Topic: Official CaVirtex.com Thread - page 26. (Read 103360 times)

I have a concern about having my bitcoins sit at an exchange (while waiting for an opportunity to sell, such as a potential to profit from arbitrage) but am afraid that with an exchange that also deals with alt-coins that I am at risk should the exchange suffer losses due to a successful 51% attack against an alt-coin.

This concern exists even if I don't touch any alt-coins because in most jurisdictions, once I deposit my bitcoins with the exchange, I have a liability from the exchange that is no different from anyone else's liability.   Specifically, if the exchange suffers losses from a hack attack, 51% attack or any other reason, I would not be guaranteed I could get my bitcoins back.  I shared this concern in a blog post:
 - http://bitcoinmoney.com/post/53207712103

When Mt. Gox announced that they were coming out with Litecoin trading, I asked some questions:
 - http://bitbin.it/raw.php?id=R2Fko5Iq

But never got an answer other than a response that my "concerns will be considered".

When Kraken announced tat they were supporting alt-currencies, I asked a similar set of questions and got straight answers:
 - https://bitcointalksearch.org/topic/m.3126507

So I would like to describe four specific scenarios that I would like to know what CAVirtEx's policy is should they occur:

A.) My CAVirtEx exchange account holds only fiat and bitcoins, and I've never traded for altcoins.  Would I be exposed to any risk of loss to those funds should there be a successful 51% attack against an altcoin that CAVirtEx supports?

B.) I have a balance of an altcoin and fiat, but had none of those altcoins deposited to CAVirtEx in any block that was ultimately orphaned as the result of the 51% attack.  Would I be exposed to any risk of loss to those funds should there be a successful 51% attack against that altcoin?

C.) I had bitcoins at CAVirtEx and I traded them for an altcoin.  Following this trade the attacker released blocks that resulted in a double spend such that the that altcoins I received were from the attacker's account (i.e., an altcoin deposited with a transaction that no longer confirms or was double spent).  Following the successful 51% attack against the altcoin, do I still have my altcoins that I purchased that I can withdraw (or trade back into Bitcoins)?

D.) In my CAVirtEx account I had deposited an altcoin from a block that utimately was orphaned as the result of a successful 51% attack against the altcoin.   Before the attack I was able to trade those altcoins for bitcoins which remain in my account.    After the successful 51% attack against the altcoin, do I still have the ability to withdraw those bitcoins?

Three Questions:
1. How does the Fee structure change to include LTC trading volumes

2. Will there be a pair added for LTC to BTC

3. When will shorting become available

If you have an open short position the LTC amount shorted is not available for withdrawal.

I have some concerns about the new changes to the TOA particularly the forfeiture of Bitcoins and the lack of explanation on the duration before this takes effect to a user.

Deposit Bitcoins

** ATTENTION ** As per our terms of service, we only service Canadian Citizens. If you deposit BTC, you will **NOT** be able to withdraw them until you are level 1 Verified or higher. Failure to get level 1 verified or higher will result in the **FORFEITURE OF YOUR COINS**!!!

** ATTENTION ** As per our terms of service, we only service Canadian Citizens. If you deposit LTC, you will **NOT** be able to withdraw them until you are level 1 Verified or higher. Failure to get level 1 verified or higher will result in the **FORFEITURE OF YOUR COINS**!!!

As per our terms of service you must be a Canadian Citizen to use our service.
You may only withdraw LTC if you are level 1 Verified or higher.You may only withdraw BTC if you are level 1 Verified or higher.

I am wondering why Bitcoin and Litecoin Withdrawals are restricted and if this is really fair to people who deposit coins and then get them confiscated for a mistake.

Thank for the kudos, guys.

In case you haven't seen it yet, here is our official press release on Litecoin:

VirtEx launches Litecoin trading

Litecoin trading is now available on VirtEx, Canada’s largest cryptocurrency exchange.

VirtEx customers can now exchange Litecoins to and from Canadian dollars as well as Bitcoins to and from Litecoins.

“We are very excited to allow traders to buy Litecoin with Canadian dollars,” said VirtEx CEO Joseph David. “This is a milestone in the history of cryptocurrency in Canada.”

The decision to offer Litecoin, often viewed as the silver equivalent to Bitcoin’s gold, comes in response to strong demand from VirtEx customers.

The development of LTC trading at VirtEx paves the way for the launch of other cryptocurrencies in the near future.

Since VirtEx began operations in July 2011, the total value of Bitcoin traded on the exchange exceeds $73 million CAD.

Visit VirtEx at https://www.cavirtex.com

Congrats on the LTC implementation indeed

I guess twitter is the official news channel.  If anyone is wondering if CaVirtex has pulled a GOX on us? Not today!
Congrats on the LTC implementation.

So guys, what's up? Service has been down all afternoon, without warning....

Are you really doing an unscheduled 'update' of the system?

There's Vault of Satoshi, but if you ask me, you have to be a fucking idiot doing business with an "exchange" that supports DOGE.

Any others?

So this thread now explains why I'm stuck in verification limbo.  Are there any decent Canadian exchanges out there that are legit and easy to use?

All I want to do is put enough money into bitcoin to buy from Bitmain.

I'm sure the service is good, but I'm not really comfortable putting money on an exchange that isn't at least attempting to comply with regulations.  No verification is ok in other countries, but I would be nervous they would get shut down and I would lose my holdings.

I feel they have abandonned everything, including their own business.

I'm now looking this new Canadian exchange: Morrex.com
They are based at Sherbrooke, Québec. Verification not required if you don't send/receive more than 1000$. They answered my email and resolved my small issue in few hours only, on the WEEKEND.

The only thing is that they are victim of the chicken & egg problem. There is not many users, so the volume is very low, so no one want to join, ...

I also just withdrew all my money, checking out VOS also...litecoin availability is also better

I just applied for level 3 verification on Vault of Satoshi 36 hours ago, we'll see how long that takes to go through.  Saving an extra 1% on fees every time I trade will be nice too when the verification is approved. I will update when that happens.  

Also can't feel bad posting about anything on this thread because it is basically an abandoned thread.  There hasn't been a post from Virtex here in over 2 months.  They should really just close it.

It does seem to take a while had affiliate approved and debit card approved before my Cash Verification was

Yes, thanks, I am Canadian and I have submitted all the required documents.  I think part of the difficulty comes from the fact that I was signed up there before any of this verification process came into effect.  So my account said it was verified and then suddenly nothing worked for me, but no one said anything at all.
The other problems other are the time zone difference, no clear procedure for dealing with Canadian abroad, and slow customer service.

I just want to pay my credit card bills ha ha ha

Are you a Canadian?  Your profile says your location is Korea.

You should read the documents at Virtex before trying to get verified there:

"Due to the uncertain regulatory environment we are only servicing Canadian Citizens at this time. We do have plans to expand but it is a low priority and we have no time estimates."

Even if you are a Canadian living in Korea it seems you will still have problems because the documents you will need to supply to get verified seem to require one to be residing in Canada.

Why haven't you gotten in yet? I just had a friend who got verified in a couple of days.

All comments here are important as they inform current and potential users what others experience has been with this exchange. 

I would like to say I have been trying to get verified since November last year and still have not completed the process.  I have submitted numerous tickets and still have no verification.

I use bitfinex, btce, vicurex, Kraken and a whole slew of exchanges in Korea and I have been satisfied overall with the service I have gotten.  Only virtex has been disappointing.  Not to mention they have a ridiculously fee starting at 1.5%.

Don't expect this exchange to provide great service.

Not sure that's a possibility at this point. These are non-voting, non-transferable shares. They are registered though, so you got that going for you!

Given how they have sent shareholders legal documents on registration, I'm not quite as convinced that they are scammers.