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Topic: Hundreds of people have lost money using bitinstant (Read 1842 times)

hero member
Activity: 868
Merit: 1000

Seems like they only have growing pains, and everythign is solved as quickly as they can. With many new customers, there will be issues, and some scream loud too early.

"Growing pains" are a luxury Bitcoin services handling the funds of others can no longer afford.  The demand for services and the sheer value of funds being handled means that every company needs to be handle rapid growth from the get-go now. 

Services need to stop making their internal problems their customers' problems.  If they don't have the capacity to handle a certain volume, then they need to put limits in place which keep the number of users/value of transactions at levels they can handle in a timely manner - which may mean not accepting new customers until they have the capacity to handle them.

I understand Charlie's explanations for this problem, but it's one which should have been foreseen and planned for.  Neither lack of liquidity nor problems with the MtGox API should be issues allowed to affect users after the fact - transactions should not be accepted at all if they are going to be delayed due to those factors rather than user funds being hostage to those issues.

It's not 2011 any more and Charlie's been around longer than most.  Businesses which lack the capacity to scale cannot hope to survive long term.
full member
Activity: 168
Merit: 100
I see lots of issues getting resolved in that thread. What i also see is many people obfuscating the process by not providing the correct data or just complaining. The guy is obviously working his ass off.

so do you think keeping others money is fair and what do you think about the cash voucher that is three times in value should i get cash or bitcoins so whats your definition of fair to get fucked up the ass thats your idea of fair.
full member
Activity: 168
Merit: 100
They havent replied to mine its been 2 weeks and nothing hope they plan on reutning coins and not a cash voucher.
newbie
Activity: 11
Merit: 0
I see lots of issues getting resolved in that thread. What i also see is many people obfuscating the process by not providing the correct data or just complaining. The guy is obviously working his ass off.
xqr
newbie
Activity: 56
Merit: 0
They're having a hard time keeping up with the number of orders, along with MTGox's API being trash from what I have read. Send an order to support, they'll figure it out. The two times I have used them it didn't go through automatically and I had to email them, but within 2 days I had my money. I would give them a week due to the huge influx in orders.

My order is from April 2nd and I contacted bitinstant. I have received PMs and responses on the official thread claiming my issue was "escalated" but my order is still unresolved. Today my patience with the service wore out.
newbie
Activity: 9
Merit: 0
They're having a hard time keeping up with the number of orders, along with MTGox's API being trash from what I have read. Send an order to support, they'll figure it out. The two times I have used them it didn't go through automatically and I had to email them, but within 2 days I had my money. I would give them a week due to the huge influx in orders.
xqr
newbie
Activity: 56
Merit: 0
OK - I used them March 19th and March 23th. Everything worked good at that time. If it is so that they infact are stalling orders, that is very very bad.

Herodes, click the link in my signature. That thread is snowballing with people complaining about missing orders.

Perhaps you could start a hread in this section: https://bitcointalk.org/index.php?board=83.0

Then collecting information about outstanding orders from the Bitinstant support thread, and ask everyone complaining, if their issue has been resolved. If there's a systematic failure at Bitinstant and/or scam - it's time to reveal that for the benefit of the community.

Looks like someone beat me to it:

https://bitcointalksearch.org/topic/how-is-bitinstant-not-at-the-top-of-this-section-155533
hero member
Activity: 868
Merit: 1000
OK - I used them March 19th and March 23th. Everything worked good at that time. If it is so that they infact are stalling orders, that is very very bad.

Herodes, click the link in my signature. That thread is snowballing with people complaining about missing orders.

Perhaps you could start a hread in this section: https://bitcointalk.org/index.php?board=83.0

Then collecting information about outstanding orders from the Bitinstant support thread, and ask everyone complaining, if their issue has been resolved. If there's a systematic failure at Bitinstant and/or scam - it's time to reveal that for the benefit of the community.
xqr
newbie
Activity: 56
Merit: 0
OK - I used them March 19th and March 23th. Everything worked good at that time. If it is so that they infact are stalling orders, that is very very bad.

Herodes, click the link in my signature. That thread is snowballing with people complaining about missing orders.
member
Activity: 68
Merit: 10
i still haven't gotten my transfer from mtgox to bitstamp deposited.....yet they are still accepting transfers to bitstamp

i've lost sooo much money in unrealized profits because of this.

no response from technical support via several avenues.  web, email, irc, private message.
hero member
Activity: 868
Merit: 1000
OK - I used them March 19th and March 23th. Everything worked good at that time. If it is so that they infact are stalling orders, that is very very bad.
xqr
newbie
Activity: 56
Merit: 0
Did Bitinstant ever recover from their 12,000 coin theft?

Lol, well if I had to guess they're recovering from it by helping themselves to everyone's BI transfers...
sr. member
Activity: 476
Merit: 250
Did Bitinstant ever recover from their 12,000 coin theft?
xqr
newbie
Activity: 56
Merit: 0
This is just a heads up, avoid using bitinstant if you don't want to risk having your money lost in limbo. Either the company is purposely stealing everyone's funds, or they're simply too incompetent to run a business.

Take a look over at the newbie support thread to see everyone complaining about missing funds:

https://bitcointalk.org/index.php?topic=128314.3800

Seems like they only have growing pains, and everythign is solved as quickly as they can. With many new customers, there will be issues, and some scream loud too early.

My transfer has been lost in limbo since April 2, and since then I have only seen people complain. I'm just giving everyone a heads up.

Money is disappearing in bitinstant.

OK - i understand where you're coming from then. Since April 2nd in the bitcoin world is a long time.. Esp. with these raising prices, I understand people are angry. Have you got any communication from them ?

They have people on the boards replying to the angry posts all the time. The problem though is the only response they're giving is "we've escalated your problem" or "we've opened a support ticket for you". In the time I posted my problem, I have seen the official bitinstant support forum grow by over 100 pages in the past week alone with people only complaining about missing transfers. They're not actually resolving any of the missing transfers, they just appear to be stalling for time with their "support tickets".

It definitely worked on me, it wasn't until today that I finally lost my patience with them.
hero member
Activity: 868
Merit: 1000
This is just a heads up, avoid using bitinstant if you don't want to risk having your money lost in limbo. Either the company is purposely stealing everyone's funds, or they're simply too incompetent to run a business.

Take a look over at the newbie support thread to see everyone complaining about missing funds:

https://bitcointalk.org/index.php?topic=128314.3800

Seems like they only have growing pains, and everythign is solved as quickly as they can. With many new customers, there will be issues, and some scream loud too early.

My transfer has been lost in limbo since April 2, and since then I have only seen people complain. I'm just giving everyone a heads up.

Money is disappearing in bitinstant.

OK - i understand where you're coming from then. Since April 2nd in the bitcoin world is a long time.. Esp. with these raising prices, I understand people are angry. Have you got any communication from them ?
xqr
newbie
Activity: 56
Merit: 0
This is just a heads up, avoid using bitinstant if you don't want to risk having your money lost in limbo. Either the company is purposely stealing everyone's funds, or they're simply too incompetent to run a business.

Take a look over at the newbie support thread to see everyone complaining about missing funds:

https://bitcointalk.org/index.php?topic=128314.3800

Seems like they only have growing pains, and everythign is solved as quickly as they can. With many new customers, there will be issues, and some scream loud too early.

My transfer has been lost in limbo since April 2, and since then I have only seen people complain. I'm just giving everyone a heads up.

Money is disappearing in bitinstant.
hero member
Activity: 868
Merit: 1000
This is just a heads up, avoid using bitinstant if you don't want to risk having your money lost in limbo. Either the company is purposely stealing everyone's funds, or they're simply too incompetent to run a business.

Take a look over at the newbie support thread to see everyone complaining about missing funds:

https://bitcointalk.org/index.php?topic=128314.3800

Seems like they only have growing pains, and everythign is solved as quickly as they can. With many new customers, there will be issues, and some scream loud too early.
hero member
Activity: 924
Merit: 1000
I've had multiple successful orders with them, most fulfilled in minutes. One took a few hours.

As I understand they have a small staff dealing with the issues. Just gotta be patient. They aren't out to scam anyone.
xqr
newbie
Activity: 56
Merit: 0
I wish I could say the same crazy_rabit Sad

I'm sure the several hundred people who lost money to limbo in the past week feel the same. Sadly, I've yet to see any of their issues resolved as well.
legendary
Activity: 1204
Merit: 1001
RUM AND CARROTS: A PIRATE LIFE FOR ME
This belongs in service discussion.

That said, I was a very happy BitInstant customer when they could transfer to BTC-E. Did many, many, transfers with them. When I did have a problem, it was fixed.
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