MtGox withdrawal delays [Gathering] - page 229.

morningtime

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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.

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

More than one million USD worth of other currencies (mainly JPY) are leaving MtGox every day, and I assume some people are depositing as well.

There are many more deposits coming in than withdrawals out. A lot of people want to cash out at $400 or $500, but they can't, at least not on Mt.Gox, since it would take 8 weeks of uncertainty. So they cancel withdrawals and move BTC elsewhere. Bitstamp, Coindesk etc. Soon there's going to be an exodus to exchanges, wherever people can convert to USD/EUR.

morningtime

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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.

sturle

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https://bitmynt.no

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.

More than one million USD worth of other currencies (mainly JPY) are leaving MtGox every day, and I assume some people are depositing as well. Otherwise the price would go down, not up. MtGox still has the deepest order book. There are more than 24 million USD worth of bids at MtGox. There were only 12 million USD in bids a few weeks ago.

Most of the volume on most exchanges are the same money trying to buy low and sell high. Probably more so on MtGox due to their superior API which makes them very attractive for bots, but that doesn't make the price invalid. Bots are good. Bots provide liquidity.

Price setting has mostly happened on BTC China the last week or more, with MtGox following closely. The other exchanges lags a bit behind, usually.

Nagle

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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.

Alpaca Bob

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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.

morningtime

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Activity: 160

Merit: 100

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.

dudel42

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Quote from: trippp on November 13, 2013, 05:24:47 PM

1000 EUR withdrawal. Ordered on 2013-09-27, came through 2013-11-11 (noticed it today). 45 days to Sweden.

thanks for the data point.... gives me a rough estimate for when my 2013-10-10 withdrawal will probably be processed.

gnix72

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https://i.imgur.com/W92QjLn.png

bakada

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..

trippp

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Quote from: Hawkix on November 13, 2013, 05:27:34 PM

11/11 - 19/10 is 23 days, not 43.

True. However, the withdrawal date was 2013-09-27. I did another withdrawal on 2013-10-19. It has not yet arrived. Sorry for messing up the dates.

Hawkix

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Quote from: trippp on November 13, 2013, 05:24:47 PM

1000 EUR withdrawal. Ordered on 2013/10/19, came through 2013/11/11 (noticed it today). 43 days to Sweden.

I should NOT have sold those coins Sad

11/11 - 19/10 is 23 days, not 43.

trippp

newbie

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1000 EUR withdrawal. Ordered on 2013-09-27, came through 2013-11-11 (noticed it today). 45 days to Sweden.

I should NOT have sold those coins Sad

EDIT: I originally gave the wrong date.

Amph

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they were euro(90 euro, about $120), i forgot that Cheesy

, transfered with sepa

Quote from: mp420 on November 13, 2013, 12:11:04 PM

Quote from: Amph on November 13, 2013, 11:57:14 AM

I would suggest not moving a big amount, my $90 arrived in two days

Small SEPA (EUR) transfers have been known to take only a couple of days.

yeah, it is that case

chungenhung

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Quote from: Amph on November 13, 2013, 11:57:14 AM

I would suggest not moving a big amount, my $90 arrived in two days

$90?!?
Are you inside Japan? Otherwise, the wire fee would eat that up.

naur

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Quote from: Amph on November 13, 2013, 11:57:14 AM

I would suggest not moving a big amount, my $90 arrived in two days

withdraw USD?? by SWIFT?? out of SEPA?? When did you request to withdraw the money in Mtgox? Please show more information. thanks.

After I had waited for withdrawing USD1.6k more than 5 weeks, I cancel the withdrawal.

Maybe you have good luck!

mp420

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Quote from: Amph on November 13, 2013, 11:57:14 AM

I would suggest not moving a big amount, my $90 arrived in two days

US$90? SWIFT? When did this happen?

The common belief is that no SWIFT transfer that was requested after June has been processed except those that have paid the 5% fee. Small SEPA (EUR) transfers have been known to take only a couple of days.

Amph

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I would suggest not moving a big amount, my $90 arrived in two days

Jreche

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I keep waiting ..

No response from Mtgox

https://blockchain.info/address/1Nx3nH434DbJAgbKsDzVqeY4PjVY5nkygC?filter=2

trdiablo

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With the value of BTC skyrocketing I think the delays on SEPA withdrawals will also increase as they can only pay a max of 3 million eur a month.
I except SEPA withdrawal to take at least 8 to 12 weeks if you withdraw now.

calmindifference

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Quote from: Jreche on November 13, 2013, 01:26:11 AM

A new error appears.

Warning! this transaction is a double spend of 96695872. You should be extremely careful when trusting any transactions to/from this sender.

https://blockchain.info/tx/55cf6305e1f7e4b4f14a5d40b4f09e580e6db6d0865667d8f1a83915ace31990

Meanwhile I'm still without my coins ..

My withdrawal transaction didn't even make it to the blockchain, although my mtgox BTC balance reduced. 36 hours on and not a single response from support (#142898). The whole thing is deeply concerning. The question is, is it wise to attempt further withdrawals....

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