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Author Topic: www.BITSTAMP.net Bitcoin exchange site for USD/BTC  (Read 206083 times)
kakobrekla
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February 20, 2014, 08:18:31 PM
 #1241

oda.krell would love to hear your great experiences. PM him.

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February 20, 2014, 08:25:14 PM
 #1242

Completing my post, KYC just means asking for a ID document, properly verifying it and communicating any red flags on transactions or something to the authorities. The financial institution, which Bitstamp is not, can not act as an authority.
,
So Bitstamp is totally lying about it even if they have to comply to KYC.
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February 20, 2014, 08:29:49 PM
 #1243

And why the very small amount of 9 thousand dollar from an already indentified customer would give any red flags regarding illegal activity? BIG LOL.
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February 20, 2014, 09:07:19 PM
 #1244

And why the very small amount of 9 thousand dollar from an already indentified customer would give any red flags regarding illegal activity? BIG LOL.
To be honest, $9000 is a pretty shady number in the world of AML/KYC.  Sad, but true.

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February 20, 2014, 09:14:29 PM
 #1245

And why the very small amount of 9 thousand dollar from an already indentified customer would give any red flags regarding illegal activity? BIG LOL.
To be honest, $9000 is a pretty shady number in the world of AML/KYC.  Sad, but true.

It is not, it is not aimed at street drug dealers, it is aimed at political corruption, organized crime etc but it does not matter. Just to make sense of it all. Just ask youself if your bank, which must comply to KYC,  where you surely have more money and transactions has ever frozen your account or required invasive information about you under a treat. Ask your friends, ask your relatives, ask anyone. They all will say no! It does not happen 'cause it is not required and if you are in good stand with your bank it is even illegal to freeze an account without a judicial order.

The first bank ever to behave like Bitstamp will have its reputation ruined and will be in legal trouble.
oda.krell
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February 20, 2014, 10:10:13 PM
 #1246

Completing my post, KYC just means asking for a ID document, properly verifying it and communicating any red flags on transactions or something to the authorities. The financial institution, which Bitstamp is not, can not act as an authority.
,
So Bitstamp is totally lying about it even if they have to comply to KYC.

Cry me a river. What happens if you *don't* comply with KYC/AML you can see over at your friendly neighborhood exchange mtgox. I prefer stamp to comply, and my funds to be safe. If you're so concerned about revealing your private data, which I can understand to a degree, use localbitcoin. Simple as that.

Not sure which Bitcoin wallet to use? I can highly recommend Electrum.
Electrum is an open-source lightweight client: user friendly, extremely fast, and one of the safest ways to store and use your bitcoins.
Executables are available on the Electrum homepage, so you can get a Bitcoin wallet up and running on your own computer in a few minutes.
kuroman
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February 20, 2014, 10:14:17 PM
 #1247

And why the very small amount of 9 thousand dollar from an already indentified customer would give any red flags regarding illegal activity? BIG LOL.
To be honest, $9000 is a pretty shady number in the world of AML/KYC.  Sad, but true.

It is not, it is not aimed at street drug dealers, it is aimed at political corruption, organized crime etc but it does not matter. Just to make sense of it all. Just ask youself if your bank, which must comply to KYC,  where you surely have more money and transactions has ever frozen your account or required invasive information about you under a treat. Ask your friends, ask your relatives, ask anyone. They all will say no! It does not happen 'cause it is not required and if you are in good stand with your bank it is even illegal to freeze an account without a judicial order.

The first bank ever to behave like Bitstamp will have its reputation ruined and will be in legal trouble.

At least here in EU, anything beyond 3K€ needs to be justified from/to bank per said periode of time ( a week I think) and the amount is even less depending on the country, I don't know about the US but I won't be surprised if there isn't something similar. Of course I'm talking about the average joe account, a professional business man, enterprise or commercent ect accounts are a different story
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February 20, 2014, 11:56:54 PM
 #1248

Completing my post, KYC just means asking for a ID document, properly verifying it and communicating any red flags on transactions or something to the authorities. The financial institution, which Bitstamp is not, can not act as an authority.
,
So Bitstamp is totally lying about it even if they have to comply to KYC.

What are they lying about?  If they handle their KYC now, then it will be less of an issue as regulations begin to solidify in the US, and other countries.  And yes, if you are depositing your funds in their exchange, then they most certainly can act as an authority.  You are giving them that power by using their service.  If you do not like it, then use localbitcoins and keep everything in your own personal wallet.

Just because you do not WANT them to do KYC does not mean they should not.  This is a good move on their part.

Also, KYC is not a set list of instructions for identification.  With AML\KYC, there are certain required points of identification that they will be required to have, but they are also required to do whatever they can, beyond the stated requirements, to verify and identify their customers.  It is their choice as to what they do, and it is better to go for overkill than not enough.

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February 21, 2014, 08:12:15 AM
 #1249

After this experience with Bitstamp
https://bitcointalk.org/index.php?topic=38711.msg4444786#msg4444786
Bitstamp has confiscated 60.000 USD from me and refuses to return them [/red]
luckily resolved as described here
https://bitcointalk.org/index.php?topic=38711.msg4541617#msg4541617

I decided (as mentioned in between the lines) to sell all my Bitcoins beginning of the year. It took me quite a few days time as the only acceptable exchanger to me was the German bitcoin.de, where you have to deal with multiple counterparties directly at small volumes. And I had quite a number of BTC to sell.

I won´t get back into BTC soon as long as there is not at least 1 professional exchanger on the market. Mt Gox is more or less gone.
No professional exchanger is left.

Bitstamp?
They really don´t seem to have a bad attitude or try to rip someone off. They are obviously honest – but they are such amateurs when it comes to handle standard KYC and AML rules.
It kills my brain working with such an exchanger, whose backoffice consist of a few pubescent teenagers.
Well - I  hope they are just teenagers, who just got mislead by the “power” they had been given who could make them think they are the all-overlooking authority.  If teenagers, they have a good chance, that during their growing-up process they can learn from the professionals in the financial industry what AML and KYC means and how a client shall be treated…… Maybe then Bitstamp has a chance.

I believe in the BTC story - but I don´t blieve it can grow as long as there are no pros handling the exchanges.
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February 21, 2014, 08:21:14 AM
 #1250

seems like it's working again. :-)

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February 21, 2014, 08:50:21 AM
 #1251

There are no general Bitcoin withdrawal issues presently. User's who are reporting that they are unable to withdraw Bitcoins will be notified individually via email.

Hazek- Could you guys please add Yubikey support? I've asked for this before, but I think it's critical. If my phone is stolen a user can log into my account (google 2fa is on my phone) AND do email 2FA verification because my email is ALSO on the same phone. Please add a yubikey so that at least I have something that is physically seperate from my phone to login. I use a yubikey on almost everything else, and it's fantastic.

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Hawkix
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February 21, 2014, 08:55:31 AM
 #1252

If your phone is stolen, a thief does not know your BitStamp username/password, does he?
I also recommend to use password locked phone.

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DynamicDK
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February 21, 2014, 03:55:51 PM
 #1253

There are no general Bitcoin withdrawal issues presently. User's who are reporting that they are unable to withdraw Bitcoins will be notified individually via email.

Hazek- Could you guys please add Yubikey support? I've asked for this before, but I think it's critical. If my phone is stolen a user can log into my account (google 2fa is on my phone) AND do email 2FA verification because my email is ALSO on the same phone. Please add a yubikey so that at least I have something that is physically seperate from my phone to login. I use a yubikey on almost everything else, and it's fantastic.

If you have an Android, you can get "Lookout Security".

Will let you locate your phone by GPS (in case you just lost it), and if it has actually been stolen, then you can factory reset your phone from your computer.  

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bananas
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February 21, 2014, 11:54:25 PM
 #1254

And why the very small amount of 9 thousand dollar from an already indentified customer would give any red flags regarding illegal activity? BIG LOL.
To be honest, $9000 is a pretty shady number in the world of AML/KYC.  Sad, but true.

It is not, it is not aimed at street drug dealers, it is aimed at political corruption, organized crime etc but it does not matter. Just to make sense of it all. Just ask youself if your bank, which must comply to KYC,  where you surely have more money and transactions has ever frozen your account or required invasive information about you under a treat. Ask your friends, ask your relatives, ask anyone. They all will say no! It does not happen 'cause it is not required and if you are in good stand with your bank it is even illegal to freeze an account without a judicial order.

The first bank ever to behave like Bitstamp will have its reputation ruined and will be in legal trouble.

At least here in EU, anything beyond 3K€ needs to be justified from/to bank per said periode of time ( a week I think) and the amount is even less depending on the country, I don't know about the US but I won't be surprised if there isn't something similar. Of course I'm talking about the average joe account, a professional business man, enterprise or commercent ect accounts are a different story

3k USD/EURO is pretty much the standard worldwide for international deposits, after that you have to sign an exchange contract, state the nature of the transfer and in some cases prove it(i.e. importing) or other procedures, that's one more reason that their police like behaviour is non sense, more than 3k can't go out of your bank without all the worldwide standard verifications. If sent from bank to bank, it already arrives clean for them. And they are tranfering to you, THEY ARE THE ONES WHO HAVE TO BE VERIFIED.

If they are in good faith they are at least proceeding in a wrong way by completely exagerating over KYC/AML .
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February 22, 2014, 07:15:15 PM
 #1255

In any case, whether it is wrong of them or not to ask additional KYC I am not sure, but what is wrong of them is that after you answer the KYC that their support stops responding and you dont get a reply back anymore (For 4 days now in my case)

There is no way to directly contact them. All you can do is use the support ticket system and/or email them on support@bitstamp.net and that is basically it. If you do not get a response it is tough shit but you just need to wait. That is BS. They should at least tell what the status and what the ETA is for the withdrawal process.
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February 23, 2014, 07:48:12 AM
 #1256

Why are my BTC withdrawal requests taking so long? I've been waiting for over half an hour and it still displays the "waiting to be processed" status.  Previous requests have taken just a couple minutes to hit the blockchain. 
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February 24, 2014, 07:19:28 AM
 #1257

I am waiting for 5 days now for withdrawal, along with additional KYC questionary but I'm already verified member... They said today they will release the money.

If you ask me, it seems maybe that something is going on.

Monero - secure, private and untraceable currency. http://www.getmonero.org
Sonny91BE
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February 24, 2014, 11:31:14 AM
 #1258


There is a huge wall of 6000 BTC at bitstamp on the price of 578$ Why would people sell at this price ..
They don't understand that price is low only temporarily .. lolz
Price will be stuck at this level for a while so it seems.
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February 24, 2014, 05:47:16 PM
 #1259

Why do orders end up with status "In queue" for quite a while before being executed? My orders sometimes sit there for 10-15 seconds, during which price movements can mean the difference between getting a good trade and missing the opportunity. Looking at the trade history, the amount of trades going on doesn't appear to be exceptionally high, so I don't see why there'd be such a long queue.

Any thoughts on where this queue comes from and if the trade engine will be sped up to remove it in the near future?

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February 24, 2014, 05:53:43 PM
 #1260

Why do orders end up with status "In queue" for quite a while before being executed? My orders sometimes sit there for 10-15 seconds, during which price movements can mean the difference between getting a good trade and missing the opportunity. Looking at the trade history, the amount of trades going on doesn't appear to be exceptionally high, so I don't see why there'd be such a long queue.

Any thoughts on where this queue comes from and if the trade engine will be sped up to remove it in the near future?

I raised this question a few pages back as wel. This is not acceptable.
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