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Author Topic: TradeHill - Who we are  (Read 39842 times)
yochdog
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August 05, 2011, 05:47:47 PM
 #221

I've been waiting 4 days. Made a request for wire withdrawal on monday morning, still showing "In Process".


Not good.  No response from Tradehill. 

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Goldenmaw
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August 11, 2011, 04:53:33 PM
 #222

It's August 11, and still no word on the wires.  My money is still in limbo, and my emails don't get replied to.  This isn't looking good.  Any chance of a status update?
indio007
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August 12, 2011, 08:54:01 AM
 #223

A few questions. What banks are paper checks drawn on? Also have you considered US postal money orders? Have you considered travelers cheques?
Jered Kenna (TradeHill)
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August 12, 2011, 02:55:45 PM
 #224

It's August 11, and still no word on the wires.  My money is still in limbo, and my emails don't get replied to.  This isn't looking good.  Any chance of a status update?

Hi Golden,

As of today we activated a new bank account that can execute transactions. 90% of delayed transactions will be executed today, Monday, or Tuesday. You will receive an email once your transaction is executed. We have been responding to 90% of the emails each day as of 5/6 days ago. Our average response time has increased from 2 hours to 12 hours due to the volume of emails received.

We regret the delays and have been working non-stop to arrange new accounts. We did not want to start executing transactions from new accounts until we had built redundancy into our banking arrangement; that is, at least two fully funded back up accounts at seperate banks. We have almost accomplished this task and will be reopening deposits via US wire service very soon. The same redundant configuration now exists for our Euro SEPA deposits and withdrawals.

We have been completely forthright with our banks as to the nature of our business, the nature of Bitcoin, and more. In doing so, many banks decided to remain on the sidelines. However, the banks that will be working with us are fully aware of our operations and aren’t expecting any surprises.

One reason we love Bitcoins is because you mustn’t rely on banks. As an exchange, we hold the front line in dealing with banks to ensure people can get cash for their Bitcoins. Until Bitcoins level of ubiquity relinquishes us from this necessity it will be our responsibility to ensure continuous service. Our ability to do this will determine our popularity in the long run.

We take full responsibility for our mistakes and our accomplishments and remain committed to our goal.

Thank you for your patience, your thoughts, and your interest.

Regards,
Adam – Tradehill

moneyandtech.com
@moneyandtech @jeredkenna
fitty
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August 12, 2011, 05:17:24 PM
 #225

I understand the situation, you didn't want to destroy the exchange by telling people "Hey our accounts are frozen no one is getting paid!".

But really, that's probably what you should have said much earlier. I have a withdrawal from the 1st of August that's pending. Then I notice there's now a check option, I was not e-mailed about that option. I was not e-mailed about other options to cash out. Also my funds were not unfrozen so I could re-buy as Bitcoins value dropped. I'm not sure I would of but it would have been nice to have the USD back in the account since it was going to be weeks before it was sent.

I plan to keep using TradeHill they seem fairly honest and competent.

I understand that BoA pulled the rug out from under you. But the whole "we're working on it" isn't enough. 2 day air people certified checks. Heck even money orders. What I would have done is just e-mailed the people with pending withdrawals. Deal with them and avoid making a big blog post about it. That buys you some time and takes care of the main people effected.

I was surprised there wasn't more stink about it. TH kept accepting money, but wasn't able to send it back out via ach/wire. That's sorta important. Maybe it was my fault for not asking the money to be unfrozen so I could use another method. Maybe Paxum? Check? I don't know.

Next time work with people to get them the money quickly. Tell them the other options, tell them wires are down for the moment, people could have even withdrawn bitcoins and sold them on MtGox and gotten the money back out that way. Sure it sucks to send them to the competition, but that would have been then my deposit being on hold for 12 days. I don't need the money but it concerns me that all the wires/deposits were just in limbo this entire time. On August 2nd (I assume it started then since my deposit wasn't sent) everyone pending gets the usd back in their tradehill, informed of other options and it's done.

If they cash out and go to MtGox that would have been a lot better then having my money tied up with "we're working on it" for almost 2 weeks now. Like I said I'm still going to use TH but I'm not too pleased they weren't more proactive to solve the issue and just let my money rot in limbo. There were a number of solutions that would have resolved it and I would have been happy with, the only one that I'm not happy with is the delays while I keep waiting. The day you added the check option everyone with pending wires should have been informed.

Overall wires going down isn't that big of a deal. There's other options. People can buy back bitcoins, move it around, give them free trades for a week, use paxum, checks etc.. It became a bigger deal because wires were held in limbo with no timeline and honestly not enough solutions from your end. Next time put the usd back, tell them of the other options, tell them you're working on getting wires back, and that's the end of it. This whole 'wtf is going on with TH' could have been avoided day 1.

It's August 11, and still no word on the wires.  My money is still in limbo, and my emails don't get replied to.  This isn't looking good.  Any chance of a status update?

Hi Golden,

As of today we activated a new bank account that can execute transactions. 90% of delayed transactions will be executed today, Monday, or Tuesday. You will receive an email once your transaction is executed. We have been responding to 90% of the emails each day as of 5/6 days ago. Our average response time has increased from 2 hours to 12 hours due to the volume of emails received.

Regards,
Adam – Tradehill

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August 12, 2011, 10:36:23 PM
 #226

Forever I wanted to ask that:

What's the "Razón social" of Tradehill in Chile and its RUT?

Because if Tradehill is a chilean company, it should have a chilean legal name and it must be registered in SII (Chilean IRS) with a RUT (tax ID) and I've never have seen that info.

Thanks.


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Chilean peso VS BTC ahora: http://irage.ca/2btc.php?a=1&c=CLP&r=1

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Goldenmaw
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August 12, 2011, 11:09:05 PM
 #227

Marvelous.  Thank you.  In the future, when these problems arise, please consider short, daily blurbs summarizing the latest state of the problem - 5 minutes of effort type deals.  It probably seems redundant to you when there is nothing new to report, but psychologically, it's ten times more comforting than silence.
someotherguy
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August 12, 2011, 11:25:26 PM
 #228

I have directed my partners to move all accounts to TradeHill.  We will be using TradeHill from this day forward.   
Grouver (BtcBalance)
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August 21, 2011, 02:55:51 PM
 #229

Question, for some reason I see at bitcoincharts a diferent price per BTC then I see when asking quote on Tradehill.

Currently Bitcoincharts says: trEUR last price is: 7.15 EUR
Though, when I get a quote for 1 BTC Tradehill gives me 7.93 EUR

Whats up with this?

ffuentes
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August 21, 2011, 07:43:58 PM
 #230

Question, for some reason I see at bitcoincharts a diferent price per BTC then I see when asking quote on Tradehill.

Currently Bitcoincharts says: trEUR last price is: 7.15 EUR
Though, when I get a quote for 1 BTC Tradehill gives me 7.93 EUR

Whats up with this?

First is the market price, the second is what Tradehill pays you if you sell/buy directly (without putting a order in the marketplace)

Listen Radio Libre (Electronica) Donate. (click for details).

Chilean peso VS BTC ahora: http://irage.ca/2btc.php?a=1&c=CLP&r=1

My bitcoin address
Jered Kenna (TradeHill)
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August 23, 2011, 07:03:35 PM
 #231

Question, for some reason I see at bitcoincharts a diferent price per BTC then I see when asking quote on Tradehill.

Currently Bitcoincharts says: trEUR last price is: 7.15 EUR
Though, when I get a quote for 1 BTC Tradehill gives me 7.93 EUR

Whats up with this?

Hi Grouver,

Yes, there is a mark up on our Instant buy/sell. We are considering turning this directly into a market order.

Regards,
Adam - Tradehill

moneyandtech.com
@moneyandtech @jeredkenna
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