Topic: MtGox withdrawal delays [Gathering] - page 283. (Read 908751 times)

A less greedy solution is withdrawing BTC or if you have USD: buying BTC at mtgox and then in both cases withdraw all BTC from them. Those BTCs could then be put in safe storage and the risk of losing them is much lower than leaving them at Mtgox in my pov

UPDATE:
I got my money today, 1800€.  So my last finished 3 withdrawals:
1800€ : 26. August  ---->  10. September
217€ :  26. July ----> 19. August
200€: 23. July ---->  25. July

So I can confirm, that it's like one SEPA every ~20 days (from the day one SEPA was finished, not canceled)

ah ok you are assuming real time reporting of stats like that, if they are delayed then it becomes a non-issue

You already made your profit, and cashing out should be faster than this. :-/  Have you asked support about this?  Perhaps the long queue works differently?  Have you cancelled any withdrawal during this period?

Yep.  Arbitrage is risk free profit.  Keeping BTC is not, since the price may fall.  If you think the BTC price will go up, you should keep your BTC instead of selling.

I aim for at least 12%, and this still happens when a rally is initiated (action always start at MtGox).  Lower than that isn't worth the trouble.  I aim for one withdrawal per two weeks, and am not in a hurry.

I have money on both exchanges but what's the point if I cannot cash out the profit from Gox and with that profit buy more BTC at a lower price on Bitstamp?

The only thing I can do is to buy coins at Bitstamp, send them to Gox and sell them at a "profit" that I cannot realize for weeks/months. When I realize that profit, I can buy way less BTC than I could have bought if I could have transferred the fiat fast (I'm assuming BTC is raising mid-term, as usual). Making a long story short, I will make some $$$ because I'm buying on Biststamp and selling higher on Gox, but I'm losing coins because when Gox's profits arrive and I want to buy more coins the price on Bitstamp is HIGHER than it was on Gox when I sold.

That's makes arbitrage pretty pointless to me - and I guess than for many others too, otherwise there would be no constant and big spread between the exchanges.

USD to USSA is very slow, and you can send a thank you letter to a certain "special investigator" at DHS for that.  Withdrawals pose a threat to your homeland security, they say.

My last received withdrawal came through before mid-july. And BTW, I did 3 consecutive withdrawals at that time (medium, high 5 figures) and the 3 of them arrived in 2/3 business day, so the explanation about multiple withdrawals and a "long queue" didn't apply just a few weeks ago (beginning of July).

My last requested SEPA withdrawal is still "confirmed" 18 days later.

Honestly, Gox is really in DEEP shit. I vouched for them for months, as I strongly believe they are honest and they wouldn't run with their customers money, but now the situation is getting very very bad. By not pulling their shit together they are losing THOUSANDS of customers, and a HUGE amount of money in trading fees. They have to be desperate now, if you have ever run a business you know that such huge and fast decline in turnover/profits is dramatic for a company.

I guess they are trying very hard to solve their problems, but they are failing big time. Next time I will try the "priority withdrawal" that goes with a 5% fee, but if that option truly works I'd assume they would advertise it a lot more, because at least would give some sense of security to their customers.

What do you mean by money coming too slow?  You have to keep money on other exchanges and BTC on MtGox at the same time, so you can do the trades at the same time.  If you can't do both trades at the same time, you are doing arbitrage wrong.

When did you receive your last withdrawal?  It seems the SEPA queue (esp. the long queue) is getting longer again.  I guess people have dicovered SEPA was very fast for a while.

You really succeeded in arbitrage? I tried, but the money comes too slow.

My last withdrawal went fine, FYI.  Please do as davidspitzer suggests, as it will allow me and davidspitzer here to do more profitable arbitrage between MtGox and other exchanges.

You should read some of the statements from Japanese users here on the forum.  Japanese banks are still very manual and paper based.  Much like the well known Japanese bureaucracy.  One of the most common complaints are limitations to international transfers.  International transfers have been checked and acked manually in all banks I have used, and I have done all my banking online since 1997.  While national transfers are fully automated and processed instantly, it can take several minutes to hours from I issue an international transfer until it is processed by the bank, and it will only be processed during working hours.

The largest problem for their banks are transfers coming in return due to wrong information or lack of information.  E.g. wrong name on the account (often people trying to work around AML).  All those cases have to be handled manually, and some of them involve a lot of work for the bank and for MtGox.  MtGox processed thousands of small wires daily, and the returns alone provided full employment for many clerks in their bank until their bank said stop.

Remember up to the current situation the following happened:

• Redeemable codes discontinued on request from US regulators.
• LR and AurumExchange (several e-currencies) closed.
• OKPay stopped working with Bitcoin exchanges.
• DHS deemed the Dwolla route a threat to US homeland security.

This left international wire transfer as the only option for more than 200,000 users.  At the same time many other exchanges have become thee victims of uncooperative banks and closed accounts due to legal issues, leaving MtGox's banking options severely limited.

They do not have to announce that someone just transferred 5 mill USD, that's retarded and useless. They could just publish a monthly or quarterly report with the aggregate figures to prove their solvency.

Keeping silent or giving bullshit excuses ("we are overwhelming the biggest bank in Japan with our volume") its hurting BTC.

MtGox is not a broker, and not in the USSA.

If I want to buy 30k BTC, MtGox is the only exchange where i can do that at a reasonable price.  I would transfer 5 mill USD to MtGox to make mu purchase.  If it became known to other players that someone just transferred 5 mill USD to MtGox, they would make sure to buy first.  So MtGox would be useless for this purchase if they were that transparent.  I would go to one of the less transparent exchanges (i.e. ANY other excahnge) instead.  So would all other large players.  MtGox would lose their large players and die in a few days.

When my multiple SEPA withdrawals cleared in just 2 days (July) I reported it, and I received a lot of heat as some said I was lying... But I was not.

On the contrary, my last single SEPA withdrawal was requested on Friday, 23th August and it's still "confirmed" 18 days later. The "up to 2 weeks" looks like BS, and it looks to me that the SEPA queue is is not getting shorter at all.

If there's was any way to move fiat fast from MtGox (SEPA, JPY, whatever) we wouldn't have a 10% premium on Gox, arbitrageours would take care of that spread. But they are not, just because they cannot.

At this point I'm planning to let my request ride indefinitely.  I figure that it will provide an opportunity to participate in legal action against whoever it is that has cause me financial loss or at least give me a legitimate reason to attempt to enlist the support of my representative (who happens to be no friend of Wall Street.)  My sense is that Mt. Gox is likely minimally culpable and I do hope that legal action will help flush out the players who are actively interfering with the exchange aspect of the Bitcoin economy.  If anything comes of such an effort (if it is undertaken at all) then it likely won't bear fruit for years, but I am anticipating a backlash against the US government spying and the programs which induce financial abuse could get caught up in the mix.  Obviously if I needed the money this would not be an option.

I've been waiting for my USD withdraw to USA for exactly 27 days. I've just submitted a new support ticket today. Will update you whenever I receive my transfer.

How is that even possible unless they are simply holding the deposit because if a lack of funds. Pony express could transfer money faster than this

If there are people truly waiting for 3 months. Than mtgox should be abandoned for US customers for now

3 weeks? The withdrawl queue is nearly 3 months deep by now.