Vicurex freezing withdrawals.

[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.

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.

That is your right as a person who was hit by the issue first hand I don't blame you for feeling how you feel  but from an "outsider" looking in stand point it is not even close to the trouble that Gox caused the community as a whole is what I'm basically getting at.  Not saying much more then that really.

[Edward50]

I'm going to stop being lazy and pull my cash out of the American exchange I belong in. I should have learned my lesson already about being lazy from Mt. Gox.

Notice how they said they had large withdrawals recently which led to this. I knew this was going to happen after the Mt. Gox failure. People are pulling their money out of the exchanges, no trust.

[smoothie]

SO basically VIRCUREX is expecting their customers to pay back their debt by trading on their website and paying them fees for each trade.

What a bunch of bullshit.

Close your site and pay back your customers over time through another means of income, not through fees you charge the customers which you owe for trading on your site.

Scammer exchange...so fail.

[Bit_Happy]

SO basically VIRCUREX is expecting their customers to pay back their debt by trading on their website and paying them fees for each trade.

What a bunch of bullshit.

That was the exact same plan Silk Road 2 had after their hack LMAO

I lost track of that story:
Is SR2 open or closed?
Of course I'm only curious, I don't use it....

[joeventyra]

so the exchange needs extra funds and decides to get it from their clients? what a NEW way of doing it

[kooke]

so the exchange needs extra funds and decides to get it from their clients? what a NEW way of doing it

I think Gox were the pioneers in that field, but it seems the other exchanges are picking up on this new business strategy quite astutely

We should start demanding that exchanges post the wallet addresses publicly. Or better yet, support those working on decentralized exchanges.

[Stevenrm87]

SO basically VIRCUREX is expecting their customers to pay back their debt by trading on their website and paying them fees for each trade.

What a bunch of bullshit.

That was the exact same plan Silk Road 2 had after their hack LMAO

I lost track of that story:
Is SR2 open or closed?
Of course I'm only curious, I don't use it....

Its open I believe: http://e5wvymnx6bx5euvy.onion/

[pat1900]

is expecting their customers to pay back their debt by trading on their website and paying them fees for each trade.

No big difference to what the banks have done during the last years. Search for "bonuses despite losses" and you get dozens of reports, about it's not the bank managers but the bank's customers who are expected to pay for losses.

Outside the shady business area like the financial sector, however, one could imagine a legitimate situation like this. A carpenter or a plumber who causes substantial damage to your home may offer to pay for his mistake by sharing parts of his income during the next months. It is customer's money, of course, but it is also his hours of work.

[GigaCoin]

Another "major" exchange down the drain.

I've personally pulled out all my coins from ALL exchanges after gox, I have a few for trading on stamp but no more

I suggest everyone to do the same. Don't trust any exchanges especially with all these hacks going on.

[Its About Sharing]

Looks like Vircurex would have done better with some financial backing rather than this plan. Perhaps they tried to get some?
The problem now is people are probably not going to trade there much, unless the alternatives disappear.

Too bad, was a nice exchange though they rarely got back to me when I had questions (at least not timely when they did.)

This brings up the point of insurance, which is probably going to raise trading fees. I really wonder what is going to come of all this.
In the end we will probably have the security of many large stock exchanges in the end, but till we get there...

Interesting in that 4 days ago I bought some LTC there and couldn't get them out as the wallet was offline (said the message). After the Goxing I was a bit
on edge, but decided to give it till morning. I also emailed Vircurex but as expected they never go back to me. A friend also mentioned the Goxing!
Still couldn't withdraw the LTC in the morning and just to be safe I sold them and prayed I would be able to withdraw the BTC.
I could and transferred them to Cryptsy to buy the LTC. I took a very small hit. Feel bad for all involved though.

This has been a great and rough ride fellas. The BFL saga (I was affected), the mining saga in general (ditto), the exchange hacks (ditto) and on and on.

IAS

[Its About Sharing]

Just checked the spreads (as another mentioned) on Vircurex and Cryptsy. Nothing shocking, but sad. Note the LTC inversion relative to the others rise.

Coin      Cryptsy                    Vircurex

LTC      .027                           .020
DOGE   0.00000115               0.00000164
VERT    .0032                        0.00453000

Like 30% ish just by eying it. Memories of Gox.  

[BitOnyx]

I don't think any one is keeping all coins in one place anymore. It is free market so some enterprises must shut down once in awhile.

[Lethn]

I only had a tiny bit of money in Vircurex but I have moved it out, I thought these guys looked pretty trustworthy but I'm feeling awfully paranoid right now, especially after MTGOX and I didn't even put any money in there.

[thresher]

How they handled this is better than gox, lmao.
This should not be handled like that at all.  Again prices plummet from gross incompetence and criminal behavior.
Thankfully people here advised me against using their interest program.
Again what is with their weird and corrupt usd trading system they have going on, where you can sell btc for usd, use that usd to buy bitcoin, but cannot move usd on or off the site?
  

[roslinpl]

What do you think, when they will stops withdraws of the rest altcoins?

I am thinking about letting my friend know about it because he is keeping there some dvc and he just hodl them there

Maybe it is a good time to take them out...

So far you can withdraw DVC with no problem, but perhaps ... it might not stay forever ..

[KFR]

I tried to withdraw 1.5m DOGE yesterday and it failed.  It got deducted from my balance but the account history shows it with no TrxID and nothing on the blockchain.  Sent them a support mail.  Anyone know if they ever respond to emails?

[Its About Sharing]

I tried to withdraw 1.5m DOGE yesterday and it failed.  It got deducted from my balance but the account history shows it with no TrxID and nothing on the blockchain.  Sent them a support mail.  Anyone know if they ever respond to emails?

Sorry to hear that. I sent an email to them last week as I mentioned, before their announcement, and they never replied.
Before that, I think I got 1 reply (days later) out of 3 emails.

[counter]

I like the comparison of the exchanges being like banks when they lose funds they try and make their clients pay for the debt.  But the banks also use the taxpayers who aren't all the clients so there is some differences.

[Bit_Happy]

Too many "bad" exchanges to keep track of them all.
Which exchanges smaller than Cryptsy have "decent" volume, a good reputation and no known hacks/big loses?

[BitOnyx]

It is free market so new, better exchanges will emerge .