in early stages of bitcoin era, the war on exchanges has started doing victims

[NikolaTesla]

Exchanges will come and go, that's just part of the evolution of bitcoin. As exchanges close, others will open. We've seen several stories recently of venture capitalists and entrepreneurs starting new bitcoin exchanges and there's even the guy who is creating bitcoin ATM's.

[1715320181]

1715320181

[Luis_GT]

You haven't been here long since you failed to mention tradehill 

Indeed.  There's a reason why most of the old-timers won't use Dwolla, and never will.

I don't have much choice, as OKpay sucks...

I have a dwolla account, but no funding in it... and I will only do small transactions in order to avoid losing

but still


http://venturebeat.com/2012/03/07/tradehill-sues-suing-dwolla-bitcoin/

[BTC Books]

You haven't been here long since you failed to mention tradehill 

Indeed.  There's a reason why most of the old-timers won't use Dwolla, and never will.

I don't have much choice, as OKpay sucks...

I have a dwolla account, but no funding in it... and I will only do small transactions in order to avoid losing

but still


http://venturebeat.com/2012/03/07/tradehill-sues-suing-dwolla-bitcoin/

The article in your link is filled with inaccuracies.  But honestly, the hours and hours involved with going back and reading the threads as it all actually unfolded would be more work than I'd ever wish on anyone.

Put it this way:  Tradehill is back, and they haven't had any difficulty getting customers.  If I was a trader and wanted to put in their minimum, I'd be there in a heartbeat.

[antimattercrusader]

# Bitfloor just got their bank account closed
# Bitcoin-24 got both their German and Polish bank accounts frozen
# CaVirtEx got their Royal Bank account closed, not sure how to fund them right now
# MtGox survives and thrives although the SEPA transfers are crippled by insufficient daily limit of their Polish bank account
# BTC-E rejects many claims of accounts being hacked - I wouldn't trust a Russian exchange run by unknown people anyway sorry.
# BitStamp survives and thrives so far thanks to lax legislation in Slovenia.
# BTChina - no info at all about these?

Did I forget anyone? Also pls correct anything inexact above.

Forgive me, but what is the URL for BTChina?


EDIT: Nevermind, https://btcchina.com/

[Luis_GT]

The article in your link is filled with inaccuracies.  But honestly, the hours and hours involved with going back and reading the threads as it all actually unfolded would be more work than I'd ever wish on anyone.

Put it this way:  Tradehill is back, and they haven't had any difficulty getting customers.  If I was a trader and wanted to put in their minimum, I'd be there in a heartbeat.

Saw it a month ago, but the 10K initial investment is steep, I started with only 1K back in the day... lol

[shmadz]

# CaVirtEx got their Royal Bank account closed, not sure how to fund them right now


Did I forget anyone? Also pls correct anything inexact above.

I don't know the exact details of why the RBC account was closed, here is an excerpt from their announcement:

" 1. Our Royal Bank account will be closing on April 5, 2013. Cash payments will no longer be accepted at any RBC branch after April 5, 2013. You may still make cash payments to BMO and Scotiabank. Bill payments are not affected by this close."

Bill payments are by far the easiest of all the payment types, it's exactly like paying your cable bill. and it's pretty fast, like a couple days? I've only tried it once, just to verify how it worked (I'm a miner, when I want to invest in bitcoin I give money to the computer hardware vendor, not the exchange)

I've also verified that this change had no effect on withdrawing fiat dollars from the exchange, which also takes a couple days. (at about the same time as this announcement, I had run out of bitcoins that I was willing to part with and I cashed out)

In my experience cavirtex is top-notch. When gox is lagging this little canadian exchange just keeps on chugging. Though be warned the fees are rather high.

[Frozenlock]

Rather high? They are insane!

Now with Libertybit we have a little competition. Good. 

[BitcoinAshley]

I've been checking out CampBX. They're definitely going for the wow factor with their website (as in, professional wow factor). That kind of thing tends to make me skeptical that perhaps too much effort is spent on image and not enough on infrastructure and security... but I'll give them a try and see what happens.

One of their funding options is to mail a USPS money order. This is pretty darn convenient; not as convenient as Bitfloor's BoA cash deposit but hey you can't have everything.

There are plenty of exchange options, and for those who scoff that all the little exchanges aren't secure, and cite the many shutdowns -
(1) May I remind you that MtGox was once hacked 
(2) For as many exchanges that have shutdown or scammed, there are many more that are just starting or have had their act together for a while, just have lower volume.

In addition, some of the shutdowns haven't been security related. Having your funds in Bitfloor recently wasn't a security risk as was suggested - none of the funds or BTC are at risk - they just got a whack in the balls by having their account closed, not much one can do when the bank is against you. My BTC is already out and my USD will be out in 2-3 business days. Trading suspended doesn't mean there's a security risk to my money.

So when looking at the exchange FUD, remember that there are exchanges you haven't heard of, exchanges with great track records, and of the shutdowns, many simply aren't security related. Also remember that a lot of the exchanges in the early days (some of which still exist) are run by people who have no idea what they're doing. We're starting to see more professional exchanges (as they collectively learn from Gox's and each others' mistakes)

And of course, obligatory statement about how much you can trust ANY foreign entity... I spread my funds between exchanges so if one DOES get hacked, my trading ability is not completely neutered.

[EuroTrash]

You haven't been here long since you failed to mention tradehill 

TradeHill huh? I thought they were bankrupt. Googled for them now. I'll update the thread so.

I had a look now. Clearly they are rebranding it into some sort of exclusive club. I qualify for membership yeah. But no thanks because F*CK YOU SNUBS.

I don't see anywhere mention of their fees anyway?

[EuroTrash]

Indeed.  There's a reason why most of the old-timers won't use Dwolla, and never will.

Ah well, in the early days I used Paxum. I also had a Dwolla account which I believe I never really used due to the high fees. Not sure now, too many parties have passed since. Last year I deleted my Dwolla account right after reading the TradeHill story. They still occasionally spam my mailbox.

[GeoRW]

I mostly use bitcoin.de which is a peer-to-peer exchange, similarly to eBay people sell to each other and bitcoin.de works like a middle man blocking bitcoins while the transaction is ongoing. That's the way forward though you cannot buy/sell huge amounts this way and trade in real time with bots.

[Francesco]

# Bitfloor just got their bank account closed
# Bitcoin-24 got both their German and Polish bank accounts frozen
# CaVirtEx got their Royal Bank account closed, not sure how to fund them right now
[...]
# BitStamp survives and thrives so far thanks to lax legislation in Slovenia.
[...]

Maybe it's people blaming the exchanges for their losses?

How exactly does the difference in legislation matters?

(how exactly can I trust it, since my money is in Bitstamp?)

[solex]

# Bitfloor just got their bank account closed
# Bitcoin-24 got both their German and Polish bank accounts frozen
# CaVirtEx got their Royal Bank account closed, not sure how to fund them right now
# MtGox survives and thrives although the SEPA transfers are crippled by insufficient daily limit of their Polish bank account
# BTC-E rejects many claims of accounts being hacked - I wouldn't trust a Russian exchange run by unknown people anyway sorry.
# BitStamp survives and thrives so far thanks to lax legislation in Slovenia.
# BTCChina - no info at all about these?
# TradeHill - back from the dead - good for companies maybe. 10000$ minimum to get in and trade 1000$ at a time
# CampBX - this seems to be working although with very low daily limits

Did I forget anyone? Also pls correct anything inexact above.

This, taken all together, is quite serious. A true global currency needs many large exchange services to/from fiat. The manual, ebay, face-to-face and other fallback options are fine for the minor coins, but not good enough for BTC to do anything except limp along. Without Mt Gox they would still be worth $2 each. I hope they keep going as well as they are.

We need the London-based exchange Max Kaiser mentioned, and companies like xe.com and oanda.com to take up Bitcoin too.

[Viceroy]

We need the London-based exchange Max Kaiser mentioned, and companies like xe.com and oanda.com to take up Bitcoin too.

Come help us create the specifications....   
https://bitcointalk.org/index.php?topic=179147

[epetroel]

# Bitfloor just got their bank account closed
# Bitcoin-24 got both their German and Polish bank accounts frozen
# CaVirtEx got their Royal Bank account closed, not sure how to fund them right now
# MtGox survives and thrives although the SEPA transfers are crippled by insufficient daily limit of their Polish bank account
# BTC-E rejects many claims of accounts being hacked - I wouldn't trust a Russian exchange run by unknown people anyway sorry.
# BitStamp survives and thrives so far thanks to lax legislation in Slovenia.
# BTCChina - no info at all about these?
# TradeHill - back from the dead - good for companies maybe. 10000$ minimum to get in and trade 1000$ at a time
# CampBX - this seems to be working although with very low daily limits

Did I forget anyone? Also pls correct anything inexact above.

Let's see.. I can think of a few others

ExchangeBitcoins.com - One of the first, closed down in an orderly fashion (can't remember why off hand)
Bitcoinica - Crashed and burned due to multiple hacks (or looted by Zhou)
Bitcoin7 - Disappeared (can't remember if this one was hacked or looted by the owners)
CryptoXChange - probably looted by the owners.
Intersango.com - still technically alive, but pretty much on life support.

[Richy_T]

Exchanges will come and go, that's just part of the evolution of bitcoin. As exchanges close, others will open. We've seen several stories recently of venture capitalists and entrepreneurs starting new bitcoin exchanges and there's even the guy who is creating bitcoin ATM's.

And that's fine except they're taking large quantities of peoples funds with them. If Bitcoin-24 had said "We're being shut down, please check your accounts, you should find a full refund of your deposited balances" it would not be great but it would be OK. People (fortunately, not me) have big money tied up with someone who has not seen fit to issue more than a couple of paragraphs in explanation.

[manfred]

# Bitfloor just got their bank account closed
# Bitcoin-24 got both their German and Polish bank accounts frozen
# CaVirtEx got their Royal Bank account closed, not sure how to fund them right now
# MtGox survives and thrives although the SEPA transfers are crippled by insufficient daily limit of their Polish bank account
# BTC-E rejects many claims of accounts being hacked - I wouldn't trust a Russian exchange run by unknown people anyway sorry.
# BitStamp survives and thrives so far thanks to lax legislation in Slovenia.
# BTCChina - no info at all about these?
# TradeHill - back from the dead - good for companies maybe. 10000$ minimum to get in and trade 1000$ at a time
# CampBX - this seems to be working although with very low daily limits

Did I forget anyone? Also pls correct anything inexact above.

Let's see.. I can think of a few others

ExchangeBitcoins.com - One of the first, closed down in an orderly fashion (can't remember why off hand)
Bitcoinica - Crashed and burned due to multiple hacks (or looted by Zhou)
Bitcoin7 - Disappeared (can't remember if this one was hacked or looted by the owners)
CryptoXChange - probably looted by the owners.
Intersango.com - still technically alive, but pretty much on life support.

Lets not forget Bitmarket.eu   20 000 bitcoins gone

[Rygon]

You haven't been here long since you failed to mention tradehill 

Indeed.  There's a reason why most of the old-timers won't use Dwolla, and never will.

What's the issue with Dwolla? If it's only used as a passthrough from a local bank account to MtGox, there shouldn't be any risk of losing funds. The fee is negligible, the only downside is that it usually takes about a week to funds.

[kiko]

Britcoin was possibly the first bank inflicted casualty, should be in the list.

[DoomDumas]

CaVirtex.com with BMO = very nice, it takes 24 to 48 hours, Deposit or Witdraw...

I've made several transactions, both ways, always fast and effective !

+1 CaVirtex !!!