Topic: MtGox withdrawal delays [Gathering] - page 209. (Read 908727 times)

This is well known.  Here are some quotes for you, heavily trimmed to remove noise in between.  Most nicks redacted:
Many people have claimed to be on their way to the courts in this thread since August at least.  Everything from small claims court to class action suits.  One of them even claimed to be a lawyer.  Anyone care to comment on how it went?  I haven't heard of any success yet.

Tell that to the US government.  From the discussions it seems both USD transfers and services to US customers are sanctioned in various ways.

What?  Tell me how you jumped to that conclusion!  They are funding other withdrawal requests.  Why would MtGox have any interest in delaying USD withdrawals specifically?

Please read again.  You managed to get two of my claims wrong in your last sentence.  The rest of your text is based on misunderstandings as well.

You should take a reading comprehension course.  If I transfer my native currency (NOK) from MtGox, I save the expense of a currency conversion from USD to NOK.  Please tell me which bank you use that pay their customers for having to do a currency conversion, as this is the only way it could be cheaper.

Most people everywhere in the world use their own local currency.  Important is not the same as most used.  USD won't buy you anything around here.  Not a bread, not petrol, not a house, not your electric bills or your taxes either.  You would have to go to a bank and pay a fee to exchange it for the local currency if you want to buy anything or pay your bills.  I assume this is what most customers want their money for.  I can't even fund my PayPal account with USD without a conversion to my local currency first, and then PayPal will convert the money back to USD at PayPal at a 3.5% fee.

Yes, they are.  USD transfers are international wire transfers which are quite expensive to send and receive in most banks.  EUR transfers (SEPA) are free or much cheaper in all of the Single Euro Payment Area.

I won't care to comment on the crazy speculation you call facts.  It only goes to show you don't know the difference between fact and fantasy.

$1k USD withdrawal initiated on 12-1-13 (to a US checking account). Has not arrived.

What kind of simple fact simple fact that this company isnt processing withdrawals to USD customers do you not understand?

 USD withdrawals should be handled like any other currency. There is a thing called foreign exchange deposit account where a company should keep its customer deposits. Theyre clearly just not able to pay because they dont have to the funds to cover withdrawal requests. USD customers have the right like any other customer to recieve withdrawals. USD customers at MTgox certainly arent a fringe minority as you claim ( 5% lol ) . They most certainly are the biggest group single currency out of all beeing traded at all non Chinese exchanges. Also USD is not any more expensive to exchange then any other currency, youre just making shit up.  In what world do you live in that you claim most people dont use usd? In the global buisiness world USD is the most important currency. USD transfers are not any more expensive then youre precious euro or any other currency you can think of. USD will have the best exchange rate spread anywhere because everyone has it and everyone has use for it.

What about MTGox is transperant in your book? The only thing thats transperant is they dont have enough funds to cover withdrawal delays in a reasonable amount of time. The time people are waiting for their withdrawals is a surefire sign they rely on new deposits to pay old debts and they have a huge backlog of withdrawals and things arent going to get better from now on unless someone buys them out and honors all outstanding withdrawal request. The fact that the companys owners are known doesnt change that simple fact.

don't worry you need 9 months more this withdraw because they are taking almost 1 year for each withdraw and you have only 3 months

Hey sturle. If nobody cares about SWIFT (again, this is NOT just USD), then how come the Bitcoin volume on MtGox has been deteriorating so much relatively to other exchanges (who have non-0 fees) who do handle SWIFT transfers? You think this is a coincidence?

What is the reason for the trend of falling and falling market share of MtGox?

What is the "reality of the real situation", do you think?  Do you think I am wrong anywhere?  Whenever I prove you wrong, you just change the subject and go on like you were right.  Btw, you didn't answer why you think MtGox is so immensely more popular in the USSA than elsewhere in the world.

MtGox is among the most transparent and open exchanges in the world.  Much more open and transparent than the largest competitors.  Where is BTC-E located?  Who owns it?  Ditto for Bitstamp, etc.  I haven't claimed MtGox to be on top of the list for a long time.  BTC China took that position back in November last year, and I even pointed it out in this thread back then.

Most of their customers don't care about USD withdrawals.  I assume you care, but you are a minority.  Sorry.  Instead of exploiting the situation for profit, you keep being wrong in this thread instead.  That's your choice, I guess.

If you think USD withdrawal is the most important feature of an exchange, you are wrong.  I can trade with ease and withdraw my profit as BTC or EUR.  Both are fine with me.  I wouldn't have any use for USD withdrawal.  I am like 95% of the population of the world.  I don't use USD to pay any of my daily expenses.  USD transfers are more expensive and involve a currency exchange every time.  USD withdrawal is like the cigarette lighter of your car.  Even  smokers don't use it very often for the originally intended purpose.  Some very few people can't do without the cigarette lighter, and you may be one of them.  The vast majority couldn't care less, as long as there is some compatible 12V outlet.

1000$ withdrawed 12.10.2013. Money still not arrived.

Withdrawal delays are a sign the company does not keep segregated accounts of customer deposits. I have a wealth of experience with that kind of stuff from online gambling sites.

I have seen the same pattern over and over with registered and rubberstamp licensed companys. When withdrawal delays become unreasonable long and endemic its a clear sign that the company is short on funds and has spent customer deposits.

In every case that Iam aware off all the companys have eventually closed down and customers left stranded with no way to recover anything. Once a company goes down that route they rely on new deposits to pay out old debts. Its a vicious cycle that wont end well.

I just find it humorous that your ineptitude to come to reality on the real situation at GOX and its USD withdrawal failures to meet customer demands is funny.

Your kool-aid, if you haven't already figured it out (please keep up) is your bias to think that MTGOX is in fact operating a completely transparent and open exchange and that the amount of volume of BTC traded there is still at the top of the list when this has obviously changed.

Who cares if they have all these nice whistles and bells if one of the main things wrong with the exchange is its USD withdrawals. That's like saying:

"Look at this super duper hott car with all of the features most other cars don't have, but it doesn't drive and allow the owner to actual benefit from the purpose of the car, i.e. get places."

Mtgox has lost a ton of market share in BTC traded in the last 6 months. This trend will continue.

Did you ask them to ask their bank to trace the payment?  It is stuck somewhere in the bank system.

Yep, it has been sent to the bank and processed there.  The money are probably out of MtGox's account.

Yes, and I don't know anyone who would know this better.

What reason would he have to lie about this?  There are no more credible sources for this information.  Only 4.45% of the world population are USSAnians.  19.1% are Chinese.  Why do you think MtGox is much more popular with USSAnians than people of other nationalities?  Are the US exchanges worse than MtGox?  I have wondered about the same thing, but you seen so certain that MtGox are even more popular in the USSA than they claim to be.

I don't know what you have been drinking, but I'm sure you are taking too much of it.  See your shrink again.

Depth on ONE currency means nothing when the TOTAL AMOUNT OF BTC VOLUME traded in ALL CURRENCIES is what matters. See here:

http://bitcoinity.org/markets/list?currency=ALL&span=7d

I guess we now know who the moron is eh? lol  

Simple put:

TOTAL BTC VOLUME TRADED > USD DEPTH ON MTGOX.

Anybody make a SWIFT withdrawal to the USA paying the extra 5% recently? What kind of delay?

I made a couple back in Octoberish that went through pretty quick, but I have a sneaking suspicion that the 5% option even has become somewhat saturated.

Considering it's in Euro, my first guess would be that Mt. Gox seems to thing they have some reason to believe that they guy is a criminal and decided to lock up his funds.  If so, he's not likely going to do anything more than carp about it anonymously on troll-talk.  If he does figure out how to leverage them, they can just say 'oops, our bad.'  I mean it's not like sitting on customer's funds for half a year is especially unusual business practices for them.  Ask me how I know.

This is unusual. Normally withdrawals languish for weeks and months as "confirmed" which means nothing more than you successfully clicked on the "ok" button to start the process. Hence they can be reversed.
"Pending" means they have attempted sending instructions to their bank. Looks like it has got lost and they can't be bothered investigating why.

spreading FUD and talking of "EMPTYGox" while Mt.Gox market depth is way bigger than bitstamp and BTC-E combined is a very clear sign that somebody is denying some very basic facts and therefore a pretty big moron.

gox has been through some serious shit but never took the hat and run off like many many others. the guys behind gox are not hiding in the dark, they face the problems and try to solve them. granted, they are not doing a very good job so far and communication suxx but how do you solve problems that are out of your reach?

LOL yes I'm a moron because I choose not to use EMPTYGox.

So if I use bitstamp or other exchanges aside from BTC-e I am a moron?

Glad we cleared that up. 

LOL so your source is Mark K?

Very credible place to rely on information. At this point you are just drinking kool-aid if you don't have any hard facts other than what he said.

Just as I said, just because someone says something, doesn't make it true.

Keep drinking the Kool-aid...before it is MT(EMPTY)GOX.  

thx for setting it straight again. in this thread you have 99 morons for every sane person. let those kids fight their sand box wars against mt.gox. they don't know what they are talking about. anybody who trusts BTC-E has left any sanity far, far behind.

This is from November, before China sent the BTC price through the roof:
I assume MtGox have got more customers since then, and my educated guess is that the decline in number of new customers from the USSA has continued.  (I admit this is a guess, and am willing to concede to "more than 80%" if you can think of a good reason why the share of new users from the USSA would rise faster than 15%.)  The Chinese are probably not able to do foreign fiat transfers.  It doesn't seem to bother them.

Because USD is the most liquid currency on the exchange for historic reasons.  In the beginning it was the only supported currency.  When you trade large volumes in other currencies, the spread quickly get very high due to the 2.5% distance between orders placed in the native currency vs other currencies.  Convincing everyone to switch to another most liquid currency is not done overnight, and which of the 17 (I think) currencies would it be?  Most people will deposit their local currency or USD or EUR depending on their bank fees, and withdraw their local currency to avoid an extra currency conversion fee imposed by their bank.