Topic: MtGox withdrawal delays [Gathering] - page 199. (Read 908613 times)
DO NOT FEED THE TROLL
I managed more than 18% on my last round of arbitrage, all fees included. I wonder if I'll be able to get 25% on the next.
I think he just confessed to having insider access to withdrawals. The people who did that with Madoff ended up being subject to "clawbacks" after the bankruptcy. 
Guys, do I have to contact Gox to double spend my missed withdrawal or they'll do it on their own?
I managed more than 18% on my last round of arbitrage, all fees included. I wonder if I'll be able to get 25% on the next.
I think he just confessed to having insider access to withdrawals. The people who did that with Madoff ended up being subject to "clawbacks" after the bankruptcy. If he has had any communications with Mark I hope they took extreme care to ensure that they were private or very well thought out. Even then both parties need to hope the other doesn't squeal when the chips are down.
Depending on how future enforcement actions progress, ya, there could be some clawbacks in his future. When one's wealth is a result of others being defrauded it is hard (but not impossible) to achieve perfect innocence. Working directly with the primary party in the fraud wouldn't help.
I managed more than 18% on my last round of arbitrage, all fees included. I wonder if I'll be able to get 25% on the next.
I think he just confessed to having insider access to withdrawals. The people who did that with Madoff ended up being subject to "clawbacks" after the bankruptcy. So orders in USD etc will not show in EUR order book? To get an accurate picture of market depth all order books apart from USD are useless?
correct.
it's all interlinked via the largest orderbook (USD). when you put in an order for 700 EUR, it will show up in the USD order book as 700*EURUSD*1.025
for any non USD trade you probably pay the 2.5 % cross currency trading fee, unless you just happen to match an order from the current currency.
the mtgox faq entry explains the basics, the details are in the forums here (somewhat buried probably, as this has often been discussed in the past)
for any non USD trade you probably pay the 2.5 % cross currency trading fee, unless you just happen to match an order from the current currency.
the mtgox faq entry explains the basics, the details are in the forums here (somewhat buried probably, as this has often been discussed in the past)
just withdrew 6.1btc in 3 transactions, took less than one hour for each.
I guess he is saying that people deposit with usd and try to withdraw in JPY.
That is what's happening, but when you sell BTC for JPY on gox, you sell to some-one else who did deposit JPY, so mtgox should still never have to pay out more JPY than has been deposited. Since (they say) they do, they have clearly converted some of that JPY to other currencies for their own nefarious purposes, which as mentioned, exposes our money to forex risk.
incorrect. the other party could be using USD, EUR or any other currency supported on gox. all order books are interlinked (with the 2.5% premium applied internally).
The Sunday coins I am still waiting for but (I have heard this could take days), the coins I did this morning were fine and took about 2-5 seconds to reach my wallet
A mess for sure but I am more relaxed now than I was on Sunday
Ok, thanks for the heads up! Appreciated!
I'm still reluctant to try another withdrawal though. Let's just wait until the dust has settled and then we'll see what to do next...
just withdrew some more coins with no problem at all.
That's good to hear. But when did you do your withdrawal? Today? Sunday? When?
And how long did it take in total?
I did a 10 BTC withdrawal more than 24 hours ago, and I don't think I'm gonna see my cash any time soon. (Ever?)
Needless to say I'm "a little bit" concerned...
The Sunday coins I am still waiting for but (I have heard this could take days), the coins I did this morning were fine and took about 2-5 seconds to reach my wallet
A mess for sure but I am more relaxed now than I was on Sunday
I guess he is saying that people deposit with usd and try to withdraw in JPY. If thats not what he said then he just confirmed what everyone except sturtle knows to be true.
Just FYI I decided to with draw in 0.2 increments!
It is nice to know I should make several thousand transfers @Gox next time for the withdraw process to work for me.
gox has supported multi currency trading since 2011, and it has been in the FAQ all the time:
https://support.mtgox.com/entries/20800336-Multi-Currency-Trading
it works automatically for any non USD trades, though it involves a 2.5% premium (to cover their conversion fees probably).
https://support.mtgox.com/entries/20800336-Multi-Currency-Trading
it works automatically for any non USD trades, though it involves a 2.5% premium (to cover their conversion fees probably).
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AFAIK, this is not true. All fiat is traded in the same "pile", although users do not see this.
How do you know that? They have different order books.But even if true it wouldn't make Mtgox look any better:
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it is not only unethical but also suffering forex exposure using clients' money.
All fiat is traded in the same "pile", although users do not see this.
You should be right. If they actually do such currency conversion, it is not only unethical but also suffering forex exposure using clients' money.
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07:19 <@MagicalTux> jpy withdrawal delays come from the fact there are more withdrawals than deposit, so we need to convert usd/etc to jpy, then send it to our japanese bank, which takes time and has limits much stricter than other transfer methods
How is that possible? You can only sell Bitcoins for JPY to people who deposited JPY.That means that Mark uses the customers JPY funds to pay for business or personal expenses. Great job!
AFAIK, this is not true. All fiat is traded in the same "pile", although users do not see this.
just withdrew some more coins with no problem at all.
That's good to hear. But when did you do your withdrawal? Today? Sunday? When?
And how long did it take in total?
I did a 10 BTC withdrawal more than 24 hours ago, and I don't think I'm gonna see my cash any time soon. (Ever?)
Needless to say I'm "a little bit" concerned...
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07:19 <@MagicalTux> jpy withdrawal delays come from the fact there are more withdrawals than deposit, so we need to convert usd/etc to jpy, then send it to our japanese bank, which takes time and has limits much stricter than other transfer methods
How is that possible? You can only sell Bitcoins for JPY to people who deposited JPY.That means that Mark uses the customers JPY funds to pay for business or personal expenses. Great job!
btw where's Sturle to calm everybody down?
rofl.Still, it's not like you couldn't see it coming... this agony has been very very slow, almost 1 year ongoing, slowly building up with more and more "malfunctions"... any remotely wise man would have walked away at the first sign of trouble, so people who have been still using mtgox during the last year are either total fools or total noobs.
And being a noob isn't an excuse: they could have tried to do some research first: everything has a price.
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