bitfloor issues?

[BTC Books]

Posted today on bitfloor's page:

2013.04.20

The bank has issued us a check for the remaining account balance. Once this check is received, we will be working to establish a way to return the remaining USD funds.

The ETA for receiving the check is around 10 days. Until then, we will be unable to make any further payouts. We are exploring various options for returning your funds.

They've really been doing a pretty good job in quite difficult circumstances.  I wouldn't be terribly concerned about getting my money.  It will take a little time, that's all - and this really isn't their fault.

[FenixRD]

Posted today on bitfloor's page:

2013.04.20

The bank has issued us a check for the remaining account balance. Once this check is received, we will be working to establish a way to return the remaining USD funds.

The ETA for receiving the check is around 10 days. Until then, we will be unable to make any further payouts. We are exploring various options for returning your funds.

They've really been doing a pretty good job in quite difficult circumstances.  I wouldn't be terribly concerned about getting my money.  It will take a little time, that's all - and this really isn't their fault.

Makes sense with what we know. A no-notice risk closure would end in a check for the balance, and the canned phrasing here in the US is "7 - 10 business days" for most things from banks -- replacement debit cards, etc. Naturally, most things arrive much sooner, so this sets kind of an upper bound to where we will see funds. And, wherever he opens an account to disburse the USD, will have to be informed so they don't flag a huge deposit and then hundreds (thousands?) of wire and ACH transfers for AML risk reasons, which they may not like.

This just underlines the necessity for Bitcoin even more. Any time you touch fiat, you're only free if you it within the bell curve. Even if you are operating within the law, if it falls outside some parameters, you may find yourself up a creek.

Huge datacenter breach recently has my bank so paranoid over whose info is in the wind that I've had to call to verify transactions after several card freezes doing pretty "ordinary" stuff -- filling an out-of-pocket script, buying an international flight (thought I had the ticket for 12 hours before Vayama emailed the bad news "we don't know, contact your bank"; by that point there were no more seats), filling up gas on travel, buying f-ing Starbucks on travel (??!!). Always inconvenient, sometimes plan-altering.

While if you misspell an address in bitcoinland you're screwed, at least when you send money, you know and can watch it the whole way...

[schmokel]

I've been caught up in this Bitfloor fiasco as well.  My primary complaint about Roman's handling of this situation (and I believe it is inexcusable) is that there was basically no advance warning of his intentions.  As a result, a lot of people were stuck with USD in their account.  Converting to BTC and switching exchanges would have made more sense.  This wasn't really an option given his timing.  He should have given people at least a week to make their move.  What a rotten deal.

[antimattercrusader]

Life is a bitch, I would not want to be in Roman's shoes right now.

I doubt he received alot of warning and was probably so caught off guard by this situation, that things went down the way they did. Hindsight is 20/20, but in reality I think he's handling it well considering. Alot of lesser people would have been like, well, y'all are shit outta luck! Including when he got hacked way back when, he was transparant, and worked to make it right. This situation is no different, and I for one, would buy him a drink.

[schmokel]

Life is a bitch, I would not want to be in Roman's shoes right now.

I doubt he received alot of warning and was probably so caught off guard by this situation, that things went down the way they did. Hindsight is 20/20, but in reality I think he's handling it well considering. Alot of lesser people would have been like, well, y'all are shit outta luck! Including when he got hacked way back when, he was transparant, and worked to make it right. This situation is no different, and I for one, would buy him a drink.

True.  If he didn't have much advance warning, then I would agree with you.

[zedicus]

^^ I agree with the above sentiment.. The everyone didnt get the email is what doesnt sit well with me. I was one that didnt .. My spider senses made me remove my $$$$.$$ a couple days before this went down. So i barely escaped .. 

Direct deposit worked fine and for the most part except for my first deposit.. all was well at bitfloor and i was considering making it home. Thats what sucks the most.. 

I hope you guys get youre loot back..  and all ends well. 

[koin]

there was basically no advance warning of his intentions.  As a result, a lot of people were stuck with USD in their account.

exactly.  there are people with usd balances willing to buy bitcoins (and overpay greatly even) to get the funds out as bitcoins.  there are others yet today willing to sell their bitcoins at bitfloor and withdraw usd balances as ach, even after this bank issue.

so the only difference of leaving the exchange open for trading is noticed by who would be withdrawing a usd balance.  and why would bitfloor care about that.  in fact, bitfloor should prefer this as there would be fewer accounts with usd balances left to process withdrawals for.

therefore, it is becoming pretty clear bitfloor got "advised" that it was operating as a money transmitter and to stop immediately until registered as one.  that advise included how to comply, no withdrawals would be allowed unless identity was verified.  there's no other explanation that makes as much sense.

and look at all the scenarios where this happens.  how did you get your bitcoins out of glbse?   sendt in id verification.  how do you get your bitcoins out of instawallet today?  send in id verification.   now how do you get your usds out of bitfloor?   send in id verification.     see a pattern?   these services get advice and all of a sudden they need your id.

[cryptal]

most of us (at least me) had no idea that they were hacked previously.

Don't you do any research before handing money to any entity? How difficult was it to go on the Bitcoin wiki and search for Bitfloor? The 24k BTC theft was there all the time.

Look like you're a bit of a lazy bum. And based on how you write, you probably haven't graduated from high-school yet.

i am new, someone said they were a quick deposit, they were, and everything worked fine.

If you base your investment decisions on what "someone said", then I have no sympathy for you, and you deserve your fate.

[Rassah]

therefore, it is becoming pretty clear bitfloor got "advised" that it was operating as a money transmitter and to stop immediately until registered as one.

I think Bitfloor already was registered.

[schmokel]

I have to admit, I thought it was unusual that one could transfer large quantities of USD to Bitfloor so quickly and easily, when it was a major PITA with the other exchanges.  This is one of the reasons I'm so disappointed to see BF vanish.  It was a no frills, no BS exchange.  Now we'll see how easy it is to pull money back out.  Hmm!

[FenixRD]

therefore, it is becoming pretty clear bitfloor got "advised" that it was operating as a money transmitter and to stop immediately until registered as one.

I think Bitfloor already was registered.

This.

AFAIK, they were. So, it's becoming pretty clear, Koin is uninformed and spreading speculative misinformation.

Come on guys, this shit is already the Wild West, it's hard enough. BFL, Pirateat40, etc. Use your brains and google, sometimes the info is readily available. In Bitfloor's case this is easily verifiable stuff, and written in plain English FFS.

If someone popped up with evidence that Bitfloor was claiming to be registered and wasn't, that would be interesting. Claiming whatever Koin just claimed is juvenile.

[schmokel]

therefore, it is becoming pretty clear bitfloor got "advised" that it was operating as a money transmitter and to stop immediately until registered as one.

I think Bitfloor already was registered.

This.

AFAIK, they were. So, it's becoming pretty clear, Koin is uninformed and spreading speculative misinformation.

Come on guys, this shit is already the Wild West, it's hard enough. BFL, Pirateat40, etc. Use your brains and google, sometimes the info is readily available. In Bitfloor's case this is easily verifiable stuff, and written in plain English FFS.

If someone popped up with evidence that Bitfloor was claiming to be registered and wasn't, that would be interesting. Claiming whatever Koin just claimed is juvenile.

Chances are the bank just lost patience with an account with so much inflow and outflow via wire transfer.  Oh joy.

[crazy_rabbit]

and look at all the scenarios where this happens.  how did you get your bitcoins out of glbse?   sendt in id verification.  how do you get your bitcoins out of instawallet today?  send in id verification.   now how do you get your usds out of bitfloor?   send in id verification.     see a pattern?   these services get advice and all of a sudden they need your id.

It always amazes me how many people in crypto think they should be able to cash out any amount of bitcoin without ever needing to show someone ID. In the European union it's illegal to deposit/withdraw more then 1000 Euros' without giving ID. I don't know what the number is for America but your required to "know your customer" when dealing with money. So yes- you have to give your ID.

Who knows what instawallet is up to though. They seem to need your id for the legal claims process.

[FenixRD]

and look at all the scenarios where this happens.  how did you get your bitcoins out of glbse?   sendt in id verification.  how do you get your bitcoins out of instawallet today?  send in id verification.   now how do you get your usds out of bitfloor?   send in id verification.     see a pattern?   these services get advice and all of a sudden they need your id.

It always amazes me how many people in crypto think they should be able to cash out any amount of bitcoin without ever needing to show someone ID. In the European union it's illegal to deposit/withdraw more then 1000 Euros' without giving ID. I don't know what the number is for America but your required to "know your customer" when dealing with money. So yes- you have to give your ID.

Who knows what instawallet is up to though. They seem to need your id for the legal claims process.

Also THIS. "But Bitcoin promised to be anonymous and instantaneous!!1"

Yes. As long as you stay in bitcoinland it is. Leaving it into the real world, and you have the Bitcoin equivalent of the mechanic's triangle (corners: speed, quality, price) where the qualities Speed, Anonymity, Security are all tradeoffs with each other.

Going to and from fiat will always be sketchy. Because fiat is sketchy. 

[johnblaze]

Don't you do any research before handing money to any entity? How difficult was it to go on the Bitcoin wiki and search for Bitfloor? The 24k BTC theft was there all the time.

lol pal

who would think that a bitcoin wiki would contain information about third party systems? i surely wouldn't. in fact, i would argue an official wiki should avoid having any information about third parties

Look like you're a bit of a lazy bum. And based on how you write, you probably haven't graduated from high-school yet.

https://yourlogicalfallacyis.com/ad-hominem

If you base your investment decisions on what "someone said", then I have no sympathy for you, and you deserve your fate.

of course your statement is true, and it is irrelevant to me and to this entire thread. you are arguing points that no one has contested. you clearly like to argue, so go for it

i didnt base any investment decision based on what someone said.

let me help you: bitfloor isnt an investment. it is an exchange which would allow me to invest in BTC or not.

[Dr3AM$cAp3]

Posted today on bitfloor's page:

2013.04.20

The bank has issued us a check for the remaining account balance. Once this check is received, we will be working to establish a way to return the remaining USD funds.

The ETA for receiving the check is around 10 days. Until then, we will be unable to make any further payouts. We are exploring various options for returning your funds.

They've really been doing a pretty good job in quite difficult circumstances.  I wouldn't be terribly concerned about getting my money.  It will take a little time, that's all - and this really isn't their fault.

So, has anyone received anything yet?   Still trying to remain positive.

                                                   type        status         amount
Wed, 17 Apr 2013 22:51:34 GMT   ach    pending    -xxxx.xx USD
 
                                                         Amount                         Balance
Tue, 23 Apr 2013 20:24:51 GMT    +xxxx.xx                         xxxx.xx USD
Thu, 18 Apr 2013 17:35:01 GMT    -xxxx.xx                              x.xx USD

The fuck does this mean? 

[MykelJH]

i still have recieved no email returns from customer support or funds.

[wtfvanity]

i still have recieved no email returns from customer support or funds.

ditto

[BTC Books]

Posted today on bitfloor's page:

2013.04.20

The bank has issued us a check for the remaining account balance. Once this check is received, we will be working to establish a way to return the remaining USD funds.

The ETA for receiving the check is around 10 days. Until then, we will be unable to make any further payouts. We are exploring various options for returning your funds.

They've really been doing a pretty good job in quite difficult circumstances.  I wouldn't be terribly concerned about getting my money.  It will take a little time, that's all - and this really isn't their fault.

So, has anyone received anything yet?   Still trying to remain positive.

                                                   type        status         amount
Wed, 17 Apr 2013 22:51:34 GMT   ach    pending    -xxxx.xx USD
 
                                                         Amount                         Balance
Tue, 23 Apr 2013 20:24:51 GMT    +xxxx.xx                         xxxx.xx USD
Thu, 18 Apr 2013 17:35:01 GMT    -xxxx.xx                              x.xx USD

The fuck does this mean? 

Could it mean... 10 days?? 

[dohse]

So, has anyone received anything yet?   Still trying to remain positive.

                                                   type        status         amount
Wed, 17 Apr 2013 22:51:34 GMT   ach    pending    -xxxx.xx USD
 
                                                         Amount                         Balance
Tue, 23 Apr 2013 20:24:51 GMT    +xxxx.xx                         xxxx.xx USD
Thu, 18 Apr 2013 17:35:01 GMT    -xxxx.xx                              x.xx USD

The fuck does this mean? 

Previously, if you put in an ACH request after the trading closed BitFloor would show it as processed and having left your account. Obviously it didn't actually show up in your bank. The snippet you posted simply shows that the ACH was attempted on 4/18  but on 4/23 the funds were put back into your BitFloor account. This should make you feel better as they still have a record of who had what in their accounts.