BTC-E.com will be back

[kelvinhsu]

I got many news about btc-e.
I think the website will be back again
What about you??

[1714175172]

1714175172

[3eroCold]

I agree.
Despite the thoughtless actions of regulators, I do not think that the funds were lost,
they will configure the infrastructure / software according to the prevailing realities and will go online.

[illinest]

I got many news about btc-e.
I think the website will be back again
What about you??

What news makes you think this? I don't have high hopes. The only hope I have is that they can work out a deal for reduced fine and dropped charges against the exchange. With the profits kept in BTC over the years and trading fees, it is not unreasonable that they can pay the fine, but given the ominous way the DOJ talks about the "criminal" exchange -- I suspect they won't deal. They'd rather take their fines through seizure, if they can. Indeed, it is strange that the US authorities could not announce any seized money, even USD, which gives a small sliver of hope.

But given the indictment, if you were the admins, would you reopen the site? Or would you just disappear? I think I would just disappear, but I would love to hear some logical reasons why they won't. Or some news that suggest that they won't.

If the Feds will deal, then maybe they will reopen -- small chance. In that case, it might even be a honeypot, verification required. If the Feds won't deal or BTC-E cannot pay the fines, then it seems their fiat banking will be cut off. Anyone who doesn't cut them off in this circumstance risks having funds frozen by the US authorities. What will they do, move to USDT and cut off USD/EUR? I imagine there will be a very big price premium on BTC-E....

I have lost so much. Just a regular fucking swing trader, waiting to buy back at $2400s before taking some coins out, been using the exchange since early 2013....

[rme]

The seized image is not fake, you can check it archived here: https://archive.is/e3L3o

If you don't see it you have to use Google DNS ( 8.8.8.8 ), open Chrome Incognito, load http://btc-e.com (without HTTPS).

[bensam1231]

Getting connection refused when trying to connect to http instead of https.

BTCE seemed pretty committed to what they're doing. If the domain was seized, that doesn't mean the assets are seized. Not that I agree with illegal activity, but one of the possibilities right now is they're migrating their servers, DNS entries, and moving assets around which does take time. It's entirely possible they'll be back.

If this was an attempted takedown instead of a slow bleeding problem like Cryptsy or Gox we may see them again. Cryptos are very much decentralized and if the devs at BTCE know their shit they have backups and action plans, it's what's happening right now. (That's if they're actually shady and don't honor the takedown).

Other options is they just shutdown completely, this turns into a long drawn out legal battle, all assets are lost as seizures in the US don't really make sense and there isn't really any 'safety' for companies when they have things seized. Given how new cryptos are, chances are either the assets will be mishandled, straight up lost, or sold on some sort of weird ass local auction for a tiny fraction of the cost (like Silkroad) if they're seized - completely fucking anyone involved who might be completely innocent, but that goes hand in hand with ignorance.

[illinest]

Getting connection refused when trying to connect to http instead of https.

BTCE seemed pretty committed to what they're doing. If the domain was seized, that doesn't mean the assets are seized. Not that I agree with illegal activity, but one of the possibilities right now is they're migrating their servers, DNS entries, and moving assets around which does take time. It's entirely possible they'll be back.

If this was an attempted takedown instead of a slow bleeding problem like Cryptsy or Gox we may see them again. Cryptos are very much decentralized and if the devs at BTCE know their shit they have backups and action plans, it's what's happening right now. (That's if they're actually shady and don't honor the takedown).

Other options is they just shutdown completely, this turns into a long drawn out legal battle, all assets are lost as seizures in the US don't really make sense and there isn't really any 'safety' for companies when they have things seized. Given how new cryptos are, chances are either the assets will be mishandled, straight up lost, or sold on some sort of weird ass local auction for a tiny fraction of the cost (like Silkroad) if they're seized - completely fucking anyone involved who might be completely innocent, but that goes hand in hand with ignorance.

Why would they try to operate as a rogue exchange, though? They cannot survive with USD/EUR fiat channels that way. They are now blacklisted. In fact, I have to wonder whether Mayzus Financial is looking at big trouble now...

[malevolent]

Getting connection refused when trying to connect to http instead of https.

BTCE seemed pretty committed to what they're doing. If the domain was seized, that doesn't mean the assets are seized. Not that I agree with illegal activity, but one of the possibilities right now is they're migrating their servers, DNS entries, and moving assets around which does take time. It's entirely possible they'll be back.

If this was an attempted takedown instead of a slow bleeding problem like Cryptsy or Gox we may see them again. Cryptos are very much decentralized and if the devs at BTCE know their shit they have backups and action plans, it's what's happening right now. (That's if they're actually shady and don't honor the takedown).

Other options is they just shutdown completely, this turns into a long drawn out legal battle, all assets are lost as seizures in the US don't really make sense and there isn't really any 'safety' for companies when they have things seized. Given how new cryptos are, chances are either the assets will be mishandled, straight up lost, or sold on some sort of weird ass local auction for a tiny fraction of the cost (like Silkroad) if they're seized - completely fucking anyone involved who might be completely innocent, but that goes hand in hand with ignorance.

Why would they try to operate as a rogue exchange, though? They cannot survive with USD/EUR fiat channels that way. They are now blacklisted. In fact, I have to wonder whether Mayzus Financial is looking at big trouble now...

Unlikely, but if they really wanted to, they could do it. They'd have to rotate domain names very frequently, like The Pirate Bay, and depositing/withdrawing would be even more expensive. They would also have a lot less legitimate users, who would even want to use them for hassle-free (no KYC, etc.) day trading if the risk of them going down were to become even higher?

[bensam1231]

Getting connection refused when trying to connect to http instead of https.

BTCE seemed pretty committed to what they're doing. If the domain was seized, that doesn't mean the assets are seized. Not that I agree with illegal activity, but one of the possibilities right now is they're migrating their servers, DNS entries, and moving assets around which does take time. It's entirely possible they'll be back.

If this was an attempted takedown instead of a slow bleeding problem like Cryptsy or Gox we may see them again. Cryptos are very much decentralized and if the devs at BTCE know their shit they have backups and action plans, it's what's happening right now. (That's if they're actually shady and don't honor the takedown).

Other options is they just shutdown completely, this turns into a long drawn out legal battle, all assets are lost as seizures in the US don't really make sense and there isn't really any 'safety' for companies when they have things seized. Given how new cryptos are, chances are either the assets will be mishandled, straight up lost, or sold on some sort of weird ass local auction for a tiny fraction of the cost (like Silkroad) if they're seized - completely fucking anyone involved who might be completely innocent, but that goes hand in hand with ignorance.

Why would they try to operate as a rogue exchange, though? They cannot survive with USD/EUR fiat channels that way. They are now blacklisted. In fact, I have to wonder whether Mayzus Financial is looking at big trouble now...

Wasn't that what they were already doing? USD/EUR exchange was always just on their site. Most people didn't even try to get USD out of the site as there are a lot of hoops you have to jump through in order to do it. For instance I used the exchange because of the very cheap USD/BTC exchange rate and go back to BTC > send to Coinbase when I want to make a deposit in my bank account.

As long as exchanges don't offer a USD exchange it really doesn't matter... and as far as that goes BTCe's didn't really get used. It was just a good place to sit in FIAT when BTC is fluctuating a lot.

[erk]

Wasn't that what they were already doing? USD/EUR exchange was always just on their site. Most people didn't even try to get USD out of the site as there are a lot of hoops you have to jump through in order to do it. For instance I used the exchange because of the very cheap USD/BTC exchange rate and go back to BTC > send to Coinbase when I want to make a deposit in my bank account.

As long as exchanges don't offer a USD exchange it really doesn't matter... and as far as that goes BTCe's didn't really get used. It was just a good place to sit in FIAT when BTC is fluctuating a lot.

I used BTC-e for over 4 years without a problem, never move any fiat in or out, too hard and expensive, most of my funds came from mining crypto and trading.  I would be surprised if much fiat ever moved in or out the that exchange, I think the media claims are BS, they are probably counting ancient BTC movements and inflating them to today's exchange rates to make sensationalist headlines which sound like $US was moving in and out. The news stories seem to be deliberately trying to interchange BTC and $USD in their claims because the average sheeple wont see the sleight of hand.

When Mt. Gox funds went "missing" you can bet some ended up on BTC-e, after all, what other crypto exchanges were there 5 years ago? Find me a bank or exchange that hasn't had illegally obtained funds deposited at some point. Need I mention places which take cash!

[Potent]

News of Monday about btc-e should be very interesting. never miss it
Be ready for Media impact

[marky89]

Getting connection refused when trying to connect to http instead of https.

BTCE seemed pretty committed to what they're doing. If the domain was seized, that doesn't mean the assets are seized. Not that I agree with illegal activity, but one of the possibilities right now is they're migrating their servers, DNS entries, and moving assets around which does take time. It's entirely possible they'll be back.

If this was an attempted takedown instead of a slow bleeding problem like Cryptsy or Gox we may see them again. Cryptos are very much decentralized and if the devs at BTCE know their shit they have backups and action plans, it's what's happening right now. (That's if they're actually shady and don't honor the takedown).

Other options is they just shutdown completely, this turns into a long drawn out legal battle, all assets are lost as seizures in the US don't really make sense and there isn't really any 'safety' for companies when they have things seized. Given how new cryptos are, chances are either the assets will be mishandled, straight up lost, or sold on some sort of weird ass local auction for a tiny fraction of the cost (like Silkroad) if they're seized - completely fucking anyone involved who might be completely innocent, but that goes hand in hand with ignorance.

Why would they try to operate as a rogue exchange, though? They cannot survive with USD/EUR fiat channels that way. They are now blacklisted. In fact, I have to wonder whether Mayzus Financial is looking at big trouble now...

Wasn't that what they were already doing? USD/EUR exchange was always just on their site. Most people didn't even try to get USD out of the site as there are a lot of hoops you have to jump through in order to do it. For instance I used the exchange because of the very cheap USD/BTC exchange rate and go back to BTC > send to Coinbase when I want to make a deposit in my bank account.

As long as exchanges don't offer a USD exchange it really doesn't matter... and as far as that goes BTCe's didn't really get used. It was just a good place to sit in FIAT when BTC is fluctuating a lot.

But if there is no way for USD or EUR to exit the exchange, why will people want to hold it? That's the problem. The only option, then, is to cut the EUR markets and transition the USD markets to USDT. Maybe that's possible, but I'm not sure Bitfinex's parent company (who owns Tether) will want to deal with backing BTC-E at this point.

[erk]

But if there is no way for USD or EUR to exit the exchange, why will people want to hold it? That's the problem. The only option, then, is to cut the EUR markets and transition the USD markets to USDT. Maybe that's possible, but I'm not sure Bitfinex's parent company (who owns Tether) will want to deal with backing BTC-E at this point.

Because traders in a falling market want something they can shift to for wealth preservation. I do it all the time, but I don't deposit or withdrawal $USD. Most of the trade in an exchange like BTC-e is not in and out, it's just trade between currency pairs in their database, not wallets and bank accounts. Think of it as a casino, most of the trade volume is casino chips at the tables, not fiat in and out of the enterprise. The same chip might change hands a dozen times a day. BTC-e had some chips called USD doesn't mean they were USD.

[bensam1231]

Wasn't that what they were already doing? USD/EUR exchange was always just on their site. Most people didn't even try to get USD out of the site as there are a lot of hoops you have to jump through in order to do it. For instance I used the exchange because of the very cheap USD/BTC exchange rate and go back to BTC > send to Coinbase when I want to make a deposit in my bank account.

As long as exchanges don't offer a USD exchange it really doesn't matter... and as far as that goes BTCe's didn't really get used. It was just a good place to sit in FIAT when BTC is fluctuating a lot.

I used BTC-e for over 4 years without a problem, never move any fiat in or out, too hard and expensive, most of my funds came from mining crypto and trading.  I would be surprised if much fiat ever moved in or out the that exchange, I think the media claims are BS, they are probably counting ancient BTC movements and inflating them to today's exchange rates to make sensationalist headlines which sound like $US was moving in and out. The news stories seem to be deliberately trying to interchange BTC and $USD in their claims because the average sheeple wont see the sleight of hand.

When Mt. Gox funds went "missing" you can bet some ended up on BTC-e, after all, what other crypto exchanges were there 5 years ago? Find me a bank or exchange that hasn't had illegally obtained funds deposited at some point. Need I mention places which take cash!

Yup... Pretty sure almost all of the volume was between their internal FIAT and BTC/LTC/ETC. IE if the FIAT never leaves the exchange it never is actually 'USD'. So you can have an exchange with another virtual currency which is FIAT, which was the case with BTCe.

Moving USD out of BTCe was a huge PITA, which is why I doubt it was never actually done or very rarely.

But if there is no way for USD or EUR to exit the exchange, why will people want to hold it? That's the problem. The only option, then, is to cut the EUR markets and transition the USD markets to USDT. Maybe that's possible, but I'm not sure Bitfinex's parent company (who owns Tether) will want to deal with backing BTC-E at this point.

It's independent from market fluctuations. You can have a FIAT which is essentially just another crypto.

I 'held' FIAT on BTCe because of low rates to buy/sell (like .15%) and because it was generally a time proven exchange. I never moved USD off the exchange, only BTC.

Trading BTC/USD on Coinbase to your wallet is insanely expensive, it's like the same price as exchange to your bank account.

[jubalix]

I know it maybe wishful thinking, but, perhaps the BTC-e opps were smart enough to have back ups in case they got shut down.

when I dealth with them, it was always flawless and they had a really robust operation.

They don't seem like the kind of operation that did not have contingencies.

The question now is, even if they have some coins are they at all motivated to put up any kind of facility to let you get your coins back?

[YesLOST]

Wasn't that what they were already doing? USD/EUR exchange was always just on their site. Most people didn't even try to get USD out of the site as there are a lot of hoops you have to jump through in order to do it. For instance I used the exchange because of the very cheap USD/BTC exchange rate and go back to BTC > send to Coinbase when I want to make a deposit in my bank account.

As long as exchanges don't offer a USD exchange it really doesn't matter... and as far as that goes BTCe's didn't really get used. It was just a good place to sit in FIAT when BTC is fluctuating a lot.

I used BTC-e for over 4 years without a problem, never move any fiat in or out, too hard and expensive, most of my funds came from mining crypto and trading.  I would be surprised if much fiat ever moved in or out the that exchange, I think the media claims are BS, they are probably counting ancient BTC movements and inflating them to today's exchange rates to make sensationalist headlines which sound like $US was moving in and out. The news stories seem to be deliberately trying to interchange BTC and $USD in their claims because the average sheeple wont see the sleight of hand.

When Mt. Gox funds went "missing" you can bet some ended up on BTC-e, after all, what other crypto exchanges were there 5 years ago? Find me a bank or exchange that hasn't had illegally obtained funds deposited at some point. Need I mention places which take cash!

Yup... Pretty sure almost all of the volume was between their internal FIAT and BTC/LTC/ETC. IE if the FIAT never leaves the exchange it never is actually 'USD'. So you can have an exchange with another virtual currency which is FIAT, which was the case with BTCe.

Moving USD out of BTCe was a huge PITA, which is why I doubt it was never actually done or very rarely.

But if there is no way for USD or EUR to exit the exchange, why will people want to hold it? That's the problem. The only option, then, is to cut the EUR markets and transition the USD markets to USDT. Maybe that's possible, but I'm not sure Bitfinex's parent company (who owns Tether) will want to deal with backing BTC-E at this point.

It's independent from market fluctuations. You can have a FIAT which is essentially just another crypto.

I 'held' FIAT on BTCe because of low rates to buy/sell (like .15%) and because it was generally a time proven exchange. I never moved USD off the exchange, only BTC.

Trading BTC/USD on Coinbase to your wallet is insanely expensive, it's like the same price as exchange to your bank account.

You know how an exchange works, yes? For every buy order, there is fiat in the system. It is not some "internal" fiat, it is real money somebody put in the exchange.

[bensam1231]

Wasn't that what they were already doing? USD/EUR exchange was always just on their site. Most people didn't even try to get USD out of the site as there are a lot of hoops you have to jump through in order to do it. For instance I used the exchange because of the very cheap USD/BTC exchange rate and go back to BTC > send to Coinbase when I want to make a deposit in my bank account.

As long as exchanges don't offer a USD exchange it really doesn't matter... and as far as that goes BTCe's didn't really get used. It was just a good place to sit in FIAT when BTC is fluctuating a lot.

I used BTC-e for over 4 years without a problem, never move any fiat in or out, too hard and expensive, most of my funds came from mining crypto and trading.  I would be surprised if much fiat ever moved in or out the that exchange, I think the media claims are BS, they are probably counting ancient BTC movements and inflating them to today's exchange rates to make sensationalist headlines which sound like $US was moving in and out. The news stories seem to be deliberately trying to interchange BTC and $USD in their claims because the average sheeple wont see the sleight of hand.

When Mt. Gox funds went "missing" you can bet some ended up on BTC-e, after all, what other crypto exchanges were there 5 years ago? Find me a bank or exchange that hasn't had illegally obtained funds deposited at some point. Need I mention places which take cash!

Yup... Pretty sure almost all of the volume was between their internal FIAT and BTC/LTC/ETC. IE if the FIAT never leaves the exchange it never is actually 'USD'. So you can have an exchange with another virtual currency which is FIAT, which was the case with BTCe.

Moving USD out of BTCe was a huge PITA, which is why I doubt it was never actually done or very rarely.

But if there is no way for USD or EUR to exit the exchange, why will people want to hold it? That's the problem. The only option, then, is to cut the EUR markets and transition the USD markets to USDT. Maybe that's possible, but I'm not sure Bitfinex's parent company (who owns Tether) will want to deal with backing BTC-E at this point.

It's independent from market fluctuations. You can have a FIAT which is essentially just another crypto.

I 'held' FIAT on BTCe because of low rates to buy/sell (like .15%) and because it was generally a time proven exchange. I never moved USD off the exchange, only BTC.

Trading BTC/USD on Coinbase to your wallet is insanely expensive, it's like the same price as exchange to your bank account.

You know how an exchange works, yes? For every buy order, there is fiat in the system. It is not some "internal" fiat, it is real money somebody put in the exchange.

...why?

As far as the exchange is concerned it only needs real 'FIAT' when it's transferred out to a bank account. Lets say I buy BTC in USD and then decide I want to cashout in Euros, how do you think that works? It would be a net loss to your 'zero sum' system. How they actually get real FIAT could be a combination of different things including exchanging BTC on other exchanges for FIAT.

Same could be said about me transferring BTC into BTCe and then pulling it out in USD. There is no way exchanges could function if their rates were based purely on how much FIAT they have on hand. People don't need to buy BTC with FIAT in order to use an exchange.

Why do you think Coinbase takes so long for withdrawls sometimes? They don't have a fort knox of gold on hand... or in our case USD.

[YesLOST]

Easy, because if you hadn't got the funds on it, you couldn't place the order.

And if you would exchange in crypto currency, well, very simple, then you are exchanging crypto currency that (in this moment) have nothing to do with fiat, f. ex. you are exchanging an apple for an egg.

Exchange fiat <-> crypto only possibly if there is fiat in the system. The exchange is not converting your coins into fiat but displaying buy/sell orders from people. How do you buy fiat by selling bitcoin on an exchange if there is no fiat sell order?

And also, you cannot "cash out" USD in EUR, you have to exchange it the same way. Nobody wants to sell EUR, e.g. no EUR sell order, then you cannot buy EUR with your USDs.

(Edited a lot, to fix buy/sell mistypes) 

[ETCethereum]

Btc-e is never back again, owner is problem about law
and btc-e domain this now notice line, same with liberty reserve, case problem law in USA, because several member from USA

[MAbtc]

As far as the exchange is concerned it only needs real 'FIAT' when it's transferred out to a bank account. Lets say I buy BTC in USD and then decide I want to cashout in Euros, how do you think that works? It would be a net loss to your 'zero sum' system. How they actually get real FIAT could be a combination of different things including exchanging BTC on other exchanges for FIAT.

Same could be said about me transferring BTC into BTCe and then pulling it out in USD. There is no way exchanges could function if their rates were based purely on how much FIAT they have on hand. People don't need to buy BTC with FIAT in order to use an exchange.

Why do you think Coinbase takes so long for withdrawls sometimes? They don't have a fort knox of gold on hand... or in our case USD.

Well, it's generally expected that the exchange is supposed to be solvent, that is, every Dollar or Euro or Bitcoin in a customer account should be backed by the exchange. Sure, when I sell to dollars, I often don't want to withdraw to a bank account... but many do. BTC-E could try to pull a Poloniex/Bitfinex move and essentially not have fiat banking, and just offer USD-Tether markets. But now that it's clear that the feds intend to shut them down (not just take a $110mm fine and let them operate with new AML procedures), it just doesn't make sense. I really hate to say it, but what makes the most sense for the owners is to simply disappear....

[Old_Timer]

I don't know if they come back, but this incident with the crap MS paint job is bullshit.

Gut feeling says they will return.