Even MtGox offer express manual withdrawal at a 5% bank fee. (This is a bank fee, not a MtGox fee.)
Hmm, a discount to only a 5% writedown fee. I'll take that. Can you document this? (As you've stated this as a fact)
Topic: MtGox withdrawal delays [Gathering] - page 289. (Read 908613 times)
"It is probably going to take at least two or three weeks." - 5 withdrawals, last was 2013-06-18.
None was completed at this moment.
Who will pay MtGox price if there is no options to convert that BTC to flat?
2013-06-18 is the oldest I've seen from someone who haven't got a single withdrawal processed since then. What state is the oldest in? Confirmed or pending? None was completed at this moment.
Who will pay MtGox price if there is no options to convert that BTC to flat?
Have you withdrawn in the past several weeks? Do you believe in their service? Any advice or light you can shine on this would be tremendously appreciated.
I withdrew about 7k EUR almost four days ago. If the information I have is correct, it should get to pending state (i.e. sent to their bank) on Monday, and received by me on Tuesday. One aspect makes me a bit worried – I have the letter ø in my address. This is not an allowed character in the bank systems, which are largely built to be compatible with really old stuff written in Cobol in the 1970ies on IBM mainframes using EBCDIC character set. I hope MtGox transcribes it before sending the transaction to the bank. Didn't think of that until after I made the withdrawal.Really bad idea to withdraw anything the way the price is going. Should have kept the BTC instead of doing arbitrage. What's the use of fiat anyway?
How is it possible to ask for an Express withdrawal (with fee at 5%)?
Is it available for SEPA?
Ask support. SEPA takes less than a week (unless you make frequent withdrawals), so why bother? Is it available for SEPA?
A few other interesting pieces of information:
The international transfer queue is actually progressing, and has reached mid June. If anyone have an international transfer issued before June 20th which has been in pending for more than five days, you should contact support. There is probably something wrong with it. A misspelling, mistyped account number, your bank holding back the payment (there are a few examples of Citibank doing this), etc.
The international transfer queue is actually progressing, and has reached mid June. If anyone have an international transfer issued before June 20th which has been in pending for more than five days, you should contact support. There is probably something wrong with it. A misspelling, mistyped account number, your bank holding back the payment (there are a few examples of Citibank doing this), etc.
Do we know the last time point on these? In other words, how long did it take to reach mid-June from the last known time point?
This would allow us to calculate how long it is likely to be before they process the ones from mid-July.
Hasn't it taken over a month to progress from beginning June to mid June? If so, that means it could be a long time for requests made in August.
Mt. Gox should really be posting this information periodically on their site.
What part of they don't control the entire transfer process don't people understand? Mt.Gox must work with other banks to transfer fiat. The old legacy banking system is lethargic, inefficient, cumbersome and over regulated. That's a reason Bitcoin is so valuable.
Well, the fact that Mt. Gox is running a business and engaged in a large number of transfers with reasonable delays on withdrawing funds may form an implicit contract to do the same in the future. Particularly since they do not warn potential BTC sellers on their site that there will now be _much_ longer delays in withdrawals.
That means Mt. Gox is responsible for the delay and damages due to the delay, regardless of the underlying cause.
How can there still be a 'queue' now, in recent times was very low volume. No action at all.
BitMarket.eu managed to run on empty for half a year before collapsing simply by processing payouts from the new deposits.
BitMarket.eu managed to run on empty for half a year before collapsing simply by processing payouts from the new deposits.
"It is probably going to take at least two or three weeks." - 5 withdrawals, last was 2013-06-18.
None was completed at this moment.
Who will pay MtGox price if there is no options to convert that BTC to flat?
You should cancel it and withdraw EUR via SEPA instead. You will have your money in less than a week.
Well I tried to do this. MtGox told me I should cancel the transfer, buy Bitcoins on their exchange (at the 10% markup, and commission), then sell on their exchange for Euro (another MtGox commission) and try to do a SEPA withdraw.
10% markup? You have misunderstood something. If you buy BTC and sell BTC on MtGox, you get MtGox price both times. MtGox price is still good market price as well many places. I sell at MtGox ask + a margin everywhere (#bitcoin-otc, Localbitcoins, etc), and have no problems selling a that price.
None was completed at this moment.
Who will pay MtGox price if there is no options to convert that BTC to flat?
You should cancel it and withdraw EUR via SEPA instead. You will have your money in less than a week.
Quote
Now I understand a company can have problems, and those problems might very well be caused by someone else . . but their reaction to it is to try to push those losses on their customers, and profit from it through additional commissions. It wouldn't surprise me if MtGox was doing arbitrage on their own exchange. Pretty shabby behaviour.
You can wait for the USD withdrawal to come through if you wish. It is probably going to take at least two or three weeks.
And maybe MtGox is an alien, and a time-space disturbancy caused by an angry wormhole caused SWIFT transfers to be distorted! Perhaps one could launch a contest. Make up the silliest stories around something which there is a very good and plausible official explanation for.
Hahaha
I wouldn't believe anything they tell you. As far I can see, they're trying to get USD holders to take a 10% writedown to compensate MtGox for the funds they had confiscated by the US.
Nope. That's why it is stated as opinion, not fact. ("As far I can see")
No need to get hostile. I appreciate the information you're providing, I just have my own opinion about what's going on based on my dealings with MtGox, and you are certainly entitled to your own . . . . reality.
And maybe MtGox is an alien, and a time-space disturbancy caused by an angry wormhole caused SWIFT transfers to be distorted!
I don't think that really fits the observed behavior of MtGox.
Even MtGox offer express manual withdrawal at a 5% bank fee. (This is a bank fee, not a MtGox fee.)
Hmm, a discount to only a 5% writedown fee. I'll take that. Can you document this? (As you've stated this as a fact)
Sturle, you seem to have some strong opinions in opposition. I have not used Gox yet, so I am really looking for some good advice. My intention is to begin using them as soon as my account is verified.
Have you withdrawn in the past several weeks? Do you believe in their service? Any advice or light you can shine on this would be tremendously appreciated.
Have you withdrawn in the past several weeks? Do you believe in their service? Any advice or light you can shine on this would be tremendously appreciated.
Or rather I should say... I have not withdrawn fiat currency from Gox yet.. I cannot until my account is approved, but I have indeed deposited bitcoins and made trades already.
Sturle, you seem to have some strong opinions in opposition. I have not used Gox yet, so I am really looking for some good advice. My intention is to begin using them as soon as my account is verified.
Have you withdrawn in the past several weeks? Do you believe in their service? Any advice or light you can shine on this would be tremendously appreciated.
Have you withdrawn in the past several weeks? Do you believe in their service? Any advice or light you can shine on this would be tremendously appreciated.
How is it possible to ask for an Express withdrawal (with fee at 5%)?
Is it available for SEPA?
Is it available for SEPA?
Is it possible to divide withdrawals into multiple smaller chunks less than $10k? That is what I was hoping to do ever since I read their FAQ...
I wouldn't believe anything they tell you. As far I can see, they're trying to get USD holders to take a 10% writedown to compensate MtGox for the funds they had confiscated by the US.Quote
They might well be blacklisted from doing any trades in USD - maybe because of of money laundering considerations, or maybe because of US trade protectionism (favouring US exchanges).
And maybe MtGox is an alien, and a time-space disturbancy caused by an angry wormhole caused SWIFT transfers to be distorted! Perhaps one could launch a contest. Make up the silliest stories around something which there is a very good and plausible official explanation for.Quote
Anyway, I'm not sure there is a 'queue' at all . . . maybe just a pool of dummies like you and me who haven't accepted the 10% writedown yet.
If you take a 10% writedown you are being incredibly stupid, yes. I'll agree to that. Even MtGox offer express manual withdrawal at a 5% bank fee. (This is a bank fee, not a MtGox fee.) Still waiting from June 17th from my USD withdraw.
You have got at least one withdrawal already, right? If the international withdrawal queue works like the SEPA queue, you are moved to the back of the queue when one withdrawal has gone through. I.e. your new place in the queue is the date when you received your last withdrawal from MtGox. MtGox are limited to 10 international transfers per day. If the didn't do this, a people could easily do a denial of service attack against the rest of their customers by making many withdrawals instead of one. You should cancel it and withdraw EUR via SEPA instead. You will have your money in less than a week.
Quote
Now I understand a company can have problems, and those problems might very well be caused by someone else . . but their reaction to it is to try to push those losses on their customers, and profit from it through additional commissions. It wouldn't surprise me if MtGox was doing arbitrage on their own exchange. Pretty shabby behaviour.
You can wait for the USD withdrawal to come through if you wish. It is probably going to take at least two or three weeks. Yes 
As usual for Ponzy-like schemes. Bahhhh and and it fails. And a few minutes ago everything was excellent...
Even if you both are currently getting errors, I think it's far too early to call this a collapse. I have a lot of experience with Japanese software and Japanese developers.. I am not trying to be discriminatory (I love the Japanese), but Japanese software, especially in terms of UI, is generally trash. It never functions properly and it's always a mess... A mess in the coding and a mess in the UI. I would not be surprised if this is just a bug caused by incompetent developer(s).
Yeah, I don't believe the collapse story he's telling. Probably a bug. An annoying one at that though.
+1
I admit that I don't like them that much but I think it's a little bit too soon to call this a collapse... At least not with this facts =)
Yes
As usual for Ponzy-like schemes. Bahhhh and and it fails. And a few minutes ago everything was excellent...
Even if you both are currently getting errors, I think it's far too early to call this a collapse. I have a lot of experience with Japanese software and Japanese developers.. I am not trying to be discriminatory (I love the Japanese), but Japanese software, especially in terms of UI, is generally trash. It never functions properly and it's always a mess... A mess in the coding and a mess in the UI. I would not be surprised if this is just a bug caused by incompetent developer(s).
Yeah, I don't believe the collapse story he's telling. Probably a bug. An annoying one at that though.
Yes
As usual for Ponzy-like schemes. Bahhhh and and it fails. And a few minutes ago everything was excellent...
Even if you both are currently getting errors, I think it's far too early to call this a collapse. I have a lot of experience with Japanese software and Japanese developers.. I am not trying to be discriminatory (I love the Japanese), but Japanese software, especially in terms of UI, is generally trash. It never functions properly and it's always a mess... A mess in the coding and a mess in the UI. I would not be surprised if this is just a bug caused by incompetent developer(s).
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