Topic: MtGox withdrawal delays [Gathering] - page 305. (Read 908613 times)

I'm not sure what you find humorous.  But I understand it must be frustrating lacking the capability to understand basic concepts in finance.  Find me an academic paper that states that arb opporuntities can exist over extended (long) periods of time....You won't.  Remember, if someone could have taken advantage of the arb opportunity there wouldn't be an extended price variance.  But if you'd like to read up on arbitrage so you can make some relatively intelligent comments, then I encourage you to read the links below:

http://en.wikipedia.org/wiki/Rational_pricing
http://en.wikipedia.org/wiki/Efficient_market_hypothesis
http://en.wikipedia.org/wiki/General_equilibrium

And here is one academic paper out of hundreds:

Free Lunch! Arbitrage Opportunities in the Foreign Exchange Markets

"Using the “firm” quotes obtained from the tick-by-tick EBS (electronic broking system that is a major trading platform for foreign exchanges) data, it is found that risk-free arbitrage opportunities—free lunch—do occur in the foreign exchange markets, but it typically last only a few seconds....The probability of its disappearance within one second was less than 50% in 1999, but increased to about 90% by 2009."

http://www.nber.org/papers/w18541

Requested 10,000 EUR on 8/8/2013 via SEPA transfer, received 9,900 EUR on 20/8/2013.

Mt.Gox took 1% apparently (100 EUR) - I wasn't aware of that.

Still waiting for 2 more such withdrawals.

I have a Trusted Account with verified banks in the Euro Zone.

In early June I had two withdrawals, which were executed within days. But all the others have lasted much longer. You've just had luck. Thats all. Be happy. 

The withdraw issues didn't start happening until June 20th (hiatus on USD withdraws). So both of your comments about successful withdraws are irrelevant. The funny thing is that not only are USD withdraws affected, but now EUR, CAD, are being affected as well.  

I've been waiting for my 1000 € for 33 days now. It still says "up to 3 weeks" on their site (and it said 2 weeks around the time I made the withdraw).

I've been waiting 5 weeks for my SEPA withdrawal, I see I'm not alone.

If I don't get the money in a week I'm going to let debt collectors handle it. It's better I get half the money with debt collectors taking half as fees than nothing at all.

I requested a SEPA withdrawal two weeks ago.
First my withdrawal was in status "pending", a few days later in "confirmed" - and now it's back again in "pending".

I am still waiting for my money.

WTF!?

WITHDRAW 1: requested June 3th, received on June 6th
WITHDRAW 2: requested June 4th, received on June 6th
WITHDRAW 3: requested June 9th, received on June 11th

So, what about that?

USD withdraws?

Everything but JPY withdraws are slowed to nearly a halt. There's less than a dozen reports a WEEK of people receiving SEPA/SWIFT transfers on this forum - they aren't happening.

Everything but JPY withdraws are slowed to nearly a halt. There's less than a dozen reports a WEEK of people receiving SEPA/SWIFT transfers on this forum - they aren't happening.

People with money on Gox are in panic, because USD withdrawals have become very slow or impossibly. Don't try to understand a panic. Deal with it.   

I don't understand what the spread in prices means when MtGox site goes back live. Lots of people are selling thousands and millions of dollars of bitcoin on mtgox because it is priced higher than it should be.

Why would someone buy bitcoin so high?

this is ridiculous.

are wire transfer withdraws working from the site? how long does a wire transfer withdraw take? or are they still suspended?

Didn't read that, but Karpeles said that they have a hard cap of 10 EURO wires per day. If that's true, it would be pretty logic to give priority to people requesting withdrawals of 5/6 figures, instead of consuming that limit serving users that mean almost 0 profit for Gox (honestly, if you are trading with 1,000€ you cannot make a lot in fees for Gox compared to traders that do their thing with 100,000€)

This is wild speculation, but I think is very plausible given the fact that everybody complaining about non received withdrawals in this forum reports smallish ones, 4 figures or even 3 figures. I haven't read a single report by a trusted member having problem with its 50k (usd or eur) withdrawals, and I've experienced myself very fast SEPA withdrawals at a time when everybody was already complaining about delays (shortly after the Dwolla thing - early June).

Playing devil's advocate with Gox is earning me a lot of hostility in these forums, but this is my speculative opinion based on my long experience with Gox. People always complained about them, in 2011 it looked like they were going to go bust because of the multiple hacks combined to the burst of the bubble, everybody whined about it and panicked causing a similar "Gox run", but yet not a single user has EVER lost his coins/fiat because of Gox's fault. Their PR can be shifty, their trading engine amateurish at best, but they have a long story of honesty and reliability, they wouldn't run with your money in difficult times as they have already proved in the past. Making a long story short, for me Gox is still more trusted than Bitstamp - and I'm quite sure that for whale traders that wire millions to exchanges, Gox would still be the first choice precisely for their history of honesty. Don't forget that any problem Gox might be experiencing with US regulators, will probably hit other exchanges soon enough.

Well not everyone has a JPY bank account. So now what's your come back? You seem to have an answer for everything.

What problem are you talking about? The ability to withdraw fiat from gox ...OR...the FACT that the ONLY option to get funds out is to BUY BTC...

Okay so people are stupid and panicing, and falling for MY FUD campaign. LOL. Hardly fud when talking about the facts.

For you there is no need to take a loss, but for others that might not be the case. Once again you've failed.

Who said it was completely impossible? Obviously it isnt for Mark and his close friends or large customers.

What problem are you talking about? The ability to withdraw fiat from gox ...OR...the FACT that the ONLY option to get funds out is to BUY BTC...

The point is that claiming I am spreading FUD is a diversion from your obvious inability to be truthful about the facts surrounding gox. It seriously looks like you have tunnel vision. "Let's ignore the GIANT PINK ELEPHANT in the room and focus on the tiny fly."

you are not helping... this is pure speculation... there are limits on sepa transfers i just want to know what they are

Maybe i got it wrong, but nevertheless they have some ridiculous limits regarding transactions per days - right? My point is that they could be priorizing biggish customers that mean significant money in fees for Gox. They wouldn't want to lose those.

What you call a fact is not.  Many people here have gotten fiat money out from MtGox.  JPY transfers arrive next day.  No reports claim otherwise, unless you spell your name wrong.  You and some people here spreading FUD for your own profit.  Your FUD campaign is what it is, and not even remotely related to fact.

They are quite stupid, panicing or falling for your FUD campaign.  First of all it is quite easy to sell at MtGox prices elsewhere.  I've always done that to avoid withdrawal fees.  There is no need to sell at a loss.  Secondly it is possible to get fiat out of MtGox.  See multiple confirmations in this thread.

Delayed is quite different from impossible.

no he said they have a hard limit of 10 swift transactions per day.

sepa transfers have some other limit but it is not 10 transactions

Didn't read that, but Karpeles said that they have a hard cap of 10 EURO wires per day. If that's true, it would be pretty logic to give priority to people requesting withdrawals of 5/6 figures, instead of consuming that limit serving users that mean almost 0 profit for Gox (honestly, if you are trading with 1,000€ you cannot make a lot in fees for Gox compared to traders that do their thing with 100,000€)

This is wild speculation, but I think is very plausible given the fact that everybody complaining about non received withdrawals in this forum reports smallish ones, 4 figures or even 3 figures. I haven't read a single report by a trusted member having problem with its 50k (usd or eur) withdrawals, and I've experienced myself very fast SEPA withdrawals at a time when everybody was already complaining about delays (shortly after the Dwolla thing - early June).

Playing devil's advocate with Gox is earning me a lot of hostility in these forums, but this is my speculative opinion based on my long experience with Gox. People always complained about them, in 2011 it looked like they were going to go bust because of the multiple hacks combined to the burst of the bubble, everybody whined about it and panicked causing a similar "Gox run", but yet not a single user has EVER lost his coins/fiat because of Gox's fault. Their PR can be shifty, their trading engine amateurish at best, but they have a long story of honesty and reliability, they wouldn't run with your money in difficult times as they have already proved in the past. Making a long story short, for me Gox is still more trusted than Bitstamp - and I'm quite sure that for whale traders that wire millions to exchanges, Gox would still be the first choice precisely for their history of honesty. Don't forget that any problem Gox might be experiencing with US regulators, will probably hit other exchanges soon enough.