Topic: MtGox withdrawal delays [Gathering] - page 236. (Read 908613 times)

Is Gox even relevant anymore? Bitstamp and Btcchina both seem to be out performing Gox volume day after day. I mean who would realistically keep anything on Gox nowadays given their terrible track record with locking up funds?

It took me less than 24 hours to get verified at Bitstamp. All I needed was a scan of my passport and a utility bill.

People canceling large withdrawals and taking the hit from converting to BTC and withdrawing them works in favor of those who do not cancel their withdrawals. If the common belief is correct, Gox can process 100k€ worth of SEPA transfers per day, and anything from 400€ up is processed sequentially (the small transfers are used as padding for the daily quota).

Unfortunately many people appear to be still depositing fiat to Gox, so the situation is going to continue and the queue is going to get longer. Withdrawing BTC and selling elsewhere can be a big hassle. I, for example, am not verified at any exchange besides Gox, so if I decide to sell the rest of my coins, I'm going to use Gox, while I'm aware that withdrawing the EUR can take months at this point.

See, it works out for everyone, you got your money out, and they used your money to buy the coins back on another exchange.

Just an update on my personal case.

1K SEPA withdrawal
19/09/2013 - confirmed (MtGox status)
01/11/2013 - pending (MtGox status)
05/11/2013 - funds received (bank account)

The processing fees were 1%, as expected.

I agree that the demand on Gox is artificial, but the fact is that is well backed by huge action on both BTCChina and Bitstamp.

In my opinion the problem with Gox going broke is the loss of confidence of big investors. Many big whales are still on Gox, the cash on Gox is still one order of magnitude bigger than on Bitstamp while the supply of coins is shrinking dramatically on all the exchanges.

If Gox goes bankrupt many big investors will lose tons of money, and that will be a huge hit to the confidence on the whole BTC ecosystem.

It's kind of a vicious circle, because for people to run out of Gox in BTC some other people need to have GoxUSD in the system.. . I for one pray for them to pull their shit together ASAP, but every day that passes is more unlikely in my opinion. If Gox goes busto the customers stuck in will be "Goxxed" for real, and we will have news on every media outlet about how regulatory pressure (Dwolla account seizure) and bad management/internal disputes (coinlab issues) made innocent investors to lose millions of $.

What makes me extremely angry is that bastard at the head of the Bitcoin foundation who is holding onto $6M of Goxs customers money demonstrating he doesn't give a shit about BTC, he is just into maximizing his profit. If this falls apart, in my book most of the blame is on him and not on Karpeles.

The amount of BTC traded on other exchanges than MTGOX debunks your theory of gox causing the rally through artificially people being forced to cancel withdrawals and buying bitcoins.

Indeed, the btc price is only rising because most people cannot withdraw fiat. So the price is very artificial and will eventually deflate back to $100-$120. At current $230 price you would expect a lot of early adopters to cash out, earning millions. But gox can't deliver and other exchanges don't have enough cash.

I asked mtgox to cancel my withdrawal totalling 25,000 EUR. I converted to btc and moved to bitstamp. Sold on bitstamp and got my money 3 days later!

I recommend to abandon mtgox.

Bankrupt? just think of how much money gox could make on this. Buy coins on cheap exchange and sell them on their own site at 5+% markup. Whatever financial problem you think they had would be solved pretty quickly.

IM not saying they are doing this (if they were, one would expect the difference with other exchanges to be lower), but it sure is a way they could raise a lot of money.

https://support.mtgox.com/entries/21649594-Withdrawals-and-Deposits

Did you pay the 5% processing fee?

I have a requests in from 10/10/13 and 10/17/13;   they say confirmed IBTF.

However my USD Bank does not show a wire yet.

Where did you see this?

Gox sez:


So, if someone has a SEPA withdrawal waiting from  Sep 23 or earlier, they should be processed soonish. They do not seem to be catching up though, so the SEPA queue will likely be getting longer and longer.

I did a sepa withdrawal request on 9/30/13 and the booking appeared at my local bank account on 10/1/13, but it was only about 50 euros. I have heard (or read here?) that the long transaction delays happens for amounts above 400 euros.

Since I've been a Coinbase user, it's seemed to me that they have tracked pretty well with the BTCChina exchange.  It would make some sense as siblings are principles in both adventures.

Looks pretty clear to me that China (as a population situated in an economic sphere)  have taken over at the reigns of the Bitcoin gravy train.

Anyone know how to write 'bitcoin' in simplified Chinese?  I would like to be able to recognize that string.  "二进制数据硬币" ?

 edit:  Playing around with google translate, I like this better: "从二进制数据的一个元素命名的硬币"

Think of this opportunity as something like getting into an escape pod in the film "Gravity" and pressing the right buttons to ensure a safe re-entry to Earth. 

For US residents wanting to cash out USD from Mt Gox - at this moment you can move your BTC to Coinbase and cash out without taking a hit.

I don't know exactly why this happened or how long it will last, but Coinbase prices are currently above Mt Gox prices.

What date are we upto on SEPA? IIRC the last person to receive was from 9/18/13, but I may have missed a more recent one...