Topic: MtGox withdrawal delays [Gathering] - page 260. (Read 908613 times)

No, the only logical explanation has been posted in this thread about 20 times.  They have a daily qouta in their bank, a specific daily amount, in outgoing SEPA transfers.  Instead of letting a portion of their quota be unused every day, they fill the holes with small amounts when they can no longer fit the next transfer in queue.  If the next transfer in queue is 7k EUR, and they only have 5k left on their daily quota, they start grabbing smaller transfers from the queue until the quota until it is completely filled.  This is a sign of MtGox trying to pay as much as possible, which they wouldn't do if they were broke.  (And please read previous postings before asking about the quota – the subject has been thoroughly discussed, someone called their bank and got it from them as well, etc.)

Note that my order was twice slower (both for MtGox and Bitstamp) than in July.

Because I needed some money and Bitcoin is the most "liquid" of the "investments" that I own? (And that's actually 581.34€ since I used both exchanges.)
Sorry, I don't expect to be needing such a big sum anytime soon and can't be bothered to transfer it back-and-forth just for experiment's sake...

That just screams "they're broke".

If you transfer 10 EUR to Bitstamp right now, you get 13.508, and if you withdraw 13.508 USD you get 9.9192 EUR according to the rates published in their API.  I.e. just over 0.4% spread.  My bank has half this spread for currency conversion in international or SEPA wires.  (Some banks, e.g. Scandiabanken have terrible currency conversion rates.  Beware!)  I have an EUR denominated account as well to avoid the currency conversion when trading in EUR.  E.g. when doing arbitrage from MtGox.

When I asked for the latest SEPA delay numbers today, I was told I couldn't get them until Monday because of ... good news.  I don't know what the good news are, but expect them to be about withdrawals.  I didn't get an exact date for the news to be released either.  As far as I understand they are about to take the very last step to something big, and have delayed other news and upgrades until this is finished.  People aren't going to regard any news as positive unless they deliver faster withdrawals, so there is no point in releasing any until this problem is fixed.

Perhaps this helps.

http://data.bitcoinity.org/#caaabbdgba

That's a great start. An area chart that showed how the fractions have changed over time would mean we could have meaningful conversations about trends.

This can not be true. I e-mailed them today asking for when they would process my withdrawal and they said I have to wait at least another 3 weeks. How is it possible that you are paid within 8 work days while everyone else has to wait 30+ business days?

To be fair, MtGox volume is somewhat artificially inflated by customers converting their USD to EUR or JPY via BTC in order to be able to withdraw the fiat. Many people are stuck at Gox with GoxUSD because it seemed like a good idea at the time (for example I believed USD to be a more stable currency than EUR, which is why I sold my BTC for USD instead of EUR).

I know.  This is their biggest shortcoming.  They should really do something about it.  Now there is an extra conversion fee of 0.4% to deposit or withdraw EUR, and in addition to this there is the uncertainty of the USD value. :-(

Yes, but I am sure you understand this is a meaningless comparision.  You compare one exchanges total volume to another exchange's volume in one single currency.  This is extra pointless now that people are getting out of USD for obvious reasons.

No, I never wrote that.  I do not think Bitstamp should report in any other way.  Just that people should keep this in mind when comparing volumes.  Bitstamp's USD volume is artificuially inflated by the way the exchange works, while MtGox report actual volume in all currencies separately.

Yep.  Bitstamp's failure to implement proper multi-currency trading is quite expensive for their customers.  (The SEK/EUR conversion rate you get in your bank is bad, btw.  I'm sure you can find a cheaper one.)  And you are forced to keep your assets in USD or BTC, and have nowhere to run if you expect BTC to fall and USD to drop heavily on Monday morning.  Your only rescue is to buy BTC and transfer your BTC to MtGox to sell for another currency.

Of course.  But I hope you agree that comparing USD volume on Bitstamp with the USD volume of an exchange where you can trade BTC against multiple currencies is completely meaningless.  You are comparing total volume with an arbitrary share of the total volume.  Comparing Bitstamp USD volume with MtGox USD volume is equivalent with comparing Bitstamp USD volume with MtGox JPY volume or MtGox SEK volume.

I apologize for finding this specific statistic interesting, Sturle 

Interresting – if you chose any other time period, MtGox comes out on top.  And it is closer to 29% than 28%.  It doesn't include all currencies on MtGox either, but the volume in the missing currencies is so low I doubt it matters.

Whaat? This would mean Gox is almost up to date regarding below-threshold SEPA withdrawals. (Or do they pick the ones that fill their quota optimally rather than process the oldest first?)

BitStamp :
Withdrawn (SEPA) $376.37 on Sept. 29, 2013, 10:23 a.m., received 276,82€ at my bank on 02/10/2013. (4 work days)

MtGox :
Withdrawn (SEPA) 307.60000 € on 2013/09/29 10:23:21, received 304,52€ at my bank on 08/10/2013 (through Mt. Gox Poland Inc.). (8 work days)

Previously :

Pie charts and area graphs.

This is getting ridiculous.

Why don't any of these exchange volume comparison sites make a simple, easy to read graph that shows total BTC exchanged per exchange?

Is it not as simple as summing the various currency pairs for those exchanges which support multiple currencies?

Alpaca Bob noted:

"A lot of people who want out of Gox buy bitcoin and move that to other exchanges to cash out. This artificially drives the price up on Gox."

I think this is probably true. I wonder if in turn that was driven by issues with MtGOX recent bank and/or Dwolla account issues. Perhaps after a few things resolve the exchanges will come to closer agreement.

This is just a bit of speculation based on my very limited experience. Still excited to see this economic experiment unfold, it could certainly be bigger still in the future!

Best wishes for everyones success!

A lot of people who want out of Gox buy bitcoin and move that to other exchanges to cash out. This artificially drives the price up on Gox.

(And there's also people who are willing to take the risk and do it the other way round for arbitrage. Apparently the market decided that arbitrage should cost about 10%.)


I would say so, yes. MtGox has now been at 28% for three days btw. (And that's not even including all exchanges.)

http://bitcoinity.org/markets/list?currency=ALL&span=3d

Glad to hear at least something's on track.

International you can forget about. A "expedited" or "emergency" withdrawal takes between 2 weeks and 4 weeks and cost 5%