Move your operations to another exchange. Bitfloor is great, but pretty much any other exchange is better than MTGox... because any other exchange can give you the money they owe you, MTGox clearly can not.
Topic: So I guess MtGox isn't even trying anymore ... - page 2. (Read 6822 times)
Watching MtGox reply without addressing anything is mind-blowing, not to mention scary.
I've stopped using gox and I was doing quite a bit of selling btc on gox. I suggest you do too. I realize that may not be an easy solution for some, but eventually it has to happen if they are not responsive to the problem.
And how about moving some bitcoins or signing a text message with private keys to prove ownership of BTC? Too difficult? Too busy? This would help perception, but it is a simple avenue not being pursued.
Mark already replied to you by e-mail for that.
He didn't move any coins or sign any messages though. All he did was suggest that to do so would be reckless, something I can't agree with if the objective can be accomplished merely by signing some messages using an airgapped computer. I even suggested in e-mail that he sign messages and then use trusted representatives under NDA to claim on his behalf the number of BTC proven, if there was even a remote chance he didn't want the specific list of MtGox BTC identified in public on the block chain (something the customer base can probably appreciate as well as MtGox). He agreed it was a good idea, but to my knowledge, has never done it. If he in fact has though, I will strike out any claim that this is an outstanding issue. But the mere fact that he "e-mailed me" doesn't satisfy the request, certainly not for the bitcoin community at large.
Edit: I just got on Facebook and noticed a MtGox press release about new availability of US wires. If this means in any remote sense that people can start withdrawing again (given reasonable identity requirements commensurate with the balance being withdrawn), and I become convinced that people aren't being forced to unreasonably wait for their money, then I would be happy to notate any critical postings I have made recently that the issues are resolved.
And how about moving some bitcoins or signing a text message with private keys to prove ownership of BTC? Too difficult? Too busy? This would help perception, but it is a simple avenue not being pursued.
Mark already replied to you by e-mail for that.
Please stop spreading false rumors pretty much everywhere on this forum. If you could please focus on one thread it will make is MUCH easier for everyone to follow the overall conversation and for us to explain the situation, which by the way has been already explained here on this forum many times!
To the best of my knowledge, Mt. Gox has not offered a single credible response to claims that it is delaying the initiation of wire transfers.
All of the apologies recently offered by Mt. Gox center around Dwolla. People complain about delayed bank wires, and the answer has invariably been "Dwolla". It may as well be "More Cowbell", or "42", or "potassium hydroxide", because as everyone knows, Dwolla is completely irrelevant to bank wires.
And how about moving some bitcoins or signing a text message with private keys to prove ownership of BTC? Too difficult? Too busy? This would help perception, but it is a simple avenue not being pursued.
I genuinely wish for Mt. Gox's success, but believing that something is seriously wrong over at Mt. Gox is reasonable given what's on the radar. Just sayin!
Just a bump, bump, bump.
Dwolla transfers finally cleared after 2 weeks but the bank wire (yeah that option I idiotically paid $40 extra for) still hasn't even been processed. No ETA, no processing, no funds.
So if Dwolla is causing delays in bank wires then how is it that my Dwolla requests got funded faster than the bank wire?
B/c MtGox might be running a scamDwolla transfers finally cleared after 2 weeks but the bank wire (yeah that option I idiotically paid $40 extra for) still hasn't even been processed. No ETA, no processing, no funds.
So if Dwolla is causing delays in bank wires then how is it that my Dwolla requests got funded faster than the bank wire?
Please stop spreading false rumors pretty much everywhere on this forum. If you could please focus on one thread it will make is MUCH easier for everyone to follow the overall conversation and for us to explain the situation, which by the way has been already explained here on this forum many times!
Just a bump, bump, bump.
Dwolla transfers finally cleared after 2 weeks but the bank wire (yeah that option I idiotically paid $40 extra for) still hasn't even been processed. No ETA, no processing, no funds.
So if Dwolla is causing delays in bank wires then how is it that my Dwolla requests got funded faster than the bank wire?
B/c MtGox might be running a scam Dwolla transfers finally cleared after 2 weeks but the bank wire (yeah that option I idiotically paid $40 extra for) still hasn't even been processed. No ETA, no processing, no funds.
So if Dwolla is causing delays in bank wires then how is it that my Dwolla requests got funded faster than the bank wire?
Just a bump, bump, bump.
Dwolla transfers finally cleared after 2 weeks but the bank wire (yeah that option I idiotically paid $40 extra for) still hasn't even been processed. No ETA, no processing, no funds.
So if Dwolla is causing delays in bank wires then how is it that my Dwolla requests got funded faster than the bank wire?
Dwolla transfers finally cleared after 2 weeks but the bank wire (yeah that option I idiotically paid $40 extra for) still hasn't even been processed. No ETA, no processing, no funds.
So if Dwolla is causing delays in bank wires then how is it that my Dwolla requests got funded faster than the bank wire?
That doesn't explain one damn thing. Bitcoin is nothing to banks. Mtgox isn't even a gnat in the financial world. It's a microbe.
What about wire transfers? What's your excuse there? I wire huge amounts of money all over the world with far far more AML regs and yet they don't take more than 15 minutes to do a wire and receive a confirmation of reception. Yet mtgox takes a week to even start it.
Let's face it gox has extremely poor liquidity and that's usually the red flag that any financial institution is about to go under.
You all should be prepping your resumes rather than running the PR bullshiat here. None of us are buying it.
The rats are jumping your sinking ship.
What about wire transfers? What's your excuse there? I wire huge amounts of money all over the world with far far more AML regs and yet they don't take more than 15 minutes to do a wire and receive a confirmation of reception. Yet mtgox takes a week to even start it.
Let's face it gox has extremely poor liquidity and that's usually the red flag that any financial institution is about to go under.
You all should be prepping your resumes rather than running the PR bullshiat here. None of us are buying it.
The rats are jumping your sinking ship.
Did you open a ticket? And what is the Ticket number to check what's going on. I am not telling this is your case, but we see many mistakes made by users when filling the withdrawal process that in some case will make the overall process very long.
Please check the link here https://bitcointalksearch.org/topic/m.981278
That doesn't explain one damn thing. Bitcoin is nothing to banks. Mtgox isn't even a gnat in the financial world. It's a microbe.
What about wire transfers? What's your excuse there? I wire huge amounts of money all over the world with far far more AML regs and yet they don't take more than 15 minutes to do a wire and receive a confirmation of reception. Yet mtgox takes a week to even start it.
Let's face it gox has extremely poor liquidity and that's usually the red flag that any financial institution is about to go under.
You all should be prepping your resumes rather than running the PR bullshiat here. None of us are buying it.
The rats are jumping your sinking ship.
What about wire transfers? What's your excuse there? I wire huge amounts of money all over the world with far far more AML regs and yet they don't take more than 15 minutes to do a wire and receive a confirmation of reception. Yet mtgox takes a week to even start it.
Let's face it gox has extremely poor liquidity and that's usually the red flag that any financial institution is about to go under.
You all should be prepping your resumes rather than running the PR bullshiat here. None of us are buying it.
The rats are jumping your sinking ship.
Did you open a ticket? And what is the Ticket number to check what's going on. I am not telling this is your case, but we see many mistakes made by users when filling the withdrawal process that in some case will make the overall process very long.
From the thread that Gox linked to:
Could it be that you're seeing that "5% flow-on effect" that they refer to?
I don't understand what that means, or why problems with Dwolla would affect unrelated US Dollar wire transfers.
2. Who’s affected by this problem?
People using Dwolla for their withdrawals, along with 5% of US Dollar wire transfers which is an unfortunate flow-on effect.
People using Dwolla for their withdrawals, along with 5% of US Dollar wire transfers which is an unfortunate flow-on effect.
Could it be that you're seeing that "5% flow-on effect" that they refer to?
I don't understand what that means, or why problems with Dwolla would affect unrelated US Dollar wire transfers.
Dwolla is it's own issue, I'm referring to basic wire transfers.
It's not just large withdrawals. I've been waiting on a $200 dwolla withdrawal for almost 2 weeks now.
You know they use banks that send wires, it's digital money. They don't have a scrooge mcduck pile of USD and euros and whatever else. the banks can easily and fairly cheaply convert the currency on the fly to whatever. Gox probably uses a brokerage house that can do it much much more cheaply, or they've contracted with one that is completely and totally inept.
So if Gox has a large stockpile of BTC and insufficient USD/fiat to cover a large withdrawal, which bank would they approach to do that currency conversion?
Yeah, I have to say that even an international wire shouldn't be so delayed if the sender is properly verified. There are two main issues I can see that would explain the MT Gox situation:
1) MT Gox is getting extra scrutiny from Japanese regulators, such that they are performing extra vetting and doing so in a slow manner. Dealing in a virtual product and wiring many different entities money without being a registered bank or financial company.
2) MT Gox is keeping the majority of their non-bitcoin funds in an interest bearing account that trades a withdrawal delay for higher interest rate. They have a smaller slush pool to deal with small withdrawals but large withdrawal requests would require transferring funds from the interest account (that could take a couple of business weeks). If they were being very stingy on how much they remove from the interest bearing account then there would be an almost perpetual 2 weekish delay for large withdrawals. In practice, it would be a bit of a lottery on who gets stuck waiting as MT Gox would probably be withdrawing a bit more than the minimum needed to fulfill the immediate requests. So the backlog gets fulfilled and then a percentage of the large withdrawal requests made afterwards.
If it is #2, I'm surprised they haven't restructured it to be less of a pain.
1) MT Gox is getting extra scrutiny from Japanese regulators, such that they are performing extra vetting and doing so in a slow manner. Dealing in a virtual product and wiring many different entities money without being a registered bank or financial company.
2) MT Gox is keeping the majority of their non-bitcoin funds in an interest bearing account that trades a withdrawal delay for higher interest rate. They have a smaller slush pool to deal with small withdrawals but large withdrawal requests would require transferring funds from the interest account (that could take a couple of business weeks). If they were being very stingy on how much they remove from the interest bearing account then there would be an almost perpetual 2 weekish delay for large withdrawals. In practice, it would be a bit of a lottery on who gets stuck waiting as MT Gox would probably be withdrawing a bit more than the minimum needed to fulfill the immediate requests. So the backlog gets fulfilled and then a percentage of the large withdrawal requests made afterwards.
If it is #2, I'm surprised they haven't restructured it to be less of a pain.
3) MT Gox is insolvent on the USD side, and they need to wait for other clients to deposit additional USD before they can process large withdrawals.
You know they use banks that send wires, it's digital money. They don't have a scrooge mcduck pile of USD and euros and whatever else. the banks can easily and fairly cheaply convert the currency on the fly to whatever. Gox probably uses a brokerage house that can do it much much more cheaply, or they've contracted with one that is completely and totally inept.
...To tell a customer that they need to pay MORE in fees because YOU can't do your job is beyond insulting.
Gox, has it ever come to mind you should start compensating your customers for lost due to your incompetence ?
Yeah, that would work very similarly to #2. I'd like to think an exchange wouldn't let itself get in that situation though. ><
Make that 3 most likely scenarios.
3) MT Gox is insolvent on the USD side, and they need to wait for other clients to deposit additional USD before they can process large withdrawals.
Make that 3 most likely scenarios.
3) MT Gox is insolvent on the USD side, and they need to wait for other clients to deposit additional USD before they can process large withdrawals.
Yeah, I have to say that even an international wire shouldn't be so delayed if the sender is properly verified. There are two main issues I can see that would explain the MT Gox situation:
1) MT Gox is getting extra scrutiny from Japanese regulators, such that they are performing extra vetting and doing so in a slow manner. Dealing in a virtual product and wiring many different entities money without being a registered bank or financial company.
2) MT Gox is keeping the majority of their non-bitcoin funds in an interest bearing account that trades a withdrawal delay for higher interest rate. They have a smaller slush pool to deal with small withdrawals but large withdrawal requests would require transferring funds from the interest account (that could take a couple of business weeks). If they were being very stingy on how much they remove from the interest bearing account then there would be an almost perpetual 2 weekish delay for large withdrawals. In practice, it would be a bit of a lottery on who gets stuck waiting as MT Gox would probably be withdrawing a bit more than the minimum needed to fulfill the immediate requests. So the backlog gets fulfilled and then a percentage of the large withdrawal requests made afterwards.
If it is #2, I'm surprised they haven't restructured it to be less of a pain.
1) MT Gox is getting extra scrutiny from Japanese regulators, such that they are performing extra vetting and doing so in a slow manner. Dealing in a virtual product and wiring many different entities money without being a registered bank or financial company.
2) MT Gox is keeping the majority of their non-bitcoin funds in an interest bearing account that trades a withdrawal delay for higher interest rate. They have a smaller slush pool to deal with small withdrawals but large withdrawal requests would require transferring funds from the interest account (that could take a couple of business weeks). If they were being very stingy on how much they remove from the interest bearing account then there would be an almost perpetual 2 weekish delay for large withdrawals. In practice, it would be a bit of a lottery on who gets stuck waiting as MT Gox would probably be withdrawing a bit more than the minimum needed to fulfill the immediate requests. So the backlog gets fulfilled and then a percentage of the large withdrawal requests made afterwards.
If it is #2, I'm surprised they haven't restructured it to be less of a pain.
3) MT Gox is insolvent on the USD side, and they need to wait for other clients to deposit additional USD before they can process large withdrawals.
Yeah, I have to say that even an international wire shouldn't be so delayed if the sender is properly verified. There are two main issues I can see that would explain the MT Gox situation:
1) MT Gox is getting extra scrutiny from Japanese regulators, such that they are performing extra vetting and doing so in a slow manner. Dealing in a virtual product and wiring many different entities money without being a registered bank or financial company.
2) MT Gox is keeping the majority of their non-bitcoin funds in an interest bearing account that trades a withdrawal delay for higher interest rate. They have a smaller slush pool to deal with small withdrawals but large withdrawal requests would require transferring funds from the interest account (that could take a couple of business weeks). If they were being very stingy on how much they remove from the interest bearing account then there would be an almost perpetual 2 weekish delay for large withdrawals. In practice, it would be a bit of a lottery on who gets stuck waiting as MT Gox would probably be withdrawing a bit more than the minimum needed to fulfill the immediate requests. So the backlog gets fulfilled and then a percentage of the large withdrawal requests made afterwards.
If it is #2, I'm surprised they haven't restructured it to be less of a pain.
1) MT Gox is getting extra scrutiny from Japanese regulators, such that they are performing extra vetting and doing so in a slow manner. Dealing in a virtual product and wiring many different entities money without being a registered bank or financial company.
2) MT Gox is keeping the majority of their non-bitcoin funds in an interest bearing account that trades a withdrawal delay for higher interest rate. They have a smaller slush pool to deal with small withdrawals but large withdrawal requests would require transferring funds from the interest account (that could take a couple of business weeks). If they were being very stingy on how much they remove from the interest bearing account then there would be an almost perpetual 2 weekish delay for large withdrawals. In practice, it would be a bit of a lottery on who gets stuck waiting as MT Gox would probably be withdrawing a bit more than the minimum needed to fulfill the immediate requests. So the backlog gets fulfilled and then a percentage of the large withdrawal requests made afterwards.
If it is #2, I'm surprised they haven't restructured it to be less of a pain.
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