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So what? This is an exchange not a bank. There are no missing bitcoins so there is no liability issue. All that has happened is that there has been an introduct

So what? This is an exchange not a bank. There are no missing bitcoins so there is no liability issue. All that has happened is that there has been an introduction of a delay in withdrawing. Because that delay is 72 hours it seems like a long time in bitcoin because of usually instant transactions. Compared to traditional banking it is relatively normal length of time to access funds.

gtirloni 13y ago
Precisely because it's an exchange and not a bank that any delays in transactions are problematic. I don't think the comparison is fair.
- yohanatan 13y ago
  FYI: It takes 3 days to get USD out of TD Ameritrade too.
  - deleted 13y ago
    [deleted]
  - ogreyonder 13y ago
    5+ days for Fidelity
  - dandelany 13y ago
    ...TD Ameritrade is a bank.
    - yohanatan 13y ago
      I was referring to a trading account at TD Ameritrade. I cannot speak of their banking capabilities nor do I see how it is relevant.
slg 13y ago
The lines are blurred here between an exchange and a bank. Exchanges normally don't hold your personal assets. Bank of America holds my equities. I trust them to execute the trades on my behalf on the NASDAQ exchange. If something goes wrong with the exchange, I trust Bank of America to have my back (or at least trust that I have legal ramifications if they don't). With Bitcoin the entity holding your assets and operating the trading mechanisms are generally the same company. This leaves a customer in a weaker position and could allow the exchange/brokerage/bank to get away with shadier practices. They can do things like delay the execution of a transaction until it better benefits them. Or they can unillaterally suspend the ability to withdraw funds with no advance notice, just as what is happening here.
- celticninja 13y ago
  I think you are being disingenuous if you think your bank don't do similar things. Ever had to bank a cheque? When you deposit it into your account they immediately debit the account of the person that wrote the cheque, does it appear in your account for spending immediately? No you wait 3-5 working days, what happens in the interim? The bank hold it and accumulate interest on it and then you are allowed access to it.
  - genericuser 13y ago
    And if the person who had their account debited would drop to a negative balance at the end of that 3-5 days the check will bounce and they will be credited back the amount of the check. Edit: You of course do not get the funds in the case they are credited back to the original person at the end of the 3-5 days, you do probably get a fee for trying to deposit a bad check though!

gtirloni 13y ago

Precisely because it's an exchange and not a bank that any delays in transactions are problematic. I don't think the comparison is fair.

yohanatan 13y ago
FYI: It takes 3 days to get USD out of TD Ameritrade too.
- deleted 13y ago
  [deleted]
- ogreyonder 13y ago
  5+ days for Fidelity
- dandelany 13y ago
  ...TD Ameritrade is a bank.
  - yohanatan 13y ago
    I was referring to a trading account at TD Ameritrade. I cannot speak of their banking capabilities nor do I see how it is relevant.

slg 13y ago

The lines are blurred here between an exchange and a bank. Exchanges normally don't hold your personal assets. Bank of America holds my equities. I trust them to execute the trades on my behalf on the NASDAQ exchange. If something goes wrong with the exchange, I trust Bank of America to have my back (or at least trust that I have legal ramifications if they don't). With Bitcoin the entity holding your assets and operating the trading mechanisms are generally the same company. This leaves a customer in a weaker position and could allow the exchange/brokerage/bank to get away with shadier practices. They can do things like delay the execution of a transaction until it better benefits them. Or they can unillaterally suspend the ability to withdraw funds with no advance notice, just as what is happening here.

celticninja 13y ago
I think you are being disingenuous if you think your bank don't do similar things. Ever had to bank a cheque? When you deposit it into your account they immediately debit the account of the person that wrote the cheque, does it appear in your account for spending immediately? No you wait 3-5 working days, what happens in the interim? The bank hold it and accumulate interest on it and then you are allowed access to it.
- genericuser 13y ago
  And if the person who had their account debited would drop to a negative balance at the end of that 3-5 days the check will bounce and they will be credited back the amount of the check. Edit: You of course do not get the funds in the case they are credited back to the original person at the end of the 3-5 days, you do probably get a fee for trying to deposit a bad check though!