Silk Road forums
Discussion => Silk Road discussion => Topic started by: TalkingHead on February 13, 2012, 11:23 pm
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This can be seen at tradehillblog.com
TradeHill suspending trading and returning client funds
Posted by jeredkenna in Uncategorized on February 13, 2012
::::: Announcement :::::: TradeHill suspending trading and returning client funds.
Dear Clients,
Effective immediately TradeHill will be shutting down trading / deposits and returning all client funds.
Due to increasing regulation TradeHill can not operate in it's current capacity without proper money transmission licensing. Combined with multiple bank account closures and Paxum's decision to close all Bitcoin business accounts, we have deemed the best course of action is to halt trading and pursue licensing while raising funds.
Everyone at TradeHill has also been working without pay for several months after one of our payment processors removed over $100,000 dollars from our account without notice. We decided to eat this loss instead of passing it on to our customers.
We will be focusing on Bitcoin.com and are preparing to release a new site before the end of the month.
It has been a pleasure working with the Bitcoin community and look forward to continuing our business in the future. More details to come soon.
Sincerely,
Jered Kenna
Chief Executive Officer
TradeHill
Please send all press inquires to: press@tradehill.com
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At least a new site is coming up in its place later this "month"
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Cash. This can be done now with e.g. get-bitcoin but is very prone to the same single-point-of-failure problem and what we need is a better distributed system. Some ideas I wrote about here: http://dkn255hz262ypmii.onion/index.php?topic=11112.0
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Yeah, MoneyPak is horribly risky. And cash too, but that is why the rating system exists. If a drop starts stealing money it should get downrated quickly enough. But what can you do, I couldn't think of a better solution. Also you could hedge your deposits by mailing only small amounts to many different drops, if there were enough you wouldn't lose much on a rogue drop in this case.
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@Losty- It is easy to fund mt gox with cash using bitinstant. Look in the "funding acct" section on the left side after you sign in to mt gox. Click on the list and then click bitinstant. You can get instructions from there to make a cash deposit into their acct at a local branch. In fact when you give them your zip code they will tell you exactly where to go. You can make the deposit anonymously (aside from the security cams). I deposited my cash at 10am and was purchasing on SR at about 3pm.
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That's exactly right. And you can choose a branch (Chase, Bank of America, Citibank, Wells Fargo) anywhere if you're concerned with branch cameras. And with a tormail address associated with a Mt. Gox account it's pretty damn anonymous. The slowest part is waiting for the BC to arrive here.
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bitinstant cash deposit still like 5% little steep =/
exchanging 3,000 costs $150, little excessive =/
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How does one get his coins out of tradehill now this is retarded ???
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How does one get his coins out of tradehill now this is retarded ???
Good question. I've got just over a hundred bucks tied up but, no Bitcoins. My deposit must have gone thru just before they closed trading. I guess I'll have to wait and see. Either that or I might just donate it to Bitcoin development.
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Wow. Shit be hitting the proverbial fan this week.
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Hi,
I had 100 bc in transfer and $1100 in my account.
Got the coins back to my wallet but not sure what will happen to the cash.
any1 else in the same sort of situation ?
regards/
Fred
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bitinstant cash deposit still like 5% little steep =/
exchanging 3,000 costs $150, little excessive =/
It's funny you complain about 5%, vendors typically look at 10-15% to get clean coins out and cash in hand.
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Ah, explains the sharp decline in BTC market. And I just did a buy transaction with Get-bitcoin dot com. It went through and BTC are in SR account.
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bitinstant cash deposit still like 5% little steep =/
exchanging 3,000 costs $150, little excessive =/
It's funny you complain about 5%, vendors typically look at 10-15% to get clean coins out and cash in hand.
It's a 4.49% fee at Bitinstant for over $100. if that helps. But funding Paxum from a card wasn't cheap either and there was a trail left if you didn't use a prepaid card. Anyway, that's not even an option anymore.
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Not necessarily true- There are many ways to fund your mt gox acct cheaply and even free. But you have to wait for several days. When you pay bitinstant their 4.5% what you are paying for is the speed of the service. Hence the name- bitinstant. Dwolla, for instance, only charges .25 for each transaction, but you have to wait.
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I like your post, but electronic cash is EXACTLY what the New World Order wants us to have. They are slowly removing cash from circulation. Only 5% of current money in the world is in the form of paper currency. The rest is electronic entries on a bank's computer. But, the NWO wants us to have an electronic cash that is controlled and issued by their central banks, of course. I don't think BTC is going anywhere, and imo it will be a an imperative tool in the fight against a global cashless society and their panopticon control grid. WAKE UP! RESISTANCE IS FERTILE!
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Dwolla, for instance, only charges .25 for each transaction, but you have to wait.
Not to mention a paper trail to your bank account.
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i have over $3k sitting in tradehill. they said they will issue my check. we'll see. i liquidated the rest of my coins yesterday on virwox, as i see the market crashing below $4. Its kinda useless tho since my paypal account is frozen all because i tried to add a greendot card to my paypal account and i can't verify it because the 4-digit code that paypal needs isnt visible to me on the greendot website. im sick of paypal and banks freezing my funds whenever they feel like it. paypal and banks don't give a shit about people, just greedy corporations.
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I like your post, but electronic cash is EXACTLY what the New World Order wants us to have. They are slowly removing cash from circulation. Only 5% of current money in the world is in the form of paper currency. The rest is electronic entries on a bank's computer. But, the NWO wants us to have an electronic cash that is controlled and issued by their central banks, of course. I don't think BTC is going anywhere, and imo it will be a an imperative tool in the fight against a global cashless society and their panopticon control grid. WAKE UP! RESISTANCE IS FERTILE!
LOL! What the hell is the difference? It's all 100% inflationary, backed by nothing of real, tangible value other than the US military......which as the Russians found out, can't run on no income forever.
The only problem with Bitcoin is that it too has no real, tangible value. If you were left with nothing but your Bitcoins you couldn't use them to produce something, anything, that could be traded for food.
The other, obvious and very related flaw is that they are seen in terms of a countryman's native currency. How often do you do math in Bitcoins without translating it into your currency?
Never. So it has no chance of ever replacing a government fiat currency like a commodity like gold could or booze (or drugs) could.
Its usefulness is its difficulty to trace and that is why people like Tradehill and the others will face challenges by revenuers for as long as revenuers are around.
Tie BTC to a commodity, one redeemable by any BTC holder by any organization with the balls to buck the revenuers and BTC becomes the perfect currency for 21st century freeman.
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I like your post, but electronic cash is EXACTLY what the New World Order wants us to have. They are slowly removing cash from circulation. Only 5% of current money in the world is in the form of paper currency. The rest is electronic entries on a bank's computer. But, the NWO wants us to have an electronic cash that is controlled and issued by their central banks, of course. I don't think BTC is going anywhere, and imo it will be a an imperative tool in the fight against a global cashless society and their panopticon control grid. WAKE UP! RESISTANCE IS FERTILE!
LOL! What the hell is the difference? It's all 100% inflationary, backed by nothing of real, tangible value other than the US military......which as the Russians found out, can't run on no income forever.
The only problem with Bitcoin is that it too has no real, tangible value. If you were left with nothing but your Bitcoins you couldn't use them to produce something, anything, that could be traded for food.
The other, obvious and very related flaw is that they are seen in terms of a countryman's native currency. How often do you do math in Bitcoins without translating it into your currency?
Never. So it has no chance of ever replacing a government fiat currency like a commodity like gold could or booze (or drugs) could.
Its usefulness is its difficulty to trace and that is why people like Tradehill and the others will face challenges by revenuers for as long as revenuers are around.
Tie BTC to a commodity, one redeemable by any BTC holder by any organization with the balls to buck the revenuers and BTC becomes the perfect currency for 21st century freeman.
You've touched the heart of the issue. Bitcoins may be regarded as a currency, but in practice they're more like securities or credit titles: a tool used for moving money (expressed in another currency) more conveniently.
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How does one get his btc out of tradehill now? I had some coin in there i would like to transfer to SR. Anyway this is possible should i attempt to withdraw to my sr address or will it just fail and not go through ? Can anyone please help in this matter?
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do some reading on bitcointalk.org you can transfer your ammount to BitInstant somehow.
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With the combo of precious metals in the real world and BTC online we can and WILL destroy the NWO. Their inflationary scam system HAS to fail. That's the only thing it can do. All inflationary fiat currencies eventually fail.
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With the combo of precious metals in the real world and BTC online we can and WILL destroy the NWO. Their inflationary scam system HAS to fail. That's the only thing it can do. All inflationary fiat currencies eventually fail.
+1
Sometimes I like to "cash out" my BTC to PM's. Should be a good investment for the coming end of fiat currencies. Hah!
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Trade Hill is old news - this shit with them being screwed over by the banking system was
going on a month and half ago. Lucky i was able to withdraw coins from account and only had to
wait on a small check for over a month. Check out bitcoin forums. I cant understand how it took
this long for trade hills death to affect bitcoin prices like this. I thought everyone knew.
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Having succeeded in shutting down Megaupload, the Fed is setting its sights on Silk Road. I can see how SR wanted to get information out there to attract more people, but all of the recent events with Paxum, Tradehill, etc make me think it's part of a concerted campaign against us. We all better be extra careful. 8)
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Having succeeded in shutting down Megaupload, the Fed is setting its sights on Silk Road. I can see how SR wanted to get information out there to attract more people, but all of the recent events with Paxum, Tradehill, etc make me think it's part of a concerted campaign against us. We all better be extra careful. 8)
Pure paranoia. Targeting the entire bitcoin economy just to make things slightly more difficult for one specific online drug market that's hardly a blip in the radar compared to IRL international drug cartels is quite possibly the most misguided waste of resources they could manage.
One could argue that they're targeting the bitcoin economy as a whole because that'd also affect the other black markets that trade in BTCs, like many of the darknet CP hubs. But I still doubt that there's anything but financial motivations behind all of this.
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I agree. I mean, what do we really know, but the world has much more than SR to worry about with all kinds of terrorists and major drug cartels who want to launder their ill-gotten gains. And I sure hope, yet highly doubt, that there are no SR vendors who work with any of those murderers.