bitfloor issues?

[antimattercrusader]

He confirmed it as "indefinite"

[1714931955]

1714931955

[1714931955]

1714931955

[1714931955]

1714931955

[BTC Books]

He confirmed it as "indefinite"

Thank you.

[antimattercrusader]

I am having an issue withdrawing my BTC though....

I withdrew 1 BTC (to test my new address/withdraw ability) then withdrew ~85BTC.

https://anonfiles.com/file/1fcbc2cd5f064c9c6d87ac88cbb2d707

I did receive the 1BTC, no problem. But, the 85 is no where to be seen.

When we see the blockchain.info link for my address, it appears the 85BTC has not been sent, while the 1BTC is there.

https://blockchain.info/address/1KbBmF6FQJ7dj7Q5LVTFnzsuFiqcHETEEn

Thoughts? Do they batch process, need to xfer from offline wallet, or am I about to get gox'd?

[BTC Books]

I am having an issue withdrawing my BTC though....

I withdrew 1 BTC (to test my new address/withdraw ability) then withdrew ~85BTC.

https://anonfiles.com/file/1fcbc2cd5f064c9c6d87ac88cbb2d707

I did receive the 1BTC, no problem. But, the 85 is no where to be seen.

When we see the blockchain.info link for my address, it appears the 85BTC has not been sent, while the 1BTC is there.

https://blockchain.info/address/1KbBmF6FQJ7dj7Q5LVTFnzsuFiqcHETEEn

Thoughts?

When I did have an account with them, this was common.  They keep a hot wallet, and an offline wallet.  Withdrawals from the offline wallet - that is to say larger transactions - have always taken a few hours.  Keep in mind that 'larger transactions', for bitfloor, are somewhat smaller than for Gox.

[antimattercrusader]

Ok, thank you.

Just makes me jumpy, I'm not a mood to loose 85BTC today lol.

I'm sad to see Bitfloor go, I really liked their platform. I was looking at CampBX, they seem good. Thoughts?

[notig]

Does anyone have guesses as to why their bank would shut them down? Is this an attack against bitcoin? Something else?

[Digikeys]

This seems like a reasonable explanation..

I've had this happen with an American business account. Risk management sends you a letter saying they are shutting down the account in 7 days. There's no disputing it, there's no appeal, it's going to be closed. Risk Management simply decides they don't like something about your transaction history and that's that. I'm not sure it's related to Bitcoins, they're probably leaving very little money in that account (probably a good idea) and just keeping enough to send out ACH withdrawals to traders. But when it's 99% of the money coming in is going right back out and it starts adding up to being millions in/out unless you have a huge chunk of money sitting there to cover any issues, banks are not going to be terribly comfortable.

If it was related to Bitcoin (under a BS excuse of money laundering) the account would be frozen. It doesn't sound like it's frozen, it sounds like the bank is saying we don't want your business GTFO.

[BTC Books]

Ok, thank you.

Just makes me jumpy, I'm not a mood to loose 85BTC today lol.

I'm sad to see Bitfloor go, I really liked their platform. I was looking at CampBX, they seem good. Thoughts?

Yes - they've been hanging in there in pretty much last place for awhile.  Points for tenacity.

I think the reason they've never caught on is their very up-front acceptance of regulation, 'Know Your Customer' BS, & etc.  That seems to be becoming less important though, as bitcoin is attracting more mainstream types.

Next time I sign up with an exchange I'll probably give them a try.

[samurai1200]

Ok, thank you.

Just makes me jumpy, I'm not a mood to loose 85BTC today lol.

I'm sad to see Bitfloor go, I really liked their platform. I was looking at CampBX, they seem good. Thoughts?

Ive only done a small volume of trades at both, but in my mind, form-fit-function of CampBX is very similar to Bitfloor.

[deadweasel]

This seems like a reasonable explanation..

I've had this happen with an American business account. Risk management sends you a letter saying they are shutting down the account in 7 days. There's no disputing it, there's no appeal, it's going to be closed. Risk Management simply decides they don't like something about your transaction history and that's that. I'm not sure it's related to Bitcoins, they're probably leaving very little money in that account (probably a good idea) and just keeping enough to send out ACH withdrawals to traders. But when it's 99% of the money coming in is going right back out and it starts adding up to being millions in/out unless you have a huge chunk of money sitting there to cover any issues, banks are not going to be terribly comfortable.

If it was related to Bitcoin (under a BS excuse of money laundering) the account would be frozen. It doesn't sound like it's frozen, it sounds like the bank is saying we don't want your business GTFO.

I suspect exactly this.  Either frozen already or in the next few days. 

[Minor Miner]

Real businesses do not get their bank accounts shut down.

Exactly.

And real businesses don't get their Paypal account frozen.

And real businesses don't get chargebacks.

Real businesses get chargebacks and they file through the claim process.   Real businesses do not get paypal frozen if they had opened the account properly and gave truthful information on what they are doing.  

[bb113]

Ok, thank you.

Just makes me jumpy, I'm not a mood to loose 85BTC today lol.

I'm sad to see Bitfloor go, I really liked their platform. I was looking at CampBX, they seem good. Thoughts?

I received my btc. Also, yes I hope bitfloor can return with the same service. Especially if this incident is handled cleanly, Roman will have gained trust.

[notig]

If the bank just decides they don't want their business how come bitfloor can't seek a new bank? The indefinitely sounds permanent

[muyuu]

Indefinitely doesn't mean permanently, so it's not confirmed yet. There are no grounds for saying "sad to see Bitfloor go" just yet.

[zedicus]

Credit union FTW!!

[antimattercrusader]

If the bank just decides they don't want their business how come bitfloor can't seek a new bank? The indefinitely sounds permanent

One might think... he might want to consider a smaller local bank or credit union where he can discuss his business needs and have a person who will actually listen and present a real solution. Hard to find thesedays.

Indefinitely doesn't mean permanently, so it's not confirmed yet. There are no grounds for saying "sad to see Bitfloor go" just yet.

I hope your right!

EDIT:
 

Credit union FTW!!

+1

[wtfvanity]

I put this in the noob forum but...

Why did only a few get the email? I guarantee if I had seen that message I would have been buying coins at any price. Of course the ones that got it ended up sticking some with fiat in there...

[superduh]

isn't silicone valley bank open to working with bitcoins?

[antimattercrusader]

I put this in the noob forum but...

Why did only a few get the email? I guarantee if I had seen that message I would have been buying coins at any price. Of course the ones that got it ended up sticking some with fiat in there...

From what I hear, it appears they staggered emails to prevent a panic. Now that is just hearsay, I don't know for sure.

However, on twitter I saw they promised to return funds, I think everyone will be fine.

[BTC Books]

Real businesses get chargebacks and they file through the claim process.   Real businesses do not get paypal frozen if they had opened the account properly and gave truthful information on what they are doing.  

Oh my.  I'm sorry, but you're mistaken.  It happens all the time.