Bitcoin pulse, guides and news: 03/05/21

Friday, March 5, 2021

New player perspective - Will not spend another dime!

Howdy MSF community!

This post is in reference to the disgusting and broken mechanics of MSF that were obviously not addressed in today's blog post.

I have been playing this game for 136 days. If I remember correctly I started around end of October and just barely missed AV and Scream events.

For reference, I have spent between 3-4k so far, thus anywhere between 650 to 900$ a month.

I don't know if this would constitute a dolphin, whale or kraken in Scoplenecks definition so I'll let each and everyone of you decide for yourselves.

My TCP is currently sitting at 2.5M. I have cleared DD1 and DD2. Always sitting on Top5 of Arena, most often rank 1. Clearing u7.2 on auto with AX-Men at around 360k

Furthermore, I want to add, before I start, that despite all the quarrels I have with the game I've had a good time with the community, and in particular, watching Remanx fall from his chair live, or watch him twerk, as well as watching Mobile Gamer say trash all day long and obviously our dearly beloved community manager WHYP.

As the tittle references, I will be sharing a detailed and objective perspective of what new players experience, which is often forgotten since a lot of games are balanced for endgame/competitive.

1) Red Stars are TRASH

Red stars are the most disgusting, trash gaming mechanic I've ever encountered in my gaming life, and that's saying a lot.

Focusing on a specific team and completely maxing them is all but unfeasible for both new and older players, which basically goes against the very concept of a card collector game. I am not saying it should be easy to max characters, or should all be completed in one week, but rather that even if you throw infinite money at it you still won't get your whole team 7rs, period.

Also, while Scopely inherited the mechanic from Foxnext and were not part of its creation, they sure do milk the hell out of it.

Just 2 days ago I bought the 50$ +25$ packs, for a whopping total of 150$ and could not even get Moonknight to 4 RS. Come to think of it, and it's a little bit of a blurr, I might not have had a SINGLE 4RS (except those that later came from Elite 4s) - Great Stuff - Nothing to worry though, a new player can enjoy this and still have another 159 characters to work on. Sounds fun right?

How do you fix it?

Increase supply and eliminate 1,2,3 red stars, they are completely useless either way and redistribute probabilities. See? Easy.

2) Character Acquisition through Blitz is TRASH

New player? Want new characters? Buy them or gtfo! This should be Scoplenecks new slogan just to weed out non paying peasants!

How is a new player to ever get a character released through built at any decent level? Never

No breakdown of TCP, or time played. No relevance on any specific strategy, knowledge, competence, time devoted, nope! Bigger TCP always wins and therefore always remains at higher TCP since we peasants don't get to reach those ephemeral heights even if we spend paycheck after paycheck.

F2p? Good luck if you didn't start 3 years ago. Get rkt commander!

How to fix it?

Introduce player shards. See? Easy.

3) T4s are as scarce as water in the Sahara

160 characters to level up and T4? Challenge Accepted!!

Scopely: "Sure you can try but we will keep introducing and reworking new and better characters at such a speed that even the mightiest of krakens will get disoriented and throw all their cash at us in their futile attempts, and unbeknownst to them, as they closer to their goal we shall release the new and improved T5s so you can now do it another 160 times!!!! Get rkt commanders!!!"

Me: Pepe hands

How to fix?

Increase supply through Raids, Challenges, Battlepass, etc. See? Easy.

4) Bugs and no QA team is TRASH

Seriously guys. How long has the Thor special bug been around?

See most of you more veteran players notice way less or bothers you way less since you don't use Thor day in and day out, but if you were not aware, Wave1 avengers has been the best early game team now for quite a while except if you go all out and buy symbiotes or more recently the AX-men.

Even then, wave1 punches across symbiotes and perhaps even AX-men in arena.

Every single new player in this game receives a 3 star Thor and you better believe they use it daily in arena, blitz, raid, you name it. I have lost the count, and have had to manually do everything related to Asguardians and Wave1 to avoid the bug.

Freeze, after freeze, after freeze. And what does Scoplenecks do? Nothing until just recently when we squeezed the hell out of them, and all of a sudden, wow magic they seem to have found the problem. Thor is worthy of his hammer after all and can catch it back

When the paying big boys complained enough about it then and ONLY then they go ahead and fix it. Get rkt f2p commanders. But you better believe if this was benefiting the players it would be fixed before you could login and take advantage of it!

How to fix?

Spare a little change from your mega millions, get an actual QA team to test instead of using us as master beta testers! See? Easy

5) G13 gear scarcity is TRASH

Recently there was an infographic released by Eboooombe and Vrondius that shows how trash and useless G13 is versus its counterparts G12 and G14.

Its relative power increase is so negligible that it's better to remain at G12 or straight jump to G14.

This would make sense if G13 was the Best in Store gear in the game, but not only is there G14 but G15 as well, yet, G13 is more scarce than the other 2 combined!!!!!!!!!!!!!

Don't worry guys, Scoplenecks is on it and have compiled for us exclusive packs of 10 uniques for 14.99$ so you only need 2 and half of those per character plus the same packs of gear pieces like Superior Isochronal Compound which you need 15 per gear piece yet can only farm it in 1 campaign node (if you unlocked it).

Oof, sure glad Scoplenecks on it!

How to fix?

Gear is outdated, useless, serves only as a Scopleneck between higher gear tiers so just increase the supply as you wish such as adding pieces to existing campaign nodes, or adding gear lines in reward stores, add it to daily milestones. Hell you could give them free it would not break anything. See? Easy.

6) Character availability is Trash

I have really not found any game that at the SAME TIME has anything like 10+ characters completely unobtainable except by 30$ pack offers.

I can't count them all in my head but Red Guardian, Elena, Kitty, Bishop, Iceman, Beast, Dadbros, Cull, Yo-yo, AV, Scream, SSM, Emma, Agent Coulson, She-Hulk and soon enough MK and WT. Wow that's 18!

Also let's not forget the good ones in raid/war stores, which you receive so little tokens, and are filled with useless minions.

Even SWGOH doesn't do this.

How do fix?

SWGOH has nodes with 2 characters that's an option. Create more/new campaign nodes. Add more lines in blitz/raid store and remove minions from there. Create a new trash currency you get daily from daily challenges and quests to farm trash minions. See? Easy.

7) Mishmash of Scoplenecks

Let's just pause for a little bit.

Although I have not covered every bottleneck, and I obviously can't speak for every other end game player, I feel like if these points above were completely resolved we wouldn't really be upset with:

-Gold shortage

Is it annoying? Sure but we can manage by not leveling Nebula and focusing resources on the good teams and the characters we like

-Training mats shortage

They addressed this today (which is great) but no mention of gold and therefore fixing this one will simply cause more gold shortage frustration, but as I said above, assuming all other things are fixed we could live with these AMAZINGLY

-RTA

Sure RTA is a little annoying, it's more like Real Time Auto and if you have the worst matchup quitting is useless cause then you can't queue back up. That being said, again, we know this will be improved and if we could go wider on rosters by fixing the 1st 5 aforementioned points we could manage and it would be nothing more than a chore.

-Sling shotting

This one annoys me a little bit, specially that I'm at the top of Arena, but again today they mentioned they are going to fix it, and then again, if this was the worst part about the game I'd be very happy.

TL;DR

F2p players can't progress, can't cope with character releases, can't really collect characters in a card collection game...

Hell, even the mightiest of krakens on Youtube and Twitch can't get their characters to 6-7RS

Therefore, and effective immediately, I will not be spending another dime on this game until the community's concerns are addressed.

If nothing, I rather gamble my money on Bitcoin than give it away to greedy disgusting predatory companies feeding off of the community's love for one another and the Marvel Universe.

I invite you to do the same, but if you enjoy the game, I hope you can continue to enjoy it!

P.S: There might be some typos, it's late. Also the term "Scoplenecks" is not my own and was, to the best of my knowledge, created by Mobile Gamer.

MSTR DD, or Why this Company is an Absolute Dumpster Fire

MSTR is a terribly overvalued company, their financials are insane, and their CEO Michael Saylor is a nut. I will admit upfront I am incredibly biased. But if you're still curious, strap yourselves in, because you're in for a wild ride.

tl;dr MicroStrategy is a dying business intelligence company that has been contorted into a Bitcoin ETF in all but name. They have taken out massive loans worth nearly twice their June 30, 2020 aggregate market value of $907 million and sunk it all into buying and holding Bitcoins. It's utter lunacy, and it's going to blow up Soon™.

Also, I eat crayons for a living and this is not financial advice.

1. What are Bitcoins?

Bitcoins (BTC) are magic internet beans that sketchy people use to acquire illegal goods and services, sketchier people use to launder dirty money and get paid for ransomware, and bagholder crypto enthusiasts buy and hold because numbers go up. One magic bean is currently valued in excess of $48,500, and recently reached an all time high of $58,641 on Feb 21, 2021.

2. What are Tethers?

Tethers (USDT) are magic internet bean settlement tokens ostensibly backed 1:1 by USD. The are created by Tether Inc. from a combination of ~~drug cartel~~ institutional investor deposits and increasingly from thin air, and were first introduced on the trading platform Bitfinex. Tether and Bitfinex are incidentally run by the same people. To date, there are 36,431,133,054 Tethers propping up the crypto ecosystem, which by Tether Inc's own admission is only around 74% backed. However, according to the New York Attorney General, none of it is backed. Keep this in mind. It'll be important later.

Tethers allow crypto trading platforms to settle trades without worrying about old fashioned banking concepts such as KYC (Know Your Client) and AML (Anti-Money Laundering), requirements one would usually need to meet in order to establish a working relationship with a bank, in order to process customer deposits and withdraws. Tethers have become so popular in the crypto ecosystem, the vast majority of Bitcoin trades now occur in USDT. Just take a look at the money flow from/to Bitcoin in the last 24 hours. See how much of that is taken up by USDT compared to USD? Tethers are the engine that drives the crypto markets.

Tether Inc. has essentially become the Central Bank of Bitcoin. Completely unbacked USDT get printed in the billions, USDT only exchanges use Tethers to drive up BTC prices, degenerate gamblers with FOMO jump into BTC/USD exchanges, buy Bitcoins with real dollars, then take them to USDT exchanges that allow for margin trading on x100 leverage. It's insane. But who cares? Magic beans go up.

3. What is MicroStrategy?

Alright, well and good, but what does any of this have to do with Wall Street? Well, MicroStrategy is, or was, a business intelligence company that has been stagnant for years. According to their 10-K for 2020, MSTR had an aggregate market value on June 30, 2020 of approximately $907.0 million. Their share price has been hovering around $100-$140 from 2006 to mid 2020, and their EBITDA in that time has been very stagnant.

In late 2020, MicroStrategy was sitting on about half a billion dollars of cash reserves. Because its CEO Michael Saylor is a madman who controls over 70% of the voting shares, he pushed the company to spent 85% of this reserve, or $425 million, on Bitcoins. Remember, this is a company valued at $907 million before it started going hog wild with Bitcoins. It then continued to issue bonds and use the money to buy even more Bitcoins. To date, MSTR has now spent $2.196 billion dollars to purchase 91,064 Bitcoins, at an average price of $24,119 per coin.

Unless you're a bitcoin maximalist, I would venture this looks like utter insanity. And even if you are, why does a company that has nothing to do with crypto need that many Bitcoins? But regardless, the move has done wonders for MSTR stock prices in the short term. When Saylor first bought in during August 2020, BTC prices were at $11,653, and MSTR was around $140. Bitcoin rocketed to its $58,641 ATH in Feb 21, 2021, and a little bit before then on Feb 7, MSTR reached its own ATH of $1,315 a share. In fact, the price of BTC and MSTR are now closely moving together. With BTC falling $10,000 in a month, MSTR has also lost over 50% in value from its ATH. Given all this, I believe MSTR is now a Bitcoin ETF in all but name, but one that comes with all the baggage of a slowly dying software company, which possibly makes it even more volatile than an already volatile cryptocurrency.

To summarize, MSTR is a company with a current market cap of $6.19 billion, a P/E ratio of 158.25, and a book value per share of $57.69. It has also spent almost 2.2 billion dollars, much of it borrowed, to buy Bitcoins, and is currently trading at $620 per share, down from an ATH of $1,315 less than a month ago. Just... think about all that for a minute.

4. What Happens Next?

Remember that NYAG judgment against Tether on Feb 23, 2021? It was ruled that Tethers were unbacked, Bitfinex were forbidden from doing business with New Yorkers, and they were fined 18.5 million, which Tether promptly transferred. Cute. But more importantly, this is what MSTR prices looked like the day before the judgment. Tether is increasingly coming under scrutiny, and when this giant game of crypto musical chairs finally ends, it's going to take MSTR down with it. Bitcoins are in the middle of another speculative bubble, which might already be popping even without any new legal challenges against Tether. All of this is going to blow up soon, and now is the time to make a play against MSTR. Here's how someone (not you, obviously) can get in on the action.

My name is actually pronounced "Donger": Short MSTR, pay the fees, and close the position when the price has dropped enough to make it worthwhile. Tech stocks are experiencing a market correction right now anyway, so there's probably money to be made regardless of the accuracy of this DD.
I like risk. This is fine: MSTR put options expiring on Jan 20, 2023. Pick your strike price and wait it out. 22 months is lots of time to get out the popcorn and watch the fireworks.
I eat crayons for a living: MSTR put options expiring on Dec 17, 2021. Strike price goes as low as $85, and the premiums are comparatively tiny. A calculated gamble that MSTR crashes and burns before then can net a hefty return, but if the timing is off, or the company manages to not completely botch the landing, the options can still expire worthless even thought the underlying thesis is correct.
I have a crayon in each nostril and I'd like more: MSTR put options expiring on Apr 16, 2021. Strike price also starts at $85, and premiums are even cheaper. This is pure YOLO territory. The timing will more than likely murder this trade, just like it did this hedge fund.

5. Bonus Material

Back in the halcyon days of March, 2000, MSTR announced it had misrepresented its financials for the previous two years. The event caused a spectacular single day crash of 62%. This giant spike you see on the left was the last rally and crash caused by such shenanigans, adjusted to today's dollars. MSTR was fined by the SEC for fraud, but no one went to jail over it, so this isn't even their first rodayew. Now, two decades later, here we are again.

All of this is why I'm betting against MSTR with $85 PUT options expiring on Dec 17. It's dumb and risky, but I'm riding this one all the way to the Marianas Trench.

6. Further Reading

I can't claim much credit for what I just wrote. All of these ideas have been covered better by others, and I'' list them here. I consider the following essential reading for anyone interested in MSTR and their connection to Bitcoins.

The Bit Short: Inside Crypto’s Doomsday Machine, for understanding how Bitcoins and Tethers are traded.

The next BTC crash could be something to behold, for more on the Bitcoin ecosystem, and its connection to MSTR.

Bitcoin fixes Microstrategy (or does it?), for information on MSTR's Bitcoin position specifically, and what it means for the company.

Glassdoor reviews of MicroStrategy for funsies.

[ CryptoCurrency ] Binance Extortion

Topic originally posted in CryptoCurrency by niZmoXMR [link]

This is going to be a long thread with every event from last August on how Binance has stolen my grandfathers money, how they fuck you around, and why you shouldn't do business with them. Here we go.

July 17th, 2020:

Signed up on Binance, compeleted Basic verification.

August 12th, 2020:

Advanced Verifiation Successful

Fiat Account Verification Successful

Started Wire for $100,000

August 14th, 2020:

Sent the wire of 100k from the bank

Got an email saying they got the wire

Go to login, and the account is disabled

Got an email saying they accepted the wire

Tried to reactivate and got an email saying

Your request to reactivate your account has been denied for the following reason: 7_DAYS_REFUSED

August 15th, 2020:

Sent them an email asking why the account got disabled.

August 17th, 2020:

Got a reply finally which said

Hello,

Thanks for your reply!

In order to assist this further, please reply with the following information:

1) Video of you holding your ID along with them stating the following: "My name is XXXX YYYY, today is [Today's Date], I confirm that I'm in control of my Binance.US account and that I accept the terms and conditions."

2) Most Recent Bank statement of the account utilized

We look forward to hearing back from you soon!

Best,

Kai
Binance.US Support

August 19th, 2020:

We made the video and sent it in. This is in hindsight, a mess up on our part, as he sent the wire from his closed bussiness account, which is now a personal account to him. The assets of the company were sold, but obvisouly the bank account is still his. You don't sell you bank account with a business, that would make no sense since a dollar == a dollar. But this is what we replied with.

Attached is the video. I'm having trouble with attachment size, as it only allows up to 25mb, so I have to send the bank statement in another email. I had to make the video 720p. I'll also like to add that R*** Electric Construction Inc was my business but is no longer going since I've retired. Please see next email for the Bank Statement.

August 21st, 2020:

Didn't hear from them, so we sent another email

Sorry to reply again. Just trying to think of what it means about the 7 DAYS REFUSED, and the only verification that took a long time was the Advanced Verification, because I only had it half done for a week, I have quite a few emails about it saying failed during that time it wasn’t complete. I eventually finished it and have the email saying it was successful. Then I completed the Fiat Verification as well. I need the reason why it failed and what verification it was, so I know what to do. Does it have anything to do with the wire itself? If I can’t get verified for what ever reason, how do I get my money back? I’d like to just get this done and use your exchange. I’m getting worried, as I have no clue why my account was locked in the first place.

August 24th, 2020:

Got a reply from them.

Thank you for letting us know. Our team is still reviewing your request and will update you as soon as possible.

August 29th, 2020:

Following a recent review of your Binance US account, we regret to inform you that we will no longer be able to service your account with our firm. We are closing your account in accordance with our customer terms of service agreement that you agreed to upon opening your account. This decision was based on numerous factors including but not limited to our firm’s commitment to abiding by all Federal and State regulations and following all company processes and procedures.

We will need the following to initiate a return by wire transfer of the funds currently deposited on your account. Please provide:
Your Bank Name
An active Bank Account Number with that bank
The account holder name needs to match the name of the BAM account holder

September 1st:

We sent the info they were asking for, can't show it for obvious reasons.

September 11th:

No reply still, so we sent them an email

Hey, I still haven't received the funds back, and I haven't got anything that says you have sent it back to me. Just checking up on what's going on.

Got an automated reply, as if they ticket got wiped out.

Hello,

Thanks for reaching out - we're here to help! Our team is looking into your issue and will be responding to your original request soon.

While we follow up on your issue, feel free to check out our frequently asked questions https://support.binance.us/hc/en-us
and blog https://www.binance.us/en/blog!

Thank you and we will be in touch soon!
Binance.US Team

September 13th:

Get an email from another automated reply

Hello,

Thanks for reaching out - we're here to help! Our team is looking into your issue and will be responding to your original request soon.

While we follow up on your issue, feel free to check out our frequently asked questions https://support.binance.us/hc/en-us
and blog https://www.binance.us/en/blog!

Thank you and we will be in touch soon!
Binance.US Team

Septemeber 14th:

Got a reply from them

Hi there,

We will need the following to initiate a return by wire transfer of the funds currently deposited on your account. Please provide:

Your Bank Name

An active Bank Account Number with that bank

The account holder name needs to match the name of the BAM account holder

The information you provided us does not have a name that matches your Binance US account.

Best,

Lando

***That is right, they asked for the same exact info we already sent them.

This time we sent the same info, but explained how the bank account was his old bussiness.

My Binance account used my name XXX XXX, and I sent the wire transfer from my now closed companies bank account, R*** Electric Contruction. I hope that that isn’t a problem.

Please get back to me if there is a problem. If I have to prove I own the R*** Electric bank account, I can do that.

Thanks.

Got a fast reply from them:

Hi there,

Could you please provide us with a bank account in your name: XXX XXXX

We are unable to wire funds back to an account that does not have XXX XXXX attached to it.

Best,

Lando

No clue why they are trying to send back money to a totally different bank account than where the money came from but we sent all the infomation to them for one of his personal bank account.

September 15th:

Got a reply

Hello,

The responsible team is now reviewing this, and we'll get back to you as soon as we can.

Best,

Lando

September 18th:

Haven't heard shit back from them. Looks like it takes them over 3 days to read two sentences. Sent them an email

Hey, it’s been a couple days since I last heard from you guys. If there is a problem with the information for the return wire, please let me know. I think signing up with my personal information then sending the wire transfer from my, now closed business R*** Electric, messed this whole process up. It’s been over a month, please keep me up to date.

Thanks

September 23rd:

This is where big dog Biggs comes into play

Hi-

We're looking into it now.
Sorry for the delay.

Best,

Biggs
Binance.US Support

Hello Mr. XXX XXXX,

Thank you for reaching out to us and if you can please help us with some information so that we can properly get your funds back to you.

- Why did you wire the funds from a Business account?
- Is R*** Electric Construction, Inc still in business? If so why was that account closed and do you have a new account opened?
- Can you provide us with documents showing that you are the owner of R*** Electric Construction, Inc?
- Written explanation of the various locations that you logged into Binance.US from?

Best Regards,

Binance.US- Support Team

We replied saying:

My grandson is helping me with buying Bitcoin. He helped me signup, then left it to me to make the wire deposit. I didn't know it would be a problem send the wire from the R*** Electric bank account.

R*** Electric is no longer in business. I sold R*** Electric Construction to a company called XXX XXXX over a year ago. They bought the assets of the company, not the bank account, or my building. They don't use the R*** Electric name. I have the settlement statement attached. The bank account is still opened, and is the same account that I used when the business was in operation.

3. There is the Asset Purchase Agreement (APA) and the Settlement Statement attached from when I sold the company. I hope this is sufficient.

I think there would be two locations. First one would be ***, which is where my shop is from when I had ran R*** Electric. Then the second location would be at my grandsons house in ***. We signed up for Binance and did the verifications from my shop, then the day the wire deposit was transferred, my grandson tried to login from his house to help me out with buying Bitcoin. Since then the account has been locked.

Thanks

Sent with ProtonMail Secure Email.

September 23rd:

Hello,

Thank you for providing us with this information.

We've escalated your request to the responsible department to review.

We'll respond as soon as we can with an update.

Regards,
CS Luke

October 4th:

Hello Laurence,

So sorry for the delay in our response!

Can you please provide us with the most recent bank statement from the corporate account showing that you are an authorized signer for that account?

Additionally, can you also provide us with your last bank statement issued by Greenwood Credit Union?

We look forward to your update and to assisting you with this further.

Best,

Kai
Binance.US Support

October 21st:

It took a little for my grandfather to get the information together, but we got everything together and sent it.

Hey, I have gathered all the information you need I would think. All documents are in the same PDF. Please see attached file.

Thanks

Response from them:

Hey Binancian,

Thank you for contacting Binance.US Support.

We've received your request and our friendly support team is reviewing your email, and we'll get back to you as soon as we can. In the meantime, we invite you to check out our FAQ and Social Media channels for more information:

If you have any question regarding our Account Verification process and Security tips:
https://support.binance.us/hc/en-us/categories/360003712873-Account-Verification-and-Security

You can find out everything you need to know regarding Deposits & Withdrawing assets here:
https://support.binance.us/hc/en-us/categories/360003676674-Depositing-and-Withdrawing-Assets

All information regarding our Trading & Fees can be found here:
https://support.binance.us/hc/en-us/categories/360003676634-Trading-and-Fees

More information regarding our Blog & Social Media channels can be found here:
Blog: https://binanceusl.ink/blog
Telegram: https://binanceusl.ink/telegram
Twitter: https://binanceusl.ink/twitter
Instagram: https://binanceusl.ink/instagram
Facebook: https://binanceusl.ink/facebook

We look forward to assisting you!
- Binance.US Support Team

October 29th:

Haven't heard anything so we sent them an email

Hey, I am just checking on the status of the return wire. It has been almost a week since I got an email saying you guys we're reviewing it.

Thanks

November 1st:

This is being reviewed! Thank you.

Best,

Biggs
Binance.US Support

November 5th:

Hello,

Thank you for reaching out to us, and we apologize for the delay.

We appreciate your continued patience regarding your Cash Account Verification.

Please rest assured, we are working expeditiously on this issue and have escalated this to our payment processor, Prime Trust. Your application is currently under manual review. All applications are reviewed in the order they are received.

I cannot give any specifics to the timeline of your review; however, as soon as there is a status update regarding your application, we will reach out to you via email.

Again, we sincerely appreciate your continued patience, and we will reach back out to you with an update as soon as we receive one.

Respectfully,
Leia
Binance.US Support Team

Patient we we're for almost a month with no response

November 22nd:

It has now been a whole month since I have sent you all my information proving that I own the R*** Electric bank account. It has been exactly 3 months now trying to get my money back. What is the problem here? I am losing my patience, how would you like it if a company locked your account and wouldn’t give you your $100,000 back? Why did you accept the wire transfer only to close my account a minute later and make me fight for my money? If within the minutes of you accepting the wire transfer and locking the account, that means you knew that you shouldn’t have accepted it. You guys are playing with me. It doesn’t take a month to review 5 pages of info and send a wire transfer. Do I need to buy a plane ticket and pay you a visit? Email doesn’t seem to be working too well. I have a cousin in California who is a judge as well and will take legal action. I didn’t want to play this card but I have no choice left, if this goes for another week. I want my money back. And where is the harm in sending back money exactly where it came from? I really don’t see why you have dragged this on for so long. Am I being targeted being over 80 years old? Are you waiting for me to die to keep the money?

Don’t give me a one sentence response. I want full detail of the matter and an estimation of when that money will be back in the Ryan Electric bank account. For all I know, I am getting bullshitted by you guys, and you may not even be doing anything to fix this. Just keep dragging it on for another year, maybe I’ll be dead by then.

Well well well, you send them a nasty letter and they are right on top of it.

Hi-

I'm really sorry about the delay here, somehow this ticket was pushed back in our queue. We are definitely handling this and I reminded the team as well. They did ask for one more thing, can you get a note from your bank stating that the R*** Electric corporate account was closed? We will need that to proceed. I will be handling this going forward, don't hesitate in asking questions and I'll make sure I answer them in a timely manner. Thank you and again, apologies on the delay here.

Best,

Biggs
Binance.US Support

This dude is acting like he is here to help, and he had us fooled. Anyways we apologized for that email.

Thanks Biggs. Sorry for my rant, I appreciate the response. The R*** Electric Corporate bank account is still open as I am still chasing invoices from when I was in business. The business itself is closed.

November 23rd:

Hi,

It's completely understandable. I need to follow up with the other team, just left them a memo and will touch base when I hear back. Feel free to message me if you do not hear from me tomorrow, but I expect to have an update then.

Best,

Biggs
Binance.US Support

Hi, you should be good to withdraw now. Let me know if you have any trouble doing so and apologies on the delay here. Thanks.

Best,

Biggs
Binance.US Support

whooo big relief, so we think...

We replied with

Thank you so much, this is a big relief. I thought the account was going to remain disabled, but it seem like everything is normal on the exchange. Could I continue doing business with you guys and use your exchange now that things are settled?

Sent with ProtonMail Secure Email.

Biggs replied

Dear Mr. XXXX,

We are sorry about the delay and inconveniences we may have caused, but sadly we are going to stay firm on the decision made on Aug 29th. We kindly request you to withdraw the funds from the account in the next 72hrs.

If you experience any issue with the withdrawal, please don't hesitate to contact us and we will help you as soon as possible.

Best,

Biggs
Binance.US Support

From here, we have nothing but problems trying to do a wire withdrawal. Sent him an email.

When I go to the wire withdraw page, it has my name locked in and I can't change it to R*** Electric. Should I just wire it to my Greenwood Credit Union account instead, or do you think the wire will work with my name?

Greenwood Credit Union sounds like your best bet then.

Best,

Biggs
Binance.US Support

So we try it, and it's not working, we sent an email to him again.

I started the wire, but I haven't received the confirmation email from Prime Trust. It's been around 20 minutes, checked my spam and everything. I added [info@primetrust.com](mailto:info@primetrust.com) to my contacts, not sure if that is the email to whitelist or not. Should I try to do another wire withdrawal?

His response

I just asked the team if they sent one out or not, I will let you know what I hear.

Best,

Biggs
Binance.US Support

November 25th:

Wire isn't working, tried a bunch of things but the confirmation email never gets sent to confirm and start the withdrawal.

Hey, I went to the account and under withdrawals it said failed, but like I mentioned I never got the email to confirm it. I tried again, and the same thing is happening. I attached some screenshots.

November 27th:

Hey Biggs, I’m not sure what to do about the wire transfer. I triple checked all the information and I know it’s correct. It knows the bank name automatically once I enter the information, which means to me the routing number is correct. It says failed under the status for each try I did. Even right after I put the info in, I never seen it say pending, or open, just failed. I’m not getting the email to confirm that I want to withdraw, so I don’t think your team will ever get it. I tried to use the checking account number instead of my savings and that didn’t work either. I can’t change the name of the wire to try to send it to the R*** Electric account, so I’m not sure what I should do. If you would let me buy DAI then get off your exchange, that would work, but don’t know the legality of that. Let me know, it’s been over that 72hr limit and I’m not sure what to do here.

Thanks

His response

Hi, still looking for a solution here, don't worry I'll make sure it gets handled. Thanks.

Best,

Biggs
Binance.US Support

December 2nd:

Can you try whitelisting this email then trying again?

[no-reply@primetrust.com](mailto:no-reply@primetrust.com)

Best,

Biggs
Binance.US Support

Still doesn't work, sent him a reply

The same thing is happening. Is it normal for it to say failed under the status on the withdraw page, as soon as you submit it?

Stuck in limbo, I tried to so a wire withdrawal 6 times, different banks, and even different account numbers for each bank. Never worked.

Hello Biggs, I have tried to withdraw to another bank account, this time with Washington Trust, and the same is happening as the other bank. What can we do here? Doesn't seem like wire withdrawals are going to work.

Sent with ProtonMail Secure Email.

December 6th:

THIS IS THE REAL KICKER OF THE WHOLE STORY, GET A LOAD OF THIS SCHEME.

A little background here. I didn't try to do ACH originally because my grandparents are scared of online banking. I sent this email asking about doing ACH and if it is alright, and in the mean time, convicted my grandparents to sign up for online banking with Washington Trust, since that was the only bank that they have that was on Biances ACH list.

Mind you the account has been active now for a couple months, with withdrawals only enabled.

December 6th:

Hey Biggs, my money is still on the exchange and wire withdrawals don't work it seems. Is there a way to maybe go straight to Prime Trust to withdraw it? I see there is ACH, as well, not something I really want to do, but would it work if I setup online banking with Washington Trust? Or would it not work since my account is limited?

Thanks

NO RESPONSE AT ALL BUT THEY FUCKING DEACTIVED THE ACCOUNT RIGHT AFTER THAT EMAIL ASKING ABOUT AN ALTERNATE WAY TO GET THE MONEY OFF THE EXCHANGE

December 7th:

Hey, I am looking to talk to Biggs. I just got my online banking setup with Washington Trust, and now my account is disabled with the $100,000 on there. I was just logged in yesterday. This needs to be fixed, I think I finally found a way to get it off since wire withdrawal were not working, which I have sent numerous emails to you about. I haven't received a response from you in a few emails now about my troubles getting the money off, and now you close my account?

Please respond asap. Thanks

2 months pass, with no response.

January 3rd:

Yet agian, the ticket got wiped.

Hello,

Thank you for notifying our team! We've received your request #157521.

We are currently experiencing a high volume of customer inquiries. While our team is answering all queries in the order received. One of our representatives will respond to you as soon as we're able to.

In the meantime, while our system is not able to automatically process your verification. We have escalated your request to our OnBoarding department, and they will manually review your case during regular business hours (Monday through Friday). The moment we have an official update, we'll respond as soon as we can.

If you have any questions about the status of your verification, please let us know!

Respectfully,
Binance.US Support Team

January 6th:

Hello,

Thank you for notifying our team! We've received your request #171594.

We are currently experiencing a high volume of customer inquiries. While our team is answering all queries in the order received. One of our representatives will respond to you as soon as we're able to.

In the meantime, while our system is not able to automatically process your verification. We have escalated your request to our OnBoarding department, and they will manually review your case during regular business hours (Monday through Friday). The moment we have an official update, we'll respond as soon as we can.

If you have any questions about the status of your verification, please let us know!

Respectfully,
Binance.US Support Team

January 7th:

Hello,

Thank you for notifying our team! We've received your request #177681.

We are currently experiencing a high volume of customer inquiries. While our team is answering all queries in the order received. One of our representatives will respond to you as soon as we're able to.

In the meantime, while our system is not able to automatically process your verification. We have escalated your request to our OnBoarding department, and they will manually review your case during regular business hours (Monday through Friday). The moment we have an official update, we'll respond as soon as we can.

If you have any questions about the status of your verification, please let us know!

Respectfully,
Binance.US Support Team

January 8th:

Sent them an email

REQUEST #45390

That's the request ticket number that goes with the emails, incase I get someone other than Biggs. I need to get my money off the exchange, and I have been trying wire withdrawals at different times, and none of them worked. I never got the confirmation email, on 5 or more tries. I tried different banks, and accounts, nothing. I never heard back about it either. I never done online banking, but I saw ACH on the withdrawals page, and since wire isn't working, I decided to bite the bullet and enable my online banking with Washington Trust.

My account has been limited from trading for over a month now, and only had it enabled to withdraw, which never worked with the wire method. I never got help form you guys, after sending multiple emails.

A couple days ago, I emailed you guys about trying this ACH transfer, asking if it would work. In the meantime I went ahead and got online banking setup anyway. The very next day my account is locked. Having it limited for months, then me emailing you the day before, asking about me trying ACH, then having the account DISABLED just before I got setup with my bank for online banking, looks like a scam. A lot of actions over the past 5 months have seemed like a scam.

What happened to Biggs taking this ticket personally until I got settled? Seems after I never got confirmation emails from the wire withdrawals, and adding Prime Trust to my email contracts/whitelist didn't work, he just stopped talking to me.

Last time I was ignored, I had to send a nasty email to you guys, then all of a sudden I started to get help. Then I cooled down, and yet again you guys are ignoring me.

This has been quite a few emails now without a response.

Get back to me soon, or I will have to take legal action. This is absolutely ridiculous. All my emails and screenshots I have taken, I am ready to go to court.

January 11th:

Sent them an email

You're killing me here with this whole thing. Not sure why you locked my account, could you please enabled it again with withdrawals only so I can get my 100k off of there trying this ACH method.

Thanks

January 13th:

Gave you guys a couple days to respond still nothing. What’s going on here?

Sent from ProtonMail Mobile

January 18th:

Hey Binancian,

Your support ticket is #209721. We are working through a high volume of customer inquiries. Our dedicated support team is answering all queries in the order received and one of our representatives will respond to you as they are able.

Feel free to read our FAQ and follow us on social media for the latest product updates and announcements:
- FAQ: https://support.binance.us/hc/en-us
- Twitter: https://binanceusl.ink/twitter
- Instagram: https://binanceusl.ink/instagram

Please note that our support emails are sent through a 3rd party (ZenDesk) so they will not include your anti-phishing code.

We look forward to assisting you!
Binance.US Support Team

Hello Binancian,

We wanted to let you know that we are still working on your ticket and apologize for the wait. Solving your issue is a priority to us, but at this time, we are experiencing a high number of support requests. All inquiries are being processed and responded to in the order received by our dedicated support team.

Please DO NOT send any additional tickets or responses on your existing ticket as it can move your request further back in the queue.

Please check out all of our FAQs on Support.Binance.US: https://support.binance.us/hc/en-us

Thank you for your patience, and we will update you as soon as we can!

Binance.US Support Team

January 22nd:

What’s is going on here? Been weeks I’ve been waiting for a response. You can’t keep my money, I’m sorry, seems like you want to. So unlock my account for withdrawals please. Should be illegal for you to lock someone account with $100,000 on it.

Sent from ProtonMail Mobile

January 28th:

Hello, I am still waiting for a response on what is going on here. My money is still on your exchange and need to get it off there.

Sent with ProtonMail Secure Email.

Hello,

Thank you for notifying our team! We've received your request #232389.

Please note all USD Verification applications are manually reviewed and processed in the order received. The moment we have an official update, we'll notify you by email as soon as possible.

Sincerely,
Binance.US Team

January 31st:

It’s been almost 2 months since you guys have responded to me. Stop fucking around and unlock my account so I can try this ACH withdrawal method. The $100k on there is mine, not yours. The account didn’t even have trading abilities yet you lock me out as soon as I mention trying ACH withdrawal in an email. So scammy, I can’t even believe this. No balls to respond back either huh? I know you see these emails Biggs.

UNLOCK THE FUCKING ACCOUNT.

Agian another fucking new ticket number, really pissin me off.

Hello,

Thank you for notifying our team! We've received your request #267722.

Please note all USD Verification applications are manually reviewed and processed in the order received. The moment we have an official update, we'll notify you by email as soon as possible.

Sincerely,
Binance.US Team

Now we get an automated email about verification for a locked account? Makes no sense.

February 9th:

Hello,

Thank you for reaching out to us.

Regarding your USD Verification, your application is currently under manual review. All applications are reviewed in the order they are received.

We aim to get you on our platform in a timely manner and appreciate you providing accurate and valid documents to make this possible.

Your status will be updated on the App and you will receive an email once verified.

If you have another issue, please create a new ticket.

If you'd like to reset your account, please create a ticket under 'Account Verification -> Reset Verification'.

Look forward to seeing you on Binance.US!

Best,

Biggs
Customer Service Specialist
Binance.US Support

And that brings us to today March 5th, with no response, account still locked, and they still have my grandfathers $100k. I have expressed my situation on the Bianance forum months ago only to be attacked by people on there, white knights and the mod Symbolic. They are saying I deserve it since he sent the wire from a business account. Really?

Lets bring these greedy fucks to their knees. Fuck Bianace and fuck their BSC copy cat chain with no innovation. Just a CZ money grab.

/u/niZmoXMR your post has been copied because one or more comments in this topic have been removed. This copy will preserve unmoderated topic. If you would like to opt-out, please send a message using [this link].

[deleted comment]

What are the tax obligations for buying or selling NFTs?

I know this can differ wildly based on location so to specify I'm in the US.

From this guide on Coinbase several taxable events include selling crypto for cash, receiving mined crypto, buying one crypto with another (i.e. converting). Several non-taxable events listed are things like buying with cash and hodling, and transferring crypto between wallets.

I am a bit unsure here as selling NFTs seems like the buyer just transferring the crypto to the sellers wallet, a non-taxable event. But what does "receiving mined crypto" mean then? Like you mined it yourself? Otherwise it would apply to every coin? I just could use some clarity if folks know.

Controversial - Capital Gains Tax is Wrong

The dilemma and a solution:

I know it's a controversial idea, that capital gains tax is wrong, because it implies we should not (or could not) tax the rich without capital gains tax. For one, the current installment of capital gains tax is in fact hypocritical to that goal. It is a method by which the wealthy can pay a flat 15% tax on all income derived from long term capital gains, and 0% on the first $40,400/year (2021). From the onlookers perspective that could be seen as an advantage to all: zero tax up to a livable income and a reduced tax for the rest as incentive to invest in the economy. But there is a flaw in this thinking. Investing back into the economy requires much more than investing in the most profitable startup, S&P 500 company, or profiting off of futures markets where one can earn capital gains betting against the growth of the economy.

Capital gains as a concept is troublesome to start with, because the money being used to invest is money that had to be earned prior to entering the stock market, even if that happened generations ago. That money was taxed as income and upon being invested was taxed again as the government's reward. For what, I don't know. The dilemma the government faces is that they need money but are separated from investing markets, even though their expenses to the people and businesses are themselves an investment in the future of our society. With all the industry bail outs over the last decade or two, what financial returns does the government get from such a hefty investment? None. At least not without first going through a myriad of middlemen who aggressively fight for their right to profit and minimize their tax burden. The government that is supposed to provide a service to the nation is forced into being a deplorable tax collector. It doesn't help that the government is known to abuse or waste tax payer money.

But in modern times a new conflict arose with the rising tide of cyptocurrency. Trading and investing is common, but the problem is mostly pertinent to everyday use. As legally defined assets, virtual currencies are taxed on their appreciated value upon realization of that value (any exchange, purchase or even swap, pending clarity on the latter). The measure of discovering the cost basis of a fractional asset requires diligent notation of every purchase of cryptocurrency, the cost, the fees and the date (to determine short vs long term gains) and than the "sale" of that asset, the date, the value, the fee and to which original purchase it applies to Than you are required to separate into two categories: long term and short term, which get taxed differently. In order to determine the cost-basis of 1 millionth of a bitcoin, or satoshi, transferred as a purchase, one has to notate the total "proceeds", determine the originating transaction by searching an index, and subtract the cost from the proceeds to determine the taxable gains of this single event. This is required for every single cup of coffee you buy. The blockchain is ideal for tracking the origination of the fraction being exchanged, but its usefulness stops there. It doesn't compile, calculate or print, and even if it could it would need a different program for every differing jurisdiction of every country.

There has to be a solution that doesn't result in breaking the law or needing complex software just to spend your digital money. Of course, the government has no interest in opening this option up since crypto users are welcome to use digital USD in the form of stablecoins, which don't generate gains on their own, but that comes with limitations and expenses that thousands of other cryptos are not subject to. For example, Nano, a fee-less deflationary cryptocurrency, offers faster, cheaper transaction technology, but over 2600 pages of tax law require tremendous work in an effort to be more efficient.

THE SOLUTION, however we arrive at it, is going to involve altering tax laws and definitions, altering the methods of tax collection, or (my personal favorite) reinventing the taxation system. I believe this can and should begin in the form of staking, which I'll explain at the end.

The low and middle income population largely store their value in depreciating accounts that earn none or far less than the Fed's target inflation rate of 2% per year. The wealthy reinvest their money into the same incestuous economy that only shares a portion of its wealth with the surrounding community, and does so exclusively for the generation of profit that further enriches the upper economy by the labor and debt of the working class and impoverished. In both cases there is a form of stagnation of value. Most value is isolated in a depreciating account or it's appreciating at the behest of a noninclusive ecosystem. By putting our money in banks, the bank only needs 10% of the funds on hand because 90% is stagnant. This affords them the opportunity to invest the taxpayers' unspent funds for their profit and growth. According to the 2020 FinCEN Files, these institutions process trillions of dollars of dirty money from international criminal organizations and corrupt tycoons, profiting from them as well as the common man for the sole purpose of providing access to the greater economy. Fortunately, we are no longer in desperate need of their exploitative services. With global access to global markets with any connected device and possibly a VPN, anyone can securely store funds, transact, invest, lend and borrow, along with a variety of more complex financial tools including insurance. We can now mint our own secure currencies, tokenize intangible value such as a public service or a meme, and stake funds without sacrificing custody.

Staking is the financial equivalent of one's emotional stake in their hometown, or their commitment to their bank account determined by the minimum account balance. What if taxation could be alleviated and replaced with staking a minimum balance in the government? Just enough for them to make a zero-risk investment and pocket the gains for the public good, leaving citizens with a sizeable bank account tax-free. Spending unnecessarily is a wasteful way to promote the movement of value and as I mentioned investing is an exclusive economy that affects the population unevenly. Lending is a productive method of promoting value exchange and it provides a zero-risk investment so long as collateral is provided by the borrower,. There is no incentive for this unless there is growth in assets that are more valuable as collateral than liquid cash. So it is in the economy's best interest to promote growth, incentivizing the saved tax dollars to go back into the economy in a productive manner, further incentivized by the elimination of capital gains taxation. With a more productive economy and profitable system of finance, taxes can be raised without increasing personal expense and the overall economy will be more prosperous.

A preliminary design concept for an official crypto-powered tax-by-staking application: Staking app with an algorithm-weighted interest rate (never asking for income information) that always returns less overall for smaller contributions and more overall for greater contributions, but a heavier percentage on the lower end and a smaller one on top, determined by the maximum spread possible to meet both these conditions.

Go ahead, steal this idea... or send me donations to keep working on this idea!

ZEC
t1dt5p1VWMB5gkLJ48o2cTh4mPS4oyGNuUD

NANO
TBD

BTC
TBD

[Daily Discussion] Friday, March 06, 2020

Thread topics include, but are not limited to:

General discussion related to the day's events
Technical analysis, trading ideas & strategies
Quick questions that do not warrant a separate post

Thread guidelines:

Be excellent to each other.
Do not make posts outside of the daily thread for the topics mentioned above.

Other ways to interact:

Get an invite to live chat on our Slack group
Set your flair to trade pretend money in the Flair Game
Weekly threads: Newbie Mondays and Fundamentals Fridays
Altcoins Discussion: Altcoin Discussion

[DIPLOMACY] Your computers, I need them

With the F government having taken the letter F right out from underneath the good people of the country, the F private sector, with cooperation from the government, has begun a push to discover additional letters for use in the alphabet.

Recent discoveries from the future have indicated that it is possible to 'mine' new letters using processing power in the same manner as cryptocurrency, though on the Cultural Importance Scale (also discovered in the future, thanks Independent Republic of Vermont!) letters are weighted at a much higher importance than cryptocurrency, and so it can be inferred that significantly more processing power is required to unearth them than is required for Bitcoin, Ethereum, or Gretzkycoin (hits a peak of ¥834,723,991,293.58 on June 4th, 2106, you're welcome).

As the total sum of all processing power within F is likely not sufficient to mine even one more letter, the assistance of other nations and private enterprises is sought to contribute to this cause. Simply link any computer up to the FMiner.org letter mining pool, and its unused processing power will be leveraged for mankind's next greatest discovery.

A total sum of $112,632 was received in tax on the letter F used in this message

The 1979 hash tree that Made Everything

I love technology and science. So no wonder that I watched this video several times since I discovered it and made me to think about our age and blockchain.

The 1751 Machine that Made Everything

If you watch this video you might think of Ralph Merkle's hash tree paving the way for Bitcoin as similar event in history as Jacques de Vaucanson's lathe making possible the steam engine. Then engineers started building railroads.

Now Cardano will be the railroads of the 3rd millennia. 200 years ago people had no idea how much the world will change thanks to railroads. Now people can not imagine the magnitude of changes what Cardano will bring to our world.

Let me know your thoughts on this.

Taxes & Bitcoin

I plan to HODL for a very long time but i have a hypothetical.

If i were to buy $10,000 worth of Bitcoin and the value increases to $11,000.

Would I create a taxable event if I only converted my initial $10,000 back to USD and left the gain of $1k in and exchange or wallet?

I would think that since I’m not withdrawing any gains there is nothing to tax but idk maybe I’m missing something.

BEWARE THE IDES OF MARCH

This is a prediction that got me banned from /r/predictions. (The mod there is a garbage person who calls people "delusional" after soliciting paranormal psychic predictions, not just me. Seriously, terrible person and garbage sub, do not recommend. I correctly predicted bitcoin would plunge days before it did... They mad :( lol ) There will be a major world event on (or very near) March 15th 2021.

Could be seismic, volcano or other major natural disaster as they are the focus of much of my attention... maybe California, maybe Italy, both of which will get hit big time in the near future.

Пятничный напалм

ПЛАЧ ПО ЛАФЕТУ

https://vimeo.com/520014039

https://youtu.be/FcnWjL6TmPI

#Сталин #Брежнев #Путин

«68 лет назад дыхание Чейн-Стокса прервалось и швырнуло на лафет «великого гения современности» Джугашвили. Но сегодня - плачь, лафет! Ты простоишь без дела еще пару десятилетий. Лановых пока повози, а у гениального карлика дел еще выше бункерной крыши!..»

Смотрите видео-эссе на канале Sotnik-TV.

Текст и начитка – Александр Сотник

Монтаж – Андрей Васильев

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Binance Extortion

This is going to be a long thread with every event from last August on how Binance has stolen my grandfathers money, how they fuck you around, and why you shouldn't do business with them. Here we go.

July 17th, 2020:

Signed up on Binance, compeleted Basic verification.

August 12th, 2020:

Advanced Verifiation Successful

Fiat Account Verification Successful

Started Wire for $100,000

August 14th, 2020:

Sent the wire of 100k from the bank

Got an email saying they got the wire

Go to login, and the account is disabled

Got an email saying they accepted the wire

Tried to reactivate and got an email saying

Your request to reactivate your account has been denied for the following reason: 7_DAYS_REFUSED

August 15th, 2020:

Sent them an email asking why the account got disabled.

August 17th, 2020:

Got a reply finally which said

Hello,

Thanks for your reply!

In order to assist this further, please reply with the following information:

1) Video of you holding your ID along with them stating the following: "My name is XXXX YYYY, today is [Today's Date], I confirm that I'm in control of my Binance.US account and that I accept the terms and conditions."

2) Most Recent Bank statement of the account utilized

We look forward to hearing back from you soon!

Best,

Kai
Binance.US Support

August 19th, 2020:

Attached is the video. I'm having trouble with attachment size, as it only allows up to 25mb, so I have to send the bank statement in another email. I had to make the video 720p. I'll also like to add that R*** Electric Construction Inc was my business but is no longer going since I've retired. Please see next email for the Bank Statement.

August 21st, 2020:

Didn't hear from them, so we sent another email

Sorry to reply again. Just trying to think of what it means about the 7 DAYS REFUSED, and the only verification that took a long time was the Advanced Verification, because I only had it half done for a week, I have quite a few emails about it saying failed during that time it wasn’t complete. I eventually finished it and have the email saying it was successful. Then I completed the Fiat Verification as well. I need the reason why it failed and what verification it was, so I know what to do. Does it have anything to do with the wire itself? If I can’t get verified for what ever reason, how do I get my money back? I’d like to just get this done and use your exchange. I’m getting worried, as I have no clue why my account was locked in the first place.

August 24th, 2020:

Got a reply from them.

Thank you for letting us know. Our team is still reviewing your request and will update you as soon as possible.

August 29th, 2020:

Following a recent review of your Binance US account, we regret to inform you that we will no longer be able to service your account with our firm. We are closing your account in accordance with our customer terms of service agreement that you agreed to upon opening your account. This decision was based on numerous factors including but not limited to our firm’s commitment to abiding by all Federal and State regulations and following all company processes and procedures.

We will need the following to initiate a return by wire transfer of the funds currently deposited on your account. Please provide:
Your Bank Name
An active Bank Account Number with that bank
The account holder name needs to match the name of the BAM account holder

September 1st:

We sent the info they were asking for, can't show it for obvious reasons.

September 11th:

No reply still, so we sent them an email

Hey, I still haven't received the funds back, and I haven't got anything that says you have sent it back to me. Just checking up on what's going on.

Got an automated reply, as if they ticket got wiped out.

Hello,

Thanks for reaching out - we're here to help! Our team is looking into your issue and will be responding to your original request soon.

While we follow up on your issue, feel free to check out our frequently asked questions https://support.binance.us/hc/en-us
and blog https://www.binance.us/en/blog!

Thank you and we will be in touch soon!
Binance.US Team

September 13th:

Get an email from another automated reply

Hello,

Thanks for reaching out - we're here to help! Our team is looking into your issue and will be responding to your original request soon.

While we follow up on your issue, feel free to check out our frequently asked questions https://support.binance.us/hc/en-us
and blog https://www.binance.us/en/blog!

Thank you and we will be in touch soon!
Binance.US Team

Septemeber 14th:

Got a reply from them

Hi there,

We will need the following to initiate a return by wire transfer of the funds currently deposited on your account. Please provide:

Your Bank Name

An active Bank Account Number with that bank

The account holder name needs to match the name of the BAM account holder

The information you provided us does not have a name that matches your Binance US account.

Best,

Lando

***That is right, they asked for the same exact info we already sent them.

This time we sent the same info, but explained how the bank account was his old bussiness.

My Binance account used my name XXX XXX, and I sent the wire transfer from my now closed companies bank account, R*** Electric Contruction. I hope that that isn’t a problem.

Please get back to me if there is a problem. If I have to prove I own the R*** Electric bank account, I can do that.

Thanks.

Got a fast reply from them:

Hi there,

Could you please provide us with a bank account in your name: XXX XXXX

We are unable to wire funds back to an account that does not have XXX XXXX attached to it.

Best,

Lando

No clue why they are trying to send back money to a totally different bank account than where the money came from but we sent all the infomation to them for one of his personal bank account.

September 15th:

Got a reply

Hello,

The responsible team is now reviewing this, and we'll get back to you as soon as we can.

Best,

Lando

September 18th:

Haven't heard shit back from them. Looks like it takes them over 3 days to read two sentences. Sent them an email

Hey, it’s been a couple days since I last heard from you guys. If there is a problem with the information for the return wire, please let me know. I think signing up with my personal information then sending the wire transfer from my, now closed business R*** Electric, messed this whole process up. It’s been over a month, please keep me up to date.

Thanks

September 23rd:

This is where big dog Biggs comes into play

Hi-

We're looking into it now.
Sorry for the delay.

Best,

Biggs
Binance.US Support

Hello Mr. XXX XXXX,

Thank you for reaching out to us and if you can please help us with some information so that we can properly get your funds back to you.

- Why did you wire the funds from a Business account?
- Is R*** Electric Construction, Inc still in business? If so why was that account closed and do you have a new account opened?
- Can you provide us with documents showing that you are the owner of R*** Electric Construction, Inc?
- Written explanation of the various locations that you logged into Binance.US from?

Best Regards,

Binance.US- Support Team

We replied saying:

My grandson is helping me with buying Bitcoin. He helped me signup, then left it to me to make the wire deposit. I didn't know it would be a problem send the wire from the R*** Electric bank account.

R*** Electric is no longer in business. I sold R*** Electric Construction to a company called XXX XXXX over a year ago. They bought the assets of the company, not the bank account, or my building. They don't use the R*** Electric name. I have the settlement statement attached. The bank account is still opened, and is the same account that I used when the business was in operation.

3. There is the Asset Purchase Agreement (APA) and the Settlement Statement attached from when I sold the company. I hope this is sufficient.

I think there would be two locations. First one would be ***, which is where my shop is from when I had ran R*** Electric. Then the second location would be at my grandsons house in ***. We signed up for Binance and did the verifications from my shop, then the day the wire deposit was transferred, my grandson tried to login from his house to help me out with buying Bitcoin. Since then the account has been locked.

Thanks

Sent with ProtonMail Secure Email.

September 23rd:

Hello,

Thank you for providing us with this information.

We've escalated your request to the responsible department to review.

We'll respond as soon as we can with an update.

Regards,
CS Luke

October 4th:

Hello Laurence,

So sorry for the delay in our response!

Can you please provide us with the most recent bank statement from the corporate account showing that you are an authorized signer for that account?

Additionally, can you also provide us with your last bank statement issued by Greenwood Credit Union?

We look forward to your update and to assisting you with this further.

Best,

Kai
Binance.US Support

October 21st:

It took a little for my grandfather to get the information together, but we got everything together and sent it.

Hey, I have gathered all the information you need I would think. All documents are in the same PDF. Please see attached file.

Thanks

Response from them:

Hey Binancian,

Thank you for contacting Binance.US Support.

We've received your request and our friendly support team is reviewing your email, and we'll get back to you as soon as we can. In the meantime, we invite you to check out our FAQ and Social Media channels for more information:

If you have any question regarding our Account Verification process and Security tips:
https://support.binance.us/hc/en-us/categories/360003712873-Account-Verification-and-Security

You can find out everything you need to know regarding Deposits & Withdrawing assets here:
https://support.binance.us/hc/en-us/categories/360003676674-Depositing-and-Withdrawing-Assets

All information regarding our Trading & Fees can be found here:
https://support.binance.us/hc/en-us/categories/360003676634-Trading-and-Fees

More information regarding our Blog & Social Media channels can be found here:
Blog: https://binanceusl.ink/blog
Telegram: https://binanceusl.ink/telegram
Twitter: https://binanceusl.ink/twitter
Instagram: https://binanceusl.ink/instagram
Facebook: https://binanceusl.ink/facebook

We look forward to assisting you!
- Binance.US Support Team

October 29th:

Haven't heard anything so we sent them an email

Hey, I am just checking on the status of the return wire. It has been almost a week since I got an email saying you guys we're reviewing it.

Thanks

November 1st:

This is being reviewed! Thank you.

Best,

Biggs
Binance.US Support

November 5th:

Hello,

Thank you for reaching out to us, and we apologize for the delay.

We appreciate your continued patience regarding your Cash Account Verification.

Please rest assured, we are working expeditiously on this issue and have escalated this to our payment processor, Prime Trust. Your application is currently under manual review. All applications are reviewed in the order they are received.

I cannot give any specifics to the timeline of your review; however, as soon as there is a status update regarding your application, we will reach out to you via email.

Again, we sincerely appreciate your continued patience, and we will reach back out to you with an update as soon as we receive one.

Respectfully,
Leia
Binance.US Support Team

Patient we we're for almost a month with no response

November 22nd:

It has now been a whole month since I have sent you all my information proving that I own the R*** Electric bank account. It has been exactly 3 months now trying to get my money back. What is the problem here? I am losing my patience, how would you like it if a company locked your account and wouldn’t give you your $100,000 back? Why did you accept the wire transfer only to close my account a minute later and make me fight for my money? If within the minutes of you accepting the wire transfer and locking the account, that means you knew that you shouldn’t have accepted it. You guys are playing with me. It doesn’t take a month to review 5 pages of info and send a wire transfer. Do I need to buy a plane ticket and pay you a visit? Email doesn’t seem to be working too well. I have a cousin in California who is a judge as well and will take legal action. I didn’t want to play this card but I have no choice left, if this goes for another week. I want my money back. And where is the harm in sending back money exactly where it came from? I really don’t see why you have dragged this on for so long. Am I being targeted being over 80 years old? Are you waiting for me to die to keep the money?

Don’t give me a one sentence response. I want full detail of the matter and an estimation of when that money will be back in the Ryan Electric bank account. For all I know, I am getting bullshitted by you guys, and you may not even be doing anything to fix this. Just keep dragging it on for another year, maybe I’ll be dead by then.

Well well well, you send them a nasty letter and they are right on top of it.

Hi-

I'm really sorry about the delay here, somehow this ticket was pushed back in our queue. We are definitely handling this and I reminded the team as well. They did ask for one more thing, can you get a note from your bank stating that the R*** Electric corporate account was closed? We will need that to proceed. I will be handling this going forward, don't hesitate in asking questions and I'll make sure I answer them in a timely manner. Thank you and again, apologies on the delay here.

Best,

Biggs
Binance.US Support

This dude is acting like he is here to help, and he had us fooled. Anyways we apologized for that email.

Thanks Biggs. Sorry for my rant, I appreciate the response. The R*** Electric Corporate bank account is still open as I am still chasing invoices from when I was in business. The business itself is closed.

November 23rd:

Hi,

It's completely understandable. I need to follow up with the other team, just left them a memo and will touch base when I hear back. Feel free to message me if you do not hear from me tomorrow, but I expect to have an update then.

Best,

Biggs
Binance.US Support

Hi, you should be good to withdraw now. Let me know if you have any trouble doing so and apologies on the delay here. Thanks.

Best,

Biggs
Binance.US Support

whooo big relief, so we think...

We replied with

Thank you so much, this is a big relief. I thought the account was going to remain disabled, but it seem like everything is normal on the exchange. Could I continue doing business with you guys and use your exchange now that things are settled?

Sent with ProtonMail Secure Email.

Biggs replied

Dear Mr. XXXX,

We are sorry about the delay and inconveniences we may have caused, but sadly we are going to stay firm on the decision made on Aug 29th. We kindly request you to withdraw the funds from the account in the next 72hrs.

If you experience any issue with the withdrawal, please don't hesitate to contact us and we will help you as soon as possible.

Best,

Biggs
Binance.US Support

From here, we have nothing but problems trying to do a wire withdrawal. Sent him an email.

When I go to the wire withdraw page, it has my name locked in and I can't change it to R*** Electric. Should I just wire it to my Greenwood Credit Union account instead, or do you think the wire will work with my name?

Greenwood Credit Union sounds like your best bet then.

Best,

Biggs
Binance.US Support

So we try it, and it's not working, we sent an email to him again.

I started the wire, but I haven't received the confirmation email from Prime Trust. It's been around 20 minutes, checked my spam and everything. I added [info@primetrust.com](mailto:info@primetrust.com) to my contacts, not sure if that is the email to whitelist or not. Should I try to do another wire withdrawal?

His response

I just asked the team if they sent one out or not, I will let you know what I hear.

Best,

Biggs
Binance.US Support

November 25th:

Wire isn't working, tried a bunch of things but the confirmation email never gets sent to confirm and start the withdrawal.

Hey, I went to the account and under withdrawals it said failed, but like I mentioned I never got the email to confirm it. I tried again, and the same thing is happening. I attached some screenshots.

November 27th:

Hey Biggs, I’m not sure what to do about the wire transfer. I triple checked all the information and I know it’s correct. It knows the bank name automatically once I enter the information, which means to me the routing number is correct. It says failed under the status for each try I did. Even right after I put the info in, I never seen it say pending, or open, just failed. I’m not getting the email to confirm that I want to withdraw, so I don’t think your team will ever get it. I tried to use the checking account number instead of my savings and that didn’t work either. I can’t change the name of the wire to try to send it to the R*** Electric account, so I’m not sure what I should do. If you would let me buy DAI then get off your exchange, that would work, but don’t know the legality of that. Let me know, it’s been over that 72hr limit and I’m not sure what to do here.

Thanks

His response

Hi, still looking for a solution here, don't worry I'll make sure it gets handled. Thanks.

Best,

Biggs
Binance.US Support

December 2nd:

Can you try whitelisting this email then trying again?

[no-reply@primetrust.com](mailto:no-reply@primetrust.com)

Best,

Biggs
Binance.US Support

Still doesn't work, sent him a reply

The same thing is happening. Is it normal for it to say failed under the status on the withdraw page, as soon as you submit it?

Stuck in limbo, I tried to so a wire withdrawal 6 times, different banks, and even different account numbers for each bank. Never worked.

Hello Biggs, I have tried to withdraw to another bank account, this time with Washington Trust, and the same is happening as the other bank. What can we do here? Doesn't seem like wire withdrawals are going to work.

Sent with ProtonMail Secure Email.

December 6th:

THIS IS THE REAL KICKER OF THE WHOLE STORY, GET A LOAD OF THIS SCHEME.

Mind you the account has been active now for a couple months, with withdrawals only enabled.

December 6th:

Hey Biggs, my money is still on the exchange and wire withdrawals don't work it seems. Is there a way to maybe go straight to Prime Trust to withdraw it? I see there is ACH, as well, not something I really want to do, but would it work if I setup online banking with Washington Trust? Or would it not work since my account is limited?

Thanks

NO RESPONSE AT ALL BUT THEY FUCKING DEACTIVED THE ACCOUNT RIGHT AFTER THAT EMAIL ASKING ABOUT AN ALTERNATE WAY TO GET THE MONEY OFF THE EXCHANGE

December 7th:

Hey, I am looking to talk to Biggs. I just got my online banking setup with Washington Trust, and now my account is disabled with the $100,000 on there. I was just logged in yesterday. This needs to be fixed, I think I finally found a way to get it off since wire withdrawal were not working, which I have sent numerous emails to you about. I haven't received a response from you in a few emails now about my troubles getting the money off, and now you close my account?

Please respond asap. Thanks

2 months pass, with no response.

January 3rd:

Yet agian, the ticket got wiped.

Hello,

Thank you for notifying our team! We've received your request #157521.

We are currently experiencing a high volume of customer inquiries. While our team is answering all queries in the order received. One of our representatives will respond to you as soon as we're able to.

In the meantime, while our system is not able to automatically process your verification. We have escalated your request to our OnBoarding department, and they will manually review your case during regular business hours (Monday through Friday). The moment we have an official update, we'll respond as soon as we can.

If you have any questions about the status of your verification, please let us know!

Respectfully,
Binance.US Support Team

January 6th:

Hello,

Thank you for notifying our team! We've received your request #171594.

We are currently experiencing a high volume of customer inquiries. While our team is answering all queries in the order received. One of our representatives will respond to you as soon as we're able to.

In the meantime, while our system is not able to automatically process your verification. We have escalated your request to our OnBoarding department, and they will manually review your case during regular business hours (Monday through Friday). The moment we have an official update, we'll respond as soon as we can.

If you have any questions about the status of your verification, please let us know!

Respectfully,
Binance.US Support Team

January 7th:

Hello,

Thank you for notifying our team! We've received your request #177681.

We are currently experiencing a high volume of customer inquiries. While our team is answering all queries in the order received. One of our representatives will respond to you as soon as we're able to.

In the meantime, while our system is not able to automatically process your verification. We have escalated your request to our OnBoarding department, and they will manually review your case during regular business hours (Monday through Friday). The moment we have an official update, we'll respond as soon as we can.

If you have any questions about the status of your verification, please let us know!

Respectfully,
Binance.US Support Team

January 8th:

Sent them an email

REQUEST #45390

That's the request ticket number that goes with the emails, incase I get someone other than Biggs. I need to get my money off the exchange, and I have been trying wire withdrawals at different times, and none of them worked. I never got the confirmation email, on 5 or more tries. I tried different banks, and accounts, nothing. I never heard back about it either. I never done online banking, but I saw ACH on the withdrawals page, and since wire isn't working, I decided to bite the bullet and enable my online banking with Washington Trust.

My account has been limited from trading for over a month now, and only had it enabled to withdraw, which never worked with the wire method. I never got help form you guys, after sending multiple emails.

A couple days ago, I emailed you guys about trying this ACH transfer, asking if it would work. In the meantime I went ahead and got online banking setup anyway. The very next day my account is locked. Having it limited for months, then me emailing you the day before, asking about me trying ACH, then having the account DISABLED just before I got setup with my bank for online banking, looks like a scam. A lot of actions over the past 5 months have seemed like a scam.

What happened to Biggs taking this ticket personally until I got settled? Seems after I never got confirmation emails from the wire withdrawals, and adding Prime Trust to my email contracts/whitelist didn't work, he just stopped talking to me.

Last time I was ignored, I had to send a nasty email to you guys, then all of a sudden I started to get help. Then I cooled down, and yet again you guys are ignoring me.

This has been quite a few emails now without a response.

Get back to me soon, or I will have to take legal action. This is absolutely ridiculous. All my emails and screenshots I have taken, I am ready to go to court.

January 11th:

Sent them an email

You're killing me here with this whole thing. Not sure why you locked my account, could you please enabled it again with withdrawals only so I can get my 100k off of there trying this ACH method.

Thanks

January 13th:

Gave you guys a couple days to respond still nothing. What’s going on here?

Sent from ProtonMail Mobile

January 18th:

Hey Binancian,

Your support ticket is #209721. We are working through a high volume of customer inquiries. Our dedicated support team is answering all queries in the order received and one of our representatives will respond to you as they are able.

Feel free to read our FAQ and follow us on social media for the latest product updates and announcements:
- FAQ: https://support.binance.us/hc/en-us
- Twitter: https://binanceusl.ink/twitter
- Instagram: https://binanceusl.ink/instagram

Please note that our support emails are sent through a 3rd party (ZenDesk) so they will not include your anti-phishing code.

We look forward to assisting you!
Binance.US Support Team

Hello Binancian,

We wanted to let you know that we are still working on your ticket and apologize for the wait. Solving your issue is a priority to us, but at this time, we are experiencing a high number of support requests. All inquiries are being processed and responded to in the order received by our dedicated support team.

Please DO NOT send any additional tickets or responses on your existing ticket as it can move your request further back in the queue.

Please check out all of our FAQs on Support.Binance.US: https://support.binance.us/hc/en-us

Thank you for your patience, and we will update you as soon as we can!

Binance.US Support Team

January 22nd:

What’s is going on here? Been weeks I’ve been waiting for a response. You can’t keep my money, I’m sorry, seems like you want to. So unlock my account for withdrawals please. Should be illegal for you to lock someone account with $100,000 on it.

Sent from ProtonMail Mobile

January 28th:

Hello, I am still waiting for a response on what is going on here. My money is still on your exchange and need to get it off there.

Sent with ProtonMail Secure Email.

Hello,

Thank you for notifying our team! We've received your request #232389.

Please note all USD Verification applications are manually reviewed and processed in the order received. The moment we have an official update, we'll notify you by email as soon as possible.

Sincerely,
Binance.US Team

January 31st:

It’s been almost 2 months since you guys have responded to me. Stop fucking around and unlock my account so I can try this ACH withdrawal method. The $100k on there is mine, not yours. The account didn’t even have trading abilities yet you lock me out as soon as I mention trying ACH withdrawal in an email. So scammy, I can’t even believe this. No balls to respond back either huh? I know you see these emails Biggs.

UNLOCK THE FUCKING ACCOUNT.

Agian another fucking new ticket number, really pissin me off.

Hello,

Thank you for notifying our team! We've received your request #267722.

Please note all USD Verification applications are manually reviewed and processed in the order received. The moment we have an official update, we'll notify you by email as soon as possible.

Sincerely,
Binance.US Team

Now we get an automated email about verification for a locked account? Makes no sense.

February 9th:

Hello,

Thank you for reaching out to us.

Regarding your USD Verification, your application is currently under manual review. All applications are reviewed in the order they are received.

We aim to get you on our platform in a timely manner and appreciate you providing accurate and valid documents to make this possible.

Your status will be updated on the App and you will receive an email once verified.

If you have another issue, please create a new ticket.

If you'd like to reset your account, please create a ticket under 'Account Verification -> Reset Verification'.

Look forward to seeing you on Binance.US!

Best,

Biggs
Customer Service Specialist
Binance.US Support

Lets bring these greedy fucks to their knees. Fuck Bianace and fuck their BSC copy cat chain with no innovation. Just a CZ money grab.