Topic: MtGox withdrawal delays [Gathering] - page 261. (Read 908751 times)

The nagging question is that if volume is so low on Gox, price is easily fixed at whatever they see fit.

The walls look the same as before the flash crash to 110,-. That's some coincidence.

There is something I don't get, people who buy bitcoins now, would not do so on mtgox for obvious reason, higher price. So on mtgox it is only people selling btc for a slow withdrawal. (except daytraders, people with fiat on mtgox buying bitcoins to withdraw etc). So shouldn't this mean that mtgox and bitstamp would get closer and closer since no new fiat should enter mtgox? Eventually there should be little fiat left on mtgox even if the withdrawals are slow.  I don't get why the spread keeps being so high for so long.

Anyone know?

It would be interresting observation if it was accompanied with an interresting analysis, and not a statement which is wrong: Yes, the USD keeps falling.  People seem to flee away from the USD where it is possible to do so.  On MtGox as well.  If you sell BTC because you expect the price to fall in a few days, you don't want to sit on a different currency which is even more likely to fall.

But is it statistically significant 

All currencies combined it's 23% for 24hr.

That really is pretty darn low.

I just thought it was an interesting observation about $US traded volume on Gox clearly you don’t, and I don't like being insulted for no reason.

I know very well what random means, thank you.  By choosing a smaller sample you amplify randomness.

You are still comparing apples and bicycles.  Why do you include European trading on Bitstamp, but not on MtGox?  Why do you include Japanese trading on Bitstamp, but not on MtGox.  Because if you did, you wouldn't get the number you wanted, right?

The largest exchange in the world is Room77 in Berlin.  No other exchange trade that many BTC against burgers every day.  No, wait!  I have larger volume than all other exchanges in the world trading NOK/BTC, so all the rest are tiny compared to me.  Even MtGox.  See, by choosing an arbitrary metric I can skew the numbers any way I want.

“It is just a random fluctuation, and IMHO completely not interesting “

It is not random just a smaller sample sizes, grown-ups should know what random means.

You can argue it is not significant but that and interest is as you say a matter of opinion, and in my opinion not correct.

Below 15% now.

If you pick ten 24 hour samples by random, MtGox will lead most of them.  One 24 hour sample is hardly worth mentioning.  I have had days with higher volume on my simple OTC exchange (see sig) than CampBX and a lot of smaller exchanges.  This doesn't make me bigger than them.  If you take hourly volume, my volume has been higher than Bitstamp as well.  This does not make my exchange bigger than Bitstamp.  It is just a random fluctuation, and IMHO completely not interresting.

BTC-E have multiple markets with separate USD and EUR volumes.  Not interconnected the same way as MtGox, but still more than one currency.  Bitstamp converts everything to USD at a fee of ~0.4%, and the same fee when converting back.  It is not possible to convert by trading on the exchange, so if you think the USD value is going to fall (more or less certain as long as the worthless creatures in the USSA Congress are on strike), you have to get your funds out of there.  At a fee.  On MtGox you can easily convert your USD and trade forex as well as BTC.  Even USSAnians can do that.

Your illustration of MtGox losing US business isn't working very well.  Many people trading in USD on any exchange are not USSAnians, and many people trading other currencies on MtGox are.  Getting a JPY account to do fast arbitrage has become increasingly popular among USSAnians as well.

I did mean volume apologies

1. A 30 day sample is just a bigger sample and is no more “real”  than a 24 hour sample.
2. I did not know Bitstamp aggregated all currencies and quoted them as dollar exchange volumes,  I though they just traded dollars again apologies.  Presumable BTC-e is not the same as they quote muti-currency exchange rates?
3. People on this thread have quoted how some currencies are working better than others, notable Japanese yen, presumably because of locality.  Hence I was trying to illustrate how Gox was essentially loosing US business.
4.  You still don't need to be so rude.

Rate or volume?

Anyway you made at least three mistakes:
1. Arbitrary 24 hour period.  Look at the volume over time to get a real number.  30 day here: http://bitcoincharts.com/charts/volumepie/
2. You are comparing apples and bicycles.  On some exchanges all the volume is counted as USD.  MtGox has a working multi-currency exchange.  This is their main feature.  If you deposit EUR and buy or sell and withdraw EUR, the trade will be reported as EUR.  Some other exchanges (noteably Bitstamp) will report this as USD.
3. To compare exchanges, you obviously have to use their total volume.  Not some arbitrary currency.

So sorry I meant dollar exchange rate, as that is where the main problem is.

I can add just fine. 

Grown up, really!  Why would you insult someone with no cause.

LOL!  Come back after a couple of months when you have learned something we grown-ups call addition.  To find total MtGox volume, you have to add the volume of all the currencies together.

Just to add my view in. I held out on a Mt. Gox USD wire as long as I felt was reasonable. After waiting since August 22nd I canceled my request. To their credit it was processed very fast. I was able to purchase bitcoin (taking the hit!) and did 2 different bitcoin withdrawals to different address in a timely fashion with no problems.

For a much better experience let me tell you my expereince with bitfinex.com. I used them previously but haven't used them since they went more legit and started requiring documents for USD wires. I submitted my docs and was verified in under 24 hours. My 4 digit USD withdrawal  
was processed in less then 6 hours and they now say it is headed to the bank. I will edit this post when I receive the cash in my bank.

I refuse to do business with MtGox anymore. As countless people on here have said they are not transparent at all! The bitcoin community now has better offers. If the 5% emergency withdrawal is really an option maybe it is worth it for some people.

If you are short/medium term bullish on bitcon you might as well take the 10% hit now and wait until the price on other exchanges go up. Then you can break even. If Mt. Gox folds (I don't think it will but it is possible!) then you will be left as a bag holder. If Mt. Gox recovers and withdrawals are processed quickly the prices on exchange will equalize fairly quickly (my guess would be Mt. Gox would go down to Bitstamp, Bitfinex, etc prices) So unless you are on it very quickly you won't be able to sell your bitcoins on Mt. Gox for anymore money anyway.

Just my thoughts as I wanted to be part of this epic thread.
  

Gox is currently the third exchange by volume at 16%


https://bitcoinaverage.com/#USD

Ahh, the shill strikes again. Our keyboard warrior defending MtGox like his (or her?) life depends on it.
I have been living on planet earth and I have had no problems with deposit/withdrawal from/to Bitstamp and BTC-E. So yes, the problem seems to be unique to the clusterduck organization called MtGox. Bitstamp volume is also not much smaller than MtGox, get your facts straight.
Bitstamp exchanged 10,309 BTC/USD while MtGox exchanged only 4591 BTC/USD. Source: http://www.cryptocoincharts.info/#jump-btc-usd  B.itstamp also doesn't offer any of the other withdrawals like Okpay, Paypal, only withdrawal to EUR. So yes, it is possible to do.

Don't get me wrong, I still like MtGox and I will continue to do business with them. I am not here to bash them, I just want them to be more transparent.
Like I said earlier, if I have to wait 6 weeks for my SEPA withdrawal I can live with that but when I email the servicedesk I expect them to tell me that I have x amount of days left and not their robot answer "we will process as quickly as possible"

I did use the word expedited but not emergency. I dont think Gox refers to it as emergency either. At the time I placed my order, I was told the queue for expedited manual withdrawals would take 2 weeks to clear: it was precise to the very day.

You could be right: maybe gox takes the 5% haircut to cover losses. All I know is, the current regular withdrawal is broken (possibly intentionally but no one knows for sure)and finally I got a large sum of money on the promised timeline for once, and fee or no, at least now people know its a proper workable option. I'm sharing it here because I don't know how much longer this window will remain open. If there was serious money at stake I'm sure this information will be useful to some users.

I'm just happy to get my money. 5% is a small fee as opposed to 10% of the bitstamp exit strategy or 100% of never getting your money out. I've made enough from investing in bitcoin, I don't mind sacrificing a little money to put the cash in my hand

You don't see the facts, you mostly make them up in your own mind.  Like that 10 million USD hole of yours.  Completely ignoring the fact that MtGox made huge profits this year.  Completely ignoring what we know about Japanese banking.  Completely ignoring what we know of all the withdrawal methods that went away.  Etc.  You make up your own set of assumptions, ignoring most facts.

There you go.  If I cooked up my books by only writing down my expenses and not my income, how true picture would it make of my economy?  I would be very broke, that's for sure.

How can this not be true?  Their number of customers increased from ~10k to 600k in less than a year, while at the same time all alternative withdrawal options disappeared one by one.  MtGox executed half of the number of international wires in the second largest bank in Japan.  And I don't need to repeat what Japanese have written here in this thread about the Japanese banking system.  Most of their customers are not experienced in international trade and international bank wires, and 1 of 10 wires were returned due to wrong or incomplete information.  This generate a lot of work for the bank.  In my bank I get punished by a 60 USD fee if a wire is returned.

I can send money if I have it, but my bank wouldn't be able to cope if I tried to send 1000 international wires a day and 100 of them bounced.  My bank would kick me out.  For sure.

This is 100% pure speculation from your part.  I would believe it if I heard it from their Japanese bank.

Because deliberately mistyping my name is very serious indeed.

I don't know anything about gold in Hawaii, but here's an article on the study she mentioned:

http://www.newscientist.com/article/mg21228354.500-revealed--the-capitalist-network-that-runs-the-world.html#.UlPipbOLe1E

I haven't peer reviewed it myself, but perhaps you shouldn't be so quick with the namy cally.

170,000 TONS of gold in vaults in Hawaii?  Is this the profits of the "superentity" which controls 60% of the biggest 43,000 companies??

Wild stuff, so might be more than 1 screw loose in her head.