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August 13, 2013, 02:49:41 AM |
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Virtex is being manipulated by one of three entities: Virtex itself, a group of predatory traders or both!
For the past two weeks, the exchange rate (in Canadian dollars) has been $7-$8 USD below bitstamp, and $13-$15 USD below mtgox.
Aggravating this further is the fact that there is 4%-5% difference between the Canadian dollar and the USD.
So when Virtex is trading btc at $88 Canadian dollars, and bitstamp is trading at $95 USD, the difference, including the dollar to dollar exchange rate, is nearly $12 USD!
This makes Virtex the place to buy btc cheap and then sell them at bitstamp, mtgox or any other exchange for a quick flip profit.
An organized group is behind this scam, and it makes sense that Virtex itself, or a proxy of theirs, is the culprit.
Another scam that is 100% all Virtex is the fact that you cannot empty your wallet or your cash account to $0.00.
You must always leave behind some amount of btc, and some amount of $. This play is familiar to those who have been in the online gambling world. Usually something like 4 or 5 cents had to remain in your account at all times. It doesn't seem like much (and the way they explained it, it had to be that way or else the account will shut itself down) but when you add it up across thousands of customers, it becomes considerable.
I have asked Virtex about this point blank (3 weeks ago) and was promised an investigation but so far, nary an update has been provided.
Bitstamp has better fees and allows withdrawals to Canadian banks for a fee that, rolled in with everything else, still leads to a much better return than using Virtex.
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