[LIVE] Withdraw Your TradeHill Balance Instantly- BitInstant

[Yankee (BitInstant)]

I think the most fair way is something like 2-5% across the board with no minimum limit.  This way, the small fries can still take out their money.  God forbid people with a lot of cash actually give some of it up (to make it worthwhile for TradeHill).

Originally, I proposed and it was decided for a long time, we were going to have a % rate, like what you said above.

The issue that was raised (I will not name names) was that there may be hundreds of <$50 amounts where the profit would only be a few cents.

For the parties involved, this was unacceptable, thus the current fee structure came to be.

Trust me, Im pissed as well. If you look at one of my earlier posts, I even wanted to do this for free! Even now, we're barely making a profit off this.

Why do you think MtGox decided to cover part of the fee? They know that most of the customers will go to them anyways, but we're all doing this for the good of Bitcoin.

[Maged]

Go figure. TradeHill was just another mybitcoin. Who knew that it was so profitable to go out of business!

[the joint]

I think the most fair way is something like 2-5% across the board with no minimum limit.  This way, the small fries can still take out their money.  God forbid people with a lot of cash actually give some of it up (to make it worthwhile for TradeHill).

Originally, I proposed and it was decided for a long time, we were going to have a % rate, like what you said above.

The issue that was raised (I will not name names) was that there may be hundreds of <$50 amounts where the profit would only be a few cents.

For the parties involved, this was unacceptable, thus the current fee structure came to be.

Trust me, Im pissed as well. If you look at one of my earlier posts, I even wanted to do this for free! Even now, we're barely making a profit off this.

Why do you think MtGox decided to cover part of the fee? They know that most of the customers will go to them anyways, but we're all doing this for the good of Bitcoin.

But the thing is this shouldn't be an opportunity for profit.  It's great that BitInstant wants to help and same with Gox, but TradeHill should take absolutely 100% of the fallout from this.  It doesn't matter that hundreds of accounts are less than $50.  Their business model failed, and they should suck it up and eat their losses.  It's a gamble.  If I make a mistake with my money and my investments, I don't ask the Bitcoin community to cover my losses.

"For the parties involved" fails to include the consumer, and it's apparent that the current decision is unacceptable to at least some of us.  This isn't your money, or TradeHill's -- it's our money (property) and it should be us who has the largest influence over this decision.  I've never done business with Gox because of many bad decisions that they've made regarding customer service (mostly a lack of it, and I'm guessing the lack of customer service is there because they simply don't want to hire more people to specifically handle customer service issues).

Starting a business, especially a Bitcoin business, is an extremely risky endeavor, and it should come as no surprise that many Bitcoin businesses will end up failing and losing a lot of money.  That is the risk they took.  I view this as stealing, even with the 2-5% fee structure I suggested.  But, at least that's me trying to be nice and offer a compromise.

[the joint]

Go figure. TradeHill was just another mybitcoin. Who knew that it was so profitable to go out of business!

+1

[Yankee (BitInstant)]

Go figure. TradeHill was just another mybitcoin. Who knew that it was so profitable to go out of business!

You really believe that? I think we're just all caught up in the moment. TradeHill was the first major competitor to MtGox and most of you may not know this, but if it weren't for their help and assistance, Bitinstant wouldnt exist. I owe Jered more then anyone can understand, and we became really good friends from this. He's not to blame at all, they took SO MUCH heat from everyone.

[the joint]

Go figure. TradeHill was just another mybitcoin. Who knew that it was so profitable to go out of business!

You really believe that? I think we're just all caught up in the moment. TradeHill was the first major competitor to MtGox and most of you may not know this, but if it weren't for their help and assistance, Bitinstant wouldnt exist. I owe Jered more then anyone can understand, and we became really good friends from this. He's not to blame at all, they took SO MUCH heat from everyone.

Look, I bet Jered's a great guy.  I even believe that, and I'd go have a beer with him.

But, he is in possession of a lot of other peoples' money and he's trying to find a way to give it all back while making it worth his while.  This has nothing to do with his character.  He just needs to give back everyone's money -- all of it.  This really isn't that complicated.  If he was holding only 1 person's money, I'm sure he'd have no problem and would just give it back.  But, since it's 100's of peoples' money, now he thinks he can skim a bit off the top.

I'm still pretty sure there's something very illegal about this.

[Yankee (BitInstant)]

Go figure. TradeHill was just another mybitcoin. Who knew that it was so profitable to go out of business!

You really believe that? I think we're just all caught up in the moment. TradeHill was the first major competitor to MtGox and most of you may not know this, but if it weren't for their help and assistance, Bitinstant wouldnt exist. I owe Jered more then anyone can understand, and we became really good friends from this. He's not to blame at all, they took SO MUCH heat from everyone.

Look, I bet Jered's a great guy.  I even believe that, and I'd go have a beer with him.

But, he is in possession of a lot of other peoples' money and he's trying to find a way to give it all back while making it worth his while.  This has nothing to do with his character.  He just needs to give back everyone's money -- all of it.  This really isn't that complicated.  If he was holding only 1 person's money, I'm sure he'd have no problem and would just give it back.  But, since it's 100's of peoples' money, now he thinks he can skim a bit off the top.

I'm still pretty sure there's something very illegal about this.

Granted, I see your point, and yeh if your even in SF he's an awesome guy to hang out with.

Your assuming he's running the show right now, and that he's the one who's deciding all this. TradeHill is not 1 person, and there are ALOT more facts at play here right now. I'll tell you that Jered wasn't even involved in the fee negotiations, nor the minimums.

[the joint]

Go figure. TradeHill was just another mybitcoin. Who knew that it was so profitable to go out of business!

You really believe that? I think we're just all caught up in the moment. TradeHill was the first major competitor to MtGox and most of you may not know this, but if it weren't for their help and assistance, Bitinstant wouldnt exist. I owe Jered more then anyone can understand, and we became really good friends from this. He's not to blame at all, they took SO MUCH heat from everyone.

Look, I bet Jered's a great guy.  I even believe that, and I'd go have a beer with him.

But, he is in possession of a lot of other peoples' money and he's trying to find a way to give it all back while making it worth his while.  This has nothing to do with his character.  He just needs to give back everyone's money -- all of it.  This really isn't that complicated.  If he was holding only 1 person's money, I'm sure he'd have no problem and would just give it back.  But, since it's 100's of peoples' money, now he thinks he can skim a bit off the top.

I'm still pretty sure there's something very illegal about this.

Granted, I see your point, and yeh if your even in SF he's an awesome guy to hang out with.

Your assuming he's running the show right now, and that he's the one who's deciding all this. TradeHill is not 1 person, and there are ALOT more facts at play here right now. I'll tell you that Jered wasn't even involved in the fee negotiations, nor the minimums.

My mistake, I shouldn't have said "Jered."  I actually didn't really assume he was the only one deciding it, but I suppose I always did synonymize his name with TradeHill's.

And yes, I'm sure there are probably a lot of other factors that take a lot of TradeHill's time and effort  such as balancing books and all that jazz.  But, I still know what I think the final outcome should look like, and the facts you allude to should only change how this final outcome is reached.

For the record, I only have like $2 in my TradeHill account (maybe $0, I can't recall if I got every single penny out) and I really couldn't care if I got the money back.  But the principle truly disturbs me.

I know you're in a difficult spot playing middle-man.  Please don't mistake any of what I'm saying for irritation towards you.  I friggin' love BitInstant -- your business has helped me make a few hundred $ from arbitrage opportunities

[Yankee (BitInstant)]

I know you're in a difficult spot playing middle-man.  Please don't mistake any of what I'm saying for irritation towards you.  I friggin' love BitInstant -- your business has helped me make a few hundred $ from arbitrage opportunities

Glad we could help 

[stick_theman]

Sorry to see TradeHill go.  But, please make a good use of Bitcoin.com and come out with some smoking hot products and services for our community while make a good profit!

TradeHill, another one bites the dust, but I have faith in this team.  You guys just need some times to re-group.

[Maged]

Go figure. TradeHill was just another mybitcoin. Who knew that it was so profitable to go out of business!

You really believe that? I think we're just all caught up in the moment. TradeHill was the first major competitor to MtGox and most of you may not know this, but if it weren't for their help and assistance, Bitinstant wouldnt exist. I owe Jered more then anyone can understand, and we became really good friends from this. He's not to blame at all, they took SO MUCH heat from everyone.

You really believe that? MyBitcoin.com was the first bitcoin bank and shopping cart solution and most of you may not know this, but if it weren't for them, Bitcoin wouldn't have progressed as far as it has today.

See? I can do that to.

Anyway, is it fair to say that Jered is no longer running the company? If so, that makes a lot more sense. As it was, TradeHill was slowing dying. I totally understand why they shut down. However, it sounds to me like Jered sold off the company to some sort of liquidator, and those guys know a thing or two about significantly profiting off of closing down a business. It's disgusting. Luckily, I doubt that it is legal, so I expect a class-action lawsuit to start against them at some point here.

For $10, I could pay a poor college student to do the AML checks for a whole hour. You can't tell me that most of that $10 isn't pure profit going into the pockets of whoever owns TradeHill now.

[Yankee (BitInstant)]

Go figure. TradeHill was just another mybitcoin. Who knew that it was so profitable to go out of business!

You really believe that? I think we're just all caught up in the moment. TradeHill was the first major competitor to MtGox and most of you may not know this, but if it weren't for their help and assistance, Bitinstant wouldnt exist. I owe Jered more then anyone can understand, and we became really good friends from this. He's not to blame at all, they took SO MUCH heat from everyone.

You really believe that? MyBitcoin.com was the first bitcoin bank and shopping cart solution and most of you may not know this, but if it weren't for them, Bitcoin wouldn't have progressed as far as it has today.

See? I can do that to.

Anyway, is it fair to say that Jered is no longer running the company? If so, that makes a lot more sense. As it was, TradeHill was slowing dying. I totally understand why they shut down. However, it sounds to me like Jered sold off the company to some sort of liquidator, and those guys know a thing or two about significantly profiting off of closing down a business. It's disgusting. Luckily, I doubt that it is legal, so I expect a class-action lawsuit to start against them at some point here.

For $10, I could pay a poor college student to do the AML checks for a whole hour. You can't tell me that most of that $10 isn't pure profit going into the pockets of whoever owns TradeHill now.

You make some great points, and I won't disagree with you (the liquidation part isnt true, he still owns and runs the company)

[Gareth Nelson]

A quick note for those wondering:
Due to the manual work required, once TH approves, you may need to wait a few more hours for your withdrawal request to get caught up in the current batch of orders, i'm running through one such batch right now and for any future batches will aim to complete the whole lot in no more than 24 hours.

Believe me that I did try to get this whole system automated with a web app, but due to the AML concerns it has become a painstaking manual process. If you are concerned about a withdrawal request not turning up then please get in touch with us via the regular support channels.

[rjk]

A quick note for those wondering:
Due to the manual work required, once TH approves, you may need to wait a few more hours for your withdrawal request to get caught up in the current batch of orders, i'm running through one such batch right now and for any future batches will aim to complete the whole lot in no more than 24 hours.

Believe me that I did try to get this whole system automated with a web app, but due to the AML concerns it has become a painstaking manual process. If you are concerned about a withdrawal request not turning up then please get in touch with us via the regular support channels.

So apparently lots of money launderers used TH in its heyday, and they are trying to catch them as they close up shop? Don't mind me, just speculating here. 

[Mushoz]

Isn't it possible to make 1 big transfer with the money of several smaller accounts to Mtgox, and then spread the money to different accounts through Mtgox codes? I know this will force people to use Mtgox for getting their money out, but at least it's better than nothing, right?

[Yankee (BitInstant)]

Isn't it possible to make 1 big transfer with the money of several smaller accounts to Mtgox, and then spread the money to different accounts through Mtgox codes? I know this will force people to use Mtgox for getting their money out, but at least it's better than nothing, right?

Thats a great idea! Again, let us brainstorm over the next day and figure out a solution for smaller amounts.

A quick note for those wondering:
Due to the manual work required, once TH approves, you may need to wait a few more hours for your withdrawal request to get caught up in the current batch of orders, i'm running through one such batch right now and for any future batches will aim to complete the whole lot in no more than 24 hours.

Believe me that I did try to get this whole system automated with a web app, but due to the AML concerns it has become a painstaking manual process. If you are concerned about a withdrawal request not turning up then please get in touch with us via the regular support channels.

So apparently lots of money launderers used TH in its heyday, and they are trying to catch them as they close up shop? Don't mind me, just speculating here. 

lol, thats one assumption. I personally believe its because now that TH is closed, they have to make sure that no rock is left uncovered

[Yankee (BitInstant)]

UPDATE:

Thanks to TradeHill, limits lifted! There are no minimums

-Charlie

[Maged]

You make some great points, and I won't disagree with you (the liquidation part isnt true, he still owns and runs the company)

Just so you know, I have nothing against you and I totally support what you're doing here. I'm glad that you've proceeded to doing this despite TradeHill's policy. They're making things extremely hard for you, and yet you keep on chugging along, likely even taking a loss on each of these transactions, unlike TradeHill. I respect that, and I just wanted to thank you personally.

[Yankee (BitInstant)]

You make some great points, and I won't disagree with you (the liquidation part isnt true, he still owns and runs the company)

Just so you know, I have nothing against you and I totally support what you're doing here. I'm glad that you've proceeded to doing this despite TradeHill's policy. They're making things extremely hard for you, and yet you keep on chugging along, likely even taking a loss on each of these transactions, unlike TradeHill. I respect that, and I just wanted to thank you personally.

Thanks  I never thought for a second anyone has anything against us or me personally. I'm just trying to shift some of the blame away from TradeHill because they really don't deserve it.

And yeh, everyone makes it difficult for the middle man!

[Portnoy]

I think the most fair way is something like 2-5% across the board with no minimum limit.  This way, the small fries can still take out their money.  God forbid people with a lot of cash actually give some of it up (to make it worthwhile for TradeHill).

Thus, $1000 account gives up $20-$50, approximately that of a wire fee.

A $2 account gives up 4-10 cents.

I used to be a big fan of TradeHill and I talked them up all over this forum.  I always gave them the benefit of the doubt in virtually every circumstance.  But honestly, this $10 flat rate decision is borderline one of the stupidest ideas I've heard on this forum.  I'm not an idiot and it's incredibly easy to see why this is unfair.  TradeHill took a business risk, and unfortunately for them, the banks made it difficult for them.

But, instead of saying "yep, we made a bad business decision and/or we got unlucky,"  they are passing off the trouble to the consumer so that it softens the blow they take.

That's completely unacceptable.  It has nothing to do with how hard they're working.  That's what businesses do -- they fucking work.  But, if things don't pan out the way they planned, they need to bite the bullet, not pass the bullet to us.

Maybe they should sell the Bitcoin.com domain to soften the blow, how about that one?

+1