Topic: MTGOX Withdrawal issue - page 4. (Read 12482 times)

Good to hear, but nobody is disputing they have bitcoins available. The issue is dollar solvency.

I just moved 127 BTC out of MtGox without any trouble.  Of course that's not a lot of money and I had to do it over two days because of their 100 BTC per day limit.

I think if I do any more trading for a wile it'll be over at Exchb.  It's not as fast but at least David will respond to an email.

Phil

This is the issue. We know they are supposed to have all funds at all times.
They have given a couple contradicting reasons as to why this is happening. Bottom line is, why the **** are they not telling us exactly what happened? They are not Goldman Sachs, do they think that a number like 400,000 is to much to handle? Just say it, " we are behind about 400k and waiting for it to transfer. it was transferred from a to b on x, will clear on y. WTF

Well, we're going to find out. The volume in currency on Mt. Gox is declining steadily. It's about half what it was in August. The amount of cash in the system is dropping as the price of Bitcoins drop.  (You might think that as the price of Bitcoins drops, the cash would remain the same and more Bitcoins would be traded, but that isn't what's happening. There's probably even less money in the market than there appears, since the 'bot traders are mostly trading the same funds back and forth.)

It's not the exchange's money. They're just custodians of it.  Mt. Gox is at best a money transfer firm under Japanese law, and money transfer firms in Japan are required to keep customer funds separate from their own funds. If they haven't done that, it's theft. Unlike a regulated bank, a money transfer firm in Japan is not allowed to do fractional reserve banking.

We know who runs Mt. Gox.: Mark Karpelès. If it comes to that, we know who goes to jail.

Meanwhile, get your cash out of Mt. Gox. If they're honest and have all customer cash and Bitcoins, it won't hurt them. If they're not, better to know sooner than later.

I'm not sure that I'd trust any of the exchanges to cease operating and return all user funds/BTC if their businesses are not longer viable due to falling revenues.  I doubt that any of them have the kind of significant reserves which would allow them to "tough it out" for an extended period - they're all fairly new and the period when high volume and high price was giving them good revenue was fairly short.

yeah to be honest, i'm getting worried.

after weeks of 'pending' i felt quite relieved to become verified, but anxiety returned when i learned their '10x limit increase' statement was wrong and i still have to withdraw bit by bit.

5:35 in Iowa, and no money transfer to my Dwolla yet...

I wonder how much the big exchanges are stepping on the toes of those who have made a bit haul (e.g., MyBitcoin, allinvain, the Polish exchange, B7, and on and on) and want to cash with some modicum of privacy?

I remember one of the interviews with the Tradehill guys where they told customers to give them a ring and chat before they would release a great deal of currency.  Sounds like the customers got pissed off but never did give them a ring.  I would assume that Mt Gox has roughly the same policies, and I have always assumed that both are perfectly willing to work with any law enforcement agencies who might have been convinced to look into some of the thefts.

I guess the 'big' thieves are going to have to be using exchanges like B7 to try to cash out (chuckle), and those who have not managed to liquidate already must be getting pretty irritated and desperate as the price continues to fall.  That's about the close to 'justice' as can be achieved in the Bitcoin world I suppose.

---

BTW, I've always wondered how much Mt Gox _really_ paid for the Polish exchange.  I wonder if they did not 're-fund' the accounts with some of the funding which was already in the accounts.  Not that it would have necessarily have been a pre-planned thing on the part of Mt Gox, but after the deed was done it could have been a useful exit strategy for the thieves to sell the exchange and the funds at a discount and in fact the users who got ripped off came out well too.

I think you're spot on, Nagle.

The thread below points to some serious incongruity in MtGox statements. It's appearing more and more likely that MtGox has significant unfunded liabilities.

You'll all notice that every challenge to MtGox is simply met with the AML verification link, even for currently 'verified' customers. They apparently had large Dwolla withdrawals in the past 24-48 hours from newly unlocked accounts, yet they've ignored all other withdrawals from accounts that were already verified. I spotted this discrepancy and they simply replied that WiseOldOwl should send in his documents, and that he'd get his account unlocked (it wasn't locked in the first place) within 24 hours.

Cookie cutter responses, dodging questions, answering questions with responses that are out of context.

Sad day. People may want to get ready for a 50-80% haircut in a minute.

https://bitcointalksearch.org/topic/why-doesnt-gox-have-money-in-their-dwolla-47169

They're constantly stalling on paying out dollars. That's why I suspect Mt. Gox doesn't really have all the customer cash they should.

Is there ever a response from MtGox support which doesn't amount to "wait"?

Hello Users,

Please wait until we set up a new interface for users to request withdrawal limit increase.

OK.
Finally, I got my account unlocked. 
The daily/monthly BTC & USD limit still remains the same though.

Still 100 btc/$1000 daily, but I didn't ask for an increase there.

I did ask for an increase to the monthly limit but I don't know yet if they did that for me.

Lucky you. Just curious, what's the new daily withdraw limit after this episode?

I'm happy to report that my account has finally been unfrozen.  More than 2.5 weeks but at least it happened.  I successfully transferred some btc OUT of MtGox.

There's a fine line between suspecting and making public accusation; there's also a fine line between being cautious and being stupid, given what has happened to various exchanges.

Am I the only one who thinks that accusing an exchange of being insolvent because they need to comply with the law a little over the top?

I understand they are a "bitcoin" exchange, but they still need to operate within the law in Japan regarding AML. If they shut down for something trivial like this then how long do you think your funds will be locked up then with police investigation? I'm just saying that they covering their behind is good for the community in the long run imo.

Are many people who wish to stay completely anon frustrated and annoyed to comply? Certainly, I'm sure. But is spreading FUD without any evidence other than assumptions the way to get your money available faster? I think not. I don't see how worrying and making the worst assumptions is going to help either party here.

+1 I feel your pain. 

I'm wondering at what point it makes sense to book a ticket to Japan and investigate what is really happening with my money.

I have thousands of bitcoins frozen by mtgox for almost a month now, I sent them my documents two weeks ago but they have been ignoring me.

I definitely have the feeling my money is being used for something that I am not being told.