Bitcoin Forum

All these Exchanges and Wallets keep screwing us in the Arss..



From Mt Gox, to BitStamp, to now Coinbase...  They all now say..   Withdrawals will be delayed..


BULL CRAP..

If they cant take the heat, get out of the damn kitchen and go out of business..


And a lot of people on this forum defend them..  I cant figure out for the life of me if they are just shrills that work for these places or just really that dumb???

Try this.  Go to your local back and make a withdrawal of YOUR MONEY... After all it is your money, and see what happens if they tell you Oh we are sorry but withdrawals are delayed and you will get YOUR MONEY in 6 weeks...   Yea right..

I believe these places are pure and simple RIPPING US OFF and as long as this continues Bitcoin will never be NOTHING.



All these places should be put out of business and people should end up in prison.

It's called a bank run. Happens quite often.

I'm no expert on this, but it's not their fault. A lot of banks don't want anything to do with bitcoins.

You are correct Voogru. Consider this as a bank run. Coinbase is pretty good with bank deposits/withdrawals.

Maybe if you live in Greece or some third world hell hole. In the US, depositor`s accounts are insured up to $250,000.

On the BTC exchanges, your accounts are not insured at all, and you actually run the legitimate risk of having your funds mishandled or downright stolen. So OP has a point.

securities and asset issuers are the worst risk because most of them, if not all are well played scams designed to steal your coins and get away with it ..BEWARE !!!!

Third world hell hole? I bet you dont even know the true meaning of 1st world and 3rd world, lol.  and what makes the US so great? Honestly, they are first in almost nothing, except the number of people in prison, obesity, highest cost of healthcare, those kinds of things. Ive live all over the world, and grew up in the US, the US is by far no where near the best country to live in.

Okay Mr. World Traveler, if you live in a country where people are experiencing bank runs, you have no right to put down the US.

I have yet to see someone defending Mt.Gox. Still i think people are tolerant to small delays because they understand that most bitcoin businesses are operating on uncharted waters...

I at one point had to wait 4 months for gox not to send money to my bank account, but to issue me a refund that I finally requested on the 2nd month, great service.

Only exchange that I actually have had really good experience with is www.cavirtex.com the canadian exchange (thankfully, I'm canadian), all others seem to suffer from bank closure issues.

Beyond general incompetence and scalability issues, I hate to say it -- I know it`s an evil word around here -- but we`re dealing with a largely unregulated market. Bitcoin`s strength is also a weakness in many regards. I`m no fan of regulation, but when you have exchanges operating out of Bulgaria, you`ve got to accept that oversight is essentially non-existent. Hopefully this improves as the community grows larger, but combined with the other factors I mentioned, there is no good reason to think we`ll see any major improvements anytime soon. If you`re a fan and proponent of bitcoin, you`ve gotta take the bad with the good.

im sorry but bitcoin will never grow because of delays in giving you fiat? to me i see this as fiat will not grow because people will be less inclined to go back to fiat.

why cash out your bitcoin to then in 3-5 days spend fiat to buy food or clothes:
when you can go to foodler and buy food delivered to you in an hour with bitcoin.
when you can go to gyft and get other retailer vouchers within minutes with bitcoin.
when you can go to bitcoinstore and have a TV delivered before fiat would even reach your bank, purely by sticking with bitcoin.

to the OP ... settle the fuck down. These are all growing pains of an experiment that just so happens to be , every day, becoming more and more a reality.
Its not bitcoin's fault, its not necessarily even the service providers fault. Its the current monetary systems employed by the state powers of the world that makes it a pain for us.
If anything, look at it as a downfall of traditional monetary systems. Not Bitcoin.
Therefore, get angry at the systems in place. Not Bitcoin.

Fractional reserve bitcoining? hmmm

thats not because of the exchanges, thats because of the banks and the regulatory. banks hate bitcoin. we have to fight here.

These are exchanges though, they should be able to cope

That's not a good excuse because some exchanges manage to operate at a very decent level. Aren't those using banks as well?

I'd be shocked if Gox weren't doing this.

Not really.

FDIC insures ten trillion in deposits.
FDIC has 30 billion dollars, plus 100 billion dollars line of credit.

Not exactly very solvent.

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