[Rant] I just lost faith in bitcoins exchanges

Since last week I've been trying to get an account with exchanges (coinbase, .etc). The price was hovering around $13K then.

Then they kept asking me to send in my particulars to verify my account, and so I did.

Guess what? They kept stalling and stalling. Until today when the first bitcoin futures was launched. Heck, even the official bitcoin website (bitcoin.com) suddenly went under 'maintenance and major upgrades' last week and that you can't buy any coins.

Xfers, another exchange, even started implementing rules like you can't withdraw your cash out of your account. Even if so, you need to wait till next week (after the bitcoin futures launch date). All new accounts will still need to be verified and can't be verified till after 11 December (again, the bitcoins futures launch date) due to 'major upgrades'.

So I decided to just get my coins from buy.bitcoin.com today (AFTER the launch has happened) as I feel the price may go a little higher. I bought 0.5 bitcoins at the market rate of $15,500 (about 8 hours ago). Then... again... they asked me to 'verify my account and payment' and was asked to send in a selfie of me holding my debit/credit card. And I did. I already read that once you've paid the amount, the bitcoin price is locked in ($15,500) even when my payment undergoes verification. I felt relieved and decide to wait.

Guess what? The price peeked to $16,500... and I just received an email about my 'verification'. It is rejected. Yes. REJECTED. Reason? Because bitcoin price has changed. WTF is this? They already said the price was locked in when they are verifying my account and now they say they are refunding my payment because they can't fulfill my order.

I guess if bitcoin prices tanked instead they would immediately fulfil my order and send me my bitcoins.

How is this a decentralised, free market if these exchanges can decide when and when not to fulfil my order? Isn't this plain manipulation? I believe all these exchanges are using 'payment verification' as an excuse to make you wait and decide whether to profit off your losses. If bitcoin price goes up instead, they reject your order.

I feel this is a whole shitty pyramid scheme. How is bitcoin have a promising future if all these exchanges are manipulating buyers and sellers. Seriously.

P.S: I am not saying bitcoin or cryptos are a scam. Rather, these exchanges are fucking things up to profit from all these (not to mention their ridiculous fees). If you entered earlier, you're lucky and congrats.

Have you tried localbitcoins.com?

You can't be mad at the dollar if the bank doesn't give you a loan

Thanks. I was asked to try it but, being new to this whole bitcoin exchange and such, I don't feel safe doing it directly with holders.

Also, that's a bad and poor analogy. Maybe it is due to the thread title and I've edited it.

I am pointing out how exchanges decide when to issue bitcoins when the prices favours them, but rejects issuing when it isn't. And they're using all this verification as an excuse to stall. This is bullshit, seriously. Yet, they are raved as a decentralised market? It doesn't make sense.

Ah fuck it. I will just wait for my coinbase account to get approved instead.

First of all, bitcoin com belongs to Roger Ver, guy who doesn't want BTC to succeed, but his fork BCH.
Bitcoin network is one thing, all sites that are built upon to allow people to exchange fiat into crypto aren't de facto part of the network, just centralized opportunists.These include all types of exchanges, cloud ming sites, POS sites. It's just services built upon something.
I'm sorry you had trouble purchasing your BTC.

Try local bitcoins, peer-to-peer fiat to crypto trading.
Changelly and Luno are other places to buy ( i never used those personally)

If you owned a ws that you can manipulate whether you will sell something at a certain price and you can get a bigger proffit if you do not sell. Etc etc, the example can go on and on. Reason for thinking this is just because BHW TOS exist and most other sites hide them.

Also, all the free tutorals on virtual money something along the line of " invest only what you can afford to throw out the window"

Also, there is a big underground buzz about virtual money and needing to declare ALL coins. Wich will turn in a clusterfuck when goverments will just take a % out if your virtual coins just because they can. And all this verification bs is just a small step for that day.

In short, read BHW TOS and think that all the other ws will never mention you are doing a jv with the ws is the second party and wants profit.

I am sorry for you tho, buy EA stock, it will bounce back since the mouse interveened.

Gl and have fun.

use coinbase, cex.io, or bittrex
Use bigger exchanges, even if the fees are more expensive, but at least, it's strong plateform and they can't close in a day (use european or US exchange...)

They do what favours them. They decide the shot when it comes to who is in charge of what happens and what doesn't.

Fragmaster said:

First of all, bitcoin com belongs to Roger Ver, guy who doesn't want BTC to succeed, but his fork BCH.
Bitcoin network is one thing, all sites that are built upon to allow people to exchange fiat into crypto aren't de facto part of the network, just centralized opportunists.These include all types of exchanges, cloud ming sites, POS sites. It's just services built upon something.
I'm sorry you had trouble purchasing your BTC.

Try local bitcoins, peer-to-peer fiat to crypto trading.
Changelly and Luno are other places to buy ( i never used those personally)

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Such a dumb take. That's how I know you are uneducated on business and know little about Roger. Roger owning the site would love to sell bitcoins. Why would he prevent that and the other "doesn't want BTC to suceed" is quite dumb. Peace!

Lordscarlos said:

Such a dumb take. That's how I know you are uneducated on business and know little about Roger. Roger owning the site would love to sell bitcoins. Why would he prevent that and the other "doesn't want BTC to suceed" is quite dumb. Peace!

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I know more about Roger than I should. Perhaps it's time for you to do some research too. Unless you're one of his loyal shill birds.

His site doesn't serve primarily as a source of income. He uses it as a media title, "bitcoin.com CEO" which people interpret as "bitcoin CEO". It sounds better than "ex con hiding in microstate" . Ok he is not hiding, but that's not the point.

He would earn 100x more money if BCH price moves, compared to any site income.

It's all about using bitcoin brand, and piggybacking it.

Guy poor shamed Andreas Antonopoulos. Flips middle finger when someone calls his project coin Bcash.

What is there to know about Roger that I don't?

masturbato said:

Thanks. I was asked to try it but, being new to this whole bitcoin exchange and such, I don't feel safe doing it directly with holders.

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As already recommended use localbitcoins.com website. Just choose a seller with 100% feedback over alot of trades with a good rate. When you buy or sell, the BTC is held in escrow by the website protecting both parties. So no reason to not feel safe.

I had also noticed that in my country the exchanges have so much difference in buy now price and sell now price that it is very hard to make a good profit from bitcoin transactions.

Lordscarlos said:

Again, showing your ignorance with your conspiracies theories and reaching.
Quite a sad way of thinking you have. No one shamed Andreas. People that follow Andreas are so b*tch made that even when he gets called out for not investing, they think it's insulting him, just the facts! Quit with the gossip pls

"Bitcoin CEO" Really? That's how your probably 16 years old mind thinks? Jesus!

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Wow nice straw man you pulled there.

New people interpret owning bitcoin com as having something to do with bitcoin itself. Not me.

I am done arguing 11 posts shill account. Who are you? Why do you feel the need to dispute Roger Ver's obvious agenda?

He is not BTC supporter. He plays his rich card all the time in worst possible way.

Fragmaster said:

Wow nice straw man you pulled there.

New people interpret owning bitcoin com as having something to do with bitcoin itself. Not me.

I am done arguing 11 posts shill account. Who are you? Why do you feel the need to dispute Roger Ver's obvious agenda?

He is not BTC supporter. He plays his rich card all the time in worst possible way.

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Oh, so it's about posts? Sorry for being someone who doesn't have the time to post 24 posts a day on here. I work and make money not just talk on a forum about it.

Lordscarlos said:

Oh, so it's about posts? Sorry for being someone who doesn't have the time to post 24 posts a day on here. I work and make money not just talk on a forum about it.

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Good. Go make more money, and leave us poor folks alone.

You + everyone else who just wants to get into the game "just-in-time" is why exchanges are so overwhelmed. You just have to wait until it dips again.

They sent out a letter, basically said they have to up game because of the servers being overwhelmed.

Lordscarlos said:

Oh, so it's about posts? Sorry for being someone who doesn't have the time to post 24 posts a day on here. I work and make money not just talk on a forum about it.

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Yeah, that's the thing. Some people here don't have to spend every waking hour working, cause they have no need to. Anyway, those coffees aren't going to pour themselves. I'll leave you to it.

Whoa chill fellas... this thread went south so quickly. lol. You guys are awesome and let's keep the vibe awesome too!

So yeah, I went with localbitcoins and bought from a local seller. Unfortunately, the prices were jacked up by 8-10% but I just treat it as 'processing fees' like bitcoin.com's or those xchanges.

So thanks!

mickyfu said:

Yeah, that's the thing. Some people here don't have to spend every waking hour working, cause they have no need to. Anyway, those coffees aren't going to pour themselves. I'll leave you to it.

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Look how defensive you gets but then again your social skills are not a strong point. Did I push a wrong button? Laughable!

Lordscarlos said:

Look how defensive you gets but then again your social skills are not a strong point. Did I push a wrong button? Laughable!


What insult? Are you out of your mind? He was the one who said, "I am done arguing 11 posts shill account.". Not me. But then again why would you care tho.

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Sorry to upset you, but you don't push any of my buttons. You are merely a nobody on the internet to me. You are somebody I'll never meet, and probably wouldn't even give the time of day to if I met you. You see how irrelevant to my life you are?

People like you like to fantasize about people being upset by their comments on the internet, simply because your life is so pathetic.