Mtgox manual withdrawal with extra 5% fee?

dissipate

sr. member

Activity: 288

Merit: 250

Quote from: tvbcof on December 01, 2013, 12:25:39 AM

Quote from: dissipate on December 01, 2013, 12:08:22 AM

I recently requested a withdrawal with the 5% fee. I got a reply that I don't fully understand. Maybe someone can help translate?

Quote

Thank you for your email.We will update our banking team to schedule manual processing for your withdrawals as requested and we will keep you informed once its processed.

Please be advised that we are in the process of finalizing partnership and you can expect a more assured announcement on this soon.

Anyone know what 'partnership' they are referring to?

Pffft. What's the date on that? IIRC, they said that back in June or maybe earlier. It's more or less the same bullshit line they apply to all the boilerplate I've seen come out of the place.

November 27. If they are saying they are going to fix the problem of international wire transfer withdrawals soon, I don't believe them either.

tvbcof

legendary

Activity: 4592

Merit: 1276

Quote from: dissipate on December 01, 2013, 12:08:22 AM

I recently requested a withdrawal with the 5% fee. I got a reply that I don't fully understand. Maybe someone can help translate?

Quote

Thank you for your email.We will update our banking team to schedule manual processing for your withdrawals as requested and we will keep you informed once its processed.

Please be advised that we are in the process of finalizing partnership and you can expect a more assured announcement on this soon.

Anyone know what 'partnership' they are referring to?

Pffft. What's the date on that? IIRC, they said that back in June or maybe earlier. It's more or less the same bullshit line they apply to all the boilerplate I've seen come out of the place.

dissipate

sr. member

Activity: 288

Merit: 250

I recently requested a withdrawal with the 5% fee. I got a reply that I don't fully understand. Maybe someone can help translate?

Quote

Thank you for your email.We will update our banking team to schedule manual processing for your withdrawals as requested and we will keep you informed once its processed.

Please be advised that we are in the process of finalizing partnership and you can expect a more assured announcement on this soon.

Anyone know what 'partnership' they are referring to?

joesmoe2012

hero member

Activity: 882

Merit: 501

Ching-Chang;Ding-Dong

So now it's a 2 week + delay for the 5% manual withdraws?! That's craziness!

I have 2 pending, been over a week on one.

chungenhung

legendary

Activity: 1134

Merit: 1005

Quote from: wachtwoord on October 18, 2013, 11:57:27 AM

Quote from: IamRichard on October 18, 2013, 04:38:50 AM

I found the thread on reddit few months back and contact mtgox about this.

They proceeded with the withdrawal for 5% fee. Took a week and a half to receive in my US bank

So have you arbitraged between Stamp and Gox since finding this loophole?

I am sitting on over 2 weeks, and still NOTHING.

wachtwoord

legendary

Activity: 2324

Merit: 1125

Quote from: IamRichard on October 18, 2013, 04:38:50 AM

I found the thread on reddit few months back and contact mtgox about this.

They proceeded with the withdrawal for 5% fee. Took a week and a half to receive in my US bank

So have you arbitraged between Stamp and Gox since finding this loophole?

IamRichard

hero member

Activity: 567

Merit: 500

I found the thread on reddit few months back and contact mtgox about this.

They proceeded with the withdrawal for 5% fee. Took a week and a half to receive in my US bank

enquirer

sr. member

Activity: 306

Merit: 257

5% is close to what western union charges for transferring large amounts

tvbcof

legendary

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Quote from: adpinbr on October 18, 2013, 12:42:13 AM

I think someone should go knock on their door with a 12 gauge and renegotiate this policy. ...

I'd guess that your chances of finding a 12 gauge in Shibuya are about the same as getting one through security at Narita.

adpinbr

sr. member

Activity: 787

Merit: 250

★Bitvest.io★ Play Plinko or Invest!

I think someone should go knock on their door with a 12 gauge and renegotiate this policy. If they have anyways to get out money they should do it for free, even if it requires more effort on their part. if they can only get it out by paying a bank a 5% fee they should subsidize it with their profits and be open about whats happening. seriously i think we should donate a few bitcoins a person to have someone apply some pressure or a lawyer (even though i don't think they would do much good). we haven't seen a memo in months they don't give a crap karpleles is on fucking mine craft fuck him

subi

newbie

Activity: 28

Merit: 0

This feels like extortion. I've been waiting MONTHS now for my withdrawal request (international). A couple weeks ago I received an option for a "manual" withdrawal at 5% fee. Of course I went for it because something is better than nothing -- well I'm STILL waiting even after agreeing to pay the ransom.

Raralith

newbie

Activity: 39

Merit: 0

Yup, I was offered this manual process with a 5% fee on 10/06/2013 in regards to a withdrawal on 07/18/2013. We went back and forth because I wanted a timeline if I were to go the manual process, and I got the same BS I've always gotten.

edit:
I was actually offered this on 10/05/2013. Here's the start of the conversation
http://i210.photobucket.com/albums/bb21/Raralith/mtgoxmanualwithdrawl2.png

http://i210.photobucket.com/albums/bb21/Raralith/mtgoxmanualwithdrawl.png

2x withdrawal for $40 vs. $200 "manual" withdrawal which is 5x more. AND no timeline.

tvbcof

legendary

Activity: 4592

Merit: 1276

Quote from: adpinbr on October 16, 2013, 04:59:13 PM

The backlash they would receive from the community would be monumental, the nerve they have to do such a thing, rather than fix their problem they are profiting from it, makes me rethink that this is a solvency issue and not a banking issue

Somewhere in the thousands of pages of commentary about Mt. Gox's recent issues someone made an argument that a bulk of the fee did not go into Mt. Gox's coffers. Rather it was largely the charge demanded by a financial institution who was able and willing to perform the fiat transaction. Said institution is used sparingly by Mt. Gox...for obvious reasons.

I have no idea if there is any truth to this and don't remember who proposed it. Probably user 'sturle' as he is among the most vocal (and informed) of the Mt. Gox advocates. In fact he is about the only one here on this forum it seems.

It is also recent scuttlebutt that even with the 5% fee transactions are no longer going through. At least for some people. I don't find difficulty imagining that Mt. Gox has relationships with large, important, or historic customers which are not as negatively impacted as their relationships with the small fry.

adpinbr

sr. member

Activity: 787

Merit: 250

★Bitvest.io★ Play Plinko or Invest!

The backlash they would receive from the community would be monumental, the nerve they have to do such a thing, rather than fix their problem they are profiting from it, makes me rethink that this is a solvency issue and not a banking issue

Meni Rosenfeld

donator

Activity: 2058

Merit: 1054

Evidence: https://www.facebook.com/photo.php?fbid=10151927060894419&set=p.10151927060894419&type=1

(A screenshot by a reliable person asking Mtgox support about it and receiving a confirmation).

The fact that Mtgox are hiding this fact is obscene.

wachtwoord

legendary

Activity: 2324

Merit: 1125

Quote from: Meni Rosenfeld on October 16, 2013, 11:14:41 AM

Well, rumor also has it that even those who pay the 5% don't get their funds promptly... And again this is just a rumor, as this thread indicates little is publicly known about it, even if true the market may have not yet absorbed it.

Okay point taken.

Quote from: N12 on October 16, 2013, 11:17:16 AM

Mtgox sell fee + slippage
MtGox withdrawal fee
Bitstamp conversion fee to EUR
Bitstamp buy fee + slippage

And it's barely profitable anymore.

They actually charge a fee on top of the 5%? Does Stamp still only accept Euro deposits? This all goes to show I've never bought a single Bitcoin on an exchange Tongue

N12

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Quote from: wachtwoord on October 16, 2013, 11:12:25 AM

Quote from: Meni Rosenfeld on October 16, 2013, 11:09:30 AM

Quote from: pand70 on October 16, 2013, 11:06:16 AM

And that rumor come from where? In any case if this is true we 'll see the gap between gox and bitstamp/btc-e getting smaller....

It's mentioned, for example, in the last few pages of https://bitcointalksearch.org/topic/mtgox-withdrawal-delays-gathering-179586.

If this were true I would expect the spread between Gox and Stamp to be ~5%. Not 8% as it is now. Otherwise this represents a very easy arbitrage opportunity.

Mtgox sell fee + slippage
MtGox withdrawal fee
Bitstamp conversion fee to USD
Bitstamp buy fee + slippage

And it's barely profitable anymore.

Meni Rosenfeld

donator

Activity: 2058

Merit: 1054

Quote from: wachtwoord on October 16, 2013, 11:12:25 AM

Quote from: Meni Rosenfeld on October 16, 2013, 11:09:30 AM

Quote from: pand70 on October 16, 2013, 11:06:16 AM

And that rumor come from where? In any case if this is true we 'll see the gap between gox and bitstamp/btc-e getting smaller....

It's mentioned, for example, in the last few pages of https://bitcointalksearch.org/topic/mtgox-withdrawal-delays-gathering-179586.

If this were true I would expect the spread between Gox and Stamp to be ~5%. Not 8% as it is now. Otherwise this represents a very easy arbitrage opportunity.

Well, rumor also has it that even those who pay the 5% don't get their funds promptly... And again this is just a rumor, as this thread indicates little is publicly known about it, even if true the market may have not yet absorbed it.

wachtwoord

legendary

Activity: 2324

Merit: 1125

Quote from: Meni Rosenfeld on October 16, 2013, 11:09:30 AM

Quote from: pand70 on October 16, 2013, 11:06:16 AM

And that rumor come from where? In any case if this is true we 'll see the gap between gox and bitstamp/btc-e getting smaller....

It's mentioned, for example, in the last few pages of https://bitcointalksearch.org/topic/mtgox-withdrawal-delays-gathering-179586.

If this were true I would expect the spread between Gox and Stamp to be ~5%. Not 8% as it is now. Otherwise this represents a very easy arbitrage opportunity.

Meni Rosenfeld

donator

Activity: 2058

Merit: 1054

Quote from: pand70 on October 16, 2013, 11:06:16 AM

And that rumor come from where? In any case if this is true we 'll see the gap between gox and bitstamp/btc-e getting smaller....

It's mentioned, for example, in the last few pages of https://bitcointalksearch.org/topic/mtgox-withdrawal-delays-gathering-179586.

Topic: Mtgox manual withdrawal with extra 5% fee? (Read 4414 times)