Why is HitBTC's and vircurex price higher on bitcoin?

[cyclotronmajesty]

It's ~25 USD higher  

Free money? Or Scam?

Seems too good to be true.
What is going on there?


Edit:

https://vircurex.com

Makes hitBTC look almost believable!

 

[alani123]

HiBTC is probably a scam. I haven't heard much about it lately but there was a story about it scamming people and from then on silence. Try searching about it here or on Reddit and all you'll find is about it being a scam.

[Bitcoin Explorer]

Even I observed this, check out bitcoinpricelab.com, which has a chart comparing prices of all the exchanges, HitBTC is way too much compared to the rest.
In addition to this, I am quoting, the user MikeCorlene On the coinmarketcap thread

Hi Gliss

I'd like to ask for HitBTC to be removed from CoinMarketCap. They are known for faking volume and are quite probably scamming in other ways. Some references:

https://bitcointalk.org/index.php?action=trust;u=194708

https://bitcointalk.org/index.php?topic=911995.0

http://www.reddit.com/r/BitcoinMarkets/comments/2m6rp7/hitbtc_about_to_go_mt_gox/

http://www.reddit.com/r/litecoin/comments/2u29a3/hitbtc_anyone_using_it_request_for_review/

http://www.reddit.com/r/Bitcoin/comments/2vzhvj/hitbtc_exchange_no_withdrawal_possible_funds_not/

http://www.reddit.com/r/BitcoinMarkets/comments/2yx2z1/scammed_on_hitbtc/

https://bitcointalk.org/index.php?topic=911841.0

https://bitcointalk.org/index.php?topic=935305.0

https://bitcointalk.org/index.php?topic=984188.0

https://bitcointalk.org/index.php?topic=857344.0

I think that for something as sensitive as market cap it's important not to use exchanges that can artificially shift the market cape and trade volume.

[NUFCrichard]

It's ~25 USD higher 

Free money? Or Scam?

Seems too good to be true.
What is going on there?

As soon as you ask yourself if it is free money or a scam, it is a scam!
The price does seem unnecessarily high, either it is manipulated, or very difficult to get fiat out of, making arbing the price difference impossible anyway.

I would steer clear.

[cyclotronmajesty]

Well it's odd...

I created an account and tried to sell a small amount of BTC (.01) for that 250$ price, but it kept saying I had insufficient funds (which I didn't). So I gave up on it and thankfully was able to withdraw my BTC back to my wallet.

So no idea what the problem is there. I have a hard time believing I can just send my Bitcoin to hitBTC and sell them off and transfer them out in some other currency and make a profit.

25 dollar difference in price is just too large to believe.

[cyclotronmajesty]

Holy crap if hitBTC is a scam what does that make this one?

https://vircurex.com

 

[josef2000]

HiBTC is probably a scam. I haven't heard much about it lately but there was a story about it scamming people and from then on silence. Try searching about it here or on Reddit and all you'll find is about it being a scam.

It is not a scam. I have buyed over 2 bitcoins from there with no problem. I dont know about other people, but everything worked smooth for me. They are Europe located, and I do too, so I think that would be the best exchange for me.

[cyclotronmajesty]

HiBTC is probably a scam. I haven't heard much about it lately but there was a story about it scamming people and from then on silence. Try searching about it here or on Reddit and all you'll find is about it being a scam.

It is not a scam. I have buyed over 2 bitcoins from there with no problem. I dont know about other people, but everything worked smooth for me. They are Europe located, and I do too, so I think that would be the best exchange for me.

OK finally, the customer support was able to tell me what was wrong: I have to move my funds to the "Trading" account first in order to trade.


So OK. Given I cannot withdraw USD from them without a huge hassle.
Why not just sell bitcoin for the (now ~260+ USD) higher price and
then buy something that you can withdraw with that extra money?

So I tried this:
I tried to arbitrage the higher bitcoin price there and transfer it out using litecoin.


.1 BTC     *250 USD     1  LTC             1BTC             225USD
                  ____          ____             _____            ____    =     0.09958472 BTC

                   1btc          1.5 USD       .00619LTC         1BTC
 



Where did I go wrong?

Why don't I have 11% more BTC after doing that conversion?



Edit: looks like all currencies are more valued at HitBTC not just bitcoin. So litecoin is also proportionately more expensive there as well.




 

[fonenumba]

It's ~25 USD higher  

Free money? Or Scam?

Seems too good to be true.
What is going on there?


Edit:

https://vircurex.com

Makes hitBTC look almost believable!

 

I didnt use HitBTC, but used vircurex. Vircurex was using AurumXchange a service for fiat conversion. When it closed long time ago, Vircurex said that they would start to use a new service for fiat gateways. Unfortunately, they didnt use any new service since the announcement. So, any USD or EUR is not available for withdrawal. They are completely virtual.

And I dont recommend to use vircurex since after site hacked , they hold customers money and paid a very slight part of it. Be aware of VIRCUREX. Keep away any funds from Vircurex.

[WhatTheGox]

Holy crap if hitBTC is a scam what does that make this one?

https://vircurex.com

 

Its been like that for ages, there isnt really any USD on that site.  The site is mostly sitting there waiting for you to deposit a lagre amount of coins in order to trap you with some BS & lock you in.  Never move anything big there.

[HerrAndreas]

Holy crap if hitBTC is a scam what does that make this one?

https://vircurex.com

 

Its been like that for ages, there isnt really any USD on that site.  The site is mostly sitting there waiting for you to deposit a lagre amount of coins in order to trap you with some BS & lock you in.  Never move anything big there.

I have no experience with vicurex but I traded at hitbtc for some time.
They ran into banking problems and it became impossible to withdraw fiat (Euro in my case). They will then make you jump through some ridiculous "verification" loops and in the end tell you that it is impossible to withdraw fiat for some new (made up) AML regulations. But they will suggest you buy some crypto and withdraw that. and voila: you are on the high bid-side yourself.

stay away.
too good to be true is never true.

[Mayuyu48]

forgot about HitBTC, it's scam exchange waiting for big fish come and steal their coins.
I think they manipulate volume of transaction in HitBTC. Best decision is stay away from them, just trade in trustworthy exchange.
If you think something is free money, just be careful it is possibly a trap of scam!

for vircurex, that site tell us the answer :
BTC/USD    291.00100000    364.99900000    291.00100000    0.0042
very low volume of transaction

[Nakitxu]

The answer is very simple:
Because you can not make fiat withdrawals, no matter what you do (try to verify your account, write to support, etc).

Is just an scam.

They are expecting that you put your BTCs into, sell into fiat and then... YOU ARE TRAPPED!!!

The exagerated price is because the people are triying to re-buy BTCs so can exit fron hitbtc, because they can withdraw BTCs, but they can not withdrawal fiat...

Is a first order Scam.

The same thing is happening right now in Cryptsy... you can put crypto in it, but the withdrawal system (via Tether) is not working, so... the prices arises.

[Rude Boy]

Well it's odd...

I created an account and tried to sell a small amount of BTC (.01) for that 250$ price, but it kept saying I had insufficient funds (which I didn't). So I gave up on it and thankfully was able to withdraw my BTC back to my wallet.

So no idea what the problem is there. I have a hard time believing I can just send my Bitcoin to hitBTC and sell them off and transfer them out in some other currency and make a profit.

25 dollar difference in price is just too large to believe.

I think you've never transfered your bitcoin from main wallet to trading wallet . Well! See again, there's two arrows on the right side of the balance which iss used to transfer between main and trading wallets. You cannot trade when balances are in main account.

And i'm using hitbtc for QCN and FCN. There's no problem i've faced yet. And also i don't know whether its a scam or not.


~Rude Boy

[mrphuong]

scam denounces hitbit.com
https://bitcointalk.org/index.php?topic=2192865.new#new