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Author Topic: Bitinstant: why does it take so long? Is it a fraud?  (Read 448 times)
Dâniel Fraga
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April 09, 2013, 12:06:41 AM
 #1

I bought bitcoin from Bitinstant hoping it would be fast. Zipzap confirmed the payment and warned Bitinstant, but until now I didn't see anything on my wallet.

What's the problem with Bitinstant? Nobody there answered my e-mails... and I sent many of them. If they don't process my order, I'll have to start a campaign against them on the internet. I thought I was dealing with professionals.

https://www.bitinstant.com/order_status/7b76c3fb-578b-46dd-9469-fc45f51f71cd

Since bitcoins' value are rising I'm losing money (I know it's a low ammount, but for the first time I'd like to test. I was planning to buy much more, but if Bitinstant keeps ignoring me, my conclusion is that Bitinstant is a fraud).

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April 09, 2013, 12:13:28 AM
 #2

 No, Bitinstant ids legit. I've heard of it taking some time to receive bitcoin during the current wild price ride. I think they have to purchase blocks of coin to put up for sale, and that has been difficult lately.
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April 09, 2013, 12:15:34 AM
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No, Bitinstant ids legit. I've heard of it taking some time to receive bitcoin during the current wild price ride. I think they have to purchase blocks of coin to put up for sale, and that has been difficult lately.

So basicaly they sell what they don't have... and as bitcoin prices are going up, those who bought from them are losing money, since when they finally convert the dollars into bitcoins, the buyer will receive much less bitcoins.

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April 09, 2013, 12:22:13 AM
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I don't think there is any malice or crookedness involved. When prices are moving as fast as they are currently, some chaos occurs. I used Bitinstant in more "normal" times, and all went smoothly.
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April 09, 2013, 12:28:01 AM
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No, Bitinstant ids legit. I've heard of it taking some time to receive bitcoin during the current wild price ride. I think they have to purchase blocks of coin to put up for sale, and that has been difficult lately.

So basicaly they sell what they don't have... and as bitcoin prices are going up, those who bought from them are losing money, since when they finally convert the dollars into bitcoins, the buyer will receive much less bitcoins.

They dont fix the price once you agree to send money for 24 hours? Like bullion?

That is sad if not. They could really screw with ppl if no contract is in place. Otherwise it is send money and we will get you "some" bitcoins...

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Dâniel Fraga
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April 09, 2013, 01:18:32 AM
 #6

They dont fix the price once you agree to send money for 24 hours? Like bullion?

That is sad if not. They could really screw with ppl if no contract is in place. Otherwise it is send money and we will get you "some" bitcoins...

I'm afraid not Sad

Dâniel Fraga
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April 09, 2013, 01:28:27 AM
 #7

They dont fix the price once you agree to send money for 24 hours? Like bullion?

That is sad if not. They could really screw with ppl if no contract is in place. Otherwise it is send money and we will get you "some" bitcoins...

Ok, they transferred right now, after some complaints.

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