Topic: MtGox withdrawal delays [Gathering] - page 344. (Read 908751 times)

Still waiting for a SEPA transfer from 2013-04-09... This is ridiculous, almost always the same standard replies. Hopefully my last more angry mail will trigger some action 
Also found out their SEPA limit is only 60,000 euros!

Also found out their SEPA limit is only 60,000 euros!

No, has nothing to do with a Ponzi scheme. And yes, they relay on new customers.

Think about having a trading platform, and one customer gives you 10 BTC. He now can offer this BTC for any price, 500 Euro/BTC for example.

This will not matter as long as you do not find another customer, which gives you Euros. Without Euros no trade.

Two customers have an agreement about the price of one bitcoin, and if they agree they swap the currencies. This has no influence on the assets of the exchange platform, they earn the fees only. And they have to keep the deposits of the customers save and separated from their own assets.

Correct me if I'm wrong but does that not just make Mt Gox a Ponzi scheme? Because they have to keep relying on new customers to buy Bitcoins to pay customers who are cashing out?
...

Also found out their SEPA limit is only 60,000 euros!

Think a little more about it. You have a trading platform. Someone gives you 1000 Euro, anotherone 10 BTC. No trade yet.

Now the exchange rate is rising from 100 Euro/BTC to 500 Euro/BTC. Now a trade happens, 2 BTC for 500 Euro each.

There is also 1000 Euro and 10 BTC on your trading platform, as before, nothing really changed for the trading platform (but for the fee).

Offers are possible only for 1000 Euro. Your failure is the 2500 Euro, which does not exist for changing.

My best guesses:
#1. They have a daily limit on the account, so they can't pay more than €xxx a day to withdrawal requesters
#2. Their € account is empty and they need to wait till people fund their MtGox account with €'s so they can pay the withdrawal requesters.

To explain 2 a little better: Suppose you start an exchange and 10 people fund their account with in total €1000. They buy 10 bitcoins for €100 each. Next day the bitcoin price explodes and are worth €500 each. If 5 people want to cash their win, it would require €2500 to make this happen, but ... there is only €1000 available. Two withdrawals will take place, three will have to wait...

MtGox claims it's #1 that is causing the delays. You might have another idea.

It's called VOTOS, a new kind of PR.


Yes, for as long as you don't try to take them out they're safe.

Otherwise, let me make it plain: All the big players have already left. MtGox is without marketplace support at all currently, it was running a fractional reserve, they *may* be able to bring outside capital to cure their shortfall. Maybe.

In general the slower they get leeched the more likely they are to a) be able to borrow money to make up for outbound payments and b) (erroneously) perceive their brand has a value that justifies this effort (or perhaps more importantly - be able to sell the "brand value" to gullible investors).

In short, MtGox currently is a game of musical chairs and what's being decided is how to split the loss pie between users and investors. Since the sort of retards that'd invest in something like MtGox aren't reading me anyway, the best strategy for users is to slowly get everything out. Too much too fast will likely choke them, too slow might mean you're one of the bagholders, asking about "the liquidation" in a year old thread a year from now, just like the Bitcoinica people. Proceed accordingly.

Dennis : Hi there. How can I help today?
Me : Hello, Please cancel my SEPA withdraw of 9**€ from the 2013/04/02
Dennis : We have cancelled your withdrawal request. Fund is reversed to your Mt.Gox account
Dennis : Do you need any further assistance
Me : Thanks. Does your international account has daily limit problems like your SEPA account ?
Dennis : Hopefully not minimal to the limit of SEPA withdrawal , they are been
Dennis : processed within two to three business days
Me : Ok, thanks. I'll do an international withdraw then. I added a new withdraw method, called "Bank (international)", that is still in the "validating" process. Could you validate it ?
Dennis : Please give me a few minutes
Dennis : Your bank account is been validated
Me : Thanks a lot.

i asked for cancellation ,  if they could cancel it, it means the money is still at mtgox and nothing happen more than 28 days

#2. Their € account is empty and they need to wait till people fund their MtGox account with €'s so they can pay the withdrawal requesters.

James Support, Apr 27 08:51 (JST):

Hello,

Thank you for the email and sorry for the delay. We have cancelled your withdrawal as you requested. Please contact us for further assistance.

Thanks,

MtGox.com Team


++++++ +++, Apr 25 22:23 (JST):

Hello Mt.Gox Support,

yes, please cancel the withdrawal.

thanks,

+++


James Support, Apr 25 02:20 (JST):

Hello,

Thank you for the email. We apologize for inconvenience and yes you can cancel the withdrawal.

Thanks,

MtGox.com Team


++++++ +++, Apr 24 05:55 (JST):

Hello MtGox Team,

Could you please actually read what I was writing and respond to it?
Bullshitting customers makes them angry.
Is there the possibility to cancel the withdrawal?

Best,

+++


James Support, Apr 24 02:14 (JST):

Hello,

Thank you for the email and sorry for the delay. We apologize for inconvenience and we continue to check on this and keep you update regarding this.

Thanks,

MtGox.com Team


++++++ +++, Apr 23 20:12 (JST):

Hi,

I guess you should know the actual number of your daily limit - and
the queue as well.
So it should not be a problem to calculate when my transactions will
arrive?

Best,

+++


James Support, Apr 22 06:19 (JST):

Hello,

We apologize for inconvenience. We have reached the daily limit for withdrawal that was imposed on us by our bank and all withdrawals are now being queued for processing and all will be processed according to the daily queue and we will keep you updated once processed and we apologize for the inconvenience.

We see that the funds appears that our bank is still in the middle of processing the funds,and we will keep you updated once the transactions is processed.


Thanks,

MtGox.com Team


++++++ +++, Apr 20 10:34 (JST):

Hello James,

I did 2 withdrawals. If you are having trouble with your SEPA bank
account and already knew about it when I did the first - why did you not
warn me for the second?
Why is there still no warning of delays on your site and you are still
accepting SEPA withdrawals?


Please:

*State what's going on
*Inform your customers on your site
*List alternatives (i.e. cancelling the withdrawal, switch to int.
wire, etc)

Kind Regards,

+++


James Support, Apr 20 04:33 (JST):

Hello,

Thank you for the email. We continue to check on it and keep you update regarding this.

Thanks,

MtGox.com Team


++++++ +++, Apr 19 09:22 (JST):

Hello,

please honour my email with a non-bot response and have a guess on how
long it will take.
Appreciate your honesty.

Many thanks,

+++


James Support, Apr 19 03:24 (JST):

Hello,

Thank you for contacting us. We have reached the daily limit for withdrawal that was imposed on us by our bank and all withdrawals are now being queued for processing and all will be processed according to the daily queue and we will keep you updated once processed and we apologize for the inconvenience.

Thanks,

MtGox.com Team


++++++ +++, Apr 18 09:24 (JST):

Hello,

SEPA transactions must not take longer than a business day inside EU -
this is regulated by law.
Could you enlighten me where the problem lies?

many thanks,

+++


James Support, Apr 18 03:24 (JST):

Hello,

Thank you for the reply. Sorry for the delay and we were able to locate the transaction in question. It appears that our bank is still in the middle of processing the funds,and we will keep you updated once the transactions is processed. We apologize for any inconvenience this may cause.
Let us know if you have any other questions.

Thanks,

MtGox.com Team


++++++ +++, Apr 17 09:38 (JST):

Hello,

my user name is "+++", account number +++. Maybe I was not
totally clear - the problem is that 2 withdrawals of +++EUR each didn't
hit my bank account. Please have a look into this.
2 screenshots attached.

Many thanks,

+++

Attachment(s)
mtgoxsupport1.png
mtgoxsupport2.png


James Support, Apr 17 07:29 (JST):

Hello,

Thank you for contacting us. We are unable to locate your transaction please provide me your user Name or account number and also please send us a scan copy or a screen shot of the transaction and your full name as it appears on your bank account we will have that checked and we will get back to you. Let us know if you have any other questions.

Thanks,

MtGox.com Team


++++++ +++, Apr 16 18:51 (JST):

Hello Mt.Gox support,

the transactions from

2013/04/08 10:18:35 Withdraw Status: confirmed +++€
Withdraw to account +++

and

2013/04/10 00:15:07 Withdraw Status: confirmed +++ €
Withdraw to account +++
never hit my bank account so far.
Do you know of any issues?

Best,

+++

I wanted to cancel the withdrawal on thursday, no answer now - so I guess it will take at least until Mondat until I can see my money again.