[BTC-TC] Virtual Community Exchange [CLOSED]

[creativex]

You'll be missed.

[burnside]

"Withdrawals totaling over roughly ฿8.31 in a 24 hour period are processed manually. Submit the form as normal and a request will be sent to the
site admins for processing."

Not sure which one is worse, low manual withdrawal limit or admins that are not online or they are online but probably watching pr0n or something
other than withdrawal requests. Like it is not enough Bitcoin is damn slow on it's own!

"How long does a manual withdrawal take to process?
It's almost always less than 12 hours. We process 2-3 times a day most days."

Major drawback, thanks for your services but I'm moving my coins elsewhere.

TL;DR -- I don't want to use a site with good security practices.  


The small hot wallet is a key feature of any bitcoin site that wants to live past it's first or second hack.  (And yeah, you need to expect that everyone gets hacked eventually.)

Cheers.

[btharper]

"Withdrawals totaling over roughly ฿8.31 in a 24 hour period are processed manually. Submit the form as normal and a request will be sent to the
site admins for processing."

Not sure which one is worse, low manual withdrawal limit or admins that are not online or they are online but probably watching pr0n or something
other than withdrawal requests. Like it is not enough Bitcoin is damn slow on it's own!

"How long does a manual withdrawal take to process?
It's almost always less than 12 hours. We process 2-3 times a day most days."

Major drawback, thanks for your services but I'm moving my coins elsewhere.

TL;DR -- I don't want to use a site with good security practices.  


The small hot wallet is a key feature of any bitcoin site that wants to live past it's first or second hack.  (And yeah, you need to expect that everyone gets hacked eventually.)

Cheers.

Security aside, currently it's an admin and expecting him to sit there twiddling his thumbs waiting for a manual withdrawal is unreasonable. While a case might be made for quicker response if there were a handful of people employed by BTCT, but I'm not even sure what kind of time frame you're expecting if bitcoin confirmation times are too slow for you.

[maco]

I don't understand what you are complaining about?

Security aside, currently it's an admin and expecting him to sit there twiddling his thumbs waiting for a manual withdrawal is unreasonable.

24 hours high: 81.70 low: 65.42, just normal day for trading, not! If at least 1 admin can not sit there doing manual withdrawals at time when BTC
might drop to bellow $50 the next hour than I do not know what kind of emergency situation might justify such "care for our customers" approach.
Instead of playing with 100+ BTC after an hour or so since cashing-out, careless service made me play with just 5. Thanks for 20+ BTC less made.

[btharper]

Security aside, currently it's an admin and expecting him to sit there twiddling his thumbs waiting for a manual withdrawal is unreasonable.

24 hours high: 81.70 low: 65.42, just normal day for trading, not! If at least 1 admin can not sit there doing manual withdrawals at time when BTC
might drop to bellow $50 the next hour than I do not know what kind of emergency situation might justify such "care for our customers" approach.
Instead of playing with 100+ BTC after an hour or so since cashing-out, careless service made me play with just 5. Thanks for 20+ BTC less made.

I don't understand what you are complaining about?

That the world isn't revolving around him. Burnside wasn't at his beck and call to process a manual withdrawal fast enough for his tastes. Not that the information about withdrawal delay wasn't already public both here on the forums and on the site itself.

The "proof of harm" was that he wasn't able to leverage all of his cash to short BTC against USD as the price continues to slide for several days in a row. So I'm not sure why it going down more today really matters compared to the $30 drop over the past few days and I don't think I really care to hear why, though I'm all but sure I will get to hear all about it.

[burnside]

I don't understand what you are complaining about?

I think he's complaining about not being able to trade his BTC elsewhere while waiting for a withdrawal.  I don't particularly enjoy having to process manual withdrawals either, but I'm willing to do it because I VALUE YOUR BTC.

I do agree with his assessment that it is not wise to have more on the exchange than you're willing to commit to for a day or so.

I also sympathize with people wanting to move their BTC around quickly, however I think it's better to have slower moving BTC than no BTC at all when the hackers come calling.


I wonder if I setup an option in the site:  Keep my coins in the [ ] HOT WALLET [X] COLD WALLET

Would people really want that?  I mean, I could do it.  And the users that opt to keep theirs in the hot wallet get no withdrawal limits, but also get their balance zeroed out if it's ever stolen?

[odolvlobo]

If at least 1 admin can not sit there doing manual withdrawals at time when BTC might drop to bellow $50 the next hour than I do not know what kind of emergency situation might justify such "care for our customers" approach.
Instead of playing with 100+ BTC after an hour or so since cashing-out, careless service made me play with just 5. Thanks for 20+ BTC less made.

I recommend that you stop using BTC-TC as your wallet. Then you won't have to worry about manual withdrawals.

Also, keep in mind that on the big stock exchanges, it takes 3 days after a sale to get your money and you are complaining about a few hours.

[creativex]

I wonder if I setup an option in the site:  Keep my coins in the [ ] HOT WALLET [X] COLD WALLET

Would people really want that?  I mean, I could do it.  And the users that opt to keep theirs in the hot wallet get no withdrawal limits, but also get their balance zeroed out if it's ever stolen?

Sounds like a plan. Just don't forget a healthy dose of CYA disclaimers as you know sure as there's springtime rain that if/when someone makes off with the hot wallet It'll be burnside's fault.

[maco]

I recommend that you stop using BTC-TC as your wallet. Then you won't have to worry about manual withdrawals.

Also, keep in mind that on the big stock exchanges, it takes 3 days after a sale to get your money and you are complaining about a few hours.

+1 for this idea... we have a winner here folks.

[furuknap]

I recommend that you stop using BTC-TC as your wallet. Then you won't have to worry about manual withdrawals.

Also, keep in mind that on the big stock exchanges, it takes 3 days after a sale to get your money and you are complaining about a few hours.

Although your latter point is well taken, the issue with not keeping money on BTCT is that you need that to be able to make larger trades. Today, the limit is just over 2 ASICMiner shares, for example, and if you're trading a bit, waitning 24 hours between each time you can get in or out is a bit of a deal-breaker.

With an option to have those funds in the hot wallet, it could be insured by BTCT for a certain fee, for example. That would be a business model for BTCT as well. You could pay a fee of XX% per year accrued per day to keep the money in a hot wallet, which would fund and incentivise additional security in the backend of the exchange.

.b

[dexX7]

With an option to have those funds in the hot wallet, it could be insured by BTCT for a certain fee, for example. That would be a business model for BTCT as well. You could pay a fee of XX% per year accrued per day to keep the money in a hot wallet, which would fund and incentivise additional security in the backend of the exchange.

I don't like the implication hotwallet => such a high risk of stolen and unreturned Bitcoin to make an insurance necessary.

[btharper]

I don't understand what you are complaining about?

I think he's complaining about not being able to trade his BTC elsewhere while waiting for a withdrawal.  I don't particularly enjoy having to process manual withdrawals either, but I'm willing to do it because I VALUE YOUR BTC.

I do agree with his assessment that it is not wise to have more on the exchange than you're willing to commit to for a day or so.

I also sympathize with people wanting to move their BTC around quickly, however I think it's better to have slower moving BTC than no BTC at all when the hackers come calling.


I wonder if I setup an option in the site:  Keep my coins in the [ ] HOT WALLET [X] COLD WALLET

Would people really want that?  I mean, I could do it.  And the users that opt to keep theirs in the hot wallet get no withdrawal limits, but also get their balance zeroed out if it's ever stolen?

Might I suggest a slider? Gives a bit more balance between speed and safety and everyone can pick their limit. The other issue you may run into is if I own 100 shares of XYZ@2.5 BTC/share and sell it all, that's 250BTC that I want moved to the hotwallet and available to withdrawal, but I if I'm holding shares and the wallet gets raided I don't want to be held responsible for what isn't my money in the hotwallet. Or more simply, it's mine when I want it and your's when I don't, and nothing is really solved.

[Ira H. Fuchs]

I don't understand what you are complaining about?

I think he's complaining about not being able to trade his BTC elsewhere while waiting for a withdrawal.  I don't particularly enjoy having to process manual withdrawals either, but I'm willing to do it because I VALUE YOUR BTC.

I do agree with his assessment that it is not wise to have more on the exchange than you're willing to commit to for a day or so.

I also sympathize with people wanting to move their BTC around quickly, however I think it's better to have slower moving BTC than no BTC at all when the hackers come calling.


I wonder if I setup an option in the site:  Keep my coins in the [ ] HOT WALLET [X] COLD WALLET

Would people really want that?  I mean, I could do it.  And the users that opt to keep theirs in the hot wallet get no withdrawal limits, but also get their balance zeroed out if it's ever stolen?

good evening, I have some extra coins from mining can I trade stocks with bitcoins using your service..Irz

[burnside]

good evening, I have some extra coins from mining can I trade stocks with bitcoins using your service..Irz

Not exactly.

You can trade virtual stocks.  Emphasis on the virtual.  You have to look very carefully at what people are offering and make up your own mind as to whether you trust them to deliver or not.  I highly recommend doing lots of research before getting involved.

Cheers.

[creativex]

Love the addition of the realtime tab burnside. Great work man!  

[Exocyst]

Hi Burnside,

How is the options trading API coming along? Can you give a rough estimate of delivery schedule for this important (to me) feature? Love the realtime tab! Keep up the good work.

[Ira H. Fuchs]

good evening, I have some extra coins from mining can I trade stocks with bitcoins using your service..Irz

Not exactly.

You can trade virtual stocks.  Emphasis on the virtual.  You have to look very carefully at what people are offering and make up your own mind as to whether you trust them to deliver or not.  I highly recommend doing lots of research before getting involved.

Cheers.

good morning, What is a virtual stock this is a news to me. What brokers deal in these types of instruments thanks..Ira

[twentyseventy]

Love the addition of the realtime tab burnside. Great work man!  

Always wanted a realtime view! Autorefreshing the homepage was getting tiresome 

[dexX7]

good morning, What is a virtual stock this is a news to me. What brokers deal in these types of instruments thanks..Ira

Here we go:

Why would I want to invest in a virtual currency company?
To expand your BTC virtual currency fortune of course! Or something more noble, like funding a project for a greater good.

Is it legal for this exchange to operate?
Most countries require real securities exchanges to register and abide by a very strict set of rules. Obviously we do not have the funding to afford such registration or the overhead of administering such rules. In addition, no single country would allow such an exchange to operate globally. As such we have taken the following approach to the operation of the site:

• No assets on the site are to be considered real.
• The use of this site is for educational and entertainment purposes only.
• If an asset issuer on this site defaults, you have ZERO RECOURSE. (not like you have any recourse in most international BTC situations anyway.)

Is it legal for me to use the site?
Most countries will have no problem with you using a securities simulation site, even one that uses digital virtual currencies. There are multiple examples of virtual goods exchanges in operation around the globe, most of which are better funded in the legal department than this one. It is largely on the backs of these giants that we believe we are in the clear. We also believe that everything digital has some value to someone, and trying to artifically limit what "virtual" or "digital" belongings people are allowed to trade or play games with is simply not going to be possible. Of course, please let us know if you believe your country may have an issue with it and we will post prominent warnings. We do ask that you keep the following in mind at all times:

• No assets on the site are to be considered real.
• The use of this site is for educational and entertainment purposes only.
• If an asset issuer on this site defaults, you have ZERO RECOURSE. (not like you have any recourse in most international BTC situations anyway.)

Why should we trust this site after so many others have failed?

We are different in several key ways:

• We do not pretend that we are a real registered exchange.
• We do not pretend the assets on the site are real.
• We are a real company, registered in Belize.
• We are transparent. We do not lock you into using our site. Every asset issuer receives a daily email showing who is holding their assets. This allows them to move their virtual operation off the site to anywhere
• else they might choose.

https://btct.co/faq

[Ira H. Fuchs]

good morning, What is a virtual stock this is a news to me. What brokers deal in these types of instruments thanks..Ira

Here we go:

Why would I want to invest in a virtual currency company?
To expand your BTC virtual currency fortune of course! Or something more noble, like funding a project for a greater good.

Is it legal for this exchange to operate?
Most countries require real securities exchanges to register and abide by a very strict set of rules. Obviously we do not have the funding to afford such registration or the overhead of administering such rules. In addition, no single country would allow such an exchange to operate globally. As such we have taken the following approach to the operation of the site:

• No assets on the site are to be considered real.
• The use of this site is for educational and entertainment purposes only.
• If an asset issuer on this site defaults, you have ZERO RECOURSE. (not like you have any recourse in most international BTC situations anyway.)

Is it legal for me to use the site?
Most countries will have no problem with you using a securities simulation site, even one that uses digital virtual currencies. There are multiple examples of virtual goods exchanges in operation around the globe, most of which are better funded in the legal department than this one. It is largely on the backs of these giants that we believe we are in the clear. We also believe that everything digital has some value to someone, and trying to artifically limit what "virtual" or "digital" belongings people are allowed to trade or play games with is simply not going to be possible. Of course, please let us know if you believe your country may have an issue with it and we will post prominent warnings. We do ask that you keep the following in mind at all times:

• No assets on the site are to be considered real.
• The use of this site is for educational and entertainment purposes only.
• If an asset issuer on this site defaults, you have ZERO RECOURSE. (not like you have any recourse in most international BTC situations anyway.)

Why should we trust this site after so many others have failed?

We are different in several key ways:

• We do not pretend that we are a real registered exchange.
• We do not pretend the assets on the site are real.
• We are a real company, registered in Belize.
• We are transparent. We do not lock you into using our site. Every asset issuer receives a daily email showing who is holding their assets. This allows them to move their virtual operation off the site to anywhere
• else they might choose.

https://btct.co/faq

good morning, Who runs this exchange, and where is the registering agent contact information as required by law thanks..Ira