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Showing 5 of 5 results by GTCG2
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Board Micro Earnings
Re: FREE BITCOIN Sites *and* Free Newbie Lotto
by
GTCG2
on 23/03/2014, 20:34:09 UTC
Very interesting. I would like to be added as well.
1DUDH5fEvP3cwR8wdp4WseUmho3iAj1g9A

Thank you!
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Topic
Board Exchanges
Re: MtGox withdrawal delays [Gathering]
by
GTCG2
on 20/03/2014, 21:01:46 UTC
I also now finally have proof that my fiat money never made it back to my bank account, because I can see now it still sits in my wallet on mtgox:

BTC: 0.00000001 BTC
EUR: 562.77952 €

I live in Belgium. Are there any lawsuit  actions taken there from users trying to get their money back?
Somehow I feel happy I now know where my money is, because previously I thought it got lost somewhere during transactions. (knowing it's just a number and that the money is actually not really there anymore...)
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Topic
Board Exchanges
Re: MtGox withdrawal delays [Gathering]
by
GTCG2
on 06/03/2014, 19:36:02 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.

Ok, well, my withdrawal was actually confirmed, so I guess I had some bad luck that Gox probably had no money left at the time to make the transfer take place. Although it seems that not all is lost yet, as i've read a few days ago that Gox plans to continue business in an attempt to pay its customers back, as stated here (copy paste from an article from coindesk.com):

“In order to increase repayments to our creditors, it is necessary to explore the possibility of having MtGox Co., Ltd. continue its business. This is why the civil rehabilitation procedure has been chosen, Rebuilding MtGox Co., Ltd under the supervision of the court in a legally organized procedure while giving proper explanations will not be for the sole benefit of the company but for that of the whole bitcoin community.

All efforts will now be made to restore the business and recover damages to repay debts to creditors. We hope for the understanding and cooperation of all.”

I guess it's all in the hands of the court, as they are waiting for a decision from it: http://www.reddit.com/r/MtGox/comments/1zpm6h/mtgox_20140303_qa_in_english/)

So I guess all we can do is wait and hope for the best?

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Topic
Board Exchanges
Re: MtGox withdrawal delays [Gathering]
by
GTCG2
on 05/03/2014, 23:09:20 UTC
Anyone still got his money back recently? Still waiting for a withdrawal done by the end of January. Should I presume the money is lost?
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Topic
Board Service Discussion
Topic OP
Money transfer from Mtgox
by
GTCG2
on 25/02/2014, 12:48:18 UTC
Hello folks

In the beginning of January I requested to transfer around € 550 from my mtgox to my bank-account. (that was the last of money I had there, luckily enough). I regularly checked the status of the transfer, and it showed up as being "confirmed". Only yesterday, I sent a mail to their help desk, asking why I still had not received my money. I actually even got a reply the same day (which is odd, looking at the events today!)

Ashley, Feb 23 00:57:

Dear Valued Customer,

Thank you for the email. Your withdrawal is in confirmed status which means that it has been queued and yet to be processed. All the withdrawals are queued and will be processed according to the queue. Once your queue is reached your withdrawal will be processed. We will keep you updated once the withdrawal is processed.

Best regards,

MtGox Team
https://www.mtgox.com

Today, Gox is gone, the help desk is gone too (however the address is still active), so the question is: what is the current status of my money?

- Did it still get out in time and will it be transferred to my account? (as it had the "confirmed" status)
- Is it gone, as mtgox is bankrupt, although there was a transfer going on since the beginning of January? Will Mtgox finish their queue?

Anyone who can enlighten me here?

Thanks!