Topic: MtGox withdrawal delays [Gathering] - page 205. (Read 908613 times)

I am not understanding why there is still huge price premium in Mtgox, if anyone can withdraw yen there for 2 or 3 weeks.

My guess is that if they admit it they wouldnt get any buisiness at all. By pretending theyre liquid but just unable to process withdrawals they can keep the illussion going on for a while longer by servicing EU and Japanese customers.

The verification with the utility bill and the drivers license its so bad its actually funny to anyone who hasnt money stuck there. With these practices anyone that thinks that this company is doing alright and just have bad customer service and problems to process wires to USD accounts is just not thinking objectively.

I actually felt the need to check the date on my utility bill which was sent as verification of my address.
22 October 2013. So... they left it one single day over the 3 months to reject me. Now, i'm not normally a conspiracy theorist, but had that document been checked yesterday, it would still be within the 3 month time frame. why they left it just one single day over the limit, is anyone's guess.
I run 3 business and 2 of them will be accepting bitcoin as a payment method - helping to boost the network, and bitcoins in general. I have a marketing plan ready to unleash in the UK and I registered with mtgox, as the interface looked simple, I seen the option to create website buttons which will autotrade to fiat for me, and of course the BTC rate is the best there is.
They know all this as I have relayed this information via support tickets, which have been responded to.
why oh why oh why, if they are under investigation (?cite?) and possibly not allowed to accept new customers (?unverified?) can't they just be honest. I'd much rather honesty than smoke and mirrors, which this seems to be. smoke and mirrors hiding the facts.
again, a complete shambles.

Mine was rejected twice.  Why?  Because my drivers license contains a P.O. box address in addition to a street address.

I would gladly have just not used Mt. Gox at all at that point, but I had already given them the sensitive information which I'm sure they keep kicking around even from rejections (and which will likely get stolen/sold at some point.)  I'd been resisting sending in these documents for years for that reason.  After the second rejection I flipped out and sent them a rather harsh note.  This induced them to see the error of their ways and they verified me.

Literally within hours of being verified I requested they send me all my USD via international wire.  That was back in August, and I've not gotten the money yet.

If they had just been honest and said that they cannot process international wires to US banks and will advise when they are able, it would have been perfectly acceptable to me and saved a lot of hard feelings.  Why they choose to and continue lie about this is and claim that they are close to a banking breakthrough is a mystery to me.  It simply does nobody any good.  I had had a lot of respect for their performance in their many struggles over the years.  Now I couldn't give a shit about what happens to Mark and his shit company and hope that he does get jacked by some combination of the Feds and Vessenes for the $10M.

ha!

MTGOX

what a joke...

I got an email this morning rejecting my verification, guess why...?

I'll let you all have ONE guess as to why my submitted utility bill is now more than 3 months old.

what a farce of a company. A complete shambles.

I am one of those that tried to use Gox last fall. However, I did so not because i was unaware of the problems with withdrawals. I had no intention of ever withdrawing any of my cash from Gox, the spread between Gox and others was not so large then and I simply wanted to buy Bitcoin and eventually withdraw my bitcoin to my own wallet.

I have bought bitcoin in many ways and I wanted Gox to be an option. I like options.

Fortunately, i only wired $3k to Gox as a test, and in hindsight I should have been even more conservative because I have never seen the deposit show up.

Gox did allow me to almost triple my Bitcoins in trades so the volume and movement was great. However, my account is fully withdrawn now as I have lost even trust in trading Bitcoin in Gox. I trade elsewhere and took my all Bitcoin with me.

Easy, people who are frustrated by inability to withdraw USD are forced to buy BTC for withdrawal. Thing is, this is a finite resource. Once exhausted, MtGox is dead.

Yes for retailer or manufacturer, it may be common practice. On the other hand, banks can lend clients' money to other clients and mutual and hedge funds are for discretionary, while broker and exchanges should not. Of course even banks need to keep their own capital to be compliant with BIS. Many bankrupt cases can be seen in investment fund business but exchange and brokerage are quite different. Many banks have brokerage and IB under their umbrella but accounts are segregated. Whichever it is BTC related or not, we should not deal with those companies. If it is common practice in BTC "exchanges", unfortunately there should be some regulations as financial institutions to protect market participants against original thought ironically.

It is Japanese law. See Section 2 of the Payment Services Act.

Customer funds are not company funds. Theyre requiered by law to be segregated.

Its possible MTgox with bitcoin is still operating in a grey zone but they are acting as a brokerage and they should keep segregated accounts.

For any other buisiness its also illegal to treat customer property as company property.

To illustrate that point imagine you leave your country to travel the world for a year and give your car to a storage company. That doesnt mean theyre allowed to sell the car if they run out of cash or use it as a company vehicle.

A brokerage who does that will go bankrupt, they can go on for a while covering up the theft but the longer withdrawals take and the more word gets out the more it spirals out of control.

Unless they recieve a cash injection and are going to clean house theyre going to go bankrupt.

Im not saying they have been stealing on purpose, they likely had segregated accounts until they had their accounts seized.  In theory they could rebuild by paying out any profits to waiting customers whos accounts were seized and working off the backlog but that doesnt seem to be the case here.

Btw we dont know if any of the BTC exchanges keep customers funds segregated. I suspect that actually none of them do.

Hey guys.

So what is the average waiting time for sepa withdrawal in eur now in mtgox? Thanks

still awaiting 3 withdraws from november 2013 ... and here is the standard support's answer :

Dear Valued Customer,
We apologize for the delay. As the transfers are processed manually, we are sorry that we are not able to provide the ETA for the withdrawal. We can cancel the withdrawal initiated and credit back the funds to your account. Please let us know if you wish to cancel the withdrawal.
We apologize for the delay and inconvenience that this may have caused.
Best regards,
MtGox Team




Mtgox sucks

I used to think the same thing, buy apparently dumb people are gonna be dumb. I know several newbie's that recently decided to get themselves some bitcoin through MtGox. Why? Simple. They don't care to do any research whatsoever, and MtGox is like a brand-name.

One of them lost his funds btw. Either his account got hacked into, or he was scammed by Gox. (He did not have 2FA.)

Edit: By the way, Gox told him to take it up with his local police, which is obviously a bad joke as we're situated in Europe.

Seized assets for sure.
Might be they also screwed up something, but there's no proof on that AFAIK.

Must? Do you mean you think that's Japanese law? It's common practice worldwide to delay payments and to spend customer's money when you run out of cash. Lots of companies do resort to exactly these measures to get though tough periods and most of them don't go bankrupt. I don't think it's illegal in most lines of businesses.

The problem with GOX is that they have been delaying payments for about a year now. They would not be burning their reputation in the way they are if they didn't have to. It looks like they have serious debts we don't know about. I don't understand how this can be as they should be strongly profitable.

So just me trying to use some common sense, can someone tell me, where does gox gets its money ?

Who is depositing cash on their site to buy bitcoin when there is a 100+usd premium compared with other xchanges?

I don't want to say that gox gonna die, but yeah gox gonna die.

That's what i'm hoping!
Let's me know when you guys will receive your money.

BTW i used to trade with MTGox because they always made JPY withdraw fast. But if they begin to delay them i'll leave it.

Good to hear, by that measure, mine should get done Friday or early next week, fingers and toes crossed

They must manage clients' asset apart from their capital principal. They could act as a market maker but they have to use their own capital. If not they can easily go running out of cash in the current situation. They are not a bank so they must not lend BTC to someone else and must not use for their own.

currently no time frame for this just going some fast in Japani yen and USA $ is holding for nearly 2 months