Author Topic: BTer deposit issues, growing concern  (Read 12009 times)

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Offline cylonmaker2053

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that'll certainly add some peace of mind. does it really have to wait for 2.0? Seems like it should be fairly straightforward to do now.
Wire-format changes for BTS2.0 .. hence you have the code either for bts0.* .. or you have it for bts2

oh ok, cool...

i just emailed Trezor asking if they'd include BTS storage at some point. if they respond, i'll recommend they hold off until 2.0. thx!

Offline xeroc

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that'll certainly add some peace of mind. does it really have to wait for 2.0? Seems like it should be fairly straightforward to do now.
Wire-format changes for BTS2.0 .. hence you have the code either for bts0.* .. or you have it for bts2

Offline cylonmaker2053

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any Trezor-like devices for BTS cold storage on the market?
nop .. but on the list of things that can certainly be implemented .. especially for bts2.0

that'll certainly add some peace of mind. does it really have to wait for 2.0? Seems like it should be fairly straightforward to do now.

Offline xeroc

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any Trezor-like devices for BTS cold storage on the market?
nop .. but on the list of things that can certainly be implemented .. especially for bts2.0

Offline cylonmaker2053

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I am done with bter .. trading via metaexchange and blocktrade now ..

nice...

any Trezor-like devices for BTS cold storage on the market?

Offline xeroc

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I am done with bter .. trading via metaexchange and blocktrade now ..

Offline Ander

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If they go under I'll lose around 100k Qora that they refuse to credit, and 4 cents worth of dust thats below the trading minimums.  So like 3 bucks.

Not too bad. They only got us for 2 mio Qora around $50, luckily we continued reducing deposits as mentioned in this thread I believe. They could have got us days earlier for larger amounts. Now that the phrase, "fractional reserve" has been associated with this exact scenario on exchanges, it all makes sense. Our withdrawals would take longer each time, so they could refill the bucket?

Apparently many of us attempted to withdraw at once and there went that, "wallet broken", as around 56 BTC (~$14k USD) are now held, forging daily without issue.

I wonder how much of this 56BTC of Qora is real? It looks like only small chunks get released daily, to someone. So BTEr can send funds from this wallet. The Qora dev's say BTer has not contacted them about the issue in weeks and when they respond to the Dev's they give vague answers about the "wallet issue". It's very suspicious to say the least.

There was a time when it looked like bter's wallet was down to like 300M qora or something, and there were around 500M in sell orders on the books, and I thought they were running a fractional reserve, but then they moved a bunch of funds form a wallet we didnt know was them into the main wallet. 
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Tuck Fheman

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If they go under I'll lose around 100k Qora that they refuse to credit, and 4 cents worth of dust thats below the trading minimums.  So like 3 bucks.

Not too bad. They only got us for 2 mio Qora around $50, luckily we continued reducing deposits as mentioned in this thread I believe. They could have got us days earlier for larger amounts. Now that the phrase, "fractional reserve" has been associated with this exact scenario on exchanges, it all makes sense. Our withdrawals would take longer each time, so they could refill the bucket?

Apparently many of us attempted to withdraw at once and there went that, "wallet broken", as around 56 BTC (~$14k USD) are now held, forging daily without issue.

I wonder how much of this 56BTC of Qora is real? It looks like only small chunks get released daily, to someone. So BTEr can send funds from this wallet. The Qora dev's say BTer has not contacted them about the issue in weeks and when they respond to the Dev's they give vague answers about the "wallet issue". It's very suspicious to say the least.

Offline Akado

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Maybe it's a good idea to get Bter to run on BitShares 2.0

I'm sure bter would find a way to mess it up.

Maybe if they don't, the crypto world will finally acknowledge BitShares as the safest way to run an exchange
It could be the cost saving and marketing strategy they need

support@mail.bter.com may not be the best way to contact them considering the ticket requests from their withdrawal problems, anyone know a better way?

yep i've tried to contact them via that mail in the past but never got a reply
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Offline Ander

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So glad I withdrew my ~200k BTS from there a couple weeks ago, after I bought, instead of letting it sit there. 

If they go under I'll lose around 100k Qora that they refuse to credit, and 4 cents worth of dust thats below the trading minimums.  So like 3 bucks. 

Managed to avoid losing anything when they went down in February, because I had just spent the BTC I had buying BTS because it crashed that day, and the remaining BTC I had was in a buy order which they refunded when it came online.

I've had thousands of dollars of BTS there at various points, because I was dumb.  So lucky!  Though the month of pain and worrying when they went down was pretty horrible. 


I think that on that day in February, before they went down, they may have had a bug in BTS and probably some other coins which put them in a fractional reserve situation.  Its probably why BTS got dumped so hard that day, because some people had figured out there was a bug. 

They may have gone into fractional reserve on that day, but they could still cover most of their BTS so they just hoped no one would ever notice.  But too many people have been withdrawing, so now they are almost out?

This is all speculation, I have no actual real evidence.  But its enough of a risk that I don't want to hold anything in bter.  They've been hacked twice, and the second one put them heavily in debt.  If you are going to hold coins on an exchange, you need to do it on ones with plenty of money, so that if they get hacked they can afford to have it come out of their own pockets instead of their customers.
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Offline cylonmaker2053

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fwiw, here's our recent rants on the topic

http://tuckfheman.com/post/123115226019/is-bter-the-new-mt-gox

http://tuckfheman.com/post/123560294139/is-bter-com-insolvent

http://tuckfheman.com/post/120050136679/bter

haha love your site's tagline: 'Decentralized Blockchain Technology and Doom Updates' ...the 'doom updates' definitely adds some flare

also agree that it looks like we may have another Gox amongst us...


Tuck Fheman

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Q: How does a fractional reserve exchange function?
A: See BTer.

As I was helping on the BrotherJohnF transcript, JoeyD and BJF described exactly what was happening with us on BTer.
« Last Edit: July 08, 2015, 04:38:58 pm by Tuck Fheman »

Offline xeroc

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Yeah, 4 days ago. Their reply:

Quote
Dear Sir,
BTS withdrawal will be enabled later.

Please kindly keep an eye on the withdrawal page for update.


Best
bter.com
I have received the exact same thing just now ..

Offline Permie

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Maybe it's a good idea to get Bter to run on BitShares 2.0

I'm sure bter would find a way to mess it up.

Maybe if they don't, the crypto world will finally acknowledge BitShares as the safest way to run an exchange
It could be the cost saving and marketing strategy they need

support@mail.bter.com may not be the best way to contact them considering the ticket requests from their withdrawal problems, anyone know a better way?
JonnyBitcoin votes for liquidity and simplicity. Make him your proxy?
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