MtGox withdrawal delays [Gathering] - page 295.

joesmoe2012

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Quote from: sturle on August 25, 2013, 03:00:23 PM

Quote from: smoothie on August 25, 2013, 02:40:52 PM

Quote from: ardana123 on August 25, 2013, 10:40:35 AM

So now only 1 SEPA request every 20 days? Then they should put that in the notice goddamnit.

This is where Mark/Gox fails. They could have put this in their press releases but failed to do so. Hence buying more time due to more excuses. Now one has to cancel previous pending withdrawals and merge them into one to "allow withdrawal to go faster". lol

Have you ever written a press release? It is supposed to be as short as possible. A press release listing every little detail will get ignored by the press. I have asked support to make a page listing all current withdrawal issues and expected time for the various methods, and hope this helps.

If you people had bothered to ask support why your SEPA withdrawals were slower than expected, which would only take a minute, you would have got the same answer as the guy i cited. Why do people bother with multiple microtransactions via SEPA anyway? Doing all in one withdrawal makes sense. It lessens the load for everyone.

There was a time (still may be true) that small transactions were used to fill in the little gap between a few larger wires clumped together and the actual banks limit.

To explain since that sentence didn't make much sense....

Say MTgox can send 50k a day SEPA.

They have 3 15k wires, totalling 45k, then they take 10-15 smaller wires to fill in the gap.

This was mentioned by tux at one point on IRC (ages ago), and i'm not going to dig up the reference, but I bet it can be found someone in this thread.

Also, withdraws over 10k are specifically noted to take a minimum of 2 weeks on gox's FAQ.

This 20 day stuff is all news to me though.

sturle

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Quote from: smoothie on August 25, 2013, 02:40:52 PM

Quote from: ardana123 on August 25, 2013, 10:40:35 AM

So now only 1 SEPA request every 20 days? Then they should put that in the notice goddamnit.

This is where Mark/Gox fails. They could have put this in their press releases but failed to do so. Hence buying more time due to more excuses. Now one has to cancel previous pending withdrawals and merge them into one to "allow withdrawal to go faster". lol

Have you ever written a press release? It is supposed to be as short as possible. A press release listing every little detail will get ignored by the press. I have asked support to make a page listing all current withdrawal issues and expected time for the various methods, and hope this helps.

If you people had bothered to ask support why your SEPA withdrawals were slower than expected, which would only take a minute, you would have got the same answer as the guy i cited. Why do people bother with multiple microtransactions via SEPA anyway? Doing all in one withdrawal makes sense. It lessens the load for everyone.

smoothie

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Quote from: ardana123 on August 25, 2013, 10:40:35 AM

So now only 1 SEPA request every 20 days? Then they should put that in the notice goddamnit.

This is where Mark/Gox fails. They could have put this in their press releases but failed to do so. Hence buying more time due to more excuses. Now one has to cancel previous pending withdrawals and merge them into one to "allow withdrawal to go faster". lol

ardana123

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So now only 1 SEPA request every 20 days? Then they should put that in the notice goddamnit.

Serpens66

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Quote from: bernard75 on August 25, 2013, 10:01:11 AM

Quote from: Serpens66 on August 24, 2013, 10:24:34 AM

I have 5 open SEPA transfers. 3 of them about 200€, one 400€ and one of 800€. I ordered the transfers: 2013/07/30 , 2013/07/30 , 2013/07/31 ,2013/08/12 and 2013/08/14. One order from 2013/07/26 about 200€ I got after 3 weeks.

You do realize that you are slowing down the process for everybody else with withdrawals like that?

No I did not ^^ I thought it would be faster because some days ago everybody said it would be better to withdraw smaller amounts Wink

--> every day it seems to be different whats best Cheesy

bernard75

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Quote from: Serpens66 on August 24, 2013, 10:24:34 AM

I have 5 open SEPA transfers. 3 of them about 200€, one 400€ and one of 800€. I ordered the transfers: 2013/07/30 , 2013/07/30 , 2013/07/31 ,2013/08/12 and 2013/08/14. One order from 2013/07/26 about 200€ I got after 3 weeks.

You do realize that you are slowing down the process for everybody else with withdrawals like that?

Serpens66

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Quote from: sturle on August 25, 2013, 08:15:27 AM

I didn't have to contact support. MagicalTux explained it on #mtgox today:

Code:

13:30 < jouke> Just received an answer on my ticket: "We were bound to certain 
               withdrawal limits per day which forces the requests to pile up 
               in long queue. We suggest you to cancel all your pending 
               withdrawal request and make a new combined single request. So 
               that it be processed faster."
13:32 <@MagicalTux> remember one thing
13:32 <@MagicalTux> if you did multiple requests, only one can be processed 
                    every ~20 days

In short: Cancel all your tiny withdrawals and merge them into one. It will be processed much faster.

O.ô wtf ...
Okay thanks. I will wait and see I if I get sth. tomorrow.

sturle

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Quote from: Serpens66 on August 24, 2013, 10:24:34 AM

Quote from: sturle on August 24, 2013, 06:56:04 AM

Quote from: Serpens66 on August 24, 2013, 06:12:58 AM

I think you should not spread, that SEPA transfers are solved, until you saw it with your own eyes.. And even if no one here is lying it could be the same as usual, that it's just luck which transfer is fast and which not.
Fact is that there are thousands of undone withdraws pending or "confirmed" since weeks or months. Only if these undone transfers were done, they can say "it's solved".

You have to document your claim of thousands of withdraws pending. I count a total of three recent SEPA withdrawals in this thread which have been pending for more than two weeks. Each one reeported over and over. Standard international withdrawal is very slow. We know that. There is a huge backlog from the middle of June.

I'll try a four digit SEPA withdrawal next week, and report back.

I have 5 open SEPA transfers. 3 of them about 200€, one 400€ and one of 800€. I ordered the transfers: 2013/07/30 , 2013/07/30 , 2013/07/31 ,2013/08/12 and 2013/08/14. One order from 2013/07/26 about 200€ I got after 3 weeks.

So nothing is solved for open transfers... and I doubt it's solved for new transfers, but we will see.

Edit: ah and one withdrawl about 150€ from 2013/07/23 I got after a few days.

Edit2: just because there are not many people reporting delayed transfers, u can't say there are no. Because at the moment it's "normal" and normally no one cares about it anymore.
Today I made a new SEPA transfer about 300€, I will report back, if I get them next week.

I didn't have to contact support. MagicalTux explained it on #mtgox today:

Code:

13:30 < jouke> Just received an answer on my ticket: "We were bound to certain
withdrawal limits per day which forces the requests to pile up
in long queue. We suggest you to cancel all your pending
withdrawal request and make a new combined single request. So
that it be processed faster."
13:32 <@MagicalTux> remember one thing
13:32 <@MagicalTux> if you did multiple requests, only one can be processed
every ~20 days

In short: Cancel all your tiny withdrawals and merge them into one. It will be processed much faster.

joesmoe2012

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Quote from: bernard75 on August 25, 2013, 06:16:47 AM

Quote from: joesmoe2012 on August 25, 2013, 06:12:47 AM

Quote from: CompNsci on August 24, 2013, 12:26:43 PM

Quote from: sturle on August 23, 2013, 11:59:55 AM

Page 50 of this thread iirc..

I see a report of a USD withdrawal there, but no date given.

Looks like people are reporting June 17th transfer still pending. What is that now, 8 or 9 weeks. A far cry from the 2 weeks which Gox support will claim in their initial response to inquiries about this matter.

While I agree that ongoing withdrawals in other currencies argue against insolvency, this is not the behavior of a responsible business.

I suggest you check your math...June 17th to August 17th would be a full 2 months.

Which is 8 or 9 weeks. Cheesy

haha sorry i need to check -my- math. Just woke up, head not working correctly yet.

I stand corrected.

smoothie

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Quote from: bernard75 on August 25, 2013, 06:16:47 AM

Quote from: joesmoe2012 on August 25, 2013, 06:12:47 AM

Quote from: CompNsci on August 24, 2013, 12:26:43 PM

Quote from: sturle on August 23, 2013, 11:59:55 AM

Page 50 of this thread iirc..

I see a report of a USD withdrawal there, but no date given.

Looks like people are reporting June 17th transfer still pending. What is that now, 8 or 9 weeks. A far cry from the 2 weeks which Gox support will claim in their initial response to inquiries about this matter.

While I agree that ongoing withdrawals in other currencies argue against insolvency, this is not the behavior of a responsible business.

I suggest you check your math...June 17th to August 17th would be a full 2 months.

Which is 8 or 9 weeks. Cheesy

Their initial announcement to delay all fiat withdrawals (well supposedly just USD) for two weeks turned into 5 weeks for me and that was it. I honestly believe that it was a tactic to buy time.

If any business needs to buy time with such tactics they are operating on BORROWED TIME. Simple as that.

bernard75

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Quote from: joesmoe2012 on August 25, 2013, 06:12:47 AM

Quote from: CompNsci on August 24, 2013, 12:26:43 PM

Quote from: sturle on August 23, 2013, 11:59:55 AM

Page 50 of this thread iirc..

I see a report of a USD withdrawal there, but no date given.

Looks like people are reporting June 17th transfer still pending. What is that now, 8 or 9 weeks. A far cry from the 2 weeks which Gox support will claim in their initial response to inquiries about this matter.

While I agree that ongoing withdrawals in other currencies argue against insolvency, this is not the behavior of a responsible business.

I suggest you check your math...June 17th to August 17th would be a full 2 months.

Which is 8 or 9 weeks. Cheesy

joesmoe2012

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Ching-Chang;Ding-Dong

Quote from: CompNsci on August 24, 2013, 12:26:43 PM

Quote from: sturle on August 23, 2013, 11:59:55 AM

Page 50 of this thread iirc..

I see a report of a USD withdrawal there, but no date given.

Looks like people are reporting June 17th transfer still pending. What is that now, 8 or 9 weeks. A far cry from the 2 weeks which Gox support will claim in their initial response to inquiries about this matter.

While I agree that ongoing withdrawals in other currencies argue against insolvency, this is not the behavior of a responsible business.

I suggest you check your math...June 17th to August 17th would be a full 2 months.

Zarathustra

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http://www.coindesk.com/germanys-bitcoin-de-and-fidor-bank-ag-form-partnership/
http://www.bitcoin-exchange-berlin.com/2013/07/bitcoin-mit-haftungsdach.html

Serpens66

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Quote from: sturle on August 25, 2013, 05:32:28 AM

You could have mentioned Bitcoin-Central as an example. Bitcoin-Central was headed in the right direction by basically getting lisenced to operate as a bank themselves. Customers were about to get their own IBAN at Bitcoin-Central when they had to close due to a security breach at their hosting provider. I hope they'll open again soon.

sry for offtopic, but on the website of bitcoin-central is nowhere written that it's closed and no information about anything happend. So I have no clue if they are back or when they will be back, do someone know something about them?

sturle

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Quote from: Zarathustra on August 25, 2013, 05:01:04 AM

Yes, others (Bitcoin.de / Bitstamp) are able to negotiate with banks. Gox is not.

Bitcoin.de does not handle fiat. It is more similar to Localbitcoins than MtGox.

Bitstamp can not have been entirely honest with their bank, since some of what they are doing is illegal. Bitstamp has put all their eggs in one basket. Any problems with that bank, and their customers will be quite deep in it..

MtGox are negotiating with the same bank that Bitstamp is using. It is very important to MtGox that their bank understand what they are doing, and to ensure that MtGox and their bank operate safely within all regulations (contrary to Bitstamp). According to MagicalTux this takes longer than expected.

You could have mentioned Bitcoin-Central as an example. Bitcoin-Central was headed in the right direction by basically getting lisenced to operate as a bank themselves. Customers were about to get their own IBAN at Bitcoin-Central when they had to close due to a security breach at their hosting provider. I hope they'll open again soon.

bernard75

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bitcoin.de? they just recentlly signed a cooperation deal with a bank.
not that i would trade there, but there is no need to hide that gox is incompetent.

Zarathustra

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Quote from: ?? on ??

Quote from: MagicalTux on March 28, 2013, 07:17:53 AM

In Japan we discussed with the FSA ( http://www.fsa.go.jp/ ) and were told that our activity is fine as it is now. We are also working with authorities in Europe and US to ensure our activity is in line with local regulations.

Bullshit.

Oh and problems with banks? Seems to be a persistent excuse from Karpeles.

Quote from: MagicalTux on March 14, 2013, 08:02:26 AM

We are currently experiencing delays on EUR transfers of up to two weeks for larger transfers because of the daily limits imposed by our bank in Europe. We are currently negotiating larger limits with this bank and hope to be able to finally be back to regular delays by April.

Wow, those are some really long negotiations. Must be the incompetence of a large multinational bank right? Definitely not Mt.Gox.

Yes, others (Bitcoin.de / Bitstamp) are able to negotiate with banks. Gox is not.
Check the 'actual' 'informations' on the website of this company, the 'news feed' and the support page and you know immediately what kind of business they are doing. The information policy is clearly misleading the old and potential new customers as well and therefore criminal.
Nevertheless, the pawlow'ian zombies here are not only defending this criminal behavior, they are pushing it. Very bad for bitcoin.
A currency with such friends doesn't need enemies.

Nagle

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Quote from: BitCoinNutJob on August 24, 2013, 03:51:06 PM

let me get this straight zeroblock is now doubting the troubles of setting up banking connections with bitcoin business? what a troll.

That's because everybody who's tried to do a "Bitcoin exchange" has tried to claim they're something they aren't, or aren't something they are. That comes apart when you're moving millions of dollars a week. Or have millions of dollars in customer funds on deposit. "Money transfer" firms don't usually hold customer balances, except briefly while funds are in transit.

Probably the way to go at this is to become a broker/dealer. That requires capital, insurance, audits, and is heavily regulated. For good reason - a broker is well positioned to steal customer funds. But once you're a broker/dealer, you can sign up customers and trade for them and with them in any tradeable commodity, from soybeans to Bitcoins.

Mt. Gox is in trouble because they got big without growing up.

bernard75

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This is just like Prism. Suddenly everybody is saying "I knew it!".

ardana123

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It's a real problem, the conversion from fiat to bitcoin and vice versa. In the near future we will have few banks willing to deal with bitcoin anymore...

Topic: MtGox withdrawal delays [Gathering] - page 295. (Read 908613 times)