my fiat withdrawal still pending for almost 48 hours
Did you use usdt?
Topic: WEX.nz - page 26. (Read 62401 times)
Did you use usdt?
quick update,
i just received my advcash payment after 48 hours of waiting
i just received my advcash payment after 48 hours of waiting
my fiat withdrawal still pending for almost 48 hours
What withdrawal method did you use and what country do you live in, if you don't mind me asking?
my fiat withdrawal still pending for almost 48 hours
Did you use usdt?
I use Advcash
The fees was 5.5% at the time of withdrawal.
I sent support ticket to them, but still not responding.
my fiat withdrawal still pending for almost 48 hours
What withdrawal method did you use and what country do you live in, if you don't mind me asking?
I think we can safely assume the fiat funds are not there simply by the existence of IOU tokens, if the funds were there tokens would not be required. The problem is they most likely didn't issue enough fiat tokens to fill the gap between the actual fiat reserves to the total fiat debt.
So, after the Bitfinex hack, when they issued USD-denominated tokens to cover the BTC shortfall, were they insolvent? The whole point of the tokens is to erase the insolvency from the books. But I will say, the fact that there were zero conversions of fiat balances after the launch of WEX is suspicious. It could not have worked out to the penny. So to some extent, you must be right.
Trading crypto for USDT instead of USD would have prevented the 10% price gap between exchanges and made things more stable on WEX.
In the meantime they could explore methods for topping up real fiat without as much pressure.
Now we have the silly situation were BTC/USD on WEX is trading for $4150, about 13-15% higher than other exchanges, be because the USD on WEX is worth less.
In the meantime they could explore methods for topping up real fiat without as much pressure.
Now we have the silly situation were BTC/USD on WEX is trading for $4150, about 13-15% higher than other exchanges, be because the USD on WEX is worth less.
I don't think that situation was avoidable. The premium comes from inability to process fiat withdrawals (and maybe some perceived risk of law enforcement action). They could never have obtained enough Tether liquidity to replace USD balances with USDT. That's why they have a 10% withdrawal fee... because they need to discourage a bank run on USDT reserves.
my fiat withdrawal still pending for almost 48 hours
It seems like it's too late for that now. People have been actively trading and withdrawing, so those balances are set in stone. It's interesting to recognize that Bitfinex is in a similar position: unable to process fiat deposits or withdrawals, with Tether as the only means to move fiat value around.
It's also not necessarily true that the fiat "isn't there." The same goes for Bitfinex. Inability to reliably move high volume USD is not the same as being insolvent. Don't get me wrong -- for all I know, WEX is insolvent. But I just mean that it might be a bit more complex than that. US-facing poker sites have generally charged high withdrawal fees ever since the US government shut down the major sites in 2011 (some sites offer a couple free withdrawals per year).
I think we can safely assume the fiat funds are not there simply by the existence of IOU tokens, if the funds were there tokens would not be required. The problem is they most likely didn't issue enough fiat tokens to fill the gap between the actual fiat reserves to the total fiat debt. It's also not necessarily true that the fiat "isn't there." The same goes for Bitfinex. Inability to reliably move high volume USD is not the same as being insolvent. Don't get me wrong -- for all I know, WEX is insolvent. But I just mean that it might be a bit more complex than that. US-facing poker sites have generally charged high withdrawal fees ever since the US government shut down the major sites in 2011 (some sites offer a couple free withdrawals per year).
Smarter use of USDT early could have helped things a lot, because that could be bought using crypto from other exchanges to top up a USDT wallet on WEX. Then issue IOU tokens for the crypto they used to do that. Then they could have issued USDT instead of USD and USD/USDET tokens to redeem down the track for real fiat. Probably a RUR/USDT and EUR,USDT pairs would have been needed too.
Trading crypto for USDT instead of USD would have prevented the 10% price gap between exchanges and made things more stable on WEX.
In the meantime they could explore methods for topping up real fiat without as much pressure.
Now we have the silly situation were BTC/USD on WEX is trading for $4150, about 13-15% higher than other exchanges, be because the USD on WEX is worth less.
WEX have increased their fiat withdrawal fees to 10% and added USDT as a method which is not a bad idea, even if USDT is a scam it's still honored at other exchanges. Minimum $1,000 USDT
I presume the increase in fees to 10% is to stop a bank run on fiat when they don't really have reserves. It will anger the crap out of fiat bag holders, but it will allow desperates to get most funds out. Can't see it encouraging fiat deposits which is ultimately what they need to top up the reserves.
Another reason might be that the main fiat/crypto pairs have been trading on WEX 10% higher than on other exchanges, so the high fee would stop people moving crypto in from other exchanges and cashing it out in fiat once again draining the fiat reserves.
They screwed up by giving the fiat holders 61% in fiat (probably to save face) instead of near 100% in IOU tokens, now people are trying to withdraw fiat that isn't there. A really silly move, oh well. It would be much nicer for all on WEX if they stop pretending there is fiat, when there is obviously a drastic shortfall, and issue fiat IOU tokens instead until there actually are some significant fiat reserves.
I presume the increase in fees to 10% is to stop a bank run on fiat when they don't really have reserves. It will anger the crap out of fiat bag holders, but it will allow desperates to get most funds out. Can't see it encouraging fiat deposits which is ultimately what they need to top up the reserves.
Another reason might be that the main fiat/crypto pairs have been trading on WEX 10% higher than on other exchanges, so the high fee would stop people moving crypto in from other exchanges and cashing it out in fiat once again draining the fiat reserves.
They screwed up by giving the fiat holders 61% in fiat (probably to save face) instead of near 100% in IOU tokens, now people are trying to withdraw fiat that isn't there. A really silly move, oh well. It would be much nicer for all on WEX if they stop pretending there is fiat, when there is obviously a drastic shortfall, and issue fiat IOU tokens instead until there actually are some significant fiat reserves.
It seems like it's too late for that now. People have been actively trading and withdrawing, so those balances are set in stone. It's interesting to recognize that Bitfinex is in a similar position: unable to process fiat deposits or withdrawals, with Tether as the only means to move fiat value around.
It's also not necessarily true that the fiat "isn't there." The same goes for Bitfinex. Inability to reliably move high volume USD is not the same as being insolvent. Don't get me wrong -- for all I know, WEX is insolvent. But I just mean that it might be a bit more complex than that. US-facing poker sites have generally charged high withdrawal fees ever since the US government shut down the major sites in 2011 (some sites offer a couple free withdrawals per year).
WEX have increased their fiat withdrawal fees to 10% and added USDT as a method which is not a bad idea, even if USDT is a scam it's still honored at other exchanges. Minimum $1,000 USDT
I presume the increase in fees to 10% is to stop a bank run on fiat when they don't really have reserves. It will anger the crap out of fiat bag holders, but it will allow desperates to get most funds out. Can't see it encouraging fiat deposits which is ultimately what they need to top up the reserves.
Another reason might be that the main fiat/crypto pairs have been trading on WEX 10% higher than on other exchanges, so the high fee would stop people moving crypto in from other exchanges and cashing it out in fiat once again draining the fiat reserves.
They screwed up by giving the fiat holders 61% in fiat (probably to save face) instead of near 100% in IOU tokens, now people are trying to withdraw fiat that isn't there. A really silly move, oh well. It would be much nicer for all on WEX if they stop pretending there is fiat, when there is obviously a drastic shortfall, and issue fiat IOU tokens instead until there actually are some significant fiat reserves.
I presume the increase in fees to 10% is to stop a bank run on fiat when they don't really have reserves. It will anger the crap out of fiat bag holders, but it will allow desperates to get most funds out. Can't see it encouraging fiat deposits which is ultimately what they need to top up the reserves.
Another reason might be that the main fiat/crypto pairs have been trading on WEX 10% higher than on other exchanges, so the high fee would stop people moving crypto in from other exchanges and cashing it out in fiat once again draining the fiat reserves.
They screwed up by giving the fiat holders 61% in fiat (probably to save face) instead of near 100% in IOU tokens, now people are trying to withdraw fiat that isn't there. A really silly move, oh well. It would be much nicer for all on WEX if they stop pretending there is fiat, when there is obviously a drastic shortfall, and issue fiat IOU tokens instead until there actually are some significant fiat reserves.
is WEX perfectmoney and advcash withdrawal is always slow?
i know their timeframe is within 72 hours.
on their early launch, my fiat withdrawals are processed in 10 hours.
and then, it slowly become longer...to 16 hours...23 hours.
my latest withdrawal just passed 24 hours....and still pending
i noticed smaller amount was processed faster than large amount.
it took only 30 minutes to be processed.
i know their timeframe is within 72 hours.
on their early launch, my fiat withdrawals are processed in 10 hours.
and then, it slowly become longer...to 16 hours...23 hours.
my latest withdrawal just passed 24 hours....and still pending
i noticed smaller amount was processed faster than large amount.
it took only 30 minutes to be processed.
I think WEX should add:
ZEC
ETC
XMR
These are the 3 next most traded PoW coins in the list that the don't have, BTC-e seemed to focus on PoW coins rather than pre-mined tokens, I presume WEX is similar.
ZEC
ETC
XMR
These are the 3 next most traded PoW coins in the list that the don't have, BTC-e seemed to focus on PoW coins rather than pre-mined tokens, I presume WEX is similar.
Do they have a coin voting process like other exchanges? I agree that XMR and ZEC should definitely be traded there. They are well-established with top cryptographers and coders maintaining the repos. Also agree with the person who said that privacy coins are a good direction. I think there's a war on privacy coming in crypto, and I think we're going to see a lot of these coins rise in price and do a lot of volume in the next year.
I think WEX should add:
ZEC
ETC
XMR
These are the 3 next most traded PoW coins in the list that the don't have, BTC-e seemed to focus on PoW coins rather than pre-mined tokens, I presume WEX is similar.
ZEC
ETC
XMR
These are the 3 next most traded PoW coins in the list that the don't have, BTC-e seemed to focus on PoW coins rather than pre-mined tokens, I presume WEX is similar.
Indeed, it seems like they need to branch out if they expect to increase traffic (and thus regain trust). That's what Bitfinex did -- added a bunch of altcoins and ERC20 tokens. People have basically forgotten about the Bitfinex hack by now; they do massive volume. And all without being able to process fiat.
They previously said that XMR did not pass their code audit. I didn't see any more detail. I wonder if they would reconsider at this point. Given their position, and that of their current and former customer base, I would think privacy-oriented coins would be a good direction for them to head in.
I think WEX should add:
ZEC
ETC
XMR
These are the 3 next most traded PoW coins in the list that the don't have, BTC-e seemed to focus on PoW coins rather than pre-mined tokens, I presume WEX is similar.
ZEC
ETC
XMR
These are the 3 next most traded PoW coins in the list that the don't have, BTC-e seemed to focus on PoW coins rather than pre-mined tokens, I presume WEX is similar.
Great work for re-establishing service, but I was hoping for better liquidity on WEX 
BTC-e has it's fiat seized by OKPAY in July and you want better liquidity.
That would be funny if it wasn't a catastrophe, it's kind of like complaining about the local water quality after a tsunami.
Great work for re-establishing service, but I was hoping for better liquidity on WEX
Great work
Who would ever have thought it would come back up after gox and cryptsy (different scenario though)
Awesome to see you not trading with the US, hope these affected customers go after their government to change the fact most foreign ICO and Exchanges are now refusing to deal with US citizens.
Why you ask
Because it seems at the demand of bankers and corporations if you are a foreign interest to western controlled finance and industry you get bombed.
This seems to be related to nearly every war going back to the 1700's
Consistent propaganda with each war from banks and industry, illogical decision making from politicians at the time, the banks and industry were the only winners during and after each war, monarchies and governments removed and each one was not a member of these so called banking or industry cartels. Lastly where do these rebels, violent protestors, coups get there money from.
Of course the best example is btc-e.com, money taken by the Banking controlled US government without representation from citizens around the world. (THEFT)
It just gets more obvious and obvious.
So until human citizens band around the world to stop the centralised monstrosity of banks and industry a merrry go round of wars and stolen money will continue.
Who would ever have thought it would come back up after gox and cryptsy (different scenario though)
Awesome to see you not trading with the US, hope these affected customers go after their government to change the fact most foreign ICO and Exchanges are now refusing to deal with US citizens.
Why you ask
Because it seems at the demand of bankers and corporations if you are a foreign interest to western controlled finance and industry you get bombed.
This seems to be related to nearly every war going back to the 1700's
Consistent propaganda with each war from banks and industry, illogical decision making from politicians at the time, the banks and industry were the only winners during and after each war, monarchies and governments removed and each one was not a member of these so called banking or industry cartels. Lastly where do these rebels, violent protestors, coups get there money from.
Of course the best example is btc-e.com, money taken by the Banking controlled US government without representation from citizens around the world. (THEFT)
It just gets more obvious and obvious.
So until human citizens band around the world to stop the centralised monstrosity of banks and industry a merrry go round of wars and stolen money will continue.
why does btc always trade at ~$400 higher on this exchange?
I have no idea, honestly. It's probably got something to do with their deposit and withdrawal process but i'm not sure what is the exact thing that is causing the price being so high compared to other exchanges though.
BTC-e used to have cheaper rates than all other exchanges.
Do they have working fiat withdrawals yet? It wasn't totally clear to me from their first announcement whether all the payment options mentioned were operational yet. I suppose the price premium is accounting for the risk of trading there after what happened to BTC-e. Coins are more valuable (or fiat less valuable, however you want to view it) because they can be instantly withdrawn and sold elsewhere. That's why the alt/alt pairs are more normal. Fiat prices in the risk.
what the hell is this? sounds super scammy?!
It is a scam. The real WEX site will not charge you anything for registering or to trade. They will definitely NOT email you with an address to send money to either, the real WEX would not do that. Any legit exchange will not do this. Don't send anything to that address.
why does btc always trade at ~$400 higher on this exchange?
I have no idea, honestly. It's probably got something to do with their deposit and withdrawal process but i'm not sure what is the exact thing that is causing the price being so high compared to other exchanges though.
BTC-e used to have cheaper rates than all other exchanges.
It means that the database of customers was stolen?https://bitcointalksearch.org/topic/warning-40-000-usd-was-stolen-fom-btc-ecom-account-955378
It means that the database of customers was stolen? 
Yes I have got two of those emails.
ITS A SCAM OBVIOUSLY.
ITS A SCAM OBVIOUSLY.
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