Bitcoin Forum

Wanted to take a moment and remind everyone that btc-e is an honest exchange. There is just too much speculation on the topic because obviusly US based exchanges can't compete with an ofshore one (in your face land of the free) but in fact btc-e has been serving it's customers right since day 1. It playied a really important role in the rise of litecoin and altcoins in general. Btc-e is the perfect example of what every exchange should be like.


Btc-e destroying 110K premined NovaCoins transfered in their exchange over a year ago:
https://bitcointalk.org/index.php?topic=144158.0

Don't come crying if they run away with the coins  ::)

anything is possible

Yeah who know about the guys behind BTC-e. They've been around long but as far as I know never gone public or had their stash of BTC and fiat counted by a third party

Mark Karpeles is a perfect example that publicity doesn't protect your money.

+1 well said!

i made a lot of people mad 2 years ago when i claimed btc-e was a lot more trustable than mt gox...

so much for what g. maxwell knows. i do not feel sorry for anyone who listened to him.

Well at least there is someone to blame and put in court. If BTC-e goes blank who to blame? No one but the users!!

mark has not been charged with a crime. his personal assets have not been seized. he stole half a billion and got away with it.

That doesn't however mean that it's safer to operate with anonymous individuals.

Everyone is honest right up to the point they rip you off.  So it's better to evaluate the risk based on what options are available to you in the event that they do rip you off.... anonymous individuals in maybe Russia = almost no options.

Plus like others have said they also do not make any of their holdings audit-able.

good point

Same here. I was also posting here that BTC-E was more reliable than Gox, but some people even made threats against me for saying so. Their argument was that since the Gox owner was not anonymous, he should be a reliable person.  ;D

yup, we had to face a lot of abuse and still get shit. oh well, we have our money and we did not help mark rob from others.

LOL and gox did tons of KYC and AML, so they must be honest right? KYC is the opposite of KYP (know your provider). It only serves to fuck the customer not protect them. Third party audits are there to protect the customer; hopefully btce does it soon.

they only did that cuz the DEA had them by the balls cuz of their laundering drug money (silk road).

so glad the btc foundation is trying to save gox, lol.

I dont trust BTCe as far as i could throw them anymore. It takes them weeks to answer even simple support tickets. they are just as bad as gox, only they havnt ripped many people off YET!

 So your advocating to keep rewarding failure after failure? You cannot possibly mean that. Not in your right mind!


 Capitalism NEVER rewards failure. Not real capitalism. Not before 2008. But of course that is not what has been occurring since 2008.


 So let's just print up 40+ TRILLION Dollars worth of new Monies world wide and see how that works! Wait, they just did that from shore to shore all over the world and that only dug us all deeper into debt.



 Real Capitalism NEVER rewards failure.
=========================


 Until 2008 we used to toss the crooks in prison, even 10,000 Bankers in the 1980's went to PRISON. Put their banks/savings & loans into receivership, fix their messes, and sell off the assets or sell the business to strong concerns. But apparently today we can just reward failure?
NOT.

 
 We NEVER Rewarded Failure until September 2008
================================



 But The FED has been Rewarding Failure Ever Since
=================================



 As are Every Central Bank Rewarding Failure
============================



 NO ONE will bailout Bitcoin should it fail.
=========================


 NO ONE bails out little banks, Businesses or People should any of them fail.
===============================================



Bottom Line:

 NO ONE and NO BANK is Too Big To Fail.
==========================

they lied.

 But then their are more fools today than ever before and they just do what their told and are obedient worker slaves. Debt slaves.

 With Real Capitalism there is always Risk. With Real Freedom there is always Risk. Without risk nothing is real, nor worthy.

 Reward Failure ??? You must be joking!!!


 Besides Gox is gone, and no scam ridden ploy for 1 btc is going to be able to re-purchase it.

 The only value left is the mailing list.

 Mt. Gox itself has negative value.

 Especially one ridden with a ton of debt rebooted, no one besides re-inflated fools is going to take it seriously unless it has a clean balance sheet.

 That whole scheme to re-start it is a pipe-dream fantasy born by a fool's fool or worse.

 I do understand why those that lost at Mt. Gox want this to occur. It wont occur. And even if it does it wont succeed without massive amounts of capital to repair the Balance Sheet. Of course any prudent, success businessful person knows that, as do CPA's, Accountants, and many others. And only a Fools Fool would toss that amount of monies into Mt. Gox at any stage going forward until it was fully repaired and extremely healthy and viable, not to mention extremely well managed.


 I suppose next we're suppose to bailout Bitcoin should it fail.
What nonsense.


 Please, I do understand, but start thinking clearly. This is exactly why Bitcoin was born. For these very reason.



 Reward Failure? NOT Acceptable except in Centrally Controlled Empires, Dynasties and Fiefdoms.

 But then some are too young to know Real Capitalism.


 Here is lesson #1.
=================

 Real Freedom is NOT Free.

 Real Freedom has Risks.

 Failure is not rewarded.

 But hard work is rewarded.

 So is genius and talent.



 Bitcoin is Genius.

the "lol" should have clued you in i was being sarcastic.

never trust the exchange. keep as minimum coins as possible there

None of the exchanges are honest, just some are more cooked than others. Btc-e has been the best exchange so far, but you never know if and when it'll go down. Best thing to do is use paper wallets with in-person trades.

I regret to send my materials to mtgox. although in the end they still didn't validate them...

Why would them caring about their anonymity; have any bearing about them caring for your anonymity?

Plus....what do you care about more your anonymity or your money?
If given the choice between the losing their anonymity or losing their money I would think most prefer to keep their money.

For example if presented with two options:

A) Exchange is harassed by US gov into handing over all your information

B) Exchange disappears with all your money


Granted both options are bad; but if you prefer option B; then it would seem the money was ill-gotten?

btc-e is run by rational person.

Running a legitimate exchange is more profitable than scamming people and run away with people money.

I wouldn't expect that the exchange can earn profit greater than the total amount of all deposits during its lifetime?

I haven't done the math, but seems unlikely at (how much to BTC-e charge 0.2%?)

You need to take growth and brand into account.

They can easily start another service with little trust issue.


If a new company start the same service, it will take many months before people will start to use it. That is assuming no new reputable company come in to capture the market first.

Keeping very little funds on the exchange so that you unaffected in the event of a total loss; and *trusting* an exchange are too entirely different things.

If you keep only a small amount of money on the exchange, so that if it is lost you don't care that much; then it doesn't really matter whether the exchange is honest or not.

But I guess this only applies to people who are trading what they consider to be pocket change.  If you are trading what you consider to be a meaningful amount of money then IMHO you'd value stability/transparency more than anonymity.

I've never had a single problem with them. And the fact that they like to keep themselves anonymous is a PLUS in my book!

There is truly too much speculation about this.   

nice comment!

You have to keep your money in there at least while you are doing the trade and that whole in/out process might take several days to a week or more depending on your location etc....  so you still need to trust them for at least that period.

I trade enough that I'd be pissed if it disappeared.

Holy cow, they make so much money, the 0.2% is probably more in a month than the entire coins funds they hold

Why slaughter a milk cow huh?  ;)

They won't run I don't believe it.