Topic: MtGox withdrawal delays [Gathering] - page 307. (Read 908613 times)

What? I've had SEPA EUR transfers waiting weeks, you are speaking crap.

Could it be, that the delays only exists for verfied users? That would explain a lot.

And why is the Gap much more smaller on the market places? E.g.: https://www.bitcoin.de/de?tab=USD

Epsiking was conveniently the only one to claim the Bounty for a USD withdraw.  They are obviously given priority wires, the masses still have their funds stuck at Gox.

Common error to believe that 99% agrees with oneself.  If you count carefully in this thread, you will notice that less than 99% of posters have this problem.  And people who don't have this problem are unlikely to come here and complain in the first place.  And you only prove my point again.  The cause of the discrepancy is the problem of moving fiat reducing arbitrage possibilities, not lack of trust (as shown by every other metric).

You overlook the fact that since BTC-e has been in existence not once has it had a 20% price discrepancy to MTGOX price.

That is a huge red flag you can't miss if you've been around that long to see the price action over the past two years.

Please refresh me on what # week we are on since MTGOX stopped withdrawals back in June.

If I'm not mistaken we are sitting at week 9 or 10. That is a damn long time to claim there is a "backlog" when my withdrawal that went out on the 12th of June actually cleared but the one on the 13th did not up until the 3rd week of July before I had enough of the bullshit excuses they kept feeding their customers.

So yes trust is a huge factor in why the price has risen. The only outlet is to BUY bitcoins and move them to another exchange for 99% of their customers (from what I keep reading and seeing from my view and others here on this very forum).

We can probably discuss this forever, but your graph still hides a lot of facts.  E.g. everything before April.  The fact that BTC-E followed nicely before and after the first period in May, but went below both Bitstamp and MtGox during the first period of divergence in May.  Does that mean BTC-E is the most trusted of those three?  The CoinLab suit started almost two weeks before your rectangle naming it, and instead your rectangle conveniently includes the announcement of new verification requirements and the end of OKpay (fiat withdrawal difficulties).  To name a few examples.

I think there is a lot of FUD going on, and a lot of panic that might be blown out of proportion.

I've not requested any withdrawal in July or August, but I did multiple high 5 figures withdrawals at the end of June (SEPA) and they cleared very fast (in the same week). I insist on this fact because even if it's true that at that time there was no "USD hiatus", people was already complaining very often about heavily delayed withdrawals (at that time especially SEPA).

This wasn't true in my case, and honestly, i realized that everybody complaining reports smallish withdrawals (less than $20k, normally less than $10k). I've not read a single complaint about people with big volume being unable to withdraw their funds, and believe me, if a trusted status member was unable to withdraw his $500k we would definitely read about that. To the contrary, people with biggish volumes and trusted status at Gox reported their money came thru the last weeks (two concrete names: mrbigggg and Epsiking - and both deal with USD).

Don't get me wrong, I acknowledge Gox is fucking up, they have ridiculous limits and they are fucking with a lot of customers, but I have the feeling they are not broke and they are just priorizing their biggest customers: this might feel bad to everyone else, but if they really have a hard limit of 10 daily transfer from a business POV it makes sense to take care first of your best customers, the ones that put the food on your table.

This said, their PR is shit, fear is spreading and tens of k's of coins are leavig Gox for good because of their ineptitude. I for one will bet on them solving their problems, as them were good to me... If price at Gox reaches $130 soon and the price difference with Bitstamp is still big i will sell a few hundreds of coins and ask for a withdrawal to try some arbitrage, and i promise to report back here. Let's see how this develops, it's am uncomfortable situation, but there is some profit to be made.

If you think the text on the graph proves anything, you are wrong.  My theory describe this better IMHO, and in addition doesn't need to hide the fact that MtGox is the most trusted of all the exchanges according to all the metrics.  There are various reasons for the lack of trust in other exchanges.  E.g. unanswered questions regarding regulatory status, lack of AML procedures, and in some cases obvious breach of laws.

I don't think you understand how arbitrage works.

Thats true.


Now you know why I admire Gox.

Only time will tell which bitcointalk members were representing the smart money. As for my part, I am not in business with this company, and if my company would have a gox-like customer service, I'd be bancrupt long before. The latest joke is, that BTC transactions take 1-2 weeks:

https://bitcointalksearch.org/topic/m.2965858

I guess we disagree on this point.  I believe the discrepancy between MtGox and other exchanges is due to difficulties of getting USD (primarily) out, making arbitrage difficult.  Just as high fees does, as explained by smoothie.  You think the reason for the discrepancy is due to lack of trust in MtGox, even if every possible metric of trust show the opposite.  So I believe you are wrong, and I doubt you did the math yourself.

If the people would be so smart, they would have waited until the price is at least over $100 on the other exchanges. But they have cut there own hair by selling their coins hastily.

This situation can persist quite a while. Maybe a year or so. Who has the best nerves, wins. Gox wins in the end anyway. They are hard-boiled.

There is still only one million on Bitstamp. On the other exchanges much less. The trading volume is puny again compared to Gox. Bitstamp looks strong only if Gox sleeps.

Because USD withdrawal from Gox is not possible the price will continue to rise. On all exchanges. The Gap is the way still quite small. I hope it grows to 50-100% so that the abitrage for me is really worth. Good times for EURO/SEPA dealers. I am the hairdresser.

I think I can make up to 500 euros a month so.

The answer is more complex than you think.  First of all the total volume crashed.  MtGox is boss at high volume, and at low volume it is more even.  The volume has been record low for a while, and the reason why the picture is very different today.  Second, while USD volume at MtGox has gone down, EUR and JPY volume has gone up.  Those are the smart money doing arbitrage, buying BTC from other exchanges to sell at MtGox.  Then there are people panicing, of course due to USD withdrawal problems.  (That's your dumb money leaving at a loss.)

If you have an EUR withdrawal waiting for more than a week, you should check and make sure it is a SEPA withdrawal.  It is easy to make the mistake of making it an international transfer instead.  Then contact support to make sure everything is in order.  No errors in forms or anything else making the transfer fail.

You think, this is an answer to my question?
Then again: Why did their USD market share crash from 75 to 45 percent within weeks?

I guess, because (as it is reflected bei the opinions in these threads) the smart money is rapidly leaving and the dumb money is still waiting (for godot), or doing 'arbitrage'.

http://bitcoincharts.com/charts/volumepie/ shows that CNY is just below EUR and way above JPY.

Usually CNY is above EUR too @ gox.

i thought GoxCNY was above Gox EUR or JPY....sec i'll find a chart so i'm not just thinking...

I have never seen MtGox's market share below 50%.  Not even a 24 hour period.  Some people making that claim have done the mistake of ignoring all currencies on MtGox than USD.  Non-USD volume is usually a large part of the total volume on MtGox.

Take the last 24 hour volume:
51403 BTC traded in USD
 7615 BTC traded in EUR
 3086 BTC traded in JPY
 ... [ + a few k in other currecies ]

Non-USD currencies make up more than 20% of the total volume today.  And note that people have noticed they can withdraw JPY very quickly and move to other exchanges for arbitrage.

Bitstamp?  19367  BTC total today.   Less than 1/3 of MtGox.
BTC-E?  4587 BTC total today.  Less than EUR volume at MtGox.