Topic: Vircurex Trade Limits (Read 615 times)
vircurex is up again
I can't answer your question but I would like to talk about Vircurex.
I like that Vircurex is somewhat transparent with quarterly reports for crypto-stocks, transparent by today's standards for a crypto-exchange at least.
You can read their reports here : https://vircurex.com/welcome/investors?locale=en
I wanted to trade on there but searching on forums I found that around 8 mos ago there were tons of posts about lost money, then there were a few more from 2 mos ago.
If you read in those reports you can see that they claim to have lost money to a defaulted USD/BTC exchange (forget the name). They claim to have lost like 20k usd and 8k euro. There is no proof that I've found for anything and that's their unverified story. EDIT: The timeframe of the major incident match up to the default mentioned in the report very closely to suggest that depositors funds were lost under their custody and they were likely insolvent.
If you look at their book value, it looks like they are headed to a bad place already negative 1000+ btc (million dollars).
That's why I decided to lose out on the potential arbitrages and trade on one less exchange. Coins-e burned me and they looked legit. I couldn't roll the dice putting real money with an unregulated exchange run out of beijing that's a billion in the hole and seeing declining revenue. Because people like that start to feel pressure after a while, and unless they move mountains to change their course for the better, they take the ferrari that's sitting on their servers likely with no repercussions.
Hopefully I'm just cynical, but the very idea of trade limits, unless you're a complete whale which I assume isn't the case, I think illustrates their present situation. If you deposit it I think you should get to trade it. Not have to jump through hoops while they martingale further into oblivion with your money.
It could just be a routine server upgrade today, but doesn't it kind of seem like even if you always sweep your accounts on a site like that that you're really playing with fire? You could always get stuck and even if youre careful and it ends up as a "cost of doing business" type loss it's still annoying.
I like that Vircurex is somewhat transparent with quarterly reports for crypto-stocks, transparent by today's standards for a crypto-exchange at least.
You can read their reports here : https://vircurex.com/welcome/investors?locale=en
I wanted to trade on there but searching on forums I found that around 8 mos ago there were tons of posts about lost money, then there were a few more from 2 mos ago.
If you read in those reports you can see that they claim to have lost money to a defaulted USD/BTC exchange (forget the name). They claim to have lost like 20k usd and 8k euro. There is no proof that I've found for anything and that's their unverified story. EDIT: The timeframe of the major incident match up to the default mentioned in the report very closely to suggest that depositors funds were lost under their custody and they were likely insolvent.
If you look at their book value, it looks like they are headed to a bad place already negative 1000+ btc (million dollars).
That's why I decided to lose out on the potential arbitrages and trade on one less exchange. Coins-e burned me and they looked legit. I couldn't roll the dice putting real money with an unregulated exchange run out of beijing that's a billion in the hole and seeing declining revenue. Because people like that start to feel pressure after a while, and unless they move mountains to change their course for the better, they take the ferrari that's sitting on their servers likely with no repercussions.
Hopefully I'm just cynical, but the very idea of trade limits, unless you're a complete whale which I assume isn't the case, I think illustrates their present situation. If you deposit it I think you should get to trade it. Not have to jump through hoops while they martingale further into oblivion with your money.
It could just be a routine server upgrade today, but doesn't it kind of seem like even if you always sweep your accounts on a site like that that you're really playing with fire? You could always get stuck and even if youre careful and it ends up as a "cost of doing business" type loss it's still annoying.
Quote
11 Jan 2014 - System maintenance on 12th Jan 2014 15:00 GMT
We will be upgrading our server hardware on 12th January 2014, the sytem will not be available from 15:00 GMT to estimated 16:00GMT.
That's the best explanation I can think of myself and it's about time too, nice to see them adapting to their volume.
Hi All,
After some browsing, I haven't quite been able to find trade limits on Vircurex. I'm trying to trade my DVC for BTC, but the red button is inactive, I'm presuming there's limits involved here?
Can anyone point me to an existing thread or advise of these limits for all ava. coins?
Greatly appreciated.
Cheers,
jmevz
After some browsing, I haven't quite been able to find trade limits on Vircurex. I'm trying to trade my DVC for BTC, but the red button is inactive, I'm presuming there's limits involved here?
Can anyone point me to an existing thread or advise of these limits for all ava. coins?
Greatly appreciated.
Cheers,
jmevz
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