1. #1
    Sportwetter84
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    Asianconnect questionable withdrawal issue

    So I requested a withdrawal from Asianconnect yesterday night for 2000 Euro. At the time this amounted to 0.24212 BTC. I went to bed and checked at around 12 am to see that the withdrawal was still pending. Around two hours later the withdrawal was cancelled, the reason stated in the lobby "test".

    I went to ask in the chat and was told by Yvonne that i would have to request a new withdrawal. I initially declined this, because the BTC price had risen meanwhile but agreed after I was assured to get the same amount for 2000 Euro as before. It turned I actually received less, around 0.2355 BTC. I asked Yvonne about this and was told that I had agreed to this at the request (which does not make much sense, as I cannot set the exchange rate when requesting). I did not really get a compelling reason as for why my withdrawal had been cancelled after 13 hours, so I have reason to assume this was done intentionally to get off a bad exchange rate.

    I tried to convince the support to give me the difference, but to no avail.

  2. #2
    Optional
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    If you are betting in Euros, and you ask for 2000 euro by bitcoin, and they send you 2000 euro worth at the moment of send, I'm not sure you really have a beef honestly.

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  3. #3
    Sportwetter84
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    well they declined a withdrawal after 13 hours when the exchange rate had moved against them. If you can do that systematically you will skim a lot of money. No compelling reason was given imo.

    fundamentally this is like accepting a bet at 2.00 odds and then cancelling it when the odds move to 1.95 before the match starts.

    they also lied in chat afterwards which makes me question more that this was a technical issue.
    Last edited by Sportwetter84; 01-29-20 at 11:00 AM.

  4. #4
    Optional
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    Quote Originally Posted by Sportwetter84 View Post
    well they declined a withdrawal after 13 hours when the exchange rate had moved against them. If you can do that systematically you will skim a lot of money. No compelling reason was given imo.

    fundamentally this is like accepting a bet at 2.00 odds and then cancelling it when the odds move to 1.95 before the match starts.

    they also lied in chat afterwards which makes me question more that this was a technical issue.
    I get you are disappointed that you missed out on a gain on bitcoin you would have make if paid 13 hours faster, so I don't really want to argue with you.

    But would like to point out that in order for the plan you describe to be workable, AC would have to think they know which way the price will go next. Otherwise all they are doing is gambling themselves, at the expense of pissing off customers.

    A lot of people say this, but I've never seen anyone able to explain with logic/math how it is workable. Without assuming the book knows more about bitcoin exchange rate movements than 99% of people.
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  5. #5
    Sportwetter84
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    I think you did not get me right. I requested a withdrawal for 2000 Euro which amounted to 0.2412 BTC, at this time the withdrawal is locked or if you like a bet is made. I cannot cancel that and neither should AC. I should now receive 0.2412 BTC no matter what happens.

    13 hours later AC can see that 2000 Euro is only 0.2355 BTC, so if they cancel the withdrawal, they owe this instead of the 0.2412 BTC.
    Last edited by Sportwetter84; 01-29-20 at 11:54 AM.

  6. #6
    ShanghaiBeijing1
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    They do in fact show your exchange rate when you make a withdrawal (assuming you did this via the AMS). You say they did not give a compelling reason for cancelling your first withdrawal request; what was the uncompelling reason they gave you? Did they leave it at "test"? In my experience, there's only been one instance when they did not want to answer a direct question that I had for them dealing with my account. I know why this was but other than that, they've been pretty transparent even when they have made a mistake so i'm curious about your situation.

  7. #7
    Sportwetter84
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    First, they told me that the withdrawal was automatically cancelled by the system after 24 hours (which is irrelevant bc 24 hours had not yet passed), then they said if this withdrawal was not acknowledged within 2 hours, it would be cancelled (it was still live after 13 hours though). They were apparently waiting for a confirmation of the exchange checking the bets. In this delay, the price of BTC rose quite a bit which was obv bad luck for them.

  8. #8
    ShanghaiBeijing1
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    Quote Originally Posted by Sportwetter84 View Post
    First, they told me that the withdrawal was automatically cancelled by the system after 24 hours (which is irrelevant bc 24 hours had not yet passed), then they said if this withdrawal was not acknowledged within 2 hours, it would be cancelled (it was still live after 13 hours though). They were apparently waiting for a confirmation of the exchange checking the bets. In this delay, the price of BTC rose quite a bit which was obv bad luck for them.
    Got it. This makes sense as I suspected that the delay was due to their "upline" auditing your betting activity. This is standard when you use products such as Orbitexch and can take up to 24hrs or more. It can be frustrating especially when an exchange rate moves against you, but they aren't trying to pull a fast one.

    Cancellation, at least to me, seems reasonable given the movement of the rate that was quoted when you made the request. As Optional mentioned, these agents aren't generally in the business of taking on exchange rate risk. So they have two choices: 1.) send at the rate they quoted you and assume that exchange rate risk. 2.) cancel and ask you to request - leaving it to you to decide whether the market/exchange rate is suitable at the time your betting activity had been cleared.

  9. #9
    Sportwetter84
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    I think you either block the withdrawal immediately or not at all. They also receive payments in Bitcoin. I don't think it can be economical at all to reduce BTC exposure to 0 by always trading in and out. Always keep some coins for withdrawals.

    Has anyone ever had their withdrawal cancelled when the BTC price went down?

  10. #10
    Sportwetter84
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    now increasing my orbitexchange comission from 3 to 10% after i won a reasonable amount there, making my account effectively unusable... Any suggestions for alternatives?

  11. #11
    Poisec
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    I had the same stuff happening, not 13 hours but 5 hours, luckily BTC price was rising a bit and I didn't lose any money. I don't get the point for them to lock in the withdrawal for several hours.
    Another broker, Easysportbet will just send your withdrawal at the BTC price available at the moment they make the transfer, it makes more sense, you can only lose if BTC price moves down during the circa 30 minutes for the transaction (and Easysportbet uses Bitstamp which has better rates too).

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