Do you guys think it will ever recover back one day?
No. 3600 new bitcoins are produced every day. The market doesn't want all those coins, as shown by the falling price. Markus, Willy and other Gox price manipulation schemes were the only reason price went to two, three and four digits in the first place. Now that Gox is gone, Bitcoin is exposed as what it is: A poorly designed pyramid scheme technology that has zero utility for ordinary consumers. The only people who has any use for bitcoins, are a few thousand drug addicts and child pornographers. The speculative Bitcoin fad is over. Bitcoin will go back to single digits now. A lot of cultists, bulltards, early adopters and other bagholders will commit suicide in the coming months. I might do you wrong but I just can make out if this is biased or sarcastic, both, or simply unhappy. |
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Hi all.
I was looking into the zyado exchange and the website looks, well to put politely "old school".
Has anyone here tried them and wants to share?
HerrAndreas.
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I bought bitcoind.com a year ago, it was a hopefull time and the bitcoin price surge, so many bitcoin apps spring up.
I was full of expectations for Bitcoin, I finally got this domain after arduous negotiations.
I thought about how to use this domain name, to build a mining pool, a blockchain site, a online wallet or a payment solution gateway.
I'm a programmer, familiar with PHP and Ruby, I knew that blockchain, payment, mining and wallet all those have a similar business. I thought I should create a different service.
A bitcoin social site came into my mind, I thought bitcoin should have its own social site, we can share our bitcoin activities, write bitcoin blogs and create crypto currency groups, like facebook and bitcointalk.
A social website for bitcoin was online after a few months, I put a great deal of time and effort on this site. I was feeling relaxed after site online.
I'm not a good operator, I know very little about how to promote website, The weakness of this disadvantage was showing later, bitcoind.com only have 87 users in the past six months.
I still do not know whether bitcoin should have its own social site, yes, we have facebook and twitter, we have more choices to choose.
Maybe I should't use bitcoind.com to build a social site, cast pearls before swine.
Thanks for sharing your experiences. Yes. A social site was probably not the greastest idea, but you tried anyway. That sets you apart from all of those "if-only" dudes out there. Maybe before your next project (there always is a next project.), you could put a bit more attention to market research and have your business model reviewed before going all-in. Don´t try to reinvent the wheel. Maybe ask yourself not only what people could want/need, but also if your solution is better then the alternatives that are available. Anyway, I wish you good luck and I am looking forward to see what you will be up to next. HerrAndreas. |
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I have encountered similar issues with HitBTC that lead me to believe that the exchange is a complete scam operation. I have raised several tickets with support but so far have received nothing but evasive responses. After having my account "verified" I am not able to withdraw any fiat currency.
Support claimed that fiat deposits/withdrawals were delayed because of a "major update of our billing system". In reality neither HitBTC, Ullus Corp. or Hit Technologies APS have the required registrations and licenses to operate in fiat currencies.
Exchanges like HitBTC damage the reputation of Bitcoin.
The hitbtc.com problem is that it actually did work for some time and then started to produce and/or experience serious issues which now have brought the usability and trustworthyness to a grinding halt. I believe the reason is that the terrible mix of bad (read as: shady) organisational set-up and most terrible CRM have caught up with them. If hitbtc was planned as a scam from the beginning, I can not say (although there are some signs suggesting just that). When they did function, they functioned very well (very fast fiat deposits and withdrawals) and a highly active orderbook, but something always seemed a bit questionable. For instance their very competitive fee structure. For customers it is a good thing, but if not of fees how would they be making enough money to keep the exchange alive? Even if their trading volume was real (not their own bots trading back and forth) they would have a really hard time to even pay the rent for their serviced offices they gave as company seats. Let alone pay any personnel or hardware (servers and 24/7 tech support is not free). So their business model was very obviously somewhere else. From here on speculation is all that´s left. What is a striking fact is that they started out very well funded with their orderbooks well filled almost from the start, but never said who was behind that. It might be just a coincidence (although I seriously doubt that), but when shortly after gox going down and talks going on about some alliances buying up gox remains to continue from there a technically high profile exchange like hitbtc pops up (being run by a "company" with a latin joke name whos webpage comes in english and french who also ran catpay.com - meow? - cappucino anyone?) it smells like tux allover. But why not give him a chance for a fresh start? I and some others did just that (not having any super hard proof for the mentioned above anyway). But now. Now it´s fucked up again. Not working. Not paying out. I´ve been there before (getting those lovely fold up postcards from Japan). I have no intention of going down that road again. Hitbtc.com might get their shit together (they don´t have to come clean), but at the moment they are not working and it honestly does not look like they will resume to work anytime soon. btw: I still haven´t heard back from support and probably never will. Life goes on and fortunately there are other places to trade too. |
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You missed out the Kraken from your poll.
Very low volume or should I add LocalBitcoins too? Kraken is the leading Euro exchange with 1k-3k 24h volume, quite important for every European, and probably one of the most sophisticated exchanges. Kraken it is for me. |
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http://www.coinassociation.eu/events/Bitcoins: Rechtliche und unternehmerische Aspekte zur virtuellen “Währung” Bitcoin am Dienstag 20. Jänner 2015 um 18.30h in den Räumlichkeiten der Superfund Asset Management GmbH Marc-Aurel-Straße 10, 1010 Wien Es diskutieren: Christoph Burstup Weiss (Moderation, ORF, Radio FM4) Dr. Helgo Eberwein, Jurist im Innenministerium, Co-Herausgeber des Buches Dr. Anna-Zoe Steiner, Universitätsassistentin am Institut für Zivilrecht und am Institut für Europarecht, Internationales Recht und Rechtsvergleichung (Abteilung für Europarecht) der Universität Wien, Co-Herausgeberin des Buches Dr. Arthur Stadler, Rechtsanwalt, Kanzlei Brandl & Talos Rechtsanwälte, Autor Mag. Nicholas Aquilina, Rechtsanwaltsanwärter, Kanzlei Brandl & Talos Rechtsanwälte, Autor Dr. Christian Wimpissinger, LL.M., Rechtsanwalt und Partner bei Binder Grösswang Rechtsanwälte, Autor Dr. Philipp Klausberger, Habilitand am Institut für Römisches Recht und Antike Rechts- geschichte der Universität Wien, Autor Max Tertinegg, Geschäftsführer, Coinfinity GmbH Paolo Sommariva, Präsident des Vereins Coin Association Anlässlich der Vorstellung des Buches “Bitcoins”, 2014, erschienen im Jan Sramek Verlag, wollen wir mit Vertretern aus Praxis, Lehre und Wirtschaft darüber diskutieren, wie Kryptowährungen wie Bitcoin in Österreich einer Regulierung unterliegen oder unterliegen sollten. Neben steuerlichen und kapitalmarktrechtlichen Aspekten sowie der Betrachtung von Bitcoins als Alternatives Investment, werden auch praktische Anwendungen für Bitcoin-User und Bitcoin-Unternehmer diskutiert. merci vielmals fürs Posten. |
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That's why i just use BTC-e I can buy bitcoin without any verification / stupid question  Use exchange site without any verification / stupid question how does fiat in and out work for you at btc-e? last time I checked it was rather expensive and there were people complaining about their funds being "lost" or incorrect amounts being paid out. what´s your experience? |
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fucking hilarious.
and so close to the truth.
btw you will have to go through the air valve placement every few weeks, otherwise their compliance departement will have to keep your money.
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There are rumours of HitBtc, for many months. Is a bit strange it last that long. Usually or happen fast and explode.
the last thing to die is hope (of people with funds inside). and that´s why it took gox for instance over a year to collapse (remember those minmum 6 weeks to withdraw fiat months before it finally imploded?). The guy behind hitbtc does and so do I. |
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If and when hitbtc starts to live up to the promises it makes, I would consider moving some of my trading back to them, but as long as support replies always come with the bitter feeling of "I cant be bothered to care" and most important of all, as long as money simply gets "stuck" (or frozen or whatever you call it) it is nice to look at, but also as useless as a screensaver.
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Strange thing here is that stevec seems to be the only person with such problems. They have has several markets and if you take a closer look you'll see there appear to be several mm's, operating on the exchange. And no other claim. Why? If, as you say, they are about to shut down, there should be at least >1 complain of not paying out. Seems like this story might be a little bit more complicated.
it is indeed strange, that you hear so little from other users. NOt even anyone coming forward to say that for him everything works fine. I believe that a great part of the market making happens very close to the servers. when they started out they had a super constant trading volume which was not the least impressed by volatility. This changed from one moment to the next when someone pointed it out on reddit and accused them of orderbook manipulation. Check the meanwhile closed official hitbtc thread here on bt and the historical data from bitcoincharts. It seems indeed, that most of the trading on hitbtc is not made by people who read (let alone write) anything here. It is most likely that they have run into problems with their bank and that their account has been frozen or closed (happened to many others before - bitstamp, which changed from unicredit to raiffeisen and and others had the same problems - including myself). In the end it doesn´t really matter why they are not able to pay people their fiat balances. |
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That's a pity. It is one of the very few exchanges I have been using. I really liked the interface and the trading engine.
I think if they fail to get around the fiat problems, they should just make it a crypto-trading exchange and dump the fiat support. This way they can better focus on what they're good at.
it´s a pity indeed. The engine and interface are really of high quality and if I am right about who wrote (/adapted) it it was made by someone with good experience in programming for paymentsystems and trading engines. but (there is always a big but), that level of professionalism showing in the technical aspects, was never reflected in the organisational structure (shell in a shell in a shell), their banking setup (qed), or the quality of support (you hardly ever got anything then a standard phrase as reply). It is still an awsome bot-playground and I would surely recomend it for testing your bots (they even have a seperate "virtual" exchange - how awsome is that?), but when it comes to doing business it is reliability and support if something does not work as expected. And those reqirements are simply not met at all. As you said, it´s a pity. |
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Bitcoin price is going down = exchangers are making millions from the difference of price. Bitstamp will pay(IF) the so called loss from your money not from their own pockets. - let's say you bought 250 BTC with 100K via bank wire. 1 BTC = 400 - you trade for a while and you see the price is going down. what do you think? hey, let's sell and I am recovering a part of my money; and you sell. - now, you will you see 250 BTC for 70K. 1 BTC = 280 USD The exchanger will send you the bank wire for 70K but he is sending the transfer from YOUR 100K.  Exchanger profit = 30K because he has your 100K (USD/EURO) in his bank account already. Now, a new "investor" will come thinking "Bitcoin price is down, it's time to buy". The price is raising and then it will fall. Of course, the big exchangers are "giving" money from the previous HUGE earnings just to attract new fouls with new funds. Smiley This is for a short period of time. They give "some" and they will earn A LOT. That's why they need visibility/noise in the news. Because with every single news other fouls will come with new funds. ...And that's why the exchangers are having very, very low fees of 0.2% for trading or free for withdrawals. They do not care about these money. The REAL money are made with the Bitcoin price. How can financial company exists with 0.2% per transaction? There are few BIG exchangers(Bitstamp is in this gang) and they give the Bitcoing price. They know the market, they know what funds are coming, the other small exchangers are related with them(all the small exchangers are exchanging with the big ones) . Now, tell me. Do you really think that there is no manipulation on market? I am not addresing the question to monkeys, hipters but to people with a human brain Smiley Get real, the exchangers are making millions from the Bitcoin price and not from "trading" Well, no. 1. You tend to forget that you do not trade "with" an exchange, but "over" an exchange. If youa ctually bought at 400/BTC and then sold at 280/BTC someone will be having the money you now do not have anymore. But this someone is not the exchange. It is another trader (could be me;). -->exchanges need the money from fees (there are way better ways to cheat anyway). 2. Yes there is manipulation. massive manipulation. it is because it is not forbidden at all. But again, giving only the exchanges credit for that would be wrong. simply unregulated market. live with it or go to a regulated market. but don´t make yourself be sorry about it. -->Why does a dog lick his balls? right. that´s why. 1. so, you send 100k to an exchanger to buy 250 BTC/400 USD and then you sell 250 BTC for 270 USD. The money are already in the exchanger's bank account; those 100 K. you will only get 70k. there is a difference of 30K IN THE exchanger's bank account. 100-70 = 30K "other trader"(or maybe the exchanger in disguise), anyway...you as seller do not care, is coming to buy 250 BTC but for 270 USD for a total amount of 70K. what did I say wrong? you will lose 30K in any way you want. This money belongs to the exchanger because he received your initial deposit of 100K. The new "trader" will have to wire 70K to exchanger in order to get 250 BTC. 2. you are right. unregulated market. then,the people should not cry after their money lost with MTgox or with other exchangers. I see where you are going. So all the money in the exchanges bank account belongs to the exchange? well that is only true, if you believe the exchange will not payout your fiat balance and simply keep the money (Then again all the 100k would be "lost" as soon as you deposit them). But this is not what is going on at bitstamp, this is what is going on at hitbtc right now. |
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Bitcoin price is going down = exchangers are making millions from the difference of price. Bitstamp will pay(IF) the so called loss from your money not from their own pockets. - let's say you bought 250 BTC with 100K via bank wire. 1 BTC = 400 - you trade for a while and you see the price is going down. what do you think? hey, let's sell and I am recovering a part of my money; and you sell. - now, you will you see 250 BTC for 70K. 1 BTC = 280 USD The exchanger will send you the bank wire for 70K but he is sending the transfer from YOUR 100K. Exchanger profit = 30K because he has your 100K (USD/EURO) in his bank account already. Now, a new "investor" will come thinking "Bitcoin price is down, it's time to buy". The price is raising and then it will fall. Of course, the big exchangers are "giving" money from the previous HUGE earnings just to attract new fouls with new funds. Smiley This is for a short period of time. They give "some" and they will earn A LOT. That's why they need visibility/noise in the news. Because with every single news other fouls will come with new funds. ...And that's why the exchangers are having very, very low fees of 0.2% for trading or free for withdrawals. They do not care about these money. The REAL money are made with the Bitcoin price. How can financial company exists with 0.2% per transaction? There are few BIG exchangers(Bitstamp is in this gang) and they give the Bitcoing price. They know the market, they know what funds are coming, the other small exchangers are related with them(all the small exchangers are exchanging with the big ones) . Now, tell me. Do you really think that there is no manipulation on market? I am not addresing the question to monkeys, hipters but to people with a human brain Smiley Get real, the exchangers are making millions from the Bitcoin price and not from "trading" Well, no. 1. You tend to forget that you do not trade "with" an exchange, but "over" an exchange. If youa ctually bought at 400/BTC and then sold at 280/BTC someone will be having the money you now do not have anymore. But this someone is not the exchange. It is another trader (could be me;). -->exchanges need the money from fees (there are way better ways to cheat anyway). 2. Yes there is manipulation. massive manipulation. it is because it is not forbidden at all. But again, giving only the exchanges credit for that would be wrong. simply unregulated market. live with it or go to a regulated market. but don´t make yourself be sorry about it. -->Why does a dog lick his balls? right. that´s why. |
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As I remember, their story with new re-verification started late in October. And there was a reddit discussion about their bankruptcy or whatever. And the exchange is still alive. And today there's another one which is muuuuuuch more alike to go gox)))) The main contradiction here is that, damn, that hitbtc is working on their platform. I did a small esearch last month... They added some features like brokerage reports, and are testing some new ones (contract trading, ++)... A goxing exchange would not act like this... Another "pro" is the user complains who can't pass verification to START trading ( https://forum.hitbtc.com/discussion/29/i-am-being-denied-verified-status-and-i-don-t-know-why#latest). Looks more like they experience some pressure from outside concerning AML policy... A potential bankrupt does his best to get as much money as possible and ASAP. That's what they are not doing. p.s. I never had more than 200 euro on my account on any exchange. I don't know, what would I do if I had over 10 000 stuck somewhere. So, please don't follow my point of view blindly. I just think that it is all not as bad as you say. nah. that is not what is happening. I have been through all the full verification to deposit and withdraw a few k euro daily and went through the "new" verification again (I´ve been active on hitbtc for the larger part of 2014). What they ask for is what all the others want (makes sense, since the same AML regulations apply to all of them). They had that from me and they got it again. And now the say something about "current AML" regulations and that the money is "frozen". But at the same time suggest to move the money out by exchanging eur to btc (at their higher then elsewhere rates). There is no new regulation since the last verification I went through with them (a few weeks ago). They worked fine for some time, but now they seem unable to process fiat withdrawals (not more then a few k). I believe they either are an honest exchange and just don´t have the money or they are an dishonest exchange and well, it was a hitbtc and run. Either way, they do unexpectedly not process larger fiat transactions and I dont care why. If something doesn´t work, it doesn´t work. |
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Im relatively new to bitcoin and trading.
Since Bitstamp is down at the moment i wanted to ask you guys about other options. Im looking at itbit.com, any thoughts?
it´s already some time since I took a closer look at itbit, but as far as I remember the ridiculous long withdrawaltimes kept me waiting for improvement. other places: -bitstamp (if and when it comes back) -bitfinex -kraken (one of the best when it comes to regulatory compliance and openess about who is actually behind it) and ofcourse -bitcoin.de (which is a marketplace much like ebay, but just for btc. They have a good escrow service and probably the best support you could wish for.) [you are welcome to use my affiliate link btw: https://www.bitcoin.de/de/r/kbrt22] --trustworthy but very low volume: -bitcurex --seems to work, but take extra care (there have been temporary hick ups): zyado --not a great idea (anymore.): -hitbtc (they de-verified bank accounts, so thgey could keep customer fiat balances and there are reports of market making payouts not made) Anyway, if you are just starting out in btc trading, I´d suggest you stick to the established exchanges (kraken, bitcoin.de, bitstamp) and NEVER FORGET: there is no free lunch. and if something sounds too good to be true, it is not true. there are very many scammers. good luck. |
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MRW How I feel after pulling out of stamp last week. PRETTY GOOD!   It´s just how I feel about pulling out of hitbtc last week - after they halted fiat withdrawals by de-verifying bank accounts. |
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http://nakamotoinstitute.org/mempool/dont-panic/imho that link should be automatically posted in here every 2 hours. concerning stamp, what other course of action would you suggest if indeed a hot wallet was compromised but to hit the big red stop button and sort it out before doing anything else? Btw, the instability of all (ALL) exchanges is why there is any money to be made in the bitcoin world. stamp has been holding up much better then most others.
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