Topic: MtGox withdrawal delays [Gathering] - page 273. (Read 908613 times)

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?

Why would you need them.  Isn't Gox processing Japan transfers instantly?

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 financial climate was different in 2007, which means it was easier to find investors in a new bank in 2007.  The changes in regulations since then hasn't made it considerably more difficult, just even more expensive.  The price tag is the reason why MtGox couldn't afford it until this year.

As I understand MagicalTux, MtGox is setting up a financial institution in Europe, which is not necessarily a complete bank with lending and all.

You can expect it to be sent (changed to pending) on the 27th or 30th, unless you had other withdrawals recently, or the queue has changed much since last time I asked.

withdrawal of  2559€ on Sept 15th initiated.
status still "confirmed".

My suspicion is that 2007 was a very different financial climate to 2013. If you are in Europe, you are subject to the European Payment Services Directive, the unifying EU wide guidance that all financial institutions must adhere to (implemented locally by each member country). For reference you may wish to watch these three videos (The Bank of Dave) - although this is UK centric view - similar hurdles are applicable to all bank applicants in EU member states:

-> http://thepiratebay.sx/torrent/8034040/Bank.Of.Dave.S01E01.PDTV.x264-BARGE
-> http://thepiratebay.sx/torrent/8034056/Bank.Of.Dave.S01E02.HDTV.x264-BARGE
-> http://thepiratebay.sx/torrent/8207973/Bank.Of.Dave.Fighting.The.Fat.Cats.HDTV.x264-C4TV

While I am not saying it cannot be done - setting up a bank, especially one specifically designed to advocate an unregulated disruptive financial product (Bitcoin), is not going to simple, easy or cheap.

Question is, once they create their new financial entitity, won't they have the same problems all over? Other banks not wanting to deal with the new mt.gox bank?

The 5% option is a MTGOX's way of putting their liabilities/responsibilities back on their customers by taking a huge haircut from customer funds to subsidize the BS that is partially GOX's fault.

Perhaps you should stop the finger pointing. It always takes two to tango. GOX is not in the clear of any wrong doing. As is Coinlab.

I can attest to the delays from Gox as being a U.S. resident. Unacceptable. Hence why I took my business elsewhere, where I get treated with respect as a customer as opposed to being treated as an unimportant creditor.

Translation: MTGOX is yet again trying to string along users/customers.

6 months to a year? lol That is laughable. By that time people will have lost their patience.

The limit was revealed by their bank when someone called them.  I don't think MtGox has published their limit.

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.

Nah.  Doesn't take 2 years.  New banks and financial institutions pop up all the time.  I even found an easily verifiable example.    Company formed  2007-06-05, registered 2007-07-17, got their full banking licence 2007-11-16.  5 months.

If they did succeed, it would be a huge accomplishment.  However, the chances are slim to none.

Getting a banking license is not a trivial task (read: hellishly difficult). Typically depending upon the type of banking services the applicant is seeking to offer (Retail, Custodial, Investment etc) supplemental conditions also apply. It would be pretty close to a Loaves & Fishes event if they (Mt Gox) managed to get one - in Europe - within 2 years let alone 6-12 months.

I said gox might be lying not the bank.  Also why can't they mail checks out if they have a wire limit?  International checks take a few weeks to clear but it won't be months.  Or are you saying there's a limit on how many checks their printer can print in a day?

No they didn't.  The blame rests with the company.  They are responsible for their actions.

So far MtGox has paid me in expected time every time, so I'm not wasting any time or money on the approaches your suggest.  Ask the DHS or Peter Vessenes for your money if you are in the USSA.  They created the problems in the first place.

No, that means the marks have stopped believing the previous line of bullshit. So now they've come up with a new, fancier line of bullshit to try to buy more time.

This is a huge red flag (as if being in default for 90 days wasn't enough.) "It will take 6 months to a year to do it.  He can't give more details at the moment for various reasons." This is basic con man talk. It works on a surprising number of suckers. It's amusing to watch the marks on here make excuses for the mistakes of the con artist.

Ignore the bullshit and hammer on them, using every approach I've outlined and anything else you can think up, until you get paid.

Your translations are correct.

Looks like MtGox has given up the partner track, and is becoming its own bank (more or less).  This information came up in a discussion in French in #mtgox very recently:

My knowledge of French is very limited, and I hope a native speaker can translate.  I have had some help from Google Translate and my wife, and think it means they are registering as a financial entity in Europe (EU), which enables them to handle a large volume of transactions without causing delays.

Regarding partnership with existing banks and payment services, the response was:
My understanding: MtGox's attorneys have advised against this for reasons which he can't talk about.  MtGox has concluded it needs a direct license.  Partnering with a bank doesn't make the activity more legal, and the reasons for this are complicated.

More about becoming their own bank:
My understanding: MtGox is creating its own financial entity in Europe.  It will take 6 months to a year to do it.  He can't give more details at the moment for various reasons.  It is expensive as well.  They couldn't afford it until this year.  (This means MtGox is liquid as well, for those still in doubt.)

He didn't say how long he has been on this track.  I don't know if he means 6 months to a year from now or from sometime earlier this year.