Mt Gox suspends U.S. dollar withdrawals from bitcoin accounts | TigerDroppings.com

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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80158 posts

Mt Gox suspends U.S. dollar withdrawals from bitcoin accounts


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 ( ), as will deposits and withdrawals in other currencies, and we will be resuming USD withdrawals once the process is completed.


This is called a "run on the bank."







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AUtigerNOLA
Auburn Fan
New Orleans, LA
Member since Apr 2011
9617 posts

re: Mt Gox suspends U.S. dollar withdrawals from bitcoin accounts








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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
11792 posts
 Online 

re: Mt Gox suspends U.S. dollar withdrawals from bitcoin accounts


quote:

Please be reassured that USD deposits and transfers to Mt. Gox will remain unaffected


Yeah no shite






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gizmoflak
Georgetown Fan
Member since May 2007
8960 posts

re: Mt Gox suspends U.S. dollar withdrawals from bitcoin accounts


time to buy BTC








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ThaBigFella
LSU Fan
baton rouge
Member since Apr 2006
2043 posts

re: Mt Gox suspends U.S. dollar withdrawals from bitcoin accounts


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?






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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
55548 posts

re: Mt Gox suspends U.S. dollar withdrawals from bitcoin accounts


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.






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gizmoflak
Georgetown Fan
Member since May 2007
8960 posts

re: Mt Gox suspends U.S. dollar withdrawals from bitcoin accounts


This news is having a DRAMATIC EFFECT on the price of bitcoins.

BTC is in freefall right now






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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
14948 posts
 Online 

re: Mt Gox suspends U.S. dollar withdrawals from bitcoin accounts


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.






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ZereauxSum
LSU Fan
Lot 23E
Member since Nov 2008
7990 posts
 Online 

re: Mt Gox suspends U.S. dollar withdrawals from bitcoin accounts


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 at 11:05 am


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