Post
Topic
Board Exchanges
Re: MtGox withdrawal delays [Gathering]
by
glon
on 06/03/2014, 10:49:15 UTC
Are you seriously suggesting that the Gox bank account had 270eur but didn't have 960eur at any one point in time?

More or less ...

They (mtgox) may have implemented a "queue system" on their side so that every day :
- they check the balance of the account (last day balance = 0 ; new balance = sum of incoming transfers of the day)
- they pick as many "waiting wires" from their queue system as they can, starting with the smaller and older ones, up to the point where they can no longer pay
- they send the money, the new balance is 0 again ...

"Sorry it's not our fault guys, the bank refuses to send more money than we have"

this... is exactly what happens when a company dives into insolvency, and yes, a perfectly feasible explanation.

Yes it makes perfect sense. But if insolvency is really involved, then they've been insolvent for a long time now. I know people used to wait for some SEPA withdrawals for months on end, even in its heyday.