TradeHill - suspension of US wire deposits / withdrawals

[Mobius]

I sent a support request in regards to this and this is what I received in return:

Hi,
First, thanks for using Tradehill and excuse the delay in responding; it’s not typical.
We’ve temporarily disabled domestic and international wire/checks. The reason can be seen on our blog post here: http://tradehillblog.com/
We anticipate having a new domestic and international check/wire solution by the end of the week.
Until then you can use BitInstant or Paxum.
Thanks again and happy bit-trading.
Regards,
Tradehill

I was really looking forward to being able to access my funds by today, but now they say by the end of the week...

edit:

The blog entry they refer to is identical to the op

They should cover the extra cost to be able to get our money out.

[1714937623]

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[1714937623]

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[cypherdoc]

There seems to be an unspoken assumption on this thread that banks won't be failing left and right themselves and therefore struggling to retain customer confidence.

Who is to say the reverse won't happen.  A collapse in the fiat currency banking system that precipitates a flight of wealth into the relative safety and stability of the bitcoin network?

Yes, good point.

good to see u back, Steve!

[Mobius]

There seems to be an unspoken assumption on this thread that banks won't be failing left and right themselves and therefore struggling to retain customer confidence.

Who is to say the reverse won't happen.  A collapse in the fiat currency banking system that precipitates a flight of wealth into the relative safety and stability of the bitcoin network?

The loss of trust in the bitcoin network is again perpetuated by the way this exchange has handled this situation. Their continuing lack of a substantial response in this message thread (that they started), indicates a blatant disregard to inform their account holders with respect to an updated status.. They have now changed their target date from Yesterday to hopefully by the end of the week.

They have not yet sent out an e-mail to all of the account holders nor have they placed a banner or notification on the account holder's dashboard page or the withdrawal page. It is either complete contempt or an utter disregard of the value they attribute toward the individual account holders.

[kjj]

There seems to be an unspoken assumption on this thread that banks won't be failing left and right themselves and therefore struggling to retain customer confidence.

Who is to say the reverse won't happen.  A collapse in the fiat currency banking system that precipitates a flight of wealth into the relative safety and stability of the bitcoin network?

The loss of trust in the bitcoin network is again perpetuated by the way this exchange has handled this situation. Their continuing lack of a substantial response in this message thread (that they started), indicates a blatant disregard to inform their account holders with respect to an updated status.. They have now changed their target date from Yesterday to hopefully by the end of the week.

They have not yet sent out an e-mail to all of the account holders nor have they placed a banner or notification on the account holder's dashboard page or the withdrawal page. It is either complete contempt or an utter disregard of the value they attribute toward the individual account holders.

U mad?

While I agree that they could be better at communication, your rant is way over the top; you just come across as nutty.  There has been no loss of trust in the bitcoin network, except possibly from you, and I think the network will survive if you leave in a huff.  I also very much doubt that they have contempt for any of their account holders.

I personally do have a little contempt for you, but that is mostly because I know what most of the words you used actually mean, and you apparently do not.

[digital]

Personally, I'm not so much mad as inconvenienced.  I need access to my cash, and really didn't want to have to open a Paxum or Okpay account to get at my $$.

Ultimately, I had to convert back to btc and remove btc in order to convert back to usd via another method.  And of course, they took their share of the transaction too.

Definitely doesn't make me want to keep any meaningful amount of usd in my Tradehill account...

[Trader Steve]

There seems to be an unspoken assumption on this thread that banks won't be failing left and right themselves and therefore struggling to retain customer confidence.

Who is to say the reverse won't happen.  A collapse in the fiat currency banking system that precipitates a flight of wealth into the relative safety and stability of the bitcoin network?

Yes, good point.

good to see u back, Steve!

Hello Cypherdoc!

[yochdog]

Tradehill, where are you?  I have had a Paxum withdrawal pending for 3 days, and it STILL shows as "in process".

What is going on?  No checks, no wires, and now no Paxum? 

Please update your customers on the situation.....it does not look good currently. 

[dovewing2000]

Please update us as to whether you are actually sending out checks ...

[niooron]

They also delayed a withdraw in CLP and haven't answered. I guess they all went on vacation.

[tvbcof]

The silence it becoming louder, and currently have more USD with Tradehill than I normally trust anyone with (waiting for the sub $2.00 price which has not yet come upon us.)

I wonder if no time was wasted in implementing some of the the more useful features of the NDAA?

[yochdog]

The silence it becoming louder, and currently have more USD with Tradehill than I normally trust anyone with (waiting for the sub $2.00 price which has not yet come upon us.)

I wonder if no time was wasted in implementing some of the the more useful features of the NDAA?

Now they are taking much longer than usual for even BTC withdrawal.  Have had one "in process" for over 6 hours now, and have never had one take more than 20 minutes before.

This is going South in a hurry. 

[tvbcof]

The silence it becoming louder, and currently have more USD with Tradehill than I normally trust anyone with (waiting for the sub $2.00 price which has not yet come upon us.)

I wonder if no time was wasted in implementing some of the the more useful features of the NDAA?

Now they are taking much longer than usual for even BTC withdrawal.  Have had one "in process" for over 6 hours now, and have never had one take more than 20 minutes before.

This is going South in a hurry. 

If I were running an exchange, a bulk of my BTC would be in pretty deep storage and challenging to get access to.  (In fact, that is the case even though I don't run an exchange come to think of it.)  So, I would somewhat expect a delay assuming that customers are scrambling to get out while they can.

I considered spending all my money at the current prices and pulling my BTC.  It makes little sense for people to sell Bitcoin until it is more possible to pull fiat out, so I would expect sellers to start to dry up like a shallow puddle on a frying pan.

In the end I decided to take a chance that Jered and co are on the level and will make things right once their banking issues are resolved, though I expect that it could possibly take a long time.  If they are prone to take the money and run, it's probably to late to get out anyway.

[-FaerO-]

Any idea on when our xfers are going to go through. I have someone waiting on a wire for over a grand & I myself am waiting on 2 xfers. 1 Wire to my bank & 1 to my paxum account. Email updates or something would be nice. This is peoples money you're dealing with. We need it to live. I know you guys are trying your best & you've always been helpful, but please make it more of a priority to keep us informed. Especially with the other BTC scandals with bitcoin7 & mybticoin.com. Keep up the good work, please try to get our money out to us ASAP.

-FaerO-

[tiptopgemdotcom]

I pulled out of Tradehell today and went to Crypto X Change based in Australia. 

[Sukrim]

5 USD or 5 AUD? (well, it's not that much of a difference anyways)

I actually find it a bit rude to advertise in a thread about a competitor in a clearly offtopic way.

[cypherdoc]

NEVER Any Frozen bank account issues!


The Crypto X Change Team

why exactly should we believe this claim?  what procedures do you have in place to prevent this?

[-FaerO-]

This is getting ridiculous. Im goin out of town for a couple months come Tuesday & Ive been waiting on these xfers to go through since Dec. 27th 2011... Either complete the damn transfers manually or cancel all of them so I can send my money through a more reliable & consistent exchange.... If anything make an appearance here & let us know what's going on... WTF is your deal. This is not a game....

[the joint]

Withdrew all my BTC from TradeHill successfully today.

[-FaerO-]

Withdrew all my BTC from TradeHill successfully today.

Lucky you. I have over a grand locked up "In Process" supposedly. Push the damn button to cancel my transactions so I can pull all my shit out & xfer over to cryptoxchange. This is fucking ridiculous. All you need to do is cancel my damn xfers. Ive sent several emails requesting this as well....

[juancarlosm1983]

http://tradehillblog.com/2012/01/04/announcement-us-wire-deposits-and-withdrawals-are-temporarily-suspended/

Dear Clients,
....

So Jered, I've requested a withdraw via paxum wallet on Jan-12. You guys restared Withdrawals Operations on Jan 17th, and told us: 'Paxum has a 3 to 5 day delay on receiving our wires', so that means I'll see my money in my Paxum tomorrow?


EDIT: I'VE RECEIVED 5 MINUTES AGO A DEPOSIT IN MY PAXUM WALLET.

THANKS!