In all likelihood, yes.

So a USD is worth less on Gox than on Stamp, implying they may not cash you out? At this time, the difference is so large we're not talking future value of money, but a scare of never being able to fully withdraw?

Precisely.  And that risk has been quantified in the 10% premium for USD (buying BTC on Gox & selling on Bitstamp).  I see that spread jumping in the next week or two as traders realize that Gox is insolvent.  It will happen suddenly.  And when it does, a huge spread will develop between Gox and Bitstamp prices, until BTC on Gox reaches $1,000-$10,000 USD as no one is willing to sell BTC.  

What Gox could be doing is having an account open at Bitstamp, buying BTC there, selling BTC on their own exchange, then cycling the profits back to their Bitstamp account.  Rinse, repeat.  And as the price gets higher and higher on their own exchange, they could be selling BTC they acquired on Bitstamp to the desperate buyers on Gox, forcing everyone to liquidate fiat for BTC right into Gox's wallet.  While this may keep Gox liquid, they will still be unable to process USD as they do not have their money transmitter license.  

And then what, close business! cause clients would leave Gox if they let this situation persist without further clarification.
No doubt this will be seen by the pro's and denounced. For the moment there is no large buys going on Bitstamp,until then we can conclude this to be science fiction.

Traders have let this persist for almost 1-2 months with lies and more lies.  The pro's have seen it, why do you think there is such a large spread between Gox and Bitstamp? And why do you think Gox's market share has dropped dramatically in the last 2-3 months?  
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