MtGox withdrawal delays [Gathering] - page 228.

DaRude

legendary

Activity: 2833

Merit: 1851

In order to dump coins one must have coins

Can't be SEPA 6 month is way too long!

Quote from: db on November 15, 2013, 06:53:53 PM

Got it all now. Some of it over six months late.

2013-04-12: 1000 EUR, arrived 2013-05-21 (39 days)
2013-04-15: 1000 EUR, arrived 2013-05-24 (39 days)
2013-04-17: 1000 EUR, arrived 2013-06-04 (48 days)
2013-04-18: 1000 EUR, arrived 2013-06-13 (56 days)
2013-04-19: 1000 EUR, arrived 2013-07-22 (94 days)
2013-04-22: 1000 EUR, arrived 2013-07-30 (99 days)
2013-04-23: 1000 EUR, arrived 2013-08-12 (111 days)
2013-04-24: 1000 EUR, arrived 2013-09-02 (131 days)
2013-04-25: 1000 EUR, arrived 2013-11-05 (194 days)
2013-04-28: 1000 EUR, arrived 2013-11-05 (191 days)
2013-05-23: 7000 EUR, arrived 2013-06-07 (15 days)

FundsMoney

sr. member

Activity: 363

Merit: 250

BTC will change the world

Got a withdrawal yesterday.
It took 9 days to complete.
The amount was 350eur and it took ~4 eur as a fee , I don't know if my bank did that or mtgox.

Whatever, 9 days is reasonable. I made some other EUR withdrawals, all under 400. Waiting and will update here.

naur

newbie

Activity: 35

Merit: 0

Quote from: db on November 15, 2013, 06:53:53 PM

Got it all now. Some of it over six months late.

2013-04-12: 1000 EUR, arrived 2013-05-21 (39 days)
2013-04-15: 1000 EUR, arrived 2013-05-24 (39 days)
2013-04-17: 1000 EUR, arrived 2013-06-04 (48 days)
2013-04-18: 1000 EUR, arrived 2013-06-13 (56 days)
2013-04-19: 1000 EUR, arrived 2013-07-22 (94 days)
2013-04-22: 1000 EUR, arrived 2013-07-30 (99 days)
2013-04-23: 1000 EUR, arrived 2013-08-12 (111 days)
2013-04-24: 1000 EUR, arrived 2013-09-02 (131 days)
2013-04-25: 1000 EUR, arrived 2013-11-05 (194 days)
2013-04-28: 1000 EUR, arrived 2013-11-05 (191 days)
2013-05-23: 7000 EUR, arrived 2013-06-07 (15 days)

you withdrawed fund early and have good luck. many guys still are waiting waiting waiting......

db

sr. member

Activity: 279

Merit: 261

Got it all now. Some of it over six months late.

2013-04-12: 1000 EUR, arrived 2013-05-21 (39 days)
2013-04-15: 1000 EUR, arrived 2013-05-24 (39 days)
2013-04-17: 1000 EUR, arrived 2013-06-04 (48 days)
2013-04-18: 1000 EUR, arrived 2013-06-13 (56 days)
2013-04-19: 1000 EUR, arrived 2013-07-22 (94 days)
2013-04-22: 1000 EUR, arrived 2013-07-30 (99 days)
2013-04-23: 1000 EUR, arrived 2013-08-12 (111 days)
2013-04-24: 1000 EUR, arrived 2013-09-02 (131 days)
2013-04-25: 1000 EUR, arrived 2013-11-05 (194 days)
2013-04-28: 1000 EUR, arrived 2013-11-05 (191 days)
2013-05-23: 7000 EUR, arrived 2013-06-07 (15 days)

tvbcof

legendary

Activity: 4690

Merit: 1276

Quote from: solex on November 15, 2013, 04:41:24 PM

Quote from: madpoet on November 15, 2013, 03:30:24 PM

I really, really wish I had read this thread before trying to get my USD out of Mt. Gox this morning. Crap. Had no problems last month so didn't even hesitate.

cancel your transfer (via support) and withdraw coins to another exchange to get usd.

Bailing now before there is a giant price differential makes sense for anyone who is mostly driven my financial considerations.

To bad one can never get their identity documents back. It's completely up to Mt. Gox what happens to them now. And it would likely be quite trivial for an employee to put them on a thumb drive on his/her way out the door.

solex

legendary

Activity: 1078

Merit: 1006

100 satoshis -> ISO code

Quote from: madpoet on November 15, 2013, 03:30:24 PM

I really, really wish I had read this thread before trying to get my USD out of Mt. Gox this morning. Crap. Had no problems last month so didn't even hesitate.

cancel your transfer (via support) and withdraw coins to another exchange to get usd.

madpoet

sr. member

Activity: 448

Merit: 250

I really, really wish I had read this thread before trying to get my USD out of Mt. Gox this morning. Crap. Had no problems last month so didn't even hesitate.

deadweasel

sr. member

Activity: 364

Merit: 250

Quote from: gnix72 on November 15, 2013, 03:00:10 PM

Quote from: ardana123 on November 15, 2013, 11:24:51 AM

Quote from: Alpaca Bob on November 14, 2013, 07:46:48 PM

This might be true, of course, but once liquidity returns, wouldn't trust return as well?

Probably, because in doing so Gox would have proven they went through hell and back to solve their banking problems. To me that would be worth more than an exchange like Bitstamp which has not had many problems and could very well be next in line to have their accounts shuttered.

But in so doing, has had zero communication with us. It is incumbent upon businesses to communicate with their desired customers what the issues are and how they are addressing them. Mt. Gox has never been open about communication, they instead hide behind closed doors and wait until good news before they say anything at all. Their last post on facebook was Aug 2, their last main press release -- not discounting some silly ones that occurred in between, the last REAL news from this massive organization is Aug 2?

If any major company operated this way they would already be out of business, the only reason Mt. Gox hasn't...is that fundamentally, few of you are businesspeople and/or, they have a customer base in Japan that is happy with their communication and performance.

Trust is everything in business, and once lost nearly impossible to regain. The only way I will ever do business with Gox again is if I have absolutely no other alternative. I do not and can not trust people who are unwilling to communicate with me.

Obviously the Yen works great there, so unless you have a Japanese bank account, my advice would be run to the hills, take the one time hit, sell it on coinbase and get on with your life.

^
Good Advice.

Gox is likely running a fractional reserve system. It breaks down often and will continue to do so allowing your funds to be diverted for their profit.

gnix72

newbie

Activity: 40

Merit: 0

Quote from: sturle on November 15, 2013, 01:24:00 PM

The spread between Bitstamp (Europe/international) and CampBX (USSA) is much higher than the spread between MtGox and Bitstamp

This is well understood to be because Dwolla pulled the rug out from underneath them. Once ACH comes online in a few days, CampBX will be back in line with the "non-Gox" USD exchanges...that is, exchanges that you can actually pull USD out of.

And I trade on Bitstamp not because I'm planning to pull my USD out daily or something, but that I know at SOME POINT I will want to pull some USD out, and I would really like to have that option.

Plus, in the event Mt. Gox ever does open up USD transfers, although why bother at this point -- but if they did, then arbitrage would immediately send the Gox price down and raise up all other USD liquid exchanges to level the prices out.

gnix72

newbie

Activity: 40

Merit: 0

Quote from: ardana123 on November 15, 2013, 11:24:51 AM

Quote from: Alpaca Bob on November 14, 2013, 07:46:48 PM

This might be true, of course, but once liquidity returns, wouldn't trust return as well?

Probably, because in doing so Gox would have proven they went through hell and back to solve their banking problems. To me that would be worth more than an exchange like Bitstamp which has not had many problems and could very well be next in line to have their accounts shuttered.

But in so doing, has had zero communication with us. It is incumbent upon businesses to communicate with their desired customers what the issues are and how they are addressing them. Mt. Gox has never been open about communication, they instead hide behind closed doors and wait until good news before they say anything at all. Their last post on facebook was Aug 2, their last main press release -- not discounting some silly ones that occurred in between, the last REAL news from this massive organization is Aug 2?

If any major company operated this way they would already be out of business, the only reason Mt. Gox hasn't...is that fundamentally, few of you are businesspeople and/or, they have a customer base in Japan that is happy with their communication and performance.

Trust is everything in business, and once lost nearly impossible to regain. The only way I will ever do business with Gox again is if I have absolutely no other alternative. I do not and can not trust people who are unwilling to communicate with me.

Obviously the Yen works great there, so unless you have a Japanese bank account, my advice would be run to the hills, take the one time hit, sell it on coinbase and get on with your life.

sturle

legendary

Activity: 1437

Merit: 1002

https://bitmynt.no

Quote from: morningtime on November 14, 2013, 03:41:32 PM

Quote from: sturle on November 14, 2013, 02:51:53 PM

There are more than 24 million USD worth of bids at MtGox. There were only 12 million USD in bids a few weeks ago.

Doesn't that also mean there's twice as many sellers as last week? I.e. people wanting to cash out.

No, the number of bids only indicate that people want to buy BTC, and the amount of fiat on MtGox.

A few other observations:

Spread between MtGox and Bitstamp/BTC-E has been steadily decreasing.
MtGox is slowly gaining market share over Bitstamp and BTC-E.
The spread between Bitstamp (Europe/international) and CampBX (USSA) is much higher than the spread between MtGox and Bitstamp
USD's share of Bitcoin trades is decreasing at an accelerating rate. About 55% now. (In reality it is even lower, skewed by Bitstamp etc.)

It looks like people in the USSA are desperate to get out while the rest of the world are buying and trading. This pushes the price down at exchanges trading in USD (as in USD fiat, not just using USD as a one-fiat-currency-for-all like Bitstamp) while the price increases at the international exchanges. For the rest of the world getting fiat out of MtGox is simpler, and it isn't very much of an issue anyway because people in the rest of the world are there to buy, not sell. Prices on local international exchanges are even higher.

Before the USD problems started about 30% of MtGox's customers were USSAnians. This share is probably much lower now, and for this reason the USD problems have even lower impact on MtGox than it used to.

Alpaca Bob

full member

Activity: 153

Merit: 100

Quote from: ardana123 on November 15, 2013, 11:24:51 AM

Quote from: Alpaca Bob on November 14, 2013, 07:46:48 PM

This might be true, of course, but once liquidity returns, wouldn't trust return as well?

Probably, because in doing so Gox would have proven they went through hell and back to solve their banking problems. To me that would be worth more than an exchange like Bitstamp which has not had many problems and could very well be next in line to have their accounts shuttered.

Agreed.

ardana123

hero member

Activity: 504

Merit: 500

Quote from: Alpaca Bob on November 14, 2013, 07:46:48 PM

This might be true, of course, but once liquidity returns, wouldn't trust return as well?

Probably, because in doing so Gox would have proven they went through hell and back to solve their banking problems. To me that would be worth more than an exchange like Bitstamp which has not had many problems and could very well be next in line to have their accounts shuttered.

Rampion

legendary

Activity: 1148

Merit: 1018

Quote from: smoothie on November 15, 2013, 10:55:46 AM

Quote from: ||bit on November 15, 2013, 03:33:11 AM

Quote from: Nagle on November 14, 2013, 02:32:25 PM

Quote from: Alpaca Bob on November 14, 2013, 08:58:12 AM

Quote from: morningtime on November 14, 2013, 08:45:55 AM

Money stuck in exchanges keeps the Bitcoin price artificially high. If Mt.Gox ever processes all withdrawals, more people will convert to fiat to get their money out. So prepare for a price drop when they do.

It might also increase trust in bitcoin and the ecosystem, which could lead to another run-up.

Mt. Gox is almost irrelevant to Bitcoin at this point. Since they're not paying out USD (at all) or EUR (much), and only an idiot would deposit there, most of the "volume" there has to be the same money sloshing back and forth within Mt. Gox.

Your illustration made me laugh. It's sad, but true. Last night I was chatting with a friend about this. And it dawned on me that it's like people are all excited about trading, but they can't get out. It's just like a bunch of rats racing around in circles inside an empty cage or something. It was so ridiculous, it made me laugh then too.

+1

If you can't get fiat out of gox it is essentially like using a sample forex account where you play with funny money.

May as well be monopoly money.

As long as you can withdraw BTC, there's still some real money going out. Let's see how long it last tough.

smoothie

legendary

Activity: 2492

Merit: 1473

LEALANA Bitcoin Grim Reaper

Quote from: ||bit on November 15, 2013, 03:33:11 AM

Quote from: Nagle on November 14, 2013, 02:32:25 PM

Quote from: Alpaca Bob on November 14, 2013, 08:58:12 AM

Quote from: morningtime on November 14, 2013, 08:45:55 AM

Money stuck in exchanges keeps the Bitcoin price artificially high. If Mt.Gox ever processes all withdrawals, more people will convert to fiat to get their money out. So prepare for a price drop when they do.

It might also increase trust in bitcoin and the ecosystem, which could lead to another run-up.

Mt. Gox is almost irrelevant to Bitcoin at this point. Since they're not paying out USD (at all) or EUR (much), and only an idiot would deposit there, most of the "volume" there has to be the same money sloshing back and forth within Mt. Gox.

Your illustration made me laugh. It's sad, but true. Last night I was chatting with a friend about this. And it dawned on me that it's like people are all excited about trading, but they can't get out. It's just like a bunch of rats racing around in circles inside an empty cage or something. It was so ridiculous, it made me laugh then too.

+1

If you can't get fiat out of gox it is essentially like using a sample forex account where you play with funny money.

May as well be monopoly money.

solex

legendary

Activity: 1078

Merit: 1006

100 satoshis -> ISO code

Quote from: ||bit on November 15, 2013, 03:33:11 AM

Quote from: Nagle on November 14, 2013, 02:32:25 PM

Quote from: Alpaca Bob on November 14, 2013, 08:58:12 AM

Quote from: morningtime on November 14, 2013, 08:45:55 AM

Money stuck in exchanges keeps the Bitcoin price artificially high. If Mt.Gox ever processes all withdrawals, more people will convert to fiat to get their money out. So prepare for a price drop when they do.

It might also increase trust in bitcoin and the ecosystem, which could lead to another run-up.

Mt. Gox is almost irrelevant to Bitcoin at this point. Since they're not paying out USD (at all) or EUR (much), and only an idiot would deposit there, most of the "volume" there has to be the same money sloshing back and forth within Mt. Gox.

Your illustration made me laugh. It's sad, but true. Last night I was chatting with a friend about this. And it dawned on me that it's like people are all excited about trading, but they can't get out. It's just like a bunch of rats racing around in circles inside an empty cage or something. It was so ridiculous, it made me laugh then too.

An empty cage which keeps getting smaller and smaller, as the btc leaks out and the price ratchets up...

||bit

hero member

Activity: 924

Merit: 506

Quote from: Nagle on November 14, 2013, 02:32:25 PM

Quote from: Alpaca Bob on November 14, 2013, 08:58:12 AM

Quote from: morningtime on November 14, 2013, 08:45:55 AM

Money stuck in exchanges keeps the Bitcoin price artificially high. If Mt.Gox ever processes all withdrawals, more people will convert to fiat to get their money out. So prepare for a price drop when they do.

It might also increase trust in bitcoin and the ecosystem, which could lead to another run-up.

Mt. Gox is almost irrelevant to Bitcoin at this point. Since they're not paying out USD (at all) or EUR (much), and only an idiot would deposit there, most of the "volume" there has to be the same money sloshing back and forth within Mt. Gox.

Your illustration made me laugh. It's sad, but true. Last night I was chatting with a friend about this. And it dawned on me that it's like people are all excited about trading, but they can't get out. It's just like a bunch of rats racing around in circles inside an empty cage or something. It was so ridiculous, it made me laugh then too.

jl2012

legendary

Activity: 1792

Merit: 1111

Quote from: morningtime on November 14, 2013, 08:45:55 AM

Money stuck in exchanges keeps the Bitcoin price artificially high. If Mt.Gox ever processes all withdrawals, more people will convert to fiat to get their money out. So prepare for a price drop when they do.

Right, I heard this since June when the price was only 1/5 of the present Roll Eyes

Nagle

legendary

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Quote from: Alpaca Bob on November 14, 2013, 07:46:48 PM

~~once~~ if liquidity returns, wouldn't trust return as well?

No.

Alpaca Bob

full member

Activity: 153

Merit: 100

Quote from: morningtime on November 14, 2013, 03:34:32 PM

Quote from: Alpaca Bob on November 14, 2013, 08:58:12 AM

Quote from: morningtime on November 14, 2013, 08:45:55 AM

Money stuck in exchanges keeps the Bitcoin price artificially high. If Mt.Gox ever processes all withdrawals, more people will convert to fiat to get their money out. So prepare for a price drop when they do.

It might also increase trust in bitcoin and the ecosystem, which could lead to another run-up.

Hi, how exactly does money stuck in an exchange increase trust in Bitcoin? It lowers trust, because people wanting to cash out are frustrated thinking "what good is Bitcoin if you can't get your money out to pay rent".

The effect is a dam reservoir of Bitcoin waiting to be cashed out. If you can only put money into BTC, but not out, then the price goes up. Which is what we see happening. But once the "flood gates" open again, BTC price will come crashing down as people dying to cash out will cash out.

You're assuming everyone stuck in Gox is dying to get out?

This might be true, of course, but once liquidity returns, wouldn't trust return as well?

Topic: MtGox withdrawal delays [Gathering] - page 228. (Read 908613 times)