Topic: MtGox withdrawal delays [Gathering] - page 306. (Read 908613 times)

Ah, at the J_R Exchange. Nice spreads! 119.- / 79.-

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.

Buyers in LocalBitcoins are willing to pay Mt Gox spot or sometimes even higher for bitcoins.

so people are saying sepa is working now but slow for transfers under 1000 euros?

Ditto.  You remind me of my five year old when you claim that withdrawing fiat is impossible, and you haven't even tried many of the methods which everyone who have claims are working and fast.  Denying obvious facts, sticking to the methods which you know don't work, arguing that people should take a loss instead of a good arbitrage.  Pathetic.

Holy crap we're up to a 20% spread.

Obvius BS.  There is no such thing as an IBAN transfer.

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.

It would be unwise for magicaltux to make public statement about US government negotiations so he could be leaking the information to important customers?

Same old story, 2 more weeks!  And if that information was remotely true, he would have been hinting at it publicly.   

Oh and very very few if not none have received a USD withdraw in the past few weeks. 

I was reading the chat on https://mcxnow.com and saw realsolid talking about mtgox there. He claims that his talks with magicaltux indicate all SWIFT and IBAN transfers are blocked from mtgox. This includes all domestic USD withdrawals. The reason being that the US govt has put a block on their company doing any SWIFT/IBAN transfers that all banks are adhering to. He also said its going to clear up in a few week if talks with the US govt go well. Why hasnt this information been released by mtgox if its true?

Has anyone here got a USD withdrawal in the past few weeks?

Income is not profits. $8m in income since April is about $2.5m per month. Be generous and assume 30% is pure profit. $3m seized wipes out several months profit. Painful.

MagicalTux seems to be unwilling to comment on the seizure of funds (I'm not sure if it qualifies as a civil asset forfeiture or not)

But Mark has commented on the fact that their income since April has been 8 million.  

source: http://www.reddit.com/r/Bitcoin/comments/1kp4uf/gigaom_reporting_that_feds_seized_29million_from/cbr88ch

So it might seem like small change and MtGox is solvent after all, but don't let that fool you.  Their market share has tanked and April was the biggest volume ever.  Try asking what their income has been in the past 30 days and you might get a more startling answer.

I'm really curious if the problem can even be fixed by mass deposits and good confidence.  Suppose something happens in the BTC world that makes everyone go gaga and rosy in september, if many people went and wired fiat into Gox, would it even help their situation?

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...

So you are telling me that people who BUY BTC, send it to another exchange and sell for fiat at a % loss DO NOT have mistrust for gox?

Perhaps reading the OP subject line and thread..this is a thread talking about the delays in fiat withdrawals and from my personal take, most here actually dont trust gox or speculate that gox may go belly up. Not that I am saying they will. I just am claiming I do not trust GOX.

That's useful information.  See this Forbes article on seizures. US persons to whom Mt. Gox owes money might be able to claim status as an interested party. Also see this DOJ page. It's going to take a lawyer, but if Mt. Gox owes you money, you may have a claim against those seized funds.

This argument is not valid, in the sense that the conclusion doesn't follow from the premise. People could be performing arbitrage, and the spreads could still be widening, simply because the market forces widening the spread are stronger / doing more volume than the arbitrageurs.

That's is certainly not petty cash!

Gox Dwolla siesure was $2.9M according to gigaom today:

http://gigaom.com/2013/08/19/feds-seized-2-9m-in-bitcoin-funds-from-mt-gox-court-docs-show/

I can also report of very fast SEPA withdrawals in June (just checked again and they are from early June, not late as I recalled, but nevertheless they were very fast and there were already a lot of people complaining about delays in the forums).

Nevertheless, the cold hard fact is that there are indeed unacceptable delays for many customers, a lot of coins are disappearing from Gox order book, they are not showing up in the same quantity in other exchanges, and the divergence between exchanges grow while uncertainty spreads. Not a very healthy trading environment ATM, volume will go down until some clarity arises from this situation.

I know both. From less than one week to two months. Several of SEPA withdrawals between April and July. Each 9xx euros.