Topic: MtGox withdrawal delays [Gathering] - page 299. (Read 908613 times)

Evidently quite a bit.  And i'm guessing they've negotiated rates far lower than whats on the schedule due to the risk of keeping funds at Gox.

https://bitcointalksearch.org/topic/analysis-of-the-recent-mtgox-moves-few-very-big-orders-278643

It's actually not that simple, as traders with higher 30-day volumes are given discounts on the trading fees. Even a relatively small trader could get down to rates of 0.50% and larger traders, who probably make up a significant percentage of the volume, could get as low as 0.30% without too much trouble.

https://www.mtgox.com/fee-schedule

I would guess that their revenue is more in the $6-7 million range, and is potentially lower than that, depending on what percentage of the total trade volume is accounted for by the largest traders.

Ehm.  It's public.  Anyone can verify this by looking at the transaction volume in the various currencies, multiply and add.

Don't tell me this came as a surprise to you?  It is completely un-dramatic and the only unknown was the sum.  I expected it to be in the same ballbark as the Verdian Credit Union seizure at 2.9 million USD.  It was a little less.  So a little lower than expected, but still in the same ballpark.  And the total is still lower than MtGox's revenue since April.  How can anyone feel slapped in the face by this?  Do you feel that way?  What did you expect the number to be?

Income since April (4 months): 8,000,000 USD
Operating costs since April: 4 * 36,000 USD = 144,000 USD
Seizure: 5,000,000 USD.

Total revenue since April: 8,000' - 5,144' = 2,856'

Almost 3 million USD profit since April, even if the seized funds are counted as lost!  Looks very healthy to me, and I assume MtGox had some profit before the end of April as well.  I would be worried if the last seizure was more than 8 million USD, but what did you expect when it was done a few days after the first?

Less than I expected.  Why?  And why are you calling me an idiot?

I guess they'll keep trolling and promote this kind of business, endlessly until the end, regardless of what's happening there.

Welcome to Mt.Gox Customer Service!
Stay updated with announcements

https://support.mtgox.com/home

Here is what pending means:

So:
They obviously can't send proof that the money have been sent or give a date until their bank has confirmed sending it.  They can however try to cancel the transaction with their bank.  I don't know how that procedure works.  However, I know this exact date is a particularly difficult one.  It could be hanging at the Wells Fargo account which was seized the morning after, and in that case MtGox will be unable to check status and won't be allowed to comment while the legal action is going on.  In short: MtGox can't do anything about it, and can't even tell you what the problem is.

Eh, no it isn't "exactly fraud" if they asked their bank to do the transaction, and the bank is dragging their feet or forbidden by law enforcement to tell MtGox about any movements on the account.  And they obviously can't credit your account on MtGox until the transaction is cancelled at the bank.  And it is certainly not stolen money.  Worst case it may be seized money, which will be returned when MtGox can access the account again.

I think it would be a waste of time and money.  Try contacting support in a more friendly tone.  I cancelled a transaction today after I noticed it was sent as international transfer (months) instead of SEPA (days).  It took three minutes from I sent the request until it was cancelled and the money credited back to my account.  My transaction was still in confirmed status, i.e. confirmed by MtGox, but not sent to the bank yet.

This is precisely what new users need to know.  That only money goes into Gox.  Very little trickles out.

By the way, my requests were:


None was processed, all, except last was returned on MtGox.

Doubtful. I am waiting for 3 days for simple return of my money to MtGox account to withdraw them as BTC with huge loss after 7 weeks.
Theirs answer:




Now I am looking for someone with same problems to start collective suit...
What do you think?

I'm sure MtGox would return stolen money if they were deposited on MtGox.

Does anyone knows - is there any collective suit against MtGox to return stolen money?

While it is true that Mt. Gox is trusted, and can't discuss ongoing litigation, there are at least 3 things they should be doing as a responsible business.

1. Being transparent about the situation. Tell the customers what  the delays are and what the limitations are.

2. Paying interest on delays of withdrawals. It is not right to keep hundreds of thousands of other people's money, without their explicit consent, and not at least pay them interest. Why should Mt. Gox be able to keep interest they earn on other people's funds when that wasn't in their original service agreement or the implicit agreement that was formed by prior operations.

3. Openly offer priority withdrawals, for a fee, if they are available. The idea of having an NDA to find out what the fees are makes everyone wonder what sneaky thing is going on here.

Go see a decent zombie flick and come back when you know what a zombie epidemic is.

We know there is some investigation related to the US (only USD withdrawals are affected), which MtGox aren't allowed to comment on, and that international withdrawals (i.e. everything but SEPA and JP domestic) are limited to 10/day.  We also now that it is possible to request a prioritized transfer, which I assume is done via a third party money transmitter at a high cost.

What do you think would is most unprofessional of the following?:
1 Abiding to what law enforcement tells you, even when it causes frustration among customers.
2 Operate illegally in broad daylight, risking shutdown and seizure of customers funds.
3 Not abiding to orders from law enforcement, risking shutdown and seizure of customers funds.

Yes. All that has to be said about this Zombie company and its Zombie followers and pushers is this:

It's sickening how unprofessional Gox is. When you have millions of people's dollars in limbo, you should be posting an update every single day, as well as a clear warning on their site of the current situation for new investors.

https://bitcointalksearch.org/topic/m.2977631

Here we see criminal business behavior and its promoters.

Never underestimate the power of trolls on the internet.  You didn't think it was solved, or you would have withdrawn earlier, right?  Trolls have been feeding a zombie epidemic.  People are seduced into believing in crazy stories about millions of USD mysteriously disappearing from MtGox.  The people become zombies who buy BTC on MtGox and sell at a loss on other exchanges to "secure their money", and go on to spread the epidemic further.  This is very profitable for the trolls who cash in large amounts on arbitrage by doing the opposite of the zombies.

Equalization takes time.  Right now there are bids for 14439 BTC on MtGox at Bitstamp price or above.  That's more than the entire order book on Bitstamp, and a lot of money has to move before the price is equal.

anybody had success with PLN withdrawals?

Well, the big 20% divergence just happened a couple of days ago, and since then is steadily decreasing.

▲ mtgoxUSD   122.8900
▲ bitstampUSD   112.7800

I will try to withdraw ~500€, but I don't think it's solved. Otherwise the price would be equal on the exchanges already.

Europe is currently solved? Wow, if that is true is very good news. We might see some dumping ahead.