Topic: MtGox withdrawal delays [Gathering] - page 262. (Read 908775 times)

I am still waiting on my withdraw from 6th of August...

I don't see why you take it so personal. I've been a long time customer of Gox, I moved very high volumes in and out without any problems in the past and I always posted positive reports when they were just doing good and people was spreading FUD, but now I just see the facts. Why do you think Gox's USD value is 10% lower than anywhere else? Oh, I see, is just people that is stupid and panic for nothing... So you are doing MILLIONS in arbitrage, right sturtle?

Secondly, the documentation in which I base myself to say they have a $10M hole is basically public knowledge. Just check a) the reply to Coinlab (where Gox admits that Coinlab withheld +$5M that were added to customer's balances, but they do not say anywhere in that document that they had to cover that with their profit. They ONLY say that money was credited to customer balances and Gox never received it; and b), the DHS statement where they state they sized aprox. $5M from Gox's Wells Fargo account.

Thirdly, in what documentation you base yourself to defend that Gox is perfectly solvent, and the delay is just because "the traditional banking system is unable to keep up with the demands of the thriving BTC economy"? Honestly, please answer to that. I hope you do not consider what Karpeles says on IRC as a valid source/documentation.

Finally, I don't know in what world do you live in, but in the world I live in you can swiftly send money IF YOU HAVE IT. Sure, some delays may occur from time to time, especially if your business could be considered "shady" or "high risk" by this or that bank, but at the end of the day you can move the money quickly if you have a) THE MONEY TO BE SENT, and b) THE MONEY TO PAY THE COSTS TO SEND THAT MONEY QUICKLY IN CASE THERE ARE DIFFICULTIES

So... Gox is charging a 5% fee to do "manual" withdrawals, a fee that is supposed to fully go to the bank (let me doubt about that, in my country that could almost be considered extortion... Paying extra 5% to have my freaking money??), and again we have 2/4 weeks delays for those "emergency withdrawals"? WHY? Because the guy doing the manual withdrawals at the bank is overwhelmed again (poor guy)? REALLY? Don't you realize that with a leonine 5% fee the bank could hire AS MANY GUYS AS THEY WANT to process the transfers in the same day, as this is their best interest, as they would be making HUGE money with that LEONINE fees?

Come on sturtle, come on: let's be serious.

Like promised.  The emergency withdrawal option is very limited.  There is probably a queue on that one as well now.

Your mouth is big, your documentation non-existing, you are making up holes, and you fail to explain anything in a way that makes sense.

Which planet have you been living on for the last three years?  This problem is not unique to MtGox.  40% of all exchanges have been forced to close in full or partly due to problems with banks.  MtGox has had at least three bank accounts closed.  (+ their PayPal account.)

MtGox can process your deposit in EUR (via SEPA) next day, or JPY in Japan in 2-3 hours.  Please ask Bitstamp how their withdrawal time is possible, but their volume is much smaller than MtGox's.  This is probably an important factor.  Bitstamp had problems recently as well, with banks refusing to transfer deposits.  Full verification of identity is now a requirement to trade there.

Wow, "expedited" or "emergency" 5% withdrawal that takes between 2 weeks and 4 weeks to clear... So much for the "emergency"

Honestly, I still think what I wrote weeks ago: the 5% fee is just a desperate attempt to make some extra money to cover Gox's losses. The BS about "the traditional banking system" not able to keep up with their volume is UTTER BS, guys I hope you know what Occam's Razor indicates here: Gox is doing fractional reserve with customers money, they have a huge $10M hole and they are struggling to cover it, and that's the only reason of the huge delays in withdrawals.

Most intelligent thing i've read in a while in this thread.

Mt Gox has redeemed itself in my eyes. I waited 3 months for an earlier regular swift withdrawal. Cancelled it and requested expedited 5% fee withdrawal instead. Today, about 2 weeks later, just like they promised, he money hit my account. 5 figure USD amount

So can one person explain to me why these banks that are supposed to be throwing roadblocks in front of MtGox "because they want to stop/slow down bitcoin" do not throw these roadblocks in front of Bitstamp or BTC-E or any other big exchange? Why is Bitstamp able to process my deposit in 2 days? And how is it possible that a withdraw from Bitstamp also only takes 2 or max 3 days?

Look, I'm not going to hop on the bandwagon attacking MtGox here, but absolutely fail to see why people keep nagging them to get their shit together.

Just. Fucking. Leave.

There are plenty of alternatives that are doing a terrific job, and - perhaps more importantly - it would be much better for the bitcoin eco-system if the exchange volume gets nicely distributed over a whole bunch of regional exchanges.

"But MtGox is where the action happens."

Yes, I know, that's my point. That is exactly what needs to change. Leave.

I'm choosing to just make gox irrelevant in my mind. To me they are insolvent based on their lack of information and are only trying to string along customers to keep afloat.

Is there some Gox-o-meter where I can quickly check how sentiments are today? Or should I just trust the MtGox$/Bitstamp$-ratio?

I'm thinking that perhaps 'resolving the USD withdrawal issue' is not something that Mt. Gox has the ability or really the responsibility to do.  If our government and banking system's are creating road-blocks, it's up to USD users in our supposed democracy to rectify.  I've don'e nothing illegal and Bitcoin itself is not illegal so I am being unfairly harmed by whatever roadblocks are being erected either by my government who supposedly works for me, or the banks that I willingly choose to do business with.

My rational for believing that Mt. Gox is mostly not to blame here is that it makes no sense that they would not be very anxious to get over the USD problem.  Why on earth would they want to lose money and customers in this mess?  The only reason I could see for it is that they plan to abscond with funds, but there are arguments against believing this to be the case and Karpeles has proven reliable at other times when he could have stolen everything.

Anyway, if Mt. Gox is reading this, at least one person would like to attempt to push on the string from the other end.  I'd be happy to contact my congress person who happens to be no friend of the banking industry.  I also would be happy to harass my bank if an international wire has been rejected by them.  All I need is information on what's going on.

So currencies other than USD seem OK if you pay 5%, which is not that unreasonable if there is a conversion with JPY involved, since currency conversion spreads can be around 3 or 4%. Shame I wanted USD and that still seems to still be a problem. I will return to Gox only when they resolve the USD withdrawal issue.

I understand that its a fee imposed by Gox's bank for wires in addition to what they're already allotted,
so Gox is just passing it along. Hence, big unfairness on the part of Japanese banks, but no unfairness on the part of Gox.
Of course 5% is a very round amount and I wonder if Gox isn't taking a cut. If they are, in the name of good customer relations
I think they should consider paying any such cut back (to all of us who paid the 5%).

There is no way to justify that high of a fee. Not that much work gets put into manually processing a wire transfer (even internationally).

CAD $4,500 fee for a single wire transfer is a painful eye-gouge.  Being happy with that makes me think of: http://en.wikipedia.org/wiki/Stockholm_syndrome
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I paid the fee because A) i was a bit frightened by the circumstances (I won't deny it) and B)
the money is more useful to me *now*.
I understand that the fee covers mtgox's costs for processing the emergency wires so
its more or less fair even if it sucks.

Agreed oyvinds.
CAD $4,500 fee for a single wire transfer is a painful eye-gouge.  Being happy with that makes me think of: http://en.wikipedia.org/wiki/Stockholm_syndrome

I Just got a >90000 CAD swift withdrawl fram Sept. 9 although it was less
that 90000 because i paid the 5% emergency fee.
Everything seems good with Gox. They are an upstanding business
having temporary problems due to governments and third parties.
I have every confidnece that their situation will be resolved within
a few months.
I will continute to be a gox customer.
I may even take advantage of the present arbitrage opportunity
(that will make up the 5% hit).

One other thing. Other exchanges may soon face the same problems,
at which point i think the criticism of Gox will be a bit more muted.

Consistent with the earlier explanation:


Now 2 months since Mt Gox's last official statement on the matter.

My wire withdrawal in USD to a European bank from 2 Sep hadn't processed after over a month. I elected to use a manual transfer for a 5% fee. Eventually I was told they couldn't manually transfer USD. They said they could instead transfer AUD to an Australian bank. I cancelled, bought BTC and transferred those to another exchange and withdrew the USD from there. Doesn't look like USD wires work to any country atm.