Post
Topic
Board Exchanges
Re: MtGox withdrawal delays [Gathering]
by
S3052
on 09/09/2013, 21:26:28 UTC
Some of this information is very sensitive and some is useless.  E.g. oldest withdrawal in the queue.
In the real world, there are settlement limits, which range from T+1 (one day after the trade) to T+5, depending on what's being traded.  When a broker/dealer fails to pay up within the time limit (it doesn't matter why) it's called a "failure to deliver", or a "fail".

In the US, fails have to be reported to the SEC, and the data is available. Penalties have to be paid when that happens.

Fails to deliver cash to customers are more serious. That results in a broker being closed down within days. Historically, financial scams come unglued when the scammer fails to deliver.



that's great background.

the only way that MtGox will change their behavior would be if most customers would leave them completely, trading volume falls below 1000 and then 100 BTC per day...
but as long as so many people keep their funds there, they can carry on with this nontransparent communication