Topic: MT.Gox caught lying again - page 4. (Read 7184 times)

I see how.. completed doesnt mean completed.. completed means processed.. ohhh wait

I find this exceptionally hard to believe, since magically my withdrawals go through AFTER contacting support with regards to the issue.  They sit in todo status forever otherwise.

Additionally, the claim of 6 - 7 days is utter BS.  Like I said, 6 BUSINESS days (not even calendar days, which is approaching 18+ now) have come and gone two times over, yet my transaction has been in todo the entire time.  So, once again, it's just lies and falsehoods.  I just hope I get the last of my funds out before the inevitable collapse of the house of cards that MTGox has built.

As an update: Still no money!  Surprise!

Not necessarily.  It depends how sophisticated the software being used to detect suspicious activity is.  Really massive financial institutions can flag quite complex series of transactions which are aimed at avoiding the reporting threshold and/or disguising the origin/destination of funds.  The type of pattern which caused the system to flag would determine what investigations you made and those investigations would determine the nature of your report.

I think it helps if you break down your withdrawals to amounts below $5000. (or below $10,000.)

Interesting...

The $10,000 limit often applies in the originating country as well as the receiving country and the mandatory reports at both ends may need to identify the origin of the funds being sent/received.  There are many things which can make transactions reportable apart from the arbitrary limit of $10,000 and keeping individual transactions under that limit doesn't guarantee that they're not required to be reported.

Watching.

That's exactly my point.

Just clarifying about Dwolla, as you may all know things are changing at Dwolla, there are new conditions and we are still pending approval from Dwolla to operate with them, since it seems that now a written consent from Dwolla is required (as per their new conditions).

In the meantime we operate on Dwolla at lower speed and put more priority to keep being able to keep them as a funding and withdraw method.

All dwolla transfers are processed in a fully automated way by our servers, and the support staff has no way to push for a specific transfer to be operated at a given time. Dwolla transfer status are:

• Preparing: system is running checks to see if the transfer can be executed
• Confirmed: Transfer can be executed and is pending in queue
• Todo: Transfer is near the top of the queue and will be executed soon
• Processed: Transfer has been processed

Current observed delay with Dwolla withdraws is 6~7 days. As soon as we clarify our situation with Dwolla (they know what we do and we are working with them toward obtaining the "written consent") and know for sure our account with them will continue existing, we will be keeping funds with Dwolla again.

I would concur

@fuzzy: there are other ways of using bitcoin besides swapping for fiat.

In the absence of MtGox, there's a credible argument that $5 is the floor...

That is Bitcoins end game, it becomes so universal and liquid that no one wants to bother with fiat.

You do have to wonder how it is possible to continue existence when costs are so high. I doubt the various trading fees are enough to be sustainable. As for costs, I heard some numbers a while back that were amazing - $10k/month just for DDoS protection? And who knows when it comes to the rest of the infrastructure.

I dug around I'm my old IRC logs, but was unable to find another bit of information that I am sure I remember hearing - specifically that all employee salaries for this year had been set aside already before the beginning of the year. I don't remember whether that set aside amount included infrastructure costs though.

Now the real questions that should arise from reading this: Who's going to develop a completely self sufficient and decentralized exchange?

We have the currency, awesome. With the two major exchanges taking hits like this left and right (well I guess in Bitcoinica's case it was more like a punch to the groin), Bitcoin cannot remain at a stable price. OTC and p2p transactions simply cannot provide enough volume.

Let's say all exchanges are shut down. What happens to Bitcoin?

I cringe when I read such things.

So, I tried to get the rest of my money out of MTGOX since my last thread on the subject. I did this in two withdrawals of $3000 and $10,000.  I was assured at the time it would take 6 business days.  Well, 6 business days came and went two times over, and no money.  So I sent another support ticket to see what kind of lies and bullshit they would feed me this time, and it was a real gem:

First, I asked (nay, demanded) that they cancel the Dwolla deposits, since they clearly have no intention of honoring them, but gave them the option of sending me the funds either via wire or courier (at their expense).  I reiterated this several times over and here is the response I got:


Of course, the $3000 credited only AFTER I had sent the message to support.  I'm sure it would have never credited if I never sent a message to support.

So I responded with this:


Once again, pointing out that it's been over two weeks AND it was not over $10,000.

Ooops! MTGox, caught in another lie, so here's the back pedal:


So now it's "$10,000 and over" ... of course, there was no mention of this at the time of withdrawal or during my previous conversation with support over the botched withdrawal last time.  Of course, no mention of the fact that it's been over two weeks anyway, so even if there was some arbitrary $10,000 limit, the timeframe has expired.

I'm sure I'll get some bullshit response to my follow up messages pointing out the fact that it's been more than two weeks and that there is no mention of some arbitrary limit.

This is why you should not use MTGox.  They are lying, they continue to lie and have absolutely no regard for customer service.  They remind me very much of some of the shadier customer service centers from the late 90's and early 2000's where the mantra was "Tell the customer anything to get them off the line." It doesn't matter if it's true or not, just tell them whatever so they shut up and we can continue to rob them.

MTGox is exceptionally dishonest and untrustworthy in the extreme.  Anyone doing business with them is eventually going to wind up burned (again).  I wouldn't be surprised to see some sort of convenient security breach or hack that somehow manages to drain user accounts when there's a major problem or the insolvency of Gox actually starts things crashing down.  All the signs are there, the secretiveness, the lies and stall tactics, etc... all major indicators of internal problems that they do not want the public to know.  Just take it as a warning.