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Title: Bter.com doing a fractional reserve scam? ("Waiting for balance...") Post by: Yoshimo on March 25, 2016, 12:56:17 PM Just signed up to bter.com because the exchange looked quite legit.
As always with cryptocurrency services, I tried them out with a small amount first before sending in more money. Exchanged some BTC (Bitcoin) for XMR (Menero) and tried to withdraw the XMR. And know what? It didn't work! Seriously guys, is there even ONE exchange that doesn't hold your funds hostage?! >:( On Bter's XMR withdrawal page my withdrawal is listed with the following status: "Waiting for balance..." To me this looks like a fractional reserve scam, i.e. Bter doesn't have enough XMR in their pockets to meet all [actual/possible] withdrawal requests. Opened a ticket on their support page and will report any news on that issue the same way I did with my (now solved) Poloniex problem: https://bitcointalk.org/index.php?topic=1261707.msg14163860#msg14163860 (https://bitcointalk.org/index.php?topic=1261707.msg14163860#msg14163860) Title: Re: Bter.com doing a fractional reserve scam? ("Waiting for balance...") Post by: Fortify on March 26, 2016, 04:42:32 PM I am not familiar with a BTC to XMR currency trade, how small a figure are you talking about? Did you include the correct fee for miners to process the transaction? I don't know how up front BTer are with the fees, but they must be taking a commission or earning money at some point for using their platform. I'm not sure it is fair to judge them based on the miniscule payment scale at one end - still useful to point out. There have been other bter warning threads recently.
Title: Re: Bter.com doing a fractional reserve scam? ("Waiting for balance...") Post by: digit on March 26, 2016, 09:26:31 PM Looks like they are attempting to worm their way out with a sudden delist of over half the coins they have there, after a year of silence on their twitter >:(
https://i.imgur.com/yhQcAxx.png https://twitter.com/btercom/with_replies https://twitter.com/btercom/status/713730014080999424 https://twitter.com/btercom/status/713728803797733376 They also now steal 1% of a users coins at the point of withdraw now as part of their new Cryptsy style fee structure added a month ago. Quote from: https://bter.com/article/6350 Deposit /withdrawal fee structure on bter for cryptocurrencies was quite complicated due to historical reason, different fee structure for different currencies. To make it simple, bter has adjusted its fee structure. For any cryptocurrency, there is a bonus of 1% for deposit, and a fee of 1% for withdrawal (plus the fee for transfer currencies via networks when withdrawing, which is different for different crypto-currencies) Below is a list of the coins that have had their markets frozen and hidden from view, many in the list currently have working and live blockchains and some may have required an updated wallet, but BTER ignored and did nothing while prevented users from withdrawing even disabling the withdraw function on some coins. There is also the BTC_B which is bitcoin they owe to users that was stolen in the hack 1 year ago, I've check my own balances and have heard from others as well that very little if any has paid back. https://i.imgur.com/wudfGAC.png?1 Delisted Currencies(for withdrawal only): ::) BitShares X BitUSD BITUSD BitShares X BitCNY BITCNY AsiaCoin AC Archcoin ARCH Atomic ATOMIC AuroraCoin AUR Boolberry BBR BlockNet BLOCK BitBar BTB CryptoBuck BUK Cloudcoin CDC Communitycoin COMM Pennies CENT CosmosCoin CMC NeoDICE DICE DarkCash DRKC(NOT DRK!) Extremecoin EXC Freicoin FRC FreshCoin FRSH GhostCoin GHOST GameLeagueCoin GML NXTInspect INSPCT KlondikeCoin KDC LottoShares LTS MemoryCoin2.0 MMC MultiGateway MGW MRKT FreeMarket NavajoCoin NAV nas NAS NeoCoin NEC NetCoin NET NFD NFD NODE NODE Pangea PANGEA DPOS PTS Qora QORA RoxCoin ROX Slimcoin SLM Spark SPARK BitSwift SWIFT TagCoin TAG ZCCoin ZCC nTx nTx(NOT NXT!) Title: Re: Bter.com doing a fractional reserve scam? ("Waiting for balance...") Post by: gentlemand on March 26, 2016, 11:01:26 PM You didn't google it beforehand? If you'd asked here everyone would've told you it's basically fucked and has been for many, many months. I'm surprised it's still operating at all.
Title: Re: Bter.com doing a fractional reserve scam? ("Waiting for balance...") Post by: Yoshimo on April 04, 2016, 12:15:53 AM Good news: I got my coins back during last week!
Sorry for the late feedback - I was on easter vacation. No explanation was given to me on what had caused the delayed withdrawal. |
