ArticMine



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LegendaryActivity: 2268Merit: 1041Monero Core Team Re: MtGox withdrawal delays [Gathering] August 12, 2013, 09:48:47 PM #581 The question in my mind is that if the United States and USD are the real issue here what are the wire transfer withdrawal delays of

1) CAD to a Canadian bank?

2) EUR to a European bank?

3) GBP to an UK bank?

4) AUD to an Australian bank?



... etc.



The spread between MTGox CAD and Virtex CAD is over 17% for example. If wires that bypass the US banking system can flow then arbitrage from non US persons outside the United States can go a long way towards solving the problem of the "trapped" USD while MTGox gets its US compliance in order. Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card

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Hero MemberActivity: 756Merit: 500 Re: MtGox withdrawal delays [Gathering] August 12, 2013, 11:36:54 PM #583 Some believe the fund is frozen in some bank accounts and they just cannot meet the withdraw request as they are insolvent.

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NewbieActivity: 33Merit: 0 Re: MtGox withdrawal delays [Gathering] August 13, 2013, 12:16:22 AM #585 I currently have an international wire GBP withdrawal from July 11 pending. 4+ weeks delay



The problem is not limited to USD.



If anyone can speak to magicaltux/mtgox ask why all international wires are being delayed if the problem is claimed to be US gov.



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NewbieActivity: 33Merit: 0 Re: MtGox withdrawal delays [Gathering] August 13, 2013, 12:35:58 AM #587 Quote from: solex on August 13, 2013, 12:24:39 AM Quote from: bkava on August 13, 2013, 12:16:22 AM I currently have an international wire GBP withdrawal from July 11 pending. 4+ weeks delay



The problem is not limited to USD.



If anyone can speak to magicaltux/mtgox ask why all international wires are being delayed if the problem is claimed to be US gov.





US Gov: Don't you have branches, agencies, corporate accounts and billions of USD in turnover each year, here in the US?

UK Bank: Er. Yes.

US Gov: Do you want to put all that business at risk for a poxy magical online card gathering account?

UK Bank: Er. No.

US Gov: Then downgrade that account to "glacial service status" for everything

UK Bank: Er. Yes.



US Gov:UK Bank:US Gov:UK Bank:US Gov:UK Bank:

While such a scenario is possible it completely fails to explain why MtGox is not more transparent about the exact nature of the problem. If they gave some reasonable detail describing the types of hurdles they were facing the situation would be more manageable. As it is any reasonable person should suspect duplicitous behaviour. (e.g. merged customer/company accounts and liquidity problems) While such a scenario is possible it completely fails to explain why MtGox is not more transparent about the exact nature of the problem. If they gave some reasonable detail describing the types of hurdles they were facing the situation would be more manageable. As it is any reasonable person should suspect duplicitous behaviour. (e.g. merged customer/company accounts and liquidity problems)

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LegendaryActivity: 1400Merit: 1006 Re: MtGox withdrawal delays [Gathering] August 13, 2013, 12:52:08 AM #588 Quote from: bkava on August 13, 2013, 12:35:58 AM While such a scenario is possible it completely fails to explain why MtGox is not more transparent about the exact nature of the problem. If they gave some reasonable detail describing the types of hurdles they were facing the situation would be more manageable. As it is any reasonable person should suspect duplicitous behaviour. (e.g. merged customer/company accounts and liquidity problems)

Supposedly because they are afraid of pissing off the regulators by making everything public, generating news stories, etc. Supposedly because they are afraid of pissing off the regulators by making everything public, generating news stories, etc.

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NewbieActivity: 19Merit: 0 Re: MtGox withdrawal delays [Gathering] August 13, 2013, 01:03:18 AM #589 I have a pending withdraw from MtGox over 5 weeks old now(USD). I'm starting to think any money in MtGox is considered lost. I'm forced to buy bitcoins and sell them at 10% loss on other exchanges just to get money out of my cocks account.

ArticMine



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LegendaryActivity: 2268Merit: 1041Monero Core Team Re: MtGox withdrawal delays [Gathering] August 13, 2013, 01:08:50 AM #591 Quote from: bkava on August 13, 2013, 12:16:22 AM I currently have an international wire GBP withdrawal from July 11 pending. 4+ weeks delay



The problem is not limited to USD.



If anyone can speak to magicaltux/mtgox ask why all international wires are being delayed if the problem is claimed to be US gov.





The real question now is a non US person with no relationship to the US withdrawing fiat other than USD (CAD, EUR, GBP, etc.,) to a bank outside the US. If this is also blocked then the problem is a lot more serious since this is totally outside the control of the US Government. The real question now is a non US person with no relationship to the US withdrawing fiat other than USD (CAD, EUR, GBP, etc.,) to a bank outside the US. If this is also blocked then the problem is a lot more serious since this is totally outside the control of the US Government. Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card

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Full MemberActivity: 153Merit: 100 Re: MtGox withdrawal delays [Gathering] August 13, 2013, 07:32:13 AM #594 AFAIK international wires go through the backbone of global banking, which consists of the big six (banks) aka the banking cartel. These are of course mostly American. The Times 03/Jan/2009 Chancellor on brink of second bailout for banks

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LegendaryActivity: 2126Merit: 1001 Re: MtGox withdrawal delays [Gathering] August 13, 2013, 12:22:49 PM #595

Mt.Gox denying BTC withdrawls

http://www.reddit.com/r/Bitcoin/comments/1k81p5/mtgox_denying_btc_withdrawls/



From what I see, it is several individual cases. Combined with weird user-interface effects (withdraw is accepted, funds deducted, shortly after funds reappear). Some individual(s) said they are asked to get verified.



Whoops, nevermind, "service discussion" is full of this already!



Ente /r/bitcoin says:From what I see, it is several individual cases. Combined with weird user-interface effects (withdraw is accepted, funds deducted, shortly after funds reappear). Some individual(s) said they are asked to get verified.Whoops, nevermind, "service discussion" is full of this already!Ente

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LegendaryActivity: 1444Merit: 1001https://bitmynt.no Re: MtGox withdrawal delays [Gathering] August 13, 2013, 12:25:31 PM #596 Quote from: sturle on August 12, 2013, 11:24:32 PM Quote from: zeroblock on August 12, 2013, 05:32:55 PM Quote from: sturle on August 12, 2013, 05:14:10 PM I don't get it. What is new here? The Dwolla seizure has been known for a while. Have you been living in a cave for the last three months?

No. What Karpeles is confirming is that the USD withdraws are being halted by the US gov. NOT due to problems with Mt.Gox's banking connections, which they have used as an excuse the last 2 months. This essentially means that USD withdraws will not resume for quite some time, if ever.

No. What Karpeles is confirming is that the USD withdraws are being halted by the US gov. NOT due to problems with Mt.Gox's banking connections, which they have used as an excuse the last 2 months. This essentially means that USD withdraws will not resume for quite some time, if ever.

This is pure speculation. From the context I assumed, and still assume, he was referring to the Dwolla case which significantly increased the load on USD bank wires. Why don't you ask him yourself? He is frequently active and answering questions in #mtgox on freenode. I'm sure he would have been there a lot more if it hadn't been for the zombies nagging about scamcoins they want on MtGox whenever he types something. It is early morning in Japan now. He'll be there soon.

Code: 13:43 < sturles> SEPA has been delayed for as long as I can remember. I wish

MtGox had more SEPA banks, but they generally don't like

Bitcoin buisnesses. Perhaps the one in Slovenia which

Bitstamp is using could be worth a try? Could be troubled

with the same issue, of course.

13:48 <@MagicalTux> sturles, we already applied to that one

13:53 < sturles> MagicalTux: Great! Lower SEPA delays would do wonders! In

fact all good news regarding delays would be wonderful at this

time..

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 < sturles> Have your limits increased?

13:54 <@MagicalTux> nope

This is great news!

Code: 13:50 < samson_> MagicalTux: Would you say we're facing a banking embargo on

the entire Bitcoin business ?

13:51 <@MagicalTux> samson_, things are not easy, but it's far from what you

could qualify as "embargo"

13:51 < samson_> ok thanks

Difficulties (we know that from many countries, e.g. UK), but no organized embargo.

Code: 13:58 < sturles> Btw, there are roumous now that USD withdrawals are somehow

blocked entirely. Is there any truth to that? Some people

intepret this as "US government are blocking all USD

withdrawals": <@MagicalTux> cyro432: not much we can do right

now because of US govt

13:59 <@MagicalTux> sturles, "blocked" is not the correct word

14:00 < sturles> What is the exact problem then? You can see here how the

speculations go:

https://bitcointalk.org/index.php?topic=179586.msg2918767#msg2918767

14:01 <@MagicalTux> sturles, we are not allowed to talk about the exact problem

(doing so would only make things worse)

That's no explanation of the problem, but explains the lack of news. For other currencies:

Code: 13:58 < SleepersTide> MagicalTux: Are Australian bank transfer withdrawals

being processed normally?

13:58 < SleepersTide> (also how long do those take?)

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)

14:10 < sturles> MagicalTux: Why only 10 SWIFT transfers per day? Is that

commonplace for customers in your bank?

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)14:14 < Delerium> when you say transfers per day you mean 10 swift runs

(containing LOADS of transfers within) or literally just 10

transfers

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)

With only 10 withdrawals per day in all other currencies than JPY and EUR, it is going to take time. And he confirms again that MtGox are in fact overloading their bank. The discussion is still going on, btw. About ordering and more about transparency:

Code: 14:17 < rfish> MagicalTux: I think you owe it to customers to make the numbers

of swift transfers you are doing per day more public and explain

the reasons

14:18 <@MagicalTux> rfish, rather than spending time on this, fixing it is

likely going to bring more on the long term

14:18 < rfish> MagicalTux: And you should be fair about which you do, like

wires greater than X amount, in the order they are received

14:19 <@MagicalTux> those wires are processed in received order, nothing else

Here are some new IRC quotes for you, reordered for readability:This is great news!Difficulties (we know that from many countries, e.g. UK), but no organized embargo.That's no explanation of the problem, but explains the lack of news. For other currencies:With only 10 withdrawals per day in all other currencies than JPY and EUR, it is going to take time. And he confirms again that MtGox are in fact overloading their bank. The discussion is still going on, btw. About ordering and more about transparency:

I buy with EUR and other currencies at a fair market price when you want to sell. See

Warning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills. 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.

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LegendaryActivity: 1778Merit: 1018 Re: MtGox withdrawal delays [Gathering] August 13, 2013, 12:38:42 PM #598 10 outgoing wires per day is not many at all. I have no plans to withdraw any USD any time soon but I hope this gets sorted out as soon as possible.



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NewbieActivity: 30Merit: 0 Re: MtGox withdrawal delays [Gathering] August 13, 2013, 12:48:13 PM #599 SEPA test withdraw of 101 from 05.08.2013 arrived today!

Larger EU withdrwas of 700 - 1000  didnt arrive after 5 weeks of waiting, so I canceld it.



No more GOX for me!