Topic: MtGox withdrawal delays [Gathering] - page 303. (Read 908613 times)
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.
Is there "liquidity flowing through the exchange?" Or is most of the volume just trading back and forth within Mt. Gox's system?
If some "whale" was able to get money out and exploit that huge spread, the spread would shrink.
Much of the volume is from bots, yes. There is no signs of whales exploiting the spread. They would have to risk a lot of money on an exchange operating on borrowed time, and I don't think anyone would risk a "whale" amount of money on Bitstamp after what happened to bitcoin24. But there are many individuals making a fair amount on four digit EUR amounts. Including some people trolling here.If some "whale" was able to get money out and exploit that huge spread, the spread would shrink.
Is there "liquidity flowing through the exchange?" Or is most of the volume just trading back and forth within Mt. Gox's system?
If some "whale" was able to get money out and exploit that huge spread, the spread would shrink.
Much of the volume is from bots, yes. There is no signs of whales exploiting the spread. They would have to risk a lot of money on an exchange operating on borrowed time, and I don't think anyone would risk a "whale" amount of money on Bitstamp after what happened to bitcoin24. But there are many individuals making a fair amount on four digit EUR amounts. Including some people trolling here.If some "whale" was able to get money out and exploit that huge spread, the spread would shrink.
actually... another poster did an analysis and found that there were a few large transactions(1000+) that may be attributable to a few account holders. anyway it is open to interpretation.
it would probably be the first time in human history that an entire population of wealthy ones decided not to exploit the weak...
Remember the name "Mark Karpeles" CEO of MtGox and never ever do business with him again, and remind people of this incident in any future business that he's involved. I'm sure shady organizations like the US gov would love to pick him up.
lmao you have it ass backwards...
Is there "liquidity flowing through the exchange?" Or is most of the volume just trading back and forth within Mt. Gox's system?
If some "whale" was able to get money out and exploit that huge spread, the spread would shrink.
Much of the volume is from bots, yes. There is no signs of whales exploiting the spread. They would have to risk a lot of money on an exchange operating on borrowed time, and I don't think anyone would risk a "whale" amount of money on Bitstamp after what happened to bitcoin24. But there are many individuals making a fair amount on four digit EUR amounts. Including some people trolling here. If some "whale" was able to get money out and exploit that huge spread, the spread would shrink.
Well, Gox "promised" not to do that. What does seem evident is that they have whales proxies who are getting their wires prioritized in order to keep liquidity flowing through the exchange. Otherwise the price would have been $10,000 yesterday.
Do you have proof of this, or are you making up even more bs?People are withdrawing all kinds of amounts. 1000 EUR makes no whale.
Remember the name "Mark Karpeles" CEO of MtGox and never ever do business with him again, and remind people of this incident in any future business that he's involved. I'm sure shady organizations like the US gov would love to pick him up.
It sorta looks like what you're trying to do, zeroblock, when you say things like "The spread is widening at an alarming rate" is to cause more people to panic.
Well, the spread is widening at an alarming rate:▲ mtgoxUSD 121.5000
▲ bitstampUSD 104.4300
Spread: 16.8%
I guess it depends what your timescale is. That's actually narrower than it was yesterday.
No. The average price variation yesterday was 15.93% (16%). So this is higher than yesterday, intraday swings have been going from 12-20%. You can verify this on Bitcoincharts. Go to "view larger chart" then "load raw data" for the daily weighted price.
http://bitcoincharts.com/
My turn to quote wikipedia!
http://en.wikipedia.org/wiki/Straw_man
But seriously, I didn't claim that it was narrower than the average price difference yesterday, did I?
Maybe gox is buying low from other sources(bitstamp, btc-e, etc).. and selling it high on gox.. someone alert the owners from bitstamp, etc about this possible shenanigan and stop it at its source.
Well, Gox "promised" not to do that. What does seem evident is that they have whales proxies who are getting their wires prioritized in order to keep liquidity flowing through the exchange. Otherwise the price would have been $10,000 yesterday. If some "whale" was able to get money out and exploit that huge spread, the spread would shrink.
Been almost two months waiting for a withdrawal to Canada from MTGox.
Strange, their website still says:
"International Wire Transfers:
At the moment we are manually processing wire transfers and have a slight backlog as we create a new withdrawal system with our banking partners. Your withdrawal may take two weeks or more depending on the amount.
Your patience and understanding in processing withdrawals is greatly appreciated."
Any support tickets I submit reflect a similar verbiage, and sometimes a copy and paste of their "press release" found here:
https://www.mtgox.com/press_release_20130704.html
Strange, their website still says:
"International Wire Transfers:
At the moment we are manually processing wire transfers and have a slight backlog as we create a new withdrawal system with our banking partners. Your withdrawal may take two weeks or more depending on the amount.
Your patience and understanding in processing withdrawals is greatly appreciated."
Any support tickets I submit reflect a similar verbiage, and sometimes a copy and paste of their "press release" found here:
https://www.mtgox.com/press_release_20130704.html
Also, your paper is about a very advanced and liquid market, forex. Don't you think applying its conclusions to the bitcoin markets is a little optimistic?
It's not. Arbitrage between Bitcoin exchanges is (was) done by "'bots." Whenever the spread was above the transaction cost, arbitrage 'bots would do the necessary pair of trades on two exchanges. With arbitrage 'bots running and funded, the spread stayed very close to the transaction cost. This stopped once Mt. Gox defaulted on their USD payments in June. With money stuck in Mt. Gox, arbitrage activities ran out of working capital.
So we have this right now:
▲ mtgoxUSD 124.1466
▲ bitstampUSD 105.9800
Spread: 17%
"This stopped once Mt. Gox defaulted on their USD payments in June." Well put Nagle. The spread is all that matters, its a vote of confidence. The increase in spread has an equivalent exponential decrease in faith.
Maybe gox is buying low from other sources(bitstamp, btc-e, etc).. and selling it high on gox.. someone alert the owners from bitstamp, etc about this possible shenanigan and stop it at its source.
Also, your paper is about a very advanced and liquid market, forex. Don't you think applying its conclusions to the bitcoin markets is a little optimistic?
It's not. Arbitrage between Bitcoin exchanges is (was) done by "'bots." Whenever the spread was above the transaction cost, arbitrage 'bots would do the necessary pair of trades on two exchanges. With arbitrage 'bots running and funded, the spread stayed very close to the transaction cost. This stopped once Mt. Gox defaulted on their USD payments in June. With money stuck in Mt. Gox, arbitrage activities ran out of working capital.
So we have this right now:
▲ mtgoxUSD 124.1466
▲ bitstampUSD 105.9800
Spread: 17%
I've posted an analysis about the recent sudden rise above 120 on MtGox here: https://bitcointalksearch.org/topic/analysis-of-the-recent-mtgox-moves-few-very-big-orders-278643
It might not be directly relevant to the discussion in this thread, but I think it provides very interesting insight into what is happening on MtGox now.
Short summary: The big move of mtgoxUSD on Aug 19th was a result of a very few (about 15) very large (1000-2000 BTC) orders, which were done by a handful (1-4) of individuals. For the full analysis see there!
It might not be directly relevant to the discussion in this thread, but I think it provides very interesting insight into what is happening on MtGox now.
Short summary: The big move of mtgoxUSD on Aug 19th was a result of a very few (about 15) very large (1000-2000 BTC) orders, which were done by a handful (1-4) of individuals. For the full analysis see there!
The price is-and has always been-controlled by a few individuals. we know *yawn*. that's how pump n' dumps work.
next pump: to the moon.
next pump after moon: thru the oort cloud.
I've posted an analysis about the recent sudden rise above 120 on MtGox here: https://bitcointalksearch.org/topic/analysis-of-the-recent-mtgox-moves-few-very-big-orders-278643
It might not be directly relevant to the discussion in this thread, but I think it provides very interesting insight into what is happening on MtGox now.
Short summary: The big move of mtgoxUSD on Aug 19th was a result of a very few (about 15) very large (1000-2000 BTC) orders, which were done by a handful (1-4) of individuals. For the full analysis see there!
It might not be directly relevant to the discussion in this thread, but I think it provides very interesting insight into what is happening on MtGox now.
Short summary: The big move of mtgoxUSD on Aug 19th was a result of a very few (about 15) very large (1000-2000 BTC) orders, which were done by a handful (1-4) of individuals. For the full analysis see there!
you all can choose to ignore reality but the facts are well known by now, let me summarize, feel free to correct me with facts:
1. there are currently capital controls on gox bank in the eu, thus sepa transfers are limited
2. swift based wires are limited due to their jp bank
3. some US based banks are refusing swift wires related to gox (citibank?) likely due to AML flags in the swift system
4. jp domestic wires are working
this is not an efficient markets scenario, thus we have the case of people willing to take a haircut who are desperate for cash.
obviously a lot of this is the fault of mtgox mgmt refusing to abide by intl AML and KYC reg's when dealing with fiat. part of it may be an issue with that deal that went sour, so it would seem they had made a good faith effort to comply, they may be fined, but it is not the end of the world
1. there are currently capital controls on gox bank in the eu, thus sepa transfers are limited
2. swift based wires are limited due to their jp bank
3. some US based banks are refusing swift wires related to gox (citibank?) likely due to AML flags in the swift system
4. jp domestic wires are working
this is not an efficient markets scenario, thus we have the case of people willing to take a haircut who are desperate for cash.
obviously a lot of this is the fault of mtgox mgmt refusing to abide by intl AML and KYC reg's when dealing with fiat. part of it may be an issue with that deal that went sour, so it would seem they had made a good faith effort to comply, they may be fined, but it is not the end of the world
ok great so let them lose business naturally, spreading FUD all over the forum to advertise your site is just pissing people off.
"Lose business naturally?" You mean just let other people get screwed by the spread? I'm not spreading FUD, im informing people of something that should be alarming! You think, you are Jesus, but to promote companies with such unpronounceable 'customer service' is not good for bitcoin, it is very bad for bitcoin and its reputation.
I can also confirm successful 1000 EUR SEPA withdrawal initiated at August 9th and finished today. 11 days. Delicious. . Thanks to all in the queue who bought BTC and left the place ..
. Thanks to all in the queue who bought BTC and left the place .. Sweet, thanks for the update!
I can also confirm successful 1000 EUR SEPA withdrawal initiated at August 9th and finished today. 11 days. Delicious. . Thanks to all in the queue who bought BTC and left the place ..
. Thanks to all in the queue who bought BTC and left the place .. It sorta looks like what you're trying to do, zeroblock, when you say things like "The spread is widening at an alarming rate" is to cause more people to panic.
Well, the spread is widening at an alarming rate:▲ mtgoxUSD 121.5000
▲ bitstampUSD 104.4300
Spread: 16.8%
I guess it depends what your timescale is. That's actually narrower than it was yesterday.
No. The average price variation yesterday was 15.93% (16%). So this is higher than yesterday, intraday swings have been going from 12-20%. You can verify this on Bitcoincharts. Go to "view larger chart" then "load raw data" for the daily weighted price.
http://bitcoincharts.com/
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