6 ms·

I just yesterday wired Bitfloor over $1000, and they have yet to acknowledge my transaction. The money is gone from my bank and is currently in limbo. I'm frus

I just yesterday wired Bitfloor over $1000, and they have yet to acknowledge my transaction. The money is gone from my bank and is currently in limbo. I'm frustrated that they have given so little information out, my recent transaction represents 100% of my disposable income. Perhaps part of the fault is mine, but I thought they were reputable and no warning was given. They are also no longer accepting deposits or acknowledging any in progress deposits.

tptacek 13y ago
Can I ask why you moved 100% of your disposable income to an account at any Bitcoin exchange?
- waterlesscloud 13y ago
  Can I ask why you'd ask?
  - tptacek 13y ago
    Because that's a surprising decision to make, whether or not it's a good one, and I'm interested in why someone would decide that.
    - mcantelon 13y ago
      It's probably not the first time someone has put all their disposable income into what they think is a time-sensitive investment opportunity.
      - prophetjohn 13y ago
        It's also possible that the intent was to make a purchase with those bitcoins.
        tptacek 13y ago
        I totally don't care what he wanted to buy, or to chastise him for his investment decisions; I'm just curious if people are generally moving their money into Bitcoin in an attempt to move "off the grid" financially, or if this was an investment.
      - mritun 13y ago
        Yes its not the first time someone had last money on "time sensitive investment opportunities" aka gambling. And yes there are lots of people who do that with 100% of their disposable income. They also usually lose it all.
        mcantelon 13y ago
        >gambling What makes it gambling rather than an investment?
- PaperclipTaken 13y ago
  Read all the responses. I spent the money because I've been tracking bitcoin for a long time, and I felt confident that I understood the markets. Even if I completely failed as a trader, I should expect to get a fair chunk back. I put in $1200 because as a student it was everything that didn't need to go towards housing. I expected it to grow very fast. Bitfloor seemed reliable, and many people seemed to be trading on it. I thought it was sound. Even if I lost 100%, I expected the loss to come from my failure as a trader, not from my exchange's failure as a business. If I do get my money back, I will probably try to join a different bitcoin exchange, though more carefully. I've been trying for almost a month(since btc was about $90 before the crash) and it's incredible how difficult it is to trade bitcoins. Maybe I'll open my own exchange.
krschultz 13y ago
100% fault is your own. Regular online businesses have a hard time operating merchant accounts, much less these kind of sites. Bitcoin is no safer than online poker was in the US (I had a little of my money in Full Tilt, and a lot of 'winnings', and got $0 out of it). BTC operates in a pretty gray market. The companies involved are not regulated and perhaps violating existing regulations. Mt Gox et al are not ETrade. Any money in BTC should be money you are totally OK with losing.
- foobarqux 13y ago
  Fulltilt players actually lost their balances?
  - krschultz 13y ago
    I think it depends on what amount of your balance was your own money vs other people's money. My balance on the day the feds shutdown FT was around $500, but I had started out with money my roommate transfered to my account so $0 of it was deposited by me. He had put in $100 originally and his balance on the day FT shutdown as over $1000, and he got nothing back either. (Edit, after a quick google search, it appears that FT is just now starting the refund process. http://www.pocketfives.com/articles/full-tilt-claims-administrator-announced-refund-process-begin-shortly-588203/ http://www.pocketfives.com/articles/full-tilt-claims-adminis...)
    - waterlesscloud 13y ago
      Apparently as a Full Tilt user I'm a "fraud" "victim". Excellent work by my government to protect me on this one.
      - mikeyouse 13y ago
        Apparently as a Full Tilt user I'm a "fraud" "victim". Excellent work by my government to protect me on this one. You do realize full tilt was a giant ponzi scheme and that the owners looted hundreds of millions of dollars from players' accounts right?[1][2] But don't let that get in the way of your snarky libertarianism. [1] http://blogs.reuters.com/felix-salmon/2011/09/20/full-tilt-ponzi/ http://blogs.reuters.com/felix-salmon/2011/09/20/full-tilt-p... [2] http://online.wsj.com/article/SB10001424127887324050304578410983313986810.html http://online.wsj.com/article/SB1000142412788732405030457841...
abbott 13y ago
Call your bank. There is a small chance you can still cancel the transaction even if the funds have cleared your account.
rmc 13y ago
Talk to your bank? I'm sure they'll know how to get your money back?

tptacek 13y ago

Can I ask why you moved 100% of your disposable income to an account at any Bitcoin exchange?

waterlesscloud 13y ago
Can I ask why you'd ask?
- tptacek 13y ago
  Because that's a surprising decision to make, whether or not it's a good one, and I'm interested in why someone would decide that.
  - mcantelon 13y ago
    It's probably not the first time someone has put all their disposable income into what they think is a time-sensitive investment opportunity.
    - prophetjohn 13y ago
      It's also possible that the intent was to make a purchase with those bitcoins.
      - tptacek 13y ago
        I totally don't care what he wanted to buy, or to chastise him for his investment decisions; I'm just curious if people are generally moving their money into Bitcoin in an attempt to move "off the grid" financially, or if this was an investment.
    - mritun 13y ago
      Yes its not the first time someone had last money on "time sensitive investment opportunities" aka gambling. And yes there are lots of people who do that with 100% of their disposable income. They also usually lose it all.
      - mcantelon 13y ago
        >gambling What makes it gambling rather than an investment?
PaperclipTaken 13y ago
Read all the responses. I spent the money because I've been tracking bitcoin for a long time, and I felt confident that I understood the markets. Even if I completely failed as a trader, I should expect to get a fair chunk back. I put in $1200 because as a student it was everything that didn't need to go towards housing. I expected it to grow very fast. Bitfloor seemed reliable, and many people seemed to be trading on it. I thought it was sound. Even if I lost 100%, I expected the loss to come from my failure as a trader, not from my exchange's failure as a business. If I do get my money back, I will probably try to join a different bitcoin exchange, though more carefully. I've been trying for almost a month(since btc was about $90 before the crash) and it's incredible how difficult it is to trade bitcoins. Maybe I'll open my own exchange.

krschultz 13y ago

100% fault is your own. Regular online businesses have a hard time operating merchant accounts, much less these kind of sites. Bitcoin is no safer than online poker was in the US (I had a little of my money in Full Tilt, and a lot of 'winnings', and got $0 out of it). BTC operates in a pretty gray market. The companies involved are not regulated and perhaps violating existing regulations. Mt Gox et al are not ETrade. Any money in BTC should be money you are totally OK with losing.

foobarqux 13y ago
Fulltilt players actually lost their balances?
- krschultz 13y ago
  I think it depends on what amount of your balance was your own money vs other people's money. My balance on the day the feds shutdown FT was around $500, but I had started out with money my roommate transfered to my account so $0 of it was deposited by me. He had put in $100 originally and his balance on the day FT shutdown as over $1000, and he got nothing back either. (Edit, after a quick google search, it appears that FT is just now starting the refund process. http://www.pocketfives.com/articles/full-tilt-claims-administrator-announced-refund-process-begin-shortly-588203/ http://www.pocketfives.com/articles/full-tilt-claims-adminis...)
  - waterlesscloud 13y ago
    Apparently as a Full Tilt user I'm a "fraud" "victim". Excellent work by my government to protect me on this one.
    - mikeyouse 13y ago
      Apparently as a Full Tilt user I'm a "fraud" "victim". Excellent work by my government to protect me on this one. You do realize full tilt was a giant ponzi scheme and that the owners looted hundreds of millions of dollars from players' accounts right?[1][2] But don't let that get in the way of your snarky libertarianism. [1] http://blogs.reuters.com/felix-salmon/2011/09/20/full-tilt-ponzi/ http://blogs.reuters.com/felix-salmon/2011/09/20/full-tilt-p... [2] http://online.wsj.com/article/SB10001424127887324050304578410983313986810.html http://online.wsj.com/article/SB1000142412788732405030457841...

abbott 13y ago

Call your bank. There is a small chance you can still cancel the transaction even if the funds have cleared your account.

rmc 13y ago

Talk to your bank? I'm sure they'll know how to get your money back?