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erk (OP)
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September 25, 2017, 12:05:00 AM |
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It seems like it's too late for that now. People have been actively trading and withdrawing, so those balances are set in stone. It's interesting to recognize that Bitfinex is in a similar position: unable to process fiat deposits or withdrawals, with Tether as the only means to move fiat value around.
It's also not necessarily true that the fiat "isn't there." The same goes for Bitfinex. Inability to reliably move high volume USD is not the same as being insolvent. Don't get me wrong -- for all I know, WEX is insolvent. But I just mean that it might be a bit more complex than that. US-facing poker sites have generally charged high withdrawal fees ever since the US government shut down the major sites in 2011 (some sites offer a couple free withdrawals per year).
I think we can safely assume the fiat funds are not there simply by the existence of IOU tokens, if the funds were there tokens would not be required. The problem is they most likely didn't issue enough fiat tokens to fill the gap between the actual fiat reserves to the total fiat debt. Smarter use of USDT early could have helped things a lot, because that could be bought using crypto from other exchanges to top up a USDT wallet on WEX. Then issue IOU tokens for the crypto they used to do that. Then they could have issued USDT instead of USD and USD/USDET tokens to redeem down the track for real fiat. Probably a RUR/USDT and EUR,USDT pairs would have been needed too. Trading crypto for USDT instead of USD would have prevented the 10% price gap between exchanges and made things more stable on WEX. In the meantime they could explore methods for topping up real fiat without as much pressure. Now we have the silly situation were BTC/USD on WEX is trading for $4150, about 13-15% higher than other exchanges, be because the USD on WEX is worth less. |
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vearns
Jr. Member
 Offline
Activity: 85
Merit: 1
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September 25, 2017, 08:15:49 AM |
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my fiat withdrawal still pending for almost 48 hours
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marky89
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September 25, 2017, 10:38:52 AM |
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my fiat withdrawal still pending for almost 48 hours
What withdrawal method did you use and what country do you live in, if you don't mind me asking? I think we can safely assume the fiat funds are not there simply by the existence of IOU tokens, if the funds were there tokens would not be required. The problem is they most likely didn't issue enough fiat tokens to fill the gap between the actual fiat reserves to the total fiat debt. So, after the Bitfinex hack, when they issued USD-denominated tokens to cover the BTC shortfall, were they insolvent? The whole point of the tokens is to erase the insolvency from the books. But I will say, the fact that there were zero conversions of fiat balances after the launch of WEX is suspicious. It could not have worked out to the penny. So to some extent, you must be right. Trading crypto for USDT instead of USD would have prevented the 10% price gap between exchanges and made things more stable on WEX.
In the meantime they could explore methods for topping up real fiat without as much pressure.
Now we have the silly situation were BTC/USD on WEX is trading for $4150, about 13-15% higher than other exchanges, be because the USD on WEX is worth less.
I don't think that situation was avoidable. The premium comes from inability to process fiat withdrawals (and maybe some perceived risk of law enforcement action). They could never have obtained enough Tether liquidity to replace USD balances with USDT. That's why they have a 10% withdrawal fee... because they need to discourage a bank run on USDT reserves. |
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vearns
Jr. Member
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Activity: 85
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September 25, 2017, 11:18:51 AM |
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my fiat withdrawal still pending for almost 48 hours
What withdrawal method did you use and what country do you live in, if you don't mind me asking? my fiat withdrawal still pending for almost 48 hours
Did you use usdt? I use Advcash The fees was 5.5% at the time of withdrawal. I sent support ticket to them, but still not responding. |
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vearns
Jr. Member
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Activity: 85
Merit: 1
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September 25, 2017, 12:53:07 PM |
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quick update,
i just received my advcash payment after 48 hours of waiting
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Marlonlora7
Newbie
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Activity: 1
Merit: 0
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September 26, 2017, 04:38:47 PM |
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quick update,
i just received my advcash payment after 48 hours of waiting
Does anyone know what the wex code retreat is like? says the commission is 0%, somebody explain? please. |
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ivara
Newbie
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Activity: 69
Merit: 0
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September 28, 2017, 11:29:04 AM
Last edit: September 28, 2017, 11:55:17 AM by ivara |
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yesterday i made eth deposit, not redeemed yet 2918 confirmationssupport is sleeping  ---------------- finally received |
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rbtc
Newbie
Offline
Activity: 3
Merit: 0
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September 29, 2017, 11:15:44 AM |
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Been waiting 5 months now to get my 2FA reset.
Every time I have had to wait weeks/months and there has been an excuse as why it's not possible.
I have been super patient but this is borderline taking the ...
I have gone through their latest steps and was told in email two weeks ago today would be the day, and today i'm still unable to reset my 2FA with no clear explanation given by support.
What is this all about? And you want people to put money on your exchange?!
Anyone else had issues like this?
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erk (OP)
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September 29, 2017, 11:24:15 AM |
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Been waiting 5 months now to get my 2FA reset.
Every time I have had to wait weeks/months and there has been an excuse as why it's not possible.
I have been super patient but this is borderline taking the ...
I have gone through their latest steps and was told in email two weeks ago today would be the day, and today i'm still unable to reset my 2FA with no clear explanation given by support.
What is this all about? And you want people to put money on your exchange?!
Anyone else had issues like this?
WEX hasn't been around for 5mths. 2FA is one of the dumbest ideas ever, I left my iPhone that has the Google auth app on it, at work yesterday, and wanted to do some things at home that required 2FA, couldn't do a thing. |
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rbtc
Newbie
Offline
Activity: 3
Merit: 0
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September 29, 2017, 11:25:14 AM |
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Been waiting 5 months now to get my 2FA reset.
Every time I have had to wait weeks/months and there has been an excuse as why it's not possible.
I have been super patient but this is borderline taking the ...
I have gone through their latest steps and was told in email two weeks ago today would be the day, and today i'm still unable to reset my 2FA with no clear explanation given by support.
What is this all about? And you want people to put money on your exchange?!
Anyone else had issues like this?
WEX hasn't been around for 5mths. true but still the same people relaunching ... |
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erk (OP)
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September 29, 2017, 11:30:24 AM |
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Been waiting 5 months now to get my 2FA reset.
Every time I have had to wait weeks/months and there has been an excuse as why it's not possible.
I have been super patient but this is borderline taking the ...
I have gone through their latest steps and was told in email two weeks ago today would be the day, and today i'm still unable to reset my 2FA with no clear explanation given by support.
What is this all about? And you want people to put money on your exchange?!
Anyone else had issues like this?
WEX hasn't been around for 5mths. How do you know that? I also saw another exchange called inikas.com that sure looked like BTC-e, was it also the same people relaunching? WEX could have just bought the rights and client base of BTC-e. The people are obviously different because BTC-e use to have a support person in English trollbox a lot of the time banning clowns, now there is only Russian trollbox support person. true but still the same people relaunching ... |
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marky89
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September 29, 2017, 09:11:15 PM |
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2FA is one of the dumbest ideas ever, I left my iPhone that has the Google auth app on it, at work yesterday, and wanted to do some things at home that required 2FA, couldn't do a thing.
Meh, that's pretty crappy logic. The obvious solution to that is to keep your token on more than one device (you should do this anyway for easy recovery in case of device malfunction). YubiKey can attach to your keychain, so this would never be an issue. This seems like a no-brainer if you are serious about your account security. High-value targets not using 2FA on their accounts is simply crazy. There's no more secure way (yet) to authenticate, at least not until biometric authentication is the norm. I'm not looking forward to that.  |
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erk (OP)
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September 29, 2017, 09:37:25 PM |
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2FA is one of the dumbest ideas ever, I left my iPhone that has the Google auth app on it, at work yesterday, and wanted to do some things at home that required 2FA, couldn't do a thing.
Meh, that's pretty crappy logic. The obvious solution to that is to keep your token on more than one device (you should do this anyway for easy recovery in case of device malfunction). YubiKey can attach to your keychain, so this would never be an issue. This seems like a no-brainer if you are serious about your account security. High-value targets not using 2FA on their accounts is simply crazy. There's no more secure way (yet) to authenticate, at least not until biometric authentication is the norm. I'm not looking forward to that. My online bank accounts don't require 2FA so I can't see why a crypto exchange that has only a tiny fraction of my savings does. 2FA is a fckn support nightmare as we have seen. Go get a help desk job taking calls from 70year olds explaining 2FA to them, and why they are too slow to get the pin right each time. |
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MAbtc
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September 29, 2017, 09:50:48 PM |
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2FA is one of the dumbest ideas ever, I left my iPhone that has the Google auth app on it, at work yesterday, and wanted to do some things at home that required 2FA, couldn't do a thing.
Meh, that's pretty crappy logic. The obvious solution to that is to keep your token on more than one device (you should do this anyway for easy recovery in case of device malfunction). YubiKey can attach to your keychain, so this would never be an issue. This seems like a no-brainer if you are serious about your account security. High-value targets not using 2FA on their accounts is simply crazy. There's no more secure way (yet) to authenticate, at least not until biometric authentication is the norm. I'm not looking forward to that. My online bank accounts don't require 2FA so I can't see why a crypto exchange that has only a tiny fraction of my savings does. 2FA is a fckn support nightmare as we have seen. Go get a help desk job taking calls from 70year olds explaining 2FA to them, and why they are too slow to get the pin right each time. Fair points, but there is some context to consider here. Bank accounts don't require 2FA because fiat transfers take significantly longer to process and are generally reversible. Banks generally cover fraudulent charges/transfers for retail customers. This is impossible for cryptocurrency exchanges. Once a cryptocurrency is withdrawn, it's gone forever. And for many [younger] people who didn't have much savings before crypto, they may hold significantly more in their exchange accounts than their bank accounts. Yes, 2FA is not ideal for 70 year olds. But neither is Bitcoin, nor day-trading platforms. |
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htp62
Newbie
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Activity: 6
Merit: 0
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October 02, 2017, 08:45:00 AM |
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if we are just trying to verify account to withdraw BTC and never traded in fiat and have no fiat balance, does it matter if it is US citizen doing that? or are they banned now and BTC is taken from accounts?
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erk (OP)
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October 02, 2017, 09:11:36 AM |
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if we are just trying to verify account to withdraw BTC and never traded in fiat and have no fiat balance, does it matter if it is US citizen doing that? or are they banned now and BTC is taken from accounts?
US citizens are most definitely banned from WEX. https://wex.nz/page/1By using WEX Services you further agree to the following statements:
1. represent that you are:
(a) NOT an individual who is a resident of the United States of America, its territories or possessions, any state of the United States of America or the District of Columbia (the “USA”);
(b) NOT a corporation, partnership or other legal entity formed under the laws of the USA;
(c) NOT an agency, branch or office located in the USA of a corporation, partnership or other legal entity that was formed under laws other than those of the USA;
(d) NOT a trust of which any trustee is described in (a), (b) or (c) above;
(e) NOT an agent or a fiduciary acting on behalf or for the benefit of an individual or entity described in (a), (b), (c), (d) above.
2. Your decision to use WEX services was:
(a) NOT based, at least in part, on information You received or communications You exchanged while You, or the person providing the information or with whom the communication was exchanged, was within the USA;
(b) NOT made inside the USA; and
(c) NOT communicated to WEX from a source within the USA. That said, I would imagine some US citizens will find ways to avoid being discovered. |
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htp62
Newbie
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Activity: 6
Merit: 0
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October 02, 2017, 09:18:15 AM |
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any suggestions on what someone from US should do if they currently need to verify? really frustrating to give away coins like this
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erk (OP)
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October 02, 2017, 09:28:34 AM |
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any suggestions on what someone from US should do if they currently need to verify? really frustrating to give away coins like this
Try and withdraw BTC if it works it works. The problem with the US is fiat, the American banksters are trying to control the fiat to crypto exchanges because they can't control crypto, the ones they cannot control they attempt to shutdown with stories of money laundering, drug trade, stolen Mt Gox funds and other unsubstantiated claims so they can get foreign government to raid data centers, or suspend fiat accounts. Watch this video https://www.youtube.com/watch?v=FyK4P7ZdOK8 it explains what's going on with crypto to fiat exchanges being closed around the world. |
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htp62
Newbie
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Activity: 6
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October 02, 2017, 09:39:57 AM |
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well the 2FA from before isn't working and they've said I need to verify w/ passport to reset it, which then bans me i would guess. was just hoping there was a way to withdraw the coins and then shutdown the account with support afterwards if a us citizen.
thanks for the link, will check it out. definitely sucks whats going on but nice to see btc gives no fucks
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erk (OP)
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October 02, 2017, 10:05:18 AM |
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well the 2FA from before isn't working and they've said I need to verify w/ passport to reset it, which then bans me i would guess. was just hoping there was a way to withdraw the coins and then shutdown the account with support afterwards if a us citizen.
thanks for the link, will check it out. definitely sucks whats going on but nice to see btc gives no fucks
I learned years ago that 2FA is a critical point of failure, outsourcing your security to a 3rd. party by means of an authenticator app, I hate it with a passion. |
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