This is the last post im going to make about bittrex. The only reason I am making this as a seperate post is because i think the new information is too relevant to bury in comments. This is a continuation from these two posts. If you want to flag this, go ahead. But its the truth, acknowledged by a bittrex employee.
https://steemit.com/bittrex/@sigmajin/bittrex-acting-super-shady-1250sbd-in-limbo-for-over-an-hour
https://steemit.com/bittrex/@sigmajin/there-is-something-going-on-with-bittrex-i-think-i-may-have-just-lost-the-usd30k-i-have-there
I was finally able to reach a bittrex employee, bitrex-bill, on their slack. This was his explanation of the issue (quoted at the bottom)
So basically, exactly the same thing mtgox said when they stopped sending withdrawals. There are technical issues. Youll get your money soon. The devs are working on it. Now maybe this is true, and maybe it isnt. But, for a moment, lets give b-bill every single benefit of the doubt. Lets assume that he is our savior come back to earth and capable of neither dishonesty or error. Even if we do that, and assume that he keeps his word 100%, and never had anything but the best of intentions, All of the following are true
1--They continued to accept deposits knowing that WD's weren't working dependably.
2-- Two out of the past 4 days, withdrawals were not allowed at all. Apparently, on the days that withdrawals did work, they did so haphazardly. This is a liquidity problem. If the previous 4 days can be used as a bellweather, if you put money in theres only about a 30% chance youll be able to get it out if you want to. Now, if youre ok with this risk, more power to you. But its something that is very troubling and that everyone should know before trusting this exchange with their money.
3-- Regardless of whether or not effected customers get their money back-- actually wait were giving him the benefit of the doubt ignore the regardless --- though effected customers will definitely get their money back, they have been harmed by having their money held for no reason. I have like 35K that i can't trade. And again, i have no way to get it out. I could try to withdrawal, bu tthen i have no way of knowing if the rest of my money wont follow the first 1500 into the great limbo. Thats a pretty shitty position to put someone in, espcially when the fault is theirs. WHat happens if the value of these SBD decreases by 30% while they were sitting on it.
I give bill credit for talking to me, but its tough to give him any more credit than that. Short of "I scammed everyone im the dao hacker" i cant imagine what he would say that would inspire less confidence.
If you walk away from this post with anything, it should be that your ability to withdrawal the funds you put into bittrex is not secure or guaranteed. Its subject to "technical problems" that the devs are working on (and have been for months) but have not yet solved. And these technical problems have a negative impact on your money, well thats just a burden youre expected to bear.
If youre comfortable taking that risk, more power to you. But at least now youll be able to weigh the pros and cons for yourself.
And just as a by-the-by. If the pro... i mean since we know for a fact the problem is precisely what they say it is, they could have saved a whole lot of headache for me and probably a lot of other people with a 5 minute post from one of their employees with accounts here, which would have certainly made several thousand dollars because theyre well known cryptos-guys.
bittrex-bill [2:51 PM]
we've had transfer issues from the STEEM wallet the the devs are aware of and working with us on. its been happening for months but its terrible today due to transfers going to polo. so sometimes they go through, sometimes they have to manually get sent againn. so it isn't a surprise that for a single user, a transfer will work, then a few seconds later another transfer wont, or vice versa.
but they will get transferred.
Ned and Dan will make a public statement in support of Bittrex shortly. they know the pain we've been going through supporting STEEM the last 3 months. :slightly_smiling_face: