Topic: TradeHill - Who we are (Read 42361 times)

Hi Grouver,

Yes, there is a mark up on our Instant buy/sell. We are considering turning this directly into a market order.

Regards,
Adam - Tradehill

First is the market price, the second is what Tradehill pays you if you sell/buy directly (without putting a order in the marketplace)

Question, for some reason I see at bitcoincharts a diferent price per BTC then I see when asking quote on Tradehill.

Currently Bitcoincharts says: trEUR last price is: 7.15 EUR
Though, when I get a quote for 1 BTC Tradehill gives me 7.93 EUR

Whats up with this?

I have directed my partners to move all accounts to TradeHill.  We will be using TradeHill from this day forward.   

Marvelous.  Thank you.  In the future, when these problems arise, please consider short, daily blurbs summarizing the latest state of the problem - 5 minutes of effort type deals.  It probably seems redundant to you when there is nothing new to report, but psychologically, it's ten times more comforting than silence.

Forever I wanted to ask that:

What's the "Razón social" of Tradehill in Chile and its RUT?

Because if Tradehill is a chilean company, it should have a chilean legal name and it must be registered in SII (Chilean IRS) with a RUT (tax ID) and I've never have seen that info.

Thanks.

I understand the situation, you didn't want to destroy the exchange by telling people "Hey our accounts are frozen no one is getting paid!".

But really, that's probably what you should have said much earlier. I have a withdrawal from the 1st of August that's pending. Then I notice there's now a check option, I was not e-mailed about that option. I was not e-mailed about other options to cash out. Also my funds were not unfrozen so I could re-buy as Bitcoins value dropped. I'm not sure I would of but it would have been nice to have the USD back in the account since it was going to be weeks before it was sent.

I plan to keep using TradeHill they seem fairly honest and competent.

I understand that BoA pulled the rug out from under you. But the whole "we're working on it" isn't enough. 2 day air people certified checks. Heck even money orders. What I would have done is just e-mailed the people with pending withdrawals. Deal with them and avoid making a big blog post about it. That buys you some time and takes care of the main people effected.

I was surprised there wasn't more stink about it. TH kept accepting money, but wasn't able to send it back out via ach/wire. That's sorta important. Maybe it was my fault for not asking the money to be unfrozen so I could use another method. Maybe Paxum? Check? I don't know.

Next time work with people to get them the money quickly. Tell them the other options, tell them wires are down for the moment, people could have even withdrawn bitcoins and sold them on MtGox and gotten the money back out that way. Sure it sucks to send them to the competition, but that would have been then my deposit being on hold for 12 days. I don't need the money but it concerns me that all the wires/deposits were just in limbo this entire time. On August 2nd (I assume it started then since my deposit wasn't sent) everyone pending gets the usd back in their tradehill, informed of other options and it's done.

If they cash out and go to MtGox that would have been a lot better then having my money tied up with "we're working on it" for almost 2 weeks now. Like I said I'm still going to use TH but I'm not too pleased they weren't more proactive to solve the issue and just let my money rot in limbo. There were a number of solutions that would have resolved it and I would have been happy with, the only one that I'm not happy with is the delays while I keep waiting. The day you added the check option everyone with pending wires should have been informed.

Overall wires going down isn't that big of a deal. There's other options. People can buy back bitcoins, move it around, give them free trades for a week, use paxum, checks etc.. It became a bigger deal because wires were held in limbo with no timeline and honestly not enough solutions from your end. Next time put the usd back, tell them of the other options, tell them you're working on getting wires back, and that's the end of it. This whole 'wtf is going on with TH' could have been avoided day 1.

Hi Golden,

As of today we activated a new bank account that can execute transactions. 90% of delayed transactions will be executed today, Monday, or Tuesday. You will receive an email once your transaction is executed. We have been responding to 90% of the emails each day as of 5/6 days ago. Our average response time has increased from 2 hours to 12 hours due to the volume of emails received.

We regret the delays and have been working non-stop to arrange new accounts. We did not want to start executing transactions from new accounts until we had built redundancy into our banking arrangement; that is, at least two fully funded back up accounts at seperate banks. We have almost accomplished this task and will be reopening deposits via US wire service very soon. The same redundant configuration now exists for our Euro SEPA deposits and withdrawals.

We have been completely forthright with our banks as to the nature of our business, the nature of Bitcoin, and more. In doing so, many banks decided to remain on the sidelines. However, the banks that will be working with us are fully aware of our operations and aren’t expecting any surprises.

One reason we love Bitcoins is because you mustn’t rely on banks. As an exchange, we hold the front line in dealing with banks to ensure people can get cash for their Bitcoins. Until Bitcoins level of ubiquity relinquishes us from this necessity it will be our responsibility to ensure continuous service. Our ability to do this will determine our popularity in the long run.

We take full responsibility for our mistakes and our accomplishments and remain committed to our goal.

Thank you for your patience, your thoughts, and your interest.

Regards,
Adam – Tradehill

A few questions. What banks are paper checks drawn on? Also have you considered US postal money orders? Have you considered travelers cheques?

It's August 11, and still no word on the wires.  My money is still in limbo, and my emails don't get replied to.  This isn't looking good.  Any chance of a status update?

Not good.  No response from Tradehill. 

I've been waiting 4 days. Made a request for wire withdrawal on monday morning, still showing "In Process".

Jered, it has now been 3 days since I requested the wire, and it still shows as "in process".  I am losing a lot of faith in Tradehill at the moment.  Can you provide any clarity on thie at all?  My e-mails have gone un-answered. 

yes, my coins have moved as well. some communication would have been better.

Thanks, as always, for your clear answer.  I am actually delighted that you guys are taking the time to be extra careful at this point.  A note to the effect that my transfer request was pending extra review would have been appreciated, but I'll survive the trauma


I hope you find actuarials who outside-the-box thinkers.  I sense that Bitcoin has some unusual operators (e.g., gianormous) and some of them with unusual propensities (e.g., altruism and weird shit like that) compared to a lot of other markets.  And that some of these factors could strain the commonly accepted formulas.  I could be wrong...I often am.

When we allow margin trading we should be able to provide interest on BTC deposits. We've brought in experts who have been doing risk management for major banks for years and are discussing our options at this point.

This isn't something we're going to launch immediately and requires a lot of research and may push some legal boundaries so we're going to give it time. It's in the works though.

As far as delays we're watching a lot carefully due to the Mybitcoin.com / bitomat coins that may be floating around. It still shouldn't have taken that long to get your BTC out regardless and I apologize for that. The process it's self is very trivial but at the same time very critical, if something goes wrong internally it could be compounded by quickly moving BTC out so we manually approve a lot of the BTC movement.

Jered

FTR: my BTC were released.  Took twice as long as advertised, but I got 'em.

I don't feel to bad about being whiny here given that TH squealed like a stuck pig when Dwolla didn't live up to their stated procedures (and rightly so.)

I would still be interested in follow-up on my idea of lending my BTC to an exchange...hopefully with a little bit more control on my side than in my recent experience.  I see an issue with it in that everyone would always pull their BTC from the exchange simply to collect the 'interest' under the scheme I've described.

Seems like most commodities markets gain some benefit by virtue of the property that most players have no interest in taking control of the commodity and would not know what to do with 20 truckloads of pork bellies if they did take possession.  Bitcoin is different.  I fully expect that Tradehill, CampBX, Ruxum, etc have taken this into account in their business plans.  Hope so at least.

I am attracted to Bitcoin because I have enough control of my liquidity to direct it toward where it will do *me* the most good.  Or if I am in a good mood, some other entity of my choosing (e.g., the community at large or Wikilieaks or whatever.)

+++1

Totally agree.  Transferring btc should be of no issue whatsoever. 

+1

Disbursing BTC is not supposed to be terribly difficult.  Trivial vs. other forms of currency in fact.  That's one of the reasons why I like Bitcoin.

When the market is in flux it is especially nice to be able to move rapidly.  So getting things bogged down in process is a genuine harm to some people.

In my case, the delay is not hurting me other than the risk of Tradehill's solvency I am absorbing.  I would like it if Tradehill would offer to pay interest (or whatever you want to call it) on BTC which are not dispersed according to published policy.

For my part, I would weigh the risk against the reward and make a decision about what I wanted to do.  I highly value honesty and transparency.  The more confidence in Tradehill I could gain in this way, the less risk I would feel that I am carrying, and the lower the 'interest' I would accept to lend Tradhill my liquidity.

This seems eminently fair to me.  Thoughts?

Any response on my measly 100btc which are stuck in your system for 48 hours now? There have been enough blocks generated, I believe. Is there any other reason you are holding my btc?