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DrStrange

Withdrawal BTC from btc2ripple.com

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3 hours ago, DrStrange said:

3. If so, UAB SKV3 may be the custodian of the bitcoins that these SnapSwap issuances represent ,in which case they should honor the withdrawal request (the fact that they do not open accounts or service people from South Korea should have first been disclosed to account holders, with a withdrawal grace period to allow any existing South Korean account holders to withdraw funds, before taking effect). 

4. Anyone could try to exchange the  btc.snapswap issuances for issuances by another gateway that allows South Korean users  so that  he could then withdraw them . Otherwise, the legal liability would be on either Snapswap or UAB SKV3 - not knowing anything about the sale of Snapswap's btc2ripple business to UAB SKV3, it's difficult for RL to say.

 

5

You can deliver an ultimatum to them, and see how they respond. I am sure that they will value their reputation and business than the bitcoin. And they better update their ToS page clearly for everything as well.

 

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1 minute ago, winthan said:

You can deliver an ultimatum to them, and see how they respond. I am sure that they will value their reputation and business than the bitcoin. And they better update their ToS page clearly for everything as well.

 

 Already sent an ultimatum today.

Edited by DrStrange

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On 2017. 1. 12. at 0:13 AM, winthan said:

BTC2Ripple is still operating technically, that's why they are responding to us when we request for the withdraw.  I think, they are BSing to anyone who is trying to withdraw BTCs from there .  

All my acquaintances from countries they insist they are providing service could not get response from them. They do not allow even logging into their website not to mention registering. You are the only one who succeeded in withdrawal of small amount of BTC afaik even though you are a citizen of USA. Customers only can trade just on RCP, the price and volume of BTC.SnapSwap is terrible and they do not allow withdrawal. So they are dead gateway. 

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They did not respond to my ultimatum.

I concluded that they do not have any will to run the business any more.

They do not allow logging, registration, withdrawal, respond even to the citizens of the countries they insist that they are providing service. 

I am strongly doubt their solvency.  I think their fundamentals to run a gateway and to run further service like interledger has collapsed because they lost the trust from the market.

Nobody should trust them any more.

P.S. Be careful! I doubt there are some informants in this forum who are trying to blur the issue.

Edited by DrStrange

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3 hours ago, DrStrange said:

All my acquaintances from countries they insist they are providing service could not get response from them. They do not allow even logging into their website not to mention registering. You are the only one who succeeded in withdrawal of small amount of BTC afaik even though you are a citizen of USA. Customers only can trade just on RCP, the price and volume of BTC.SnapSwap is terrible and they do not allow withdrawal. So they are dead gateway. 

 

Yes, I see that mine withdraw was the last from their gateway, but it was the little amount compared to your withdraw, though. I would call it lucky. Actually, they don't allow any US residents at all. I think, It is not about US Customers, it was about their ToS and their decision after all. 

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They already seemed to have any choice but to deny withdrawal because of their solvency problem, so I think the word 'decision' is not proper for their situation.

Yes, you've got the small amount of BTC back in the process of their trying to blur the withdrawal issue. So I agree that you were lucky. 

It is not the nationality, ToS or decision but the their IOU holders. Their solvency problem may result in severe loss of their IOU holders around the world and loss of trust to Ripple.  

Edited by DrStrange

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Hello everyone, I am in this forum is not for that, but help me, I have .06 Btc.sanpswap in coinpayments, tell me where or how I can convert them to btc, or ripples, however, but I want to remove them

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Hi, 

I am currently panicing over this - Ihave 1.6 btc in a snap swap wallet that is visible in my gatehub wallet. I cannot seem to transfer it or do anything with it. From what I've read above would seem to suggest that I'm not going to get them back? is this the case?what should I do? Im in Ireland and it does say that they operate with Ireland. 

What do I do

Please help 

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So thats it then? Unlucky your BTC is gone with no warning? I got an email ages ago saying that US customers needed to move but EU are fine. what's this IOU thing? I dont even think I have one of them

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12 minutes ago, JTcoins said:

So thats it then? Unlucky your BTC is gone with no warning? I got an email ages ago saying that US customers needed to move but EU are fine. what's this IOU thing? I dont even think I have one of them

https://bitcoinmagazine.com/articles/bitcoin-ripple-gateway-shut-us-users-1438380042/

Btc2ripple is operated by a Lithuanian company UAB SKV3, located in Vilnius.  
The decision to shut down the BTC to XRP gateway was finalized by UAB SKV3, not Ripple Inc.

Seems like you have to go after that shady "UAB SKV3" in Vilnius/Lithuania ....

Good to know:
An IOU is an asset that is registered and issued by a 3d party on the Ripple Consensus Ledger (same as XRP ledger or Ripple network also abbreviated as RCL). IOU's can be traded and held on the Ripple network by all RCL accounts that do TRUST the issuer of the IOU.
If an issuer has USD on RCL one has to expect that every single of those "IOUd" USD will be available for withdrawal, otherwise the issuer can not be seen trustworthy.  Same counts for other coins kept as IOU like for instance BTC.  The issuer of YOUR BTC is that "UAB SKV3". They have to give you back the BTC they're still holding for you on the RCL. 
The ONLY coin that is not kept on the RCL by any other party is XRP. XRP is NOT an IOU, but a coin that is written in the RCL code and has no other counterparty risk than the integrity of the RCL itself.

 

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@kanaas

So basically I need to try and get in contact with UAB SKV3, located in Vilnius somehow. Would they be holding my BTC ? Like do you think I have a chance of getting it back ?

Do you have any advice in how I get them to give me back my BTC?

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1 hour ago, JTcoins said:

@kanaas

So basically I need to try and get in contact with UAB SKV3, located in Vilnius somehow. Would they be holding my BTC ? Like do you think I have a chance of getting it back ?

Do you have any advice in how I get them to give me back my BTC?

Yes. Note that they are very slow to respond if at all and they seem determined to make it difficult to withdraw. Even threats of legal action as not spurred them to action, personally I think there is solvency issues.

There was some initiative afoot awhile back to have a trusted member in one of the 'approved' zones attempt to withdraw a collection of IOUs and redistribute, not sure what came of it.

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1 hour ago, Mercury said:

I think there is solvency issues.

Oh, it is very much insolvent. From their new ToS "IOUs are issued by a third-party [..] We do not make any guarantees on the rate and redemptions of btc.ious [..] You agree to indemnify us from all loss [..]" Their SSL expired. The footer is up to date though. 

We need an EU or better a Vilnius citizen to file charges against them. 

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