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Topic: BTER.com hacked| 7170 BTC stolen | DON'T KEEP YOUR MONEY ON AN EXCHANGE | - page 6. (Read 119721 times)

legendary
Activity: 3514
Merit: 1280
English ⬄ Russian Translation Services
Well, just a few days ago I deposited something around 0.1 BTC at Bter to see everything with my own eyes. I was going to buy some doges and sell them at another exchange, looking for an arbitrage opportunity. And to my great surprise, the withdrawal fee of 1%+5 Doges was patiently awaiting me. They do give a 1% bonus for doge deposits, though, but it is irrelevant as you will see later. Only Bitcoin and Litecoin had their usual withdrawal commissions of 0.0006 BTC and 0.02 LTC, respectively. All other coins now have massive withdrawal fees. But that was only the beginning of my problems

I couldn't buy anything at the bid price there since no one had been buying or selling anything, so I ended up buying around 20k doges at another exchange, transferred them to Bter, got 1% bonus as promised, and placed the sell order at the same price, which was the lowest ask price (i.e. no sell orders at lower price). Only around 0.2 BTC in doges was placed in orders before me at the top of the orderbook, and it took me nearly 2 (!) days to sell half of these doges. The proceeds were enough to cover the withdrawal fees, so I cancelled my orders, and withdrew both remaining doges and 0.1 BTC. In the end it turned out that I even managed to earn some dust after selling doges at the exchange where I first bought them

The lesson to take home is that their deposit bonus could theoretically be used for an arbitrage, but since there is no active trading (orderbooks are basically frozen), it is pretty much useless

Well the withdrawal fee on DOGE was always cheaper and better than the bitcoin withdrawal.
I checked my account and from this "Fee: 1% + 5 DOGE (No fee for Bter Code). Get 1 % bonus when deposit DOGE" you can conclude that you lost a little bit when withdrawing the doges.
It's quite surpsigin the volume of "MG" coin in the last 24h which is 353.3BTC and still no payment to us Sad.

I didn't buy doges at Bter, so I just gave back what I received as a 1% deposit bonus. Indeed, if I had sold all doges (while I sold only half there), I would have earned a little bit more. But that would still be dust, therefore it doesn't matter much. What does though is that it is next to impossible to trade at Bter in any meaningful way, since the orderbooks basically don't move, i.e. no active trading is going on. Trading statistics at Bter are evidently doctored...

And it kinda seems that the exchange has entered the terminal phase of its life cycle
legendary
Activity: 1204
Merit: 1000
This is exactly what I've been asking. This means that the exchange is using relative values (percentages) in calculating the bonus. In fact, I think you are confusing something since if you, for example, deposited 1 BTC, got 0.01 BTC as a bonus, earned through trading 8.99 BTC (so your total is 10 BTC), and then decided to withdraw the funds, they would deduct 0.1 BTC (1% of 10 BTC), which is  nonsense...

If what you say is nevertheless true, such marketing tactics would be a masochistic exercise in stupidity

Firstly you are guaranteed that you will lose some money whatever if you got any profit from trading there or not.
So this tactic is smart from them but for users it not good because it's not good, we are not fools.

This tactic is not smart. I'd argue it is pretty much stupid, since traders are not fools and would stay miles away from such an exchange (that would allegedly grab some of their profits). In fact, I've never heard about any exchange using something similar before. Could you please post a link where this bonus accruement on deposit and subtraction on withdrawal is described in greater detail (preferably at Bter itself)?

I wanna see it with my own eyes

I just logged in our bter exchange and seems that they have removed this feature of +- 1% bonus.
They have added something new VIP tier which affects the trading fee, but still no batch of payment Sad

Well, just a few days ago I deposited something around 0.1 BTC at Bter to see everything with my own eyes. I was going to buy some doges and sell them at another exchange, looking for an arbitrage opportunity. And to my great surprise, the withdrawal fee of 1%+5 Doges was patiently awaiting me. They do give a 1% bonus for doge deposits, though, but it is irrelevant as you will see later. Only Bitcoin and Litecoin had their usual withdrawal commissions of 0.0006 BTC and 0.02 LTC, respectively. All other coins now have massive withdrawal fees. But that was only the beginning of my problems

I couldn't buy anything at the bid price there since no one had been buying or selling anything, so I ended up buying around 20k doges at another exchange, transferred them to Bter, got 1% bonus as promised, and placed the sell order at the same price, which was the lowest ask price (i.e. no sell orders at lower price). Only around 0.2 BTC in doges was placed in orders before me at the top of the orderbook, and it took me nearly 2 (!) days to sell half of these doges. The proceeds were enough to cover the withdrawal fees, so I cancelled my orders, and withdrew both remaining doges and 0.1 BTC. In the end it turned out that I even managed to earn some dust after selling doges at the exchange where I first bought them

The lesson to take home is that their deposit bonus could theoretically be used for an arbitrage, but since there is no active trading (orderbooks are basically frozen), it is pretty much useless

Well the withdrawal fee on DOGE was always cheaper and better than the bitcoin withdrawal.
I checked my account and from this "Fee: 1% + 5 DOGE (No fee for Bter Code). Get 1 % bonus when deposit DOGE" you can conclude that you lost a little bit when withdrawing the doges.
It's quite surpsigin the volume of "MG" coin in the last 24h which is 353.3BTC and still no payment to us Sad.
legendary
Activity: 3514
Merit: 1280
English ⬄ Russian Translation Services
This is exactly what I've been asking. This means that the exchange is using relative values (percentages) in calculating the bonus. In fact, I think you are confusing something since if you, for example, deposited 1 BTC, got 0.01 BTC as a bonus, earned through trading 8.99 BTC (so your total is 10 BTC), and then decided to withdraw the funds, they would deduct 0.1 BTC (1% of 10 BTC), which is  nonsense...

If what you say is nevertheless true, such marketing tactics would be a masochistic exercise in stupidity

Firstly you are guaranteed that you will lose some money whatever if you got any profit from trading there or not.
So this tactic is smart from them but for users it not good because it's not good, we are not fools.

This tactic is not smart. I'd argue it is pretty much stupid, since traders are not fools and would stay miles away from such an exchange (that would allegedly grab some of their profits). In fact, I've never heard about any exchange using something similar before. Could you please post a link where this bonus accruement on deposit and subtraction on withdrawal is described in greater detail (preferably at Bter itself)?

I wanna see it with my own eyes

I just logged in our bter exchange and seems that they have removed this feature of +- 1% bonus.
They have added something new VIP tier which affects the trading fee, but still no batch of payment Sad

Well, just a few days ago I deposited something around 0.1 BTC at Bter to see everything with my own eyes. I was going to buy some doges and sell them at another exchange, looking for an arbitrage opportunity. And to my great surprise, the withdrawal fee of 1%+5 Doges was patiently awaiting me. They do give a 1% bonus for doge deposits, though, but it is irrelevant as you will see later. Only Bitcoin and Litecoin had their usual withdrawal commissions of 0.0006 BTC and 0.02 LTC, respectively. All other coins now have massive withdrawal fees. But that was only the beginning of my problems

I couldn't buy anything at the bid price there since no one had been buying or selling anything, so I ended up buying around 20k doges at another exchange, transferred them to Bter, got 1% bonus as promised, and placed the sell order at the same price, which was the lowest ask price (i.e. no sell orders at lower price). Only around 0.2 BTC in doges was placed in orders before me at the top of the orderbook, and it took me nearly 2 (!) days to sell half of these doges. The proceeds were enough to cover the withdrawal fees, so I cancelled my orders, and withdrew both remaining doges and 0.1 BTC. In the end it turned out that I even managed to earn some dust after selling doges at the exchange where I first bought them

The lesson to take home is that their deposit bonus could theoretically be used for an arbitrage, but since there is no active trading (orderbooks are basically frozen), it is pretty much useless
legendary
Activity: 1204
Merit: 1000
There were no fees and I remember it clearly and was really good because the profit for traders was really higher.
Chinese most of the time has proved that aren't honest on things that they and that's why most of their target is inside their country.

I've heard it a few times across the forum that major Chinese exchanges (such as OKCoin, Huobi, BTCC) don't charge trading fees at all. Their trading volume is huge (you can see it yourself here), but they seem to trade only CNY pairs. I don't trade there myself, and it would be interesting to hear if it is really so as well as how much they charge for withdrawing bitcoins. Anyone know any specifics related to trading there, apart from the higher possibility of them running away with our money?

I'm not a specialist but about the withdrawing fee they take 0.0006 maybe more than other exchanges but this is their fee.
And this fee was for few years, I saw once it was 0.001 but was removed after, chinese exchanges have huge volume because of low/none fee.

This Bter page says it has a $2000 daily limit on USD withdrawals, and it looks like it has a 0% fee for them, but that can't be right.

https://bter.com/fee

However, the Rate standard link at the bottom of this translated OKcoin page says it has a fiat withdrawal fee of 0.1% (excluding bank transfer charges), a minimum of $15.

https://translate.google.co.uk/translate?hl=en&sl=zh-CN&u=https://www.okcoin.com/&prev=search

It also gives spot taker fees for trading, so it does have some trading fees.

Nothing is free especially on chinese exchanges that try on every step to charge you for everything.
I don't trade USD so really I don't care for the fees there, but mostly i traded on doge and ethereum which I was damaged hard.
sr. member
Activity: 345
Merit: 250
There were no fees and I remember it clearly and was really good because the profit for traders was really higher.
Chinese most of the time has proved that aren't honest on things that they and that's why most of their target is inside their country.

I've heard it a few times across the forum that major Chinese exchanges (such as OKCoin, Huobi, BTCC) don't charge trading fees at all. Their trading volume is huge (you can see it yourself here), but they seem to trade only CNY pairs. I don't trade there myself, and it would be interesting to hear if it is really so as well as how much they charge for withdrawing bitcoins. Anyone know any specifics related to trading there, apart from the higher possibility of them running away with our money?

I'm not a specialist but about the withdrawing fee they take 0.0006 maybe more than other exchanges but this is their fee.
And this fee was for few years, I saw once it was 0.001 but was removed after, chinese exchanges have huge volume because of low/none fee.

This Bter page says it has a $2000 daily limit on USD withdrawals, and it looks like it has a 0% fee for them, but that can't be right.

https://bter.com/fee

However, the Rate standard link at the bottom of this translated OKcoin page says it has a fiat withdrawal fee of 0.1% (excluding bank transfer charges), a minimum of $15.

https://translate.google.co.uk/translate?hl=en&sl=zh-CN&u=https://www.okcoin.com/&prev=search

It also gives spot taker fees for trading, so it does have some trading fees.



legendary
Activity: 1204
Merit: 1000
There were no fees and I remember it clearly and was really good because the profit for traders was really higher.
Chinese most of the time has proved that aren't honest on things that they and that's why most of their target is inside their country.

I've heard it a few times across the forum that major Chinese exchanges (such as OKCoin, Huobi, BTCC) don't charge trading fees at all. Their trading volume is huge (you can see it yourself here), but they seem to trade only CNY pairs. I don't trade there myself, and it would be interesting to hear if it is really so as well as how much they charge for withdrawing bitcoins. Anyone know any specifics related to trading there, apart from the higher possibility of them running away with our money?

I'm not a specialist but about the withdrawing fee they take 0.0006 maybe more than other exchanges but this is their fee.
And this fee was for few years, I saw once it was 0.001 but was removed after, chinese exchanges have huge volume because of low/none fee.
hero member
Activity: 742
Merit: 526
There were no fees and I remember it clearly and was really good because the profit for traders was really higher.
Chinese most of the time has proved that aren't honest on things that they and that's why most of their target is inside their country.

I've heard it a few times across the forum that major Chinese exchanges (such as OKCoin, Huobi, BTCC) don't charge trading fees at all. Their trading volume is huge (you can see it yourself here), but they seem to trade only CNY pairs. I don't trade there myself, and it would be interesting to hear if it is really so as well as how much they charge for withdrawing bitcoins. Anyone know any specifics related to trading there, apart from the higher possibility of them running away with our money?
legendary
Activity: 1204
Merit: 1000
This tactic is not smart. I'd argue it is pretty much stupid, since traders are not fools and would stay miles away from such an exchange (that would allegedly grab some of their profits). In fact, I've never heard about any exchange using something similar before. Could you please post a link where this bonus accruement on deposit and subtraction on withdrawal is described in greater detail (preferably at Bter itself)?

I wanna see it with my own eyes

I just logged in our bter exchange and seems that they have removed this feature of +- 1% bonus.
They have added something new VIP tier which affects the trading fee, but still no batch of payment Sad

They must be closely following this thread, lol. If I remember correctly, when they restarted operation after the hack, the fees had been cancelled for a month or so. It doesn't look like it helped them much, though. Further, many Chinese exchanges (and Bter is a Chinese exchange, after all) don't charge trading fees altogether...

So whatever they come up with next, their days are obviously numbered

There were no fees and I remember it clearly and was really good because the profit for traders was really higher.
Chinese most of the time has proved that aren't honest on things that they and that's why most of their target is inside their country.
legendary
Activity: 3276
Merit: 3537
Nec Recisa Recedit
This tactic is not smart. I'd argue it is pretty much stupid, since traders are not fools and would stay miles away from such an exchange (that would allegedly grab some of their profits). In fact, I've never heard about any exchange using something similar before. Could you please post a link where this bonus accruement on deposit and subtraction on withdrawal is described in greater detail (preferably at Bter itself)?

I wanna see it with my own eyes

I just logged in our bter exchange and seems that they have removed this feature of +- 1% bonus.
They have added something new VIP tier which affects the trading fee, but still no batch of payment Sad

They must be closely following this thread, lol. If I remember correctly, when they restarted operation after the hack, the fees had been cancelled for a month or so. It doesn't look like it helped them much, though. Further, many Chinese exchanges (and Bter is a Chinese exchange, after all) don't charge trading fees altogether...

So whatever they come up with next, their days are obviously numbered

one year ago (month + /- ) I ask more about "btc pending" and they reply:

I am so sorry about the delay.
As the fund is from our trading fee revenue,there is not much trading fee as the market is not so hot in the past months.

so these fee's are useless and probably will ruin definitely this "exchange".
legendary
Activity: 3514
Merit: 1280
English ⬄ Russian Translation Services
This tactic is not smart. I'd argue it is pretty much stupid, since traders are not fools and would stay miles away from such an exchange (that would allegedly grab some of their profits). In fact, I've never heard about any exchange using something similar before. Could you please post a link where this bonus accruement on deposit and subtraction on withdrawal is described in greater detail (preferably at Bter itself)?

I wanna see it with my own eyes

I just logged in our bter exchange and seems that they have removed this feature of +- 1% bonus.
They have added something new VIP tier which affects the trading fee, but still no batch of payment Sad

They must be closely following this thread, lol. If I remember correctly, when they restarted operation after the hack, the fees had been cancelled for a month or so. It doesn't look like it helped them much, though. Further, many Chinese exchanges (and Bter is a Chinese exchange, after all) don't charge trading fees altogether...

So whatever they come up with next, their days are obviously numbered
legendary
Activity: 1204
Merit: 1000
This is exactly what I've been asking. This means that the exchange is using relative values (percentages) in calculating the bonus. In fact, I think you are confusing something since if you, for example, deposited 1 BTC, got 0.01 BTC as a bonus, earned through trading 8.99 BTC (so your total is 10 BTC), and then decided to withdraw the funds, they would deduct 0.1 BTC (1% of 10 BTC), which is  nonsense...

If what you say is nevertheless true, such marketing tactics would be a masochistic exercise in stupidity

Firstly you are guaranteed that you will lose some money whatever if you got any profit from trading there or not.
So this tactic is smart from them but for users it not good because it's not good, we are not fools.

This tactic is not smart. I'd argue it is pretty much stupid, since traders are not fools and would stay miles away from such an exchange (that would allegedly grab some of their profits). In fact, I've never heard about any exchange using something similar before. Could you please post a link where this bonus accruement on deposit and subtraction on withdrawal is described in greater detail (preferably at Bter itself)?

I wanna see it with my own eyes

I just logged in our bter exchange and seems that they have removed this feature of +- 1% bonus.
They have added something new VIP tier which affects the trading fee, but still no batch of payment Sad
legendary
Activity: 3514
Merit: 1280
English ⬄ Russian Translation Services
This is exactly what I've been asking. This means that the exchange is using relative values (percentages) in calculating the bonus. In fact, I think you are confusing something since if you, for example, deposited 1 BTC, got 0.01 BTC as a bonus, earned through trading 8.99 BTC (so your total is 10 BTC), and then decided to withdraw the funds, they would deduct 0.1 BTC (1% of 10 BTC), which is  nonsense...

If what you say is nevertheless true, such marketing tactics would be a masochistic exercise in stupidity

Firstly you are guaranteed that you will lose some money whatever if you got any profit from trading there or not.
So this tactic is smart from them but for users it not good because it's not good, we are not fools.

This tactic is not smart. I'd argue it is pretty much stupid, since traders are not fools and would stay miles away from such an exchange (that would allegedly grab some of their hard-earned profits). In fact, I've never heard about any exchange using something similar before. Could you please post a link where this bonus accruement on deposit and subtraction on withdrawal is described in greater detail (preferably at Bter itself)?

I wanna see it with my own eyes
legendary
Activity: 1204
Merit: 1000
This is amazing, stop to trading on bter.com they are scammers. 

''Also in BTER it was supposed to receive more often the batch payment but this is not happening and their support sucks.
I think that until now they could make some small payment from the fees that they charge!''


Yea, their support is bad. 

I have stopped there to trade but even though after the hack I traded small amounts after because I trusted them but hopefully I didn't get scammed again.
What i was able to understand is that they give you 1% bonus of the coins you deposit but they also deduct 1% on withdraw which is unfair too.

From your words, I infer that you get a bonus when you send funds to your account at Bter and get it subtracted if you decide to withdraw the funds. How is that unfair? Indeed, if you earn something (or big time, for that matter), and they subtract the same percentage (i.e. more in absolute terms), this is only marginally fair, but could you confirm they are doing exactly that and not just take back the bonus you received (in absolute terms)?

I've long stopped trading there so I don't know (but curious to find out)

This is the effect of this marketing because you think that you are getting 1% bonus only by sending the coins there.
But lets say you deposit 1BTC and you get 1% bonus and now you have on your balance 1.01BTC, but when you withdraw 1.01BTC - 1% = 0.99BTC.

You see the difference?

This is exactly what I've been asking. This means that the exchange is using relative values (percentages) in calculating the bonus. In fact, I think you are confusing something since if you, for example, deposited 1 BTC, got 0.01 BTC as a bonus, earned through trading 8.99 BTC (so your total is 10 BTC), and then decided to withdraw the funds, they would deduct 0.1 BTC (1% of 10 BTC), which is  nonsense...

If what you say is nevertheless true, such marketing tactics would be a masochistic exercise in stupidity

Firstly you are guaranteed that you will lose some money whatever if you got any profit from trading there or not.
So this tactic is smart from them but for users it not good because it's not good, we are not fools.
legendary
Activity: 3514
Merit: 1280
English ⬄ Russian Translation Services
This is amazing, stop to trading on bter.com they are scammers. 

''Also in BTER it was supposed to receive more often the batch payment but this is not happening and their support sucks.
I think that until now they could make some small payment from the fees that they charge!''


Yea, their support is bad. 

I have stopped there to trade but even though after the hack I traded small amounts after because I trusted them but hopefully I didn't get scammed again.
What i was able to understand is that they give you 1% bonus of the coins you deposit but they also deduct 1% on withdraw which is unfair too.

From your words, I infer that you get a bonus when you send funds to your account at Bter and get it subtracted if you decide to withdraw the funds. How is that unfair? Indeed, if you earn something (or big time, for that matter), and they subtract the same percentage (i.e. more in absolute terms), this is only marginally fair, but could you confirm they are doing exactly that and not just take back the bonus you received (in absolute terms)?

I've long stopped trading there so I don't know (but curious to find out)

This is the effect of this marketing because you think that you are getting 1% bonus only by sending the coins there.
But lets say you deposit 1BTC and you get 1% bonus and now you have on your balance 1.01BTC, but when you withdraw 1.01BTC - 1% = 0.99BTC.

You see the difference?

This is exactly what I've been asking. This means that the exchange is using relative values (percentages) in calculating the bonus, not its absolute value. Though I still think you are confusing something since if you, for example, deposited 1 BTC, got 0.01 BTC as a bonus, earned through trading 8.99 BTC (so your total would be 10 BTC), and then decided to withdraw the funds, they would deduct 0.1 BTC (1% of 10 BTC) which is nonsense...

If what you say is nevertheless true, such marketing tactics would be a masochistic exercise in stupidity
legendary
Activity: 1204
Merit: 1000
This is amazing, stop to trading on bter.com they are scammers. 

''Also in BTER it was supposed to receive more often the batch payment but this is not happening and their support sucks.
I think that until now they could make some small payment from the fees that they charge!''


Yea, their support is bad. 

I have stopped there to trade but even though after the hack I traded small amounts after because I trusted them but hopefully I didn't get scammed again.
What i was able to understand is that they give you 1% bonus of the coins you deposit but they also deduct 1% on withdraw which is unfair too.

From your words, I infer that you get a bonus when you send funds to your account at Bter and get it subtracted if you decide to withdraw the funds. How is that unfair? Indeed, if you earn something (or big time, for that matter), and they subtract the same percentage (i.e. more in absolute terms), this is only marginally fair, but could you confirm they are doing exactly that and not just take back the bonus you received (in absolute terms)?

I've long stopped trading there so I don't know (but curious to find out)

This is the effect of this marketing because you think that you are getting 1% bonus only by sending the coins there.
But lets say you deposit 1BTC and you get 1% bonus and now you have on your balance 1.01BTC, but when you withdraw 1.01BTC - 1% = 0.99BTC.

You see the difference?
legendary
Activity: 3514
Merit: 1280
English ⬄ Russian Translation Services
This is amazing, stop to trading on bter.com they are scammers. 

''Also in BTER it was supposed to receive more often the batch payment but this is not happening and their support sucks.
I think that until now they could make some small payment from the fees that they charge!''


Yea, their support is bad. 

I have stopped there to trade but even though after the hack I traded small amounts after because I trusted them but hopefully I didn't get scammed again.
What i was able to understand is that they give you 1% bonus of the coins you deposit but they also deduct 1% on withdraw which is unfair too.

From your words, I infer that you get a bonus when you send funds to your account at Bter and get it subtracted if you decide to withdraw the funds. How is that unfair? Indeed, if you earn something (or big time, for that matter), and they subtract the same percentage (i.e. more in absolute terms), this is only marginally fair, but could you confirm they are doing exactly that and not just take back the bonus you received (in absolute terms)?

I've long stopped trading there so I don't know (but curious to find out)
legendary
Activity: 1204
Merit: 1000
This is amazing, stop to trading on bter.com they are scammers. 

''Also in BTER it was supposed to receive more often the batch payment but this is not happening and their support sucks.
I think that until now they could make some small payment from the fees that they charge!''


Yea, their support is bad. 

I have stopped there to trade but even though after the hack I traded small amounts after because I trusted them but hopefully I didn't get scammed again.
What i was able to understand is that they give you 1% bonus of the coins you deposit but they also deduct 1% on withdraw which is unfair too.
hero member
Activity: 714
Merit: 500
This is amazing, stop to trading on bter.com they are scammers. 

''Also in BTER it was supposed to receive more often the batch payment but this is not happening and their support sucks.
I think that until now they could make some small payment from the fees that they charge!''


Yea, their support is bad. 
legendary
Activity: 1764
Merit: 1031
It does stagger me that people still trade there...
legendary
Activity: 3514
Merit: 1280
English ⬄ Russian Translation Services
Bter could succeed still, how I think would have to be from innovation and providing service not available elsewhere.  They would have to be above and beyond the best exchange in some way, in order to compensate for this standing negative

If they didn't succeed during the time after the hack, there is little to no chance of succeeding in the future. If the exchange owners had funds to make such a change, it would make sense to start another exchange in the first place, with all these new features and innovation that you are talking about. Apparently, this new exchange should have no connection with the old, discredited Bter...

But right now Bter seems to be running in semi-autonomous mode, and I guess it can run this way for many more years

well! and  why they show funds stolen in balance?
You think there is a little possibility to get at least a portion one day?

ps what did you mean with an exchange that work in a semi-autonomous mode?

I mean that it is barely self-sustainable now. When something seriously breaks there or requires a major update (for whatever reason), they, or him (I mean the exchange owner - Lee, or what's his name) may have neither enough funds nor desire for such a remake. This may happen in a few days or in a few years, no one knows for sure...

But it will happen one day sooner or later, and when it finally happens that will be Bter's last hour
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