Author Topic: What's up with BitReserve/Uphold?  (Read 1985 times)

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Offline abit

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Uphold have now removed voxels from their reserves. I am now happy with upholds reserve status again. @abit
Thanks for the update  :)
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Offline JonnyB

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Uphold have now removed voxels from their reserves. I am now happy with upholds reserve status again. @abit
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Offline JonnyB

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Thanks for sharing. Will keep an eye on it. @JonnyBitcoin your opinion please?

@abit
 
What they are doing is not acceptable and I have had been arguing with their CEO on twitter and privately.
https://twitter.com/AnthonyWatson/status/698958141610991617?s=09
Their head of reserves is supposedly calling me today and I think they realise they may have messed up with voxels. But I'll see what they say. I like Uphold as a service a lot but they need to change their reserves  otherwise I will be leaving their service.
Thanks for the update  :)

They say they will be introducing 3 tiers of reserve assets and voxel will be third tier.
This should be live on the transparency page within 2 weeks.
I'm not convinced this will remedy my concerns but I will wait and see what their new transparency page looks like and make my mind up then.
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Offline abit

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Thanks for sharing. Will keep an eye on it. @JonnyBitcoin your opinion please?

@abit
 
What they are doing is not acceptable and I have had been arguing with their CEO on twitter and privately.
https://twitter.com/AnthonyWatson/status/698958141610991617?s=09
Their head of reserves is supposedly calling me today and I think they realise they may have messed up with voxels. But I'll see what they say. I like Uphold as a service a lot but they need to change their reserves  otherwise I will be leaving their service.
Thanks for the update  :)
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Offline JonnyB

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Thanks for sharing. Will keep an eye on it. @JonnyBitcoin your opinion please?

@abit
 
What they are doing is not acceptable and I have had been arguing with their CEO on twitter and privately.
https://twitter.com/AnthonyWatson/status/698958141610991617?s=09
Their head of reserves is supposedly calling me today and I think they realise they may have messed up with voxels. But I'll see what they say. I like Uphold as a service a lot but they need to change their reserves  otherwise I will be leaving their service.
I run the @bitshares twitter handle
twitter.com/bitshares

Offline hcf27

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I stop using their services when I realize they decide whatever rate they feel like on their weak currencies.... for example they have Argentinian pesos at 19 peso per dollar, when in reality is 14.9, so basically they just slowly take the money from people who deposit on those currencies...

Me and a couple of friends even contacted their support and they said "they were looking for a solution" instead they devaluated the peso even more  while we waited lol... very cheeky on their part!
« Last Edit: February 17, 2016, 03:32:25 am by hcf27 »

Offline BunkerChainLabs-DataSecurityNode

A company whos only service offering charges nothing is insolvent?

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Offline Empirical1.2

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Lol at that Voxel addition, $113 Million, wtf  :)   

They do seem a little short excl. that and also seem very exposed to a BTC price rise.

https://uphold.com/en/blog/posts/bitreserve/when-we-say-free-we-mean-free

Quote
For verified members, conversions of denominated currencies are absolutely free.  Uphold uses the real mid-market exchange rate for all conversions. We don’t use spreads or have hidden deals with any third party brokers or currency companies.

They must get really exploited in trending markets?

Quote
How Will Bitreserve Make Money?

In the longer-term our goal is to derive a revenue stream from investing our own reserve in no-, or low-risk, yield-bearing instruments. (As an example, we’d invest in short-maturity US Treasury bills, thus generating a small yield.)

Lol I bet at the moment their burn rate is huge, plus there is dearth of low risk yield producing assets and there might even be NIRP soon so good luck to them :)
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Offline mike623317

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They claim to be solvent again.

My radar is going off though. Makes me think they are gambling with customer funds on some level.
They wont get my custom. But, i do like how user friendly their interface is.  :D

Offline mike623317

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Quote from: crypto_prometheus on December 31, 2014, 01:34:29 AM

    CEO of bitreserve, Halsey Minor .. owes over 10 million in taxes to California.
    "As of 2012 the state of California listed Halsey as the #1 on the list of the state's Top 250 Delinquent Taxpayers"



I found this ^^ on the forum from over a year ago. Seems like theres some controversy around that CEO.
Makes me happy my funds are DECENTRALIZED.

Offline abit

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Thanks for sharing. Will keep an eye on it. @JonnyBitcoin your opinion please?
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Offline Akado

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https://www.reddit.com/r/Bitcoin/comments/45p92a/strong_indications_that_uphold_formerly/
https://www.reddit.com/r/Bitcoin/comments/460vtm/uphold_is_solvent_again/

So they first were insolvent, now solvent again? Most of their assets - that got them in the headlines if im not mistaken - are their own crypto tokens. 107M out of their 113M in assets is their own crypto.

Is anyone else more into this? It's strange. From what I gathered and read in some comments it seems one big move in price could potentially put their costumers assets in trouble?
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