Topic: in early stages of bitcoin era, the war on exchanges has started doing victims - page 3. (Read 6103 times)

I've been checking out CampBX. They're definitely going for the wow factor with their website (as in, professional wow factor). That kind of thing tends to make me skeptical that perhaps too much effort is spent on image and not enough on infrastructure and security... but I'll give them a try and see what happens.

One of their funding options is to mail a USPS money order. This is pretty darn convenient; not as convenient as Bitfloor's BoA cash deposit but hey you can't have everything.

There are plenty of exchange options, and for those who scoff that all the little exchanges aren't secure, and cite the many shutdowns -
(1) May I remind you that MtGox was once hacked 
(2) For as many exchanges that have shutdown or scammed, there are many more that are just starting or have had their act together for a while, just have lower volume.

In addition, some of the shutdowns haven't been security related. Having your funds in Bitfloor recently wasn't a security risk as was suggested - none of the funds or BTC are at risk - they just got a whack in the balls by having their account closed, not much one can do when the bank is against you. My BTC is already out and my USD will be out in 2-3 business days. Trading suspended doesn't mean there's a security risk to my money.

So when looking at the exchange FUD, remember that there are exchanges you haven't heard of, exchanges with great track records, and of the shutdowns, many simply aren't security related. Also remember that a lot of the exchanges in the early days (some of which still exist) are run by people who have no idea what they're doing. We're starting to see more professional exchanges (as they collectively learn from Gox's and each others' mistakes)

And of course, obligatory statement about how much you can trust ANY foreign entity... I spread my funds between exchanges so if one DOES get hacked, my trading ability is not completely neutered.

Rather high? They are insane!

Now with Libertybit we have a little competition. Good. 

I don't know the exact details of why the RBC account was closed, here is an excerpt from their announcement:

" 1. Our Royal Bank account will be closing on April 5, 2013. Cash payments will no longer be accepted at any RBC branch after April 5, 2013. You may still make cash payments to BMO and Scotiabank. Bill payments are not affected by this close."

Bill payments are by far the easiest of all the payment types, it's exactly like paying your cable bill. and it's pretty fast, like a couple days? I've only tried it once, just to verify how it worked (I'm a miner, when I want to invest in bitcoin I give money to the computer hardware vendor, not the exchange)

I've also verified that this change had no effect on withdrawing fiat dollars from the exchange, which also takes a couple days. (at about the same time as this announcement, I had run out of bitcoins that I was willing to part with and I cashed out)

In my experience cavirtex is top-notch. When gox is lagging this little canadian exchange just keeps on chugging. Though be warned the fees are rather high.

Saw it a month ago, but the 10K initial investment is steep, I started with only 1K back in the day... lol

Forgive me, but what is the URL for BTChina?


EDIT: Nevermind, https://btcchina.com/

The article in your link is filled with inaccuracies.  But honestly, the hours and hours involved with going back and reading the threads as it all actually unfolded would be more work than I'd ever wish on anyone.

Put it this way:  Tradehill is back, and they haven't had any difficulty getting customers.  If I was a trader and wanted to put in their minimum, I'd be there in a heartbeat.

I don't have much choice, as OKpay sucks...

I have a dwolla account, but no funding in it... and I will only do small transactions in order to avoid losing

but still


http://venturebeat.com/2012/03/07/tradehill-sues-suing-dwolla-bitcoin/

Exchanges will come and go, that's just part of the evolution of bitcoin. As exchanges close, others will open. We've seen several stories recently of venture capitalists and entrepreneurs starting new bitcoin exchanges and there's even the guy who is creating bitcoin ATM's.

I almost forgot... bitcoinica... for those of us who where Zhou tongued 

Indeed.  There's a reason why most of the old-timers won't use Dwolla, and never will.

You haven't been here long since you failed to mention tradehill 

bought most of my bitcoins via bitcoin.de.
it's a relatively small exchange with direct money transfers between user's bank accounts. (ca. 50.000 user accounts so far)
(prices compared to mt. gox suck big time, but i still wait for finishing of my sepa transfer and right now I'm not too sure how long the gox account in poland will stay as it's mentioned others there are already shut down)
today that exchange anounced a planned collaboration with some partner from financial sector (perhaps in germany?) which could lead to some bigger exchange in europe.
we'll see if it's just bragging but it definitively sounds like some good developement for european exchanges.
And somewhere on the forums i read that there's some exchange soon to open in london.
I'm curious how governments will start reacting to the fast expansion of this sector.

None of my BTC have come from exchanges, or even from buying or mining as of yet, as it is complicated in the UK I have been improvising lol .

the opposite is true. the harder it is to particitpate for the average person the lesser will those people pour into the btc system. the only way for btc to get recognized more is its usage among ordinary people. if that fails, btc will fail. we need to get people INTO the system. as soon as one has some btc in a wallet, he or she starts taking care of it, gets informed, gets involved. and that is what we need. user friendliness.

I guess that may be a plus side: if banks shutter there doors to BTC then they'll likely be less speculators because it is too much of a hassle transferring funds in and out, and that it turn I'd expect would lead to more price stabilization .

Well, you forgot a lot, since exchanges are popping up left and right these days, with numerous funding options.

However, OTC is ALWAYS an option unless you're a day-trader or a speculator trying to make short-term gains by getting in at the perfect price. For most folks going long on BTC and using it for online purchases, OTC is a great option. I'm mainly referring to OTC - cash in person, but there is also online OTC for those who know how WoT works.
Sooner rather than later we're going to start to see coin shops buying and selling btc  

you don't need Exchanges to get Cash or BTC..

Did CaVirtEx close their RBC account themselves, or was it the bank's decision?

Camp BX should start to do pretty well...

I CAN'T GET MY MONEY BACK! SELL SELL SELL! ARRRHRHRHRH!!!