Unmasking BTC-E.com

[howardb]

lol what did btc-e did with you ? scam you no? do you think everyone is like mtgox because it happened 1 time btw i read that the btc was parked and they already found 200k btc? so what's your problem tell me pls...

I've already said what the case is against them, it's not personal, it's simply taking a decision to do something about an 'organisation' that poses a real
threat to the future of bitcoin. And THAT is something I believe in.

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[GreenCoin22]

Who knows now what activities do BTCE

[tss]

no exchange can be stopped from running with your coin. 
anonymous or not. 
we know this now. 
there is no penalty for stealing coin, only exchanging it for cash within us territories.  bitcoin, at least until proven so, is not a cia project.
btc is such a thing that sometimes the anonymous people are the ones necessary, first to start it and then to make it work.

complain all you want.  if you don't like an exchange don't use it.

though i'm not part of that crowd, and sometimes somewhat jealous of it, there's a reason btc exists, and that is, to support "activity" that some or most people may or may not be against.

FREEDOM

[howardb]

no exchange can be stopped from running with your coin. 
anonymous or not. 
we know this now. 
there is no penalty for stealing coin, only exchanging it for cash within us territories.  bitcoin, at least until proven so, is not a cia project.
btc is such a thing that sometimes the anonymous people are the ones necessary, first to start it and then to make it work.

complain all you want.  if you don't like an exchange don't use it.

though i'm not part of that crowd, and sometimes somewhat jealous of it, there's a reason btc exists, and that is, to support "activity" that some or most people may or may not be against.

FREEDOM

What utter pseudo libertarian rubbish! Society is disincentivised from committing crimes by increasing the probability of getting caught and increasing the punishment when caught. So the owners of properly registered and fully transparent exchanges have almost zero incentive to run off with your money! and are far less likely to get away with it if they do!

[leopard2]

...people even met Mark Karpeles in person, now there is a bankruptcy court proceeding going on, HOW DOES THAT HELP HUH?

[btcusury]

I thought BTC-e was a trustworthy exchange? I've heard good reviews about them. The site owners prefer to stay anonymous, don't they?

Staying anon is a good way not get targeted for blackmailed or robbed.

It's also a great way to:

a) Support criminal activities like money laundering.

Nothing wrong with that. The only reason money laundering is needed is because of the sate.

b) Avoid paying taxes

c) Steal your clients money

d) Avoid being answerable for anything

No credible financial organisation in the civilized world is allowed to be run this way, and for very good reason. So why is the world allowing BTC-e.com get away with this? If you post embarassing questions like 'Who are you?' on their forum here, they get deleted!  So i'm going to make it my mission to unmask them, anyone who wants to help, please PM me so we can organise.

Their continued existance in this form constitutes a HUGE threat to bitcoin, as we would very likely not recover from ANOTHER mt.Gox, so I would ask all bitcoin fans to support me in this.

You're a statist bootlicker and you're probably not even aware of it. There's nothing morally wrong with a) and b). BTC-e is the largest non-Chinese Bitcoin exchange for pretty much the reasons you are crusading against: anonymity and privacy, using your money they way you want, without having to worry about the threat of violence at the criminal hands of statist thugs.

There is also the argument that anonymous exchanges with no KYC are the ones that are laundering stolen BTC, we should be flushing them out for the good of the industry as a whole.  I'm only disappointed the Bitcoin Foundation has not taken a more pro-active stance on this situation.

There is no "Bitcoin Foundation", get a clue. There's a bunch of early adopters who got together to promote their self-interest, who are trying to fool people into believing that they have a say in what the free market decides.

What utter pseudo libertarian rubbish! Society is disincentivised from committing crimes by increasing the probability of getting caught and increasing the punishment when caught. So the owners of properly registered and fully transparent exchanges have almost zero incentive to run off with your money! and are far less likely to get away with it if they do!

Sir, you are experiencing Stockholm syndrome!

[howardb]

I thought BTC-e was a trustworthy exchange? I've heard good reviews about them. The site owners prefer to stay anonymous, don't they?

Staying anon is a good way not get targeted for blackmailed or robbed.

It's also a great way to:

a) Support criminal activities like money laundering.

Nothing wrong with that. The only reason money laundering is needed is because of the sate.

b) Avoid paying taxes

c) Steal your clients money

d) Avoid being answerable for anything

No credible financial organisation in the civilized world is allowed to be run this way, and for very good reason. So why is the world allowing BTC-e.com get away with this? If you post embarassing questions like 'Who are you?' on their forum here, they get deleted!  So i'm going to make it my mission to unmask them, anyone who wants to help, please PM me so we can organise.

Their continued existance in this form constitutes a HUGE threat to bitcoin, as we would very likely not recover from ANOTHER mt.Gox, so I would ask all bitcoin fans to support me in this.

You're a statist bootlicker and you're probably not even aware of it. There's nothing morally wrong with a) and b). BTC-e is the largest non-Chinese Bitcoin exchange for pretty much the reasons you are crusading against: anonymity and privacy, using your money they way you want, without having to worry about the threat of violence at the criminal hands of statist thugs.

There is also the argument that anonymous exchanges with no KYC are the ones that are laundering stolen BTC, we should be flushing them out for the good of the industry as a whole.  I'm only disappointed the Bitcoin Foundation has not taken a more pro-active stance on this situation.

There is no "Bitcoin Foundation", get a clue. There's a bunch of early adopters who got together to promote their self-interest, who are trying to fool people into believing that they have a say in what the free market decides.

What utter pseudo libertarian rubbish! Society is disincentivised from committing crimes by increasing the probability of getting caught and increasing the punishment when caught. So the owners of properly registered and fully transparent exchanges have almost zero incentive to run off with your money! and are far less likely to get away with it if they do!

Sir, you are experiencing Stockholm syndrome!

At least your last line made me laugh
But if you knew me, you would know you could not be further from the truth. I believe the likes of bitcoin is the greatest hope of dismantling the power of major corps and the corrupt rich few who run this world. But it's not going to happen overnight, and it's not going to happen (or it will get seriously delayed) if bitcoin gets another major kick in the nuts by a broken exchange running off with peoples money!

[howardb]

...people even met Mark Karpeles in person, now there is a bankruptcy court proceeding going on, HOW DOES THAT HELP HUH?

Well I didn't say it can't, I said it's far less likely. If you are sitting on a fortune belonging to your clients and none of your clients know who you are the temptation to run off with it grows with the account balances. On the other hand, if they know who you are you are far less likely to be tempted. Karpeles clearly thought he was smarter than everyone else!

[btcusury]

At least your last line made me laugh
But if you knew me, you would know you could not be further from the truth. I believe the likes of bitcoin is the greatest hope of dismantling the power of major corps and the corrupt rich few who run this world. But it's not going to happen overnight, and it's not going to happen (or it will get seriously delayed) if bitcoin gets another major kick in the nuts by a broken exchange running off with peoples money!

Well that's where the awareness gap is.

You believe (and I agree to the extent that I can) that crypto is the "greatest hope of dismantling the power of major corps and the corrupt rich few who run this world", but that isn't anywhere near the full extent of the problem. The problem begins and ends with you. The problem is inside of us. From the moment of birth we were subjected to mental programming. Remove the "corrupt rich few" and new ones will rise to take their place... unless we remove our mental malware and realize that these people don't actually have any power, except the power that we give away by our unconscious belief in authority. I hope these will help you see what I mean:

Larken Rose on Removing Mental Malware - Do You WANT To Know The Truth? - Free Your Mind Conference 2013

The Complete and Undeniable Truth - Larken Rose - Can you handle it?

Stefan Molyneux - The Story of Your Enslavement - We can only be kept in the cages we do not see. A brief history of human enslavement - up to and including your own.

[joonian]

BTC-E is a client of Mayzus, right? If so, what information about BTC-E can a Data Protection Act request reveal?

[CoinFire]

What is your reasoning behind this thread? Did you personally lose money or coins to them?

Leave BTC-E alone.

My interest is in the future of bitcoin and avoiding a repeat of mt.Gox, what's yours in defending them?

If the future of btc depends on you and your crusade were doomed. I don't care who they are... it's simple don't trade on btc-e tell to your classmates too.

Well it's that kind of selfish apathy that allows them to flourish. And I never said the future of bitcoin depends on me, but I do believe that another major exchange scandal could be a body blow to the value of bitcoin, and i'm willing to bet there are more than a few here care about that! even if you dont!

While you are certainly right that Bitcoin needs to eliminate the bad players to move forward for broader adoption I am curious as if this sort of thing and the attempt to unmask them might just cause them to run away. Wouldn't that do more harm than good in that case because it would instantly create another scandal.

I can see however arguing better the scandal take place now than later.

What are everyones thoughts? I'm certainly curious.

If this causes them to 'run off' then yes it would undoubtebly cause a lot of people pain, but still better done than not. If on the other hand this forces them to come clean, then that also can only be better for the community in that they can then make an informed choice on whether to trade with them.

There is also the argument that anonymous exchanges with no KYC are the ones that are laundering stolen BTC, we should be flushing them out for the good of the industry as a whole.  I'm only disappointed the Bitcoin Foundation has not taken a more pro-active stance on this situation.

It certainly would be nice to eliminate further bad players for sure.

That said I know the Bitcoin Foundation is not likely going to do anything as they've shown repeatedly as of late.

[Justin00]

btc-e is like the only exchange that has ever been hacked AND paid back users from its own money.
I can't think of any other exchange to do that. And they have all been hacked!

[GodfatherBond]

I don't get why to post this kind of things. There's only few exchanges where trading actually works and btc-e is one of them. I'm not interested in their reasons to be behind curtains and you can't trust even on gov guaranteed banks (see for example cyprus)- so what's the point?!

[CoinFire]

I don't get why to post this kind of things. There's only few exchanges where trading actually works and btc-e is one of them. I'm not interested in their reasons to be behind curtains and you can't trust even on gov guaranteed banks (see for example cyprus)- so what's the point?!

I also have personally never had any issues with btc-e. It has been the only exchange that I've ever been able to report zero issues with to date.

[fsb4000]

btc-e is like the only exchange that has ever been hacked AND paid back users from its own money.
I can't think of any other exchange to do that. And they have all been hacked!

+100500 

[howardb]

btc-e is like the only exchange that has ever been hacked AND paid back users from its own money.
I can't think of any other exchange to do that. And they have all been hacked!

+100500 

Yeah I can understand why certain russians might be in favour of this kind of behaviour! I actually think they will lose their business model/bulk of users anyway once legitimate western exchanges start appearing, then we can leave BTC-e to deal with lifes underbelly.

[theonewhowaskazu]

BTC-E has been hands down the most reliable exchange for me. Bitfinex is a close second but it has reversed trades, so that knocked it out of the top spot. Businesses can be anonymous for legitimate reasons. If BTC-E is russian it can't operate except for anonymously. One time I did a withdraw and didn't get money. They fixed it pretty fast. Thats only problem I've had with them.

[howardb]

BTC-E has been hands down the most reliable exchange for me. Bitfinex is a close second but it has reversed trades, so that knocked it out of the top spot. Businesses can be anonymous for legitimate reasons. If BTC-E is russian it can't operate except for anonymously. One time I did a withdraw and didn't get money. They fixed it pretty fast. Thats only problem I've had with them.

Well re-read the OP, it's not about "how btc-e.com works for me" because mt.gox worked for most people, right until it jumped off a cliff. If we get a repeat of that combined with the anonymity that these guys have, the bitcoins will be gone forever and bitcoin reputation severely damaged. btc-e.com represent what the financial organisations like to call "a systemic risk".

If you don't want to participate in unmasking them, fine. But your not going to stop it!

[GreenCoin22]

You say the problem seems to exist for a long time, had a similar situation happen before I, but when I use LakeBTC, no such case.

[theonewhowaskazu]

BTC-E has been hands down the most reliable exchange for me. Bitfinex is a close second but it has reversed trades, so that knocked it out of the top spot. Businesses can be anonymous for legitimate reasons. If BTC-E is russian it can't operate except for anonymously. One time I did a withdraw and didn't get money. They fixed it pretty fast. Thats only problem I've had with them.

Well re-read the OP, it's not about "how btc-e.com works for me" because mt.gox worked for most people, right until it jumped off a cliff. If we get a repeat of that combined with the anonymity that these guys have, the bitcoins will be gone forever and bitcoin reputation severely damaged. btc-e.com represent what the financial organisations like to call "a systemic risk".

If you don't want to participate in unmasking them, fine. But your not going to stop it!

Are you kidding me?

Gox worked like shit up until it worked even shittier right before it finally died. People had MONTHS OF WARNING and even before that it was incredibly obvious that they were incredibly incompetent. Oh yeah, and it wasn't anonymous.

There is no more systemic risk on btc-e over any other bitcoin exchange. Look at the historical rates of failure between anonymous exchanges and non-anonymous exchanges. There's no relationship there at all. The systemic risk of Bitcoin is centralized exchanges in general (among other things).

In fact, if you succeed in your goal of "unmasking" BtC-E, it likely will have to shut down, potentially after being forced to flee the country if it is Russian. But I'm again not particularly worried, because you won't