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Author Topic: TradeHill - shutting down trading / deposits and returning all client funds  (Read 19888 times)
Portnoy
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My money; Our Bitcoin.


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February 13, 2012, 11:40:44 PM
 #21

Jered is there any way to withdraw money from TradeHill into MtGox or other exchange? Maybe through bitinstant... I'm from Europe and I have USD in TradeHill and I wanted to avoid high fees from a wire transfer + currency conversion.

With no paxum I have no good way of getting my usd out either. If there isn't a way I could transfer it to MtGox could you send me the equivalent in btc?

/edit:
Quote
A redeemable MtGox code would be ideal.


And how long is withdrawing btc supposed to take? Isn't it supposed to be almost instantaneous?   in process... still waiting...
/edit: It just went through. 


Thanks

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February 13, 2012, 11:45:15 PM
 #22

Isn't there a way for you to move operations offshore? I'm sure Chile is far more friendly towards finance related businesses than an over-regulated place like the US?
.
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February 13, 2012, 11:48:10 PM
 #23

Jered is there any way to withdraw money from TradeHill into MtGox or other exchange? Maybe through bitinstant... I'm from Europe and I have USD in TradeHill and I wanted to avoid high fees from a wire transfer + currency conversion.
Hi Jered, I'm in the same situation here. A redeemable MtGox code would be ideal.
Cheers

I talked with Bitinstant on IRC and they told me that they are setting up a system for withdrawals from TradeHill into other exchanges. From what they told me it will be ready in a few days.
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1MCoX64q6ks2Fvx8wybGYonfvEoTPpMhhR


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February 13, 2012, 11:50:03 PM
 #24

::::: Announcement :::::: TradeHill suspending trading and returning client funds.


Sorry to see Tradehill go.  You guys have a stellar reputation. You ate the losses when dwolla passed on losses to you, and in the current debacle as well - I hope you prevail in the current 100k issue/lawsuit. 

Glad to learn you will focus on licensing as well.

Looking forward to seeing you provide new services to the btc community.

deego
 

   

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February 13, 2012, 11:54:16 PM
 #25

Resolved

sonba
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February 14, 2012, 12:10:58 AM
 #26

Really a pitty - I loved TH Sad
Well, all the best for the next project and your suit against dwolla and tanks for the excellent service!
Yankee (BitInstant)
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February 14, 2012, 12:13:52 AM
 #27

Repasted from this thread: https://bitcointalk.org/index.php?topic=63762.0

--------

Firstly,

I want to say what an honor it was been working with Jered, Adam, and Berk @ TradeHill. I've never came across such a fantastic team of people.
Most of you may not know this but Jered and Adam have been an integral part of Bitinstant, and have been working with us since day 1.
Jered and I have become close friends and I have never worked with such a ethical and hardworking team.

We are currently finishing up our TradeHill withdrawal system, it will be ready within 48 hours.

You will be able to withdaw your TradeHill USD to the following destinations:

-MtGox
-CryptoXchange
-VirWox
-Bitcoinica
-Dwolla (Will be ready by Friday)

While we're not sure what fee we will charge (if any) it will be very low. 


If you would like to be made aware as soon as its ready, please reply to this thread https://bitcointalk.org/index.php?topic=63762.0 and I will PM you when we launch.

The system will be simple, go to Withdrawal Options in your TradeHill Account and choose BitInstant.
We hate to see TradeHill go, and we will do everything in our power to not let the Bitcoin liquidity be effected by it.

-Charlie, Gareth and the Team @ BitInstant.com

Bitcoin pioneer. An apostle of Satoshi Nakamoto. A crusader for a new, better, tech-driven society. A dreamer.

More about me: http://CharlieShrem.com
trentzb
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February 14, 2012, 12:14:37 AM
 #28

I wish you good fortune Jered/TH. But I must say not responding to queries (or timely response) about funds held at TH over the past couple weeks is the single most important reason I won't do business with Gox/TH and I know of several others that feel the same way. When I ran a business that suffered outages and periodic failures the first priority was solving the failures but equal and sometimes higher priority for some customers was honestly conveying the situation...not making promises I *might* not keep, but advising customers and allowing them to choose to wait it out or not. I saved better than 99% of customers this way, failures were rare but when they occurred and the customer was communicated with, I saved a customer almost for life. I couldn't get rid of some if I tried, they won't leave.

When I had to admit I failed a customer or let them down I didn't want to admit it (regardless of whether my fault or a providers fault), least of all to them. But I found it made all the difference in the world to them and when running a datacenter for them...I suppose running financial based businesses may be considerably different.

I just would like to encourage all the exchanges and Bitcoin businesses, talk to your customers, even when it is painful and you don't have the time. You may be surprised by what you find.

BTW, I had no funds in TH or Gox during either of their issues...I suppose it is easier for me to critique as such...

Edit: I don't intend to be bashing TH, rather just suggesting a method of success that worked for me,  no matter if it was a $2k/mo T1 customer or a $20/mo 56k dialup (yes, it was 1990's)
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February 14, 2012, 12:21:14 AM
 #29

AUD   1.0505165637
CLP   3.5642268
EUR   0.4505647183
LR   0.5729219078
USD   2.0118972398

...and no way of getting rid of these soon (except the USD, but then I'd have to trust bitinstant + mtgox or other bitinstant partners - which I don't).
 Embarrassed

I sure hope you get TH back on track!

https://bitfinex.com <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with this refcode: x5K9YtL3Zb
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Jessynoo
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February 14, 2012, 12:33:37 AM
 #30

I talked with Bitinstant on IRC and they told me that they are setting up a system for withdrawals from TradeHill into other exchanges. From what they told me it will be ready in a few days.

Good to hear Charlie will be our savior once more (he already helped quite a few of us after the exchangebitcoins shutdown).
I just hope it won't become too much of a habit ;-)

Anyway, I'm sorry you had to take that decision Jered.

It's probably a bit late for that kind of reflection, but since it will be the 3rd bot I have to shut down on dnnbitcoin, I suppose I can add my 2 satoshis:
I reckon setting the minimum order to 1$ was part of the problem. I understand that your environment could not handle too much traffic for some reason, but that limit prevented you from collecting substantial fees, not only from users with little resources, but also from market making bots like ours, which issue many small orders around the spread. Over the past month, most Mt Gox bots on our platform have generated about 10 fold their users' resources in monthly transactions whereas Tradehill bots would generate only a fraction of that, because of that limit.

Hopefully you can sort that out together with your licensing.

Regards
Jered Kenna (TradeHill)
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February 14, 2012, 12:44:08 AM
 #31

I wish you good fortune Jered/TH. But I must say not responding to queries (or timely response) about funds held at TH over the past couple weeks is the single most important reason I won't do business with Gox/TH and I know of several others that feel the same way. When I ran a business that suffered outages and periodic failures the first priority was solving the failures but equal and sometimes higher priority for some customers was honestly conveying the situation...not making promises I *might* not keep, but advising customers and allowing them to choose to wait it out or not. I saved better than 99% of customers this way, failures were rare but when they occurred and the customer was communicated with, I saved a customer almost for life. I couldn't get rid of some if I tried, they won't leave.

When I had to admit I failed a customer or let them down I didn't want to admit it (regardless of whether my fault or a providers fault), least of all to them. But I found it made all the difference in the world to them and when running a datacenter for them...I suppose running financial based businesses may be considerably different.

I just would like to encourage all the exchanges and Bitcoin businesses, talk to your customers, even when it is painful and you don't have the time. You may be surprised by what you find.

BTW, I had no funds in TH or Gox during either of their issues...I suppose it is easier for me to critique as such...

Edit: I don't intend to be bashing TH, rather just suggesting a method of success that worked for me,  no matter if it was a $2k/mo T1 customer or a $20/mo 56k dialup (yes, it was 1990's)


I appreciate the feedback and it's great advice. There are things we should have done differently I won't dispute that at all. We were really caught off guard when both of our primary bank accounts were closed without warning and forced to wait for the funds to be released. With Chase it took nearly 20 days to get the funds out. That said we had to downsize to conserve funds and no one at TradeHill had been getting paid for several months. We will be concentrating much more on our communication during this shutdown period and in the future.

Thanks,
Jered


moneyandtech.com
@moneyandtech @jeredkenna
Gavin Andresen
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February 14, 2012, 12:46:17 AM
 #32

AUD   1.0505165637
CLP   3.5642268
EUR   0.4505647183
LR   0.5729219078
USD   2.0118972398

...and no way of getting rid of these soon (except the USD, but then I'd have to trust bitinstant + mtgox or other bitinstant partners - which I don't).
 Embarrassed

I've got about $12 USD in my TradeHill account:  Jered, please keep it, you deserve it, I know how hard you've worked and how hard a fight it is to interface with our designed-in-the-1960's-duct-tape-and-bailing-wire rats-nest-of-regulations banking/finance system.

How often do you get the chance to work on a potentially world-changing project?
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February 14, 2012, 01:01:36 AM
 #33

Ouch.

Dealing with TradeHill has always been a pleasure, looking forward to do some trading again once you get yourselves back up !

Cheers.

Bitcoin: the only currency you can store directly into your brain.

What this planet needs is a good 0.0005 BTC US nickel.
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February 14, 2012, 01:07:10 AM
 #34


I've got about $12 USD in my TradeHill account:  Jered, please keep it, you deserve it, I know how hard you've worked and how hard a fight it is to interface with our designed-in-the-1960's-duct-tape-and-bailing-wire rats-nest-of-regulations banking/finance system.


^Agreed! I just donated half of my BTC to the bitcoin.com dev and I would like to donate the remainder I have in my account to the Tradehill team!
All the best,
oOo
Jered Kenna (TradeHill)
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February 14, 2012, 01:15:01 AM
 #35

AUD   1.0505165637
CLP   3.5642268
EUR   0.4505647183
LR   0.5729219078
USD   2.0118972398

...and no way of getting rid of these soon (except the USD, but then I'd have to trust bitinstant + mtgox or other bitinstant partners - which I don't).
 Embarrassed

I've got about $12 USD in my TradeHill account:  Jered, please keep it, you deserve it, I know how hard you've worked and how hard a fight it is to interface with our designed-in-the-1960's-duct-tape-and-bailing-wire rats-nest-of-regulations banking/finance system.


Thanks Gavin,

There are a lot of people holding between ten cents and ten dollars with us. We enabled a method to donate to Bitcoin.com development that you're welcome to use. We're going to use 100% of these funds for development on the site and want it to have plenty of features for the community. It's naturally the first place a lot of people go and we don't want to use it exclusively for ourselves. It should always have plenty of information about Bitcoin it's self and links to other useful sites within the community.

We've actually had a surprising number of people send us emails saying something similar. We truly appreciate the support we've received from the community and want to continue to see Bitcoin grow. Interfacing with the traditional finance / regulation has by far proven to be the hardest and most stressful part.

-Jered

moneyandtech.com
@moneyandtech @jeredkenna
hashman
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February 14, 2012, 01:22:16 AM
 #36

Good luck getting back up and running, your hard work has been very valuable thank you!
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February 14, 2012, 02:40:01 AM
 #37

Jered-

I had a deposit (#43288) from LR that was never added to my TradeHill balance, and now just says 'Canceled'. The money hasn't been sent back to my LR account, though. Will I be receiving that back soon?
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February 14, 2012, 02:41:48 AM
 #38

Very sorry to see you guys shut down  Sad

I've been a very active trader at TH for a while now, so it's a real bummer to see you guys go.  I wish you the best with Bitcoin.com, and hope to see Tradehill v2 come back soon!

Sending the 40 some-odd Euro I had laying around your way as well, you guys deserve it, and I have nowhere to withdraw Euro to anyways Smiley
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February 14, 2012, 02:58:00 AM
 #39

july, 29, 2011

Quote
Jered my friend. Forget Paxum, they will throw you under the bus as soon as the USA Government puts any type of pressure plus I doubt the heaviness of their wallet.

Please, I know you already deal with liberty reserve but you need to accept Deposits and Withdrawals ONLY via Liberty Reserve. Not treat it as a separate currency as you do right now.

In short, if you only accept Liberty Reserve, you will never suffer from these pains you are suffering now. I offered in the past my help and the offer stays in place...let me know.

Maria.

I warned you but you just did not listen.

Maria.
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February 14, 2012, 03:34:14 AM
 #40

july, 29, 2011

Quote
Jered my friend. Forget Paxum, they will throw you under the bus as soon as the USA Government puts any type of pressure plus I doubt the heaviness of their wallet.

Please, I know you already deal with liberty reserve but you need to accept Deposits and Withdrawals ONLY via Liberty Reserve. Not treat it as a separate currency as you do right now.

In short, if you only accept Liberty Reserve, you will never suffer from these pains you are suffering now. I offered in the past my help and the offer stays in place...let me know.

Maria.

I warned you but you just did not listen.

Maria.
yeah, i remember you something along that line.


and luckily, i gave up signing up my account with them.


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