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Bitrue - froze my account


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1 hour ago, Flintstone said:

.....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.

I concur, I certainly won't be moving my assets to their platform for the airdrop in December. Anyone thinking of moving their XRP to BitTrue for the Spark token airdrop should skim through this thread first. I'm not giving them my assets to them only to be locked out of the ability to actually withdraw anything just cause they feel like it and with no recourse.

You can shear a sheep many times but only skin him once, as they say, and sadly OP was the sacrificial sheep. Until they make him whole, at the least, they're gonna have to work some PR magic to convince anyone here otherwise.

Edited by jetbrzzz
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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

I went and looked at their terms and conditions to see where they talk about it. Holy crap. First up, even though long web pages are all over the internet and the methods to display them pro

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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54 minutes ago, jetbrzzz said:

You can shear a sheep many times but only skin him once, as they say, and sadly OP was the sacrificial sheep. Until they make him whole, at the least, they're gonna have to work some PR magic to convince anyone here otherwise.

After escaping the initial BTR release mayhem last year where they pandered to the demands of those who didn't know the difference between Market and Limit orders and a fair bit of trading up until March this year, I withdrew my holdings from Bitrue and they emailed to ask why had done so. Thought that was a bit weird and off-putting at the time.

With all the low liquidity pairings they have, you'd think they would encourage arbitrage. I don't know what it is with Bitrue..... there's potential there, but they always seem to step in sh!t.

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3 hours ago, Flintstone said:

With all the low liquidity pairings they have, you'd think they would encourage arbitrage. I don't know what it is with Bitrue..... there's potential there, but they always seem to step in sh!t.

Quote

Top 5 XRP Trade Volume

Due to the cooperation between Bitrue and Ripple, more than 10% of XRP trade volume comes from Bitrue. With XRP as a base currency, there are now over 50 pairs for users to buy and sell XRP on.

I thought the exact same thing; they boast how many XRP pairs they have on their platform to trade, but you can't trade for profit? Hate to break it to them but that's how free markets work. We can't all profit by seizing user assets. Something smells.

https://www.cryptoinfowatch.com/bitrue-exchange-randomly-seizing-assets-and-blocking-investors/

Apparently this wasn't the first time, article dates back to May, 2019. Must be easy to "profit" when who knows how much of that comes from freezing assets to add to their own pockets. And they just ignore you after they lock you out.

No thanks, Bitrue.

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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

n-degree arbitrage is doing the same thing using 3 or more currencies. 
USD > BTC > XRP > USD

O.P was not doing triangular trading.

Mention that triangular trading involves 3 or more currencies and your transaction history shows only two. Tell them you've printed out copies of your trading history proving no triangular arbitrage occurred. Tell them you have a screenshot of the c.e.o stating on twitter that arbitrage is allowed on the platform. Then ask them for their address of service so that you can serve them legal papers for a pending lawsuit. Don't threaten to sue, that's weak. Ask them for their names and addresses of service. Corporate number ect. 

Then quote the section of the criminal code in their jurisdiction relating to the specifics of fraud and theft. Tell them you're filing a police report regarding their criminal activity. 

Make their life a living hell. Don't let them get away with theft. 

What if they aren't solvent due to the hack they suffered? What if they are operating as a fractional reserve and don't have the XRP they are supposed to have. They wouldn't risk XRP users removing their XRP for the spark giveaway so they agreed to support the fork to keep the XRP on their platform to stall as long as possible. They could buy spark on the open market to cover the fork since the price will be cheap. But that would put them in the hole worse. They would need to recover the XRP somehow and they way to do that would be to selectively seize XRP accounts. 

Their partnership with ripple could be an attempt to regain XRP reserves. 

Their numerous listings of XRP pairs could be a ploy to keep XRP on their platform and to earn as much revenue in XRP as possible. 

They are hindering you from using XRP as arbitrage, another ploy to keep XRP on their platform. 


If they want to cancel your services fine, but stealing your coins is theft. 
operation boycott bitfalse

Edited by jargoman
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Same here. After deposit im cant trade still get message FAILED to place an order. And My balance after deposit until 9 sep my wd still rejected. I have try to trade and wd using website and their apps  still unable to trade and withdraw. 1 month im not get information from support my ticket not answer from bitrue..

All my question not get anwer from bitrue.. 

whatever the reason this is too much.  because it's been more than 1 month that I didn't get an explanation from them and my account had no problems, it just couldn't trade and withdraw.  but can make a deposit .. I am very sorry for this incident.

Bitru very Bad service. and it might will be a scam..

 

Screenshot_20201029-021634.jpg

Edited by KrTDANIEL
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8 hours ago, jargoman said:

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

n-degree arbitrage is doing the same thing using 3 or more currencies. 
USD > BTC > XRP > USD

O.P was not doing triangular trading.

Mention that triangular trading involves 3 or more currencies and your transaction history shows only two. Tell them you've printed out copies of your trading history proving no triangular arbitrage occurred.

Quote

You will not engage in n-degree arbitrage trading to exploit the inefficiencies of the market. You acknowledge and agree: Bitrue shall have the right to unilaterally determine whether you have violated any of the covenants above and, according to such unilateral determination, apply relevant rules and take actions thereunder or terminate services to you, without your consent or prior notice to you.

As to any act you may have carried out on Bitrue, including those you have not carried out on Bitrue but have had impacts on Bitrue and its users, Bitrue shall have the right to unilaterally determine its nature and whether it constitutes violation of this agreement or any rules, and impose punishments accordingly.

You shall keep all the evidence related to your acts on your own and shall undertake all the adverse consequences resulted from your failure to discharge your burden of proof. Bitrue reserves the right to freeze user’s account provided any violation to the User’s Guide stipulated herein.

As I understand it, triangle arbitrage is i.e. USD > BTC, BTC > XRP, XRP > USD, essentially following the triangle around until you reach homebase, gaining or losing because of price inefficiencies.

The clause specifies n-degree trading, not 'triangle arbitrage'. Honestly, you'd have to ask Bitrue what they deem the actual definition to be, they've given themselves a legalese pass to decide 'unilaterally' what is and is not.

Personally it's all the same to me, arbitrage is arbitrage. Whether you go USD > XRP > USD  from Bitrue to Coinbase or even did USD > XAG > JYP > XRP > RMB to "avoid coming home", does that count? Eventually you'll want to go from RMB to USD cause you can't use RMB in the USA. Does it count as "arbitrage" (n-degree) soon as you switch back into USD? If you make a profit? If it's only on their exchange or multiple exchanges? Who knows cause they don't explicitly describe it.

~~~~~~~

Unfortunately, the TOS gives Bitrue the legalese cop out to freeze the account. Their boiler plate response will be, 'You agreed to the terms, then violated them, so we don't have to unfreeze anything.'

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4 minutes ago, jetbrzzz said:

The clause specifies n-degree trading, not 'triangle arbitrage'. Honestly, you'd have to ask Bitrue what they deem the actual definition to be, they've given themselves a legalese pass to decide 'unilaterally' what is and is not.

 

two currency is 2, triangle is 3, n-degree is 3 or more. The n represents a variable. 

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1 hour ago, jargoman said:

two currency is 2, triangle is 3, n-degree is 3 or more. The n represents a variable. 

 

We're just going on the assumption that OP did violate the TOS according to Bitrue's definition, because unless we see the actual transactions and something of a flowchart diagram from Bitrue explaining clearly THEIR definition of n-degree arbitrage, that's all we can do is take the TOS violation at face value.

The issue here is that the Bitrue TOS allows perma-freezing of investor assets if they see fit because of violations. To use Bitrue, you have to agree to a permanent freeze of your assets if they think you violate TOS.  The only recourse investors have is to not use the Bitrue platform until they change the TOS to give investors some kind way to cancel their account and get their assets back.

Freezing assets permanently is the same as theft; it's what the DOJ does to criminals. The DOJ doesn't see it as theft but that's what it is.

~~~~~~~~~~~

IF there is a stipulation in the Bitrue TOS that implies you hand over ownership of your assets to the exchange whenever you deposit assets, then all this is moot; e.g. the investor doesn't actually own the asset anymore once it's on the exchange.

It sounds stupid but banks have done similar things with the Dodd-Frank law. Today when you deposit cash into a bank you no longer own that cash, it becomes a bank IOU. E.G. you now have an IOU on that cash, it's not yours anymore; the banks owns it.

So if you think you have $100,000 in the bank, what you actually have is an IOU from Bank Of X for $100,00, not actually $100,000 in cash. They don't tell you this, but that's how the law was changed back in 2014-ish.

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