Vicurex freezing withdrawals.

[jbrnt]

So vircurex was on fractional reserve all these time, and they are running low on cash flow.
If they handle this properly, they could get out of this.

How?

With the amount of BTC they make via fees it will take years to pay back the lost BTC.
Additionally this idea relies on new costumers making deposits there and we all can imagine just how likely it is that many people will deposit fresh money there...

Crowd-funding, IPO, find investors in fiat...
How much bitcoins did they loose last year?

[bterproblems]

lol years, you really have no idea how profitable it is to be such a exchange like vircurex. In a few weeks most of the losses could be covered.

[relm9]

lol years, you really have no idea how profitable it is to be such a exchange like vircurex. In a few weeks most of the losses could be covered.

Oh really? Take a look at this report...

https://vircurex.com/Reports/2013-11.pdf

1218 BTC in the red September - November 2013, and they made only 64 BTC in revenue which I assume is all from trading fees.

Yes, you are probably looking at years for them to recover the funds, that is if they are even still around then. Luckily I only had a small amount of BTC in there, decided to cut my losses and buy some DOGE at 140 satoshis, rather than wait forever for them to recover my balance.

[pungopete468]

I think it's time to start upping the fees and create an insurance trust fund.

Double the trade fee and apply 50% of all fees to a cold wallet designated for insurance. Publish the wallet address for transparency.

[bterproblems]

lol years, you really have no idea how profitable it is to be such a exchange like vircurex. In a few weeks most of the losses could be covered.

Oh really? Take a look at this report...

https://vircurex.com/Reports/2013-11.pdf

1218 BTC in the red September - November 2013, and they made only 64 BTC in revenue which I assume is all from trading fees.

Yes, you are probably looking at years for them to recover the funds, that is if they are even still around then. Luckily I only had a small amount of BTC in there, decided to cut my losses and buy some DOGE at 140 satoshis, rather than wait forever for them to recover my balance.

Only doge/btc only today already has 200 btc volume. Why not show me stats from their first month on the market?

[Wilhelm]

I think it's time to start upping the fees and create an insurance trust fund.

Double the trade fee and apply 50% of all fees to a cold wallet designated for insurance. Publish the wallet address for transparency.

+1 every company should insure themselves. I bet proving that all or most BTC are insured will put customers at ease and make them willing to pay slightly higher fees.

[relm9]

lol years, you really have no idea how profitable it is to be such a exchange like vircurex. In a few weeks most of the losses could be covered.

Oh really? Take a look at this report...

https://vircurex.com/Reports/2013-11.pdf

1218 BTC in the red September - November 2013, and they made only 64 BTC in revenue which I assume is all from trading fees.

Yes, you are probably looking at years for them to recover the funds, that is if they are even still around then. Luckily I only had a small amount of BTC in there, decided to cut my losses and buy some DOGE at 140 satoshis, rather than wait forever for them to recover my balance.

Only doge/btc only today already has 200 btc volume. Why not show me stats from their first month on the market?

The DOGE volume is only high because people are buying it then withdrawing to get funds out, that's not going to continue, it'll drop like a rock tomorrow.

As for the stats, that's the most recent report I could find.

[roslinpl]

I was only trading @ vircurex it is such a lost for me ...

I do not keep any money @ online services so I am not worried about how I will withdraw, I am worried about:
where I will trade

Vircurex for me was very, very good - and now what ... where should I go?

[MAbtc]

This is unfortunate.... fortunately did not have much BTC left on there.... but this is quite unfortunate.... they were always my favorite altcoin exchange.

[knightcoin]

Well Done Vircurex, my dogecoins just rocket to a fair price  

ps-> I really like vircurex because all alt are related to BTC ... it's much easy to find correlation between alt-coins

from forex wisdom ... Using Currency Correlations To Your Advantage
http://www.investopedia.com/articles/forex/05/051905.asp

[roslinpl]

Well Done Vircurex, my dogecoins just rocket to a fair price  

ps-> I really like vircurex because all alt are related to BTC ... it's much easy to find correlation between alt-coins

from forex wisdom ... Using Currency Correlations To Your Advantage
http://www.investopedia.com/articles/forex/05/051905.asp

well as you can see few altcoins price went up at a same time ...

This is nothing great IMO...

[ThirdRenaissance]

Cryptsy has already instaured capital controls.

http://www.cryptoarticles.com/crypto-news/2014/3/21/why-i-really-dislike-cryptsy

I'm not exactly a Cryptsy fan, but that article is idiotic.

[rebuilder]

So when Vircurex said they'd cover losses from their income, did they specify they didn't have enough funds to cover their liabilities at the time? Were they completely straight up about running fractional reserve? If they were, why wasn't there an immediate bank run?

[kooke]

I pulled my coins out of vircurex when they got hacked last year. They may not be able to recoup their losses given the low trading volume they now have. Also, they're not being very transparent about how much coins were stolen (precise figures) from them and how much losses they have covered so far. Many people will now view them as a dying exchange and avoid them like the plague. And rightfully so.

[gentlemand]

While it's admirable that they're trying to earn back their losses, folks can go and do business with other exchanges which aren't empty shells (yet). 

[roslinpl]

I am really worried about Vircurex ... best exchange is dying

[knightcoin]

I am really worried about Vircurex ... best exchange is dying

no we're not we just got upgraded to sniper ^ https://www.youtube.com/watch?v=cX9eJdDayKU

[counter]

This is not good news but I'm liking the way they chose to handle the matter seems very responsible on there part to make things so transparent and I hope people give them credit for that and there service to the community.

this was handled definitely much better than the gox situation, where they lied until the very end (and didn't stop lying even after that)

Agreed, this is why I have respect for the way they (Vicurex) chose to handle the problems they had.  Gox was a much bigger exchange IMO and they acted beyond poorly which made me lose total respect for them before the latest debacle.

[relm9]

This is not good news but I'm liking the way they chose to handle the matter seems very responsible on there part to make things so transparent and I hope people give them credit for that and there service to the community.

this was handled definitely much better than the gox situation, where they lied until the very end (and didn't stop lying even after that)

Agreed, this is why I have respect for the way they (Vicurex) chose to handle the problems they had.  Gox was a much bigger exchange IMO and they acted beyond poorly which made me lose total respect for them before the latest debacle.

I don't have any respect for Vircurex, they may not be as incompetent as Gox but not halting all trading as soon as this happened is very irresponsible.

[Bit_Happy]

That's not good at all, Vircurex doesn't have that much volume it'll take forever to pay these customers back from trading fees.

Expect to see the price of coins not affected on there to skyrocket as people try and get their BTC out.

There should be a way to make arb profit, but it's way too risky.