Is there a limit for bitcoin withdrawal at Mt.Gox?

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REUTERS/Jim Urquhart

In somewhat good news, Bitcoin exchange MtGox has announced that users will soon be able to make withdrawals again.

"We apologize for the inconvenience caused by the recent suspension of external bitcoin transfers," they said in a statement on Monday. "Fortunately, as we announced on Saturday we have now implemented a solution that should enable withdrawals and mitigate any issues caused by transaction malleability."

"With this new system in place, MtGox should be able to resume withdrawals soon. At the beginning we will do so at a moderated pace and with new daily/monthly limits in place to prevent any problems with the new system and to take into account current market conditions."

MtGox halted withdrawals after it discovered an exploitable glitch in its software.

"Thanks to our friends at Blockchain.info, MtGox now has a workaround that will use a unique identifier created by Blockchain to...

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Dear Bitcoin business or Bitcoin user

In this open letter to all Bitcoin businesses and future businesses, I want to draw some attention to issues concerning transparency towards Bitcoin customers.
The main motive for writing this letter is my recent confrontation with extreme delays and unexpected fees at Mt.Gox.

Because there is little regulation in the world of Bitcoin it is hard for an individual to raise an issue when a Bitcoin business treats him in a way he finds unacceptable. The fact that the Bitcoin ecosystem is still very immature contributes to this problem as many businesses have no real competition and do not have to care very much about customer satisfaction.
However, this situation signals to the outside world that the Bitcoin world is one in which the managing few of miners and exchanges make profit from the regular users. Doesn't this situation very much remind us of the current economic system in which banks are the managing few and we...

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“I think I just witnessed Mt. Gox die today. I didn’t get my bitcoin, but glad I came and tried.” - Reddit user ‘CoinSearcher’, after conducting a three-day protest at Mt. Gox’s headquarters in Tokyo.

Mt. Gox, the world’s original and once-largest bitcoin exchange, appears to be in a state of disarray after it suspended bitcoin withdrawals to work on what it said were technical issues. Meanwhile, the clamour of angry customer voices is growing.

The exchange’s moves have had a negative impact on the bitcoin markets. The price of 1 BTC plunged from $850 at the start of the week to $681, according to the CoinDesk Bitcoin Price Index, in the wake of the Gox announcement. It has promised an update on Monday 10th February (Japan time).

The internal workings of Mt. Gox have long been the focus of discussion in the bitcoin community. Users have reported delays in obtaining a ‘verified’ account there after submitting the required identification documents.

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The popular Bitcoin exchange Mt. Gox is suspending withdrawals for an unstated period of time in order to perform maintenance. The exchange hopes to resolve withdrawal delays that some users have been complaining about for months now, which have allegedly held up transactions for weeks or longer. It began working to resolve the issues late last month — noting that only a "limited number of users and transactions" were impacted — but it now says that it's necessary to fully halt withdrawals in order to determine what's going wrong.

Mt. Gox is big enough to cause Bitcoin's price to dive on bad news

"To understand the issue thoroughly, the system needs to be in a static state," the company writes in a blog post. Its trading service will continue to perform as usual, but anyone storing bitcoins with Mt. Gox will have to wait. There's no estimate on how long that might be, but Mt. Gox promises a progress update on Monday.

News of the exchange halting withdrawals...

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MtGox Freezes All Bitcoin Withdrawals

Hackers do what they do to make money. That’s why they create ransomware like Linkup and Cryptolocker, and that’s why massive corporations like Microsoft pay bug bounties as large as $100,000 to anyone who can detect vulnerabilities in their software. It’s also why the Mt.Gox Bitcoin exchange did what it did last Friday, February 7th.

Bitcoin Transaction Malleability

Mt.Gox is one of the largest Bitcoin exchange sites in operation today. At one point, they were the largest. Bitcoin trading is an extremely competitive field, however, where things change fast. It’s also an industry notorious for growing pains, as many of the finer points of Bitcoin technology are still in flux.

One of these finer points is called Transaction Malleability, and it’s the reason Mt.Gox made the decision to freeze all withdrawals on February 7h, 2014. Essentially, each and every Bitcoin transaction is tracked using a unique hash;...

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(Getty)

After Bitcoin exchange Mt. Gox decided to suspend withdrawals, Bitcoin’s value plummeted by 20 percent, according to CNBC. Here’s what you should know about this developing story.

UPDATE: Due to continued bugs at Mt. Gox, Bitcoin’s value has taken another hit. On February 10, The Next Web wrote: ” the virtual currency is now trading at around $570 on most exchanges and lost more than $43 in 30 minutes alone today.”

1. Bitcoin Value Took a Big Hit

(Getty)

CNBC notes that Bitcoin was trading at $680.52 on the morning of February 7. That quite the change, given that Bitcoin had been traded around $850 for most of the week prior to the drop.

2. Mt. Gox Suspended Withdrawals to Resolve a Technical Issue

Don’t plan on withdrawing Bitcoin from Mt Gox any time soon http://t.co/FPrhYlSqgU

— Andrew Moran (@a_moran3) February 7, 2014

CoinDesk, which tracks the value of digital currencies, explains that the Bitcoin...

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Mt.Gox, the largest exchange for the online digital currency, was forced to halt withdrawals (but not trading) this morning. Due to an increase in withdrawal requests the exchange's systems had technical problems and in order "to understand the issue thoroughly, the system must be in static state," they reported. The exchange said it would resolve the problem as soon as possible and "apologize[d] for the sudden short notice." Interestingly this seemed to rapidly remove Mt.Gox's modest premium to the other exchanges and bring them all back inline around $700 as the price recovered.

As Max Pelham noted (Coinwatch),

"People will be leaving Mt. Gox either way, the trust isn't already very high, and with this now people are going to trust them even less,"

"I think Mt. Gox is going to lose relevance even more now, they're not very forthcoming in their public relations, their technical problems and their withdrawal problems aren't going away. Even if they fix...

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The most asked question these days seems to be “what is really going on at Mt. Gox?”. The Japan-based cryptocurrency exchange has been having problems with transactions and withdrawals over the last few days, which are now affecting hundreds of customers.

Once the biggest exchange in the Bitcoin ecosystem, Mt. Gox currently occupies the third position in the podium, but this chain of events could ultimately ruin what is now left of its reputation. Since the last days of January, the clients’ Bitcoin withdrawals have left their accounts, but most of them never received the money.

In some cases the exchange informed the clients that the transactions failed, but the word “disappearance” is also being used to describe what is happening to the withdrawn BTC. According to Rick Falkvinge, Pirate Party’s founder, who wrote about the matter in his blog, Mt. Gox has so far amassed more than $38 million in over 41,000 unfulfilled withdrawals.

Several problems have been...

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Anyone hoping to covert their Bitcoin to cash this weekend is out of luck.

Mt. Gox, the third-largest Bitcoin exchange, has announced it is temporarily shutting down. Not surprisingly, the news has sent the price of Bitcoin tumbling. In less than eight hours, the price fell $75, to $709.

We first noticed some issues Tuesday at the Japanese-based exchange. For over a week, people had been trying to withdraw Bitcoin, but were receiving error messages. More than 3,000 people complained online. This morning, Mt. Gox posted a brief statement on its site, explaining it is looking into the problem. “To understand the issue thoroughly,” the company explained, “the system needs to be in a static state.”

The withdrawal issues are not the end of Bitcoin, of course. Trading will likely resume on Monday, and the price will jump back up. But for Bitcoin to ever gain real legitimacy—both from the public and the government—these types of exchange issues simply cannot happen....

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Simple question about Mt Gox's terms for "unverified" "level 0" accounts: See this URL: https://support.mtgox.com/entries/20919111-AML-Account-Statuses

It says that the daily limit for USD "or equivalent" is 1000USD. And daily limit for bitcoin is 100BTC.

So my question: if current exchange rate is 100USD/BTC, I can withdraw 100BTC from MtGox to my personal wallet in one day, and then exchange the 100BTC in my wallet for 10,000USD at another exchange, potentially, assuming that another exchaneg will offer me 100USD/BTC?

On other words, is the daily limit of 1000USD only for withdrawing directly to USD? Or does it mean that the equivalent of 1000USD (10BTC) is the limit no matter whether I'm withdrawing USD or...

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This page is updated with common questions we receive in the #mtgox support channel on freenode.net.


Contributors

Delerium

I'm struggling to get the same amount of time available to update these pages. I do plan on keeping them but updates won't be as frequent. For bang up to date updates you should goto https://support.mtgox.com/forums or join #mtgox support channel on Freenode.

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30/09/2013 SEPA Withdrawl Queue Explained Click Here!


28/09/2013 Looks like OKPay are Back (Although only for deposits)

Browsing through the Mt.Gox website today, I came across the option to deposit with OKPay. I clicked it and found that the link now seems to work and you can actually deposit again with OK Pay. I know this currently only for deposits but it shows that Mt.Gox are actively working through issues with their financial partners with a...

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For the next two weeks Bitcoin users in the US will be unable to withdraw the virtual currency in dollars. Major exchange Mt. Gox cited an unusually high demand as the reason for the suspension, while customers worried the company has run out of cash.

Mt. Gox, based in Tokyo, Japan, handles approximately 80 per cent of Bitcoin transactions in the US and 70 per cent internationally. The popularity of the service, which allows customers to buy and sell items with relative anonymity, has led, indirectly, to the current transaction freeze.

“Over the past week Mt. Gox has experienced rising volumes of deposits and withdrawals from established and upcoming markets interested in Bitcoin,” a company statement explained. “This increased volume has made it difficult for our bank to process the transactions smoothly and within a timely manner, which has created unnecessary delays for our global customers. This is especially so for those in the United States...

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Since June 2013, the bitcoin exchange Mt. Gox has been struck by severe problems with fiat currency withdrawals. According to their press release of June 20th, cash withdrawals would be suspended for 2 weeks. On July 4th, a press release stated that withdrawals had fully resumed. Despite this positive tone, it was shortly noted by the user community that few withdrawals seemed to be occurring in a timely manner. Queries to Mt. Gox support since that time have normally been answered with a statement that it is taking several weeks for withdrawals and to please be patient.

Unfortunately, as of today, withdrawals of USD via wire transfer are still substantially delayed. Mt. Gox has refused to provide estimates of when these withdrawals might occur. While this has fueled speculation about potential insolvency of Mt. Gox, withdrawals in other currencies appear to be occurring fairly rapidly, with Japanese domestic bank withdrawals often occurring the same day. This argues against...

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Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank.

If you are new to Bitcoin, check out We Use Coins and Bitcoin.org. You can also explore the Bitcoin Wiki:

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Do not use URL shortening services: always submit the real link. Begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on...
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Update from OP, I just had the following exchange w/ the MGox support desk (note, at the very least they are prompt with their written responses):

Eiden, Aug 11 20:19 (JST): Hello,

Thank you for the email. On checking with your account we could find that you have made a withdrawal request on 2013-07-16 which made your status into "Confirmed". But on checking now your status of withdrawal has been changed to "Pending", which means you cannot do the cancellation, and we can hope that the withdrawal will be processed soon at this stage.

As per your request, I have cancelled your withdrawal done on 25th July for 800€ and the fund has been restored back to your Mt.Gox account. Unfortunately trading fee waiver is not possible from our end. Once the withdrawal has been "Confirmed", you can cancel the withdrawal by placing a request through ticket to us. But if status changes to "Pending", then we would not be able to cancel and credit back the money.

We do not...

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