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Topic: MtGox USD withdrawals and deposits will soon be processed! (Read 4850 times)

full member
Activity: 210
Merit: 100
If and when withdrawls start being processed again, I expect that arbitrage would slowly come back online, narrowing the present gap between Mt. Gox and other exchanges from its current ~8% to something more like 3-4% (perhaps less, depending on the number of people with Trusted verification on Gox). I expect that this won't cause too much drift in the price aside from reconciling the exchanges, since any money that wanted to leave the system probably either has done so or hasn't been spent on anything but "get in the withdrawl queue" any time recently, and deposits have presumably been going to other (cheaper) exchanges.


yea sure thing gap goes slowly back to 0

I am also waiting for a usd withdrawal and am worried a lot about my money :/ ... but if I get my money to my bank account will sell another Btc while there is gap to earn as much as possible Smiley

If i receive money will let you inform ...
Did you ever get your money?  It been 6 weeks now..
newbie
Activity: 28
Merit: 0
If and when withdrawls start being processed again, I expect that arbitrage would slowly come back online, narrowing the present gap between Mt. Gox and other exchanges from its current ~8% to something more like 3-4% (perhaps less, depending on the number of people with Trusted verification on Gox). I expect that this won't cause too much drift in the price aside from reconciling the exchanges, since any money that wanted to leave the system probably either has done so or hasn't been spent on anything but "get in the withdrawl queue" any time recently, and deposits have presumably been going to other (cheaper) exchanges.


yea sure thing gap goes slowly back to 0

I am also waiting for a usd withdrawal and am worried a lot about my money :/ ... but if I get my money to my bank account will sell another Btc while there is gap to earn as much as possible Smiley

If i receive money will let you inform ...
newbie
Activity: 28
Merit: 0

LOL

can you imagine the rate of inflation, i can't

this thing is beyond retarded...

how can bitcoin fail when this is the alternative?


I dont think its retarded, its just marketing strategy ... if they are success they will stop this 200 % bonus soon ...

and if they grow big enough, lets say to similar position as bitcoin is - market cap - 11 Milions bitcoin x 90 usd ... its plenty of usd, they wont care they gave away 10 000, 50 000, 500 000 usd at the beggining in their advertisement campaign.

Bitcoin also started as a silly project with a silly "mining" ... you could buy 1 Btc for 0.1 Usd ... and few lucky and "retarded" ones did ... and right now they have 900x more for their investment Smiley
legendary
Activity: 960
Merit: 1028
Spurn wild goose chases. Seek that which endures.
MtGox withdrawals have supposedly been actively processed for a month now...
Supposedly is the active ingredient here.
legendary
Activity: 1904
Merit: 1038
Trusted Bitcoiner
MtGox withdrawals have supposedly been actively processed for a month now...


legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP

Imagine if bitstamp stopped withdrawals too -- we'd all be rich!

That made me LOL
legendary
Activity: 1137
Merit: 1001

Imagine if bitstamp stopped withdrawals too -- we'd all be rich!
legendary
Activity: 1904
Merit: 1038
Trusted Bitcoiner
incase anyone missed it, i will leave this here...

Quote from: MtGox link=https://www.mtgox.com/press_release_20130805.html
Deposits and Withdrawal Update Finally, the issues with deposits and withdrawals from Mt. Gox are being relieved, but still not at the rate we want. For example it currently takes up to 10 days to process a deposit because our bank, upon receiving deposits, notifies us of the deposit but holds them for 7~10 days before transferring them to our account. This has always been the case, and we were still crediting customer accounts before receiving the funds ourselves, but some cases in which the bank subsequently rejected the deposits meant that we incurred significant losses. The risk is now too high for us to credit accounts prematurely. We are in the process of forming relationships with new partners, banks, and taking other steps -- hopefully we will not only be back where we were before we encountered these issues , but much further ahead.

What garbage.  No bank on this earth worth their salt holds onto a WIRE transfer for 7 to 10 days.  And weren't they opening accounts with multiple banks?  Why is it singular now, "our bank?" 

maybe the bank has flag incoming wires to mt gox as high risk so thats why they hold it for a week
hero member
Activity: 672
Merit: 500
incase anyone missed it, i will leave this here...

Quote from: MtGox link=https://www.mtgox.com/press_release_20130805.html
Deposits and Withdrawal Update Finally, the issues with deposits and withdrawals from Mt. Gox are being relieved, but still not at the rate we want. For example it currently takes up to 10 days to process a deposit because our bank, upon receiving deposits, notifies us of the deposit but holds them for 7~10 days before transferring them to our account. This has always been the case, and we were still crediting customer accounts before receiving the funds ourselves, but some cases in which the bank subsequently rejected the deposits meant that we incurred significant losses. The risk is now too high for us to credit accounts prematurely. We are in the process of forming relationships with new partners, banks, and taking other steps -- hopefully we will not only be back where we were before we encountered these issues , but much further ahead.

What garbage.  No bank on this earth worth their salt holds onto a WIRE transfer for 7 to 10 days.  And weren't they opening accounts with multiple banks?  Why is it singular now, "our bank?" 
member
Activity: 84
Merit: 10
A friend of mine was waiting about a month for a <20K USD withdrawal from Gox. They finally just cancelled the withdrawal upon request and he bought back his BTC (at a slight loss) and I clued him in on another "instant" way to cash out. I suspect this has happened to others recently, given the price rise. Plus, some people are still holding bitcoin until withdrawals are caught up. I think they would rather have BTC in their wallet than MtGox USD at the moment, given their problems. So when MtGox USD is easily turned into fiat again, then the price will drop, to at least the 70-80 dollar range.

I mean why would it go UP? The price is currently high because there is no reason to sell, its not like you actually get fiat when you sell.

This is what I think also -that the price has been kept artificially high for this reason. We'll see if that's the case if Mt. Gox's problems are resolved.
full member
Activity: 238
Merit: 100
A friend of mine was waiting about a month for a <20K USD withdrawal from Gox. They finally just cancelled the withdrawal upon request and he bought back his BTC (at a slight loss) and I clued him in on another "instant" way to cash out. I suspect this has happened to others recently, given the price rise. Plus, some people are still holding bitcoin until withdrawals are caught up. I think they would rather have BTC in their wallet than MtGox USD at the moment, given their problems. So when MtGox USD is easily turned into fiat again, then the price will drop, to at least the 70-80 dollar range.

I mean why would it go UP? The price is currently high because there is no reason to sell, its not like you actually get fiat when you sell.

One reason it could go up is because the largest exchange is working again. You have to also consider that people aren't putting Fiat onto the exchange either, so that too will change which means more Bitcoins bought.

Perhaps a small dip followed by a rise, accounting for the few days it takes for fiat transfers to arrive (man current fiat systems suck).
member
Activity: 84
Merit: 10
2 words

Crypto Financial!
https://bitcointalksearch.org/topic/havelock-crypto-financial-cfig-official-thread-269191
I expect big things from these people, i will be investing during the IPO

it could even solve MtGox's fait problems!

Who are they?
What are their credentials?
Who are their customers?
How are they licensed to do the business they propose internationally?
Why do they propose initial value of $15 million? Based on an idea?
How much revenue do they bring in?
What profits do they have?
What's their track record?
Or is it all a "paper" plan - that's magically worth millions?

I would have thought people had learned something from the .com scams.
hero member
Activity: 784
Merit: 1000
A friend of mine was waiting about a month for a <20K USD withdrawal from Gox. They finally just cancelled the withdrawal upon request and he bought back his BTC (at a slight loss) and I clued him in on another "instant" way to cash out. I suspect this has happened to others recently, given the price rise. Plus, some people are still holding bitcoin until withdrawals are caught up. I think they would rather have BTC in their wallet than MtGox USD at the moment, given their problems. So when MtGox USD is easily turned into fiat again, then the price will drop, to at least the 70-80 dollar range.

I mean why would it go UP? The price is currently high because there is no reason to sell, its not like you actually get fiat when you sell.
legendary
Activity: 1904
Merit: 1038
Trusted Bitcoiner
https://www.mtgox.com/press_release_20130704.html

is it a lie?

apparently they just have a 2 week back log (and that was last month)

has anyone been able to get money out? anyone!
legendary
Activity: 1904
Merit: 1038
Trusted Bitcoiner
2 words

Crypto Financial!
https://bitcointalksearch.org/topic/havelock-crypto-financial-cfig-official-thread-269191
I expect big things from these people, i will be investing during the IPO

it could even solve MtGox's fait problems!
legendary
Activity: 960
Merit: 1028
Spurn wild goose chases. Seek that which endures.
If and when withdrawls start being processed again, I expect that arbitrage would slowly come back online, narrowing the present gap between Mt. Gox and other exchanges from its current ~8% to something more like 3-4% (perhaps less, depending on the number of people with Trusted verification on Gox). I expect that this won't cause too much drift in the price aside from reconciling the exchanges, since any money that wanted to leave the system probably either has done so or hasn't been spent on anything but "get in the withdrawl queue" any time recently, and deposits have presumably been going to other (cheaper) exchanges.
legendary
Activity: 2212
Merit: 1008
they said it was going to be 2 weeks over 5 weeks ago. .. .
legendary
Activity: 1008
Merit: 1003
WePower.red
I think MtGox is having fun doing 10% profit arbitrage between Bitstamp and their own platform, they won't release your fund until they have robbed all your money.

Good point...  Grin   Grin
full member
Activity: 238
Merit: 100
I think MtGox is having fun doing 10% profit arbitrage between Bitstamp and their own platform, they won't release your fund until they have robbed all your money.
legendary
Activity: 1162
Merit: 1004
I think MTGOX is doing some kind of financial innovation: Forever delay the fiat withdraw, which force people to either establish other exchanges (more exchanges = better bitcoin eco system) or spend them directly

Yes, other possibilities can be excluded. It's not possible, that a company acts so stupid for weeks and months.
legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
incase anyone missed it, i will leave this here...

Quote from: MtGox link=https://www.mtgox.com/press_release_20130805.html
Deposits and Withdrawal Update Finally, the issues with deposits and withdrawals from Mt. Gox are being relieved, but still not at the rate we want. For example it currently takes up to 10 days to process a deposit because our bank, upon receiving deposits, notifies us of the deposit but holds them for 7~10 days before transferring them to our account. This has always been the case, and we were still crediting customer accounts before receiving the funds ourselves, but some cases in which the bank subsequently rejected the deposits meant that we incurred significant losses. The risk is now too high for us to credit accounts prematurely. We are in the process of forming relationships with new partners, banks, and taking other steps -- hopefully we will not only be back where we were before we encountered these issues , but much further ahead.

This is just BS. It mentions nothing about withdrawals

You noticed?
legendary
Activity: 1988
Merit: 1012
Beyond Imagination
I think MTGOX is doing some kind of financial innovation: Forever delay the fiat withdraw, which force people to either establish other exchanges (more exchanges = better bitcoin eco system) or spend them directly

Same as government forcing people to use fiat money, we could also force people to use bitcoin Grin Grin Grin
sr. member
Activity: 826
Merit: 250
CryptoTalk.Org - Get Paid for every Post!
I  just kept waiting for the punchline


Seriously, you have to be retarded to fall for such a system, it's almost like this is a parody of what Austrians think that Keynesians think.
legendary
Activity: 1792
Merit: 1121
incase anyone missed it, i will leave this here...

Quote from: MtGox link=https://www.mtgox.com/press_release_20130805.html
Deposits and Withdrawal Update Finally, the issues with deposits and withdrawals from Mt. Gox are being relieved, but still not at the rate we want. For example it currently takes up to 10 days to process a deposit because our bank, upon receiving deposits, notifies us of the deposit but holds them for 7~10 days before transferring them to our account. This has always been the case, and we were still crediting customer accounts before receiving the funds ourselves, but some cases in which the bank subsequently rejected the deposits meant that we incurred significant losses. The risk is now too high for us to credit accounts prematurely. We are in the process of forming relationships with new partners, banks, and taking other steps -- hopefully we will not only be back where we were before we encountered these issues , but much further ahead.

This is just BS. It mentions nothing about withdrawals
legendary
Activity: 2170
Merit: 1094
IF MtGox would normalize $ outflow, this would result in about 5 $ drop on MtGox, and maybe 2 $ rise on Bitstamp.

PS. This is an optimistic scenario. If someone had 20k BTC on MtGox and wanted to cash out now, a huge dump
down to 98 $ would be the best choice, assuming MtGox would be processing his withdrawal in less than 10 days.
But for now the small dumps of BTC transferred from MtGox to Bitstamp continues.
legendary
Activity: 1582
Merit: 1001
I  just kept waiting for the punchline
legendary
Activity: 1904
Merit: 1038
Trusted Bitcoiner

LOL

can you imagine the rate of inflation, i can't

this thing is beyond retarded...

how can bitcoin fail when this is the alternative?
full member
Activity: 238
Merit: 100
sr. member
Activity: 434
Merit: 250
in the past we've seen a gap of as little as 50c between bitstamp and gox, so i expect this time won't be different, although stretched out over a longer timespan due to bitstamps lower volume

the gap will not close as long as mtGox isn't processing USD withdrawal.

Well said!  Tongue
legendary
Activity: 1904
Merit: 1038
Trusted Bitcoiner
http://www.youtube.com/watch?v=t_16OQx_I8E


finally an easy way to double your money
legendary
Activity: 1904
Merit: 1038
Trusted Bitcoiner
in the past we've seen a gap of as little as 50c between bitstamp and gox, so i expect this time won't be different, although stretched out over a longer timespan due to bitstamps lower volume

the gap will not close as long as mtGox isn't processing USD withdrawal.
hero member
Activity: 504
Merit: 500
in the past we've seen a gap of as little as 50c between bitstamp and gox, so i expect this time won't be different, although stretched out over a longer timespan due to bitstamps lower volume
legendary
Activity: 1904
Merit: 1038
Trusted Bitcoiner
One theory is the price will go down. Why? People will no longer have to buy coins to sell on other exchanges to get access to their funds. This will cause the demand for BTCs to go down. The price between exchanges should narrow.
It is not rocket science to conclude then that once Ft. Gox deposit/withdrawal volume is able to fill the arb channel it will close, most likely closer to the Gox side than to the Bitstamp side, since Gox has the volume advantage.

most logically they would meet somewhere in the middle

They would—if Bitstamp can pull out the volume to do that.

it's not a matter of "volume", if there's money to be made by easy arbitrage people would do it in a heartbeat, it's that simple.

well ya but their wouldn't be enough volume on stamps for everyone to arbitrage
and their would be plenty of volume on gox to absorb the sales from  arbitrage
and so, price will will not meet in the middle.
hero member
Activity: 504
Merit: 500
One theory is the price will go down. Why? People will no longer have to buy coins to sell on other exchanges to get access to their funds. This will cause the demand for BTCs to go down. The price between exchanges should narrow.
It is not rocket science to conclude then that once Ft. Gox deposit/withdrawal volume is able to fill the arb channel it will close, most likely closer to the Gox side than to the Bitstamp side, since Gox has the volume advantage.

most logically they would meet somewhere in the middle

They would—if Bitstamp can pull out the volume to do that.

it's not a matter of "volume", if there's money to be made by easy arbitrage people would do it in a heartbeat, it's that simple.
legendary
Activity: 1904
Merit: 1038
Trusted Bitcoiner
incase anyone missed it, i will leave this here...

Quote from: MtGox link=https://www.mtgox.com/press_release_20130805.html
Deposits and Withdrawal Update Finally, the issues with deposits and withdrawals from Mt. Gox are being relieved, but still not at the rate we want. For example it currently takes up to 10 days to process a deposit because our bank, upon receiving deposits, notifies us of the deposit but holds them for 7~10 days before transferring them to our account. This has always been the case, and we were still crediting customer accounts before receiving the funds ourselves, but some cases in which the bank subsequently rejected the deposits meant that we incurred significant losses. The risk is now too high for us to credit accounts prematurely. We are in the process of forming relationships with new partners, banks, and taking other steps -- hopefully we will not only be back where we were before we encountered these issues , but much further ahead.
hero member
Activity: 504
Merit: 500
One theory is the price will go down. Why? People will no longer have to buy coins to sell on other exchanges to get access to their funds. This will cause the demand for BTCs to go down. The price between exchanges should narrow.
It is not rocket science to conclude then that once Ft. Gox deposit/withdrawal volume is able to fill the arb channel it will close, most likely closer to the Gox side than to the Bitstamp side, since Gox has the volume advantage.

most logically they would meet somewhere in the middle
hero member
Activity: 686
Merit: 500
Ultranode
When The price will go straight up when mtgox starts processing USD withdrawals and deposits, how do you think this will affect price?. why? Please explain why in essay format, 5 page limit.

i fix
hero member
Activity: 1302
Merit: 502
When If mtgox starts processing USD withdrawals and deposits, how do you think this will affect price? why?

FTFY
member
Activity: 84
Merit: 10
One theory is the price will go down. Why? People will no longer have to buy coins to sell on other exchanges to get access to their funds. This will cause the demand for BTCs to go down. The price between exchanges should narrow.
legendary
Activity: 1904
Merit: 1038
Trusted Bitcoiner
Withdraws and deposits as in fiat?

yes. editing...




I think the price will rocket!


because everyone will get their dollars back, and they will want to buy bitcoins because of the good news.
member
Activity: 100
Merit: 10
Withdraws and deposits as in fiat?
hero member
Activity: 686
Merit: 500
Ultranode
When mtgox starts processing withdrawals and deposits, how do you think this will affect price? why?

To da' moon.

That's up, right?
legendary
Activity: 1904
Merit: 1038
Trusted Bitcoiner
When mtgox starts processing USD withdrawals and deposits, how do you think this will affect price? why?
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