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We are going to test a new low within hours of Stamp opening.
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This is conjecture on my part, based on Bitstamp's Twitter statements, such as "Working alongside the team from San Francisco, progress towards redeployment is strong. Huge thank you to for your confidence and patience."
Bitstamp desperately needs a few million dollars right now. Where are they going to get it? They're two unknown guys in their twenties, in Slovenia, with a mail drop in London. Nobody is going to fund that. If they were in Silicon Valley, they might be able to get VC funding. They have a user base; they're fundable. That's probably the motivation for the move to San Francisco.
Whether they can get funding remains unknown. If they'd closed a deal, they would probably announce it. So it's unlikely there's a deal in place.
I think Walsoraj figured it out: Stamp might be sitting on loads of unclaimed bitcoins from traders who are incarcerated or failed to submit kyc documents. However, most governments require unclaimed funds be turned over to the State. Perhaps Stamp believes it has legal standing to keep bitcoins on grounds that such laws apply to fiat funds only? Weak argument, but may buy Stamp some time.
Just a few months ago, Stamp required ALL traders to verify their identities to avoid forfeiture of balances. |
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Crosspost: Stamp might be sitting on loads of unclaimed bitcoins from traders who are incarcerated or failed to submit kyc documents. However, most governments require unclaimed funds be turned over to the State. Perhaps Stamp believes it has legal standing to keep bitcoins on grounds that such laws apply to fiat funds only? Weak argument, but may buy Stamp some time.
Would anyone be surprised by this after Stamp's requirement of ID verification last fall? |
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Stamp might be sitting on loads of unclaimed bitcoins from traders who are incarcerated or failed to submit kyc documents. However, most governments require unclaimed funds be turned over to the State. Perhaps Stamp believes it has legal standing to keep bitcoins on grounds that such laws apply to fiat funds only? Weak argument, but may buy Stamp some time.
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http://www.reddit.com/r/Bitcoin/comments/2row67/bitstamp_response_on_fiat_withdrawal/Below you will find the email that one of our subscribers sent to Bitstamp, followed by their response (after 20minutes).
To whom it may concern,
Until you bring the trading service online, I would like proceed by WITHDRAWING my FUNDS, not coins. Is there a particular reason I can't do that at the moment? I understand the "trading" / "coins" part, but the fiat part, where my money is stored in a bank account, is another matter.
Why have I been restricted access to my cash, especially now that you cannot provide any responsible ETA?
Best Regards,
xxax xxlxoxx
Sent from Samsung Mobile
Dear customer,
For the time being, you cannot withdraw bitcoins or fiat held with us. This is because we have temporarily suspended our services in an attempt to make sure that all of our customers’ Bitcoin and personal information remain safe. In addition; the technical and accounting issues related to your request would be too great from a risk based perspective for a secure re-launch of our website and service as a whole.
We are working to restore our full services in the coming days, at which time you’ll be able to resume withdrawals, deposits, and other Bitstamp services.
We’ll keep you updated as we know more about timing, both on our Twitter handle and website.
Best regards,
Bitstamp Support
Note that our subscriber's account holds more than $250k. For that amount we think that he deserves more than just a template email response.
We really hope for the best.
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http://coinorama.net/Huge buys on BFX but USD on the order book remains relatively static. Weird. Dark pool buyer?
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Informing your customers that there is a problem with the hot wallet and that deposits may result in private keys being lost is one very risky way of halting a crash. Who knows... It is just strange that the price is taking all this in stride.
If no one can send bitcoins into the exchange, they won't have any to sell. True. The deposit page shows this:  New deposit addresses forthcoming. The crash may continue. |
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New poll: how long until Stamp freezes trading?
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Crash was predictable/easy to time and started at china as always.
Nothing to do with this shit.
I don't believe there are many chinese traders on china's exchanges.   |
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Insiders learning of Bistamp's issues before the rest of us helps explain the crash. Naah. Yaah. |
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Insiders learning of Bistamp's issues before the rest of us helps explain the crash. |
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Just received. Dear customer,
Today our transaction processing server detected problems with our hot wallet and stopped processing withdrawals.
You should STOP SENDING bitcoin deposits to your Bitstamp account IMMEDIATELY as private keys of your deposit address may be lost.
Your bitcoins already deposited with us are stored in a cold wallet and can not be affected.
We will send you more info as soon as possible.
Best regards,
Bitstamp team  Get out while you can. Send your USD to Stamp's Ripple Gateway and buy XRP. |
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The 1HR chart on wisdom is the saddest thing I've seen in a while  Sadder than the 1D chart? |
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What about these economic collapses that are happening to various countries around the world at the moment?
There could be a chance that investing in stocks/bonds is like burning your money in x years time.
In such a scenario where worldwide wealth was wiped out, I assure you bitcoin would suffer worst of all. As we've already seen in real world scenarios, bitcoin is not acting as a hedge for wealth storage. -Bronn, Game of Thrones. Do you mean the siege is coming as an economic crisis, or do you think Bitcoin is under seige? Both? I mean that in an economic crisis, you will trade all your precious bitcoins for a potato. |
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What about these economic collapses that are happening to various countries around the world at the moment?
There could be a chance that investing in stocks/bonds is like burning your money in x years time.
In such a scenario where worldwide wealth was wiped out, I assure you bitcoin would suffer worst of all. As we've already seen in real world scenarios, bitcoin is not acting as a hedge for wealth storage. -Bronn, Game of Thrones. |
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FFS, zerohedge  Next you'll start quoting stormfront as your reliable source. Is Zerohedge not reliable? This about sums it:  See also http://rationalwiki.org/wiki/Austrian_schoolAustrian economics (or the Austrian school of economics) is a school of economic thought that eschews mathematical modeling and empirical testing in favor of a narrative approach termed "praxeology."[2][3]
As the claims of Austrian economists are difficult to verify through empirical testing (and the same economists openly admit to it), it is generally considered to be a heterodox approach[4] or outright pseudoscience. Austrian arguments as to why statistical methods cannot adequately describe human behavior can seem intuitively compelling, but they fail to provide the mathematical proof demonstrating why normally unbiased estimates suddenly become biased simply because they are dealing with people who make decisions. Perhaps one reason they are so uncomfortable with empiricism is that Austrian economists are more interested in defending the political ideology of libertarianism than they are in advancing economic understanding,[5] and rigorous testing can sometimes undermine deeply held political beliefs.
Can we take anything positive from it? Well, to start, its use can be found in no economy in the world... except Somalia.[6]
lol. |
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