Ninjastic
PostEdited versionsQuotes to this post
Post
Topic
Board Exchanges
Re: BTER.com hacked| 7170 BTC stolen | DON'T KEEP YOUR MONEY ON AN EXCHANGE |
by
deisik
on 13/01/2017, 07:29:45 UTC
Quote from: SmartIphone on January 12, 2017, 08:38:35 PM
Quote from: deisik on January 10, 2017, 04:02:57 PM
Quote from: Hueristic on January 10, 2017, 03:55:51 PM
Quote from: funnycoin on January 10, 2017, 01:16:06 PM
Quote from: almightyruler on January 10, 2017, 02:26:55 AM
I've been paid back 0.0112 BTC of a total 0.1150 BTC loss. As far as I can remember, there's only been one payment, and it would have been more than a year ago.


So they've started paying back, but very very slowly. Sad

Looks to me like they made one small payment in hopes it would increase volume and when it didn't they just stopped and left the site up with no support or oversight. The real scam is the fake volume that lures people in and from what I read the high withdrawel cost when those ppeople find out they cannot trade

The withdrawal fee for Bitcoin (and Litecoin as well if I'm correct) remains the same as before the hack and equals 100k satoshi. In respect to other coins, they are now giving 1% bonus on deposits (at least for dogecoins). It doesn't matter whether your trades were profitable or not, they are still taking away the same percentage on withdrawals of these coins. I don't quite understand the logic behind this novelty, but I can say with certainty that it didn't help them. It could make sense for arbitrage if there were active trading at this exchange...

But since there is no active trading by any meaningful measure, it doesn't really matter

The daily exchanged volume is around 300 BTC which is not low, * 0.2% = 0.6BTC on fees daily.
They don't want to pay us because if they wanted they could pay us on small amounts.
About the 1% bonus I have written a post last year which is pure stealing money from their users.

Their trading volumes are fake

I tried trading there a few months ago (you can read my experiences in full here). I had been trading doges before and right after the hack, and what I saw last time can't be called trading by any means. The order-books are literally frozen, and I don't think that with other coins it is substantially different (I looked at a few other coins as well). Some trading volume may be coming from the BTY-CNY section (if they are allowed to trade fiat at all), but I didn't check that. At any rate, they are nowhere near 300 BTC of daily trading volume