MtGox withdrawal delays [Gathering] - page 165.

pedro82

member

Activity: 91

Merit: 10

Quote from: newguy05 on February 08, 2014, 08:31:14 PM

No single person, event or company have caused more harm to the reputation, price, and perception of bitcoin than mtgox.

They were the first to market, but has been nothing but incompetent and dishonest since day 1.

I cannot wait until this shady outfit is shutdown and the book is closed on this shameful chapter in bitcoin history.

The problem for BTC is that Gox is just another one, among many others... Can't guess the future, but i won’t be surprised if gox drawn btc with them in a couple of months.

newguy05

hero member

Activity: 1316

Merit: 503

Someone is sitting in the shade today...

No single person, event or company have caused more harm to the reputation, price, and perception of bitcoin than mtgox.

They were the first to market, but has been nothing but incompetent and dishonest since day 1.

I cannot wait until this shady outfit is shutdown and the book is closed on this shameful chapter in bitcoin history.

smoothie

legendary

Activity: 2492

Merit: 1473

LEALANA Bitcoin Grim Reaper

Quote from: User705 on February 08, 2014, 08:15:23 PM

Quote from: smoothie on February 08, 2014, 07:33:32 PM

It seems Mr. Sturle can't see things in an unbias manner as he likely has a vested interest in MTGOX surviving.

Me on the other hand could care less if MTGOX goes belly up. I have nothing to lose if they go under.

Hence my unbias opinion of what is going on.

Whether or not my opinion is misconstrued as being biased by someone (*cough* Sturle) is irrelevant.

I'm simply calling things how I see it.

If MTGOX was solvent, then Mark would be publicly proclaiming from the roof tops of the Bitcoin world their solvency as well as proof via a simple bitcoin transfer to a new address to prove they have all the funds (ok ok or multiple transfers assuming they keep their BTC in separate wallets). Seems to be a pretty trivial matter to prove solvency, yet MTGOX has chosen not to prove this publicly.

Therefor I call it as I see it, MTGOX is insolvent.

Why bother proving solvency if they are busy buying up XBT at a discount.

My point was that if they were blameless in the situation they would do exactly as I stated above.

User705

legendary

Activity: 896

Merit: 1006

First 100% Liquid Stablecoin Backed by Gold

Quote from: smoothie on February 08, 2014, 07:33:32 PM

It seems Mr. Sturle can't see things in an unbias manner as he likely has a vested interest in MTGOX surviving.

Me on the other hand could care less if MTGOX goes belly up. I have nothing to lose if they go under.

Hence my unbias opinion of what is going on.

Whether or not my opinion is misconstrued as being biased by someone (*cough* Sturle) is irrelevant.

I'm simply calling things how I see it.

If MTGOX was solvent, then Mark would be publicly proclaiming from the roof tops of the Bitcoin world their solvency as well as proof via a simple bitcoin transfer to a new address to prove they have all the funds (ok ok or multiple transfers assuming they keep their BTC in separate wallets). Seems to be a pretty trivial matter to prove solvency, yet MTGOX has chosen not to prove this publicly.

Therefor I call it as I see it, MTGOX is insolvent.

Why bother proving solvency if they are busy buying up XBT at a discount.

Blazed

legendary

Activity: 2128

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Quote from: pedro82 on February 08, 2014, 08:07:41 PM

Quote from: smoothie on February 08, 2014, 07:33:32 PM

Therefor I call it as I see it, MTGOX is insolvent.

Why do you say that ? they are doing well ...with a totally inefficient platform, they were still the third bigger in volume today , according to : http://bitcoincharts.com/markets/ Huh

All the red on that page hurts my eyes... If you are crazy enough to keep coins and fiat on MTGOX after the last 6 months...how does this shock you???

pedro82

member

Activity: 91

Merit: 10

Quote from: smoothie on February 08, 2014, 07:33:32 PM

Therefor I call it as I see it, MTGOX is insolvent.

Why do you say that ? they are doing well ...with a totally inefficient platform, they were still the third bigger in volume today , according to : http://bitcoincharts.com/markets/ Huh

smoothie

legendary

Activity: 2492

Merit: 1473

LEALANA Bitcoin Grim Reaper

It seems Mr. Sturle can't see things in an unbias manner as he likely has a vested interest in MTGOX surviving.

Me on the other hand could care less if MTGOX goes belly up. I have nothing to lose if they go under.

Hence my unbias opinion of what is going on.

Whether or not my opinion is misconstrued as being biased by someone (*cough* Sturle) is irrelevant.

I'm simply calling things how I see it.

If MTGOX was solvent, then Mark would be publicly proclaiming from the roof tops of the Bitcoin world their solvency as well as proof via a simple bitcoin transfer to a new address to prove they have all the funds (ok ok or multiple transfers assuming they keep their BTC in separate wallets). Seems to be a pretty trivial matter to prove solvency, yet MTGOX has chosen not to prove this publicly.

Therefor I call it as I see it, MTGOX is insolvent.

smoothie

legendary

Activity: 2492

Merit: 1473

LEALANA Bitcoin Grim Reaper

Quote from: sturle on February 08, 2014, 07:42:14 AM

Quote from: smoothie on February 07, 2014, 06:55:34 PM

Quote from: sturle on February 07, 2014, 06:46:30 PM

Quote from: fonzie on February 07, 2014, 04:08:28 PM

FBI seized most of the coins/money....

In that case it is on public record, and should be easy to prove. So, do you have proof, or are you just another manipulator or useful idiot?

I guess your claims the other day that you couldn't prove makes you an idiot as well? Or just a shill?

Hi manipulator. Where is your apology signed by your mother?

You miss completely, btw. Read here for my definition of an useful idiot.

Aww sticks and stones. Thanks for the name "Manipulator". I'll take that as a compliment as it is probably a much bigger position than myself to be a real manipulator.

You mad bro? Tongue

itsunderstood

sr. member

Activity: 364

Merit: 250

American1973

Quote from: donk4u on February 08, 2014, 06:09:04 PM

Quote from: Mythul on February 08, 2014, 05:42:03 PM

monday is going to be one hell of a day.

They will announce that they are working feverishly to fix the withdrawl bug for the next month before another excuse. They will probably be proven to be broke in another six months or so.

[^^^ believes not, in magicks.]

donk4u

legendary

Activity: 889

Merit: 1000

Quote from: Mythul on February 08, 2014, 05:42:03 PM

monday is going to be one hell of a day.

They will announce that they are working feverishly to fix the withdrawl bug for the next month before another excuse. They will probably be proven to be broke in another six months or so.

Mythul

sr. member

Activity: 644

Merit: 250

monday is going to be one hell of a day.

rpietila

donator

Activity: 1722

Merit: 1036

If you think that fat chance they will open anything on Monday, there are willing buyers for your coins here.

rpietila

donator

Activity: 1722

Merit: 1036

Quote from: ?? on ??

What's the confidence level they will resume withdrawals?

goxUSD has been valued about 0.87 when BTC withdrawals were working and fiat did not (15% premium in goxBTC price).
Now goxBTC is 0.95 compared to goxUSD and no withdrawals are working.

So, logically goxBTC should be trading at 0.87*0.95=0.83, which it indeed is (made trades at that price today).

So the probability that they resume withdrawals is much greater than 83%, because there is also the scenario that despite resuming, no realistic improvement has happened and essentially you cannot get everything out if you wished. And the scenario that it takes long before it works.

TooDumbForBitcoin

legendary

Activity: 1638

Merit: 1001

Quote

Anyone has information about the legal actions that can be taken against Gox for this inconvenience?

https://bitcointalksearch.org/topic/m.4984192

sturle

legendary

Activity: 1437

Merit: 1002

https://bitmynt.no

Quote from: dafqok on February 08, 2014, 01:31:01 PM

I'm not trying to erode your confidence, hence your reasoning. But being _clear_ on the status of SEPA withdrawals sounds different to me than the answer to my inquiry of status and backlog I've received today:
Unfortunately we do not having this information at this moment and we would be able to provide a clear picture soon. Once again we apologize for the delay.

It is Saturday. The accounting people are not there. Support don't have direct access to this information. They ask their manager who ask the manager of the accounting team, like in most other companies with more than a few employees. I've tried to ask Marion (manager of support) a few times last week on IRC, but my questions probably drowned in BTC withdrawal noise. The fact that Japanese business hours coincide exactly with my sleeping hours doesn't help either. She must ask accounting or Mark himself about this, and can't whey they are busy or after they went home. The 20-day rule can complicate this even more, making it difficult even for accounting to give an exact date.

dafqok

newbie

Activity: 30

Merit: 0

Quote from: sturle on February 07, 2014, 06:43:39 PM

Quote from: dafqok on February 07, 2014, 04:06:25 PM

Quote from: trdiablo on February 07, 2014, 03:40:25 PM

I have a 5 figure amount SEPA withdrawal pending since 17 January and will let you all know when I receive that money.
They are probably processing SEPA withdrawal of the first weeks of January now so I am expecting to have to wait 3 more weeks.

I'm in the same boat with a transaction confirmed on the 20th, similar amount. If they'd stick to their claim, processing is due on the Tuesday. If not, scam spilled over to SEPA. Where do EUR funds reside? Poland afair?

MtGox are very open about their SEPA delays and the reason for the delays. Last time I heard they were processing SEPA withdrawals from January 1st. If people have been as busy withdrawing via SEPA as via domestic JPY during the new year holidays, it will take about four days to process each day of SEPA withdrawals due to the daily limit (which has been confirmed by their bank). We may not be further than to the 3rd at the end of next week. I am hoping for better progress than that, of course. I have one confirmed since January 4th myself.

I'm not trying to erode your confidence, hence your reasoning. But being _clear_ on the status of SEPA withdrawals sounds different to me than the answer to my inquiry of status and backlog I've received today:
Unfortunately we do not having this information at this moment and we would be able to provide a clear picture soon. Once again we apologize for the delay.

jack0m

legendary

Activity: 3738

Merit: 2027

Quote from: Bitnicity on February 08, 2014, 01:00:03 PM

Quote from: jack0m on February 08, 2014, 12:53:40 PM

Quote from: ImI on February 08, 2014, 12:26:43 PM

Quote from: jack0m on February 08, 2014, 12:24:06 PM

Quote

Dear MtGox Customers,

In our efforts to resolve the issue being encountered by various bitcoin withdrawals, it was determined that the increase in the flow of withdrawal requests has hindered our efforts on a technical level. To understand the issue thoroughly, the system needs to be in a static state.

In order for our team to resolve the withdrawal issue it is necessary for a temporarily pause on all withdrawal requests to obtain a clear technical view of the current processes.

We apologize for the sudden short notice. All bitcoin withdrawal requests will be on pause, and the withdrawals in the system will be returned to your MtGox wallet and can be reinitiated once the issue is resolved. The trading platform will perform as usual for the needs of our customers.   

Is it just me who noticed a certain inconsistency between the bolded statements?

Trading engine and Wallet angine are two seperated systems. So its not very surprising that one keeps running while the other is stopped.

I see, but my point is that any trade implies moving btc between different addresses, so the resulting system is far from static

no, you don't need to physically move btc between addresses when trading, it's just pure booking matter, what matter is to determine the btc number in each user's account, when deposit or withdrawal happen, just make appropriate adjustment; you don't even need "address" for each user when you keep you coins in an exchange.

well, I'm not willing to dig into the details of their architecture. So we must assume they also have separate systems for deposit and withdrawal. And the latter is the only one affected by the issue Sad

Bitnicity

newbie

Activity: 56

Merit: 0

Quote from: jack0m on February 08, 2014, 12:53:40 PM

Quote from: ImI on February 08, 2014, 12:26:43 PM

Quote from: jack0m on February 08, 2014, 12:24:06 PM

Quote

Dear MtGox Customers,

In our efforts to resolve the issue being encountered by various bitcoin withdrawals, it was determined that the increase in the flow of withdrawal requests has hindered our efforts on a technical level. To understand the issue thoroughly, the system needs to be in a static state.

In order for our team to resolve the withdrawal issue it is necessary for a temporarily pause on all withdrawal requests to obtain a clear technical view of the current processes.

We apologize for the sudden short notice. All bitcoin withdrawal requests will be on pause, and the withdrawals in the system will be returned to your MtGox wallet and can be reinitiated once the issue is resolved. The trading platform will perform as usual for the needs of our customers.   

Is it just me who noticed a certain inconsistency between the bolded statements?

Trading engine and Wallet angine are two seperated systems. So its not very surprising that one keeps running while the other is stopped.

I see, but my point is that any trade implies moving btc between different addresses, so the resulting system is far from static

no, you don't need to physically move btc between addresses when trading, it's just pure booking matter, what matter is to determine the btc number in each user's account, when deposit or withdrawal happen, just make appropriate adjustment; you don't even need "address" for each user when you keep you coins in an exchange.

ImI

legendary

Activity: 1946

Merit: 1019

Quote from: jack0m on February 08, 2014, 12:53:40 PM

Quote from: ImI on February 08, 2014, 12:26:43 PM

Quote from: jack0m on February 08, 2014, 12:24:06 PM

Quote

Dear MtGox Customers,

In our efforts to resolve the issue being encountered by various bitcoin withdrawals, it was determined that the increase in the flow of withdrawal requests has hindered our efforts on a technical level. To understand the issue thoroughly, the system needs to be in a static state.

In order for our team to resolve the withdrawal issue it is necessary for a temporarily pause on all withdrawal requests to obtain a clear technical view of the current processes.

We apologize for the sudden short notice. All bitcoin withdrawal requests will be on pause, and the withdrawals in the system will be returned to your MtGox wallet and can be reinitiated once the issue is resolved. The trading platform will perform as usual for the needs of our customers.   

Is it just me who noticed a certain inconsistency between the bolded statements?

Trading engine and Wallet angine are two seperated systems. So its not very surprising that one keeps running while the other is stopped.

I see, but my point is that any trade implies moving btc between different addresses, so the resulting system is far from static

i dont think that any trade implies that btc are being moved between different addresses. its possible to have several addresses that for instance hold 1 BTC and to just declare different ownership of this particular address. so no coins moving just a database that keeps track.

jack0m

legendary

Activity: 3738

Merit: 2027

Quote from: ImI on February 08, 2014, 12:26:43 PM

Quote from: jack0m on February 08, 2014, 12:24:06 PM

Quote

Dear MtGox Customers,

In our efforts to resolve the issue being encountered by various bitcoin withdrawals, it was determined that the increase in the flow of withdrawal requests has hindered our efforts on a technical level. To understand the issue thoroughly, the system needs to be in a static state.

In order for our team to resolve the withdrawal issue it is necessary for a temporarily pause on all withdrawal requests to obtain a clear technical view of the current processes.

We apologize for the sudden short notice. All bitcoin withdrawal requests will be on pause, and the withdrawals in the system will be returned to your MtGox wallet and can be reinitiated once the issue is resolved. The trading platform will perform as usual for the needs of our customers.   

Is it just me who noticed a certain inconsistency between the bolded statements?

Trading engine and Wallet angine are two seperated systems. So its not very surprising that one keeps running while the other is stopped.

I see, but my point is that any trade implies moving btc between different addresses, so the resulting system is far from static

Topic: MtGox withdrawal delays [Gathering] - page 165. (Read 908613 times)