Topic: MtGox withdrawal delays [Gathering] - page 237. (Read 908613 times)

Apostille is required to gain Trusted status

If Mt. Gox wants to get my $5k intl wire monkey off their back, they can cancel it and return the number of BTC I sold in order to raise that amount of fiat at the time.  That would be at around $100/BTC iirc.

If Mt Gox autonomously cancels my accepted wire, I'll feel justified in holding them accountable for damages.  Whether I take action or not I don't know.  Depends on if it is practical do to, and if I've got nothing better to do.

This "artificial demand" drives the price higher and higher. Until the day MtGox goes bankrupt.

After waiting for nearly 4 weeks, I have asked them to cancel my sepa withdrawal, what they almost instantly did.

Then I bought some BTC and transferred them to my wallet.

Case closed. 

Sorry for off-topic.

https://support.mtgox.com/entries/22138375-Apostille-needed-countries

Anyone asked to give apostille to mtgox?

Pending now after 6 weeks and two days. Requested 21.sept.

MtGox did change the text on the SEPA withdrawal page. It now says that withdrawal will take 4 weeks or longer.

What's the status on this?  I've also taken big delays from swift transfers to the US.  Is there another thread addressing this?  How are the bank wire transfers working on bitstamp?

Really astonishing in the light of their latest numbers.

hole in the wall for WU...!


http://www.marketwatch.com/story/western-union-slides-on-2014-compliance-costs-2013-10-30?siteid=bigcharts&dist=bigcharts

high compliance costs

Thats a directive from the EU council, no bank can process it longer than on the same day.
They would be breaking the law if they are within the EU and have adopted the Euro. Anyway by Feb 2013 they all have to comply, no matter if GB or Switzerland.
We are on the same page afterall.

Well, SEPA transfers are pretty fast (1-2 days from the moment the bank receives its submission) and generally unexpensive (depending on the bank, but you could find banks with 0 fee). Assuming the exchanger are indeed solvent (which I do not take for granted, btw), if there was no delay on Gox withdrawals the only risk would be the one of a big price movement between the moment of purchase of btc on the cheaper market (Bitstamp) and the btc deposit on the more expensive market (Gox). You would be entrusting the exchanger for your money the same way you are expected to entrust them for a "normal" fiat withdrawal. But of course the price difference between the exchangers would be too small to cover the fees, and the fiats would also be "locked" for the duration of the "round-trip" (no day-trading with them).

I don't know that arbitrage is the best way to define what people are doing with Gox and other exchanges.

When used by academics, an arbitrage is a transaction that involves no negative cash flow at any probabilistic or temporal state and a positive cash flow in at least one state; in simple terms, it is the possibility of a risk-free profit after transaction costs. For instance, an arbitrage is present when there is the opportunity to instantaneously buy low and sell high.

http://en.wikipedia.org/wiki/Arbitrage

Unless you are using a Japanese bank account where funds transfer rather quickly (at least that's my understanding), essentially you're getting paid for entrusting your money with a company for an indeterminate amount of time that may or may not be solvent.  Seems closer to buying junk bonds to me.

 

Hello,

I'm a long time lurker on this forum (mostly the Speculation thread and this thread as well).

I just wanted to share an update, just to create another "datapoint".

I had a 1k SEPA withdrawal in queue, requested on 19/09/2013. Its status changed from "confirmed" to "pending" yesterday, 01/11/2013. During the 6 weeks of waiting I contacted 4 times the support, receiving mixed boilerplate response with a few details of the current status (no relevant additional info besides the ones I already had from this thread).

I also had a few btc on Gox, I decided to move them in mid-October, transaction was smooth (I moved them to Bitstamp, I logged there about 1 hour after the withdrawal and they was there).

I'd like to share some additional infos on my personal experience.

When I choose to withdraw on Gox I knew what I was doing. I was aware of the delays, although I was estimating them on 4 weeks. I decided to give a try on a small bitstamp-gox arbitraging. I investedo what I considered an amount of "play money". Now, given that I still don't have the fiat on my bank account (bank holidays and weekend, bad timing...), I'm above break-even (and I managed to keep a small amount of btc).

Had I kept the fiat on bitstamp and just day-traded them I would have gained more (at least this is what Captain Hindsight and his assistants keep on telling me).

Long story short: atm Gox sux, but I don't think they are scamming. I think I could entrust them again with small amount of btc/fiat, providing that the delays lowers beyond (at least) 4 weeks. With all its issue, I think the entire BTC ecosystem still benefits from Gox. I am not in any way endorsing them, I only wanted to share my personal experience.

Or not moving at all?

Be glad it's not 4-5 months minimum like it is with SWIFT. Actually, SWIFT can really be considered halted/broken entirely now.

6 Weeks I have waited now for a SEPA withdraw. Looks like the queue is only getting longer.

It is November now. Guess what happened to that.

Reminder that the last piece of "news" about withdrawals was back on 5th August. Three months ago.

Is this your first withdrawal from Gox?

Its in the money, including dividends, its not a new position.