NANO (ex RaiBlocks)

seannash · 30-01-2018 01:18PM

Tinder Surprise wrote: »

Will you be able to get your purchase off of Bitgrail?

Ive everything on kucoin

Tinder Surprise · 30-01-2018 01:21PM

seannash wrote: »

Ive everything on kucoin

@13.11

Bitgrail $11.99

Kucoin $16.35

...killing to be made there alone

99 Bortles of Beer · 30-01-2018 01:28PM

seannash wrote: »

I read it but didn't get that take away from it. Basically XRB is stuck on that exchange until all verification happens for the holders as he must comply with the law.

He talks about bitcoin being the only available avenue if someone wants to close their account on Bitgrail.

He also says:

Not verified and EXTRA-EU users will have to close their accounts on BitGrail. Do not worry, in case they will receive notice, this is just an anticipation. From the moment that the official statement will be visible on the site, these users will have two (2) weeks for accepting new (upcoming) TOS where will be clearly wrote that EXTRA-EU users won’t be able to use BitGrail accounts anymore. As said already, this is an European company, which can guarantee to operate according to European laws only in European countries.

Bitgrail have like 25% of the RaiBlocks in circulation, and I dare say a large amount of that are from US and Non-EU users. A lot of people are going to panic and convert to BTC now, dropping the price. That's gonna cause more people to panic and sell, which is also going to happen on other exchanges. That's literally what's happening right now.

It's already approaching $12 on BitGrail. This is plummeting fast. I'm sure it will recover, but there's an opportunity here to sell and buy back in really low, which I'm doing now. I sold at ~ $16.50 and am waiting to buy back in.

Edit: Got back in at around $14.50.

Tinder Surprise · 30-01-2018 01:32PM

could we just see Bitgrail sales heading straight over to Kucoin?

seannash · 30-01-2018 01:34PM

99 Bortles of Beer wrote: »

He also says:

Bitgrail have like 25% of the RaiBlocks in circulation, and I dare say a large amount of that are from US and Non-EU users. A lot of people are going to panic and convert to BTC now, dropping the price. That's gonna cause more people to panic and sell, which is also going to happen on other exchanges. That's literally what's happening right now.

It's already approaching $12 on BitGrail. This is plummeting fast. I'm sure it will recover, but there's an opportunity here to sell and buy back in really low, which I'm doing now. I sold at ~ $16.50 and am waiting to buy back in.

I'm not sure how I missed that!
Yep right to be worried

BrokenArrows · 30-01-2018 01:40PM

The perfect day for me to leave my phone at home without the 2FA.

Hopefully the price remains down when i can return home and buy some more.

99 Bortles of Beer · 30-01-2018 01:43PM

A $2 drop was enough for me to get my hands on a few extra coins - I think RaiBlocks has been almost universally praised so much the past couple of weeks that I wasn't confident it would approach BitGrail prices on Kucoin as I'd say lots of people are using the opportunity to buy in, so happy to be able to increase the number of coins in my portfolio and just bail. Going to avoid Coinmarketcap for a few hours!!

99 Bortles of Beer · 30-01-2018 02:12PM

I'm actually going to sell again. It's just occurred to me what's going to happen to the price when the US properly wakes up - and they are the ones that will panic the most given BitGrail's announcement.

tcawley29 · 30-01-2018 02:21PM

99 Bortles of Beer wrote: »

I'm actually going to sell again. It's just occurred to me what's going to happen to the price when the US properly wakes up - and they are the ones that will panic the most given BitGrail's announcement.

Nah I'm awake now and haven't panicked.

I believe I can HODL :pac:

daRobot · 30-01-2018 02:37PM

That's some fast one the Bitgrail owner is pulling. His explanation on the reddit thread makes absolutely no sense.

99 Bortles of Beer · 30-01-2018 02:41PM

I cannot think of a single legitimate reason for forcing people to sell their XRB for BTC before closing their accounts (or doing it automatically when they close it). Why not just allow XRB withdrawls?

seannash · 30-01-2018 02:50PM

99 Bortles of Beer wrote: »

I cannot think of a single legitimate reason for forcing people to sell their XRB for BTC before closing their accounts (or doing it automatically when they close it). Why not just allow XRB withdrawls?

Yeah its horse****, how can you need to be verified for XRB withdrawals but not Bitcoin

Dades · 30-01-2018 02:51PM

I have my RaiBlocks in an off-exchange wallet... I assume that's good?!

The price, less so.

I have to say I don't really know what's going on but I'm planning on hodling until Binance happens anyway.

Tango One · 30-01-2018 03:10PM

Is it a case If your account is verified you can withdraw in XRB?

99 Bortles of Beer · 30-01-2018 03:16PM

Dades wrote: »

I have my RaiBlocks in an off-exchange wallet... I assume that's good?!

The price, less so.

I have to say I don't really know what's going on but I'm planning on hodling until Binance happens anyway.

The TL;DR version of it is -

Just shy of 30% of all marketable XRB are on BitGrail. That's around 9.5 million XRB.
BitGrail allowed you to withdraw up to a certain limit without KYC, however they removed that limit in the last week or two, so anybody who wanted to withdraw any amount needed KYC verification.
There had been no update on the verification (which was only trickling through) in the meantime, effectively meaning people had no access to their coins/money.
At the same time, BitGrail have said they are experiencing issues with the XRB node, and as such all Deposits/Withdrawals are suspended. This has been an on/off again issue for them.
Then today, the update on KYC verification comes - and that is, that Verification will continue for EU customers, but all non-EU customers will not be verified. Their accounts will be forcibly closed.
In addition, any non-EU customers that have XRB held on the exchange (remember, they can't withdraw their XRB as this is suspended) will be forced to sell their XRB for BTC, and then withdraw the BTC instead. This will be done automatically for those that don't do it manually.
People start panicking, and doing what BitGrail have told them. A mass exodus of XRB on BitGrail starts, the price plummets. XRB opened at around $18 today (give or take), is now currently trading at around $11/12.
Any EU users with XRB still on BitGrail are kind of stuck in limbo - there's a vague promise that the Withdraw function will be restored and they'll be fine. But their coin will have lost a lot of value and the marketplace will be halved with no non-EU traders left on BitGrail. And that Withdraw function won't be available for some time IMO, as it won't be enabled until all the non-EU users are gone (can't have them withdrawing their own coins now, can we!)
Worth noting that many exchanges, in addition to Deposit/Withdraw, also have a Send function where you can just send your coins from your BitGrail wallet to another users' BitGrail wallet. This has also been disabled for XRB, meaning non-EU users can't even send their XRB to an EU user who they may trust to keep it for them. This is particularly shady, IMO.

There was no reason not to allow people to withdraw their XRB. The obvious reason they did this, is because XRB has no transaction fees. So BitGrail wouldn't have got any fees from the mass exodus. There's also the fact that if BitGrail take all the XRB in exchange for BTC, their sitting on a lot of XRB they purchased at a tanked price that will shoot up when a Binance listing comes meaning a considerable profit.

Now replace any reference to "BitGrail" above with "Francesco" - as BitGrail is really just one guy. The anger over on r/BitGrailExchange and r/RaiBlocks is justified.

It's also worth mentioning that's not as simple as "Well why don't they just sell their XRB for BTC and then use that BTC to buy XRB on Kucoin?". The price they're selling at on BitGrail is $11/12, and the price on Kucoin is $15/16. They're suffering a huge loss here.

ZeroThreat · 30-01-2018 03:38PM

After having missed out on last week's dip, I used today's one to spend the last Eth I had on kucoin to snatch some XRB, just regret I don't have any more funds freed up currently.

Tinder Surprise · 30-01-2018 03:42PM

I would say there is a few U.S holders on BitGrail wishing they had European verified friends to use as a mule.

seannash · 30-01-2018 03:46PM

Tinder Surprise wrote: »

I would say there is a few U.S holders on BitGrail wishing they had European verified friends to use as a mule.

Well they have stopped transfers so they cant even do that if they had friends in Europe

ZeroThreat · 30-01-2018 03:47PM

99 Bortles of Beer wrote: »

The TL;DR version of it is -
[*]Just shy of 30% of all marketable XRB are on BitGrail. That's around 9.5 million XRB.
[*]BitGrail allowed you to withdraw up to a certain limit without KYC, however they removed that limit in the last week or two, so anybody who wanted to withdraw any amount needed KYC verification.
[*]There had been no update on the verification (which was only trickling through) in the meantime, effectively meaning people had no access to their coins/money.
[*]At the same time, BitGrail have said they are experiencing issues with the XRB node, and as such all Deposits/Withdrawals are suspended. This has been an on/off again issue for them.
[*]Then today, the update on KYC verification comes - and that is, that Verification will continue for EU customers, but all non-EU customers will not be verified. Their accounts will be forcibly closed.
[*]In addition, any non-EU customers that have XRB held on the exchange (remember, they can't withdraw their XRB as this is suspended) will be forced to sell their XRB for BTC, and then withdraw the BTC instead. This will be done automatically for those that don't do it manually.
[*]People start panicking, and doing what BitGrail have told them. A mass exodus of XRB on BitGrail starts, the price plummets. XRB opened at around $18 today (give or take), is now currently trading at around $11/12.
[*]Any EU users with XRB still on BitGrail are kind of stuck in limbo - there's a vague promise that the Withdraw function will be restored and they'll be fine. But their coin will have lost a lot of value and the marketplace will be halved with no non-EU traders left on BitGrail. And that Withdraw function won't be available for some time IMO, as it won't be enabled until all the non-EU users are gone (can't have them withdrawing their own coins now, can we!)
[*]Worth noting that many exchanges, in addition to Deposit/Withdraw, also have a Send function where you can just send your coins from your BitGrail wallet to another users' BitGrail wallet. This has also been disabled for XRB, meaning non-EU users can't even send their XRB to an EU user who they may trust to keep it for them. This is particularly shady, IMO.

There was no reason not to allow people to withdraw their XRB. The obvious reason they did this, is because XRB has no transaction fees. So BitGrail wouldn't have got any fees from the mass exodus. There's also the fact that if BitGrail take all the XRB in exchange for BTC, their sitting on a lot of XRB they purchased at a tanked price that will shoot up when a Binance listing comes meaning a considerable profit.

Now replace any reference to "BitGrail" above with "Francesco" - as BitGrail is really just one guy. The anger over on r/BitGrailExchange and r/RaiBlocks is justified.

It's also worth mentioning that's not as simple as "Well why don't they just sell their XRB for BTC and then use that BTC to buy XRB on Kucoin?". The price they're selling at on BitGrail is $11/12, and the price on Kucoin is $15/16. They're suffering a huge loss here.

Are you sure that's 30% of supply? According to cmc the total is about 133 million. Nevertheless, pretty shrewd move on the part of 'Francesco' to becoming an XRB whale.

BrokenArrows · 30-01-2018 03:49PM

ZeroThreat wrote: »

Are you sure that's 30% of supply? According to cmc the total is about 133 million. Nevertheless, pretty shrewd move on the part of 'Francesco' to becoming an XRB whale.

Surely what he has done is illegal and he will likely spend the next few years of his life dealing with lawsuits.

99 Bortles of Beer · 30-01-2018 03:49PM

ZeroThreat wrote: »

Are you sure that's 30% of supply? According to cmc the total is about 133 million. Nevertheless, pretty shrewd move on the part of 'Francesco' to becoming an XRB whale.

Oops, looking at the wrong columns! Scratch that one!

99 Bortles of Beer · 30-01-2018 03:54PM

BrokenArrows wrote: »

Surely what he has done is illegal and he will likely spend the next few years of his life dealing with lawsuits.

That's not all he'll be dealing with, his name and location have been found out already!

ZeroThreat · 30-01-2018 03:54PM

BrokenArrows wrote: »

Surely what he has done is illegal and he will likely spend the next few years of his life dealing with lawsuits.

Maybe he can reach out on the web to Craig Grant & Trevon James, I'm sure they can recommend him a good lawyer.

BrokenArrows · 30-01-2018 03:56PM

Im really annoyed that i cant buy anything right now. Stupid 2FA.

Wombatman · 30-01-2018 03:58PM

Anyone here still on Bitgrail?

BrokenArrows · 30-01-2018 03:58PM

99 Bortles of Beer wrote: »

That's not all he'll be dealing with, his name and location have been found out already!

There is one thing true in the world. Dont screw over the internet people.

seannash · 30-01-2018 04:05PM

To be fair, No one from outside the EU is going to fly to wherever he is living and attack him.
I reckon he'll scarper anyway.
Could Rai step in and somehow ringfence the XRB of non Eu customers with the hopes of distributing them to anyone who can prove they had that amount on the exchange

Baxtardo · 30-01-2018 04:10PM

Just catching this - if I have XRB on BitGrail should I sell to BTC and transfer to Kucoin to repurchase XRB?

Cheers

seannash · 30-01-2018 04:11PM

Baxtardo wrote: »

Just catching this - if I have XRB on BitGrail should I sell to BTC and transfer to Kucoin to repurchase XRB?

Cheers

Are you based in Europe, if you are I'd hold tight. If your not I'd still hold tight for a bit

Just to see how things shake out but if you are outside of the EU I would keep an eye on the XRB\BTC prices

SteelyDanJalapeno · 30-01-2018 04:22PM

Baxtardo wrote: »

Just catching this - if I have XRB on BitGrail should I sell to BTC and transfer to Kucoin to repurchase XRB?

Cheers

Nope,

You'd be selling at $11 dollars, paying a fee to withdraw BTC, then buying XRB at $16 on Kucoin.

NANO (ex RaiBlocks)

Comments