bernard75 (OP)
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May 23, 2013, 06:43:16 AM |
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As i understand it Bitstamp processes large withdrawals manually. It took 7h yesterday for the transfer to just being initiated.
Does anybody know what they consider "large"?
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mmeijeri
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May 23, 2013, 06:48:13 AM |
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More people, myself included, are having trouble, and not just with large amounts. It looks as if their hot wallet is empty and I'm starting to have doubts about their cold wallet too. I think they should post read only wallets of both. I'd certainly encourage people not to use exchanges that don't.
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ROI is not a verb, the term you're looking for is 'to break even'.
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bernard75 (OP)
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May 23, 2013, 07:06:02 AM |
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But this doesnt make any sense, if they would be short of anything, it should be Fiat, considering the recent development.
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mmeijeri
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May 23, 2013, 07:07:20 AM |
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Either way I would recommend against putting any money into Bitstamp until this is resolved.
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ROI is not a verb, the term you're looking for is 'to break even'.
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🏰 TradeFortress 🏰
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May 23, 2013, 07:08:55 AM |
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FYI, Bitstamp is most likely in violation of US laws because it is a Ripple gateway and issues bearer instruments of USD and other fiat currencies without appropriate licensing.
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bernard75 (OP)
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May 23, 2013, 07:17:49 AM |
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No idea about the pseudo coin, but Bitstamp is not located in the US nor is its bank.
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solex
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100 satoshis -> ISO code
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May 23, 2013, 07:22:38 AM |
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No idea about the pseudo coin, but Bitstamp is not located in the US nor is its bank.
Indeed. They are based in Slovenia (next to North-East Italy) https://bitcointalk.org/index.php?topic=38711.0The FinCen guidance is irrelevant to them.
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🏰 TradeFortress 🏰
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May 23, 2013, 07:31:51 AM |
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No idea about the pseudo coin, but Bitstamp is not located in the US nor is its bank.
Indeed. They are based in Slovenia (next to North-East Italy) https://bitcointalk.org/index.php?topic=38711.0The FinCen guidance is irrelevant to them. Not if they want to do business in the US. Mt Gox is incorporated in Japan but that does not prevent their US accounts from being seized or blocked. Hence why I said "US laws".
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bernard75 (OP)
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May 23, 2013, 07:40:22 AM |
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As i already said they dont have any accounts in the US. Their bank is based in Slovenia and owned by an Italian holding.
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solex
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May 23, 2013, 07:48:27 AM |
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No idea about the pseudo coin, but Bitstamp is not located in the US nor is its bank.
Indeed. They are based in Slovenia (next to North-East Italy) https://bitcointalk.org/index.php?topic=38711.0The FinCen guidance is irrelevant to them. Not if they want to do business in the US. Mt Gox is incorporated in Japan but that does not prevent their US accounts from being seized or blocked. Hence why I said "US laws". So, are they doing business in the US if their bank account is in Europe? It goes down to the internet making a mockery of international borders. Gox does have US-based accounts. Many non-US companies ban US citizens because of FACTA. http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-(FATCA) So perhaps that might be more troublesome, the reporting obligations the IRS wants for foreign accounts. Unless foreign companies want a US-based bricks-and-mortar presence, adherence is optional or politically motivated
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🏰 TradeFortress 🏰
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May 23, 2013, 07:55:53 AM |
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As i already said they dont have any accounts in the US. Their bank is based in Slovenia and owned by an Italian holding.
OK - so right now they are probably not affected. but interlacing with Ripple certainly reduces a lot of your options with US accounts or payment services.
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mmeijeri
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May 23, 2013, 07:56:25 AM |
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And don't forget that Slovenia's banking system is shaky and may be the next eurozone domino to fall.
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ROI is not a verb, the term you're looking for is 'to break even'.
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bernard75 (OP)
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May 23, 2013, 10:40:22 AM |
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Thx for the input, but back ot:
Does anybody know what they consider "large"? Anything above 100?
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Kouye
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May 25, 2013, 01:01:43 AM |
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Since Bitstamp is one of the last exchange in europe, I'm using it. Pulled 4BTC off 2 hours ago, and got the first confirmation less than 2 minutes later. 6 went in within 30 minutes.
For now, it seems to be the most reliable european exchange, to me.
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[OVER] RIDDLES 2nd edition --- this was claimed. Look out for 3rd edition! I won't ever ask for a loan nor offer any escrow service. If I do, please consider my account as hacked.
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FundsMoney
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May 25, 2013, 01:03:36 AM |
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A little update about their delays in bitcoin withdrawal (which happen sometimes, when many users withdraw bitcoins at same time):
"Bitcoin withdrawals are usually instant. However due to our hot - cold wallet setup transfer may take up to 24 hours to be processed.
If you should need any further assistance in the meantime, please feel free to contact us again."
This is their official response..
Although, I never experienced a delay longer than 30 mins.
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mmeijeri
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May 25, 2013, 06:05:57 AM |
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If their transaction records said "waiting for hot wallet to be replenished" instead of "finished" in that case and if they published read-only wallets for both their hot and cold wallets, then people wouldn't be so nervous if withdrawals took a bit longer. They already track the block chain status of incoming BTC deposits in the UI.
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ROI is not a verb, the term you're looking for is 'to break even'.
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yefi
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May 25, 2013, 05:03:03 PM |
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And don't forget that Slovenia's banking system is shaky and may be the next eurozone domino to fall.
This is the one thing that worries me about Bitstamp. A lot of people say that another Cyprus event would be good for Bitcoin, but if that country is Slovenia, Bitstamp's account could be frozen and everything over 100K confiscated.
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mmeijeri
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May 25, 2013, 06:08:16 PM |
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They do convert all fiat money that is deposited into their accounts into dollars, but I don't know where those dollars are held. I don't understand why they do this though, because they do issue EUR and JPY IOUs and that seems to entail unnecessary exchange rate risk.
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ROI is not a verb, the term you're looking for is 'to break even'.
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bernard75 (OP)
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May 25, 2013, 06:13:03 PM |
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It is held in their Slovenian foreign currency account in USD. Although i dont get why they wont open an EUR market, since they are the only ones in Europe.
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