Author

Topic: Yet ANOTHER MtGox thread... (Read 4754 times)

hero member
Activity: 868
Merit: 1000
June 13, 2012, 12:11:34 AM
#25
We don't know their overheads.

actually we do https://mtgox.com/img/pdf/20120201/Transparency_Jan.pdf even if this is out of date.

Anyone who ready to put some work into it can figure out their revenue and expecens based on public information.

What not known is whether there is any revenue from a hypothetical side biz like "proprietary trading" and whether there are any large losses due to bank fraud, more hacks etc...


It was someone confusing because they quoted different things in different currencies, but the 5,000,000 yen they quoted for overhead worked out to about USD 62,000 per month.  I expect that figure has increased with the increasing administrative burden imposed by AML/KYC compliance and we have no idea how much they lose to direct and indirect fraud, as Vladimir said.  We also don't know whether funds which have been frozen in the past - Technocash, the French bank accounts, and even PayPal when Mark first took over MtGox - have now been released to them.  We also don't know whether they still pay anything to the previous owners - remember that the MtGox hack happened when a third party had access to audit them because of this arrangement.
hero member
Activity: 812
Merit: 1001
-
June 12, 2012, 11:59:56 PM
#24
We don't know their overheads.

actually we do https://mtgox.com/img/pdf/20120201/Transparency_Jan.pdf even if this is out of date.

Anyone who ready to put some work into it can figure out their revenue and expecens based on public information.

What not known is whether there is any revenue from a hypothetical side biz like "proprietary trading" and whether there are any large losses due to bank fraud, more hacks etc...
hero member
Activity: 812
Merit: 1001
-
June 12, 2012, 11:54:25 PM
#23
I wonder how long it will take before BTC withdrawals start getting the "delay" treatment.

Mark, if you're watching, I have an idea for you:  Move enough BTC on the blockchain to account for all the asks in the order book, and make the amount after the decimal (in satoshis) "20120608".  Clearly MtGox could use a confidence boost and there is little reason that this wouldn't be worth providing.

If you're able to move enough BTC to represent the bids as well, I'll stop the vast majority of my bitching.

Sadly it seems they are short on Fiat.

Sadly fiat has no blockchain

LOL,  nice one

+1
hero member
Activity: 868
Merit: 1000
June 12, 2012, 11:50:22 PM
#22
Some people jumped to Mt Gox's defense, claiming that 14-21 days for wire transfers were "acceptable".

Anyone who did this is naive, and idiot, or a troll.

As a point of example.  Yesterday I pulled $80K from my Roth IRA for some much needed capital expansion.  I realized it had been so long since I sent a wire from that account it had the wrong bank info.  Crap that is going to cause some delays. I updated the bank info, sent the wire (no fee BTW) and the funds cleared in my checking account in ....  3 .... hours.

The whole point of a wire in INSTANT funds.  A wire which takes 14 days is just stupid.   You could print a check, mail it across the world, and deposit it, and wait for it to clear in less than 14 days.

I'm guessing this was a domestic wire transfer and both the source and destination of funds were known as well as the originating and receiving institution having adequate identity verification information on you.  It's likely that neither the originating or receiving institution were designated "high risk" and you may very well be classified as a low risk customer.

The game changes when you're talking about businesses like exchanges, which are regarded as being high risk in and of themselves, sending many wires to unrelated people in countries all over the world, many of which are regarded as "high risk" due to high levels of money laundering, drug trafficking, being tax havens, and generally being non-compliant with FATF recommendations.  Because users are customers of the exchange and not the bank, the burden of proof that the transactions are legitimate falls on the exchanges.  Banks are reluctant to let questionable wire transfers go through without challenge because there have been significant fines levied against financial institutions which have done that in the past - Wachovia is probably the best known example, but Western Union and Ocean Bank have also been fined for inadequate KYC/transaction monitoring.
vip
Activity: 308
Merit: 250
June 12, 2012, 11:30:58 PM
#21
The delays are only happening because the US federal agents investigating money laundering and Silk Road purchases are taking too long to approve the transfers on Dwolla's end. We'll get back to you guys...

-Mt. Gox

Hi, could you please give me the ticket number associated with this reply that I can get into the button of this please?
donator
Activity: 1419
Merit: 1015
June 12, 2012, 08:49:59 PM
#20
I didn't request dwolla, so any delays on dwolla's end are completely irrelevant to my case.  I asked for a wire transfer and it has not been done.

Okay, sorry, I assumed everyone was still complaining about the Dwolla stuff. That *is* interesting then, but it could still be Dwolla-related since these problems didn't really start to rear their ugly head till these new rules went into effect. In other words, perhaps it's something related to how easily MtGox can get the US cash out of Dwolla and into a wire-transfer that is the problem?

After all, those of use who have been using Dwolla are used to these several week delays, it would make sense that MtGox is being subjected to them vis-a-vis Dwolla as well.
member
Activity: 98
Merit: 10
June 12, 2012, 02:01:44 PM
#19
The delays are only happening because the US federal agents investigating money laundering and Silk Road purchases are taking too long to approve the transfers on Dwolla's end. We'll get back to you guys...

-Mt. Gox


I didn't request dwolla, so any delays on dwolla's end are completely irrelevant to my case.  I asked for a wire transfer and it has not been done.
full member
Activity: 127
Merit: 100
June 12, 2012, 01:16:33 PM
#18
The delays are only happening because the US federal agents investigating money laundering and Silk Road purchases are taking too long to approve the transfers on Dwolla's end. We'll get back to you guys...

-Mt. Gox

So to the people who have nothing to do with Silk Road and are still getting 3 week plus delays?
donator
Activity: 1419
Merit: 1015
June 12, 2012, 12:56:57 PM
#17
The delays are only happening because the US federal agents investigating money laundering and Silk Road purchases are taking too long to approve the transfers on Dwolla's end. We'll get back to you guys...

-Mt. Gox
donator
Activity: 1218
Merit: 1079
Gerald Davis
June 12, 2012, 11:58:21 AM
#16
Some people jumped to Mt Gox's defense, claiming that 14-21 days for wire transfers were "acceptable".

Anyone who did this is naive, and idiot, or a troll.

As a point of example.  Yesterday I pulled $80K from my Roth IRA for some much needed capital expansion.  I realized it had been so long since I sent a wire from that account it had the wrong bank info.  Crap that is going to cause some delays. I updated the bank info, sent the wire (no fee BTW) and the funds cleared in my checking account in ....  3 .... hours.

The whole point of a wire in INSTANT funds.  A wire which takes 14 days is just stupid.   You could print a check, mail it across the world, and deposit it, and wait for it to clear in less than 14 days.
full member
Activity: 127
Merit: 100
June 12, 2012, 09:23:03 AM
#15
We know nothing about most of Mt Gox's business model.

We don't know their overheads. We don't know how many staff they have. We have no idea if company directors are pulling out funds for some other venture.

The only way to know for sure would be to look at their A&Ls and P&Ls. Since they're not about to make that information public, we have to speculate.

These issues have been happening for quite some time now. It was about 3 months ago I put my first post up about my regular monthly BTC purchase being held up both sending cash to Mt Gox and receiving funds back.

Since then, its just been post after post of disheartened BTCoiners.

Some people jumped to Mt Gox's defense, claiming that 14-21 days for wire transfers were "acceptable".


Mt Gox stated "this is only happening to a few people". But the numbers of unhappy clients are publicly mounting. There has been little else from them apart from "it will be ok soon".


Beware. Be very wary.

rjk
sr. member
Activity: 448
Merit: 250
1ngldh
June 12, 2012, 09:18:23 AM
#14
if japan is anything like its media it must be one fucked up place.
Understatement.

Vending machines with used child's underwear, anyone?
It's a strange place.
legendary
Activity: 1260
Merit: 1000
June 12, 2012, 05:41:14 AM
#13
Maybe they spent too much on hookers and blow.

From what I hear that is not cheap ion Japan...

Also maybe they are too busy filing criminal reports on customers and are unable to do their job...



Yeah, it's hard to compete with tentacle monsters for the hookers.
donator
Activity: 1218
Merit: 1079
Gerald Davis
June 11, 2012, 07:48:33 PM
#12
Maybe they spent too much on hookers and blow.
hero member
Activity: 686
Merit: 500
Wat
June 11, 2012, 07:26:38 PM
#11
I think this says more about the retardedness of the fiat system than it does about the insolvency of mt gox.
sr. member
Activity: 336
Merit: 250
June 11, 2012, 07:22:26 PM
#10
It's possible MTGox's own currency exchanging and transferring is under similar scrutiny to the users (AML, etc.).
sd
hero member
Activity: 730
Merit: 500
June 11, 2012, 07:09:37 PM
#9
Yeah, that something is "Oh shit, we are insolvent!"

Stop!  Ponzi time!

How could that be? They should be raking in USD with their steady percentage of a big turnover.

Surely if they had money troubles they would increase their transactions fees.


Maybe they had another robbery that they are trying to cover up? It might explain their apparent lack of USD.
member
Activity: 98
Merit: 10
June 11, 2012, 11:54:44 AM
#8
Another day another disappointment. they still have not transferred the money.
hero member
Activity: 686
Merit: 500
Wat
June 09, 2012, 08:30:18 AM
#7
I wonder how long it will take before BTC withdrawals start getting the "delay" treatment.

Mark, if you're watching, I have an idea for you:  Move enough BTC on the blockchain to account for all the asks in the order book, and make the amount after the decimal (in satoshis) "20120608".  Clearly MtGox could use a confidence boost and there is little reason that this wouldn't be worth providing.

If you're able to move enough BTC to represent the bids as well, I'll stop the vast majority of my bitching.

Sadly it seems they are short on Fiat.

Sadly fiat has no blockchain
vip
Activity: 1386
Merit: 1140
The Casascius 1oz 10BTC Silver Round (w/ Gold B)
June 09, 2012, 12:14:27 AM
#6
I wonder how long it will take before BTC withdrawals start getting the "delay" treatment.

Mark, if you're watching, I have an idea for you:  Move enough BTC on the blockchain to account for all the asks in the order book, and make the amount after the decimal (in satoshis) "20120608".  Clearly MtGox could use a confidence boost and there is little reason that this wouldn't be worth providing.

If you're able to move enough BTC to represent the bids as well, I'll stop the vast majority of my bitching.
legendary
Activity: 1918
Merit: 1570
Bitcoin: An Idea Worth Spending
June 09, 2012, 12:07:55 AM
#5
Alright, i made 2 withdrawal requests for wire transfers.

1.Withdraw      Status: confirmed   $592.88000
2.Withdraw    Status: confirmed   $395.24000

These have been sitting as "confirmed" for about a week.  MtGox will only say

"We have looked at your Withdraw status and see that it is in confirmed status. Meaning it is in the last step before becoming fully processed to your bank. It should reflect into your account balance within 3-5 business days. Please let us know if it takes longer than 5 business days."

To some of you traders out there this amount would not be a big deal, but its pretty significant for me.

this is completely and 100% unacceptable that a wire transfer would take this amount of time.

Forgive me for not being an ally with you on this claim, Dkd. I will not go into details as to why that is the case, but it should be pretty easy for anybody else to figure out.

Later, bud.

~Bruno~
legendary
Activity: 1260
Merit: 1000
June 08, 2012, 10:26:54 PM
#4
Yeah, that something is "Oh shit, we are insolvent!"

Stop!  Ponzi time!

member
Activity: 98
Merit: 10
June 08, 2012, 09:31:02 PM
#3
these aren't my first withdrawals... and yea they used to be faster, by a lot.
legendary
Activity: 2506
Merit: 1010
June 08, 2012, 08:15:22 PM
#2
this is completely and 100% unacceptable that a wire transfer would take this amount of time.

Are these your first withdrawals from Mt. Gox to this account? (i.e., were they faster previously?)
member
Activity: 98
Merit: 10
June 08, 2012, 06:57:32 PM
#1
Alright, i made 2 withdrawal requests for wire transfers.

1.Withdraw      Status: confirmed   $592.88000
2.Withdraw    Status: confirmed   $395.24000

These have been sitting as "confirmed" for about a week.  MtGox will only say

"We have looked at your Withdraw status and see that it is in confirmed status. Meaning it is in the last step before becoming fully processed to your bank. It should reflect into your account balance within 3-5 business days. Please let us know if it takes longer than 5 business days."

To some of you traders out there this amount would not be a big deal, but its pretty significant for me.

this is completely and 100% unacceptable that a wire transfer would take this amount of time.
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