Topic: Mt. Gox funds (i got tired of waiting) (Read 2596 times)

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After a few days considering my options, I'm actually not sure if there is much to do other than crossing my fingers.

I did actually wait since early June (early May if I include the time taken to set up my withdraw method with Gox) and had gotten nowhere at the end of August, where I cancelled. So I'm wondering; why they haven’t made an agreement with another exchange? They could have easily bought Bitcoins with customer funds and sold them on another exchange like Bitstamp and withdrawing those to their bank account and then paying out to their customers. To their bank it would just have been money in, money out, nothing that would have raised any eyebrows ?

Are they still taking bank deposits from new customers? If they are still accepting deposits they can't be in dire with their bank because of the law, as AML/KYC non compliance or any official legislator. They would not allow deposits if they were in anyway suspect of a crime?

Maybe it's their bank which is turning the thumb screws, revoking their credit or putting a squeeze on them for whatever reason banks do that, reasonable or not. Then it becomes us, the customers that act as a credit issuer!!!

I've threatened a few posts back to report them to the Japanese police, but that would not help anyone, including myself getting money out of them (as another poster pointed out to me).

On the other hand, the guys running Gox are pretty much key figures in Bitcoin too, so if they intent to run, all their Bitcoins (and everyone elses) could be worth very little if the law decides that Bitcoin has become a cesspool indistinguishable  from they main torch bearers of Bitcoin.

If they fold, criminal charges will follow together with a joint suit from stripped customers. That's a fact!!!

Running with our money in fiat is also hard the way international banking works nowadays.

All in all, everybody’s best interest right now, all parties included, is that Gox recover from it's illness. There really isn't any other option for the management. So in a sense, they are under enormous pressure to get things fixed and I think they are fully aware of that.

So I'm crossing my fingers.

better not,if they got crushed , I got fucked...no doubt , I really don't want to get my coin back at this price!

Possible outcomes:
They get their shit together?
They remain a niche exchange trading Bitcoin at elevated spread?
They get bought by ...?
They try the Trendon Shavers trick.
They are actually trying to save Bitcoin from being cornered by the invisible hand  of  global banking and  we should all be grateful and not ask to many questions?
They have become a CIA puppet in fear of criminal charges and are holding funds later to be seized?
The Japanese tax man is carrying boxes of documents out the door as we speak?

Not so much any more.  People have switched, including blockchain.info, iirc.

Anyway , I am going to give them another month, because the current price will make me lost too much...may be if this situation isn't changing after that time , I will consider to change my USD back to BTC...

Thats a risk, but their practice of taking deposits speedily but not paying out will make a lot more people loose their money.

As Mt.Gox still is the price setter (or are they?) this situation is actually hampering the development of Bitcoin and it's credibility if the community doesn't react.

They can declare bankruptcy, but they cant run. Japan is quite serious about white collar crime, especially from Ganjins.

As I mentioned earlier, I strongly suspect that they are getting audited, but this is different, it's fraud.

I am strongly support on you ,but will this letter cause owner run away? OMG...I still got a lot of money in his website....

I'm of the impression that mt.Gox is not paying out to anyone and has not for several moths. So I have decided to write the Japanese authorities for financial crimes!

This is in no way a civil suit, just a letter of attention that this company is taking peoples money under false pretence.

Is the owner of mt.Gox still Mark Kapels, or are there others in the management worth mentioning in such a letter?

I did ask them in the email :' please tell me, how long I am going to wait ...a months ,couple of months or a year... I can get prepare for it~~~'

You have to ask them in support case or in chat to cancel withdrawal. After they do that you will see the funds in your account and you can purchase coins. If you catch them on live support takes only minutes. BTC withdrawal from exchange can take up to 1 day.

oh too bad ah well use it next time !

its too late....I sold my coins at $100 ....bistamp is above 120 right now...

I hope you get sold your coins above $145~~ this will be much better, anyway how long time did you wait?

bitstamp,bitcoin.de

Join the club. I was forced to do the same thing myself. Sold some BTC at $100 and withdrew and after getting sick of waiting months I had to buy back at $145. My loss was even higher.

This really sucks~~!!!! It will easily makes me loss another 10% of the value~~