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ir_cow

Everything Cryptocurrency Thread!

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Sucks what's happening to you slick. You've experienced the main problem with crypto. Humans do not work well with these long chains of hex or base58 strings.

 

As for exchanges.., in general they are not to be trusted. This is why you see people telling you not to keep your coins in an exchange unless you are trading (which you were in your case, so you didn't do anything wrong..., aside from enter the wrong address)

 

I've been reading about fldc, and it's actually a btc token, and uses btc wallets (not clear on how this works yet). That said, since you sent the funds to a bittrex address, they should absolutely be able to recover your coins, as the private key for the btc address should match the fldc address.

 

The 1 month and .1btc fee is bullshit though. It takes 0 work to import a private key you control.., so this is just their shoddy customer service.

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Sucks what's happening to you slick. You've experienced the main problem with crypto. Humans do not work well with these long chains of hex or base58 strings.

 

As for exchanges.., in general they are not to be trusted. This is why you see people telling you not to keep your coins in an exchange unless you are trading (which you were in your case, so you didn't do anything wrong..., aside from enter the wrong address)

 

I've been reading about fldc, and it's actually a btc token, and uses btc wallets (not clear on how this works yet). That said, since you sent the funds to a bittrex address, they should absolutely be able to recover your coins, as the private key for the btc address should match the fldc address.

 

The 1 month and .1btc fee is bullshit though. It takes 0 work to import a private key you control.., so this is just their shoddy customer service.

 

Like I said previously the way they have this entire thing set up is just straight up stupid. You shouldn't have to jump through so many hoops just to get something done with this stuff. If I go to the bank with Euros, I don't have to open a separate account for them to accept the Euros. 

 

The worst part of this is I didn't even realize I sent them to the wrong address until like 20 min after I sent the coins. I couldn't figure out why there were no pending transfers coming in to my Bittrex wallet.

 

I told Bittrex how unimpressed I am with their lack of responding to my support ticket in a timely manner, and that all I have left is 0.01 bitcoin and that is all I could send them.

 

I found this when trying to figure out what to do with the scammers email https://www.rescam.org I gave them the scammers email.

Edited by slick2500

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well, you don't really have to jump through any hoops to use crypto as intended. With ltc for example. You download the ltc wallet (equivalent to opening a bank account). When you want to send money to someone, you just send it to their address. (Equivalent to a wire transfer)

 

When you get an exchange involved it's different. This is equivalent to a currency exchange.., it's not meant to be used as your "bank account". Combined with fldc/counterpart piggybacking off of another network it can certainly seem confusing for someone just starting.

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well, you don't really have to jump through any hoops to use crypto as intended. With ltc for example. You download the ltc wallet (equivalent to opening a bank account). When you want to send money to someone, you just send it to their address. (Equivalent to a wire transfer)

 

When you get an exchange involved it's different. This is equivalent to a currency exchange.., it's not meant to be used as your "bank account". Combined with fldc/counterpart piggybacking off of another network it can certainly seem confusing for someone just starting.

 

To change my FLDC to USD and get it to my bank, I have to first transfer the coins to Bittrex, then sell the FLDC for Bitcoin, then I have to send it to yet another wallet, then convert it to USD, then finally to my bank account. Paying fees on each transfer and each conversion.  I should be able to convert my coins to Bitcoin right from my counterwallet, then convert them to USD, then send them to my bank all from within the same wallet. But nooooo. This process is way more complicated than it needs to be. And I know I am not the only one who feels this way. If you have the right coin sure it is easy like Bitcoin I can go to an ATM and pull out cash from Bitcoin now days, hell Newegg even takes Bitcoin, so using that is easy. It is getting the coins turned into Bitcoin where the issues lie. Look at all the issues guys were having with Polo earlier in this thread. Look at the issues people have with Bittrex, pretty much the same issues that Polo has, horrible customer service, not getting responses to support tickets for weeks at a time, accounts getting randomly locked, people losing thousands of dollars, and we are just supposed to sit here and accept that that is the way it is? 

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Exchanges are profiting from easily-made user transaction errors, charging large "cross-chain recovery fees" or simply not recovering tokens sent to wrong addresses. Many exchanges have a policy that erroneously-sent transactions will not be refunded. Some have cross chain recovery policy where support will recover the tokens at a price.

 

Pre-SegWit Bitcoin and Bitcoin Cash use identical address formats, making it extremely easy to send coins to a wrong address. The proliferation of ERC-20 tokens in 2017's ICO gold rush have created a similar problem for Ethereum.

 

Personal wallets have locally-stored keys unique to the user,.. however with exchanges it's another matter - multiple users perhaps thousands might be sending transactions to the same address. So they claim verifying and refunding those mistaken transactions is inherently vary time-consuming and risky. 

 

With so many wrong transactions, mistakes I would think it's vary lucrative for exchanges to leave things as they are, and just keep whining about how time-consuming it would be to fix the address so wrong transactions would not complete and would just kick back to your address with an error message.

Edited by Braegnok

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Oh yeah these places are probably making millions of dollars a day off of poor saps like me. All because they are too lazy to fix things so these problems do not occur. 

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Ok, again though. The idea behind these currencies isn't to convert them to usd. The exchanges have 0 to do with the development of any of these projects. They just facilitate a way for people to buy the currencies and cash out if you'd like.

 

And what do you want them to fix? You sent the funds to the wrong address. The exchanges can't control the formatting of the coins address, because they usually arent involved in the coins development.

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One example of software cross-chain recovery tool already out there being used,.. Exodus version 1.39.1  https://support.exodus.io/article/189-ive-sent-bitcoin-cash-to-my-bitcoin-address

 

Makes you wonder how time consuming and risky,.. cross-chain recovery really is for these big exchanges.

Edited by Braegnok

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Ok, again though. The idea behind these currencies isn't to convert them to usd. The exchanges have 0 to do with the development of any of these projects. They just facilitate a way for people to buy the currencies and cash out if you'd like.

 

And what do you want them to fix? You sent the funds to the wrong address. The exchanges can't control the formatting of the coins address, because they usually arent involved in the coins development.

I understand that is not the point behind them, but there are many people who are doing just that, so I am not alone in this. 

 

Like I stated it would be a much better system if these exchanges used 1 address then sorted your coins out for you, like my counterwallet does, I have 8 different coins under 1 address in my counterwallet. There are obviously ways to set this up so that these sorts of things do not happen but like Braegnok stated they refuse to because then they can't get suckers like me to pay $1,000 when it does happen. 

 

And to further how crappy Bittrex support is I have made 4 responses to my support ticket since they first responded and have yet to receive another response from them.

Edited by slick2500

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Circle Acquires Poloniex,.. https://blog.circle.com/2018/02/26/circle-acquires-poloniex/

 

Need to wait an see what they do going forward,.. with customer service, support,.. I'm going to dump a ton of LTC today on polo,.. see what happens. https://www.coindesk.com/litecoin-price-outperforms-nears-stiff-resistance/

Edited by Braegnok

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