- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Mt Gox suspends U.S. dollar withdrawals from bitcoin accounts
Posted on 6/24/13 at 7:34 am
Posted on 6/24/13 at 7:34 am
quote:
Over the past weeks Mt. Gox has experienced rising volumes of deposits and withdrawals from established and upcoming markets interested in Bitcoin. 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 who are requesting wire transfer withdrawals from their accounts.
We are currently making improvements () to process withdrawals of United States Dollar (USD) denominations, and as a result are temporarily suspending cash withdrawals of USD for the next two weeks.
Please be reassured that USD deposits and transfers to Mt. Gox will remain unaffected (
This is called a "run on the bank."
5
Posted on 6/24/13 at 7:45 am to LSURussian
Posted on 6/24/13 at 7:47 am to LSURussian
quote:
Please be reassured that USD deposits and transfers to Mt. Gox will remain unaffected
Yeah no shite
Posted on 6/24/13 at 7:49 am to LSURussian
time to buy BTC
Posted on 6/24/13 at 8:10 am to gizmoflak
I like how when you go to MT Gox it says
TRADE WITH CONFIDENCE on the worlds largest bitcoin exchange.......
how can I trade with confidence when you won't even let me sell my bitcoins?
TRADE WITH CONFIDENCE on the worlds largest bitcoin exchange.......
how can I trade with confidence when you won't even let me sell my bitcoins?
Posted on 6/24/13 at 8:22 am to ThaBigFella
quote:
ow can I trade with confidence when you won't even let me sell my bitcoins?
OH YOU CAN SELL. You just can't get your money out.
Posted on 6/24/13 at 9:47 am to Broke
This news is having a DRAMATIC EFFECT on the price of bitcoins.
BTC is in freefall right now
BTC is in freefall right now
Posted on 6/24/13 at 10:35 am to LSURussian
MtGox is probably losing money on transactions denominated in U.S. dollars. Since they lost the ability to conduct business with U.S. banks they are forced to use foreign banks. And those banks are going to charge fees for conducting transactions in a foreign currency. One fee for the deposit transaction, and another fee for the withdrawal transaction.
This should be more than ample evidence of what can happen when businesses disregard regulations imposed by governments to protect their currencies and collect taxes. They can erect barriers to businesses that make them uncompetitive, or even unviable.
This should be more than ample evidence of what can happen when businesses disregard regulations imposed by governments to protect their currencies and collect taxes. They can erect barriers to businesses that make them uncompetitive, or even unviable.
Posted on 6/24/13 at 11:04 am to LSURussian
quote:
Over the past weeks Mt. Gox has experienced rising volumes of deposits and withdrawals from established and upcoming markets interested in Bitcoin. 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 who are requesting wire transfer withdrawals from their accounts.
So there is some lag in their transaction network (withdrawals and deposits) and their solution is to temporarily suspend withdrawals only?
This post was edited on 6/24/13 at 11:05 am
Page 1 of 1
Back to top
Follow TigerDroppings for LSU Football News