so what should we understand from this??
they are not cheaters but just fucked up by the system?
Topic: MtGox withdrawal delays [Gathering] - page 239. (Read 908613 times)
They are straight forward about not being straight forward.
2.5 months have passed and the situation seems unchanged.
Not being allowed to state the exact problem might be fine, but why then they are lying elsewhere, such as with plain wrong wait times, and ridiculous excuses ("network congestion")?2.5 months have passed and the situation seems unchanged.
14:01 <@MagicalTux> sturles, we are not allowed to talk about the exact problem (doing so would only make things worse)
What surprises me the most is that you are all mostly talking about why they are having trouble processing/covering withdrawals and not why they haven't been straight forward (honest) about the whole situation and told you.
They are straight forward about not being straight forward.
2.5 months have passed and the situation seems unchanged.
CONFIRMATION TIME!
I was on at #mtgox on irc.freenode.org when identified user MagicalTux, CEO of MtGox, gave the statements in sturles post https://bitcointalksearch.org/topic/m.2924021 and I can confirm that the quotes are accurate and exactly what was said.
It would be great if one or two other people who also have the conversation in their scrollback buffer can also confirm this.
13:48 <@MagicalTux> sturles, we already applied to that one
13:51 <@MagicalTux> samson_, things are not easy, but it's far from what you could qualify as "embargo"
13:54 <@MagicalTux> sturles, we've been reducing SEPA delay day by day
13:54 <@MagicalTux> things are much better than one month ago
13:54 <@MagicalTux> nope
13:59 <@MagicalTux> sturles, "blocked" is not the correct word
14:00 <@MagicalTux> SleepersTide, right now all SWIFT transfers are processed up to the limits of our current bank (up to 10 transfers per day - we should be able to increase that as soon as we have more banking partners ready - it's taking longer than expected because of the time required by the people at the bank to understand our business)
14:01 <@MagicalTux> sturles, we are not allowed to talk about the exact problem (doing so would only make things worse)
14:12 <@MagicalTux> sturles, most companies in Japan will do one, maybe two SWIFT transfers a month to providers overseas (actually most will do zero)
14:16 <@MagicalTux> Delerium, literal
14:17 <@MagicalTux> when we were in the second largest bank in Japan, we represented more than half of all the volume of SWIFT processed by that bank (almost overloading their systems a couple of times)
14:18 <@MagicalTux> rfish, rather than spending time on this, fixing it is likely going to bring more on the long term
14:19 <@MagicalTux> those wires are processed in received order, nothing else
14:25 <@MagicalTux> publishing that would be against our ToS
14:26 <@MagicalTux> (specifically privacy policies)
^^ see sturles post for full conversation, just confirming MagicalTux's statements.
..if you're wondering why we should confirm this is true: various "news outlets" are now watching and typing up stories
I was on at #mtgox on irc.freenode.org when identified user MagicalTux, CEO of MtGox, gave the statements in sturles post https://bitcointalksearch.org/topic/m.2924021 and I can confirm that the quotes are accurate and exactly what was said.
It would be great if one or two other people who also have the conversation in their scrollback buffer can also confirm this.
13:48 <@MagicalTux> sturles, we already applied to that one
13:51 <@MagicalTux> samson_, things are not easy, but it's far from what you could qualify as "embargo"
13:54 <@MagicalTux> sturles, we've been reducing SEPA delay day by day
13:54 <@MagicalTux> things are much better than one month ago
13:54 <@MagicalTux> nope
13:59 <@MagicalTux> sturles, "blocked" is not the correct word
14:00 <@MagicalTux> SleepersTide, right now all SWIFT transfers are processed up to the limits of our current bank (up to 10 transfers per day - we should be able to increase that as soon as we have more banking partners ready - it's taking longer than expected because of the time required by the people at the bank to understand our business)
14:01 <@MagicalTux> sturles, we are not allowed to talk about the exact problem (doing so would only make things worse)
14:12 <@MagicalTux> sturles, most companies in Japan will do one, maybe two SWIFT transfers a month to providers overseas (actually most will do zero)
14:16 <@MagicalTux> Delerium, literal
14:17 <@MagicalTux> when we were in the second largest bank in Japan, we represented more than half of all the volume of SWIFT processed by that bank (almost overloading their systems a couple of times)
14:18 <@MagicalTux> rfish, rather than spending time on this, fixing it is likely going to bring more on the long term
14:19 <@MagicalTux> those wires are processed in received order, nothing else
14:25 <@MagicalTux> publishing that would be against our ToS
14:26 <@MagicalTux> (specifically privacy policies)
^^ see sturles post for full conversation, just confirming MagicalTux's statements.
..if you're wondering why we should confirm this is true: various "news outlets" are now watching and typing up stories
What surprises me the most is that you are all mostly talking about why they are having trouble processing/covering withdrawals and not why they haven't been straight forward (honest) about the whole situation and told you. Even worse, there have been countless chances to get out at zero loss. We had $130 btc a few weeks ago. Cheaper before that. Several opportunities to buy cheap (SR dump) etc, etc. After all these months why in God's name would you still have money in there. Are you all sadistic?
much +1, I've been wondering this too, still baffled. If most banks deem their activity as high risk
Fun thing is, their activity is at high risk mostly because the banks themselves are boycotting it. This has been going on for months. If Mt. Gox really wanted a high-volume banking arrangement, they would have found one by now. But they seem to find having excuses for non-payment more useful. This suggests they don't have the depositors' money.
While it is very likely they have less then 100% of client's funds on deposit, we really don't know if they are insolvent. If most banks deem their activity as high risk, they may not be able to set up a relationship that meets their needs in a reasonable time frame.
Either scenario is certainly possible, we cannot (currently) say for certain which one it is.
It is important to remember that the mtgox btc valuation is artificially high because of them being blacklisted by as much of the fiat banking system the USG can influence. So, transferring the btc to another exchange and selling it is only realizing what the btc are really worth.
Enough with the conspiracy theories. Mt. Gox's troubles are due to Mt. Gox.
This has been going on for months. If Mt. Gox really wanted a high-volume banking arrangement, they would have found one by now. But they seem to find having excuses for non-payment more useful. This suggests they don't have the depositors' money.
My SEPA from 28.8. arrived
August 28 or Sept 28?
We should be way further along the queue than aug 28th.
We are nearly upto Sept 28th by now...Must have been an issue with your bank or something.
My SEPA from 28.8. arrived
- So I replied okay, FINE, I really wanted USD not NZD but whatever, money is better than no money, right? So I replied and state that the bank account I specified was a USD currency account and i'd have to give them my NZD currency account number instead. This is when they replied with clarification. They can cancel my USD withdrawal and I have to buy bitcoins in USD and sell them in NZD and then do a withdrawal to the correct NZD account.
I had exactly the same response but with AUD rather than NZD. I also wanted USD so I cancelled, bought BTC and transferred to BTC-E, sold for USD and transferred to OK Pay. Lost out on the rates but at least I got the USD out of Gox.
Nevermind I can't do that even if I WANTED to because NO BODY trades bitcoin in NZD on MtGox.
Don't worry about trading BTC for NZD on MtGox. The order books are connected at +/- 2.5%. When you sell to a bid, the bid can be in any currency.Nevermind I can't do that even if I WANTED to because NO BODY trades bitcoin in NZD on MtGox.
Don't worry about trading BTC for NZD on MtGox. The order books are connected at +/- 2.5%. When you sell to a bid, the bid can be in any currency. The EU Payment Service directive does not distinguish between domestic transfers and SEPA payments, as far as I can see. Opening an account in another country doesn't help either. The bank will probably allow it, but it will be illegal for MtGox to transfer more money to and from customers without a license, and breaking this law would be very unwise when they are applying for a license. It applies to all money transfers within the EU. Do domestic PLN transfers and SEPA transfers originate from different accounts, btw? Some banks allow multiple currencies in the same account.
They come from different account numbers (but have the same bank/branch identifier, of course).
Domestic PLN withdrawals have currently even longer delays than SEPA, though.
Still, they might be in the same queue and experience some additional problems (like lack of PLN in stock, for example).
It is important to remember that the mtgox btc valuation is artificially high because of them being blacklisted by as much of the fiat banking system the USG can influence. So, transferring the btc to another exchange and selling it is only realizing what the btc are really worth.
It's also important to realize that prices on other exchanges which are less impacted by the aformentioned harassment, or are perceived to be, are used by persons who are under more pressure to make sales and are thus the spot price is likely depressed. So 'are really worth' is not likely to be an entirely accurate statement either.
The best option to get fiat is to buy btc on mtgox and sell on localbitcoins where the prices are good, or, if in a hurry, sell on bitstamp instead.
Or at least sell by some other means. Bitcoin-brokers.org being no longer an option for me, I choose Coinbase and am so far pretty happy with the decision. My experimental sale was between Mt. Gox and Bitstamp pricing while the first installment of my real sale came in closer to Bitstamp spot (though still notably above.) Another cool thing is that USD goes directly into a bank account so I don't have to dick with withdraw requests, wire fees, USPS parcels full of green, meeting people to exchange chump-change, etc.
Best, however, is that I did not seem to have to entrust my identity docs to Coinbase. Since, unlike Bitstamp, Coinbase uses real names and don't seem to use domain cloaking and foreign shell companies I would have done so, but it turned out that it was not necessary. Yet.
ARRRGHHH!H#!@#!! I HATE YOU MTGOX.
....
Don't know what to do anymore. I really really hate MtGox now.
....
Don't know what to do anymore. I really really hate MtGox now.
It is important to remember that the mtgox btc valuation is artificially high because of them being blacklisted by as much of the fiat banking system the USG can influence. So, transferring the btc to another exchange and selling it is only realizing what the btc are really worth.
The best option to get fiat is to buy btc on mtgox and sell on localbitcoins where the prices are good, or, if in a hurry, sell on bitstamp instead.
Alrighty. Been reading this thread for about a month or more, been unable to register for the past month and when I finally DID manage to register I had to hang around for 4 hrs and post 5 posts in the newbie section first. OMG so many roadblocks in place it feels like a MtGox conspiracy to stop people from posting their withdrawal woes on this thread, I swear. I mean could they have made it any harder and made me wait any longer???
I imagine there's a lot of people in my situation who've been unable to post to this thread or haven't been as determined as me. So the majority of people never get to post and we are missing out on an incredible amount of data points that we otherwise could have.
ARRRGHHH!H#!@#!! I HATE YOU MTGOX.
Nevermind I can't do that even if I WANTED to because NO BODY trades bitcoin in NZD on MtGox. AUD is maybe an option but not NZD as NZ already has a better bitcoin exchange operated locally within the country. I COULD buy bitcoins on MtGox and sell on the local exchange in NZ for NZD but it has very little trades too and I fear it'll take forever to cash out without dropping the price here too much.
Don't know what to do anymore. I really really hate MtGox now.
I imagine there's a lot of people in my situation who've been unable to post to this thread or haven't been as determined as me. So the majority of people never get to post and we are missing out on an incredible amount of data points that we otherwise could have.
- On August 7 I made a withdrawl for over $6000 USD using SWIFT to my US currency account down in New Zealand. (Yes I deliberately wanted my money in USD)
- Every few weeks I'd contact them and ask what the hell is up, still no money, usual backlog 2 weeks blah blah response.
- Eventually after 2+ months I started googling MtGox USD withdrawal and found this thread. Been reading it since and frustarted as hell I couldn't post.
- On October 21 finally fed up and seeing people requesting the 5% urgent manual withdrawal option I do the same. (I figured it was safer than buying bitcoins and transferring elsewhere at a loss and doing a withdrawal there.)
- After a reponse saying please stand by while we research, a day later I get another post from them stating they can withdrawal to me using NZD instead.
- So I replied okay, FINE, I really wanted USD not NZD but whatever, money is better than no money, right? So I replied and state that the bank account I specified was a USD currency account and i'd have to give them my NZD currency account number instead. This is when they replied with clarification. They can cancel my USD withdrawal and I have to buy bitcoins in USD and sell them in NZD and then do a withdrawal to the correct NZD account.
ARRRGHHH!H#!@#!! I HATE YOU MTGOX.
Nevermind I can't do that even if I WANTED to because NO BODY trades bitcoin in NZD on MtGox. AUD is maybe an option but not NZD as NZ already has a better bitcoin exchange operated locally within the country. I COULD buy bitcoins on MtGox and sell on the local exchange in NZ for NZD but it has very little trades too and I fear it'll take forever to cash out without dropping the price here too much.
Don't know what to do anymore. I really really hate MtGox now.
Don't forget about domestic polish withdraws.
Those are subject to the same limit as SEPA withdrawals. Probably the same queue.Don't forget about domestic polish withdraws.
Those are subject to the same limit as SEPA withdrawals. Probably the same queue.Not sure about that, they are domestic PLN transfers, has nothing todo with SEPA.
Don't forget about domestic polish withdraws.
Those are subject to the same limit as SEPA withdrawals. Probably the same queue.
Don't forget about domestic polish withdraws.
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