Quote from: Rampion on October 08, 2013, 10:01:44 AM

Quote from: sturle on October 08, 2013, 09:50:31 AM

Quote from: Rampion on October 08, 2013, 09:35:56 AM

Honestly, I still think what I wrote weeks ago: the 5% fee is just a desperate attempt to make some extra money to cover Gox's losses. The BS about "the traditional banking system" not able to keep up with their volume is UTTER BS, guys I hope you know what Occam's Razor indicates here: Gox is doing fractional reserve with customers money, they have a huge $10M hole and they are struggling to cover it, and that's the only reason of the huge delays in withdrawals.

Your mouth is big, your documentation non-existing, you are making up holes, and you fail to explain anything in a way that makes sense.

I don't see why you take it so personal. I've been a long time customer of Gox, I moved very high volumes in and out without any problems in the past and I always posted positive reports when they were just doing good and people was spreading FUD, but now I just see the facts. Why do you think Gox's USD value is 10% lower than anywhere else? Oh, I see, is just people that is stupid and panic for nothing... So you are doing MILLIONS in arbitrage, right sturtle?

You don't see the facts, you mostly make them up in your own mind. Like that 10 million USD hole of yours. Completely ignoring the fact that MtGox made huge profits this year. Completely ignoring what we know about Japanese banking. Completely ignoring what we know of all the withdrawal methods that went away. Etc. You make up your own set of assumptions, ignoring most facts.

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Secondly, the documentation in which I base myself to say they have a $10M hole is basically public knowledge. Just check a) the reply to Coinlab (where Gox admits that Coinlab withheld +$5M that were added to customer's balances, but they do not say anywhere in that document that they had to cover that with their profit. They ONLY say that money was credited to customer balances and Gox never received it; and b), the DHS statement where they state they sized aprox. $5M from Gox's Wells Fargo account.

There you go. If I cooked up my books by only writing down my expenses and not my income, how true picture would it make of my economy? I would be very broke, that's for sure.

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Thirdly, in what documentation you base yourself to defend that Gox is perfectly solvent, and the delay is just because "the traditional banking system is unable to keep up with the demands of the thriving BTC economy"? Honestly, please answer to that. I hope you do not consider what Karpeles says on IRC as a valid source/documentation.

How can this not be true? Their number of customers increased from ~10k to 600k in less than a year, while at the same time all alternative withdrawal options disappeared one by one. MtGox executed half of the number of international wires in the second largest bank in Japan. And I don't need to repeat what Japanese have written here in this thread about the Japanese banking system. Most of their customers are not experienced in international trade and international bank wires, and 1 of 10 wires were returned due to wrong or incomplete information. This generate a lot of work for the bank. In my bank I get punished by a 60 USD fee if a wire is returned.

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Finally, I don't know in what world do you live in, but in the world I live in you can swiftly send money IF YOU HAVE IT. Sure, some delays may occur from time to time, especially if your business could be considered "shady" or "high risk" by this or that bank, but at the end of the day you can move the money quickly if you have a) THE MONEY TO BE SENT, and b) THE MONEY TO PAY THE COSTS TO SEND THAT MONEY QUICKLY IN CASE THERE ARE DIFFICULTIES

I can send money if I have it, but my bank wouldn't be able to cope if I tried to send 1000 international wires a day and 100 of them bounced. My bank would kick me out. For sure.

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So... Gox is charging a 5% fee to do "manual" withdrawals, a fee that is supposed to fully go to the bank (let me doubt about that, in my country that could almost be considered extortion... Paying extra 5% to have my freaking money??), and again we have 2/4 weeks delays for those "emergency withdrawals"? WHY? Because the guy doing the manual withdrawals at the bank is overwhelmed again (poor guy)? REALLY? Don't you realize that with a leonine 5% fee the bank could hire AS MANY GUYS AS THEY WANT to process the transfers in the same day, as this is their best interest, as they would be making HUGE money with that LEONINE fees?

This is 100% pure speculation from your part. I would believe it if I heard it from their Japanese bank.

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Come on sturtle, come on: let's be serious.

Because deliberately mistyping my name is very serious indeed.