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Bitrue - froze my account


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***  TLDR - Bitrue small print in the TC's has a single sentence that says "You will not engage in n-degree arbitrage trading to exploit the inefficiencies of the market."  Apparently this was somethi

So very disappointing to see this from Bitrue.  Their ‘warning then second’ thing has fallen over badly.   You’ve made some breach (btw I can’t understand what could possibly be wrong with a

Thanks for the feedback Billy - I will indeed amend a TLDR at the beginning. 

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22 hours ago, Fladams said:

 

***
Bitrue
@BitrueOfficial
If users have been engaging in activity that is prohibited according to our Terms of Use (e.g. n-degree arbitrage trading) their withdrawals will be frozen. The reason will be clearly communicated to the user via email & they will usually be given a 2nd chance to trade as normal.
***

 

According to the judgment of the risk control team, your triangle arbitrage behavior is serious, and the assets you have deposited before have been withdrawn, so we will not unfreeze it.

Bitrue Support Team

---

 

I do not argue the fact that was I was doing may have been in breach of Bitrue TC's - but it was an honest mistake and it hadn't even crossed my mind that trading one XRP pair for another XRP pair via USDT would be unacceptable (I presume this is what 'n-degree arbitrage trading' is?) confirmation of this would be good.

Here is the TC's for bitrue: https://www.bitrue.com/exchange-web/footer/terms.html  - search for "n-degree" to find the relevant 14 words that say you can't do it.

 

Generally speaking, any arbitrage is buying low from one (exchange presumably) and selling high on another, pocketing the difference as profit; exploiting inefficiency in pricing as it were.  Not uncommon, I've seen many U-toobers promoting their Amazon/Wal-mart/fill-in-the-blank arbitrage strategies online. I find it ironic that an exchange who's profit strategies include charging a spread (AKA for-profit price inefficiency) turns around and disallows its users to take advantage of market inefficiencies.

I can't know exactly if the trades you were doing constitutes arbitrage; personally I don't think it should be disallowed, but I don't run BitTrue.

If they're really intent on blacklisting you, they should do it properly: your funds should be released, account closed and be done with it.  I don't agree that they should reject/cancel all transactions (including withdrawal) initiated by you until the end of time because of a violation of TOS; this is essentially theft. Unfortunately this is in their TOS and they have no legal obligation to allow any type of transaction after they've determined, unilaterally in their words, a TOS violation.

Nobody wants to transfer their assets to an exchange who's going to deal with snafus unreasonably; people will have less reason to use BitTrue if word gets out they're crypto-totalitarians.  I think they were the first exchange to announce Spark airdrop compliance, and with the airdrop in two months, it would suck for them if people actually withdrew their assets cause of bad PR (think BitMex).  Basically the reverse outcome of their rush to get XRP holders onto their exchange.

Or perhaps BitTrue has some secret agenda to wrangle as many XRP holders as they can for the Spark airdrop then 'airdrop' their own TOS violations on everyone thereby seizing all the zerps for that sweet, sweet insta-profit (tin-foil alert).

Hotel BitTrue: "You can check-out any time you like, but you can never leave. Enjoy your stay with us."

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6 hours ago, jetbrzzz said:

I can't know exactly if the trades you were doing constitutes arbitrage; personally I don't think it should be disallowed, but I don't run BitTrue.

It's a very strange policy.  Then again, mgmt there seems to have some very strange ideas.  I don't know much about them, but I get nervous when I see so much China focus and that a CEO is busy learning Mandarin.  Couple that with wanting to tell customers how they can or can't use their own funds and that's an exchange that I will never use...

Maybe I'm just racist or a xenophobe or a running-dog capitalist.  Whatever one wants to call me.  But don't call me and tell me you're keeping my money or it's gonna be bad.

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3 hours ago, NightJanitor said:

It's a very strange policy.  Then again, mgmt there seems to have some very strange ideas.  I don't know much about them, but I get nervous when I see so much China focus and that a CEO is busy learning Mandarin.  Couple that with wanting to tell customers how they can or can't use their own funds and that's an exchange that I will never use...

Maybe I'm just racist or a xenophobe or a running-dog capitalist.  Whatever one wants to call me.  But don't call me and tell me you're keeping my money or it's gonna be bad.

It's one of those crypto-talitarian policies; do as we say, not as we do. Censoring arbitrage is like censoring Twitter, basically un-American. I'm falling down the Curis Wang youtube rabbit hole today, he's basically another Chinese national, worked for Cheetah Mobile for years before starting up BitTrue.

I personally avoid exchanges headed by Chinese nationals, if only because of their unspoken ties to the communist regime; there is no such thing as 'private enterprise' in China. I left Shanghai some years before they rolled out their social credit score non-sense, what a dystopian nightmare.  Just thinking about it makes me want to don a Guy Fawkes mask.

The US isn't perfect either, Twitter censorship is a circus these days too, but I'm with you, let the dogs run. And if they don't like it, then I'm sure someone else will gladly take my business. Vote with your money, it's the only thing they care about.

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2 hours ago, tulo said:

Binance is the best exchange out there IMO :P

Maybe Chang Peng Zhao really is just a regular guy trying to escape the totalitarian state, who knows, I mean hell, the guy used to work at McDonald's in Canada after his family fled the motherland, exiled by the communists.

But let's not pretend he's an innocent angel either.  That CZ was even talking about rolling back BTC transactions by 'incentivizing' miners when Binance got hacked for $70 mill gives me pause. It wasn't until  his buddy talked him out of it that he let that idea slide.

CZ may technically be Canadian-Chinese, I don't know what family ties he still has left in the motherland.  All I'll say is just look how the CCP broke Jackie Chan through his son and family.

Edited by jetbrzzz
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14 hours ago, strikerjax said:

I thought it was due to his lack of understanding on how BTC worked and the implications of such a change.

The billionaire is a com sci major who started the largest Bitcoin/crypto exchange ever, you really think he's ignorant on how Bitcoin works technically?

The implication of rolling back BTC transactions is that the trust in the miners' neutrality would be entirely eroded AKA the end of Bitcoin.  End it all or take a $70,000,000 loss? That was his actual dilemma, not whether or not he could get enough mining pools in China to do what he wanted by 'incentivizing' them.

His "Oh, I didn't know I couldn't do that" tweet or whatever it was, sounds like it was taken straight out of that Dave Chappelle joke from 'Killing Them Softly'.

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25 minutes ago, jetbrzzz said:

The billionaire is a com sci major who started the largest Bitcoin/crypto exchange ever, you really think he's ignorant on how Bitcoin works technically?

The implication of rolling back BTC transactions is that the trust in the miners' neutrality would be entirely eroded AKA the end of Bitcoin.  End it all or take a $70,000,000 loss? That was his actual dilemma, not whether or not he could get enough mining pools in China to do what he wanted by 'incentivizing' them.

His "Oh, I didn't know I couldn't do that" tweet or whatever it was, sounds like it was taken straight out of that Dave Chappelle joke from 'Killing Them Softly'.


Actually I think it’s a giant fail on everyone’s part that we all collectively don’t drop Bitcoin like a hot potato.

 

“The implication of rolling back BTC transactions is that the trust in the miners' neutrality would be entirely eroded AKA the end of Bitcoin. ”
 

Really any of these facts

  • it’s possible
  • it can be done by anyone with CZs resources and situation (or greater, especially a motivated State entity)
  • It was discussed seriously by the major players
  • there was no certainty in anyone watching what was going to happen with that decision 

should be enough in themselves to achieve what you’ve indicated the actual event would have done.  Total lose of faith in BTC.

It very nearly happened,  and the world saw that,  and yet still thinks all is well.  Like a say, it s a collective giant fail.

 

But this thread is about what that blokes exchange has done to Fladams.  Let’s hope CZ or his representatives are able to see reason.

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I bet you were really doing this for the Spark airdrop, right? I've seen quite a few people on here mentioning the same thing and I was considering moving my XRP to that exchange until you made light of the dark side of Bitrue. It is sad that so many exchanges go bad and this is why crypto won't be mass-adopted or will be avoided by the masses. Well this and just plain greed like ICOs, Defi and *ahem* airdrops which can quickly devalue the respective currency or currencies. I always felt Bittrue was kind of shady with their piggy bank and other incentives that yield more than other exchanges. I hope Nexo offers Spark for the airdrop:

 

Thank you for mentioning this warning. The Crypto community needs to be vigilant in these schemes by malicious actors. 

Crypt0fin.

Edited by Crypt0fin
Nexo addition
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On 10/18/2020 at 3:52 AM, jetbrzzz said:

The billionaire is a com sci major who started the largest Bitcoin/crypto exchange ever, you really think he's ignorant on how Bitcoin works technically?

The implication of rolling back BTC transactions is that the trust in the miners' neutrality would be entirely eroded AKA the end of Bitcoin.  End it all or take a $70,000,000 loss? That was his actual dilemma, not whether or not he could get enough mining pools in China to do what he wanted by 'incentivizing' them.

His "Oh, I didn't know I couldn't do that" tweet or whatever it was, sounds like it was taken straight out of that Dave Chappelle joke from 'Killing Them Softly'.

Check this thread. 

To me he sounds transparent on how he arrived at that decision and owns up on his lack of knowledge etc. 

 

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7 minutes ago, strikerjax said:

Check this thread. 

To me he sounds transparent on how he arrived at that decision and owns up on his lack of knowledge etc. 

 

Who's he kidding, "revenging the hackers"? I think he means 'spiting' the hackers, by paying off the miners with other people's money no less. Socializing the losses are we, CZ? Straight of the Wall Street bailout playbook.

"Re-organizing the blockchain", translation: "I'm gettin' my cash back after someone else stole it, Bitcoin "de-centralization" be damned."  At least his bestie Jihan over at the Bitmain mining pool talked some reason into him:

CZ: "You mean rolling back transactions that PERSONALLY affect MY fortune isn't OK? Ya sure? $70,000,000 is soooo much money..."

Jihan: "But what will the plebes think? They'll pull all their money out if they discover we can change transactions at will."

CZ: "We'll just release another Binance coin to appease them."

~~~~~~~~~~~~~~

When exchanges lock out people like OP even after he complied with their cease & desist requests for something that's, at best, questionably disallowed, it's all good: you signed the TOS, sorry not sorry, we'll enjoy your frozen assets from now on, this help ticket has been closed, have a nice day.

When the exchanges get got, it's time to talk about rollllllin' back the transaction history.  More crypto-talitarianism.

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