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Author Topic: www.BITSTAMP.net Bitcoin exchange site for USD/BTC  (Read 206129 times)
oda.krell
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February 24, 2014, 05:59:39 PM
 #1261

I'm obviously not a dev at Bitstamp, but I think I can answer the question:

To my knowledge, stamp doesn't really place 'market' orders (as in: matching your order in an instant, until filled), but places successively higher/lower limit orders on your behalf if you place a market order. Hence the delay.

Not saying this excuses it, but as a consequence, I personally only use limit orders, after looking at the order book, that are set such that I can be sure my order is filled entirely. Much, much faster that way.


EDIT: unless you actually meant limit orders. In that case, ignore my above comment, please.

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.
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F-bernanke
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February 24, 2014, 06:06:21 PM
 #1262

I'm obviously not a dev at Bitstamp, but I think I can answer the question:

To my knowledge, stamp doesn't really place 'market' orders (as in: matching your order in an instant, until filled), but places successively higher/lower limit orders on your behalf if you place a market order. Hence the delay.

Not saying this excuses it, but as a consequence, I personally only use limit orders, after looking at the order book, that are set such that I can be sure my order is filled entirely. Much, much faster that way.


EDIT: unless you actually meant limit orders. In that case, ignore my above comment, please.

We are indeed actually talking about limit orders (Placed way higher/lower than market, So they should fill instantly, but instead they are put in queue for 10 seconds under "open orders", while the market moves away).
oda.krell
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February 24, 2014, 06:22:13 PM
 #1263

I'm obviously not a dev at Bitstamp, but I think I can answer the question:

To my knowledge, stamp doesn't really place 'market' orders (as in: matching your order in an instant, until filled), but places successively higher/lower limit orders on your behalf if you place a market order. Hence the delay.

Not saying this excuses it, but as a consequence, I personally only use limit orders, after looking at the order book, that are set such that I can be sure my order is filled entirely. Much, much faster that way.


EDIT: unless you actually meant limit orders. In that case, ignore my above comment, please.

We are indeed actually talking about limit orders (Placed way higher/lower than market, So they should fill instantly, but instead they are put in queue for 10 seconds under "open orders", while the market moves away).

Very strange then. I usually see my limit orders executed within a few seconds. Not exactly forex speed, but not really a problem for me (as in: compared to overall slippage I experience, the small changes of the order book don't really make a dent). No idea why it's different then. I'll pay attention to it from now on, though.

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.
Rannasha
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February 24, 2014, 11:07:26 PM
 #1264

Yeah, it's about limit orders that get queued. My bot makes relatively small trades, where the profit on each trade is even smaller. While the order sits in the queue, the price can shift a few $, sometimes negating the profit that was to be made.

bananas
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February 24, 2014, 11:53:54 PM
 #1265

This man agree with me:

Joseph Borg, state securities administrator in Alabama and a past president of the North American State Securities Administrators Association.

Borg has been involved in a wide range of high-profile cases in his 20 years on the Alabama Securities Commission perhaps most notably pushing for the formation of the multi-state task force that ultimately shut down Stratton Oakmont, the investment firm that was the basis for the recent movie “The Wolf of Wall Street.”


“Dealing with these exchanges should be no different than dealing with your bank or your financial institution,” Borg said,

http://www.marketwatch.com/story/regulator-to-sound-alarm-on-bitcoin-2014-02-24?link=MW_latest_news
hazek
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February 25, 2014, 09:12:28 AM
 #1266

https://www.bitstamp.net/article/Statement-by-Bitstamp-regarding-MtGox-insolv/

Quote
Statement by Bitstamp regarding Mt Gox insolvency

Bitcoin Is Still Working and Still Has a Bright Future

The worldwide peer-to-peer payment system and crypto-currency known as Bitcoin is not dependant on any one actor. The Bitcoin protocol continues to work exactly as designed. Bitcoin remains strong despite the failure of any one exchange and will continue to grow and thrive as long people desire that it do so.

Losses Limited to Balances at MtGox

It is important to underscore that the losses of fiat currency and Bitcoin are limited to those balances that were in MtGox’s care. The MtGox exchange can best explain how this happened.

Bitstamp Customers are Safe and Our Business is Solvent

We at Bitstamp have conducted a thorough audit of our bitcoin accounts, as well as the fiat currency reserves we maintain in the bank. Bitstamp maintains all of its customers’ bitcoin and cash deposits and nothing is amiss.

Bitstamp is Not Subject to the Transaction Malleability Vulnerability

Bitstamp uses a different protocol to handle problems in closing out its transactions and is not vulnerable to the “transactional malleability” issue that was apparently exploited at Mt. Gox. Additionally, we manually double-check every transactional problem encountered by our customers.

Bitstamp’s Future

We are taking steps to provide Bitstamp’s customers with the utmost confidence in our operations:

1. Bitstamp is financially stronger than ever. We have the most customers, and the most solid capital base, than we have ever had.
2. Bitstamp has retained the best available security and compliance advisors to assist us in protecting our clients.
3. Bitstamp prides itself on industry-leading compliance with its AML and KYC procedures.
4. Bitstamp is now performing quarterly financial audits and will post our financial reports on our web site.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
maurya78
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February 25, 2014, 09:32:25 AM
 #1267

Thanks for issuing the statement so promptly

These are nervous times for many of us, so this helps

BigBitz
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February 25, 2014, 05:29:55 PM
 #1268

Can Bitstamp answer why they and various other Exchange operators were made aware of this MtGox issue several DAYS prior to the public thus allowing them to not only dump their BTC at much higher prices but also ensure they could, if it happened, rid themselves of any GoxBTC/GoxUSD using the various methods that were available.

I find that wholly irresponsible from an Exchange and the various "high level" Investors involved in the "Joint Statement" -- Nejc your CEO was one of them.

Tips BTC --> 1BS2sYvy3T1cpNhie6CVFMcUrHa84a8mPa <-- Thanks! || Tips [LTC] --> LaytYJNCha7z7zcws5a2o2GWWjvWfDCGkr <--
MrPiggles
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February 26, 2014, 04:23:59 AM
 #1269

Why can't I get a fucking response about the 6000 you have tied up in my account which you won't allow me to withdraw

Nobody gives a fuck about ripple
MrPiggles
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February 26, 2014, 04:38:55 AM
 #1270

I admitted I used a fake name on my bitstamp account.

I have now supplied all my real details

all withdrawals are still pending.

Support won't respond.

It looks to me like you just decided to keep my $6000

PLEASE just fucking cancel the withdrawals and let me get my btc at least.

I have given you all my details, I do NOT understand why you can't just verify me and let me take the btc back.


Nobody gives a fuck about ripple
kwest
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February 26, 2014, 05:56:06 PM
 #1271

I can't help but be curious about this post on reddit:
Bitstamp's bank refused to open me a bank account as soon as I mentioned bitcoin

So, one of the biggest exchanges have their account with a bank that doesn't allow bitcoin businesses.


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. ♥♥♥        VISIT OUR WEBSITE                          Bitcointalk Announcement Thread                      Crowdfund-platform online                   Sign In Now!  ♥♥♥ .
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TsuyokuNaritai
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February 26, 2014, 06:01:06 PM
 #1272

I can't help but be curious about this post on reddit:
Bitstamp's bank refused to open me a bank account as soon as I mentioned bitcoin

So, one of the biggest exchanges have their account with a bank that doesn't allow bitcoin businesses.
Link is garbled. Try this.

kwest
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February 26, 2014, 06:06:11 PM
 #1273

I can't help but be curious about this post on reddit:
Bitstamp's bank refused to open me a bank account as soon as I mentioned bitcoin

So, one of the biggest exchanges have their account with a bank that doesn't allow bitcoin businesses.
Link is garbled. Try this.

Fixed it. Thanks for pointing it out.


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Alty
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February 26, 2014, 06:18:37 PM
 #1274

I'd just like to say that my payment of $6000 came through.
rqiu07
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February 27, 2014, 10:38:36 PM
 #1275

why i cant withdraw BTC? I need my coins out badly! But it says YOU ARE NOT ALLOWED TO WITHDRAW AT THE MOMENT. and no reply from support. Please help! Huh Huh
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February 27, 2014, 10:50:21 PM
 #1276

Just stopped by here to post that my withdrawal went through also, it took another 1.5 week after I answered the additional KYC info.
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February 28, 2014, 12:52:06 AM
 #1277

Mates, don't believe you cannot withdraw BTC due to KYC/AML.

I've been saying here in this thread and around backed by the exchange manager of my bank, that BTC is not money and so it is out of the scope of any financial institutions / kyc / aml. It is free of any financial regulation.

Today even the Federal Bank of the United States said that:

"I think it's important to understand that this is a payment innovation that's taking place entirely outside the banking industry," Yellen told Sen. Joe Manchin, D-WV. "The Federal Reserve simply does not have the authority to supervise or regulate Bitcoin in any way."
http://www.usatoday.com/story/money/business/2014/02/27/yellen-bitcoin-senate-testimony/5872039/


Whoever can't withdraw BTC from Bitstamp or any other exchange is being scammed.
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February 28, 2014, 02:43:20 AM
 #1278

Mates, don't believe you cannot withdraw BTC due to KYC/AML.

I've been saying here in this thread and around backed by the exchange manager of my bank, that BTC is not money and so it is out of the scope of any financial institutions / kyc / aml. It is free of any financial regulation.

Today even the Federal Bank of the United States said that:

"I think it's important to understand that this is a payment innovation that's taking place entirely outside the banking industry," Yellen told Sen. Joe Manchin, D-WV. "The Federal Reserve simply does not have the authority to supervise or regulate Bitcoin in any way."
http://www.usatoday.com/story/money/business/2014/02/27/yellen-bitcoin-senate-testimony/5872039/


Whoever can't withdraw BTC from Bitstamp or any other exchange is being scammed.

My next step will be small claims, they're UK registered so they'll hve to respond

Nobody gives a fuck about ripple
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February 28, 2014, 10:05:01 AM
 #1279

To me it looks like they run out of fiat. Took out a good few USD over the last few months of 2013, no problem. A couple of days ago a substantially smaller withdrawal got stuck, due to insufficient KYC. Rubbish, I'd say. Some of the questions they asked (ie address of SEPA bank) are already answered by their db. Others make hardly any sense. Not unlike MtGox last summer. The delays got longer and longer, the excuses weaker and weaker. bitstamp came up with KYC, mtgox told people they could only transfer whatever tiny amount per day due to bank restrictions.
When the fiat came surging in, they were able to pay out, now, with people trying to cash out and presumably no fresh money coming in, they struggle... Only thing, they should have got the money at some stage. 
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February 28, 2014, 01:27:44 PM
 #1280

To me it looks like they run out of fiat. Took out a good few USD over the last few months of 2013, no problem. A couple of days ago a substantially smaller withdrawal got stuck, due to insufficient KYC. Rubbish, I'd say. Some of the questions they asked (ie address of SEPA bank) are already answered by their db. Others make hardly any sense. Not unlike MtGox last summer. The delays got longer and longer, the excuses weaker and weaker. bitstamp came up with KYC, mtgox told people they could only transfer whatever tiny amount per day due to bank restrictions.
When the fiat came surging in, they were able to pay out, now, with people trying to cash out and presumably no fresh money coming in, they struggle... Only thing, they should have got the money at some stage. 


For weeks I have been doing 5 digit USD withdrawals every single day at Bitstamp, no problems!!!

I did have to follow up on 2 extra KYC / AML questionnaires which took just 24 hours to be processed, other than that no problems.

Just follow up on KYC / AML questions and all is fine.

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