I do not have a MTgox account, however, for what its worth since Ive known about MTgox, which was around the time of the 32-2 first crash, Mr. Karpeles has never lied about anything that was ongoing or not ongoing with his company. He simply has to much on the line to lie and get caught.
MTgox having banking troubles is both scary and good considering that the workload is now being diversified to other exchanges, simply put most of the FUD is created by users. I also bet that most of the people complaining are probably the smaller withdraws (under 5,000 any currency).
if you dont want to wait simply do not use MTgox but Mr. Karpeles runs an honest operation and has always done the best that he could with the situations he is handed,
Topic: MtGox withdrawal delays [Gathering] - page 318. (Read 908613 times)
Let me just go ahead and rip this ridiculous excuse for an answer.
Difficulties (we know that from many countries, e.g. UK), but no organized embargo.
I don't think he is going to go "yep, no bank wants to do business with us" (for some lolz, please refer to previous answer in section above). He skirts around the question by directly referring to "embargo" rather than the difficulties they are facing, which he has confirmed prior<@MagicalTux> cyro432: not much we can do right now because of US govt"
That's no explanation of the problem, but explains the lack of news. For other currencies:
I don't see how this answer doesn't scare the hell out of you. And you brush it off like its an acceptable reply. "Not allowed to talk about the exact problem" that is by far the worst excuse for lack of transparency.
With only 10 withdrawals per day in all other currencies than JPY and EUR, it is going to take time. And he confirms again that MtGox are in fact overloading their bank. The discussion is still going on, btw. About ordering and more about transparency:
"Its taking longer than expected... [for] the people at the bank to understand our business." I just don't know what to say at this point. I mean to expect me to believe that it takes 2-3 months for very intelligent individuals at a bank to understand how Bitcoin works is difficult. And that they overloaded the second largest bank in Japan is extremely hard to believe.
"<@MagicalTux> rather than spending time on this, fixing it is likely going to bring more on the long term"
Ok, well in the 30 seconds you spend reviewing your press releases, maybe you should insert some truth somewhere. This is a different statement than before "<@MagicalTux> Not allowed to talk about the exact problem" instead he shifts the blame to being "too busy."
"<@MagicalTux> those wires are processed in received order, nothing else"
This is in direct contradiction to what MagicalTux posted a few weeks ago where he said that "5 digit or more" wires were taking priority. I'm done. No further explanation necessary. Let everyone decide for themselves whether or not they believe any word that comes out of Gox's mouth.
July 24, 2013:
[14:45] <@MagicalTux> right now we're giving priority to larger transfers
[14:45] please define "larger"
[14:46] <@MagicalTux> 5 digits or more
https://bitcointalk.org/index.php?topic=179586.340
For some more hilarious content please see the rest of the conversation:
[14:51] <@MagicalTux> [22:49:57] and only wire transfers are working for US people right MagicalTux? <- at this point, yes. We are working on US domestic solutions however
[14:52] okay cool thanks MagicalTux
[14:52] so wires to the rest of the world are just on hold until further notice?
[14:53] the wires to the rest of the world never got stopped afaik
[14:54] <@MagicalTux> it's not on hold, just processing slowly
[14:54] nutcase: that was the communication in the press release, but gox support are using the USD hiatus as the reason why my wires are pending with no ETA
[14:54] <@MagicalTux> we're working with our banking partners to increase the throughput of outgoing wires
[15:00] MagicalTux: I apprecaite your input but I hope you can understand the concerns we/I have. So many reports of outgoing wires (bitcointalk.org) not being transfered in any logical order and everyone is being strung along by support
[15:01] MagicalTux = BEST
[15:01] MtGox = BEST!
And EPiSKiNG is the only one who posted a USD withdraw for the bounty... hmm.
https://bitcointalk.org/index.php?topic=251895.160
Here are some new IRC quotes for you, reordered for readability:
This is great news!
That is not great news, sounds like the Slovenia bank rejected their application. Also, their limits have not increased. This is bad news. Code:
13:43 < sturles> SEPA has been delayed for as long as I can remember. I wish
MtGox had more SEPA banks, but they generally don't like
Bitcoin buisnesses. Perhaps the one in Slovenia which
Bitstamp is using could be worth a try? Could be troubled
with the same issue, of course.
13:48 <@MagicalTux> sturles, we already applied to that one
13:53 < sturles> MagicalTux: Great! Lower SEPA delays would do wonders! In
fact all good news regarding delays would be wonderful at this
time..
13:54 <@MagicalTux> sturles, we've been reducing SEPA delay day by day
13:54 <@MagicalTux> things are much better than one month ago
13:54 < sturles> Have your limits increased?
13:54 <@MagicalTux> nope
Code:
13:50 < samson_> MagicalTux: Would you say we're facing a banking embargo on
the entire Bitcoin business ?
13:51 <@MagicalTux> samson_, things are not easy, but it's far from what you
could qualify as "embargo"
13:51 < samson_> ok thanks
Code:
13:58 < sturles> Btw, there are roumous now that USD withdrawals are somehow
blocked entirely. Is there any truth to that? Some people
intepret this as "US government are blocking all USD
withdrawals": <@MagicalTux> cyro432: not much we can do right
now because of US govt
13:59 <@MagicalTux> sturles, "blocked" is not the correct word
14:00 < sturles> What is the exact problem then? You can see here how the
speculations go:
https://bitcointalk.org/index.php?topic=179586.msg2918767#msg2918767
14:01 <@MagicalTux> sturles, we are not allowed to talk about the exact problem
(doing so would only make things worse)
Code:
13:58 < SleepersTide> MagicalTux: Are Australian bank transfer withdrawals
being processed normally?
13:58 < SleepersTide> (also how long do those take?)
14:00 <@MagicalTux> SleepersTide, right now all SWIFT transfers are processed
up to the limits of our current bank (up to 10 transfers
per day - we should be able to increase that as soon as we
have more banking partners ready - it's taking longer than
expected because of the time required by the people at the
bank to understand our business)
14:10 < sturles> MagicalTux: Why only 10 SWIFT transfers per day? Is that
commonplace for customers in your bank?
14:12 <@MagicalTux> sturles, most companies in Japan will do one, maybe two
SWIFT transfers a month to providers overseas (actually
most will do zero)14:14 < Delerium> when you say transfers per day you mean 10 swift runs
(containing LOADS of transfers within) or literally just 10
transfers
14:16 <@MagicalTux> Delerium, literal
14:17 <@MagicalTux> when we were in the second largest bank in Japan, we
represented more than half of all the volume of SWIFT
processed by that bank (almost overloading their systems a
couple of times)
Code:
14:17 < rfish> MagicalTux: I think you owe it to customers to make the numbers
of swift transfers you are doing per day more public and explain
the reasons
14:18 <@MagicalTux> rfish, rather than spending time on this, fixing it is
likely going to bring more on the long term
14:18 < rfish> MagicalTux: And you should be fair about which you do, like
wires greater than X amount, in the order they are received
14:19 <@MagicalTux> those wires are processed in received order, nothing else
"<@MagicalTux> rather than spending time on this, fixing it is likely going to bring more on the long term"
Ok, well in the 30 seconds you spend reviewing your press releases, maybe you should insert some truth somewhere. This is a different statement than before "<@MagicalTux> Not allowed to talk about the exact problem" instead he shifts the blame to being "too busy."
"<@MagicalTux> those wires are processed in received order, nothing else"
This is in direct contradiction to what MagicalTux posted a few weeks ago where he said that "5 digit or more" wires were taking priority. I'm done. No further explanation necessary. Let everyone decide for themselves whether or not they believe any word that comes out of Gox's mouth.
July 24, 2013:
[14:45] <@MagicalTux> right now we're giving priority to larger transfers
[14:45]
[14:46] <@MagicalTux> 5 digits or more
https://bitcointalk.org/index.php?topic=179586.340
For some more hilarious content please see the rest of the conversation:
[14:51] <@MagicalTux> [22:49:57]
[14:52]
[14:52]
[14:53]
[14:54] <@MagicalTux> it's not on hold, just processing slowly
[14:54]
[14:54] <@MagicalTux> we're working with our banking partners to increase the throughput of outgoing wires
[15:00]
[15:01]
[15:01]
And EPiSKiNG is the only one who posted a USD withdraw for the bounty... hmm.
https://bitcointalk.org/index.php?topic=251895.160
Perhaps wires could be sent through a third party like ukforex.co.uk
This is a company that facilitates wire transfers via it's own money reserves often giving better exchange rates than you could otherwise expect.
Perhaps they would be interested in receiving one large wire from MtGox and then splitting it up into many smaller wires for onward payment. Something like this would be worth investigating.
A fully licensed third party partner like this could help to alleviate the current problems until the banking situation is fixed.
http://www.ukforex.co.uk/about-us/legal
A company I do some work for uses the above company to send tens of thousands of USD between the US and UK every month and have been using them since last year sometime.
Wire transfers are their business, someone at MtGox should check them out.
This is a company that facilitates wire transfers via it's own money reserves often giving better exchange rates than you could otherwise expect.
Perhaps they would be interested in receiving one large wire from MtGox and then splitting it up into many smaller wires for onward payment. Something like this would be worth investigating.
A fully licensed third party partner like this could help to alleviate the current problems until the banking situation is fixed.
http://www.ukforex.co.uk/about-us/legal
A company I do some work for uses the above company to send tens of thousands of USD between the US and UK every month and have been using them since last year sometime.
Wire transfers are their business, someone at MtGox should check them out.
If you're looking for an alternative, ANX.HK processes bank wire deposits and withdrawals on a weekday daily basis. It's also commission free trading until the end of August.
No more GOX for me!
Just a quick note to all the MtGox detractors out there :
Whatever happens first to MtGox will surely happen to the rest of the exchanges at some point in the future.
Any exchange that grows large enough to be useful will experience all sorts of problems - just like MtGox.
This applies to things like trade engine lag as well as banking problems. Just try using cryptsy when it's really busy - it grinds to a halt.
According to a recent press release, TheRockTrading is acquiring a forex license and completely change their bussiness model. Perhaps this is the way to go for most exchanges...
Mark's explanation makes sense. Thanks.
This is much much better than saying nothing about withdrawals in section of press release titled "Deposits and Withdrawals".
I agree, it was missing. Being open about things is much better. Thanks. This is much much better than saying nothing about withdrawals in section of press release titled "Deposits and Withdrawals".
This looks like a the contradiction between what ivanb and MagicalTux say:
SEPA test withdraw of 101€ from 05.08.2013 arrived today!
Larger EU withdrwas of 700 - 1000 € didnt arrive after 5 weeks of waiting, so I canceld it.
Larger EU withdrwas of 700 - 1000 € didnt arrive after 5 weeks of waiting, so I canceld it.
Quote
14:19 <@MagicalTux> those wires are processed in received order, nothing else
ok so the obvious solution is that Gox should do a 1 per day transfer to bitstamp and btce each day to stabilize the variance in the price.... or some kind of clearing house needs to be set up to handle this using debt instruments (aka ripple?? lmao...)
anyway if you guys thingk we are the only ones having problems....here is a fun article http://www.forbes.com/sites/timworstall/2013/08/08/hsbcs-1-9-billion-money-laundering-fine-and-the-somalian-cost-of-bank-regulation/
and look at what has been happening to the velocity of M2 http://research.stlouisfed.org/fred2/series/M2V has never been this low since they have been recording....
if this trend continues, no money will be changing hands by 2050...
i feel like we are seeing the collapse of the USSR in slo-mo
anyway if you guys thingk we are the only ones having problems....here is a fun article http://www.forbes.com/sites/timworstall/2013/08/08/hsbcs-1-9-billion-money-laundering-fine-and-the-somalian-cost-of-bank-regulation/
and look at what has been happening to the velocity of M2 http://research.stlouisfed.org/fred2/series/M2V has never been this low since they have been recording....
if this trend continues, no money will be changing hands by 2050...
i feel like we are seeing the collapse of the USSR in slo-mo
No more GOX for me!
Just a quick note to all the MtGox detractors out there :
Whatever happens first to MtGox will surely happen to the rest of the exchanges at some point in the future.
Any exchange that grows large enough to be useful will experience all sorts of problems - just like MtGox.
This applies to things like trade engine lag as well as banking problems. Just try using cryptsy when it's really busy - it grinds to a halt.
This.
No more GOX for me!
Just a quick note to all the MtGox detractors out there :
Whatever happens first to MtGox will surely happen to the rest of the exchanges at some point in the future.
Any exchange that grows large enough to be useful will experience all sorts of problems - just like MtGox.
This applies to things like trade engine lag as well as banking problems. Just try using cryptsy when it's really busy - it grinds to a halt.
SEPA test withdraw of 101€ from 05.08.2013 arrived today!
Larger EU withdrwas of 700 - 1000 € didnt arrive after 5 weeks of waiting, so I canceld it.
No more GOX for me!
Larger EU withdrwas of 700 - 1000 € didnt arrive after 5 weeks of waiting, so I canceld it.
No more GOX for me!
10 outgoing wires per day is not many at all. I have no plans to withdraw any USD any time soon but I hope this gets sorted out as soon as possible.
Seems that my experience is already outdated.
I have problems with withdraw of bitcoins.
Web site writes me that bitcoin address where I trying to send money to is invalid ("Invalid bitcoin address, please confirm your input"), I tried 3 addresses - the same error (I used the same address as used before ).
No support in chat, i hope they'll response me by email.
Very suspicious that they stopped to withdraw bitcoins...
I have problems with withdraw of bitcoins.
Web site writes me that bitcoin address where I trying to send money to is invalid ("Invalid bitcoin address, please confirm your input"), I tried 3 addresses - the same error (I used the same address as used before ).
No support in chat, i hope they'll response me by email.
Very suspicious that they stopped to withdraw bitcoins...
i have withdrawn 10 btcs today without any problems from gox
Yeah, today everything works. Sorry for panic. Seems that was technical error
I don't get it. What is new here? The Dwolla seizure has been known for a while. Have you been living in a cave for the last three months?
No. What Karpeles is confirming is that the USD withdraws are being halted by the US gov. NOT due to problems with Mt.Gox's banking connections, which they have used as an excuse the last 2 months. This essentially means that USD withdraws will not resume for quite some time, if ever. Code:
13:43 < sturles> SEPA has been delayed for as long as I can remember. I wish
MtGox had more SEPA banks, but they generally don't like
Bitcoin buisnesses. Perhaps the one in Slovenia which
Bitstamp is using could be worth a try? Could be troubled
with the same issue, of course.
13:48 <@MagicalTux> sturles, we already applied to that one
13:53 < sturles> MagicalTux: Great! Lower SEPA delays would do wonders! In
fact all good news regarding delays would be wonderful at this
time..
13:54 <@MagicalTux> sturles, we've been reducing SEPA delay day by day
13:54 <@MagicalTux> things are much better than one month ago
13:54 < sturles> Have your limits increased?
13:54 <@MagicalTux> nope
Code:
13:50 < samson_> MagicalTux: Would you say we're facing a banking embargo on
the entire Bitcoin business ?
13:51 <@MagicalTux> samson_, things are not easy, but it's far from what you
could qualify as "embargo"
13:51 < samson_> ok thanks
Code:
13:58 < sturles> Btw, there are roumous now that USD withdrawals are somehow
blocked entirely. Is there any truth to that? Some people
intepret this as "US government are blocking all USD
withdrawals": <@MagicalTux> cyro432: not much we can do right
now because of US govt
13:59 <@MagicalTux> sturles, "blocked" is not the correct word
14:00 < sturles> What is the exact problem then? You can see here how the
speculations go:
https://bitcointalk.org/index.php?topic=179586.msg2918767#msg2918767
14:01 <@MagicalTux> sturles, we are not allowed to talk about the exact problem
(doing so would only make things worse)
Code:
13:58 < SleepersTide> MagicalTux: Are Australian bank transfer withdrawals
being processed normally?
13:58 < SleepersTide> (also how long do those take?)
14:00 <@MagicalTux> SleepersTide, right now all SWIFT transfers are processed
up to the limits of our current bank (up to 10 transfers
per day - we should be able to increase that as soon as we
have more banking partners ready - it's taking longer than
expected because of the time required by the people at the
bank to understand our business)
14:10 < sturles> MagicalTux: Why only 10 SWIFT transfers per day? Is that
commonplace for customers in your bank?
14:12 <@MagicalTux> sturles, most companies in Japan will do one, maybe two
SWIFT transfers a month to providers overseas (actually
most will do zero)14:14 < Delerium> when you say transfers per day you mean 10 swift runs
(containing LOADS of transfers within) or literally just 10
transfers
14:16 <@MagicalTux> Delerium, literal
14:17 <@MagicalTux> when we were in the second largest bank in Japan, we
represented more than half of all the volume of SWIFT
processed by that bank (almost overloading their systems a
couple of times)
Code:
14:17 < rfish> MagicalTux: I think you owe it to customers to make the numbers
of swift transfers you are doing per day more public and explain
the reasons
14:18 <@MagicalTux> rfish, rather than spending time on this, fixing it is
likely going to bring more on the long term
14:18 < rfish> MagicalTux: And you should be fair about which you do, like
wires greater than X amount, in the order they are received
14:19 <@MagicalTux> those wires are processed in received order, nothing else
/r/bitcoin says:
Mt.Gox denying BTC withdrawls
http://www.reddit.com/r/Bitcoin/comments/1k81p5/mtgox_denying_btc_withdrawls/
From what I see, it is several individual cases. Combined with weird user-interface effects (withdraw is accepted, funds deducted, shortly after funds reappear). Some individual(s) said they are asked to get verified.
Whoops, nevermind, "service discussion" is full of this already!
Ente
Mt.Gox denying BTC withdrawls
http://www.reddit.com/r/Bitcoin/comments/1k81p5/mtgox_denying_btc_withdrawls/
From what I see, it is several individual cases. Combined with weird user-interface effects (withdraw is accepted, funds deducted, shortly after funds reappear). Some individual(s) said they are asked to get verified.
Whoops, nevermind, "service discussion" is full of this already!
Ente
AFAIK international wires go through the backbone of global banking, which consists of the big six (banks) aka the banking cartel. These are of course mostly American.
The real question now is a non US person with no relationship to the US withdrawing fiat other than USD (CAD, EUR, GBP, etc.,) to a bank outside the US. If this is also blocked then the problem is a lot more serious since this is totally outside the control of the US Government.
You really think the US Government doesn't have control over that?Yes I do. For example Canadian Credit Cards denominated in CAD that have no affiliation with the US can be used in Cuba.
Quote
2.) Canadian Credit Cards: Any of the "Big Five" Canadian banks are fine. Royal Bank, TD/Canada Trust, Bank of Montreal, Bank of Nova Scotia and Canadian Imperial Bank of Commerce. No problems with PC Financial or Canadian Tire Mastercards as well. And for our friends in Quebec the National Bank Mastercard and Desjardins Visa also work too.
http://www.tripadvisor.ca/Travel-g147270-c109329/Cuba:Caribbean:Money.Exchange.html 
The real question now is a non US person with no relationship to the US withdrawing fiat other than USD (CAD, EUR, GBP, etc.,) to a bank outside the US. If this is also blocked then the problem is a lot more serious since this is totally outside the control of the US Government.
You really think the US Government doesn't have control over that? I currently have an international wire GBP withdrawal from July 11 pending. 4+ weeks delay
The problem is not limited to USD.
If anyone can speak to magicaltux/mtgox ask why all international wires are being delayed if the problem is claimed to be US gov.
The problem is not limited to USD.
If anyone can speak to magicaltux/mtgox ask why all international wires are being delayed if the problem is claimed to be US gov.
The real question now is a non US person with no relationship to the US withdrawing fiat other than USD (CAD, EUR, GBP, etc.,) to a bank outside the US. If this is also blocked then the problem is a lot more serious since this is totally outside the control of the US Government.
I have a pending withdraw from MtGox over 5 weeks old now(USD). I'm starting to think any money in MtGox is considered lost. I'm forced to buy bitcoins and sell them at 10% loss on other exchanges just to get money out of my cocks account.
just use localbitcoins.com you get better rates
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