Topic: MtGox withdrawal delays [Gathering] - page 250. (Read 908613 times)

A gag order is a very possible explanation for a lot of the communications failures, but I doubt that one would force them to repeat the 'several weeks' estimates.  Thus, they are either completely lost about how their business is progressing or willing to offend their customers with bald-faced lies.  Neither is very appealing and the honest truth is that I expected better from Mt. Gox.

Companies who are willing to shoot themselves in the foot by producing patently false information often do so because they see the end of the tunnel...and there is no light there.  I honestly hope that Mt. Gox succeeds but it is questionable enough to me at this point that I drew down my exposure in the case of a collapse.  I did the same with Bitcoinica several months before they went down.  It was mostly dumb luck, but if one has their eyes open certain signs can sometimes be noted.

I think it's not the public faces of mtgox which are responsible for all these issues. All this looks more like a Sword of Damocles in the shape of some gag-order and active supervising by a thirdparty. Don't forget that they are in Japan which might as well make them sit in the middle of the US.

haha awesome dude +420 for your comment

yes anyone else having this problem?  i am a verified user (mailed them my passport etc..) and never had this problem until today.  Not able to get my btc out for over 8 hours now and still waiting, very frustrating as i need it to do a transaction.

Not in my observation over the years.  I've seen it happen when there was a coding bug, user error, or Mt. Gox deciding that a user was suspect, but it is a rare and I've personally had no problems with them in this respect either before or after I was 'verified'.  But I don't do a lot of such transactions and have not done one for months.

When any supposed legitimate organization fails to provide legitimate BTC transactions in a timely manner (including potentially the time they need to go to deep storage) is a noteworthy event and something to watch.  Anyone who has either positive or negative results here would do the community a favor by speaking up such that it can be understood whether the issue is systemic or not.

thats mtgox

That's abnormally long...

Creating these compliance requirements would be the natural and logical way to implement capital controls.  In the initial phases of implementation, at least.

Another equally valid hypothesis is that the 'powers that be' are simply trying to stop the next terrorist incident or whatever, and taking the cheap route of passing the costs off to businesses (who in turn pass them off to customers.)

Both hypotheses are worth consideration as we watch events progress.

I being waiting 3 days for BTC withdraw

i tried to withdraw 8 btc from mtgox this morning and now 8 hours later the transaction still hasnt being processed. 

is anyone else having this issue recently? bitcoin withdraw was always near instant for me usually only takes 30 mins or so.  I submitted a ticket to mtgox also

That was my thinking, that they are doing this to cut costs (potentially driven by new compliance requirements).

Just two types of their entry level business accounts.

lol.

Does this ban affect all accounts, or business accounts are exempt?

There is a misspelling in the letter.  It says "Thank you for using Chase" where it should say "Fuck you for using Chase".

I doubt it is illegal to place third party fees (e.g. bank fees) on the user requesting the withdrawal.  Does your bank cover all intermediate bank fees for you when doing international transfers?  The ToS agreement is between you and MtGox in Japan, btw.  Not MtGox in Delaware or Poland or whatever.

Yup.  Capital controls.  Now I remember another big reason why Bitcoin grabbed my attention so forcefully back in 2011.

  http://iranian.com/posts/view/post/22646

I have to take exception with this article's:

  "The bottom line is that banks think your money is their money and..."

The reason that banks think that is because it is true.  Technically and legally.

Banks can use the money that the depositors gave them in more or less any way the see fit though they have to abide by certain restrictions.  The reason Glass-Stegall was repealed was to relax those restrictions so they could gamble depositor's funds on derivatives at 50-1 leverage and such through their investment banking wing.

Worse yet, as I understand things (potentially tinfoil-hat things but maybe not) the derivatives counter-parties are top tier creditors and get made whole before bank depositors in the event of a bankruptcy.  The rational is that it halt a chain reaction of institutional failures...or so the story goes.

I've also heard that the way 'they' will get around the FDIC issue is to convert deposits into shares in the bank (as a non-option.)  Then FDIC is under no obligation to save the 'investors' as the bank craters.

Who knows how much truth there is to this stuff.  It seems entirely possible to me, however, and I actually have more confidence in Bitcoin than I do in my bank deposits and I hold more value in Bitcoin than I do in banks at this point.  By a wide margin (though in fairness this is primarily attributable to the rise in BTC valuations.)

Cant imagine they will discriminate one bank.

"You doubt"?
What are you talking about?

What about other account types and other banks?

Its official no money to leave US after Nov.17^th. Deposit will you can.