Topic: MtGox withdrawal delays [Gathering] - page 130. (Read 908720 times)

Umm. There is the blocksize limit in place, right? MtGox provably has very large amount of dust in their BTC balances, right? This limits their ability to pay everybody at exactly the same time (at least so that the transactions would be confirmed, because they cannot be all included in an exact same block due to their sheer number (300,000) compared to the blocksize (1MB)).

Since you appear knowledgeable on the subject, perhaps you can compute the reasonable estimate how long this would take, because surely it is not instant, but certainly it won't take weeks either.

'Bank MtGox' bailing out from its customers. Hilarious!

Hm...does this even make sense unless the limits are frequency limits (1 withdrawal per day or something) as opposed to total value limits.

How does sending 100BTC put any more stress on their system than sending 0.1BTC?

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?

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

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 ?

blochain.info is down right now

it s this related to mtgox anmoucement?

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

Can't see the good news here 

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.

Bitcoin distribution.


Mt.Gox claims to have a million customers, and I think 300,000 of them had nonzero balance in the latter part of January when the withdrawal by any means became impossible.

It is unlikely that many of the very smallest balances would have used Mt.Gox, but also unlikely that many of the very biggest would have had at least all of their coins there.

Judging from the characteristics of the distribution, I believe 5% of the Mt.Gox accounts (15,000 accounts) have larger than BTC10 balance in them, and that they collectively hold 90% of Mt.Gox BTC IOUs. Likely at least BTC1,000,000 is still held in Mt.Gox atm.

If they claim to not have 100% of the coins, that automatically classifies them as criminal, so as a corollary I must be wrong, and they must have the coins. Their "problem" to transfer them is not a function of number of BTC transferred, but the transaction size (which may be very large if parsed incorrectly) and the raw blocksize of the Bitcoin network. Essentially they can send a certain number of transactions per day, regardless big or small.

Once withdrawals are enabled, there is nothing, except Mt.Gox's insatiable desire to rape their largest customers once more, to prevent them from sending out 90% of the coins to 5% of the customers in the first 24 hours, essentially proving that they are solvent and pacifying the 95% of customers with the remaining 10% of coins. Any other solution is a further proof of insolvency resulting from and in criminal action, lying, cronyism etc usw.

Again with the speculation. Why can't you guys just wait for the official confirmation?

I'm just saying. I know MtGox isn't that speedy about the updates and providing information, but WHAT'S THE POINT OF THE GUESSING GAME?

I speculate it could be the largest of e.g. 10% of your balance or 10 BTC. This scheme would work reasonably well for everybody.

What would the new daily limit be?

If 10B per account ,that is obviously too high because most of the users have less than 10B.

1 B per account? That seems some big holders should wait for years to withdraw all of them....

WHEN resume withdrawales?!!!!!!!!!!!!!!!!!!!!!!!!!!
FUCK THE MTGOX UPDATE!
I NEED MY BTC!!!!!!!!!!!!!

How does a queuing work? is it the first come first served? or do they use other types or variables like amount to withdraw, bribes, etc?

Here's the full post.  If you read my previous posts you'll see that I had very little belief Gox would pull through.  I should point out that I feel much more optimistic knowing that Blockchain.info is somehow collaborating with them.  

https://bitcointalk.org/index.php?action=post;topic=179586.4480;num_replies=4488

Tokyo, Japan, February 17th, 2014

Dear MtGox Customers,

We apologize for the inconvenience caused by the recent suspension of external
bitcoin transfers. Fortunately, as we announced on Saturday we have now
implemented a solution that should enable withdrawals and mitigate any issues
caused by transaction malleability (please see our previous statements for
details on this issue).

Thanks to our friends at Blockchain.info, MtGox now has a workaround that will
use a unique identifier created by Blockchain to show whether transactions have
been modified or not. This will prevent any fraudulent use of the malleability
issue and protect the assets of our customers.

Resuming Withdrawals

With this new system in place, MtGox should be able to resume withdrawals
soon. At the beginning we will do so at a moderated pace and with new daily/
monthly limits in place to prevent any problems with the new system and to take
into account current market conditions.

In order to launch the new system, we are going through the following steps:"

-" Re-indexing the entire Blockchain (approx. 32 million entries)"
-" Fully deploying the new NTX ID"
-" Implementing a new bitcoin withdrawal queue that needs to be tested"

We will update everyone again by Thursday at the latest. "

Additionally, you may have noticed that we have added a new login system that
sends you an email when you successfully access your account. This is an
additional security layer, but as always we strongly encourage our customers to
use the 2-step authorization options available in our Security Center. "

Thank you again for your support, and we look forward to resume bitcoin
withdrawals as quickly as possible.

Best regards,

MtGox Team

Well, at least it seems less likely that Gox is leaving with our money. that's the good part. I am happy to see that I didn't loose everything.

Now, the bad news you mentioned is...  freaking annoying. I wonder how long will the queue take to clear up. also, this could give the first ones in line a huge advantage to be able to sell their cheap BTCs on other exchanges..

Wow, I'm so glad, after delays in withdrawing Fiat, caused by bank limit, we will have delays to withdraw BTC because MighTy Gox decided.
What good news ...

Europe here, we're already awake. It's almost lunch time!

thanks MTgox! i bought a lot of chip coins