Bitstamp has nothing to say, it's very strange.
That's really what scares me, yes. There is a Bitstamp guy replying on Reddit, but he has hardly stated anything useful. And it's not just that they have fucked up because they're idiots, they are -still- fucking up. Problems started weeks ago, they still haven't closed the door to new users TODAY. Binance, Bitfinex, how many other exchanges did close? Bitfinex only reopened with a requirement of 10k for trading. Why couldn't Bitstamp do this? They are still letting new users in, knowing they can't handle it. They still fuck up, they have no excuse for that. Edit: about time: https://www.bitstamp.net/article/message-bitstamp-ceo-nejc-kodric/
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i dont think bitcoin cash is scam
- market is always growth with a wave (pumping, dumping).... i thinks it going right way to push bitcoin cash high cost
the market doesn't do this, the market of shitty ALTs does this, yes. So you see what that means... You aren't gonna see BTC or ETH pump & dump like BCH has. Perhaps they have in a far past, I don't know. Still means that BCH is shit, people are only using it at the time of pumps, to make money. And it's owned by only a couple of hands. When Jihan Wu & Roger will wanna get out of it & sell everything they have, they aren't gonna warn you. I was there & participated in this one ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fs3.amazonaws.com%2Ftradingview%2Fe%2FEEkG6ZOB_mid.png&t=665&c=6pIKKrHxS3PbgQ) I got lucky and made nice money out of it. That's also where I learnt it was a coin to stay away from. I didn't dare to participate in its last pump. Well first because I wasn't part of the happy few who got the info that GDAX leaked. And second because I knew it'd dump hard, and it did worse. Go tell the few idiots who bought it on GDAX at this price that they made a good deal. I assume they were all refunded, though. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fnews.bitcoin.com%2Fwp-content%2Fuploads%2F2018%2F01%2Fgdax-buy-wall.jpg&t=665&c=y9v4UoSA-k55Zw) It's all manipulated, definitely not something you wanna hold. But get in during the pumps, if you dare, it can work if you get in early enough.
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Hi Nexters, please explain for nub. I started to buy NXT on December 28, 2017, that was bought sell buy sell orders, in January I decided to buy more and now I hold about 8000NXT. So, recently the price was dropped dramatically. Is it something with the project, is it any value for NXT? Just read the website before and I liked the idea of NXT, but can't imagine what happens now. Please advice. Thank you
You bought around the time of the fork.. so either you bought right before and, depending on the exchange, you'll get "free" IGNIS that will help recover your loss, or you bought after and.. I don't think you'll get your money back. Yes, the rise was because people wanted their free IGNIS, there was no other reason.
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Just remember that BCash has proven to be way more volatile than BTC. It goes 3x upwards, then 2.5x downwards. Or pumps 5x and instantly dumps on idiots.
But when the lightning network for BTC will be operational, it will dump & be forgotten. Unless Roger finds new lies to pimp the BCH. It'll be entertaining to see what he will come up with. Most likely that BCH "is supported by this or that chinese company, whereas BTC isn't". Sure it has a lot of support by miners, but Roger can't use that. "Buy BCash because miners like it, and I happen to own a lot", yeah right, sounds like a great selling point for the public.
And don't get me wrong, I've too made some money out of the BCH's largest pump. But it's still manipulated shit.
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I hope you all have reported to https://www.actionfraud.police.uk/report-a-fraud-including-online-crime already, that's at least something we can do. With so many red flags I'd withdraw my money from BS.. but what are the chances it's gonna work.. Hard to imagine an exchange with no tethers and no leverage/margin to have financial troubles, though, I and I really hope they didn't get hacked again. I don't have much crypto sitting on BS, only fiat. That'd normally be safe, unless they're now using everyone's fiat deposit to buy back stolen crypto, lol that would be bad. Have you got your money back ![Huh](https://bitcointalk.org/Smileys/default/huh.gif) Neither my XRP's nor any compensation for the value they had. Which is.. pretty much 4x the current value now. (unlike many I don't have any deposit/withdraw problem, most likely because I haven't tried to deposit/withdraw anything for quite some time [except those few thousands XRP's...])
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If they're having issues and cannot handle the load, they should hire more employees, especially if their profits exponentially grew and disclose their clients about issues. Communication is key, especially in a 24/7 environment where big money is at stake. They can learn a lot from Kraken. It's simple as that.
At least we agree on something. Kraken does provide support btw. It may (still? can't even test their "new" engine, Tradeview crashes my browser now) be the shittiest & most broken exchange, whenever I complained to Kraken, they always answered me. With useless answers, but.. they did.
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We're talking about a regulated exchange, which needs to have their AUDITS in order. This means, they need to have RESERVES in both crypto (bitcoin) and fiat. The theorem I gave is just as it is, theory to proof an argument. With a backlog as they have, I imagine it will take a lot of time, hence money. So if liabilities > assets without having enough in reserves, they are in trouble.
Do you really think Bitstamp can in infinity swap bitcoins for fiat? Where do they sell their bitcoins to fiat to without having it on their own (worst case, let's say)? You imagine buyers always pay in fiat, you're wrong. A lot of active people have bitcoins for free or for sub $10 that are bailing out for some now. If there are no more new people depositing fiat, how are you suppose to pay out all the withdrawals. Let's say Bitstamp has $100 million in reserves and $1000 is requested to withdraw. You get my point?
You don't make any sense. Let's start with the facts. Bitstamp has no leverage nor margin trading (only secretly for a happy few in beta, apparently). So how does Bitstamp work? Pretty basic: people bring their stuff (crypto, fiat) IN, Bitstamp allows people to REASSIGN properties, like "this bitcoin has been moved from X to Y, while this amount of fiat was moved from Y to X", and that IS ALL THEY DO. Nothing is created, only reassigned. Again, it has no leverage and no margin, nothing is created, only properties are reassigned. Margin, leverage, tethers, yeah that's true, but that applies to Bitfinex, Kraken & some others, not Bitstamp. It does not matter if Satoshi comes in and sells his free Bitcoins. It does not matter a single bit. Satoshi comes in, adds 1 million BTCs to Bitstamp, and manages to sell them. The FIAT that Satoshi gets, comes from another user, who came in with his FIAT, and now goes out with his BTCs. Bitstamp didn't create anything, it only reassigned some user's FIAT to Satoshi, and Satoshi's BTC's to some user. So, IF Bitstamp is going bankrupt, it can only be 2 possibilities: 1. they don't have the BTC's they were supposed to have. How? Hacking, or shady business where Bitstamp would be selling BTCs created out of thin air. That'd be pure fraud. 2. fraud again, if they disappear with everyone's fiat. People pay Bitstamp thousands per month, can you imagine how many millions/month they make? They are the exchange with the highest fees. They can't lose money other than by frauding. Especially right now, they make a lot of money out of this crash. It's when people aren't trading that they don't make money. A pure exchange's model can't lose money unless, again, fraud or hacking occured. If Bitstamp happens to have been selling BTC's that they don't own, then it's fraud, they aren't supposed to do that, it's nowhere in the model of this business, unlike what you seem to think. That's leverage & margin trading, but they don't do this. You say that Bitstamp "swaps their own Bitcoins for fiat", *where* are they doing this? Where is Bitstamp selling "its own Bitcoins" for fiat exactly? And I know that normal banks only have to have a reserve of a fraction of people's money. But they're open about that, it's regulated. What do you think would happen if it was found out that Bitstamp played with people's BTC's or money & lost them? It would be FRAUD, I can't see how they'd get away with it (especially SINCE they aren't regulated). Their "reserve" is what comes in, they aren't supposed to touch it. Why would they touch it anyway? They must be making huge money the legit way, why would they do this? I have given Bitstamp a few thousands per month, now multiply this by how many users? A few thousands, that's a lot for what's a "simple" website. You can host your website for a few bucks per month. And I've paid THOUSANDS for this simple service. It doesn't even pay for support guys, since (hence this thread) they provide zero support. They must be making A TON of money, especially for the last 3 months. Bitstamp having been hacked, yeah that's very plausible, as it has already happened. Bitstamp running away with money, same thing, it has already happened for another exchange. That's much more plausible than your theory. Also, the problems we have with Bitstamp are 1 month old, they can't be related to any crash. This last month has been crazy, while the BTC was stagnating very high, this has been the best month for ALTs, including all those on Bitstamp, they all rised at least 4x.
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I don't think you should ask for ID's, but: vuci1033
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There are no crypto exchanges registered with FSCS, that's the problem. Only top forex brokers located in the UK, but you need to check that to be sure and have it black on white in paper.
I don't think Bistamp is liquid to handle huge amounts of withdrawals and probably not even solvent to do so. That's my opinion based on what has and still is going on and basic math + common sense. Let's say, in theorem, that Bitstamp or any other crypto exchange has users that have 50% of Bitcoins mined and 50% - 1 are bought for $1. Now the last guy buys the bitcoin for $20k. The market cap of bitcoin rises to supply * last traded price. Let's say, supply of 17 million bitcoins and let's assume Bitstamp had a monopoly where all users will go to buy/sell bitcoin and have their entire account equity (deposits) used. To use some simple arithmetic: Bitstamp client deposits: 17m * 0.5 * $1 + 1 * $20k = $8.5 million + $20k = $8,520,000 ($8.52m) Market cap from: 17m * $1 = $17m, to: 17m * $20k = $340,000,000,000 ($340b)
As you can see, the only way this is sustainable is that more people get in and buy around the same last price to maintain that market cap. Problem is, if price rises too fast vs their earnings from fees + third party capital investments + own equity AND people withdraw huge amounts at the same time(period), crypto exchanges cannot pay you out (i.e. a bank run). Unfortunately, most things rely on a ponzi scheme/pyramid structure in life. The only one who can 100% guarantee it to pay out is the central bank. If they don't have enough fiat, they just print or put more digits in. Things will really go south when theft occurred (i.e. a hack). Not implying this has happened, just having an open mind and mature discussion here.
As the top forex brokers offering you an insurance in case things go wrong, I don't think they will for cryptos if this continues without new big money coming in, while people cashing out. Therefore, there are only 3 crypto money licensed transmitter exchanges, where there could have been many more crypto fiat exchanges, ask yourself why this didn't happen. I know coinbase and kraken have huge reserves and bistamp had a lot of liquidity as well in the past, that's why everything went so smooth for years. But, when suddenly withdrawals and deposits don't go smooth and it's still not solved within a week, I'm worried and that's my argument. The same thing happens in the business world, hence the stalling of time.
I don't understand the logic, here. Bitstamp gets fiat & crypto in & out. They don't buy crypto, they don't sell crypto, they merely reassign fiat & crypto to various people *within* Bitstamp. Doesn't matter if someone deposits 1 million BTC's to Bitstamp, he will only be able to withdraw them as fiat, if there are buyers *within Bitstamp*. All they do is reassigning stuff. Bitcoin falls to zero? Doesn't matter a single bit, unless of course they have lost the BTC's they are supposed to have, from hacking. And even here, people would have lost their BTC's, not their fiat. Can't imagine "hacking fiat" out of Bitstamp (how?). With no leverage, and with real eur/usd instead of tethers, I cannot imagine any way for Bitstamp to lose money, unless it costs them more to run than what fees bring, but with the highest fees out of any exchange, I can't imagine that being the case, at all. If people like myself have paid thousands for months, for what's basic exchange coding, well.. I can only think of 2 ways for Bitstamp to have money problems: -hacking -stealing/running away with money Both having happened to exchanges in the past.. I can really imagine problems with margin trading+tethers, but the only margin trading BS is supposed to have is only in beta, used by a couple of users. I don't think THAT would have already brought BS down. So, BS only plays with what they have. If they have lost their BTC's, then it's remote hacking or internal fraud. If they have lost their fiat, then it's internal fraud. If they sell more BTC than they have, then it's internal fraud. But in any case, it has to be fraud, not any "logical problem with crypto". Doesn't matter if crypto crashes or rises, for exchanges, they make money both ways.
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I hope you all have reported to https://www.actionfraud.police.uk/report-a-fraud-including-online-crime already, that's at least something we can do. With so many red flags I'd withdraw my money from BS.. but what are the chances it's gonna work.. Hard to imagine an exchange with no tethers and no leverage/margin to have financial troubles, though, I and I really hope they didn't get hacked again. I don't have much crypto sitting on BS, only fiat. That'd normally be safe, unless they're now using everyone's fiat deposit to buy back stolen crypto, lol that would be bad.
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I had already started a thread like this, but anyway:
My ticket 306719 was introduced the 22.12.2017, for 2775 XRP's "lost" in their trap XRP IOU address.
I also have proof that I started selling the remaining XRP's that I had, starting at 2eur, and I was planning to sell them progressively. Thus my loss right now is those XRP's that still haven't been given back, as well as pretty much the difference between what they are now worth, and what they were a few weeks ago when I started selling. Meaning, somewhere between 5500 and 7500eur.
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Since when is SEPA transfer free? I pay 30€ fee to transfer money from my bank to Bitstamp
really? Wow, just move to another bank. SEPA are free in most banks. Like, mine, & every bank in my country.
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The ONLY thing???
Lol, if thats what you think, then maybe this really is not coin for you
I really don't believe that banks out there need XRP's, *or* any external system for transfers. I mean.. can't you *already* wire transfer from any bank to any other bank? Sure, bank transfers are slow. But it's not for technical reasons that a bank transfer takes several working days (if that was the case, to start with, they would take 3 days, not 3 *working* days, and delays would accumulate). Costs? SEPA transfers are already free. Accross continents, no, but the problem is that transfers accross continents generally involve costy conversions, anyway. I don't know why banks out there would need XRP's, nor Ripple's technology, really. Ripple's technology is a classic centralized system. Is that crap? No, of course not, it's even much better than decentralized, technically-speaking. But it's old, it's how everything already works. Is the only appeal that it'd be a buffer between banks, that no bank really owns? Well.. Whats problem with Bitstamp btw, I use it for fiat-XRP transactions, didn't have problems so far
Many have sent (even though I now believe I had picked the right address) XRP's to their "IOU" XRP address, funds have been frozen there for weeks. New users are waiting to get verified for a month now (but that's normal), and people are waiting for their fiat deposit/withdrawals for a month (that's definitely not normal). (& yes, they have made their IOU XRP deposit address clearer now, but it wasn't like this a week ago)
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I think XRP isn't worth more than 1 buck, and I had started to sell mine when it reached $2. Sadly, Bitstamp is holding the rest of my few thousands hostage for over 20 days now. I SERIOUSLY hope you're all right and that I will be able (providing those assholes give them back to me) to sell them at the $3 they had reached. ..but really, I don't see that happening again. For how many years has XRP been under 20 cents? The only thing that changed is the announcement of half of the amount being frozen for now. That would have justified a 100% rise, 200% maybe. 1500%? Just why? (oh yeah, that bank thing.. I don't believe in it, but well ok)
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Sorry for the intrusion, but in your country there are no lawyers who offer affordable prices or do not you have a relative who is a lawyer? Look for a lawyer on the internet is something very dangerous since nowadays on the internet is full of scammer with high skills to deceive people, may even lie that they are lawyers when in fact never studied law
I've once used a (tax) lawyer here, it was a little case and it ended up costing 8000eur. Considering it's pretty much what my locked XRP's were worth (now worth half of that, of course), I'd really need to be sure I would win & BS is gonna pay all the fees. But yeah, it's because I wanna avoid scammers that I'm seeking advice. I have already reported them through UK's fraud reporting tool - even just because BS could be the next Mt Gox & we'd be the last to know about it. Since they haven't spoken publicly, someone has to check what they're doing. BS has already been hacked once, afterall. Can't even withdraw my fiat to be safe, since that's pretty much what everyone has troubles with (deposits/withdrawals) for a month now. I do not see many cases of scam accusation against Bitstamp
Well take a look at Bitstamp's Reddit. I don't *think* it's scam, it's negligence. Unlike other exchanges, they didn't freeze their registration, got a lot of new users and they can't cope with support. But it costed us money... it's ultimately their fault. (and that's *if* I ever my my coins back)
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I have a few thousands in damages done by Bitstamp, I'm looking for a lawyer or similar service that won't eventually cost me more than it already did.
So far I've heard of warning-trading.com, they're supposedly good at helping people who've been influenced by (classic) brokers. But they seem to be pretty shady, pretty bad stories about them (like they keep 90% of the retrieved funds) on the net.
If it was about millions I'd take a good lawyer, but has anyone used a cheap enough service for a problem that was "just" about 4-5000 bucks?
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imagine someone borrowing $17,000 to buy bitcoin
But you can't borrow 17k using an average joe's credit card.. When you're poor (& when you're not, you don't need to borrow 17k), people don't lend you 17k without asking questions. Yes, some idiots have mortgaged their house to buy BTC.. idiots gonna lose their house, are you gonna cry for them? Maybe the BTC will go through the roof and they will get richer than you, and won't cry for you.
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The most reliable is your bank and wallet
obviously.. but bank-to-exchange takes 3 working days (which usually means 5 days) (or, in the case of bitstamp, 1 month apparently), not an option.
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22% of investors maybe, but that's probably not much money.
I mean, a credit card won't lend more than a few thousands to the average joe. 22% of investors who have invested a few satoshis, then.
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Make your exchange, or use other exchanges.
I started with Kraken (horrible), I also use Bitfinex & Bittrex. While I have had zero problem with these 2 so far, they are asian, provide leverage/margin, and work on tethers - so I wouldn't trust them. I *thought* it was safer to have "real" eur/usd's on Bitstamp, rather than tethers on Bitfinex/trex (crypto isn't a problem, I can move them to private wallets). I hope the future won't prove me wrong.
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