Topic: MtGox withdrawal delays [Gathering] - page 258. (Read 908613 times)

I have no idea.  Why do you keep asking this?  This is not a point, it is a question.  I am not a shill, btw.  You would know that if you bothered to read my posts.

That is kind of obvious.  Whether there is a formal relationship with money involved is not clear.  Nor is the term 'we' necessarily indicative of much of anything when used in a vernacular form.  I, for instance, use it liberally in code comments.  It's just a style thing.

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.

Then why would he even lie about it though? What's the rational behind that? Even if MtGox is running a fractional reserve, why would they have some shill lie to us, instead of an actual spokesperson?

Personally I'd wish that someone from MtGox would man this thread to answer questions...

Well that's probably why they have been bleeding market share for quite a while now, right? Sounds about right to me...

So he does work for Mt. Gox.

For anyone interested, this does not seem to have been posted here yet:

  http://thegenesisblock.com/coinlab-files-response-mt-gox-lawsuit/

I don't pretend to completely follow the arguments, but it seems to me that if Coinlabs needed customer information in order to achieve a desired level of FINCEN compliance or whatever, they should have asked customers to provide it to them or authorize them to obtain it from Mt. Gox on an individual basis.

I continue to feel that Mt. Gox did the right thing by not selling customer's private information to a third party without informing customers and obtaining customer's approval.  At the time Mt. Gox did not have my personal information since I was not 'verified'.  I only took that step after the Coinlabs fiasco.  Not that it did me much good though...they have an identity theft kit for me now and I DON'T have my USD after several months of waiting.

BTW, I find elements of the failed Mt. Gox/Coinlabs deal to be highly relevant to this discussion.  Mt. Gox's problems seemed to have started in earnest when this deal fell through.  I find myself wondering if perhaps some in the US at the regulatory level were not a bit miffed that a barrage of interesting data did not come through as a result of this deal.  Yes, the implication of this 'conspiracy hypothesis' is that Coinlabs would have been more than willing to open their books to the authorities, and a follow-up hypothesis is that that was actually a key element of their business plan.

So I have been trying to withdraw with their new 5% fee.
Still nothing......

My Sepa withdraw (500€) changed after 35 days waiting to pending.

@sturle, the MtGox master shill:

My key point is:

Why would anyone transfer USD, EUR, JPY, ... to MtGox when you can buy Bitcoins at any other exchange for ~10% less?

You got me confused with the "first few days of October".
Anyway lets hope you are right.

Correct.  My predictions refer to when the withdrawals were made, and when during the following seven days people can expect to receive them (today through Friday 18th).  The last two sentences is an attempt of a long term forecast with no exact days given.  Perhaps the last sentence is clearer if you modify it to: I expect a huge speed bump when processing withdrawals made during the first few days of October.

We have October.

I will try to make a SEPA withdrawal time forecast based on EUR volume and my experience of how it affects delays.  Here is my first attempt.

This is for SEPA only, and withdrawals > ~500 EUR.  Smaller amounts may be faster.  JPY is known to be about 2 days, and international wire is about forever.  My forecast estimate when your withdrawal will change from confirmed to pending, and you will receive it the next business day.

My forecast:
Withdrawals made on or before September 5th are out or going out today.  Withdrawals made on September 6-8 will go out today or Monday.  September 9th will take more than one day to process.  I expect it to be done on Wednesday or Thursday along with withdrawals made on the 10th.  September 11th will take at least two days as well.  The first will probably go out on Friday, i.e. in one week from now.  When withdrawals from September 11th are done, it will be a smooth ride with shortening SEPA queue until we start working on withdrawals made in the beginning of October.  I expect a huge speed bump in the first few days of October.

Please report when your withdrawals arrive, and I will use your feedback to see if I can make a better forecast.  (Or if I am completely useless at this and should find something better to do. :-)

The null hypothesis is that there is no pressure on financial service providers to avoid doing business with Bitcoin exchanges.

I find this hypothesis also to be viable.  It it certainly possible that organic and general hassles associated with AML, and the extra-ordinary percentage of Bitcoin users who are tagged with such problems, are sufficient to explain why Bitcoin exchanges have a hard time maintaining a durable relationship with mainstream financial service providers.

I was long of the opinion also that Bitcoin was to dinky to attain any real attention from 'the powers that be' (and that has been an unwelcome opinion on this forum for a while now.)  As of the last few quarters I believe that it probably has hit the radar screen of most financial thinkers and planners.  Not that it is universally taken particularly seriously, but it probably is something which has garnered a certain amount of contemplation.

It's also possible that entities who are especially cooperative and/or are in a position which makes it possible to squeeze them at some point in the future are left unmolested.  This to mold the future Bitcoin landscape into a form which will be more easy to manage at a later time.

I'm not saying that this is what is happening, and to be honest I rather doubt that any particular group with significant organizational ability is focused that clearly on the addressing the potential future threat of the Bitcoin ecosystem at this point.  But it is a viable hypothesis to test.

Again as I mentioned recently, I put forward this hypothesis about Mt. Gox when they seemed to have had a free ride (even though they were the largest by a mile.)  The ride came to a crashing halt at about the time the Coinlabs deal came crashing down it seemed to me.  It also needs note, however, that Mt. Gox operates in a funny jurisdiction. (I find a lot of stuff about Japan to be funny...and tragic...)

Ok just wanted to be sure before wearing my tinfoil hat. (Not that i don't look fine in it)
Seriously now i can understand your concerns but i don't agree. I don't think anyone takes bitcoin that seriously yet...

Nope, thats Bitstamp.

It's possible they are just doing it to MtGox at the moment because that is the biggest exchange. If Bitstamp became the biggest exchange then perhaps something would happen to them, then.

Is it true that mtgox now asks for verification even if you want to withdraw BTC?  If that's the case shouldn't the spread between exchanges go down?

They did?  Do you have a reference?

EUR withdrawal via SEPA and domestic JPY withdrawal has worked normally all the time, with a few hickups for JPY.  SEPA delay is about the same as it was in May, for exactly the same reason as a year ago, and changes are predictable from the volume.  To me it screams "they have problems sending international wires" and "they have a daily quota on their SEPA transfers".  If they were broke, they wouldn't be able to send any payments.

I am not affiliated with MtGox in any other way than most of the people here.  I am a normal user, and that's all.  People should give a damn because I actually investigate things and check facts instead of posting pure speculation based on rumours and hot air.