TradeHill - suspension of US wire deposits / withdrawals - page 3.

tvbcof

legendary

Activity: 4690

Merit: 1276

Quote from: yochdog on January 13, 2012, 08:51:53 PM

Quote from: tvbcof on January 13, 2012, 08:42:04 PM

The silence it becoming louder, and currently have more USD with Tradehill than I normally trust anyone with (waiting for the sub $2.00 price which has not yet come upon us.)

I wonder if no time was wasted in implementing some of the the more useful features of the NDAA?

Now they are taking much longer than usual for even BTC withdrawal. Have had one "in process" for over 6 hours now, and have never had one take more than 20 minutes before.

This is going South in a hurry.

If I were running an exchange, a bulk of my BTC would be in pretty deep storage and challenging to get access to. (In fact, that is the case even though I don't run an exchange come to think of it.) So, I would somewhat expect a delay assuming that customers are scrambling to get out while they can.

I considered spending all my money at the current prices and pulling my BTC. It makes little sense for people to sell Bitcoin until it is more possible to pull fiat out, so I would expect sellers to start to dry up like a shallow puddle on a frying pan.

In the end I decided to take a chance that Jered and co are on the level and will make things right once their banking issues are resolved, though I expect that it could possibly take a long time. If they are prone to take the money and run, it's probably to late to get out anyway.

yochdog

legendary

Activity: 2044

Merit: 1000

Quote from: tvbcof on January 13, 2012, 08:42:04 PM

The silence it becoming louder, and currently have more USD with Tradehill than I normally trust anyone with (waiting for the sub $2.00 price which has not yet come upon us.)

I wonder if no time was wasted in implementing some of the the more useful features of the NDAA?

Now they are taking much longer than usual for even BTC withdrawal. Have had one "in process" for over 6 hours now, and have never had one take more than 20 minutes before.

This is going South in a hurry.

tvbcof

legendary

Activity: 4690

Merit: 1276

The silence it becoming louder, and currently have more USD with Tradehill than I normally trust anyone with (waiting for the sub $2.00 price which has not yet come upon us.)

I wonder if no time was wasted in implementing some of the the more useful features of the NDAA?

niooron

full member

Activity: 193

Merit: 100

They also delayed a withdraw in CLP and haven't answered. I guess they all went on vacation.

dovewing2000

full member

Activity: 134

Merit: 100

Please update us as to whether you are actually sending out checks ...

yochdog

legendary

Activity: 2044

Merit: 1000

Tradehill, where are you? I have had a Paxum withdrawal pending for 3 days, and it STILL shows as "in process".

What is going on? No checks, no wires, and now no Paxum?

Please update your customers on the situation.....it does not look good currently.

Trader Steve

hero member

Activity: 836

Merit: 1007

"How do you eat an elephant? One bit at a time..."

Quote from: cypherdoc on January 11, 2012, 01:27:22 PM

Quote from: Trader Steve on January 08, 2012, 08:33:57 PM

Quote from: srf21c on January 08, 2012, 06:23:47 PM

There seems to be an unspoken assumption on this thread that banks won't be failing left and right themselves and therefore struggling to retain customer confidence.

Who is to say the reverse won't happen. A collapse in the fiat currency banking system that precipitates a flight of wealth into the relative safety and stability of the bitcoin network?

Yes, good point.

good to see u back, Steve!

Hello Cypherdoc!

digital

hero member

Activity: 490

Merit: 500

Personally, I'm not so much mad as inconvenienced. I need access to my cash, and really didn't want to have to open a Paxum or Okpay account to get at my $$.

Ultimately, I had to convert back to btc and remove btc in order to convert back to usd via another method. And of course, they took their share of the transaction too.

Definitely doesn't make me want to keep any meaningful amount of usd in my Tradehill account...

kjj

legendary

Activity: 1302

Merit: 1026

Quote from: Mobius on January 11, 2012, 01:53:55 PM

Quote from: Trader Steve on January 08, 2012, 08:33:57 PM

There seems to be an unspoken assumption on this thread that banks won't be failing left and right themselves and therefore struggling to retain customer confidence.

Who is to say the reverse won't happen. A collapse in the fiat currency banking system that precipitates a flight of wealth into the relative safety and stability of the bitcoin network?

The loss of trust in the bitcoin network is again perpetuated by the way this exchange has handled this situation. Their continuing lack of a substantial response in this message thread (that they started), indicates a blatant disregard to inform their account holders with respect to an updated status.. They have now changed their target date from Yesterday to hopefully by the end of the week.

They have not yet sent out an e-mail to all of the account holders nor have they placed a banner or notification on the account holder's dashboard page or the withdrawal page. It is either complete contempt or an utter disregard of the value they attribute toward the individual account holders.

U mad?

While I agree that they could be better at communication, your rant is way over the top; you just come across as nutty. There has been no loss of trust in the bitcoin network, except possibly from you, and I think the network will survive if you leave in a huff. I also very much doubt that they have contempt for any of their account holders.

I personally do have a little contempt for you, but that is mostly because I know what most of the words you used actually mean, and you apparently do not.

Mobius

hero member

Activity: 988

Merit: 1000

Quote from: Trader Steve on January 08, 2012, 08:33:57 PM

There seems to be an unspoken assumption on this thread that banks won't be failing left and right themselves and therefore struggling to retain customer confidence.

Who is to say the reverse won't happen. A collapse in the fiat currency banking system that precipitates a flight of wealth into the relative safety and stability of the bitcoin network?

The loss of trust in the bitcoin network is again perpetuated by the way this exchange has handled this situation. Their continuing lack of a substantial response in this message thread (that they started), indicates a blatant disregard to inform their account holders with respect to an updated status.. They have now changed their target date from Yesterday to hopefully by the end of the week.

They have not yet sent out an e-mail to all of the account holders nor have they placed a banner or notification on the account holder's dashboard page or the withdrawal page. It is either complete contempt or an utter disregard of the value they attribute toward the individual account holders.

cypherdoc

legendary

Activity: 1764

Merit: 1002

Quote from: Trader Steve on January 08, 2012, 08:33:57 PM

Quote from: srf21c on January 08, 2012, 06:23:47 PM

There seems to be an unspoken assumption on this thread that banks won't be failing left and right themselves and therefore struggling to retain customer confidence.

Who is to say the reverse won't happen. A collapse in the fiat currency banking system that precipitates a flight of wealth into the relative safety and stability of the bitcoin network?

Yes, good point.

good to see u back, Steve!

Mobius

hero member

Activity: 988

Merit: 1000

Quote from: digital on January 11, 2012, 12:13:13 PM

I sent a support request in regards to this and this is what I received in return:

Quote

Hi,
First, thanks for using Tradehill and excuse the delay in responding; it’s not typical.
We’ve temporarily disabled domestic and international wire/checks. The reason can be seen on our blog post here: http://tradehillblog.com/
We anticipate having a new domestic and international check/wire solution by the end of the week.
Until then you can use BitInstant or Paxum.
Thanks again and happy bit-trading.
Regards,
Tradehill

I was really looking forward to being able to access my funds by today, but now they say by the end of the week...

edit:

The blog entry they refer to is identical to the op

They should cover the extra cost to be able to get our money out.

digital

hero member

Activity: 490

Merit: 500

I sent a support request in regards to this and this is what I received in return:

Quote

Hi,
First, thanks for using Tradehill and excuse the delay in responding; it’s not typical.
We’ve temporarily disabled domestic and international wire/checks. The reason can be seen on our blog post here: http://tradehillblog.com/
We anticipate having a new domestic and international check/wire solution by the end of the week.
Until then you can use BitInstant or Paxum.
Thanks again and happy bit-trading.
Regards,
Tradehill

I was really looking forward to being able to access my funds by today, but now they say by the end of the week...

edit:

The blog entry they refer to is identical to the op

Mobius

hero member

Activity: 988

Merit: 1000

From Jan 4, 2012

Quote

Dear Clients,

We’ve had an issue with our Citibank account and we’ll not be accepting wire or ACH deposits or executing check, wire or ACH withdrawals for a short period of time. All the funds are accounted for and we’ll re-commence operations by Monday or Tuesday next week.

We’ve had an issue or two in the past with banking so we understand the tension this causes for customers and us. However, we’ve always sorted out it. There hasn’t been one incident where transactions weren’t executed properly and accurately once the issue was solved.

If you have any questions, don’t hesitate to send an email to [email protected].

Thank you very much!

Regards,
The TradeHill Team

-------------------------------------------------

It's Wednesday Jan 11, 2012, -- Where are we with this situation?

You still have not posted any NOTIFICATION on the log in page or the dashboard.

PrintCoins

hero member

Activity: 533

Merit: 501

Quote from: srf21c on January 08, 2012, 06:23:47 PM

There seems to be an unspoken assumption on this thread that banks won't be failing left and right themselves and therefore struggling to retain customer confidence.

Who is to say the reverse won't happen. A collapse in the fiat currency banking system that precipitates a flight of wealth into the relative safety and stability of the bitcoin network?

That is a possibility as well. It isn't really related to banks shutting down bitcoin transfers though. This is just a fun upside possibility.

Bitcoin, gold, property, food, oil will all shoot up when wealth flees fiat. That is the way it goes.

Trader Steve

hero member

Activity: 836

Merit: 1007

"How do you eat an elephant? One bit at a time..."

Quote from: srf21c on January 08, 2012, 06:23:47 PM

There seems to be an unspoken assumption on this thread that banks won't be failing left and right themselves and therefore struggling to retain customer confidence.

Who is to say the reverse won't happen. A collapse in the fiat currency banking system that precipitates a flight of wealth into the relative safety and stability of the bitcoin network?

Yes, good point.

srf21c

newbie

Activity: 14

Merit: 0

There seems to be an unspoken assumption on this thread that banks won't be failing left and right themselves and therefore struggling to retain customer confidence.

Who is to say the reverse won't happen. A collapse in the fiat currency banking system that precipitates a flight of wealth into the relative safety and stability of the bitcoin network?

srf21c

newbie

Activity: 14

Merit: 0

It seems to me that many of these arguments assume that banks won't be failing themselves and struggling to retain customer confidence.

Who is to say the reverse won't happen, a flight from fiat currency banks into the relative safety and stability of the bitcoin network?

Trader Steve

hero member

Activity: 836

Merit: 1007

"How do you eat an elephant? One bit at a time..."

Quote from: PrintCoins on January 06, 2012, 12:02:02 PM

Quote from: tvbcof on January 05, 2012, 06:25:47 PM

Quote from: PrintCoins on January 05, 2012, 06:09:06 PM

I think the banks are the biggest danger to Bitcoin in the near future. If they all started to decide that they don't want anything to do with bitcoins, the exchanges would be totally frozen out.

It's hard for me to believe that all financial institutions would abandon service of Bitcoin related enterprises absent some legislative action (whereupon I have no doubt that they would do so in a heartbeat.) It's a really interesting question in my mind about what would happen with the value of BTC in that scenario. I could see it going several different ways. Among them:

If demand is there it could get fairly pent up and explosive. After all, banks (mostly) don't want anything to do with drugs which has contributed to them absurdly valuable. Even though drugs are a physical commodity and thus cumbersome to supply, they are still plenty available and the demand ensures a thriving market.

On the other hand, I sense that a good bit of the demand is by day-trader types who have no real interest in holding BTC and see no value in doing so other than to flip them. That demand would evaporate without convenient exchanges which could depress the value of BTC considerable.

Tonight on the news "Underground currency bitcoin used for Drugs &... [name some other hot button issues]. Citi and Chase identified as facilitating ... bla bla bla"

Exchanges shut out quickly from all major banking outlets. No law needed. Just bad press. Find a rouge bank that will be willing to work with the exchange, and that bank will have some serious issues getting wire transfers from established banks.

Much of the value of bitcoin would vanish the day of, and traders scramble to get their money out of the exchanges (converting btc to usd and wiring money). New modes of exchange would need to be found (otc and in person). In essence, bitcoin would lose the big time speculators, and exchanges would be reduced to mini transactions, or some other less bank oriented system.

The irony is that if the press was really out there and everyone suddenly had knowledge of bitcoin, more people would want it.

But it doesn't need to go to frontline news to have banks shut exchanges down. If they get a whiff of bad press, it would happen.

I wonder what happened to the value of gold when it was deemed illegal to own. I think that might be a good historical lesson to look at in trying to predict the future of bitcoin (though gold and bitcoin are quite different).

Yes, this is the key issue that I've often thought about myself. I think a shut-out by the banks would relegate bitcoin back to a small, "community barter currency" - smaller than it already is. I think only a severe and totalitarian clamp down on voluntary exchange (much more than we have now) could reverse the resulting slowdown and drive faster bitcoin adoption. At what exact point I don't know. The current restrictions on cash transactions that are now being implemented in some parts of Europe may give us some clues. See The Coming Attack On Bitcoin And How To Survive It http://tinyurl.com/3b6d823

Jered Kenna (TradeHill)

sr. member

Activity: 420

Merit: 250

Quote from: ssaCEO on January 07, 2012, 04:03:08 PM

Jered, if we really wanted to move cash out quickly through Tradehill and would pay the premium for it, is there a reason it can't be wired from Chile to either a US or European bank account?

Unless you're trading Chilean Pesos the funds are either in the US, Europe or India depending on the currency.
The problem isn't foreign banks, it's US banks.

Jered

Topic: TradeHill - suspension of US wire deposits / withdrawals - page 3. (Read 11520 times)