Hello all, first time here, and it's obvious I'm not alone. .. I sent bitinstant $400 2 weeks ago today, received an email saying my funds were directly deposited into gox and there was no need for coupon code. At gox, I got "code is used or non existent" ( like I've seen others here have gotten ) . Several emails to Bitinstant have gotten me nowhere . I get passed off, ignored, told my email was sent to the CEO. Since when do CEOs deal with coupon codes and such? ANyway, its obvious to me now after finding this thread that it wasn't just me, which is kinda comforting .. ( ? ). Bitinstant has stopped responding to me altogether.
Can someone here please save me over 200 pages of reading and fill me in real quick on what's happening and if we'll be seeing our money. Can these guys really just take our money and walk away? Can't the better business bureau or something handle this in some way? What can I do to get my money back? Thanks guys.
You can read a faster analysis of the situation here -
https://bitcointalk.org/index.php?topic=155533.msg1689331#msg1689331As far as whether or not you'll see your money, that depends. The simple fact of the matter is that Bitinstant is running a deficit - know one knows how much or why. They lost or took a huge amount of customer money at some point (or it's still going on). What this means is that old orders are processed only when funds from new orders come in. If there aren't enough new orders to process the outstanding ones, then orders don't get processed. As long as the cycle continues, I suppose it will work. Problem is, it's obvious from this thread and other sources that new orders are not covering the shortfalls by a long shot. It's only a matter of time before someone calls the cops, and the whole thing comes to an abrupt end. Make no mistake: Bitinstant was at one time legitimate, but is now nothing more than a Ponzi scheme.