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I have lost coins on Mt Gox, coinex.pw, mcxnow, Cryptsy, mintpal, and most recently BTC-e.
So I would have to say that it's not safe to keep coins on exchanges unless you are in the process of trade.
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I see Poloniex just added ZRX/BTC and ZRX/ETH 0x markets today.
Anyone know much about that coin?
I haven't heard of ZRX before, it's supposed to be some sort of decentralized ETH token exchange project but I couldn't find a thread on it here unless it's under a different title.
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There were MANY warnings about BTC-e as they are about Poloniex, Kraken and Bitfinex. Mark my words literally : all these exchangers will be closed soon. I said the same about BTC-e and literally it was like that  today, many are still using these exchangers despite the high risks and they will come whining that some "authority" seized their funds (like they are doing with BTC-e now ). yes, this thing is amazing. Are you forecasting closure for Bitstamp , Coinbase, Bittrex as well even though they're regulated ? Bittrex is NOT regulated so it can be closed anytime.  I did not know that information
I know it may sound like I came here to make jokes, but the intention is not this, does anyone here believe that can recover his bitcoin? That's because it's BS, mayax is a troll and should be on everyone's Ignore List. Bittrex is a crypto only exchange, no fiat. The only place that regulates pure crypto exchanges is Washington State, and both Bitfinex and Poloniex don't service customers from there as part of the terms and condition. |
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Maybe pay via some third party payment processor like Webmoney. But, it could also be unsafe.
Is it possible that they pay us via USDT? This seems to be safer.
You are missing a very basic point, without access to the seized fiat accounts, BTC-e have a massive shortfall in their assets to pay anything with! |
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They didn't clearly mention that they have aborted the plan to give fiat users mix of seven coin but one of their post seems to suggest what you are saying.
I think if they are able to pay in fiat by some means it would be better. As ALT could easily crash and Fiat users end up losing more.
How are they going to pay fiat when the fiat accounts are what was seized? Perhaps they can conjure fiat out of thing air like central banks do? |
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This was expected by me really. Soon we will see all of the US based exchanges become compliant with the demands of the US regulators. The new up and coming SEC rules on cryptocurrencies and ICOs will make sure of it.
Which will piss off old time users completely! The future is decentralized exchanges which can live on something like the Lightning Network or Prism. That way draconian government legislation pushed for by the banksters, becomes irrelevant. |
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hmmnn ask the mode there  Are you from Poloniex? Or what's so funny about it? This is a serious issue. The name of the CEO is in the Poloniex News and Press Releases on their website The contact details are in the phone book. Poloniex, Inc. Delaware as it says in their terms and conditions. It's not rocket science to find them. |
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+1
Totally agree. I was in exactly the same position as you.
People talk about fiat holders but we are dealing with a trading scenario and for most it was probably just a question of timing as to whether we were in coin or fiat. There is no such thing as a "fiat holder" in the context of a crypto exchange.
I disagree, when you trade BTC for fiat each coin can have only one owner at a time else there would be an imbalance. eg. for BTC/USD there must be one BTC holder and one USD holder at completion of the trade. The IOUs created in the trading database can each only have one recipient, and must be honored as they were at the time of the last trade (or rolled back to the last backup snapshot which would be worse) You can't have two people claiming ownership of the same crypto coin or the same fiat which is what you are trying to do by disregarding the holding, timing is everything. |
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Try using the Contact Us form at the bottom of their page instead of that godforsaken support ticket system which they seem to totally ignore.
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Yes, Bitfinex has set how a trading platform can really recovered from a devastating scenario like hacking. They decided against shutting down the exchange and bet they could pull out of the mess. By offering at least 64% returns for customers, they are relieved by this effort by Bitfinex. However, by offering tokens to the customers, 36 percent that was taken from their accounts. Management promised the tokens would eventually be exchanged for cash or equity in Bitfinex’s parent company. Initially, the price of each token plunged. Eventually, a cycle kicked in. As the tokens rose in value, confidence swelled and traders returned, boosting earnings from transaction fees and the likelihood of a successful turnaround is seen. While it’s not clear whether Bitfinex’s recovery strategy is one that will be adopted for another crisis, the idea of using tradeable tokens is catching on. And I personally think that if BTC-e wants to recover and pay this customers back, they can used this strategy that Bitfinex has managed to pull.
The success or failure of such a strategy, will ultimately depend on BTC-e's ability to convince people of it's long term viability. First an foremost is the placement of their servers out of FBI reach so they don't get shutdown again. This is not as easy as it sounds, but it it not impossible either. There are many countries that wouldn't let the FBI do anything on their soil. If BTC-e can convince me that their servers are safe, I would give them the benefit of the doubt and trade on them again. |
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Yes, to elaborate on the new structure, you can trade crypto to crypto (BTC/ETH for example), or BTC/BTE (crypto for BTC-e debt token). So in the mid term, if they look like they'll be repaying the BTE tokens, the BTE will approach 1:1 USD. As it approaches further and further, it could effectively become another "Tether" style crypto which is intended to follow the USD. If they can pull that off, they will effectively have replaced the need for USD with their own token which they control.
With a fully crypto exchange, BTC-e would be stronger than ever because the need to hold/handle fiat was the main point of failure this go around. Couple that with more secure hot wallets which can survive a similar server seizure situation, and move the servers to more secure locations, suddenly BTC-e becomes the closest thing out there to an invincible exchange.
There is no reason why they can't do eventually handle other fiat, eg. RUR and let the USD people organize there own conversion from one to the to the other outside of the BTC-e exchange. That's how USDT works. The sad part about all this is there are exchanges that handled the USD to and from BTC-e eg. OKPAY who are the ones that the FBI should have put up against the wall for money laundering, not BTC-e as they were mostly dealing with the fiat from OKPAY etc. not the end customer. Same goes for wire transfers etc., the company sending the funds to BTC-e should be the one up for money laundering. The logic is simple, BTC-e are not a bank, they don't hold the USD like they do crypto, someone else holds the USD for them, and that someone is obliged to honor the money laundering laws. Dirty USD money should never have been allowed to get to BTC-e in the first place if the money transmitters were doing their jobs properly(unless it was physically delivered as cash). |
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The FBI arrives to seize the server and everything for a new and so 1000 times.
Even if the server is hosted in the DNS and the domain can not be avoided in the torus, the question is whether you wait for 1.5 months each time until the service is restored?
Btce answering to "verification" question. DNS = Donetsk Republic (in the Ukraine) torus = TOR if btc-e is hosted in DPR . I will stop using their service. I don't want to support them. I shudder to think what the Internet is like in the DPR with the war on. There are probably lots of places they could get hosting that were easier and more reliable. Like Syria or North Korea. Being serious, Donetsk would be a good place as long as the government is happy with having a Bitcoin exchange there. The US wouldn't have free reign on stealing servers. They would still have to frontend the site with Cloudflare or some other DDoS protection service. |
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No, after last update it is clear, everybody gets his "balance currency". E.g. Coin holder gets 55% coins and Fiat holder gets 55% fiat. Then you can do whatever you want or what is possible with your balance.
How are they going to get 55% fiat when OKPAY effectively stole the BTC-e fiat with no signs of it coming back? |
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So, no more actual refund for fiat holders? They will be paid 100% in shit tokens?
This is unfair as I never actually deposited fiat. I deposited bitcoin and converted it to USD for trading purpose.
BTC-e don't have control of their "fiat wallets" anymore. Yes I agree, OKPAY suspending their wallets was unfair. |
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What makes you people believe they will have USD on the new exchange? Unless they have a reliable way to cash out USD, then 1 USD is the exact same thing as 1 BTE. It's a debt issued by the exchange nominated in USD, that can only be repaid by the exchange. They are not in the same situation Bitfinex was in back when they issued a token, because you could still cash in and out of USD back when Bitfinex got "hacked".
I believe USD holders will be issued a basket of coins, as was discussed in previous updates. I think people have misinterpreted BTC-e on Update 6. Fiat holders will be auto converted to a mix of 7 cryptos.
Which sounds logical when you remember that the BTC-e fiat accounts have been suspended so customers can't get fiat in or out. They might be able to add RUR or something like that, but USD and EUR are probably finished with for the time being. |
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I don't want them to relaunch, I just want them to pay back whatever they have left. Let them just set up a temporary web portal, where people can just withdraw their digital assets, and then BTC-E can relaunch with whatever brand name they feel comfortable with. Only an outright idiot will ever make use of an exchange that is severely affiliated with BTC-E. They state that they are negotiating with not to be named investors to finanance the relaunch, lol. I am curious to find out more about how their verification process will be forced through.
BTC-e had a loyal following. The US caused their problems. Not trading $US wouldn't be good enough because the US will just invent some law to keep harassing them. The obvious solution is to relaunch with some sort of id verification so they can refuse US customers altogether. BTC-e can survive without US customers. Walking around loaded with $US is like a pocket full of uranium, it gives you a nice warm feeling for a while but ultimately stuffs your gonads. |
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What happened to the missing 45% of their funds? Is that just the fiat which is suspended on OKPAY or did something else go missing that I missed?
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When are they gonna come back online now?
We will exactly know at the end of August. Either they come back online under new flag with 45% btce tokens or they just refund 55% and its over. Finally the trollbox will be reactivated and world culture and IQ will again raise Then people can discuss illegal activities again so the FBI can say BTC-e is a den of criminals. |
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Kraken and Poloniex are registered in USA. Even they will ditch the US customers, it means nothing because they are doing business from USA without being MSB.
Yep. And regardless of what they do now (like registering and moving operations to another jurisdiction), it can't erase the past several years of operation in the US, and serving US customers. It sucks to be a US resident right now if you haven't been paying your taxes (can't send those coins to regulated exchanges). Also sucks to be Kraken, Bitfinex, Poloniex, Bittrex..... but especially the former two, because they've been processing fiat withdrawals as well for years. Polinex and Bittrex don't do fiat. Bitfinex is tightening requirements for US customers, maybe first signs of a pull out from the US. |
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I had been using bittrex for a couple of months , and by that period of time, I never encounter any issue problem with especially in every transactions which I had been made many times. In fact, if I am going to choose between Poloniex and bittrex, I would rather choose bittrex than Poloniex.
My only two gripes with Bittrex are. Their GUI is too confusing. Their withdrawal fees are high compared to other exchanges. Aside from that, they are reliable and fine to trade on. |
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