<<  >> (p.110)
    Author Topic: MtGox withdrawal delays [Gathering]  (Read 909054 times)

    • Nagle
    Legendary
    *
    Offline Offline

    Activity: 1204
    Merit: 1002


    View Profile WWW
    October 30, 2013, 06:33:26 PM
     #2181
    Quote from: solex on October 29, 2013, 10:04:29 PM
    It is important to remember that the mtgox btc valuation is artificially high because of them being blacklisted by as much of the fiat banking system the USG can influence. So, transferring the btc to another exchange and selling it is only realizing what the btc are really worth.

    Enough with the conspiracy theories. Mt. Gox's troubles are due to Mt. Gox.

    This has been going on for months. If Mt. Gox really wanted a high-volume banking arrangement, they would have found one by now. But they seem to find having excuses for non-payment more useful. This suggests they don't have the depositors' money.

  • Keyser Soze
    Sr. Member
    ****
    Offline Offline

    Activity: 470
    Merit: 250


    View Profile
    October 30, 2013, 10:28:30 PM
     #2182
    Quote from: Nagle on October 30, 2013, 06:33:26 PM
    This has been going on for months. If Mt. Gox really wanted a high-volume banking arrangement, they would have found one by now. But they seem to find having excuses for non-payment more useful. This suggests they don't have the depositors' money.

    While it is very likely they have less then 100% of client's funds on deposit, we really don't know if they are insolvent. If most banks deem their activity as high risk, they may not be able to set up a relationship that meets their needs in a reasonable time frame.

    Either scenario is certainly possible, we cannot (currently) say for certain which one it is.

  • Lohoris
    Hero Member
    *****
    Offline Offline

    Activity: 630
    Merit: 500


    Bitgoblin


    View Profile
    October 30, 2013, 11:30:17 PM
     #2183
    Quote from: Keyser Soze on October 30, 2013, 10:28:30 PM
    If most banks deem their activity as high risk
    Fun thing is, their activity is at high risk mostly because the banks themselves are boycotting it.
    1LohorisJie8bGGG7X4dCS9MAVsTEbzrhu
    DefaultTrust is very BAD.

  • Lohoris
    Hero Member
    *****
    Offline Offline

    Activity: 630
    Merit: 500


    Bitgoblin


    View Profile
    October 30, 2013, 11:55:05 PM
     #2184
    Quote from: professorhandsome on October 30, 2013, 11:44:53 PM
    What surprises me the most is that you are all mostly talking about why they are having trouble processing/covering withdrawals and not why they haven't been straight forward (honest) about the whole situation and told you. Even worse, there have been countless chances to get out at zero loss. We had $130 btc a few weeks ago. Cheaper before that. Several opportunities to buy cheap (SR dump) etc, etc. After all these months why in God's name would you still have money in there. Are you all sadistic?
    much +1, I've been wondering this too, still baffled.
    1LohorisJie8bGGG7X4dCS9MAVsTEbzrhu
    DefaultTrust is very BAD.

  • solex
    Legendary
    *
    Offline Offline

    Activity: 1078
    Merit: 1007


    100 satoshis -> ISO code


    View Profile
    October 30, 2013, 11:56:04 PM
     #2185
    Quote from: professorhandsome on October 30, 2013, 11:44:53 PM
    What surprises me the most is that you are all mostly talking about why they are having trouble processing/covering withdrawals and not why they haven't been straight forward (honest) about the whole situation and told you.

    They are straight forward about not being straight forward.
    2.5 months have passed and the situation seems unchanged.

    Quote from: smoothie on August 13, 2013, 09:48:34 PM
    Quote from: oyvinds on August 13, 2013, 06:08:29 PM
    CONFIRMATION TIME!

    I was on at #mtgox on irc.freenode.org when identified user MagicalTux, CEO of MtGox, gave the statements in sturles post https://bt.irlbtc.com/view/179586.msg2924021#msg2924021 and I can confirm that the quotes are accurate and exactly what was said.

    It would be great if one or two other people who also have the conversation in their scrollback buffer can also confirm this.

    13:48 <@MagicalTux> sturles, we already applied to that one
    13:51 <@MagicalTux> samson_, things are not easy, but it's far from what you could qualify as "embargo"
    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 <@MagicalTux> nope
    13:59 <@MagicalTux> sturles, "blocked" is not the correct word
    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)
    14:01 <@MagicalTux> sturles, we are not allowed to talk about the exact problem (doing so would only make things worse)
    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)
    14:16 <@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)
    14:18 <@MagicalTux> rfish, rather than spending time on this, fixing it is likely going to bring more on the long term
    14:19 <@MagicalTux> those wires are processed in received order, nothing else
    14:25 <@MagicalTux> publishing that would be against our ToS
    14:26 <@MagicalTux> (specifically privacy policies)

    ^^ see sturles post for full conversation, just confirming MagicalTux's statements.

    ..if you're wondering why we should confirm this is true: various "news outlets" are now watching and typing up stories
    Please help fund projects to advance Bitcoin:
    P2Pool decentralized mining at 1KxvX5Hx8nh36ig2gT5bpeEcqLQcwJsZGB
    rocks: Changing the supply limit fundamentally destroys bitcoin, but increasing the blocksize limit is absolutely needed to make it successful.

  • Lohoris
    Hero Member
    *****
    Offline Offline

    Activity: 630
    Merit: 500


    Bitgoblin


    View Profile
    October 31, 2013, 12:00:49 AM
     #2186
    Quote from: solex on October 30, 2013, 11:56:04 PM
    They are straight forward about not being straight forward.
    2.5 months have passed and the situation seems unchanged.

    Quote from: oyvinds on August 13, 2013, 06:08:29 PM
    14:01 <@MagicalTux> sturles, we are not allowed to talk about the exact problem (doing so would only make things worse)
    Not being allowed to state the exact problem might be fine, but why then they are lying elsewhere, such as with plain wrong wait times, and ridiculous excuses ("network congestion")?
    1LohorisJie8bGGG7X4dCS9MAVsTEbzrhu
    DefaultTrust is very BAD.

  • papamoi
    Sr. Member
    ****
    Offline Offline

    Activity: 378
    Merit: 250


    View Profile
    October 31, 2013, 06:52:59 AM
     #2187
    so what should we understand from this??

    they are not cheaters but just fucked up by the system?

  • tvbcof
    Legendary
    *
    Offline Offline

    Activity: 4984
    Merit: 1303


    View Profile
    October 31, 2013, 07:02:20 AM
     #2188
    Quote from: papamoi on October 31, 2013, 06:52:59 AM
    so what should we understand from this??

    they are not cheaters but just fucked up by the system?


    As annoyed as I am with Mt. Gox, that still strikes me as the strongest hypothesis.  The reason is still that it would make little sense for Mt. Gox to fuck up their reputation and marketshare when they had a damn good and very profitable thing going.
    sig spam anywhere and self-moderated threads on the pol&soc board are for losers.

  • eZc
    Member
    **
    Offline Offline

    Activity: 74
    Merit: 10


    View Profile
    October 31, 2013, 10:05:38 AM
     #2189
    So what is now the expected withdrawal time for:

    SEPA >1000EUR
    SEPA <1000EUR
    Int Wire >1000USD
    Int Wire <1000USD
    Int Wire JPY

  • bnjmnkent
    Full Member
    ***
    Offline Offline

    Activity: 196
    Merit: 100


    View Profile
    October 31, 2013, 10:27:54 AM
     #2190
    Quote from: tvbcof on October 31, 2013, 07:02:20 AM
    Quote from: papamoi on October 31, 2013, 06:52:59 AM
    so what should we understand from this??

    they are not cheaters but just fucked up by the system?


    As annoyed as I am with Mt. Gox, that still strikes me as the strongest hypothesis.  The reason is still that it would make little sense for Mt. Gox to fuck up their reputation and marketshare when they had a damn good and very profitable thing going.


    Having found the strongest hypothesis, what are the actions to derive (otherwise the search process is just
    a big waste of time)?

  • sturle
    Legendary
    *
    Offline Offline

    Activity: 1437
    Merit: 1002

    https://bitmynt.no


    View Profile WWW
    October 31, 2013, 10:29:05 AM
     #2191
    Quote from: eZc on October 31, 2013, 10:05:38 AM
    So what is now the expected withdrawal time for:

    SEPA >1000EUR
    SEPA <1000EUR
    Six weeks.  You need to go below 400 EUR to get it significantly faster.

    Quote
    Int Wire >1000USD
    Int Wire <1000USD
    USD have to pass through US banks, which aren't very cooperative.  I think there are still withdrawals left dating back to mid June.

    Quote
    Int Wire JPY
    For other currencies in general the queue is shorter than the USD queue, but I don't know exactly how long.
    Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
    I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
    Warning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills.

  • Nagle
    Legendary
    *
    Offline Offline

    Activity: 1204
    Merit: 1002


    View Profile WWW
    October 31, 2013, 04:37:20 PM
     #2192
    Quote from: sturle on October 31, 2013, 10:29:05 AM
    USD have to pass through US banks, which aren't very cooperative.  I think there are still withdrawals left dating back to mid June.
    Enough with the bullshit. Nobody has reported that a US bank has refused an incoming wire transfer from Mt. Gox. If there's a problem on the bank side (which is questionable; Mt. Gox has never offered any concrete proof of this) it's at the sending end in Japan.

    Mt. Gox doesn't seem to be having any trouble getting wire transfers from the US. If some limits were being applied at the US end, there would be trouble sending to Mt. Gox from the US.

  • tvbcof
    Legendary
    *
    Offline Offline

    Activity: 4984
    Merit: 1303


    View Profile
    October 31, 2013, 05:36:08 PM
     #2193
    Quote from: bnjmnkent on October 31, 2013, 10:27:54 AM
    Quote from: tvbcof on October 31, 2013, 07:02:20 AM
    Quote from: papamoi on October 31, 2013, 06:52:59 AM
    so what should we understand from this??

    they are not cheaters but just fucked up by the system?


    As annoyed as I am with Mt. Gox, that still strikes me as the strongest hypothesis.  The reason is still that it would make little sense for Mt. Gox to fuck up their reputation and marketshare when they had a damn good and very profitable thing going.


    Having found the strongest hypothesis, what are the actions to derive (otherwise the search process is just
    a big waste of time)?


    If this hypothesis is the correct one, then inaction is the most appropriate course of action for me.  This was my best hypothesis before I risked the money I did with them, and it factored into a decision about how much money to put at risk here.  I would not have done so if I needed to see results within a certain time-frame.

    To reiterate my posture:

     - having loss of access to a non-trivial sum of $$$ gives me a legitimate rational to attack the problems at their root (which I feel is probably the established financial corporations and the regulators they sponsor.)

     - the $5M (or $10M) of formerly Mt. Gox controlled value is now sitting in a pool that Mt. Gox cannot touch should they implode or decide to run.  I have a better chance of recouping my losses out of this pool since it is held by the the U.S. govt and I am a U.S. citizen.

     - It is perfectly possible that Mt. Gox figures out a way to overcome their issues eventually and the wire lands in my bank account someday with little fan-fare.  Mt. Gox's best bet is to agree to be a pliant honey-pot in exchange for return of their funds, and I think there is a fair chance that they will be offered that option and accept it.

    The greatest good would be possible by perusing the first bullet point, but absent some cooperation from Mt. Gox, it is not very practical to do so.
    sig spam anywhere and self-moderated threads on the pol&soc board are for losers.

  • wuala
    Full Member
    ***
    Offline Offline

    Activity: 163
    Merit: 100


    Luk, soy tu padreeee


    View Profile
    October 31, 2013, 08:02:10 PM
     #2194
    Anyone with a new witdraw processed??

    Wich date??

     Huh
    Leave the force be with you...

  • bernard75
    Legendary
    *
    Offline Offline

    Activity: 1316
    Merit: 1003



    View Profile
    October 31, 2013, 08:06:12 PM
     #2195
    They stopped sending money, it was just annoying and a major inconvenience anyway.
    They will now dedicate all of their time on receiving cash, although that doesnt happen very often.

  • EuroTrash
    Hero Member
    *****
    Offline Offline

    Activity: 728
    Merit: 500



    View Profile
    October 31, 2013, 08:42:17 PM
     #2196
    Quote from: tvbcof on October 31, 2013, 07:02:20 AM
    Quote from: papamoi on October 31, 2013, 06:52:59 AM
    so what should we understand from this??

    they are not cheaters but just fucked up by the system?


    As annoyed as I am with Mt. Gox, that still strikes me as the strongest hypothesis.  The reason is still that it would make little sense for Mt. Gox to fuck up their reputation and marketshare when they had a damn good and very profitable thing going.

    Someone important told me that the lawyers he chose are not the best ones in the field, yet he refused any external offer for help.
    <=== INSERT SMART SIGNATURE HERE ===>

  • tvbcof
    Legendary
    *
    Offline Offline

    Activity: 4984
    Merit: 1303


    View Profile
    October 31, 2013, 09:13:03 PM
     #2197
    Quote from: EuroTrash on October 31, 2013, 08:42:17 PM
    Quote from: tvbcof on October 31, 2013, 07:02:20 AM
    Quote from: papamoi on October 31, 2013, 06:52:59 AM
    so what should we understand from this??

    they are not cheaters but just fucked up by the system?


    As annoyed as I am with Mt. Gox, that still strikes me as the strongest hypothesis.  The reason is still that it would make little sense for Mt. Gox to fuck up their reputation and marketshare when they had a damn good and very profitable thing going.

    Someone important told me that the lawyers he chose are not the best ones in the field, yet he refused any external offer for help.

    It occurred to me the other day when I was talking to someone about it that it is quite possible that Karpeles is simply not a person with a lot of potential for handling various kinds of loads.  He might simply be swamped and confused and floundering about quite a bit.  That would explain some of the observations that various people have made.

    My basic assumption was that Mark was a clever and capable guy since he landed at the top of a fairly powerful organization.  But when one thinks about it, when he obtained Mt. Gox from the original creator it was nothing near what it later became.  People from a variety of backgrounds and with a variety of capabilities could have decided that a fantasy card trading outfit who adapted their software to deal with a new and tiny crypto-currency was worth obtaining.  Especially if they had some spare cash kicking around or for some reason to need to move some which is why a lot of the early adopters probably got into things.
    sig spam anywhere and self-moderated threads on the pol&soc board are for losers.

  • ardana123
    Hero Member
    *****
    Offline Offline

    Activity: 504
    Merit: 500



    View Profile
    November 01, 2013, 12:25:11 AM
     #2198
    http://www.reddit.com/r/BitcoinMarkets/comments/1pnc2a/mt_gox_price_spread_discussion/

    report from a USD withdrawal in this thread?

  • NewLiberty
    Legendary
    *
    Offline Offline

    Activity: 1204
    Merit: 1002


    Gresham's Lawyer


    View Profile WWW
    November 01, 2013, 01:21:36 AM
     #2199
    Quote from: tvbcof on October 31, 2013, 05:36:08 PM
    Quote from: bnjmnkent on October 31, 2013, 10:27:54 AM
    Quote from: tvbcof on October 31, 2013, 07:02:20 AM
    Quote from: papamoi on October 31, 2013, 06:52:59 AM
    so what should we understand from this??

    they are not cheaters but just fucked up by the system?


    As annoyed as I am with Mt. Gox, that still strikes me as the strongest hypothesis.  The reason is still that it would make little sense for Mt. Gox to fuck up their reputation and marketshare when they had a damn good and very profitable thing going.


    Having found the strongest hypothesis, what are the actions to derive (otherwise the search process is just
    a big waste of time)?


    If this hypothesis is the correct one, then inaction is the most appropriate course of action for me.  This was my best hypothesis before I risked the money I did with them, and it factored into a decision about how much money to put at risk here.  I would not have done so if I needed to see results within a certain time-frame.

    To reiterate my posture:

     - having loss of access to a non-trivial sum of $$$ gives me a legitimate rational to attack the problems at their root (which I feel is probably the established financial corporations and the regulators they sponsor.)

     - the $5M (or $10M) of formerly Mt. Gox controlled value is now sitting in a pool that Mt. Gox cannot touch should they implode or decide to run.  I have a better chance of recouping my losses out of this pool since it is held by the the U.S. govt and I am a U.S. citizen.

     - It is perfectly possible that Mt. Gox figures out a way to overcome their issues eventually and the wire lands in my bank account someday with little fan-fare.  Mt. Gox's best bet is to agree to be a pliant honey-pot in exchange for return of their funds, and I think there is a fair chance that they will be offered that option and accept it.

    The greatest good would be possible by perusing the first bullet point, but absent some cooperation from Mt. Gox, it is not very practical to do so.



    Western Union should buy MtGox.
    It would save both companies.
    Both will die if they do nothing.
    FREE MONEY1 Bitcoin for Silver and Gold NewLibertyDollar.com and now BITCOIN SPECIE (silver 1 ozt) shows value by QR
    Bulk premiums as low as .0012 BTC "BETTER, MORE COLLECTIBLE, AND CHEAPER THAN SILVER EAGLES" 1Free of Government

  • tvbcof
    Legendary
    *
    Offline Offline

    Activity: 4984
    Merit: 1303


    View Profile
    November 01, 2013, 01:44:11 AM
     #2200
    Quote from: NewLiberty on November 01, 2013, 01:21:36 AM

    Western Union should buy MtGox.
    It would save both companies.
    Both will die if they do nothing.


    Damn good idea actually.  I gotta wonder if it is not to late for one or both of them already though.
    sig spam anywhere and self-moderated threads on the pol&soc board are for losers.
    Pages: « 1 ... 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 [110] 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 ... 347 »
      Print  
Page 109
Viewing Page: 110

IRLBTC™ © 2025 IRLBTC.com