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geofflosophy (OP)
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August 01, 2013, 03:51:09 AM |
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Alright so here's what went down. A few weeks ago I transferred a single dollar into my CampBx account from Dwolla and used it to purchase 0.01X BTC because I wanted to start the clock on this 90 day withdrawl restriction in case I'm so inclined as to use them for future transactions, because 1) f*** Gox and their multi-week withdrawal delay and 2) f*** Gox and their wire transfer only withdrawal method. Anyway, so yesterday when the price on Gox was up to $111 I figured it would only be a matter of time that either the price of Gox got arbitraged down or the price on CampBx got arbitraged up, so I decided to transfer some BTC into camp and put in a sell order above the current camp price so that it would happen when appropriate.
Here's where things get frustrating. First of all, the price never even went over $100 on Camp, and it's still a few dollars over $100 on Gox, can someone explain to me why there isn't smart money arbitraging these markets? So today I decided that I was going to move my BTC over to Gox and sell it there; and here is where the screw CampBx comes in; but I can't withdraw ANY bitcoins from CampBX for 90 days, not just the ones I bought on camp. The fact that this is only a fraction of my BTC is really not the point. The point is that it's locked up in there. How does this make any sense? Even more bizarre, if I were to sell these coins, I would be able to withdraw the money instantly to Dwolla in USD, so can anyone explain to me how this restriction has anything to do with AML/KYC?
Thanks for listening.
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Even in the event that an attacker gains more than 50% of the network's
computational power, only transactions sent by the attacker could be
reversed or double-spent. The network would not be destroyed.
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jarhed
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August 01, 2013, 04:22:46 AM |
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90 days huh........interesting read.
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RandomQ
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August 01, 2013, 05:18:52 AM |
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where are you getting 90 Days from? https://www.campbx.com/dwolla.phpSays 31 Days limit on Bitcoin withdraws There is a 7% Spread right now between CampBX and MtGox, this is because you can get cash out of CampBX in 3 days or less . From MtGox ~14 days. Until MtGox gets below 7 Days (withdraw time) there is going to be a big spread. ( I do Not work for CampBX in any way shape or form)
Why does CampBX need this hold? CampBX trading platform sits at the crossroads of Bitcoin and traditional banking worlds. Bitcoin network allows for irreversible and near-instant transfers, while Dwolla transfers take longer and can be reversed even after they clear. Our 31-day holding period provides a buffer between these two systems and reduces fraud attempts and chargeback risk from malicious elements. |
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jarhed
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August 01, 2013, 06:41:13 AM |
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When you send your Bitcoins to more traditional type banking institutions (3rd party storage, currency exchanges, etc), be prepared to deal with the archaic rules by which they must abide.
CampBx is US based. That's all the explanation there is really. |
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geofflosophy (OP)
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August 01, 2013, 01:09:52 PM |
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where are you getting 90 Days from? https://www.campbx.com/dwolla.phpSays 31 Days limit on Bitcoin withdraws There is a 7% Spread right now between CampBX and MtGox, this is because you can get cash out of CampBX in 3 days or less . From MtGox ~14 days. Until MtGox gets below 7 Days (withdraw time) there is going to be a big spread. ( I do Not work for CampBX in any way shape or form)
Why does CampBX need this hold? CampBX trading platform sits at the crossroads of Bitcoin and traditional banking worlds. Bitcoin network allows for irreversible and near-instant transfers, while Dwolla transfers take longer and can be reversed even after they clear. Our 31-day holding period provides a buffer between these two systems and reduces fraud attempts and chargeback risk from malicious elements. 90 days: https://docs.google.com/file/d/0B9AhkvHb3SDXMUJnclJ4WU02YUE/edit?usp=drivesdkThe explanation they provide for the withdraw period is unsatisfying given that there is no chargeback risk for BTC that I sent in as BTC... |
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Hfleer
Sr. Member
 Offline
Activity: 448
Merit: 250
Changing avatars is currently not possible.
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August 01, 2013, 03:45:22 PM |
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Besides that, the order book isn't too amazing if you take a look, think this one's not really in the game anymore.
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geofflosophy (OP)
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August 01, 2013, 07:25:55 PM |
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I hope you're wrong about that, because I really would like to be able to withdraw my funds using Dwolla (or Paypal or ACH) at some point in the future. Coinbase is dope but they are more of an exchange service than a direct exchange. Besides that, the order book isn't too amazing if you take a look, think this one's not really in the game anymore.
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joesmoe2012
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August 02, 2013, 09:16:40 AM |
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I think it only affects deposits to CampBX via Dwolla. They want those to settle for 30 days the first time before they let you move out BTC.
For Dwolla withdraws, there's no holding time (or at least there wasn't the last time I withdrew via Dwolla).
CampBX's website has started working alot better, I give them props for this, they said by the end of july they'd have it improved, and they did.
I have no issues with campbx other then that they don't accept wire transfers, I hate having to send a cheque (what is this the 1800's?).
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wingspan
Newbie
Offline
Activity: 54
Merit: 0
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August 02, 2013, 09:08:33 PM |
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I have no issues with campbx other then that they don't accept wire transfers...
I have had no problems using Dwolla to connect my bank to Camp Bx. The bank side takes 4 working days or less, and the CBX side is immediate for me. Direction tested both ways with $20K broken up into five $4K transactions minutes apart. Does Dwolla work with any other exchange? |
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RandomQ
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August 02, 2013, 09:17:42 PM |
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I would open a support ticket saying https://campbx.com/dwolla.phpThe Url above says 31 Days, and find out why they are holding for 90 days Did you deposit more than 9,000K I could see them putting a KYC hold if you did? |
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geofflosophy (OP)
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August 03, 2013, 12:06:39 AM |
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I would open a support ticket saying https://campbx.com/dwolla.phpThe Url above says 31 Days, and find out why they are holding for 90 days Did you deposit more than 9,000K I could see them putting a KYC hold if you did? Lol no, I deposited $1 and then bought ~0.01 BTC with it. Then I transferred 5 BTC in afterward to sell, and those are locked up with my 0.01 that I bought. |
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QuantPlus
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August 03, 2013, 12:39:51 PM |
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Traded there for several months...
And I can't see CampBX surviving in present form.
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Hfleer
Sr. Member
Offline
Activity: 448
Merit: 250
Changing avatars is currently not possible.
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August 03, 2013, 01:04:43 PM |
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Traded there for several months...
And I can't see CampBX surviving in present form.
I made a trade or two in the past. I'm not sure they're even trying to upkeep it at this point though. Keeping us informed might be useful. |
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geofflosophy (OP)
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August 23, 2013, 05:59:42 PM |
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I actually ended up selling my balance at 109 a few days ago and transferring it into my bank account via Dwolla no problem. Happy to be rid of them for a while. |
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DealMaker
Newbie
Offline
Activity: 14
Merit: 0
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August 25, 2013, 06:24:46 PM |
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I actually ended up selling my balance at 109 a few days ago and transferring it into my bank account via Dwolla no problem. Happy to be rid of them for a while.
That's good because then you won't need this info -> https://bitcointalk.org/index.php?topic=281042.0 |
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ryanb
Legendary
Offline
Activity: 1148
Merit: 1000
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October 26, 2013, 04:50:01 PM |
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i made a money order deposit to campbx after reading on their site that bitcoin withdraws will be held for 32 days and not affecting money orders
so today my deposit was posted and i purchased 3 bitcoins and i went to withdraw them to my wallet and it won't let me and it is showing that i need to wait 32 days
and of course there is no phone number to call i submitted a support ticket
hopefully it won't take too long
if i knew there will be hold i would not have purchased 3 btc i would have purchased like 0.01 and let it wait for 32 days.
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geofflosophy (OP)
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October 27, 2013, 07:34:42 AM |
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i made a money order deposit to campbx after reading on their site that bitcoin withdraws will be held for 32 days and not affecting money orders
so today my deposit was posted and i purchased 3 bitcoins and i went to withdraw them to my wallet and it won't let me and it is showing that i need to wait 32 days
and of course there is no phone number to call i submitted a support ticket
hopefully it won't take too long
if i knew there will be hold i would not have purchased 3 btc i would have purchased like 0.01 and let it wait for 32 days.
Best of luck to you ryanb, but based on my experience you will not hear back. You may want to just put a limit order in higher and sell for a profit then cash out in the meantime. |
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ryanb
Legendary
Offline
Activity: 1148
Merit: 1000
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October 27, 2013, 01:40:17 PM |
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i made a money order deposit to campbx after reading on their site that bitcoin withdraws will be held for 32 days and not affecting money orders
so today my deposit was posted and i purchased 3 bitcoins and i went to withdraw them to my wallet and it won't let me and it is showing that i need to wait 32 days
and of course there is no phone number to call i submitted a support ticket
hopefully it won't take too long
if i knew there will be hold i would not have purchased 3 btc i would have purchased like 0.01 and let it wait for 32 days.
Best of luck to you ryanb, but based on my experience you will not hear back. You may want to just put a limit order in higher and sell for a profit then cash out in the meantime. i managed to sell them yesterday and i made 3 dollars profit i will not make any more purchases unless i know that i can withdraw them |
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geofflosophy (OP)
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October 27, 2013, 02:31:16 PM |
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i made a money order deposit to campbx after reading on their site that bitcoin withdraws will be held for 32 days and not affecting money orders
so today my deposit was posted and i purchased 3 bitcoins and i went to withdraw them to my wallet and it won't let me and it is showing that i need to wait 32 days
and of course there is no phone number to call i submitted a support ticket
hopefully it won't take too long
if i knew there will be hold i would not have purchased 3 btc i would have purchased like 0.01 and let it wait for 32 days.
Best of luck to you ryanb, but based on my experience you will not hear back. You may want to just put a limit order in higher and sell for a profit then cash out in the meantime. i managed to sell them yesterday and i made 3 dollars profit i will not make any more purchases unless i know that i can withdraw them Yea I don't think I'll be using CampBX anytime soon, maybe if they get the ACH transfers set up like they claim they will, since I should be nearly out of withdraw jail now. But personally I have nothing but great things to say about Coinbase now that I'm a Tier II customer and have instant transactions via ACH. |
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