Once upon a time, MtGox was a BIG exchange and messed up by doing a small mistake: putting all user deposits in the company's hot wallet which leaked and leaked up to a bankruptcy point ....
As a consequence by revealing the fact that bitcoin is vulnerable in its borders(exchanges), its price fallen down to the earth from the sky and remained there for almost 2 years! Japanese authorities came to the scene and did their job as expected ...
it was an earthquake, initiated by a mistake not even an intentional fraud plot and yet ...
Now we have Bittrex, currently, one of the largest exchanges in the world and it is not about a technical mistake but a deliberate, sophisticated series of fraud and scamming people by the site owner(s), thousands of users have been affected and millions of dollars have been gone into the packets of the thieves who are not responsive at all and has sufficed to make a very short misleading statement of no help, saying :"it is about 0.1% of the users" and doesn't say anything rational about why and how they have blocked users access to their funds.
Meanwhile their agents informally make false claims about a mysterious pressure by unknown authorities from unknown countries which is threatening the whole firm and its users and they have sacrificed those 0.1% to make their majesty happy and save the majority! Their support is totally dead, they have targeted the most weakest portion of the users, Iranians (like me) , users from Middle East, Eastern Europe, ... or users with very huge (for an exchange user) deposits.
The scam scenario:
1- In October 12 (or so) Bittrex changed its withdrawal policy, overnight, without any prior warning. As a result users with 'basic verification level' (verified minimally by e-mail) was no longer able to withdraw any funds. These users were able to withdraw up to 1 btc/day prior to the scam.
2- At the same time Bittrex invented a new term 'disabled account' and put thousands of the users on this state. This trick was applied to the users who couldn't be scammed by the first trick because they have passed the more advanced verification step, (they have been chosen deliberately for the scam based on nationality, deposit level, .. ).
3- Plus, Bittrex invented a new rule for a 'disabled account': you can't close it (claiming your deposit) before withdrawing all of your deposit and you can't do that either because it is 'disabled'.
4-Bittrex robotic support, asks the victims to supply a foolish selfie, which of course has no effect on the situation, support is dead, forever.
Now, 45 days is passed and thousands of users have lost millions of dollars, no support, no apologies, nothing!
I started this topic not only to keep pressure on the Bittrex and warn users but also for a more important purpose: to ask WHY?
Why the community remains silent?
Why the authorities do nothing?
Why bittrex is up and running?
What has changed so bad that a scandal like this does not stop btc price to go higher?
Isn't it about we, bitcoiners, preferring to remain in the denial phase and afraid of seeing the ugly face of our market which is full of, (actually overloaded by) scammers and opportunists who do not care about anything or anyone other than their fat ass?
Aren't we, most of us, a light version of such an opportunist, fat, greedy asswhole, who just have come to this market to harvest easy money and do not see anything beyond our nose?
Isn't it what makes us indifferent to the Bittrex scam?
Oww I remember having a difficulty in bittrex in withdrawing because it says that I can only withdraw 0.025 BTC a day, (they said that it was for the protection) and now I received again a message here it is :
This email is to communicate policy changes for placing orders on Bittrex. As you know, Bittrex is committed to providing fair and efficient price discovery and these changes are designed to improve the overall trading experience on our markets.
Removing stale orders: Effective today, Bittrex will be removing orders that are older than 28 days. As we’ve communicated in the past, many of these orders have no reasonable expectation of being filled and clog the order books.
Raising the minimum trade size: Within the next 2 weeks, the minimum allowable trade value for orders will go from 50,000 Satoshi to 100,000 Satoshi. We will also require a minimum trade quantity on a per market basis.
Creating minimum tick sizes: Within the next 2 weeks, on a per market basis, we will be instituting minimum tick sizes that are based on the current price of the market. The target is to have minimum trade sizes that are near 0.1% of the current price. The current minimum tick size is 1 Satoshi. For example, Ethereum trades at 0.0577 Bitcoin. Bids and asks can only be placed in 0.0001 increments. So the next levels allowable levels on the order book will be 0.0576 and 0.0578.
A general statement about market manipulation tactics: Bittrex actively discourages any type of market manipulation, including pump groups. Consistent with our terms of service, we will suspend and close any accounts engaging in this type of activity and notify the appropriate authorities.
For more details around these policy changes, see this article.
https://support.bittrex.com/hc/en-us/articles/115003004171 Thank you,
Bill Shihara
Chief Executive Officer
I dont know if this is for the best of the market or for the protection of people, but I think they are trying to control us and pin us down in the neck.
I will be observing bittrex this coming week.
Would they really end up like Mintpal? That is what really troubled me, the verification nonsense they recently imposed. Luckily I withdrew no problem without any hassles last September and used Polo (though I still hate them) ever since. They started with the support replying with copy-pasted texts and doesn't seem to understand my problem about deposits and I just gave up. Sooner or later Bittrex would pull up a Gox, and the recent letter is just a front for us to feel that they're still operational.
Withdraw while you can folks. This will turn south so fast.
I have already withdrawn all my funds last month. And yes something more is going on here. Something fishy and I don't like it. We deserved an acceptable reason why they are doing this.
Not just freeze an account.
