Cryptocurreny retailer BitPrime closes trading after running out of money
1–10 of 172 posts
Re: Cryptocurreny retailer BitPrime closes trading after running out of money
#2The question is here - how can they run out of liquidity in the first place? Surely as an honest exchange platform you match buyers and sellers, and take a transaction fee? This implies they have been playing games with customer deposits.
Which would be shocking for a cryptocurrency platform!
Re: Cryptocurreny retailer BitPrime closes trading after running out of money
#3The question is here - how can they run out of liquidity in the first place? Surely as an honest exchange platform you match buyers and sellers, and take a transaction fee? This implies they have been playing games with customer deposits. Which would be shocking for a cryptocurrency platform!
If they didn't have an exact match for the deal maybe they just were the other party - waiting for the other side of the txn. So, in the middle they kept losing a bit on each deal as crypto dropped and poof...the market-maker funding pool is zero.
Good news for $COIN?
Re: Cryptocurreny retailer BitPrime closes trading after running out of money
#4The question is here - how can they run out of liquidity in the first place? Surely as an honest exchange platform you match buyers and sellers, and take a transaction fee? This implies they have been playing games with customer deposits. Which would be shocking for a cryptocurrency platform!
They explain it pretty well in the article.
Re: Cryptocurreny retailer BitPrime closes trading after running out of money
#5The question is here - how can they run out of liquidity in the first place? Surely as an honest exchange platform you match buyers and sellers, and take a transaction fee? This implies they have been playing games with customer deposits. Which would be shocking for a cryptocurrency platform!
They explain it pretty well in the article.
"Our overheads have exceeded our earnings for some time"
You and I have a different idea of what " pretty well" means, unless I missed something.
Re: Cryptocurreny retailer BitPrime closes trading after running out of money
#6The question is here - how can they run out of liquidity in the first place? Surely as an honest exchange platform you match buyers and sellers, and take a transaction fee? This implies they have been playing games with customer deposits. Which would be shocking for a cryptocurrency platform!
If they didn't have an exact match for the deal maybe they just were the other party - waiting for the other side of the txn. So, in the middle they kept losing a bit on each deal as crypto dropped and poof...the market-maker funding pool is zero. Good news for $COIN?
They could certainly use some right now.
Re: Cryptocurreny retailer BitPrime closes trading after running out of money
#7The question is here - how can they run out of liquidity in the first place? Surely as an honest exchange platform you match buyers and sellers, and take a transaction fee? This implies they have been playing games with customer deposits. Which would be shocking for a cryptocurrency platform!
They explain it pretty well in the article.
For some reason I missed that! This FAQ-
"We don’t hold customer funds – at the time of the trade, we send the cryptocurrency directly to your wallet"
I guess shows this isn't another Quadriga event. So that's good!
Re: Cryptocurreny retailer BitPrime closes trading after running out of money
#8It has only just begun...
Re: Cryptocurreny retailer BitPrime closes trading after running out of money
#9The question is here - how can they run out of liquidity in the first place? Surely as an honest exchange platform you match buyers and sellers, and take a transaction fee? This implies they have been playing games with customer deposits. Which would be shocking for a cryptocurrency platform!
> Surely as an honest exchange platform
Because crypto is so well known for the honesty of its actors.
Re: Cryptocurreny retailer BitPrime closes trading after running out of money
#10The question is here - how can they run out of liquidity in the first place? Surely as an honest exchange platform you match buyers and sellers, and take a transaction fee? This implies they have been playing games with customer deposits. Which would be shocking for a cryptocurrency platform!
They're an OTC platform and retailer. Meaning when customers buy or sell through their platform, the counterparty is Bitprime, not other customers. As for their "swap" service, that's just proxied to Changelly, another company.
Looks like they don't even maintain custody of user funds at all.
All this is very clear from the existing docs on their site.