Sturle & Zarathustra
Looks like you'll have to agree to disagree on this point.
We both get the points you're making and some will agree with one and others will agree with the other.
This is an issue of opinion and neither one is necessarily correct.
Time will tell which one of you is right for this occasion though.
Topic: MtGox withdrawal delays [Gathering] - page 302. (Read 908613 times)
It's a risk premium. They buy because of the risk, that such companies with such information policies evidently have a high risk of going bankrupt. You are denying these facts and against these facts you are promoting such irresponsible, misleading zombie-business-behavior.
I can't see any reason to be concerned about MtGox's economy at their current volume. Their income is good and likely much higher than their expenses. People have been claiming bankruptcy over the Dwolla seizures, but when the amount became public the size fit straight into Mark's description. Not a problem. CoinLab is in liquidation, and the suit was without any merit anyway. They never did anything to get licensed as a money transmitter. So far MtGox seems to be in good health economically.Their information could be better, more precise and more updated, but so far I haven't had any problems staying informed by watching the right channels. Just don't believe anything the trolls here tell you second-hand.
Please tell me which facts I am denying.
As I wrote above: It's a risk premium. You are denying the fact that such companies with such information policies evidently have a high risk of going bankrupt. The merchants (smart money) left gox already. They are not stupid.
The truth is it seems pretty random. What's obvious is that the "withdrawals are processed in receiving order" is utter BS. Just now some people reports SEPA withdrawals clearing in 15/20 days, some others have been +5 weeks waiting.
International wires are processed in receiving order. No word about the processing order of SEPA withdrawals, but I suspect they start with the oldest and run through the queue while skipping those which are too large to fit within the daily quota. This means smaller SEPA withdrawals will have a small advantage.If you have been waiting 5 weeks for a SEPA withdrawal, you should contact support and ask if anything is wrong. It probably is. Some wrong info perhaps, like joesmoe who misspelled his Japanese name, or it got in the international (SWIFT) queue by mistake.
5 weeks seem to be a short time, depending on the size of the withdraw.
05-14-2013 - 800 EUR sepa - received 05-21-2013
05-22-2013 - 500 EUR sepa - received 05-23-2013
06-01-2013 - 500 EUR sepa - received 06-04-2013
06-04-2013 - 1000 EUR sepa - received 07-30-2013
06-19-2013 - 500 EUR sepa - received 07-01-2013
06-27-2013 - 750 EUR sepa - received 08-08-2013
06-28-2013 - 750 EUR int.wire - still open
07-01-2013 - 500 EUR sepa - received 07-16-2013
08-09-2013 - 300 EUR sepa - still open
as you can see, it may take about 2 month for 1000 EUR.
my limit is 1000 EUR per day.
support giving just standard answers - no help.
It's a risk premium. They buy because of the risk, that such companies with such information policies evidently have a high risk of going bankrupt. You are denying these facts and against these facts you are promoting such irresponsible, misleading zombie-business-behavior.
I can't see any reason to be concerned about MtGox's economy at their current volume. Their income is good and likely much higher than their expenses. People have been claiming bankruptcy over the Dwolla seizures, but when the amount became public the size fit straight into Mark's description. Not a problem. CoinLab is in liquidation, and the suit was without any merit anyway. They never did anything to get licensed as a money transmitter. So far MtGox seems to be in good health economically.Their information could be better, more precise and more updated, but so far I haven't had any problems staying informed by watching the right channels. Just don't believe anything the trolls here tell you second-hand.
Please tell me which facts I am denying.
The truth is it seems pretty random. What's obvious is that the "withdrawals are processed in receiving order" is utter BS. Just now some people reports SEPA withdrawals clearing in 15/20 days, some others have been +5 weeks waiting.
International wires are processed in receiving order. No word about the processing order of SEPA withdrawals, but I suspect they start with the oldest and run through the queue while skipping those which are too large to fit within the daily quota. This means smaller SEPA withdrawals will have a small advantage.If you have been waiting 5 weeks for a SEPA withdrawal, you should contact support and ask if anything is wrong. It probably is. Some wrong info perhaps, like joesmoe who misspelled his Japanese name, or it got in the international (SWIFT) queue by mistake.
5 weeks seem to be a short time, depending on the size of the withdraw.
05-14-2013 - 800 EUR sepa - received 05-21-2013
05-22-2013 - 500 EUR sepa - received 05-23-2013
06-01-2013 - 500 EUR sepa - received 06-04-2013
06-04-2013 - 1000 EUR sepa - received 07-30-2013
06-19-2013 - 500 EUR sepa - received 07-01-2013
06-27-2013 - 750 EUR sepa - received 08-08-2013
06-28-2013 - 750 EUR int.wire - still open
07-01-2013 - 500 EUR sepa - received 07-16-2013
08-09-2013 - 300 EUR sepa - still open
as you can see, it may take about 2 month for 1000 EUR.
my limit is 1000 EUR per day.
support giving just standard answers - no help.
Over the month, it is as low as never before.
I'll not claim never, but yes. Total trade volume the last month has been record low. It was quite low in July 2011 as well.Short volume spikes represent the moments when more smart money is leaving this rididulous company with its ridiculous, misleading information policy. What is your motivation to promote this kind of business doing? Any other interests?
Smart money wouldn't buy at 10 to 20% above the price at other exchanges unless it is a speculative buy in expectation of increasing prices.
Those money won't leave. Smart money intending to leave will leave as fiat. Dumb money intending to leave will do so at a 10 to 20% loss, but this will show as a volume spike on at least two exchanges.
I dislike smear and FUD campaigns, and my only motivation is to stop the epidemic of zombies losing their money on bad advice.
It's a risk premium. They buy because of the risk, that such companies with such information policies evidently have a high risk of going bankrupt. You are denying these facts and against these facts you are promoting such irresponsible, misleading zombie-business-behavior.
Over the month, it is as low as never before.
I'll not claim never, but yes. Total trade volume the last month has been record low. It was quite low in July 2011 as well.Short volume spikes represent the moments when more smart money is leaving this rididulous company with its ridiculous, misleading information policy. What is your motivation to promote this kind of business doing? Any other interests?
Smart money wouldn't buy at 10 to 20% above the price at other exchanges unless it is a speculative buy in expectation of increasing prices. Those money won't leave. Smart money intending to leave will leave as fiat. Dumb money intending to leave will do so at a 10 to 20% loss, but this will show as a volume spike on at least two exchanges.I dislike smear and FUD campaigns, and my only motivation is to stop the epidemic of zombies losing their money on bad advice.
Numbers tell otherwise. Well over 50% market share, and by far the deepest order book of all exchanges. MtGox is clearly the most trusted of all exchanges.
MtGox is clearly those exchange of the bigger ones, that is losing market share at the highest speed. Over the month, it is as low as never before. Short volume spikes represent the moments when more smart money is leaving this rididulous company with its ridiculous, misleading information policy. What is your motivation to promote this kind of business doing? Any other interests?
Numbers tell otherwise. Well over 50% market share, and by far the deepest order book of all exchanges. MtGox is clearly the most trusted of all exchanges.
MtGox is clearly those exchange of the bigger ones, that is losing market share at the highest speed. The truth is it seems pretty random. What's obvious is that the "withdrawals are processed in receiving order" is utter BS. Just now some people reports SEPA withdrawals clearing in 15/20 days, some others have been +5 weeks waiting.
International wires are processed in receiving order. No word about the processing order of SEPA withdrawals, but I suspect they start with the oldest and run through the queue while skipping those which are too large to fit within the daily quota. This means smaller SEPA withdrawals will have a small advantage.If you have been waiting 5 weeks for a SEPA withdrawal, you should contact support and ask if anything is wrong. It probably is. Some wrong info perhaps, like joesmoe who misspelled his Japanese name, or it got in the international (SWIFT) queue by mistake.
The supply of stupid people selling at a loss is endless.
The believers and stupid promoters of companies with stupid, irreal, misleading and ridiculous information policy like this:https://www.mtgox.com/
https://support.mtgox.com/home
... are limited within the bitcoin community, because the average bitcoiner is not stupid.
MtGox is clearly those exchange of the bigger ones, that is losing market share at the highest speed.
still waiting for a 5 digits transaction (EUR) since june 24 (almost 2 month!).
Wrote to Gox's support.. response with standard text "will take serval weeks".
You should send as EUR SEPA (if your account is within the SEPArea), not international wire. SEPA should take a week or less.Wrote to Gox's support.. response with standard text "will take serval weeks".
The truth is it seems pretty random. What's obvious is that the "withdrawals are processed in receiving order" is utter BS. Just now some people reports SEPA withdrawals clearing in 15/20 days, some others have been +5 weeks waiting.
still waiting for a 5 digits transaction (EUR) since june 24 (almost 2 month!).
Wrote to Gox's support.. response with standard text "will take serval weeks".
You should send as EUR SEPA (if your account is within the SEPArea), not international wire. SEPA should take a week or less. Wrote to Gox's support.. response with standard text "will take serval weeks".
The supply of stupid people selling at a loss is endless.
The believers and stupid promoters of companies with stupid, irreal, misleading and ridiculous information policy like this:https://www.mtgox.com/
https://support.mtgox.com/home
... are limited within the bitcoin community, because the average bitcoiner is not stupid.
still waiting for a 5 digits transaction (EUR) since june 24 (almost 2 month!).
Wrote to Gox's support.. response with standard text "will take serval weeks".
Wrote to Gox's support.. response with standard text "will take serval weeks".
The supply of stupid people selling at a loss is endless.
The believers and stupid promoters of companies with stupid, irreal, misleading and ridiculous information policy like this:
https://www.mtgox.com/
https://support.mtgox.com/home
... are limited within the bitcoin community, because the average bitcoiner is not stupid.
Why isn't someone with a Japanese bank account exploiting this arbitrage opportunity?
They do, but due to the time it takes (1 business day for withdrawal from MtGox + 4 days for deposit to Bitstamp/BTC-E/whatever) it takes a while, and there is some risk involved. You lose a week of trading on MtGox, which can be just as profitable. I assume this is the reason why JPY volume at MtGox stayed fairly low until the difference passed 10%. From that time it takes about a week until the money withdrawn are deposited on Bitstamp. And don't forget that Bitstamp only allows a small amount for first time deposit. I guess most Japanese haven't bothered to send their money to a foreign exchange before, so that's another clamp. The difference will stay high for at least one more week. The supply of stupid people selling at a loss is endless. Why isn't someone with a Japanese bank account exploiting this arbitrage opportunity?
Maybe they are, but nevertheless the money flow doesn't allow a quick arbitrage and thus a steady decrease of the spread between exchanges? That could explain why Bitstamp is slowly following upwards, while Gox is just stationary ATM.
Anyhow, let's do not forget that the money flow out from Gox (where the big players still are) is slow. Even if you are a trusted status user, it takes time to withdraw significant money, if you are just verified is simply a joke (max. $10k per day and $50k per month). Add to that the delay in wire clearing (it seems that best case scenario ATM is 10/15 days), and then you have a very inefficient market in which arbitrage is a gamble because of the delays, etc.
Why isn't someone with a Japanese bank account exploiting this arbitrage opportunity?
Right now I'm not able to withdrawal my Bitcoin balance from mtgox - it says "Invalid bitcoin address, please confirm your input" - but I am 100% certian it is a valid Bitcoin address.
Yep, it happened a couple of days ago to me too. I contacted chat support, they told me to try again in a couple of hours, I tried and it worked.
Jump to: