WARNING ! Vircurex is freezing your BTC, LTC, FTC, TRC.

[Hippie Tech]

Talk about a nice kick in the ass !

https://vircurex.com/welcome/ann_reserved.html

Frozen Funds

 In preparation of the following, we have with immediate effect stopped the possibilities to withdraw BTC, LTC, FTC and TRC. All incoming deposits will also not be credited to the users accounts for the time being.

 On 24th March 2014 we will be freezing the current BTC, LTC, TRC and FTC accounts, then perform the below distribution of the available coins and reenable deposits and withdrawals. This action will also require us to delete all open sell orders for BTC, LTC, FTC and TRC.

SCREW YOU vircurex ! RETURN MY COINS !

[Hippie Tech]

I get this when I attempt to withdrawal BTC or FTC.

[medicine]

There aren't any coins left to honour deposits as a result of the hack last year. 

I withdrew coins in the form dogecoins a few days ago.  You may still be able to convert to doge and withdraw, I'm not sure about this.

I can't foresee trade fees being able to pay back all deposits, although we don't know actually number of coins we are talking.

[Crindon]

Yikes This sucks. Reminds me of the problems with Bter.

[Remember remember the 5th of November]

"Vircurex is freezing your BTC, LTC, FTC, TRC."

The title of this thread is misleading. Vircurex isn't "freezing" anyone's BTC, LTC, FTC, TRC. They are refusing to honor the IOUs which they issued when someone deposited their BTC, LTC, FTC, TRC.

If you aren't the sole controller of your private keys, you don't have any bitcoins.

In case anyone was further mislead by this post, he basically means the same thing just said with fancy words.

[Hippie Tech]

"Vircurex is freezing your BTC, LTC, FTC, TRC."

The title of this thread is misleading. Vircurex isn't "freezing" anyone's BTC, LTC, FTC, TRC. They are refusing to honor the IOUs which they issued when someone deposited their BTC, LTC, FTC, TRC.

If you aren't the sole controller of your private keys, you don't have any bitcoins.

I didn't choose that wording.. they did.

Btw.. this update did not appear until after I cleared the browser cookies..



After my initial attempts to withdrawal BTC failed, I bought some FTC. I have since sent 0.234xx BTC which has yet to appear on my account.
https://blockchain.info/address/15hpwsw7V55voV2ZrCvY8MXCVtzcafBdLR

[Littleshop]

"Vircurex is freezing your BTC, LTC, FTC, TRC."

The title of this thread is misleading. Vircurex isn't "freezing" anyone's BTC, LTC, FTC, TRC. They are refusing to honor the IOUs which they issued when someone deposited their BTC, LTC, FTC, TRC.

If you aren't the sole controller of your private keys, you don't have any bitcoins.

I didn't choose that wording.. they did.

Btw.. this update did not appear until after I cleared the browser cookies..



After my initial attempts to withdrawal BTC failed, I bought some FTC. I have since sent 0.234xx BTC which has yet to appear on my account.
https://blockchain.info/address/15hpwsw7V55voV2ZrCvY8MXCVtzcafBdLR

You sent them BTC?  Right now you will not be able to withdraw either the BTC or the FTC from them. 

[medicine]

Yes, I have no idea why you would send them btc.  Not only that, but they might just use that deposit to start paying back account holders as per their new release. 

1. I would suggest people do not deposit more coins on this exchange as we don't know what will happen with those deposits.
2. As I suggested above, you may still be able to withdraw funds via dogecoin. 
Maybe someone can give it a try and report back here?

Peace

[Peter R]

"Vircurex is freezing your BTC, LTC, FTC, TRC."

The title of this thread is misleading. Vircurex isn't "freezing" anyone's BTC, LTC, FTC, TRC. They are refusing to honor the IOUs which they issued when someone deposited their BTC, LTC, FTC, TRC.

If you aren't the sole controller of your private keys, you don't have any bitcoins.

In case anyone was further mislead by this post, he basically means the same thing just said with fancy words.

People are losing "their" bitcoins to incompetent or unscrupulous exchanges partly because these words do not mean the same thing; however, our experience with fractional-reserve banking and a lender of last resort has convinced people that they "basically mean the same thing".  I believe Holliday is working to reshape our understanding of what it means to "have" something: you have something when you are in control of that something.  

If you control the private key to 10 BTC, you have 10 BTC.  If you deposit 10 BTC to an exchange or gambling site, you are exchanging those assets for a promise.  You are credited with an account balance of 10 BTC to reflect that promise: you are a creditor of the exchange or gambling site.  You now have an account balance that represents a promise for 10 BTC.  

For the first time, bitcoin gives us the ability to store, transport and exchange wealth across the world, without the assistance of a third-party or the permission of an authority.  I know that it is useful to use the services offered by third-parties (trading bitcoins, for instance), but I really think a lot of people leave more coins than necessary on these exchanges because they don't understand the point that Holliday is trying to make.    

[Beliathon]

If you aren't the sole controller of your private keys, you don't have any bitcoins.

Vital lesson of thread quoted above. Stop trusting strangers with your wealth, kids.

[acs267]

If you aren't the sole controller of your private keys, you don't have any bitcoins.

Vital lesson of thread quoted above. Stop trusting strangers with your wealth, kids.

You bet I sure as hell fucking did.

I just exchanged my Bitcoins faster than I ever had.

[glendall]

Has anyone run the numbers, I wonder.

It seems like about 8 out of 10 exchanges gets shutdown or hacked, its a real war ground out there.

[irrational]

"Vircurex is freezing your BTC, LTC, FTC, TRC."

The title of this thread is misleading. Vircurex isn't "freezing" anyone's BTC, LTC, FTC, TRC. They are refusing to honor the IOUs which they issued when someone deposited their BTC, LTC, FTC, TRC.

If you aren't the sole controller of your private keys, you don't have any bitcoins.

This is very true.

Never leave any BTC in an exchange, online wallet, etc. that you cannot afford to lose. Transfer it in, conduct your transaction, and then transfer it out ASAP. These companies are not piggy banks, and due to the nature of Bitcoin they cannot be easily held liable. Just ask anyone who's been goxed.

[Hippie Tech]

Very well put, Peter.

Trust me guys.. I would not have bothered to log in, had that update been made available on the bookmarked page. Here is what I see after clicking on Vircurex's bookmark..



Verrrry sneaky..

Check out the new 'frozen balance' column..

[franky1]

lesson 1.

If you aren't the sole controller of your private keys, you don't have any bitcoins.

if you haven't learnt by lesson 1 proceed to lesson 2
lesson 2.
if you don't know the CEO of an exchanges name, address and what he looks like.. don't give them sole control. a withdrawal request is just that, a request. it is not a court order. so they can simply say 'no'

if you haven't learnt by lesson 2 proceed to lesson 3
lesson 3.
if you cant:
give them a slap across the face with a wet fish if the wrong you, then don't
give them your hard earned money
giving them a slap across the face costs $15 at a fishmarket
giving them your hard earned money costs you more

if you haven't learnt by lesson 3 proceed to lesson 4
lesson 4.
if your still going to use exchanges, don't use them as a long term bank,

lesson 5.
even if an exchange is the most honorable exchange there is. their 'balance' database could become corrupt, they could get hacked, they could accidentally employ a 'temp' with negative intentions. or more simply whilst your locked out of your funds for 48hours or so, you are losing out on trading opportunities elsewhere...

it will always cost you one on way or another

[ChuckBuck]

I generally feel bad for anyone that's encountered exchange issues, as I've been very fortunate with my dealings.

Used BTC-E and Cryptsy mostly, and usually a painfree and efficient process.  Haven't tried Virucurex yet, so can't really speak on their validity.

What I do know is once I've made a trade from say Terracoin, Freicoin, Takcoin, Mazacoin etc to BTC, that sucka's going out to cold storage in -0.002 seconds and not a second longer.

Like others have been saying, never trust an online entity to hold anything you aren't willing to lose.

[Raxe.io]

This is a real shame, Vircurex has been one of the most reliable exchanges on the market for some time.

[samson]

I'm just wondering which exchange is going to go next.

BTC-e, Cryptsy or Bitstamp.....

[Lyddite]

This really sucks!

I started a couple polls/threads where we can get idea of the distribution of BTC and LTC have been frozen and post when you have had your funds have been unfrozen so we can gauge the progress of the of the unfreeezing process.

BTC here -> https://bitcointalk.org/index.php?topic=528752.msg5871976#msg5871976

LTC here -> https://bitcointalk.org/index.php?topic=528757.msg5872019#msg5872019

-Lyddite

[clownius]

This is a real shame, Vircurex has been one of the most reliable exchanges on the market for some time.

Takes time to build up enough trust to get the volume to really pull the big cash when you pull the plug and walk with everyone’s $$$$

At least it begins to look that way as exchange after exchange pulls similar stunts.

I'm just wondering which exchange is going to go next.

BTC-e, Cryptsy or Bitstamp.....

Which ones the oldest and has the biggest volume?  Its likely next