Topic: MtGox withdrawal delays [Gathering] - page 259. (Read 908613 times)

That's what Lehman Brothers said in 2008.

We all know that you are a MtGox shill. Why would people give a damn about what you say?

[10:42] if the "good news" has anything to do with LTC, it is a slap in the face to anyone waiting on USD for months
[10:43] * Joins: Syloq (~Syloq@unaffiliated/syloq)
[10:43] <@MagicalTux> dust-otc, LTC won't be implemented before Midas is online
[10:45] * Joins: paraipan (~paraipan@gateway/tor-sasl/paraipanakos)
[10:48] @magicaltux: Hi. How long is the SEPA queue at the moment ?
[10:49] <@MagicalTux> miketurner, right now, 1 month and 5 days, slightly getting better after lagging a lot
[10:49] working days ?
[10:49] <@MagicalTux> (took almost 4 weeks to do all transfers requested end of august)
[10:50] <@MagicalTux> miketurner, absolute days
[10:50] ok, cheers
[10:50] what was the most recent request date of a sent international USD wire that didn't pay the 5% fee?
[10:51] <@MagicalTux> dust-otc, too long (I do not have exact data for intl right here right now)
[10:52] is that queue moving at all?
[10:52] or only those who pay the ransom fee
[10:53] * Joins: fanquake (~anonymous@unaffiliated/fanquake)
[10:54] there's no fee on SEPA
[10:54] afaik
[10:54] 'emergency fee' i mean
[10:54] I live in the US
[10:54] dust, I appreciate your questions but you will probably get a better response without the attitude (I am waiting on USD too)
[10:54] SEPA does not apply to US
[10:55] * Joins: tencevad (~tencevad@unaffiliated/dspree)
[10:55] and "emergency fee" is fine if it is expediting a process that will occur eventually
[10:55] but there is no sign of progress
[10:56] * Joins: cyro432 (~cyro432@unaffiliated/cyro432)
[10:56] yes, I would like to know where the queue is as well.  For what its worth, I have been assured by support that the USD queue is still moving
[10:57] <@MagicalTux> dust-otc, we are working with various partners to resume wires
[10:57] <@MagicalTux> it takes time because we are subject to much pressure

Yes, it's like the old financial system is having a giant marketing-campaign to show us all of the benefits of bitcoin.

So what is the great plan at Gox? Offering XRP's at a favourable rate to customers holding $$ So they can save on the payouts?

The main thing which has limited my exploration of various exchanges is that I am sensitive about my personal information should the exchange get hacked or steal it.  I would, with some annoyance, accept a premium in order to do business with an outfit who I had already entrusted with my personal identification data.  That said, for the current premiums I would likely go ahead and choose another exchange or mode if I were buying these days.

I did finally become 'verified' with Mt. Gox.  Although they have had some issues with data loss in the past, I figured and hoped that with better funding and more time, they had managed to tighten things up a bit.

I also have, over the years, mused (publicly) about how it was that Mt. Gox seemed to get a free ride while other exchanges were harassed into closure.  At least the ones who seemed to be on a growth trajectory.  I put forward the hypothesis that Mt. Gox was especially cooperative with entities who gather detailed information about the financial behavior of persons on an individual level.  When Mt. Gox jumped at the opportunity to unload their N. American userbase and came under obvious pressure, I decided that either the hypothesis was wrong or Mt. Gox's behavior had changed.  Only then did I entrust them with my personal details.  And I don't even have much reason to need privacy...it's mostly just a matter of principles to me.

Because if you take a quick look at the numbers, it is not possible.

If you build your opinion on known facts instead of whatever pops into your head, you will find this very unlikely.

Beats me.

BTC90 withdrawal, 5 hours, not even shown on blockchain.
Expect 1000x more time for MtGox to finish a task the others can finish and you will less likely be disappointed.

They are working on that.  To do this properly they have to get licenced as a financial business, which cost a lot of money and takes six months to a year.  They couldn't afford the licencing costs until this year.  If we assume they started in April (should be able to afford it then) and it takes six months, this might be the core of the announced announcement.

Creating multiple bank accounts (like finding a new bank that want to do business with a bitcoin exchange is easy) to work around the limitation isn't going to help them get a proper license.

I couldn't get a USD withdrawal even with the 5% fee. It doesn't look like any USD wires are happening (with or without the 5%). Other currencies like JPY, CAD, EUR, AUD are reported to get processed at various delays.

1000 USD withdrawal, still pending over 46 days,and 16 days i asked MTGOX to process 5% fess.still waiting

Why would MtGox not be broke?

Imho they are running out of Fiat.

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

MtGox has become a one-way street: Bitcoin in, USD/EUR out.

There is such a thing as an intractable problem, and there are only so many banks in the world.  Thankfully when Tradehill finally hammered up the plywood they did not walk off with my money.  I hope the same holds for Mt. Gox if it comes to that.

To answer your question, ya, I would consider the problems that Bitcoin exchanges (of a certain size) have with mainstream financial institutions to be almost certainly the result of a 'conspiracy' (using the word in a formal way.)  The main question in my mind is mostly how much of the pressure is a result of conspiring within the closed financial services system and how much is from within state sponsored regulatory and political bodies.

---

One thing that Bitcoin has made crystal clear to me is how much 'my' fiat money is NOT my own.  My use of USD is significantly constrained and there are a plethora of things I am not allowed to use USD for which are perfectly legal.  Wikileaks, selling BTC, etc.  I knew intellectually that money issued by the federal reserve was never really mine, but this point has been driven home more concretely of late.

1000 USD withdrawal, still pending since last month..

Do i smell conspiracy? 
In any case an exchange has to plan ahead and take those risks into account. I mean they are doing that business for so long now to not be able to manage the same problems over and over...

One pattern that seems to have repeated itself over and over is that a Bitcoin exchange gets a smooth operation going with some bank (or money service business) and things chip along for a few weeks, then Bam!  Something happened at the bank level and the bank no longer wishes to be a partner.  What that something is is an open question.  Financial regulations are likely factor.  Anyway, the pattern has been observed for several years now, and a lot of exchanges have been shuttered seemingly because of it.

Perfect.

The last 30 day graph shows that Mt Gox is losing more relative market share to btcchina than Bitstamp.

If they have a daily quota which is not enough they just raise it, as any other business in the world would do. Not all banks have problems with BTC, they can open multiple accounts in different banks, the fact is if you have the money you can certainly find a solution to operate smoothly with it in a few weeks - and months have passed.

4000 euro withdraw, 4 weeks waiting now

I haven't been following this thread closely, so I apologize in advance it has been mentioned in recent pages.

Is there any indication that USD international wires (without the 5% fee) are being processed at all?  If so, what request date is the queue up to?

No, it's just that the bigger the amount, the more overwhelmed is the poor guy processing the withdrawals. You know, longer numbers have more figures and it takes more time to type them.