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Topic: MtGox withdrawal delays [Gathering] - page 129. (Read 908720 times)

member
Activity: 71
Merit: 10
February 17, 2014, 11:12:17 AM
fiat jpy withdrawal submitted on jan 27th just went through this afternoon.

thats 14 business days. 6 day increase from one on jan 6 that was 8 business days.


Fiat SEPA withdrawal submitted on jan 7th just went through this mornig.

Hi Pedro, may I ask you what was the amount that you withdrew?

Because so far , people confirmed withdrawal of small amounts ~100-300 EUR.

 

I can't believe it: I've just canceled a SEPA withdrawal for 10k EUR, then the very first one I submitted (1k EUR, confirmed since Jan 2nd) magically turned to pending!
Should I assume that's just a coincidence?  Huh

Well at least the good news are that SEPA is working for bigger amounts as well.

How did you cancel the withdrawal? Did you submit a ticket to the support or is there an automated way to do it? In case you submitted a ticket how long did it take for the support to reply you and then credit back the money to your account?

on my side, I canceled a withdrawal 5 days ago through a ticket and it took 5 hours to get my money into the account.
newbie
Activity: 52
Merit: 0
February 17, 2014, 11:04:42 AM
fiat jpy withdrawal submitted on jan 27th just went through this afternoon.

thats 14 business days. 6 day increase from one on jan 6 that was 8 business days.


Fiat SEPA withdrawal submitted on jan 7th just went through this mornig.

Hi Pedro, may I ask you what was the amount that you withdrew?

Because so far , people confirmed withdrawal of small amounts ~100-300 EUR.

 

I can't believe it: I've just canceled a SEPA withdrawal for 10k EUR, then the very first one I submitted (1k EUR, confirmed since Jan 2nd) magically turned to pending!
Should I assume that's just a coincidence?  Huh

Well at least the good news are that SEPA is working for bigger amounts as well.

How did you cancel the withdrawal? Did you submit a ticket to the support or is there an automated way to do it? In case you submitted a ticket how long did it take for the support to reply you and then credit back the money to your account?
legendary
Activity: 3836
Merit: 2050
February 17, 2014, 10:59:52 AM
fiat jpy withdrawal submitted on jan 27th just went through this afternoon.

thats 14 business days. 6 day increase from one on jan 6 that was 8 business days.


Fiat SEPA withdrawal submitted on jan 7th just went through this mornig.

Hi Pedro, may I ask you what was the amount that you withdrew?

Because so far , people confirmed withdrawal of small amounts ~100-300 EUR.

 

I can't believe it: I've just canceled a SEPA withdrawal for 10k EUR, then the very first one I submitted (1k EUR, confirmed since Jan 2nd) magically turned to pending!
Should I assume that's just a coincidence?  Huh
newbie
Activity: 6
Merit: 0
February 17, 2014, 10:57:39 AM
The last 1000 blocks had an average size of 201292 byte. So when the MtGox flood comes, you have an average free space for 3360 transactions per block. After the first hours of mass removal roughly 250.000 transactions will pile up in the network. Maybe nobody would be able to reliably send Bitcoins anymore for days.

So this is where the transaction fees become important. It has all been thought through, the network won't break because of this, it just becomes a little more expensive to complete a transaction quickly.


Well, we will see. I think 300.000 transactions with a 0.1 BTC fee are still 300.000 transactions. Fees won't help much.
member
Activity: 62
Merit: 10
February 17, 2014, 10:43:38 AM
The last 1000 blocks had an average size of 201292 byte. So when the MtGox flood comes, you have an average free space for 3360 transactions per block. After the first hours of mass removal roughly 250.000 transactions will pile up in the network. Maybe nobody would be able to reliably send Bitcoins anymore for days.

So this is where the transaction fees become important. It has all been thought through, the network won't break because of this, it just becomes a little more expensive to complete a transaction quickly.

On another note, i don't see where these 300.000 transactions would come from. You might be overestimating Mt.Gox a bit...
newbie
Activity: 6
Merit: 0
February 17, 2014, 09:54:38 AM
What is a story behing this new btc withdraw queue?
I think they wont limit btc withdraw but introduce this new delay tactic. Horrible. When will nightmire end.

I don't know what the story is, but whenever bitcoin withdrawals on MtGox are open again (better to say: if ever), you will probably face the impacts of another technical problem of the bitcoin protocol much sooner as expected: the blocksize limit of 1MB. The protocol can't handle a flood of transactions right now. Even under normal conditions 500kb blocks have not been a rare case in the last months. When 1MB is reached even for a small period of time, transactions will pile up, miners/mining pools will have to restart the daemons every once in a while to clean up the memory pool, and valid transcations will get lost or not be processed. Transaction fees will eventually rise sharply. Furthermore, you won't be too happy when MtGox stops the service. Tranfers made between MtGox wallets don't go through the bitcoin network. A missing MtGox will result in much more real transactions and this will push the network nearer to the limit. I hope MtGox will be wise enough to make a withdrawal queue for bitcoin, wich carefully stacks up transcations and broadcasts them in a decent manner... but on the other hands, when have they ever been wise?

With a burst of 10's of thousands of transactions, bitcoin is fine.
Transactions queue up, they get into blocks, and reasonably quickly get cleared out so your 'poolsz' gets back down to manageable levels (i.e. manageable being transactions getting through next block or so, most of the time)

This problem won't show up until a large company starts using bitcoin ... e.g. something like amazon or google or ...
That's when bitcoin will die.

For me Bitcoin is not fine at all. The blocksize limit generaly has become a top priority problem in my eyes - regardless of an eventually upcoming TX flood caused by MtGox withdrawals. 10's of thousands? Where will you put them? The bitcoin network can currently handle 4200 TX per block at best.

Forum member rpietila estimates that currently about 300.000 users were desperately waiting to remove their coins from the volcano, and I agree with that guess. So at least 300.000 transactions have to be processed in a shot period of time (will probably be much more, because many will make a small test withdrawal before removing bigger amounts).

The last 1000 blocks had an average size of 201292 byte. So when the MtGox flood comes, you have an average free space for 3360 transactions per block. After the first hour of mass removal more than 250.000 transactions will pile up in the network, wich will become completly unreliable then. Nobody would be able to reliably make transcations anymore for days. As it becomes likely then, that transactions get lost, I would save my wallet before every tansaction, to be able to retransmit without using wallet surgery tools.


sr. member
Activity: 378
Merit: 250
February 17, 2014, 09:51:51 AM


anyone who wants to fund their acct in usd needs to go to moneypolo or okpay???

the direct transfer disappear from my acct

that s another goxing way to do business
donator
Activity: 1722
Merit: 1036
February 17, 2014, 09:32:08 AM
I made a crude back-of-the envelope calculation back last year suggesting that if Gox is actually under water, it's only a few million total (when their orderbook is tens of millions). So, the people shouting "GOX IS INSOLVENT", please back your claim up with some kind of evidence or reasoning.

About the recent BTC withdrawal issue, evidence would be easy to gather from the blockchain. If you're suggesting someone scammed huge amounts of BTC out of Gox.

The burden of proof is on Gox and them alone. They have the means to prove if the have the coins, nobody outside of them has any realistic means to disprove it.

Oh wait, perhaps they do... you have to dismiss all the circumstantial evidence by 10,000s of people who have not had their coins or anything from gox first..  Roll Eyes  And even then the burden of proof is on Gox.
newbie
Activity: 52
Merit: 0
February 17, 2014, 09:29:45 AM
fiat jpy withdrawal submitted on jan 27th just went through this afternoon.

thats 14 business days. 6 day increase from one on jan 6 that was 8 business days.


Fiat SEPA withdrawal submitted on jan 7th just went through this mornig.

Hi Pedro, may I ask you what was the amount that you withdrew?

Because so far , people confirmed withdrawal of small amounts ~100-300 EUR.

 
hero member
Activity: 540
Merit: 500
February 17, 2014, 09:27:50 AM

There was already a BTC withdrawal limit as well as Fiat withdrawal limit, nothing new there.

You are missing the point.

Quote from: gox
with new daily/
monthly limits in place

Another detail people seem to be missing here:

We will update everyone again by Thursday at the latest.

It might be a little soon to start the party...


We dont even know what the new limits are. If they are going to set the limit to 1 BTC per week I will also join the angry mob with pitchforks and fire.
The current BTC limit was 100 BTC per 24 hours and as many people are in panic mode currently I can imagine that MtGox wants to limit that somehow.
Maybe the new limit will be 10 BTC a day, maybe 10 BTC a month. Let's wait till Thursday and see
sr. member
Activity: 434
Merit: 250
February 17, 2014, 09:22:56 AM
I made a crude back-of-the envelope calculation back last year suggesting that if Gox is actually under water, it's only a few million total (when their orderbook is tens of millions). So, the people shouting "GOX IS INSOLVENT", please back your claim up with some kind of evidence or reasoning.

About the recent BTC withdrawal issue, evidence would be easy to gather from the blockchain. If you're suggesting someone scammed huge amounts of BTC out of Gox.

whether solvent or insolvent, for me is irrelevant. I'll never use Gox again,  while Mark K is at the helm.
hero member
Activity: 501
Merit: 500
February 17, 2014, 08:53:22 AM
I made a crude back-of-the envelope calculation back last year suggesting that if Gox is actually under water, it's only a few million total (when their orderbook is tens of millions). So, the people shouting "GOX IS INSOLVENT", please back your claim up with some kind of evidence or reasoning.

About the recent BTC withdrawal issue, evidence would be easy to gather from the blockchain. If you're suggesting someone scammed huge amounts of BTC out of Gox.
donator
Activity: 1722
Merit: 1036
February 17, 2014, 08:52:04 AM
Exactly.

The smell of a sockpuppet is strong here.
legendary
Activity: 3766
Merit: 5146
Note the unconventional cAPITALIZATION!
February 17, 2014, 08:47:38 AM

There was already a BTC withdrawal limit as well as Fiat withdrawal limit, nothing new there.

You are missing the point.

Quote from: gox
with new daily/
monthly limits in place

Another detail people seem to be missing here:

We will update everyone again by Thursday at the latest.

It might be a little soon to start the party...
newbie
Activity: 42
Merit: 0
February 17, 2014, 08:46:24 AM
People screaming good news !!! where do you see the good news ? no withdrawals yet, and when they allow them again you will have a limit, so FIAT withdrawals limits with huge delay and now BTC withdrawals limits !!!  is this good news for you ?

you, Mtgox customers, are all financially hostages, what if something really urgent happen to you or your family that you need to cash out your BTC/FIAT as soon as possible ? what if your life depends on that Bitcoin ?  

this is a totally new situation and not similar to the Fiat withdrawal limit, because before you could buy BTC at premium price and withdraw it, now you cant do anything about it, how this is acceptable for you ? are you just happy that gox didn't close down and run with you money ? what is the difference between that situation and this one ?

There was already a BTC withdrawal limit as well as Fiat withdrawal limit, nothing new there.
Thanks to all the haters of Gox I keep making money on arbitrage. Gox is good as long as you withdraw in EUR and have 6 weeks patience, can make good profits.
But I would not do business with them in USD.


Exactly.
hero member
Activity: 540
Merit: 500
February 17, 2014, 08:44:45 AM
People screaming good news !!! where do you see the good news ? no withdrawals yet, and when they allow them again you will have a limit, so FIAT withdrawals limits with huge delay and now BTC withdrawals limits !!!  is this good news for you ?

you, Mtgox customers, are all financially hostages, what if something really urgent happen to you or your family that you need to cash out your BTC/FIAT as soon as possible ? what if your life depends on that Bitcoin ?  

this is a totally new situation and not similar to the Fiat withdrawal limit, because before you could buy BTC at premium price and withdraw it, now you cant do anything about it, how this is acceptable for you ? are you just happy that gox didn't close down and run with you money ? what is the difference between that situation and this one ?

There was already a BTC withdrawal limit as well as Fiat withdrawal limit, nothing new there.
Thanks to all the haters of Gox I keep making money on arbitrage. Gox is good as long as you withdraw in EUR and have 6 weeks patience, can make good profits.
But I would not do business with them in USD.
newbie
Activity: 42
Merit: 0
February 17, 2014, 08:41:53 AM

Very bad news indeed ! withdraw your fiat while you can because they are preparing to seize a fraction of everyone coins !  Shocked

Source? Oh wait, the guessing game again? Nevermind  Roll Eyes
hero member
Activity: 540
Merit: 500
February 17, 2014, 08:41:14 AM
fiat jpy withdrawal submitted on jan 27th just went through this afternoon.

thats 14 business days. 6 day increase from one on jan 6 that was 8 business days.


Fiat SEPA withdrawal submitted on jan 7th just went through this mornig.

Awesome. My SEPA withdrawal is from 17 Jan, I was expecting to receive it at the end of this month and it looks like that will happen.
I will update here once I receive it.
newbie
Activity: 42
Merit: 0
February 17, 2014, 08:39:23 AM
People screaming good news !!! where do you see the good news ? no withdrawals yet, and when they allow them again you will have a limit, so FIAT withdrawals limits with huge delay and now BTC withdrawals limits !!!  is this good news for you ?

you, Mtgox customers, are all financially hostages, what if something really urgent happen to you or your family that you need to cash out your BTC/FIAT as soon as possible ? what if your life depends on that Bitcoin ? 

this is a totally new situation and not similar to the Fiat withdrawal limit, because before you could buy BTC at premium price and withdraw it, now you cant do anything about it, how this is acceptable for you ? are you just happy that gox didn't close down and run with you money ? what is the difference between that situation and this one ?

If your life depends on that bitcoin, then you know nothing about investment and risks, and you should avoid bitcoin once and for all. And all kinds of exchanges...
donator
Activity: 1722
Merit: 1036
February 17, 2014, 08:27:30 AM
Also what does this last part even mean: "and to take into account current market conditions"; are withholding your BTC because they don't think the price is right?? WTF?

I think the most important part of the statement is the the supposed guardian of the customers' bitcoins, Mt.Gox, has finally admitted that they run a fractional reserve. The market has confirmed that this is a good news. Perhaps because it is the first honest public statement I remember ever to have heard from them... Tongue
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