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Bitrue - froze my account


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On 10/16/2020 at 3:04 PM, tulo said:

Binance is the best exchange out there IMO :P

I've been having issues with binance! My first incident occured a few months ago where I was unable to withdraw any of my funds for no apparent reason. I had to go through a long 3 week long and painful process where I've had to submit Video selfies, answer a million tedious questions and then had to gather all my bank statements associated ach prime trust. Just now for some odd reason my bank account was banned for no apparent reason so now i can no longer do ach deposits. Binance has been a pain in the ass

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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

Two currency arbitrage is not the same thing as n-degree currency arbitrage or triangular trading 2 currency arbitrage is buying xrp on one exchange and selling on another.  USD > XRP > USD

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

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18 hours ago, XRP-SD-87 said:

Binance has been a pain in the ass

Truth is all the exchanges are going to be subpar service-wise until the traditional brokerages like Fidelity, TD Ameritrade, etc either come in and buy-out the exchanges through M&A or exchanges really sort themselves out. Binance got people taking passport selfies for compliance... smh. Really. The busiest crypto exchange in the world complies with AML/KYC laws with smartphone video seflies. I'm sure they properly secure all that confidential data too, wink wink.....in unencrypted, plaintext files and on public database servers, oh the horror. I wonder what it's like when the SEC audits go down?

Binance: "Why yes Mr. SEC guy, here's all the KYC video selfies for you to go through."

SEC: "..........really? I thought this was Binance not TIkTok."

Binance: "We can filter results by BGM song selection if you like. Personally, I like the Harry Styles mashup, great song to take a KYC video selfie to."

SEC: *facepalm*

Exchanges have come along way since Mt. Gox-ageddon, but there's a long way to go.  Clients accustomed to the quality of brokerage service someone like Fidelity provides aren't going to put up with this non-sense of frozen accounts and smartphone selfies just because. 

Could you imagine if TD Ameritrade started "taking" the assets of clients like BitTrue did with OP, there would be a sh*tstorm.  "Sorry, you can't trade stocks or options anymore cause we say so, and sorry you can't have your assets back either, thanks, help ticket closed, good-bye."

Edited by jetbrzzz
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10 hours ago, jetbrzzz said:

Could you imagine if TD Ameritrade started "taking" the assets of clients like BitTrue did with OP, there would be a sh*tstorm.  "Sorry, you can't trade stocks or options anymore cause we say so, and sorry you can't have your assets back either, thanks, help ticket closed, good-bye."

Agree, As I said previously, you can't go mainstream (Ergo mass crypto participation), without regulation. Most people aren't interested in "pay and hope"

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On 10/21/2020 at 7:10 AM, jetbrzzz said:

Truth is all the exchanges are going to be subpar service-wise until the traditional brokerages like Fidelity, TD Ameritrade, etc either come in and buy-out the exchanges through M&A or exchanges really sort themselves out. Binance got people taking passport selfies for compliance... smh. Really. The busiest crypto exchange in the world complies with AML/KYC laws with smartphone video seflies. I'm sure they properly secure all that confidential data too, wink wink.....in unencrypted, plaintext files and on public database servers, oh the horror. I wonder what it's like when the SEC audits go down?

Binance: "Why yes Mr. SEC guy, here's all the KYC video selfies for you to go through."

SEC: "..........really? I thought this was Binance not TIkTok."

Binance: "We can filter results by BGM song selection if you like. Personally, I like the Harry Styles mashup, great song to take a KYC video selfie to."

SEC: *facepalm*

Exchanges have come along way since Mt. Gox-ageddon, but there's a long way to go.  Clients accustomed to the quality of brokerage service someone like Fidelity provides aren't going to put up with this non-sense of frozen accounts and smartphone selfies just because. 

Could you imagine if TD Ameritrade started "taking" the assets of clients like BitTrue did with OP, there would be a sh*tstorm.  "Sorry, you can't trade stocks or options anymore cause we say so, and sorry you can't have your assets back either, thanks, help ticket closed, good-bye."

Actually most of European public identity services go via KYC made with selfies/videos/videochat. And it's a serious business. All complaint with GDPR and very safe. 

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7 hours ago, tulo said:

Actually most of European public identity services go via KYC made with selfies/videos/videochat. And it's a serious business. All complaint with GDPR and very safe. 

I hope they encrypt all that data, else this could be you. Plastered all over some ransomer's demand note. No one is ever truly safe but that doesn't mean you leave your doors unlocked either.

https://modernconsensus.com/cryptocurrencies/bitcoin/binance-puts-300000-bounty-on-extortionists-head/

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Update to this post - I posted this in the "zerpening" chat section of the forum but nobody took me up on the offer, i will therefore post here:

===

So the fu**ers at Bitrue wont respond or do anything.  I've pretty much come to terms now with how things are and i've written off being able to withdraw my funds....... however maybe I can get one over on them before I leave that Exchange for good.

Bitrue are rejecting my withdrawls, but they apparently have left me the ability to trade on the site still .  Anyway, is there anyone here who wants to find a low volume token that I can fill a stupidly low priced buy order for them?  If so, direct message me and perhaps we can come to some sort of gentlemans agreement.

Not sure if this post is breaking any of XRP Chat (TC's) if so please just give me a warning and i'll remove the post but please please please don't freeze my account!

===

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1 hour ago, Fladams said:

Update to this post - I posted this in the "zerpening" chat section of the forum but nobody took me up on the offer, i will therefore post here:

===

So the fu**ers at Bitrue wont respond or do anything.  I've pretty much come to terms now with how things are and i've written off being able to withdraw my funds....... however maybe I can get one over on them before I leave that Exchange for good.

Bitrue are rejecting my withdrawls, but they apparently have left me the ability to trade on the site still .  Anyway, is there anyone here who wants to find a low volume token that I can fill a stupidly low priced buy order for them?  If so, direct message me and perhaps we can come to some sort of gentlemans agreement.

Not sure if this post is breaking any of XRP Chat (TC's) if so please just give me a warning and i'll remove the post but please please please don't freeze my account!

===

I’m not sure how I understand how that hurts Bitrue?

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On 10/23/2020 at 10:18 AM, BillyOckham said:

I’m not sure how I understand how that hurts Bitrue?

I'll trade my crypto to someone for next to nothing (i'll sell to a stupidly low buy order) - that person can then legitimately withdraw their crypto from the exchange.  As things stand i'm guessing Bitrue are going to be taking ownership of my assets as some point, doing this means they cant.  

And if nobody is able to assist me i'll just sell all the crypto I have to a stupidly low random selected buy order anyway and someone can make some easy $$$

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1 minute ago, Flintstone said:

@Fladams Your best bet would be to wait it out. You might get it back.

Keep trading in the meantime, at least they’ll see you are earning them some income from fees and hopefully allow you access to withdraw at some point.

CSC/XRP pair looks good. I’d have a buy at 0.001001 if I was trading atm looking for a 10-20%er ;) 

I appreciate your positiveness but I shouldn't have to wait it out, if I can trade all my crypto with someone i'll let them take a 50% cut.  I seriously want nothing to do with this Exchange ever again.

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3 hours ago, Fladams said:

I appreciate your positiveness but I shouldn't have to wait it out, if I can trade all my crypto with someone i'll let them take a 50% cut.  I seriously want nothing to do with this Exchange ever again.

I fully understand your position on this.  I’m not sure you will be able to do what you plan though.  On many exchanges the trading engine will fill every order in the book on the way down to the sell price you set.  So you won’t be able to “pick” an order and trade it...  instead you’ll eat all the bids down the book to the limit price you chose.

As annoyed as you are at them...   I think you might get a satisfactory result as @Flintstone suggests in time,  so social media and time might be to your favour,   Good luck with it no matter what you decide.

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6 hours ago, Flintstone said:

@Fladams Your best bet would be to wait it out. You might get it back.

Keep trading in the meantime, at least they’ll see you are earning them some income from fees and hopefully allow you access to withdraw at some point.

 

So OP has to slave his way off the plantation by means of trading fees until BitTrue is content to release HIS assets?

"Work off your debt to us, slave. In 15 years, you'll be allowed to leave the farm."

That irks me, and I can see why OP would rather dump what he can at a loss and maybe recoup some of it through a gentleman's agreement. At this point, a stranger's word is worth more than BitTrue's.

Bad PR is the only thing that would change their mind.

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5 minutes ago, jetbrzzz said:

So OP has to slave his way off the plantation by means of trading fees until BitTrue is content to release HIS assets?

"Work off your debt to us, slave. In 15 years, you'll be allowed to leave the farm."

That irks me, and I can see why OP would rather dump what he can at a loss and maybe recoup some of it through a gentleman's agreement. At this point, a stranger's word is worth more than BitTrue's.

Bad PR is the only thing that would change their mind.

Yes it’s very annoying and a disgusting display of ineptness and greed on their part.  But I don’t think the gentleman agreement thing will work as planned.  I could be wrong though.  Happy to hear from anyone that knows for sure how the matching engine will work.
 

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At this point, a stranger's word is worth more than BitTrue's.

Well said and sadly true.

 

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50 minutes ago, jetbrzzz said:

So OP has to slave his way off the plantation by means of trading fees until BitTrue is content to release HIS assets?

I didn't mean paying back any profits earned from arbing, just that they may think he wasn't just there for the arbing and if it is finally resolved somehow, he'd have more (or less) to withdraw.

I wouldn't give up just yet though. Keep pestering them via email and social media.

 

.....And just for the record, in case Bitrue is keeping tabs on this thread, after what the OP has been through, I will not be using their exchange ever again.

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