Author Topic: The BTER zombie moves closer to its inevitable doom  (Read 4099 times)

0 Members and 1 Guest are viewing this topic.

Offline Tuck Fheman

@Tuck Fheman could you confirm this please? Btw nice effort there, I only used Bter a long ago before those hacks.

I'm sorry, I cannot. I stopped trading there long ago. I just harrass their customer service every now and then reminding them they stole some money from me and that I will continue trying to drive all of their remaining customers away. ;)

Ander is most likely correct.

Btw nice effort there, I only used Bter a long ago before those hacks.

Thanks!
Lucksacks.com - The Largest Cryptocurrency Freeroll Poker Site in the World!

Offline Ander

  • Hero Member
  • *****
  • Posts: 3506
    • View Profile
  • BitShares: Ander
Ander you say they're a zombie exchange yet they have almost $200k volume, that's quite a bit. Specially with the reputation they have

Their volume is less than 10% of what it used to be before the hack. Probably way less.

So they are still alive, yes.  (Better than Cryptsy!)  But they really seem like the walking dead.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline Akado

  • Hero Member
  • *****
  • Posts: 2752
    • View Profile
  • BitShares: akado
Shouldn't we open a reddit post inviting Bter user to move to OpenLedger ASAP?

OpenLedger appeals to exchanges that are not scams and dont have fractional reserves.  For those that do, moving to them would reveal their scam.

lol, Ander, You made my day...I have never known you for having such a deep sense of humour...

So... Where did you ever get any info on the  OpenLedgers' actual reserves (outside of BTS chain, that is)?

This is true, still haven't seen that yet. It's as simple as providing a Bitcoin address where the amount of Bitcoins is equal to the amount of available OPENBTC supply. Provide the address and add it to the description of the asset. Done. Simple as that http://cryptofresh.com/a/OPENBTC

It says bitcoin backed asset yet it doesn't show any proof of actual bitcoins backing it up. I trust Ronny but we need to be transparent for the sake of the users and reputation.

I think it should be required for every asset to include this. Maybe even add this new description to the asset template during it's creation.
« Last Edit: January 28, 2016, 11:53:51 pm by Akado »
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline tonyk

  • Hero Member
  • *****
  • Posts: 3308
    • View Profile
Shouldn't we open a reddit post inviting Bter user to move to OpenLedger ASAP?

OpenLedger appeals to exchanges that are not scams and dont have fractional reserves.  For those that do, moving to them would reveal their scam.

lol, Ander, You made my day...I have never known you for having such a deep sense of humour...

So... Where did you ever get any info on the  OpenLedgers' actual reserves (outside of BTS chain, that is)?

PS
yep ClosedLedger sound about right... with obits tokens... :)
« Last Edit: January 28, 2016, 11:52:06 pm by tonyk »
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline Akado

  • Hero Member
  • *****
  • Posts: 2752
    • View Profile
  • BitShares: akado
Ander you say they're a zombie exchange yet they have almost $200k volume, that's quite a bit. Specially with the reputation they have
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

TravelsAsia

  • Guest

It wont be the same at BTER because they have already been a zombie ever since the February 2015 'hack' (possibly insider job), stole over 7000 btc from them, or most of their user funds.  But them implementing a 1% withdraw fee for bitcoin is an additional sign that they are in trouble and that they dont have enough BTC to cover what they owed, even after they gave their customers an 85% or whatever loss of their BTC.

The Bitcoin dust they paid us back was an attempt to keep people off their ass. I don't believe they have any intention of paying back the BTC-b.

Offline Ander

  • Hero Member
  • *****
  • Posts: 3506
    • View Profile
  • BitShares: Ander
The 1% thing used to be for all coins OTHER than BTC.

But now they added it for BTC, essentially 'stealing' 1% of the BTC of everyone who previously had BTC on there.

Usually exchanges do this kind of thing when they are short BTC, for example, Cryptsy recently had less BTC than it claimed to have in customer deposits, implemented a .5% fee to withdraw BTC, and accelerated their demise.  After a stampede of withdrawals resulted in them running out of BTC, they ceased BTC withdrawals or slowed them to a halt as they could only send BTC out when some fool deposited some. 

After this everyone started to spend all their BTC to buy alts, withdraw the alts, and sell them elsewhere to get their BTC back.  The alts that could be withdrawn such as Doge and ETH were going for 30% premiums versus other exchanges.  Eventually many of those shut down as they ran out of them as well.


It wont be the same at BTER because they have already been a zombie ever since the February 2015 'hack' (possibly insider job), stole over 7000 btc from them, or most of their user funds.  But them implementing a 1% withdraw fee for bitcoin is an additional sign that they are in trouble and that they dont have enough BTC to cover what they owed, even after they gave their customers an 85% or whatever loss of their BTC.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline Frodo

  • Sr. Member
  • ****
  • Posts: 351
    • View Profile
  • BitShares: frodo
This would be nice to announce. That's the same as stealing 1% of all the coins! We announce it and advise for OpenLedger.

@Ander now that I checked, didn't they already have that? I remember when you deposited you would get + 1% and when you withdrew they would take it away from you again? Could someone explain it to me? I really dont know the difference between now and before, I'm confused. I think this is not new??
As far as I remember 1% only used to be for BTS on BTER. If you deposited BTS with them before they would give you 1% on top and when withdrawing they would charge you 1%. I stop trading on BTER long time ago so this info is quite old  :).

Really? I thought it was on all coins.

@Tuck Fheman could you confirm this please? Btw nice effort there, I only used Bter a long ago before those hacks.

I'm pretty sure that the 1% thing was only for BTS for some reason.

Offline Akado

  • Hero Member
  • *****
  • Posts: 2752
    • View Profile
  • BitShares: akado
This would be nice to announce. That's the same as stealing 1% of all the coins! We announce it and advise for OpenLedger.

@Ander now that I checked, didn't they already have that? I remember when you deposited you would get + 1% and when you withdrew they would take it away from you again? Could someone explain it to me? I really dont know the difference between now and before, I'm confused. I think this is not new??
As far as I remember 1% only used to be for BTS on BTER. If you deposited BTS with them before they would give you 1% on top and when withdrawing they would charge you 1%. I stop trading on BTER long time ago so this info is quite old  :).

Really? I thought it was on all coins.

@Tuck Fheman could you confirm this please? Btw nice effort there, I only used Bter a long ago before those hacks.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads


Offline vegolino

  • Sr. Member
  • ****
  • Posts: 450
  • Reality is Information
    • View Profile
This would be nice to announce. That's the same as stealing 1% of all the coins! We announce it and advise for OpenLedger.

@Ander now that I checked, didn't they already have that? I remember when you deposited you would get + 1% and when you withdrew they would take it away from you again? Could someone explain it to me? I really dont know the difference between now and before, I'm confused. I think this is not new??
As far as I remember 1% only used to be for BTS on BTER. If you deposited BTS with them before they would give you 1% on top and when withdrawing they would charge you 1%. I stop trading on BTER long time ago so this info is quite old  :).

Offline CLains

  • Hero Member
  • *****
  • Posts: 2606
    • View Profile
  • BitShares: clains
Thanks for the heads up, I still got 3 BTC trapped in there, but it appears they have paid back 0.36 BTC so at least I got that. :)

Offline Akado

  • Hero Member
  • *****
  • Posts: 2752
    • View Profile
  • BitShares: akado
This would be nice to announce. That's the same as stealing 1% of all the coins! We announce it and advise for OpenLedger.

@Ander now that I checked, didn't they already have that? I remember when you deposited you would get + 1% and when you withdrew they would take it away from you again? Could someone explain it to me? I really dont know the difference between now and before, I'm confused. I think this is not new??
« Last Edit: January 28, 2016, 08:16:19 pm by Akado »
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline Ander

  • Hero Member
  • *****
  • Posts: 3506
    • View Profile
  • BitShares: Ander
Shouldn't we open a reddit post inviting Bter user to move to OpenLedger ASAP?

OpenLedger appeals to exchanges that are not scams and dont have fractional reserves.  For those that do, moving to them would reveal their scam.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline DestBest

Shouldn't we open a reddit post inviting Bter user to move to OpenLedger ASAP?
BitShares French ConneXion, le portail francophone BitShares.
BitShares French ConneXion, the BitShares french gateway.
www.bitsharesfcx.com