BitStamp - hacked and down

[stdset]

Do any of these situations end well? Gox, Vircurex, Cryptorush, Mintpal.

Only one that I know of: Poloniex was hacked but paid everyone back.

Btc-e also survived a hack back in 2012: https://bitcointalk.org/index.php?topic=96831.0

who is BTC-e owner or CEO ? do you know where is their office?

BTC-e is very fishy.

What you are trying to say? That they scammed somebody? I personally didn't experience any issues with them, neither with Bitstamp until now.

I am saying that many people are using fishy companies. who is BTC-e? give one name, a bank account under their company's name, give me something that it's real about them

It's normal for Russia, think about Russia's probale Bitcoin ban, which is likely to be approved in several months. They don't want Russian state to knock their door some day. They operate several years and everybody were able to withdraw their money anytime they like, at least I'm not aware of the opposite.

[mayax]

Well, we know BitStamp lost 5 MIL. what's next ?

I don't believe that they will cover the shit. I think it will be a long process....
Their bank account will be frozen for sure if they announced police(as they already stated).....

[resya]

Update from bitstamp :

"We would like to reassure all Bitstamp customers that their balances held prior to our temporary suspension of services will not be affected and will be honored in full." -bitstamp

[Febo]

call Bitstamp. travel to Slovenia if you are in Europe. it's 2 hours away of any Europe corner.

Company was moved to London i think last year. But founders grew up 15km from my home. They dont spend much time there and if they took money will not in future either.

Well, we know BitStamp lost 5 MIL. what's next ?

I don't believe that they will cover the shit. I think it will be a long process....
Their bank account will be frozen for sure if they announced police(as they already stated).....

5 mil will be covered easy they probably make that much profit in one month.

[mayax]

call Bitstamp. travel to Slovenia if you are in Europe. it's 2 hours away of any Europe corner.

Company was moved to London i think last year. But founders grew up 15km from my home. They dont spend much time there and if they took money will not in future either.

Well, we know BitStamp lost 5 MIL. what's next ?

I don't believe that they will cover the shit. I think it will be a long process....
Their bank account will be frozen for sure if they announced police(as they already stated).....

5 mil will be covered easy they probably make that much profit in one month.

yes, agree with you but according to their audit, they had 800K profit
now, either the financial statement is not good, either Bitstamp hide the money from accountant or together and this is tax evasion

https://bitcointalk.org/index.php?topic=785256.0

[whywefight]

now bullshit is spreading on twitter: http://pastebin.com/2SDMXVk1

oh inderwebz, lol

[TXWA]

now bullshit is spreading on twitter: http://pastebin.com/2SDMXVk1

oh inderwebz, lol

Lol. Look at all the kiddies out there 

[OhShei8e]

now bullshit is spreading on twitter: http://pastebin.com/2SDMXVk1

And would be so easy for them to give us a cryptographic prove. Don't understand people wasting time with this. 

[RealMalatesta]

now bullshit is spreading on twitter: http://pastebin.com/2SDMXVk1

And would be so easy for them to give us a cryptographic prove. Don't understand people wasting time with this. 

There are always some journalists or politicians who would jump on this....

[whywefight]

new message at https://www.bitstamp.net/

finally some people who know what they do

[psybits]

new message at https://www.bitstamp.net/

finally some people who know what they do

I could be wrong but my gut tells me they're telling the truth and everything will be fine.

[whywefight]

new message at https://www.bitstamp.net/

finally some people who know what they do

I could be wrong but my gut tells me they're telling the truth and everything will be fine.

i think so too

[mayax]

Bitcoin price is going down = exchangers are making millions from the difference of price.

Bitstamp will pay(IF) the so called loss from your money not from their own pockets.

- let's say you bought 250 BTC with 100K via bank wire. 1 BTC = 400
- you trade for a while and you see the price is going down. what do you think? hey, let's sell and I am recovering a part of my money; and you sell.
- now, you will you see 250 BTC for 70K.   1 BTC = 280 USD

The exchanger will send you the bank wire for 70K but he is sending the transfer from YOUR 100K.  
Exchanger profit = 30K because he has your 100K (USD/EURO) in his bank account already.

Now, a new "investor" will come thinking "Bitcoin price is down, it's time to buy". The price is raising and then it will fall.
Of course, the big exchangers are "giving" money from the previous HUGE earnings just to attract new fouls with new funds. Smiley

This is for a short period of time. They give "some" and they will earn A LOT.

That's why they need visibility/noise in the news. Because with every single news other fouls will come with new funds.

...And that's why the exchangers are having very, very low fees of 0.2% for trading or free for withdrawals. They do not care about these money. The REAL money are made with the Bitcoin price. How can financial company exists with 0.2% per transaction?

There are few BIG exchangers(Bitstamp is in this gang) and they give the Bitcoing price.
They know the market, they know what funds are coming, the other small exchangers are related with them(all the small exchangers are exchanging with the big ones) .

Now, tell me. Do you really think that there is no manipulation on market? I am not addresing the question to monkeys, hipters  but to people with a human brain Smiley

Get real, the exchangers are making millions from the Bitcoin price and not from "trading"

[HerrAndreas]

Bitcoin price is going down = exchangers are making millions from the difference of price.

Bitstamp will pay(IF) the so called loss from your money not from their own pockets.

- let's say you bought 250 BTC with 100K via bank wire. 1 BTC = 400
- you trade for a while and you see the price is going down. what do you think? hey, let's sell and I am recovering a part of my money; and you sell.
- now, you will you see 250 BTC for 70K.   1 BTC = 280 USD

The exchanger will send you the bank wire for 70K but he is sending the transfer from YOUR 100K.  
Exchanger profit = 30K because he has your 100K (USD/EURO) in his bank account already.

Now, a new "investor" will come thinking "Bitcoin price is down, it's time to buy". The price is raising and then it will fall.
Of course, the big exchangers are "giving" money from the previous HUGE earnings just to attract new fouls with new funds. Smiley

This is for a short period of time. They give "some" and they will earn A LOT.

That's why they need visibility/noise in the news. Because with every single news other fouls will come with new funds.

...And that's why the exchangers are having very, very low fees of 0.2% for trading or free for withdrawals. They do not care about these money. The REAL money are made with the Bitcoin price. How can financial company exists with 0.2% per transaction?

There are few BIG exchangers(Bitstamp is in this gang) and they give the Bitcoing price.
They know the market, they know what funds are coming, the other small exchangers are related with them(all the small exchangers are exchanging with the big ones) .

Now, tell me. Do you really think that there is no manipulation on market? I am not addresing the question to monkeys, hipters  but to people with a human brain Smiley

Get real, the exchangers are making millions from the Bitcoin price and not from "trading"

Well, no.

1. You tend to forget that you do not trade "with" an exchange, but "over" an exchange. If youa ctually bought at 400/BTC and then sold at 280/BTC someone will be having the money you now do not have anymore. But this someone is not the exchange. It is another trader (could be me;).
-->exchanges need the money from fees (there are way better ways to cheat anyway).
2. Yes there is manipulation. massive manipulation. it is because it is not forbidden at all. But again, giving only the exchanges credit for that would be wrong. simply unregulated market. live with it or go to a regulated market. but don´t make yourself be sorry about it.
-->Why does a dog lick his balls? right. that´s why.

[mayax]

Bitcoin price is going down = exchangers are making millions from the difference of price.

Bitstamp will pay(IF) the so called loss from your money not from their own pockets.

- let's say you bought 250 BTC with 100K via bank wire. 1 BTC = 400
- you trade for a while and you see the price is going down. what do you think? hey, let's sell and I am recovering a part of my money; and you sell.
- now, you will you see 250 BTC for 70K.   1 BTC = 280 USD

The exchanger will send you the bank wire for 70K but he is sending the transfer from YOUR 100K.  
Exchanger profit = 30K because he has your 100K (USD/EURO) in his bank account already.

Now, a new "investor" will come thinking "Bitcoin price is down, it's time to buy". The price is raising and then it will fall.
Of course, the big exchangers are "giving" money from the previous HUGE earnings just to attract new fouls with new funds. Smiley

This is for a short period of time. They give "some" and they will earn A LOT.

That's why they need visibility/noise in the news. Because with every single news other fouls will come with new funds.

...And that's why the exchangers are having very, very low fees of 0.2% for trading or free for withdrawals. They do not care about these money. The REAL money are made with the Bitcoin price. How can financial company exists with 0.2% per transaction?

There are few BIG exchangers(Bitstamp is in this gang) and they give the Bitcoing price.
They know the market, they know what funds are coming, the other small exchangers are related with them(all the small exchangers are exchanging with the big ones) .

Now, tell me. Do you really think that there is no manipulation on market? I am not addresing the question to monkeys, hipters  but to people with a human brain Smiley

Get real, the exchangers are making millions from the Bitcoin price and not from "trading"

Well, no.

1. You tend to forget that you do not trade "with" an exchange, but "over" an exchange. If youa ctually bought at 400/BTC and then sold at 280/BTC someone will be having the money you now do not have anymore. But this someone is not the exchange. It is another trader (could be me;).
-->exchanges need the money from fees (there are way better ways to cheat anyway).
2. Yes there is manipulation. massive manipulation. it is because it is not forbidden at all. But again, giving only the exchanges credit for that would be wrong. simply unregulated market. live with it or go to a regulated market. but don´t make yourself be sorry about it.
-->Why does a dog lick his balls? right. that´s why.

1. so, you send 100k to an exchanger to buy 250 BTC/400 USD and then you sell 250 BTC for 270 USD. The money are already in the exchanger's bank account; those 100 K.
you will only get 70k. there is a difference of 30K IN THE exchanger's bank account.
100-70 = 30K

"other trader"(or maybe the exchanger in disguise), anyway...you as seller do not care, is coming to buy 250 BTC but for 270 USD for a total amount of 70K.
what did I say wrong? you will lose 30K in any way you want. This money  belongs to the exchanger because he received your initial deposit of 100K.
The new "trader" will have to wire 70K to exchanger in order to get 250 BTC.

2. you are right. unregulated market. who is controlling the market? who is owning the money and the resources? the exchangers, the big ones.so, they are manipulating the market. can you or me doing it? nope.

 then,the people should not cry after their money lost with MTgox or with other exchangers.

[HerrAndreas]

Bitcoin price is going down = exchangers are making millions from the difference of price.

Bitstamp will pay(IF) the so called loss from your money not from their own pockets.

- let's say you bought 250 BTC with 100K via bank wire. 1 BTC = 400
- you trade for a while and you see the price is going down. what do you think? hey, let's sell and I am recovering a part of my money; and you sell.
- now, you will you see 250 BTC for 70K.   1 BTC = 280 USD

The exchanger will send you the bank wire for 70K but he is sending the transfer from YOUR 100K.  
Exchanger profit = 30K because he has your 100K (USD/EURO) in his bank account already.

Now, a new "investor" will come thinking "Bitcoin price is down, it's time to buy". The price is raising and then it will fall.
Of course, the big exchangers are "giving" money from the previous HUGE earnings just to attract new fouls with new funds. Smiley

This is for a short period of time. They give "some" and they will earn A LOT.

That's why they need visibility/noise in the news. Because with every single news other fouls will come with new funds.

...And that's why the exchangers are having very, very low fees of 0.2% for trading or free for withdrawals. They do not care about these money. The REAL money are made with the Bitcoin price. How can financial company exists with 0.2% per transaction?

There are few BIG exchangers(Bitstamp is in this gang) and they give the Bitcoing price.
They know the market, they know what funds are coming, the other small exchangers are related with them(all the small exchangers are exchanging with the big ones) .

Now, tell me. Do you really think that there is no manipulation on market? I am not addresing the question to monkeys, hipters  but to people with a human brain Smiley

Get real, the exchangers are making millions from the Bitcoin price and not from "trading"

Well, no.

1. You tend to forget that you do not trade "with" an exchange, but "over" an exchange. If youa ctually bought at 400/BTC and then sold at 280/BTC someone will be having the money you now do not have anymore. But this someone is not the exchange. It is another trader (could be me;).
-->exchanges need the money from fees (there are way better ways to cheat anyway).
2. Yes there is manipulation. massive manipulation. it is because it is not forbidden at all. But again, giving only the exchanges credit for that would be wrong. simply unregulated market. live with it or go to a regulated market. but don´t make yourself be sorry about it.
-->Why does a dog lick his balls? right. that´s why.

1. so, you send 100k to an exchanger to buy 250 BTC/400 USD and then you sell 250 BTC for 270 USD. The money are already in the exchanger's bank account; those 100 K.
you will only get 70k. there is a difference of 30K IN THE exchanger's bank account.
100-70 = 30K

"other trader"(or maybe the exchanger in disguise), anyway...you as seller do not care, is coming to buy 250 BTC but for 270 USD for a total amount of 70K.
what did I say wrong? you will lose 30K in any way you want. This money  belongs to the exchanger because he received your initial deposit of 100K.
The new "trader" will have to wire 70K to exchanger in order to get 250 BTC.

2. you are right. unregulated market. then,the people should not cry after their money lost with MTgox or with other exchangers.

I see where you are going.
So all the money in the exchanges bank account belongs to the exchange? well that is only true, if you believe the exchange will not payout your fiat balance and simply keep the money (Then again all the 100k would be "lost" as soon as you deposit them).

But this is not what is going on at bitstamp, this is what is going on at hitbtc right now.

[mayax]

Bitcoin price is going down = exchangers are making millions from the difference of price.

Bitstamp will pay(IF) the so called loss from your money not from their own pockets.

- let's say you bought 250 BTC with 100K via bank wire. 1 BTC = 400
- you trade for a while and you see the price is going down. what do you think? hey, let's sell and I am recovering a part of my money; and you sell.
- now, you will you see 250 BTC for 70K.   1 BTC = 280 USD

The exchanger will send you the bank wire for 70K but he is sending the transfer from YOUR 100K.  
Exchanger profit = 30K because he has your 100K (USD/EURO) in his bank account already.

Now, a new "investor" will come thinking "Bitcoin price is down, it's time to buy". The price is raising and then it will fall.
Of course, the big exchangers are "giving" money from the previous HUGE earnings just to attract new fouls with new funds. Smiley

This is for a short period of time. They give "some" and they will earn A LOT.

That's why they need visibility/noise in the news. Because with every single news other fouls will come with new funds.

...And that's why the exchangers are having very, very low fees of 0.2% for trading or free for withdrawals. They do not care about these money. The REAL money are made with the Bitcoin price. How can financial company exists with 0.2% per transaction?

There are few BIG exchangers(Bitstamp is in this gang) and they give the Bitcoing price.
They know the market, they know what funds are coming, the other small exchangers are related with them(all the small exchangers are exchanging with the big ones) .

Now, tell me. Do you really think that there is no manipulation on market? I am not addresing the question to monkeys, hipters  but to people with a human brain Smiley

Get real, the exchangers are making millions from the Bitcoin price and not from "trading"

Well, no.

1. You tend to forget that you do not trade "with" an exchange, but "over" an exchange. If youa ctually bought at 400/BTC and then sold at 280/BTC someone will be having the money you now do not have anymore. But this someone is not the exchange. It is another trader (could be me;).
-->exchanges need the money from fees (there are way better ways to cheat anyway).
2. Yes there is manipulation. massive manipulation. it is because it is not forbidden at all. But again, giving only the exchanges credit for that would be wrong. simply unregulated market. live with it or go to a regulated market. but don´t make yourself be sorry about it.
-->Why does a dog lick his balls? right. that´s why.

1. so, you send 100k to an exchanger to buy 250 BTC/400 USD and then you sell 250 BTC for 270 USD. The money are already in the exchanger's bank account; those 100 K.
you will only get 70k. there is a difference of 30K IN THE exchanger's bank account.
100-70 = 30K

"other trader"(or maybe the exchanger in disguise), anyway...you as seller do not care, is coming to buy 250 BTC but for 270 USD for a total amount of 70K.
what did I say wrong? you will lose 30K in any way you want. This money  belongs to the exchanger because he received your initial deposit of 100K.
The new "trader" will have to wire 70K to exchanger in order to get 250 BTC.

2. you are right. unregulated market. then,the people should not cry after their money lost with MTgox or with other exchangers.

I see where you are going.
So all the money in the exchanges bank account belongs to the exchange? well that is only true, if you believe the exchange will not payout your fiat balance and simply keep the money (Then again all the 100k would be "lost" as soon as you deposit them).

But this is not what is going on at bitstamp, this is what is going on at hitbtc right now.

no, I am saying that the exchanger will pay you the money, 70K but he will keep 30K because the price, guess what, fell

those 30K belongs to whom? where are those 30K?  30K are in intial 100K that you initially sent to exchanger.

the exchanger will pay you 70K from your 100K. 30K is lost for you and "earned" for exchanger and all that because "they can"


why do you think so many people are involved in this business? for 800K profit per year(this is what Bitstamp declared in 2013)?
ha ha...

They hired a forner Paypal chief. Do you think that this guy came for 3000 USD per month? he came for at least 20K/month.
BitStamp is having a lot of people to pay. They cannot afford to have 0.2% per trade

the big money are coming from what I said above, Bitcoin price.
Imagine they receive 2 MIL/day bank wire deposits. That means 7400 BTC/270 USD

let's say the prices is dropping at 250 USD in 2 days(very possible). that means 7400 x 270 = 1,850,000 USD
2,000,000 - 1,850,000 = 150,000 USD in 2 days.

now, try to calculate for the last month when the price dropped with 100 USD.
2 mil per day deposit x 20 = 40 mil usd. . they earn around of 2- 3 MIL NET PROFIT in ONE month

We can over say 1 mil/month net profit.  

the "trading fees" are pocket money .

[Mieehayii]

I only have bitcoins in bitstamp, which deposits and withdrawals are suspend now, sad I don't know that how much BTC I can withdraw from them.

but I think the fiat should be as usual because it's done by bank, you may withdraw your fiat from bitstamp now

[smoothie]

Until they prove they have enough funds to cover the 18k BTC loss I won't believe anything they say.

Proving it won't take long. Yet still no proof has come forth. Just words.

[Inotanewbie]

Until they prove they have enough funds to cover the 18k BTC loss I won't believe anything they say.

Proving it won't take long. Yet still no proof has come forth. Just words.

It is important to make sure their customers are calm and to prevent any kind of 'run on the bank'.

If there is an exchange (bank) run then they would potentially need to top off their hot wallet more frequently then desired or keep a larger amount of money in their hot wallet then they would like. These both would cause potential security risks.

If they can keep their customers calm they may be able to operate on a fractional reserve system until they can generate enough revenue/earnings to cover their losses.