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Author Topic: Bitcoinica.com: you cannot withdraw BTC, not even using Mt. Gox redeem codes  (Read 1323 times)
molecular
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September 17, 2011, 10:12:39 AM
 #1

Just to let people know, because I made the assumption one could withdraw Bitcoins from bitcoinica using Mt. Gox redeemable codes. YOU CANNOT! Only USD withdrawals are possible.

In an email I was referred to their FAQ for details.

I looked at the FAQ before I trusted my Bitcoins to bitcoinica, of course. It lacks details and is unclear on the subject. I hope this is not intentional:

Quote from: bitcoinica.com
Can I deposit or withdraw in Bitcoins?
Unfortunately, no. We don't deliver actual Bitcoins. But you can always deposit or withdraw instantly using Mt. Gox redeemable codes."
(emphasis mine)

"We do not deliver actual bitcoins". Well, it's fair to assume then, that you deliver bitcoins via Mt. Gox redeemable codes, right? You even state this in the sentence that follows.

If this was intentionally misleading, I consider this a ripoff. I was forced to trade my precious BTC for USD to get my funds out, then trade them back on mtgox at a loss.

Thoughts?

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September 17, 2011, 03:34:57 PM
 #2

Just to let people know, because I made the assumption one could withdraw Bitcoins from bitcoinica using Mt. Gox redeemable codes. YOU CANNOT! Only USD withdrawals are possible.

In an email I was referred to their FAQ for details.

I looked at the FAQ before I trusted my Bitcoins to bitcoinica, of course. It lacks details and is unclear on the subject. I hope this is not intentional:

Quote from: bitcoinica.com
Can I deposit or withdraw in Bitcoins?
Unfortunately, no. We don't deliver actual Bitcoins. But you can always deposit or withdraw instantly using Mt. Gox redeemable codes."
(emphasis mine)

"We do not deliver actual bitcoins". Well, it's fair to assume then, that you deliver bitcoins via Mt. Gox redeemable codes, right? You even state this in the sentence that follows.

If this was intentionally misleading, I consider this a ripoff. I was forced to trade my precious BTC for USD to get my funds out, then trade them back on mtgox at a loss.

Thoughts?

We have considered this problem right at the beginning. Bitcoinica is currently a trading platform with accounting currency of USD.

If you trade at any Forex broker and give them any foreign currency, they will convert your money to their accounting currency. Also, if you buy EURUSD, for example, you won't get the euro anyway. The only way you can withdraw is to close the position and withdraw USD.

Margin trading is only possible when the accounting currency is consistent. At this moment, we only lend out USD.

However, we will announce Bitcoin withdrawals soon, and we will have a much more sophisticated account management. You will be able to even borrow money at Bitcoinica!

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
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September 18, 2011, 08:10:21 AM
 #3

Just to let people know, because I made the assumption one could withdraw Bitcoins from bitcoinica using Mt. Gox redeemable codes. YOU CANNOT! Only USD withdrawals are possible.

In an email I was referred to their FAQ for details.

I looked at the FAQ before I trusted my Bitcoins to bitcoinica, of course. It lacks details and is unclear on the subject. I hope this is not intentional:

Quote from: bitcoinica.com
Can I deposit or withdraw in Bitcoins?
Unfortunately, no. We don't deliver actual Bitcoins. But you can always deposit or withdraw instantly using Mt. Gox redeemable codes."
(emphasis mine)

"We do not deliver actual bitcoins". Well, it's fair to assume then, that you deliver bitcoins via Mt. Gox redeemable codes, right? You even state this in the sentence that follows.

If this was intentionally misleading, I consider this a ripoff. I was forced to trade my precious BTC for USD to get my funds out, then trade them back on mtgox at a loss.

Thoughts?

Now you can withdraw in BTC!

Please refer to https://bitcointalk.org/index.php?topic=44554.0

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
Dan The Man
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November 29, 2011, 06:03:15 AM
 #4

I have noticed that over half of the times when I try to withdraw USD or BTC from Bitcoinica using MT Gox redeem codes, I get the error that I have entered an invalid amount. Zhoutong explained that it is because of a limit on the amount of withdrawals they can make from their Mt Gox account. What it means is that there is no way to move a lot of money out of Bitcoinica. I have lost more than a few chances now because I was unable to move either bitcoin or usd out of Bitcoinica rapidly.

imsaguy
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November 29, 2011, 04:13:04 PM
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I have noticed that over half of the times when I try to withdraw USD or BTC from Bitcoinica using MT Gox redeem codes, I get the error that I have entered an invalid amount. Zhoutong explained that it is because of a limit on the amount of withdrawals they can make from their Mt Gox account. What it means is that there is no way to move a lot of money out of Bitcoinica. I have lost more than a few chances now because I was unable to move either bitcoin or usd out of Bitcoinica rapidly.

You can always withdraw as btc and then deposit said btc into mtgox.  7 confirmations.  NBD

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December 13, 2011, 03:32:10 PM
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Love your site. Well done!
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December 14, 2011, 01:19:01 AM
 #7

What it means is that there is no way to move a lot of money out of Bitcoinica. I have lost more than a few chances now because I was unable to move either bitcoin or usd out of Bitcoinica rapidly.

I used to have that mentality too, until I realized that Bitcoinica is under no obligation to maintain any service standards for me. This pretty much applies to all retail services where you don't sign a contract with the other party to make the service commitments explicit. 

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December 14, 2011, 02:13:47 AM
 #8

I have noticed that over half of the times when I try to withdraw USD or BTC from Bitcoinica using MT Gox redeem codes, I get the error that I have entered an invalid amount. Zhoutong explained that it is because of a limit on the amount of withdrawals they can make from their Mt Gox account. What it means is that there is no way to move a lot of money out of Bitcoinica. I have lost more than a few chances now because I was unable to move either bitcoin or usd out of Bitcoinica rapidly.

It's all a cynical plot by Mtgox -- https://bitcointalk.org/index.php?topic=53315.0
They want to squeeze Bitcoinica and implement their own leveraged trading platform in January.  Truly despicable.
Sad

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