Topic: MtGox withdrawal delays [Gathering] - page 272. (Read 908775 times)
That's actually very likely because they are minus 5 mil USD and banks are probably wary of dealing with gox when it involves dollars exchange but other currencies should be fine then. Are there delays for EUR withdraws?
4.Bank has provided an option for speed processing so if you urgently need money within 7 business days we can sent the fund that you requested manually. This method is really limited and out of negotiated price contract with the bank, the bank fee is high 5% because we have to convert JPY into an other currency (That we cannot choose, the currency depends on your country and only one currency is possible by country) then it takes 5 business days to get the money.
IMO, this statement cements the theory that they don't have the USD holdings to cover withdrawals. If it's an expediency fee, then why do they state it's for currency exchange?
There's no way a bank charges 5% conversion fee for a corporate account.
Let me start that I am in no way affiliated with MtGox other then being a customer and an irate one at that
considering that my US international wire is at 38 days or 26 business days and still have not received it.
joesmoe2012:You make the strong statement quoted above yet do not back it with anything. Me saying this isn't personal, merely me being rational.
There's no way a bank charges 5% conversion fee for a corporate account.
I haven't seen a check since the 80ies, except one. Got one in return from some USSAnian scammer company. I was told by my bank I had to travel to USSA to cash it in. Would you be happy if you got a check which you had to travel to Japan to cash in? Probably cheaper to take the 5% option.
Sturle, you keep mentioning this 5% emergency withdrawal option, but not a single person on this site has been able to provide any evidence for it. Further, if such an option existed, it would currently be quite profitable as the spread between other sites and Mtgox is over 5%. I have. The only person I have seen mentioning it really is you. Show people how to get one of these supposed emergency withdrawals or stop spreading this FUD.
You merely have to ask for it, if it isn't offered to you.
but here is the email I received from MtGox, see #4:
James Support, Sep 16 15:01 (JST):
Hello,
Sorry for the delay and thank you for the email.
1.We are processing the withdrawals manually. We are still working with our bank to have the issues sorted and we expect to have this sorted out soon. Processing manually it involves lot of man power and time and we are doing our best to do this and your withdrawal should be processed soon
2. Please be advised we do not hold funds of any customer, As updated in the announcement we have now formed relationships with several new banking partners both in Japan and around the world, and we are still in the process of finalizing even more. This means that we will have increased stability and ability to transmit withdrawals going forward.
3. We are working hard to increase the transaction speed and we still have a backlog of withdrawals to be cleared and we are in the process of forming relationships with new partners, banks, and taking other steps to clear the backlog.
4.Bank has provided an option for speed processing so if you urgently need money within 7 business days we can sent the fund that you requested manually. This method is really limited and out of negotiated price contract with the bank, the bank fee is high 5% because we have to convert JPY into an other currency (That we cannot choose, the currency depends on your country and only one currency is possible by country) then it takes 5 business days to get the money.
Please let us know if you have any other clarifications regarding this.
Best regards,
Mt.Gox Team
https://www.mtgox.com
[Attention: Please protect your account using OTP to ensure that your funds are safe and secure. Failing to do so makes your information vulnerable to hackers.
Please visit https://mtgox.com/security]
Sure, but not even the first came through. A pity, as these
have just been test withdrawals, for deciding if I re-invest
in the near future using Mt.Gox.
I hope they make progress on this front very soon, as imho
they are still the most credible exchange.
have just been test withdrawals, for deciding if I re-invest
in the near future using Mt.Gox.
I hope they make progress on this front very soon, as imho
they are still the most credible exchange.
2013-09-05: 10³ EUR; Status: confirmed; Type: SEPA withdrawal
2013-09-10: 10³ EUR; Status: confirmed; Type: SEPA withdrawal
I'd love to conduct further business with Mt.Gox, but it is difficult,
if money does not flow. Under these circumstances, I have trouble
investing more.
It takes minimum 20 business days between each processed withdrawal. A problem much discussed in this thread. It is due to a very low daily limit in their bank in Poland. 2013-09-10: 10³ EUR; Status: confirmed; Type: SEPA withdrawal
I'd love to conduct further business with Mt.Gox, but it is difficult,
if money does not flow. Under these circumstances, I have trouble
investing more.
2013-09-05: 10³ EUR; Status: confirmed; Type: SEPA withdrawal
2013-09-10: 10³ EUR; Status: confirmed; Type: SEPA withdrawal
I'd love to conduct further business with Mt.Gox, but it is difficult,
if money does not flow. Under these circumstances, I have trouble
investing more.
2013-09-10: 10³ EUR; Status: confirmed; Type: SEPA withdrawal
I'd love to conduct further business with Mt.Gox, but it is difficult,
if money does not flow. Under these circumstances, I have trouble
investing more.
You will need to wait untill it gets to pending
2013-09-05: 10³ EUR; Status: confirmed; Type: SEPA withdrawal
2013-09-10: 10³ EUR; Status: confirmed; Type: SEPA withdrawal
I'd love to conduct further business with Mt.Gox, but it is difficult,
if money does not flow. Under these circumstances, I have trouble
investing more.
2013-09-10: 10³ EUR; Status: confirmed; Type: SEPA withdrawal
I'd love to conduct further business with Mt.Gox, but it is difficult,
if money does not flow. Under these circumstances, I have trouble
investing more.
There is no fundamental reason to stick with mtgox and the price is inflated due to the default risk
The reason why the price is inflated can be debated. Panic, desperation and bad advice are probably the main causes. I think the price is inflated because many people buy BTC on MtGox, like you suggest. I do it the opposite way. Sell BTC on MtGox and withdraw fiat, to make some on arbitrage. Much more profitable.Default seems like a less probable outcome every day. A steadily increasing share of trades are cross currency trades, of which MtGox makes 2.5% in addition to the normal fees. This makes MtGox very profitable even at low volume.
http://www.alloscomp.com/bitcoin/calculator
Quote
26 August 2013: I switched the exchange rate to Bitstamp since MtGox has been having currency access issues.
I guess I'm not the only one not really looking at gox's price as the ACTUAL price. My view is you can only attain a fiat value where you can withdraw or get it in person (cash) at the same price.
Local cash transactions have also resorted to using non-gox values to determine fair market value to exchange at.
I agree with you.
There is no fundamental reason to stick with mtgox and the price is inflated due to the default risk
It is easy to leave: https://bitcointalksearch.org/topic/m.3208216
I haven't seen a check since the 80ies, except one. Got one in return from some USSAnian scammer company. I was told by my bank I had to travel to USSA to cash it in. Would you be happy if you got a check which you had to travel to Japan to cash in? Probably cheaper to take the 5% option.
Sturle, you keep mentioning this 5% emergency withdrawal option, but not a single person on this site has been able to provide any evidence for it. Further, if such an option existed, it would currently be quite profitable as the spread between other sites and Mtgox is over 5%. I have. The only person I have seen mentioning it really is you. Show people how to get one of these supposed emergency withdrawals or stop spreading this FUD.
You merely have to ask for it, if it isn't offered to you.
sorry, but I still don't get it.
If you really want to withdraw fiat, why do you bother with MtGox?
You could buy BTC at MtGox, withdraw them to another platform, and then withdraw fiat easily. the whole operation should take approx 4-5 days. This is how it worked for me with bitfinex or bitstamp.
I haven't seen a check since the 80ies, except one. Got one in return from some USSAnian scammer company. I was told by my bank I had to travel to USSA to cash it in. Would you be happy if you got a check which you had to travel to Japan to cash in? Probably cheaper to take the 5% option.
Sturle, you keep mentioning this 5% emergency withdrawal option, but not a single person on this site has been able to provide any evidence for it. Further, if such an option existed, it would currently be quite profitable as the spread between other sites and Mtgox is over 5%. I have. The only person I have seen mentioning it really is you. Show people how to get one of these supposed emergency withdrawals or stop spreading this FUD.
You merely have to ask for it, if it isn't offered to you.
I haven't seen a check since the 80ies, except one. Got one in return from some USSAnian scammer company. I was told by my bank I had to travel to USSA to cash it in. Would you be happy if you got a check which you had to travel to Japan to cash in? Probably cheaper to take the 5% option.
Sturle, you keep mentioning this 5% emergency withdrawal option, but not a single person on this site has been able to provide any evidence for it. Further, if such an option existed, it would currently be quite profitable as the spread between other sites and Mtgox is over 5%. I have. The only person I have seen mentioning it really is you. Show people how to get one of these supposed emergency withdrawals or stop spreading this FUD.
You merely have to ask for it, if it isn't offered to you.
I haven't seen a check since the 80ies, except one. Got one in return from some USSAnian scammer company. I was told by my bank I had to travel to USSA to cash it in. Would you be happy if you got a check which you had to travel to Japan to cash in? Probably cheaper to take the 5% option.
Sturle, you keep mentioning this 5% emergency withdrawal option, but not a single person on this site has been able to provide any evidence for it. Further, if such an option existed, it would currently be quite profitable as the spread between other sites and Mtgox is over 5%. Here is one report. Search for more yourself. You have to request emergency withdrawal from support.
And there are more. The "emergency" withdrawal (what a joke of a name) exists. I would call it the "ransom" withdrawal
I haven't seen a check since the 80ies, except one. Got one in return from some USSAnian scammer company. I was told by my bank I had to travel to USSA to cash it in. Would you be happy if you got a check which you had to travel to Japan to cash in? Probably cheaper to take the 5% option.
Sturle, you keep mentioning this 5% emergency withdrawal option, but not a single person on this site has been able to provide any evidence for it. Further, if such an option existed, it would currently be quite profitable as the spread between other sites and Mtgox is over 5%. Here is one report. Search for more yourself. You have to request emergency withdrawal from support.
I haven't seen a check since the 80ies, except one. Got one in return from some USSAnian scammer company. I was told by my bank I had to travel to USSA to cash it in. Would you be happy if you got a check which you had to travel to Japan to cash in? Probably cheaper to take the 5% option.
Sturle, you keep mentioning this 5% emergency withdrawal option, but not a single person on this site has been able to provide any evidence for it. Further, if such an option existed, it would currently be quite profitable as the spread between other sites and Mtgox is over 5%. I have. The only person I have seen mentioning it really is you. Show people how to get one of these supposed emergency withdrawals or stop spreading this FUD.
I haven't seen a check since the 80ies, except one. Got one in return from some USSAnian scammer company. I was told by my bank I had to travel to USSA to cash it in. Would you be happy if you got a check which you had to travel to Japan to cash in? Probably cheaper to take the 5% option.
So your last experience with checks is from the 80s? Checks are electronically processed now. Also who called their bank? Why would the bank tell them limits for another customer?The person who called their bank reported directly in this thread. Just a few pages back. I suggest you ask the person who called the bank if he would be able to get the same information for other customers.
I haven't seen a check since the 80ies, except one. Got one in return from some USSAnian scammer company. I was told by my bank I had to travel to USSA to cash it in. Would you be happy if you got a check which you had to travel to Japan to cash in? Probably cheaper to take the 5% option.
So your last experience with checks is from the 80s? Checks are electronically processed now. Also who called their bank? Why would the bank tell them limits for another customer?The person who called their bank reported directly in this thread. Just a few pages back. I suggest you ask the person who called the bank if he would be able to get the same information for other customers.
I haven't seen a check since the 80ies, except one. Got one in return from some USSAnian scammer company. I was told by my bank I had to travel to USSA to cash it in. Would you be happy if you got a check which you had to travel to Japan to cash in? Probably cheaper to take the 5% option.
Sturle, you keep mentioning this 5% emergency withdrawal option, but not a single person on this site has been able to provide any evidence for it. Further, if such an option existed, it would currently be quite profitable as the spread between other sites and Mtgox is over 5%. The spread must be much more than 5% for it to be worthwhile. Even with normal SEPA withdrawal you need at least 5% spread to be sure to make noticeable profit. Sell BTC (at bid) - fee. Buy BTC (at ask) - fee. Withdraw fiat - fee. Transfer to another exchange - fee. In between there may be a currency rate risk if the other exchange doesn't support EUR. EUR/USD has been changing up to 2% in day lately.
It is better if you have a domestic bank account in Japan and can withdraw JPY at a fee of only 200 JPY. It is next day to a few days if there is very high volume of withdrawals. On Friday the JPY volume on MtGox was more than 50% of the total volume on Bitstamp, so I suppose people with a Japanese bank account are making a huge profit on arbitrage. Makes much more sense than withdrawing at a 5% fee. But of course, they as well have to struggle with Japanese banking when sending the money to the next exchange. In other threads you will see people complain over restrictions.
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