Email from Intersango: Ceasing USD operations.

[crazy_rabbit]

I just got the following email from Intersango:

------------------
Intersango's USD market will stop trading 2012-10-14 at approximately midnight UTC.

At this time we ask that persons with USD funds either place a withdrawal request or purchase bitcoins.

To facilitate persons wishing to purchase bitcoins Intersango has placed 625 BTC up for sale at 12.1 USD.

Unfortunately the USD market is simply too small to justify it's ongoing operation.
------------------

While I suspect they are right that their USD market is too small to justify, it's timing with the GLBSE stuff along with the ongoing SEC investigation makes one wonder if they have other reasons why they might want to get out of dealing in US dollars.

[phelix]

I wondered, too...   Maybe they just don't want to take the risk.

[WikileaksDude]

Im going a little off-topic here,

why don't they open an account with another GBP bank and start accepting deposits again..?

Closing now USD operations? I think they just got bankrupt like every other project their team puts their hands on.

[phantomcircuit]

Im going a little off-topic here,

why don't they open an account with another GBP bank and start accepting deposits again..?

Closing now USD operations? I think they just got bankrupt like every other project their team puts their hands on.

Hey dumbass everybody is getting their money back.

[panda1]

Makes sense to pull out of markets where you're not making money.

[squid]

USD market too small or mtgox too large?

[proudhon]

They forgot to add, "Oh, and also, we're still making it difficult for people to get their bitcoinica funds back".

[guruvan]

And saying that people who say negative things are "defaming" them.

Like you needed help defaming yourself,

dumbass

Way to treat customers like the shit they are.

Yeah I really do wonder what the reason is for closing down the USD market (as opposed to closing down the whole operation, and implementing a hosed claim scheme)

[coga]

Anyone here knows of the good, stable, trusted way of exchanging BTC for USD in volume? This week has been a bummer for me. BitFloor locked up, MtGox owes me thousands, haven't sent a penny for more than a week, and now Intersango. Admittedly not a heck of a platform, but better than nothing

[QuantumFoam]

First tradehill, now intersango. Have to find yet another exchange. Guess I'll try cbx, they have the same dwolla transfer option that intersango did, and from what I heard not the week long waits that sometimes happen with mtgox.

[coga]

First tradehill, now intersango. Have to find yet another exchange. Guess I'll try cbx, they have the same dwolla transfer option that intersango did, and from what I heard not the week long waits that sometimes happen with mtgox.

I am eyeballing cbx for operations, but their TOS is ridiculous. If you actually read them, they are like: "we can do whatever we want, you can only do what we allow, and if we don't like you, we'll sue you and charge for lawyer fees"

[MemoryDealers]

Hey dumbass everybody is getting their money back.

For those who don't know,  phantomcircuit is one of the Intersango and Bitcoinica owners.
Please note how he addresses his customers in the quote above.


phantomcircuit / Patrick Strateman,  when am I getting my money back?

You still owe me 23,290.6791 Bitcoins!
I've been waiting for months now,  and all I have received from you are:

1. Thinly veiled threats against my personal safety.
2. Personal Insults
3. Lies about myself and other respectable people in the Bitcoin community.
4. Your effort at every step, to block a easy solution for all of Bitcoinica's customers.

Before calling others a "Dumbass" please do some inner reflection.

[repentance]

Before calling others a "Dumbass" please do some inner reflection.

I'm sorry, but I find the idea of Patrick calling people dumbasses in open court when called to give testimony in Cartmell et al highly amusing.  I'm sure it will impress the judge.  Everything he's ever posted here is discoverable - it would be fun to watch him being questioned about those posts.

[icicle]

Hey dumbass everybody is getting their money back.

Everybody except this guy. This guy can just drop dead, can't he Patrick?

See "Buddy needs his bitcoins"
http://youtu.be/ZnfPH6zQbXo