Bittrex is shutting down US operation only

pututu

pututu

[H]ard DC'er of the Year 2021
Joined
Dec 27, 2015
Messages
3,085
Bittrex is shutting down their US operation soon. If you have fund there, you need to transfer it out. Reason cited is " Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape. "
Link here.

Important Message For Bittrex U.S. Customers​

Important Message For Bittrex U.S. Customers

Today is a bittersweet day. This month we turned nine years old; and while I am excited and proud that we’ve come this far, I am also very sad. Today, Bittrex is beginning the process of winding down its U.S. operations. Don’t worry – all customer funds are safe and available to withdraw; however, it’s just not economically viable for us to continue to operate in the current U.S. regulatory and economic environment.
Back in 2013, when the three of us built Bittrex, it was about technology. Taking nascent crypto technology and making it better with our vast experience of enterprise software and security knowledge. We built technology that was ahead of everyone at the time. Full-service API. Near instant atomic transactions. Wallet infrastructure, handling more wallets than anyone. Offline cold wallet solutions. We’ve never lost funds or been hacked. It was technology, simple and elegant. We said we would be the most secure and fairest trading platform out there while treating our customers fairly. No hidden deals. No special treatment. We never took shortcuts.
Nine years later, the crypto ecosystem is very different. Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape.
In the end, we made great strides toward accomplishing our goal of maturing the crypto space. However, operating in the U.S. is no longer feasible and Bill, Rami and I will focus on helping Bittrex Global succeed outside the U.S.
As I mentioned above, all customer funds are safe, here and ready for your retrieval (for users with KYC requirements met). We will permit trading until April 14, 2023, and you should withdraw all your funds by April 30, 2023. A timeline of important dates as well as an FAQ are located here to provide further information.
I’ve truly enjoyed being a part of this revolution and will continue to be involved in this space. Thanks to all the Bittrex users over the years that made us who we are.
See ya around the blockchain,
Richie
 
That’s bull. I didn’t even see this until today and I’ve already missed some of the deadlines. They should be sued, full stop.

There should have been better communication and NOT so tight a turn around. I’ve missed the dead line for trading (April 14) and now have to transfer my crypto out of Bittrex in current form rather than trade it for what I want or would rather hold on my own wallet.
 
Archaea said:
That’s bull. I didn’t even see this until today and I’ve already missed some of the deadlines. They should be sued, full stop.

There should have been better communication and NOT so tight a turn around. I’ve missed the dead line for trading (April 14) and now have to transfer my crypto out of Bittrex in current form rather than trade it for what I want or would rather hold on my own wallet.
Click to expand...
Log into your account more often to check on your assets?
Blame the U.S government for their war on crypto...
 
Ya...

1. Exchanges are not to be used as wallets, they can and will disappear and take crypto with them.

2. US regulations are the reason many exchanges are garbage. I believe their comments about regulations creating a arbitrary unfair landscape.

I lost crypto to polinex when the us began to increase regulations and they sold to a Chinese company requiring abunch of identity info to "conform" with reporting requirments to withdraw.

The US regulation on exchanges has not been consumer friendly or aligned to help you. It makes it harder to freely trade crypto and they are happy to see any exchanges not under their control go under.

This makes foreign exchanges more usable but back to point 1. As proven time and time again, exchanges will go under and take crypto, dont use them as a wallet.
 
And this is why crypto is only good for illegal stuff atm and for the forseeable future. It's still a solution looking for a problem.
 
SamirD said:
And this is why crypto is only good for illegal stuff atm and for the forseeable future. It's still a solution looking for a problem.
Click to expand...
Na. With the foolish tax regulations on PayPal and venmo it is ideal to buy and sell hardware with. With the struggling fiat and the poor stock proformance that follows it is a suprisingly decent investment.

Usd is the best and king for illegal stuff. Crypto has proven its usefulness and it cannot be understated in a world with poor political policy and struggling countries and fiats. Its shown its robustness even in face of government opposition and is far more valuable then just this crime narrative pushed.
 
I have 0.0085 cents that appears to be stuck there with them...
 
Had to deal with Nexo recently as well. Was nice knowing something of a return while it lasted :(

Sadly I don't see "DeFI" / "Dex" solutions solving any of this either (and quite literally, on the contrary).

Then again, I want to remind folks that buying crypto is only establishing the position - not a taxable event. Only selling off/from that position is a taxable event. Operates no differently that a traditional market position.
 
cdabc123 said:
Na. With the foolish tax regulations on PayPal and venmo it is ideal to buy and sell hardware with. With the struggling fiat and the poor stock proformance that follows it is a suprisingly decent investment.

Usd is the best and king for illegal stuff. Crypto has proven its usefulness and it cannot be understated in a world with poor political policy and struggling countries and fiats. Its shown its robustness even in face of government opposition and is far more valuable then just this crime narrative pushed.
Click to expand...
It's just Tulips again...
12352.jpg


It happened before and will happen again.

A true currency has stability, else you end up like this guy when the currency crashes:
5026308_dsc4987_jpeg8295a2fee0eeef1b8c7809b67c2b6b8a


What fiat? Can't be this one:
Fiat-Concept-Centoventi-16.jpg
 
atp1916 said:
Then again, I want to remind folks that buying crypto is only establishing the position - not a taxable event. Only selling off/from that position is a taxable event. Operates no differently that a traditional market position.
Click to expand...
Yep, just another asset that if gain, capital gains tax is due, if it loses or goes to zero, it's a capital gains loss that can be used to offset other capital gains, with limits.
 
People should learn! NEVER leave in an EXCHANGE!!! Use hard wallets. And it you cannot use a hard wallets. You should use a Windows wallet. Even a paper wallets.

Live an learn
 
SamirD said:
A true currency has stability, else you end up like this guy when the currency crashes:
Click to expand...

The dollar is stable day-to-day but not year-to-year - and it's not some marginal amount either, but by an amount that heavily eclipses the average pay raise. Bitcoin is also stable, just on a much smaller time frame of minute-to-minute but not day-to-day. But since a send and swap to USDC (or even USD) is 99.9% of the time accomplished within its period of stability, it momentary takes on the role of a currency by successfully transferring the expected value from A to B.

What Bitcoin lacks by your definition, is the ability to hold it for extended periods of time with an predictable value. The dollar is obviously superior in that regard, and will remain to be.
 
SamirD said:
And this is why crypto is only good for illegal stuff atm and for the forseeable future. It's still a solution looking for a problem.
Click to expand...
Crypto transaction being 100% public and open it is a big risk, there tools to make it into a lot of harder to track small public transaction but still...
cdabc123 said:
Na. With the foolish tax regulations on PayPal and venmo it is ideal to buy and sell hardware with.
Click to expand...
If it is about avoiding tax, that seem to fit being good for gray or illegal stuff.

blade52x said:
and it's not some marginal amount either, but by an amount that heavily eclipses the average pay raise.
Click to expand...
That does not ring true (real pay in the last 50 years did not grow in the US that much/at all, but was not heavily eclipsed by inflation, at least not official inflation numbers):
ian-household-income-in-21st-century-200001-202204.png
 
LukeTbk said:
Crypto transaction being 100% public and open it is a big risk, there tools to make it into a lot of harder to track small public transaction but still...

If it is about avoiding tax, that seem to fit being good for gray or illegal stuff.
Click to expand...
Computer parts? you can report the tax properly on cost vs gain if you would like. If you bought used stuff with no proof of cost the curent system of reporting is anadaquite for fair taxation. Selling anything online is burdensome with current payment services for various reasons. Crypto shifts some burdan to the honesty of the transaction but completely eliminates the poor practives of payment services.

Crypto transactions are not open if you dont want them to be. That happens with exchanges (as controlled by govenments) and certain cryptos being fairly open.
 
cdabc123 said:
Crypto transactions are not open if you dont want them to be. That happens with exchanges (as controlled by govenments) and certain cryptos being fairly open.
Click to expand...
Maybe some crypto, but the main one like bitcoin, Ethereum have their core the concept that it will be 100% open and public 100% of the transaction ever made no ? That where the no need for any faith in any actor come from.

You can have some strategy to keep them anonyme (with a long list of people that thought were doing it and failed) which is a different thing than public.
 
LukeTbk said:
Maybe some crypto, but the main one like bitcoin, Ethereum have their core the concept that it will be 100% open and public 100% of the transaction ever made no ? That where the no need for any faith in any actor come from.

You can have some strategy to keep them anonyme (with a long list of people that thought were doing it and failed) which is a different thing than public.
Click to expand...
True regarding bitcoin, but transfering crypto from one address to another poses no issue nor is it really traceable. If I moved mined btc to someones address in return for a gpu is that any more traceable then paying cash? If you value autonomy there are plenty of good solutions in crypto, same with fiats and cash to a degree. Plenty of bad solutions with crypto as well as fiats. But crypto offeres nice solutions at a tech hobbiest level for anonymity if someone choices, and offers a very quick and efficient way to move value. For the people who dont care about anonymity crypto to a us compliant exchange will have similar reporting to online payment processors.
 
cdabc123 said:
If I moved mined btc to someones address in return for a gpu is that any more traceable then paying cash?
Click to expand...
it really depend on that "wallet-adress" activity during its life time, would you buy a house from it (or from a chain of address that started with it), yes

If you watch the Coffeezilla crypto scam investigation:


A lot of it, is simply based on the fact that it was all public, and you can follow the transactions.

There a list of people that having arrested or crypto recovered because tracking them is getting quite sophistacted, there is a reason that there a list of proposed and used solution outthere to make it harder to do, they split large interesting to trace single transaction, in multiple small one over many address over a longer period of time.

Small time where no many resource is use to trace it, would not be an issue but in those case, not many would have care to look at your bank-credit card transaction either.
 
blade52x said:
The dollar is stable day-to-day but not year-to-year - and it's not some marginal amount either, but by an amount that heavily eclipses the average pay raise. Bitcoin is also stable, just on a much smaller time frame of minute-to-minute but not day-to-day. But since a send and swap to USDC (or even USD) is 99.9% of the time accomplished within its period of stability, it momentary takes on the role of a currency by successfully transferring the expected value from A to B.

What Bitcoin lacks by your definition, is the ability to hold it for extended periods of time with an predictable value. The dollar is obviously superior in that regard, and will remain to be.
Click to expand...
Yep, and that's why things aren't purchased in stocks or other things of value that can vary--because of the variance over time that currency (hopefully) shouldn't have.

And that's the problem with crypto--it's the currency part that it can't hold up to atm because it doesn't really have anything backing it but pure supply and demand.
 
LukeTbk said:
Crypto transaction being 100% public and open it is a big risk, there tools to make it into a lot of harder to track small public transaction but still...
Click to expand...
If that was such a risk and as transparent as it should be, then ransomware operators would be busted every day. Instead, that 'industry' is flourishing.
 
You must log in or register to reply here.
Back
Top