Quote from: Vladimir on August 09, 2013, 06:02:06 PM

They have nothing to say at all about withdrawals in section of press release titled Deposits and Withdrawal Update . I, personally, find it reasonable to assume the worst. The only good reason I can give for a business that takes deposits but effectively withholds withdrawals without any plausible explanations is insolvency.

Dear Mt. Gox are you insolvent? If not, then WTF?

Agreed.

For any of you who have fiat currently being held with MtGox, I ask you to take a few minutes out of your day right now to run through this quick thought experiment with me. Honestly, we'll do it together right now:

1. Mt Gox has been hammered with DHS account seizure, Coinlab lawsuit as well as a host of other external and internal banking, hardware and software related issues. All of this is public information, the only question that remains is the current impact from the banking issues which triggered this Spring.

2. Mt Gox has had plans to implement alternative crypto currencies since April of this year. The amount of work required to implement another order book, make some UI and database changes is relatively simple and quick. Since we know Mt Gox has gone one step further and introduced Midas, we can add another 2-4 weeks for integration / load / compatibility testing. We are now at August 8th, 2013 with no timetable for any alternative currencies being added.

There is no logical explanation why Mt Gox would require 4.5 months and counting to add and fully support another currency pair, even if that pairing has fiat on one side. The amount of money to be earned in trading fees based on volume would be enough to create a financial incentive to add Litecoin and Namecoin ages ago. If there was another legitimate reason for 4.5 months delay on this, they would have made a 10-minute Flash video in hopes of stemming the bleeding market share.

3. Now we have 3+ month long delays in USD withdrawals. As anger and speculation grows while market share continues to bleed, Mt Gox says little to nothing on the issue. At the start of this month. Mt Gox releases a statement containing several key updates. The biggest update is of course the ever-growing withdrawal issue. Because Mt Gox has made this point so clearly for me, I will let them finish off my point on their deposit and withdrawal situation:

Deposits and Withdrawal Update

Finally, the issues with deposits and withdrawals from Mt. Gox are being relieved, but still not at the rate we want. For example it currently takes up to 10 days to process a deposit because our bank, upon receiving deposits, notifies us of the deposit but holds them for 7~10 days before transferring them to our account. This has always been the case, and we were still crediting customer accounts before receiving the funds ourselves, but some cases in which the bank subsequently rejected the deposits meant that we incurred significant losses. The risk is now too high for us to credit accounts prematurely. We are in the process of forming relationships with new partners, banks, and taking other steps -- hopefully we will not only be back where we were before we encountered these issues , but much further ahead.

After month over month of increasing market share loss, Mt Gox sat down in the board room and decided what they would say about USD withdrawals, and how they would say it to you. This is what they came up with.

Now, to wrap up this thought experiment. After taking all of these factual points into your consideration, do you believe Mt Gox is solvent? Are these the actions of a company that has made a concious decision to stay in business and grow their customer base? Be honest with yourself, it may save you some money and ฿.