Topic: bitfloor issues? - page 38. (Read 55577 times)

I'm practically in tears.

I don't have a US bank account and had funds on bitfloor because I figured since it was easily accessible for US users, that it would be a good place to operate. Sure, trading from one side and allowing a balance to build up in USD was my choice, and my responsibility, but the fact that I can't withdraw in BTC means I will have to request an international wire transfer, which I believe is expensive.

The fact of the matter is that if their twitter post is accurate, they're dealing with international users after US users. They're locking me out of accessing my funds for I'm guessing a minimum of two weeks (1 week for account verification and another for the wire transfer).

If it takes any more time than that, I might not be able to make my rent payments. My last exchange was at ~80 USD per coin. I was never informed that the exchange would be closing. I was never informed that in case of issues related to the finances of the exchange or in case it shuts down, that USD would be the only means of recovering deposits.

I can't even find anyone to take over the account. I feel like I've lost complete control of my life. My worth has been taken from me. I have no options. And why? Because the exchange's bank account is being closed? If that is the reason, the only option is to provide participants the opportunity to transition out or away from the market. Turning away new members or not accepting USD deposits are acceptable means by which the issue could have been addressed. If necessary (that is, if the exchange rate got too uneven), you could even work with vendors or another exchange to transfer balances or supply coins at market rate (last trade +5% from gox) until volume traded dwindled and the exchange could shut down.

This could have happened over a 2 week period, or a 1 week period, but instead it was forced. In a single day (twitter posts providing customer support before the announcement) The ground that hundreds of people stood on was shaken and fractured. I've fallen to the ground. I'm not even sure I can stand any more. Worse yet, I'm not entirely sure that I want to.

aka

"ill ignore all of the content of the post and just call you a child to get myself out of this and save face"

well done.

Excellent question. Unfortunately, ACH (automated clearinghouse) is an archaic bankster system that requires real physical in-the-flesh human people to manually approve transactions, or at the least, delays transactions long enough to provide the opportunity for human interference - you'd think, what with this being 2013 and all, you could transfer money instantly anywhere. But since the current account system is basically designed to allow fraud (providing full account numbers to all participants instead of a secure txid-esque mechanism) we have a slow ACH system that takes days.

I wish it were the case that a standard ACH could be rushed, but it will indeed take 2-3 days for verification, and then 1-3 more days for the actual transfer to take place.

I placed an ACH withdrawl request last friday (already verified, but this was my first withdrawl). No funds have been deposited into my account, and now I see the notice on the site. Has anyone besides DeathAndTaxes had a successful withdrawl in the past week?

:-) (FUD-er makes money(buys bitcoins), during PANIC SELL and kids will cry "Bitcoin died")

I missed the part that destroys it. 

How to destroy Bitcoin
1. try PUMP AND DUMP => result: was $30 now is $95
2. destroy exchanges => result: Bitcoin will be more scarce ( goes from $100, to $1,000 )
3. make it illegal => result: even more scarce, black market spike it to $10,000

I would feel better if you could confirm that you know this for a fact since other posters say they deposited ON THE DAY that the emails were being sent out.

if they knew, they wouldn't have allowed you to deposit.

so obvioulsy they didnt know.

I literally put my funds in on Monday. If they knew this was going to happen they shouldn't have allowed me to put my funds in. Still garbage

dunno I was stupid and didn't setup the id/ACH yet... Well I submitted the stuff asap yesterday... guess we will see if it gets approved and I can transfer.

Just out my request for withdraw in. This was my first week with them and my last. It's frustrating. Finally get up land running and then this happens. I am very skeptical if I will get my funds.

So, if you are unverified, we are talking a week + to initiate the transfer? Or are they going to mad dash approve these for withdrawal ?

Perhaps you misunderstood. Prior to this (hopefully temporary) shutdown of Bitfloor, I had transferred money through Capital One 360 P2P to Bitfloor. My bank said it was picked up and debited my checking account. Bitfloor did not indicate that the cash had been creditedto my account. Then Bitfloor shutdown, and there was no indication that they had my money. Other US money I had deposited via LocalTill/BoA was posted and I was able to transfer that back to my bank via ACH transfer. But the money I had transferred via Capital One was not in my Bitfloor account despite being debited from my Capital One account. Since I sent them US dollars and they have it and I am not able to get it, it is a debt they owe me.

Without some specific statement from Roman or someone else with the authority from Bitfloor, it would seem my (and others') cash is in limbo. I have not been able to get my money out because it is is limbo somewhere over at Bitfloor or what remains of it.

I make no accusations of fraud. I feel for Roman. I would even return to using Bitfloor if he and his team can solve the bank suspicion of bitcoin business issue. Bitcoin is new territory for us, banks and businesses.  Banks are conservative and (supposed to be, at least traditionally) risk aversive by nature. It makes logical sense why they would find a bitcoin exchange suspicious. Obviously, I/we are not as risk averse, otherwise I would not have ventured into the land of bitcoin.

I do understand that I am probably one of many former Bitfloor users in the very same situation. That is no comfort, though. Having my money back in my checking account [and knowing when that will occur] is the only solution I personally am interested in.

Until Roman or someone else with official authority from Bitfloor makes some, hopefully reassuring statement, the rest of us are merely speculating to relieve anxiety about money with is presently inaccessible and owed to us.

Some definite statement about remedy is owed former users.

lol dont get mad. just save it pal. you wouldn't be responding with your 10 paragraph rant defending bitfloor if you weren't.



the 2 week estimate is correct for my case, and probably others. i dont have ACH verified in bitfloor. so i have to wait 3 days + backlog to verify, then another 2-3 days for ACH to hit my bank and clear, then another week+? to wire internationally to mtgox? as for btc-e, who knows how to get any money of decent size on there. its nearly impossible, which is why btc-e quotes are routinely $10 off from gox. if bitfloor would've emailed everyone equally or given everyone time to make their decision on how to handle their funds, i could avoid all this and have bought BTC and transferred easily. i dont want USD. i want to trade BTC.

but of course you cherry pick the best possible scenario in order to defend bitfloor. well done.

you're obviously personally taking up this cause, why? how many posts have you made in this thread defending bitfloor? this has nothing to do with you, yet you're the loudest bitfloor defense in here

i already stated that i was very happy with bitfloor. i am not accusing them of theft or fraud or anything. but i am upset that i didn't get equal treatment as other customers. thats a legitimate gripe. while i think it was probably just a random choice to email certain people, theres certainly room for questioning whether there was favoritism involved, as others have already speculated that maybe those who received emails had to do with BTC or USD balances. in financial markets, you cannot pick and choose who gets certain information to trade.. thats a VERY questionable decision. i am not accusing them of manipulation, it was probably an honest mistake. however it is horrible choice that they are responsible for. they do not get a pass for bad decisions.

because of that unequal treatment, now my money is tied up. calm down, step off your defensive pedestal, and actually read what i wrote, and surely you will agree.

Nice.  Really mature.   It is not much wonder you could not deal with a jr. bank salesperson and a compliance inquiry.   Maybe you will learn something from your foray into business that when you mature will allow you to start a real business that people will admire.   I hope so.  Good Luck to you, now that you have shown me who you are as a person, it will make following your businesses all the more interesting.

It has NOTHING to do with bitcoin, it has to do with the transactions, you realize that correct?   This is not some plot against bitcoin by super junior personnel at a money center bank, it is about automating their risk of non compliance with regs.   My assumption is not a "joke" as you so eloquently put it because I know.   And, yes your assumption that your transactions and balances are too small to allow you to be covered by a smart person at their bank is correct.  many of these problems that the companies are having are caused by them be under capitalized than anything else.   To trade, or even to be an effective broker you need to commit your own capital constantly to smooth trade for your clients.
incompetence is tantamount to fraud.

I notice you missed all the facts in the post.  Then again you weren't looking for informed responses or facts, you were just looking to slander and make up claims.

Banks are also greedy and highly bureaucratic.  I can't speak for bitfloor but we met with both BofA branch manager and had a phone conference with their compliance department.  After nine months with no issues, not a single complaint or case of fraud they closed our account.  They cited no reason, and indicated that we had no violated any procedure or requirement.  The letter vaguely indicated that the deposit agreement allows them to close any account for any reason at any time.  They offered us no appeal, nor did they indicate that we could have done ANYTHING differently to prevent the closure.  

Off the record I got an admission that some fraud monitoring software scored our account as high risk as part of a quarterly review.  The bank doesn't want account which potentially could be high cost (although we had paid almost $20,000 in banking fees) and kept a $100,000 minimum balance.  The closure was impossible to prevent unless we were much larger ($15M in annualized transactions wasn't big enough).

So your assumption that if you do the right thing everything will be fine is a joke.  Just about every bitcoin related company has had at least one bank account closed.  It is just the nature of the business.