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Author Topic: what is there to stop TradeHill from just taking all your money and closing shop  (Read 1196 times)
fxgmblr
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June 25, 2011, 03:28:23 AM
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what is there to stop TradeHill from just taking all your money and closing shop?
they aren't exactly regulated by the SEC or anything like that.

are there controls in place? (i don't have a TH account so I'm not quite sure)
It seems like you fund your account and start trading, so lets say you get some BTC or USD... well its sitting in your Tradehill account not your Bitcoin wallet right?
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ascent
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June 25, 2011, 03:35:02 AM
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Welcome to the Wild West. Roll the dice and see what happens. Or wait until Bitcoins have established infrastructure. It's your choice. True opportunities look risky. When it's a sure thing, it's too late.

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bitcoin.monger
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June 25, 2011, 04:43:10 AM
 #3

Nothing. Which is also true for any exchange. Of course, you can always sue them in court Grin
detroit
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June 25, 2011, 04:54:07 AM
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If bitcoin is the libertarian ideal, the exchanges fit right in.

Trust them because they seem trustworthy and "everyone" else does.

You're in charge of your own destiny out there, don't play with more than you can afford to lose is common advice.

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bitcoin.monger
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June 25, 2011, 04:56:10 AM
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yup, life is but a roll of dice  Grin
YoYa
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June 25, 2011, 11:34:30 AM
 #6

What is there to stop you trading all your funds in to BTC and taking them home!

FFS! EGGS! BASKETS!

Best thing I'd done with the whole gox debacle was shelter the bulk of my holdings at home.
srb123
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June 25, 2011, 11:47:54 AM
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If you have more in there than you are willing to lose, you're doing it wrong.
BCwinning
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June 25, 2011, 12:16:26 PM
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I think the fact they are using an american bank and have american address is enough to keep them from doing that.
If they should do it and they could, it's harder to walk from it than say a company with a presence in some third world country?

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hamdi
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June 25, 2011, 01:18:14 PM
 #9

they can choose
trading daily millions and get their daily share
or once freeze all and hide with the cash


but they will sure go for the long run

bitcoin.monger
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June 25, 2011, 07:07:08 PM
 #10

Well, if one lives long enough, I guess one gets to see it all  Grin
AFAIK, Bernie Meadoff was licensed and incorporated. So was Bear Stearns etc.
The system doesn't always work the way people think  Grin
bitcoin.monger
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June 25, 2011, 07:17:27 PM
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RISK? C'mon! What we need is a novel technology that is guaranteed to make us all rich with no investment and no effort.
And, NOW if possible!  Grin
marvinmartian
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June 25, 2011, 07:38:52 PM
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I continue to wonder why the OP directed this at TradeHill when the same argument can be made for any bitcoin exchange?

"... and the geeks shall inherit the earth."
Longmarch
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June 25, 2011, 08:17:17 PM
 #13

1-year FDIC insured CDs are getting like 0.6% right now.
bitcoin.monger
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June 26, 2011, 04:49:00 AM
 #14

amazing! 0.6% !!!
what's the estimated inflation rate? hm...
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