Topic: Just got all my funds out of HITbtc.com - This my goodbye: (Read 2427 times)

The hitbtc.com problem is that it actually did work for some time and then started to produce and/or experience serious issues which now have brought the usability and trustworthyness to a grinding halt.

I believe the reason is that the terrible mix of bad (read as: shady) organisational set-up and most terrible CRM have caught up with them.
If hitbtc was planned as a scam from the beginning, I can not say (although there are some signs suggesting just that).
When they did function, they functioned very well (very fast fiat deposits and withdrawals) and a highly active orderbook, but something always seemed a bit questionable.

For instance their very competitive fee structure.
For customers it is a good thing, but if not of fees how would they be making enough money to keep the exchange alive?
Even if their trading volume was real (not their own bots trading back and forth) they would have a really hard time to even pay the rent for their serviced offices they gave as company seats.
Let alone pay any personnel or hardware (servers and 24/7 tech support is not free).

So their business model was very obviously somewhere else.
From here on speculation is all that´s left.

What is a striking fact is that they started out very well funded with their orderbooks well filled almost from the start, but never said who was behind that.
It might be just a coincidence (although I seriously doubt that), but when shortly after gox going down and talks going on about some alliances buying up gox remains to continue from there a technically high profile exchange like hitbtc pops up (being run by a "company" with a latin joke name whos webpage comes in english and french who also ran catpay.com - meow? - cappucino anyone?) it smells like tux allover.

But why not give him a chance for a fresh start?
I and some others did just that (not having any super hard proof for the mentioned above anyway).

But now. Now it´s fucked up again. Not working. Not paying out. I´ve been there before (getting those lovely fold up postcards from Japan). I have no intention of going down that road again.

Hitbtc.com might get their shit together (they don´t have to come clean), but at the moment they are not working and it honestly does not look like they will resume to work anytime soon.

btw:
I still haven´t heard back from support and probably never will.

Life goes on and fortunately there are other places to trade too.

I have encountered similar issues with HitBTC that lead me to believe that the exchange is a complete scam operation. I have raised several tickets with support but so far have received nothing but evasive responses.  After having my account "verified" I am not able to withdraw any fiat currency.

Support claimed that fiat deposits/withdrawals were delayed because of a "major update of our billing system". In reality neither HitBTC, Ullus Corp. or Hit Technologies APS have the required registrations and licenses to operate in fiat currencies.

Exchanges like HitBTC damage the reputation of Bitcoin.

Dear HitBTC.com,



After locking in my money (a few K EUR) without giving any substantial reason or suggesting any way to resolve the situation, I have converted my EUR funds to BTC and withdrawn them.
I had to do this at a significant loss, but my trust in you to act sufficiently responsibly when handling my money has dropped to below zero.

We had to experience several issues over the past year, but this was the final blow to our business relationship.

Just to sum it up:
-When you started off, there was very heavy orderbook manipulation going on (no correlation between price movements and volume what so ever).
-You never managed to get your organisational shit together properly. With a parent company in a virtual office in Panama city and (in the beginning at least) no registration as a company while you told customers the contrary.
-taking your official thread off of bitcointalk.org, never did any good and there are already some reports from other customers who tell of posts you deleted on your own forum due to negative content (eg: market makers not being paid)
-I will not go into detail what I make of the meaning of the latin "ullus" in Ullus Corp., catpay and all the other leads all over the place. Greetings to London and your buddies at Normura.

p.s.:
1. Your "compliance officer" can stay on holiday as long as he pleases. There is no need to re-verify any of my bank accounts with you.
2. Your support alias names are ridiculous.
3. This is a public goodbye.