you big playa lucky senior

my simple mind question:

If we all see the price in free fall, who buys on the way down?
Why not cancel all buy orders and wait for a better moment, because right now every minute you wait more is more btc for your buck.

very complicated...

I also tried that. "Waiting to be processed" since 1 1/2 hrs....

but I guess there is quite some queue for leaving bitcoins at the moment.

What I find really surprising is how unimpressed other exchanges are. Maybe its just the exit line which is delaying the arbitrageurs.

where do you see it still droping?
I see stamp hovering around 622.

So if I get the idea right for the manipulation scenario to be successful people need to panic sell after the initiating dump has finished to push the price even lower to a level where buying back in makes any sense (profit). I can only see this working if people can be convinced of scenario No. 2.

For scenario 2 to be true it would have to be something not only wrong but also imminent. Otherwise a slower selling approach would give more fiat. So if bitcoin has not ended by tomorrow morning (technically broken or banned in relevant markets) it was just pure market manipulation.

either way, I wish I had more fiat at stamp right now...

can anyone give me a reason why someone is dumping such an amount on bitstamp?

I simply don´t get it. To me it seems like burning money.

wtf is going on on stamp?

[EDIT: for some reason the comprehensive reply to my concerns above by hitbtc was deleted again. Looks like we are exactly where we were before. not cool.]

thank you for your reply.

I am very glad, that you have adopted this approach to questions raised.
As stated before my intent is not in the least to insult or attack hitbtc.com, but to get answers in regard to questions which are fundamental to my decision to trust you with my money.
As the evolution of this thread has shown I am not alone with this sentment and for this I must applaude your public and more important comprehensive answer.

Concerning your handling of deposits, withdrawals, and the technical aspects of your platform. I never was given reason to doubt your professionalsim. On the contrary. In my view you are doing an excellent job at those subjects.  I hope you can manage to keep up the standards you have established.
I will gladly look into the details for the companies you have provided and continue business with you if what I find fits my risk propensity.

For the time being I wish you good luck with your ventures and hope for you to uphold this open approach.

HerrAndreas.

hello hitbtc,

So are there any news on the legality [EDIT to avoid confusion in terminology:] legal status of the company behind hitbtc.com?

Unfortunately you did not manage to answer the concerns raised on the previous pages of this thread about who actually runs hitbtc.com (and who could be contacted, if for one reason or another your website went offline).

It is ofcourse the case with other exchanges (just taking btc-e.com as an example), that traders have come to terms with the fact that they do not know who they are sending money (or btc) to when they deposit to their trading accounts. If those exchanges went offline due to technical issues, bad management, or straight out fraud (all three things have happened before) users stand a high chance of being permanently parted from any funds they would have held at such an exchange. This a risk which not few users are willing to take for the sake of anonymity or chances of profit.

Hitbtc.com has taken the approach of presenting itself as a legitimate operation and has always claimed to be run by a registered company (originally ULLUS CORP from Panama and later on by HIT Technologies K/S from Denmark) even bearing a license as financial institution in Hong Kong. This approach is something I consider to be an extremely good and most welcome idea because it brings the bitcoin economy within the scope of more potential users who might be scared to send money to someone they do not know anything about.  

BUT (there is always a big BUT), reality (hard and publicly accessible) facts do not seem to live up to these claims.

1. HIT Technologies K/S is not in the danish company register (as has been pointed out by another poster before) and therefore not a registered company in Denmark. absolutely no arguing about that.

2. beneficiary of deposits is anyway ullus corporation in Panama ("ullus" is btw latin for "any"). So that is where customers money is kept.

3. trade volume on hitbtc.com has been subject to many speculations and fuel to rumors, as it seemed completely immune to the market until the 14th/15th of may when it dropped from a steady daily 1000 btc to about a third of that (Just saying "it is normal" when it is most obviously everything but is not an adequate reply).



This is not an "unfriendly attack" on your organisation (as you did reply to one user who asked for information before).
This is not asking you to unveil any secret (aka non-public) internal organisational details.
This is just asking you to live up to the expectations you yourself have created in the first place.


p.s.: please do not answer by posting your compliance or support email and telling me to ask you those questions in the privacy of an one-on-one email conversation. I did exactly that last week and apart from your support person saying that the issues raised by me were sent to the management nothing happened at all.

Please just answer by answering.

going in or coming out?

thanks for not adding hitandrunbtc.com

This is starting to get rather amusing.

a contest in trading for monopoly money is getting more attention from people registered at bitcointalk.org than a long row of red flags concerning the trade for actual money on a btc exchange with high volume?

So all the (real) people producing that volume on the real exchange are not interested to talk about real red flags on bitcointalk.org?
That is funny. and I somehow think it is not very likely.

Hello hitbtc,

I must say I am very happy with the speed of your support replies, concerning the withdrawal problems and also my questions regarding the "trusted" account status. Also the withdrawals went through in an extremly timely manner.

Thank you also for publishing your hq office adress.
This is something which means much to people trusting (or considering to trust) you with the funds they trade at your exchange.
I would still like you to give a little more information.

1. Since "K/S" is the danish equivalent to a registered german "Kommanditgesellschaft" or a "private limited partnership" in english speaking countries you must have a CVR Number in denmark. What is this number?
Apart from that there must be at least one general partner whose liability is not limited with his investment in the company but unlimited. This information I believe has to be public for a registered company of your kind. Who is this?

2. Please also elaborate on why the postal adress to send notarized documents to qualify for a "trusted" account is not an address of your company, but an estonian translation service provider (http://www.interlex.ee/lang/en/) which apparently has no direct business connection with your company.

thanks in advance for your time and understanding how important the answers to these questions are for anyone considering to trust your company with their bitcoins and Euros,

HerrAndreas.

I noticed hitbtc.com swinging in average price from constantly below to constantly above the most otgher exchanges.
Does anyone on here have ideas why this is happening?

Who is buying there?

(Speculations are welcome   )

first withdrawal arrived at my bank account.

If we can keep up this turnaround time with regular withdrawals and resolved limits issue, we will do a lot of business in future

HerrAndreas.

thank you for the active support contact here and via email.
Unfortunately there seems to be some issue with the limits active for my (verified) account.
As soon as the first (part of what I originally wanted to withdraw) arrives on my bank account I will also update here to confirm it working.

It is reassuring to obviously be only one of a very few people experiencing these withdrawal issues, as your platform works like a charm apart from this bottleneck on the fiat exit side which I am currently experiencing.
Nevertheless I would highly appreciate having this episode resolved.

HerrAndreas.

well, actually I am still running into "invisible" limits (well below balance and verification status related withdrawal limits).
even if only a few people are experiencing this, I´d rather not be one of them.

please comment on the current situation regarding non-working fiat withdrawals.
the issue is too serious not to be talked about.

dear hitbtc, this is extremly urgent.
pls update as soon as possible.

dont want to get goxxed again...

thanks.
but no thanks.

I prefer to trade myself.
I only have to trust the person in the mirror and I get to keep all the profits (excluding taxes).