Topic: bitfloor issues? - page 36. (Read 55562 times)

It always amazes me how many people in crypto think they should be able to cash out any amount of bitcoin without ever needing to show someone ID. In the European union it's illegal to deposit/withdraw more then 1000 Euros' without giving ID. I don't know what the number is for America but your required to "know your customer" when dealing with money. So yes- you have to give your ID.

Who knows what instawallet is up to though. They seem to need your id for the legal claims process.

Chances are the bank just lost patience with an account with so much inflow and outflow via wire transfer.  Oh joy.

This.

AFAIK, they were. So, it's becoming pretty clear, Koin is uninformed and spreading speculative misinformation.

Come on guys, this shit is already the Wild West, it's hard enough. BFL, Pirateat40, etc. Use your brains and google, sometimes the info is readily available. In Bitfloor's case this is easily verifiable stuff, and written in plain English FFS.

If someone popped up with evidence that Bitfloor was claiming to be registered and wasn't, that would be interesting. Claiming whatever Koin just claimed is juvenile.

I have to admit, I thought it was unusual that one could transfer large quantities of USD to Bitfloor so quickly and easily, when it was a major PITA with the other exchanges.  This is one of the reasons I'm so disappointed to see BF vanish.  It was a no frills, no BS exchange.  Now we'll see how easy it is to pull money back out.  Hmm!

I think Bitfloor already was registered.

Don't you do any research before handing money to any entity? How difficult was it to go on the Bitcoin wiki and search for Bitfloor? The 24k BTC theft was there all the time.

Look like you're a bit of a lazy bum. And based on how you write, you probably haven't graduated from high-school yet.


If you base your investment decisions on what "someone said", then I have no sympathy for you, and you deserve your fate.

exactly.  there are people with usd balances willing to buy bitcoins (and overpay greatly even) to get the funds out as bitcoins.  there are others yet today willing to sell their bitcoins at bitfloor and withdraw usd balances as ach, even after this bank issue.

so the only difference of leaving the exchange open for trading is noticed by who would be withdrawing a usd balance.  and why would bitfloor care about that.  in fact, bitfloor should prefer this as there would be fewer accounts with usd balances left to process withdrawals for.

therefore, it is becoming pretty clear bitfloor got "advised" that it was operating as a money transmitter and to stop immediately until registered as one.  that advise included how to comply, no withdrawals would be allowed unless identity was verified.  there's no other explanation that makes as much sense.

and look at all the scenarios where this happens.  how did you get your bitcoins out of glbse?   sendt in id verification.  how do you get your bitcoins out of instawallet today?  send in id verification.   now how do you get your usds out of bitfloor?   send in id verification.     see a pattern?   these services get advice and all of a sudden they need your id.

^^ I agree with the above sentiment.. The everyone didnt get the email is what doesnt sit well with me. I was one that didnt .. My spider senses made me remove my $$$$.$$ a couple days before this went down. So i barely escaped .. 

Direct deposit worked fine and for the most part except for my first deposit.. all was well at bitfloor and i was considering making it home. Thats what sucks the most.. 

I hope you guys get youre loot back..  and all ends well. 

True.  If he didn't have much advance warning, then I would agree with you.

Life is a bitch, I would not want to be in Roman's shoes right now.

I doubt he received alot of warning and was probably so caught off guard by this situation, that things went down the way they did. Hindsight is 20/20, but in reality I think he's handling it well considering. Alot of lesser people would have been like, well, y'all are shit outta luck! Including when he got hacked way back when, he was transparant, and worked to make it right. This situation is no different, and I for one, would buy him a drink.

I've been caught up in this Bitfloor fiasco as well.  My primary complaint about Roman's handling of this situation (and I believe it is inexcusable) is that there was basically no advance warning of his intentions.  As a result, a lot of people were stuck with USD in their account.  Converting to BTC and switching exchanges would have made more sense.  This wasn't really an option given his timing.  He should have given people at least a week to make their move.  What a rotten deal.

Makes sense with what we know. A no-notice risk closure would end in a check for the balance, and the canned phrasing here in the US is "7 - 10 business days" for most things from banks -- replacement debit cards, etc. Naturally, most things arrive much sooner, so this sets kind of an upper bound to where we will see funds. And, wherever he opens an account to disburse the USD, will have to be informed so they don't flag a huge deposit and then hundreds (thousands?) of wire and ACH transfers for AML risk reasons, which they may not like.

This just underlines the necessity for Bitcoin even more. Any time you touch fiat, you're only free if you it within the bell curve. Even if you are operating within the law, if it falls outside some parameters, you may find yourself up a creek.

Huge datacenter breach recently has my bank so paranoid over whose info is in the wind that I've had to call to verify transactions after several card freezes doing pretty "ordinary" stuff -- filling an out-of-pocket script, buying an international flight (thought I had the ticket for 12 hours before Vayama emailed the bad news "we don't know, contact your bank"; by that point there were no more seats), filling up gas on travel, buying f-ing Starbucks on travel (??!!). Always inconvenient, sometimes plan-altering.

While if you misspell an address in bitcoinland you're screwed, at least when you send money, you know and can watch it the whole way...

Posted today on bitfloor's page:


They've really been doing a pretty good job in quite difficult circumstances.  I wouldn't be terribly concerned about getting my money.  It will take a little time, that's all - and this really isn't their fault.

Thank you for the info, I have only withdrawn cash from bitfloor once before this.
And I agree; still optimistic.

Also FWIW, I did not personally receive any email notification. I went to Bitfloor to conduct a trade and saw the suspension notice. Naturally, the first thing I did was check all Bitfloor threads on bitcointalk, and then the Bitfloor and Shtylman's personal twitters among other things. Then I made the transfers.

I'm waiting on some USD.

time   type   status   amount
Fri, 19 Apr 2013 00:48:08 GMT   ach   pending   -####.## USD

(Replaced amount with #s.) That was around 8 PM CDT on Thursday for me, I think. Even during normal Bitfloor operation, that would mean I will get them next week most likely. Too late for the nightly ACH queue, means will be queued Friday which is not a business "night" for ACH which means, at least for me and my BofA account, it'll pre-post ~2 AM Monday. With BofA I can use it in prepost... Other banks, YMMV. Final processing of ACH takes a couple business days, so it depends on how your bank does it.

However on Bitfloor, Roman has written:
"Users who had pending outgoing ACH on 2013.04.18 which is showing as completed should note that their payments did not go out due to the bank account closure. We are aware of this and will send your payments as soon as possible." —2014.04.19

To me that means he has to open a new account at a different bank, deposit cash, and initiate a ton of transfers. Could be a few days, idk where he's at in this process.

FWIW, I moved my balance of "###.##" BTC seven minutes later. Panicked for a bit because it took a while, comforting myself ironically with an expensive wine tasting dinner followed by too many cocktails with the better half, and the assumption that with everyone doing the same thing, the hot wallet had long been empty and Roman would need to raid the cold wallet along with everything else he's doing. I received them at about 1 AM, though I admit I didn't know that until about 9 AM, because... wine and cocktails.

So, who knows. But there are many reasons to be optimistic currently. Frankly, Roman might just be the most honest exchange operator, so when shit happens, we know about it. Mt. Gox could be operating fractionally for all I know. You can operate dishonestly all day long until you either get bored or something catastrophic happens.

I have read, either in this thread or another that one person so far has said they got their funds. He said that it was also a substantial amount however he was one of the select few that got an email about it. Sounds sketchy to me

So, has anyone received their USD back from bitfloor yet this week?  As it stands now, I have not. Not saying I won't, but every day that passes doessn't make me feel any better.  

just wondering...

Considering the whole business model of ING Direct was based on "we can close your account for any reason, even if we just don't like you," I'm going to have to say [citation needed]


Then please, good sir, redeem yourself by explaining where you got the idea that anyone here was suggesting that Bitfloor's account is being closed as part of an attack on Bitcoin itself?

No, they cannot close accounts for any reason.   There are actually federal laws protecting you but just ignore that since it does not fit in your theories.   The bitcoin community is USING banks, so until you stop you should grow up and learn the rules and regulations of using them.   So, yes, it falls on the people "using" the banks to further bitcoin to do it properly.
This conversation ends since you have resorted to name calling.   I assure you that I am not an idiot (other than I have been foolish trying to explain the way the world works to some one who has probably lived most of their life fantasizing about their avatar in their parent's basement for far too long to learn anything.