now itbit giving me heat

MeanPeopleSuck · 08-03-17, 02:14 PM

Originally posted by DISTROYA

after a few transactions, they are asking me everything but a blood sample

1) What is the source of funds for your account? Please provide, in detail, how the source of funds is generated. For example, if the account is funded by BitCoin, please indicate how and where the BitCoin deposits were sourced. If the account is funded by USD, please indicate source of funds for the USD deposits.
2) Please provide the name and location of your employer, your title/position and a description of your occupation.
3) Please provide your annual salary.
4) What is the purpose of your itBit Account?
5) If you are a trader, please provide us with a description of your trading strategy.
6) If you trade on other bitcoin exchanges, please provide us with their names.
7) What third party bitcoin wallets do you use?
8) What is your estimated monthly trading volume on our platform? (Please provide in USD per month)

how should i respond to this bullshit? I dont wanna lose the account and sick and tired of switching. First coinbase now these fools. Is there any trading site that just leaves you the hell alone?

Yeah, that blows. I bleed with you. What itbit's doing is kicking you out, but wasting your time first. The same thing's happening to me at Bitfinex. What I did was respond point by point, more or less honestly, and ended with an offer to close the account. But I haven't heard back yet, so I don't know if that strategy's sound. (To be fair, I did recently engage in some pretty heavy gaming of Bitfinex's BCH distribution rules, so I get why they're mad at me.)

As a rule, exchanges don't like being used only as wallets. FWIW, owing to much higher transaction fees, Bittrex has a higher tolerance for sportsbook transfers than other exchanges, but your safest bet is probably to use a wallet that's just a wallet: Blockchain.info's solid, or you can download any of these: https://bitcoin.org/en/choose-your-wallet

Heh, if interested, here's the email I got after Bitfinex publicly spanked me in their BCH distribution press release on Aug 1:

Dear BDavis87,

Your account activity has raised some concerns.

We wish to ask you to provide some information in order to understand your account history and objectives. Accordingly, please provide us with the following details:

Reasons for transfers from and to your Bitfinex account;
A clear and detailed explanation your account activity and objectives.
A detailed explanation of the sources of all funds deposited to Bitfinex; provide details on how and where you acquired the funds that were deposited to your account. Make sure to include TXids and addresses that describe the source of the funds deposited to your Bitfinex account.
A detailed description of the destination you are sending your funds to from your Bitfinex account;

Please send us this information as soon as possible. We reserve the right to require further particulars and documentation from you.

Thank you for your anticipated co-operation,

Kind regards,

trytrytry · 08-03-17, 10:15 PM

so much for this bitcion stuff is anonymous. everyone knows everything

ace7550 · 08-03-17, 11:08 PM

I know it's annoying but I answered the questions and haven't been bothered since. Just tell them what they wanna hear and they will probably leave you alone.

themike78 · 08-03-17, 11:53 PM

There is nothing anonymous at all about Bitcoin. I don't understand why people kept saying it's an anonymous currency. Not when you have to take pictures of i.d.s verify phones and show utility bills.

ace7550 · 08-04-17, 10:28 AM

bitcoin doesn't require any of that. Some of the exchanges supporting bitcoin do though.
It's like saying dollars require ids and phone bills. It's the banking institution that requires them.
If you want to be anonymous with btc it's pretty easy.

DISTROYA · 08-04-17, 12:19 PM

Originally posted by ace7550

I know it's annoying but I answered the questions and haven't been bothered since. Just tell them what they wanna hear and they will probably leave you alone.

Sound advice, thats what i did, hopefully they wont bug me for a few months. I'm trying to gauge how much is just protocol and how much is were about to kick you out. Im sure they know whats going on not hard to figure out, but hope they look the other way and file my bullshit answers.

MeanPeopleSuck · 08-04-17, 06:55 PM

Originally posted by themike78

There is nothing anonymous at all about Bitcoin. I don't understand why people kept saying it's an anonymous currency. Not when you have to take pictures of i.d.s verify phones and show utility bills.

Bitcoin was originally designed to be anonymous. But since the exchanges have gotten so demanding on ID's, several alt coins specifically designed to mega-insure your anonymity have popped up: Zcash, Dash and Monero.

Monero (XRP) is my single largest long term hold in alt coins, for exactly that reason. It's got a built in user base of criminals, tax evaders and drug kingpins.

MeanPeopleSuck · 08-04-17, 07:02 PM

Originally posted by DISTROYA

Sound advice, thats what i did, hopefully they wont bug me for a few months. I'm trying to gauge how much is just protocol and how much is were about to kick you out. Im sure they know whats going on not hard to figure out, but hope they look the other way and file my bullshit answers.

I heard back on my Bitfinex audit. As expected, I'm kicked out for trading "outside the spirit of [Bitfinex's] Terms of Service." But I was allowed to withdraw everything and I even got to keep my ill gotten gains from the BCH distribution, so I consider the affair a success. And remember, your outcome's likely to be better than mine. I really did make their lives harder.

Heh, I briefly considered withdrawing all my currencies from that account straight into another of my Bitfinex accounts, but I'm not insane, so that idea got ash-canned, with a smile.

ace7550 · 08-06-17, 10:44 AM

Originally posted by MeanPeopleSuck

I heard back on my Bitfinex audit. As expected, I'm kicked out for trading "outside the spirit of [Bitfinex's] Terms of Service." But I was allowed to withdraw everything and I even got to keep my ill gotten gains from the BCH distribution, so I consider the affair a success. And remember, your outcome's likely to be better than mine. I really did make their lives harder.

Heh, I briefly considered withdrawing all my currencies from that account straight into another of my Bitfinex accounts, but I'm not insane, so that idea got ash-canned, with a smile.

Would you mind sharing what you were doing that you think got you kicked out? I am constantly trading, arbing, withdrawing, depositing, etc etc on Bitfinex and they haven't f'ed with me at all. I'd just like to know so that I can avoid the same outcome...

MeanPeopleSuck · 08-07-17, 10:15 PM

Originally posted by ace7550

Would you mind sharing what you were doing that you think got you kicked out? I am constantly trading, arbing, withdrawing, depositing, etc etc on Bitfinex and they haven't f'ed with me at all. I'd just like to know so that I can avoid the same outcome...

Sure. I was gaming Bitfinex's BCH distribution rules:

Distribution Policy
BCH will be distributed to settled bitcoin wallet balances as of the UTC timestamp of the first forking block, which is expected to occur on August 1st, 2017.
The token distribution methodology will be:

All BTC wallet balances will receive BCH
Margin longs in BTC/USD and margin shorts in XXX/BTC will not receive BCH
Margin shorts in BTC/USD and margin longs in XXX/BTC will not pay BCH
BTC Lenders will receive BCH

Source: https://www.bitfinex.com/posts/212

Note the 3rd one down, that shorts don't owe any BCH to the BTC owner whose BTC they've borrowed to sell.

See the hole? Under those rules you could make, say a 5 BTC short sale, then use the dollars from the short sale to buy 5 BTC long. Since you've got equal positions in both directions, you've got no BTC price risk, BUT you are about to get 5 BCH tokens.

It was a way to multiply the BCH we received.

ace7550 · 08-08-17, 11:59 AM

Love it. Wish I'd of thought of it

MeanPeopleSuck · 08-08-17, 10:35 PM

Originally posted by ace7550

Love it. Wish I'd of thought of it

Heh, thanks, but trust me, you don't. That audit was a f*ucking pain in the ass.