Quote from: Maged on March 21, 2013, 01:19:34 AM

As I suspected:

Quote from: zkay on March 21, 2013, 01:04:54 AM

Just received this via email:

Quote from: Seth

Hello,

Due to heavy customer volume and technical difficulties on our end I regret to inform you that we are experiencing massive delays in processing orders.

Rest assured your funds are safe and will eventually be processed. Our web developers are working over time to fix these problems.

Regrettably, it may be several days before your funds are successfully transferred. Again, your funds are safe and your order will eventually be processed and you will be entitled to a refund of your fees.

Thank you for your patience. You will be hearing from us again.

---
Sincerely,
Seth

So, hopefully my 6.1 BTC order is filled in a day or two. Sad

Yeah, not going to happen. The simple fact of the matter is that their system is automated. If they had the funds, all transactions would be processed in a couple of seconds. Code doesn't just break for all of their interactions with all exchanges at once, and in the trillion-to-one situation that all exchanges simultaneously issued changes to their APIs that broke Bitinstant's code with no prior notice, they would contact the exchanges, find out the new processes, and modify their code. Then they would run the transaction processing script again, and all transactions would be processed in a few seconds. At most, in this imaginary worst-case situation that would never occur, it would take maybe taken 3 hours to recover. We are at over 30 days now.

I have been a web developer for 12 years, and a desktop software developer for 7 years before that. These excuses simply do not hold water, and the fact that they are lying about technical issues to buy time should send up immediate red flags. They seem to be on life support financially and are just processing enough older transactions, likely funded with newer transactions (aka a Ponzi scheme), to keep a small flow of positive posts in the Newbies section. That serves to keep hope alive and delay people from suing or contacting law enforcement, but it will only work for so long.

Bitinstant started off as a legitimate service, which of course is why everyone has given them so much slack. But something either catastrophic or nefarious has happened over there, and it is quite apparent that they don't have a way to stop it from careening over the cliff. Having watched a few of these things unfold in the real world, whomever is left over there that has clean hands needs to go into self-preservation mode. Take the reigns, come clean publicly about what has happened, cooperate with any resulting investigations, and either take the company into bankruptcy or find investors willing to stop the bleeding. You don't want to go down with this ship. The jig is up.