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November 27, 2013, 04:06:02 AM |
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From now on, I will avoid BTC-e for transfers of USD in. I've heard many, many reports of those monies being held by BTC-e for unspecified reasons. Anecdotal evidence suggests that the larger the transfer, the longer they hold it at BTC-e. Anything over a few hundred dollars seems to be fair game. The wire transfers seem to go through in a few days, as you would expect. BTC-e just . . . holds it. Their support department is unresponsive.
What I imagine happens is that BTC-e takes advantage of the lack of visibility and uses the money for their own trades. Alternate theories I've heard include exchanges using these new funds to provide each other bridge loans to cover, e.g., large sell orders. Any way you slice it, it amounts to us paying BTC-e a fee in order to give themselves an interest-free loan.
Never again.
- Findiggle.
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