MtGox withdrawal delays [Gathering] - page 257.

sturle

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Quote from: Frizz23 on October 12, 2013, 12:44:09 PM

Quote from: sturle on October 12, 2013, 07:53:12 AM

MtGox do not depend on a steady income of deposits to keep up the reserve.

Yes they do! Because all those miners that spent thousands of dollars on BFL, Avalon, Bitfury, etc. devices want to make their money back asap. So they mine & sell Bitcoins.

Result: MtGox has a constant inflow of Bitcoin - but on the other hand is lacking a constant inflow of fiat (USD, EUR, JPY, ...).
-> this game comes to an end in the near future.

I don't think you quite understand how bitcoin exchanges work. The balance of fiat/BTC inflow will only affect the price. Not MtGox's reserves.

Quote from: Frizz23 on October 12, 2013, 12:44:09 PM

Quote

In addition to this, MtGox has revenue from trading fees ...

Fees? Are you serious? If someone buys Bitcoins for 1000 USD, MtGox makes 5 USD in fees. How does that help MtGox to "finance" the other party that sold Bitcoins for 1000 USD - and now wants to withdraw the USD? They still need to get 995 USD from somewhere ...

The person who bought bitcoins for 1000 USD must have deposited those 1000 USD (i.e 1005 USD) at some time. Or previously sold at least 1005 USD worth of coins to someone else who deposited 1010 USD. People can't buy BTC unless they have deposited fiat at some time, or sold BTC to someone who deposited fiat.

Alpaca Bob

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Quote from: manfred on October 12, 2013, 10:24:12 AM

Because he has obviously has a good arbitraging deal going. Would't you milk the cow for what is't worth if you have the change to do it?

How is reassuring people helping out his arbitrage opportunity? If people weren't reassured, the price on Gox would probably be higher even, right?..

weaknesswaran

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Buyer and seller pay fee, so it is 12$ when trading 1000$ at highest fee

Frizz23

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Quote from: sturle on October 12, 2013, 07:53:12 AM

MtGox do not depend on a steady income of deposits to keep up the reserve.

Yes they do! Because all those miners that spent thousands of dollars on BFL, Avalon, Bitfury, etc. devices want to make their money back asap. So they mine & sell Bitcoins.

Result: MtGox has a constant inflow of Bitcoin - but on the other hand is lacking a constant inflow of fiat (USD, EUR, JPY, ...).
-> this game comes to an end in the near future.

Quote

In addition to this, MtGox has revenue from trading fees ...

Fees? Are you serious? If someone buys Bitcoins for 1000 USD, MtGox makes 5 USD in fees. How does that help MtGox to "finance" the other party that sold Bitcoins for 1000 USD - and now wants to withdraw the USD? They still need to get 995 USD from somewhere ...

sturle

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Quote from: Alpaca Bob on October 12, 2013, 10:03:50 AM

Quote from: sturle on October 12, 2013, 09:45:11 AM

MtGox is back on top for all listed time periods now. 55% last 24 hours. Btcchina is number 2 at 30%.

Ok now I'm starting to believe that you are a shill.

Here, have a look at this version: http://data.bitcoinity.org/#caaaabdiba

MtGox is on top of this one as well. 80.68%. And it is interesting to note all the exchanges coming, growing and disappearing suddenly. Some of them are missing. It looks like btcchina may be overtaking Bitstamp as number 2 soon.

Quote

Why are you defending MtGox so vigorously? I can understand why you'd want to provide information on the whole withdrawal process, but at this point you're just defending anything MtGox related. Why?

I am just pointing out the fact that MtGox still is the largest exchange by volume. Many people have contested that, and they are wrong. Volume spikes on specific exchanges will shift the balance for a short time, of course.

manfred

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Energy is Wealth

Because he has obviously has a good arbitraging deal going. Would't you milk the cow for what is't worth if you have the change to do it?

Alpaca Bob

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Quote from: sturle on October 12, 2013, 09:45:11 AM

Quote from: sturle on October 09, 2013, 05:47:25 PM

Quote from: ?? on ??

I see your point. The scary thing for those using MtGox is that Bitstamp seems to come out on top even if you take total MtGox volume vs Bitstamp volume these days. It will, of course, be more meaningful to say Bitstamp is #1 if this trend stays and it looks like that on the 30d, not just 1d or 3d periods. The trend seems to be pretty clear here - but that would of course change the instant MtGox starts doing withdraws - or would it? I mean, I can pay 0.6% (or maby 0.5% or something if I started using it) at MtGox or 0.34% at Bitstamp (or 0.08% at BFX and 0.35% at Bitstamp). MtGox has higher withdraw fees. And so on.

I just had a look at http://data.bitcoinity.org/#caaaabcfba. MtGox is on top of all listed periods except for 3d (Bitstamp on top) and 10m (btcchina on top when I checked).

MtGox is back on top for all listed time periods now. 55% last 24 hours. Btcchina is number 2 at 30%.

Ok now I'm starting to believe that you are a shill.

Here, have a look at this version: http://data.bitcoinity.org/#caaaabdiba

Why are you defending MtGox so vigorously? I can understand why you'd want to provide information on the whole withdrawal process, but at this point you're just defending anything MtGox related. Why?

joesmoe2012

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Quote from: bernard75 on October 12, 2013, 06:32:10 AM

There are at least 2 large lawsuits:
https://bitcointalksearch.org/topic/m.2972913
And thats only those that were big enough to make the press.
In any case Gox has at least 5kk+ frozen and thats why they keep that bullshit about "bank problems" up.

Those aren't customers suing gox though.

sturle

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Quote from: sturle on October 09, 2013, 05:47:25 PM

Quote from: ?? on ??

I see your point. The scary thing for those using MtGox is that Bitstamp seems to come out on top even if you take total MtGox volume vs Bitstamp volume these days. It will, of course, be more meaningful to say Bitstamp is #1 if this trend stays and it looks like that on the 30d, not just 1d or 3d periods. The trend seems to be pretty clear here - but that would of course change the instant MtGox starts doing withdraws - or would it? I mean, I can pay 0.6% (or maby 0.5% or something if I started using it) at MtGox or 0.34% at Bitstamp (or 0.08% at BFX and 0.35% at Bitstamp). MtGox has higher withdraw fees. And so on.

I just had a look at http://data.bitcoinity.org/#caaaabcfba. MtGox is on top of all listed periods except for 3d (Bitstamp on top) and 10m (btcchina on top when I checked).

MtGox is back on top for all listed time periods now.

Bzzzum

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Quote from: Luno on October 12, 2013, 08:23:09 AM

Quote from: Bzzzum on October 12, 2013, 06:44:54 AM

I had withdrawed ~ 10 BTC on Thursday 10th Oct. Up today they didn't show up in the blockchain.
After a request to the support all I got was:

Quote

Dennis, Oct 11 08:40 (JST):

Hello,

Thank you for the email. Few BTC withdrawals are delayed because of the multiple transactions requested at the same time causing network congestion. The transaction should eventually go through and we will update you once it is complete.

Best regards,

Mt.Gox Team
https://www.mtgox.com

hehe, that makes me laugh:

Quote

causing network congestion

It's now 3 days over and still nothing received, yet.
Who's experiencing the same problems?

Some Bitcoin protocol savoy have been able to broadcast their Bitcoin withdrawals manually on the network, even if Gox doesn’t do it, and they have gotten their Bitcoins out that way. Don't ask me the details, as I won't know how to do that.

My transaction did now show up ... uhhhh, I was sitting here and rubbed my ass on the chair but now it went smooth Cool

Luno

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Quote from: Bzzzum on October 12, 2013, 06:44:54 AM

I had withdrawed ~ 10 BTC on Thursday 10th Oct. Up today they didn't show up in the blockchain.
After a request to the support all I got was:

Quote

Dennis, Oct 11 08:40 (JST):

Hello,

Thank you for the email. Few BTC withdrawals are delayed because of the multiple transactions requested at the same time causing network congestion. The transaction should eventually go through and we will update you once it is complete.

Best regards,

Mt.Gox Team
https://www.mtgox.com

hehe, that makes me laugh:

Quote

causing network congestion

It's now 3 days over and still nothing received, yet.
Who's experiencing the same problems?

Some Bitcoin protocol savoy have been able to broadcast their Bitcoin withdrawals manually on the network, even if Gox doesn’t do it, and they have gotten their Bitcoins out that way. Don't ask me the details, as I won't know how to do that.

sturle

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Quote from: bernard75 on October 12, 2013, 06:50:25 AM

Quote from: sturle on October 12, 2013, 06:45:35 AM

Quote from: bernard75 on October 12, 2013, 06:32:10 AM

There are at least 2 large lawsuits:
https://bitcointalksearch.org/topic/m.2972913
And thats only those that were big enough to make the press.
In any case Gox has at least 5kk+ frozen and thats why they keep that bullshit about "bank problems" up.

This theory doesn't check out with known facts. The bank problems started before the 5M were frozen, and 5M is less than MtGox's profit for the first half of 2013.

May 14, 2013 doesnt work out?
I withdrew in April SEPA within 3 days.

Small amount perhaps?

Quote

And how in the world can they kepp up a 100% reserve without any physical cash coming in? From fees?

I didn't quite understand that question. 100% reserve is what they have because people can't spend more money than they have deposited. MtGox do not depend on a steady income of deposits to keep up the reserve. In addition to this, MtGox has revenue from trading fees and currency exchange fees.

bernard75

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Quote from: sturle on October 12, 2013, 06:45:35 AM

Quote from: bernard75 on October 12, 2013, 06:32:10 AM

There are at least 2 large lawsuits:
https://bitcointalksearch.org/topic/m.2972913
And thats only those that were big enough to make the press.
In any case Gox has at least 5kk+ frozen and thats why they keep that bullshit about "bank problems" up.

This theory doesn't check out with known facts. The bank problems started before the 5M were frozen, and 5M is less than MtGox's profit for the first half of 2013.

May 14, 2013 doesnt work out?
I withdrew in April SEPA within 3 days.

And how in the world can they kepp up a 100% reserve without any physical cash coming in? From fees?

Bzzzum

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Quote from: el_rlee on October 12, 2013, 06:48:38 AM

After 3 days of congestion a mild laxative might be the right thing

Lol .. and all the shit will pressed out?

el_rlee

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After 3 days of congestion a mild laxative might be the right thing

sturle

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Quote from: bernard75 on October 12, 2013, 06:32:10 AM

There are at least 2 large lawsuits:
https://bitcointalksearch.org/topic/m.2972913
And thats only those that were big enough to make the press.
In any case Gox has at least 5kk+ frozen and thats why they keep that bullshit about "bank problems" up.

This theory doesn't check out with known facts. The bank problems started before the 5M were frozen, and 5M is less than MtGox's profit for the first half of 2013.

Bzzzum

full member

Activity: 174

Merit: 100

Deutsche eMark

I had withdrawed ~ 10 BTC on Thursday 10th Oct. Up today they didn't show up in the blockchain.
After a request to the support all I got was:

Quote

Dennis, Oct 11 08:40 (JST):

Hello,

Thank you for the email. Few BTC withdrawals are delayed because of the multiple transactions requested at the same time causing network congestion. The transaction should eventually go through and we will update you once it is complete.

Best regards,

Mt.Gox Team
https://www.mtgox.com

hehe, that makes me laugh:

Quote

causing network congestion

It's now 3 days over and still nothing received, yet.
Who's experiencing the same problems?

bernard75

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Activity: 1316

Merit: 1003

There are at least 2 large lawsuits:
https://bitcointalksearch.org/topic/m.2972913
And thats only those that were big enough to make the press.
In any case Gox has at least 5kk+ frozen and thats why they keep that bullshit about "bank problems" up.

Nagle

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Quote from: tvbcof on October 11, 2013, 01:56:53 PM

Anyway, it would be great if an insider to Mt. Gox was providing information here on this forum. One of my main complaints against Mt. Gox is that they are not good at avoiding an information vacuum. Like pretty much every other business in this fucking space. It's got to be one of the most annoying things about the Bitcoin ecosystem.

More PR from Mt. Gox wouldn't help. When they do provide information, it's usually a lie. Reread their statements since the "two week hiatus" started in June.

What I can't understand is why someone isn't suing them yet.

sturle

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Quote from: Nagle on October 11, 2013, 01:45:07 PM

Quote from: sturle on October 11, 2013, 06:21:41 AM

until we start working on withdrawals made in the beginning of October.

So he does work for Mt. Gox.

No, I don't. I am not affiliated with MtGox in any way, except as a normal user. I don't do any more work for MtGox than you do.

Topic: MtGox withdrawal delays [Gathering] - page 257. (Read 908613 times)