$50.00 BTC Test Withdrawal 02/22:

Req: 02/22 @ 12:30pm MST
Processed by Ign: 02/22 @ 4:06pm MST
Rec in Blockchain: 02/22 @ 4:11pm MST (when viewed @ ~5:10pm was no longer in pending status, unknown when it was no longer pending)
Sent from Blockchain to Coinbase: 02/22 @ 6:56pm MST (in pending status, can be seen in this status in both wallet and exchange)
Available in Coinbase (non-pending): 02/22 when checked @ 9:20pm MST (unknown when it was no longer pending)

I already have my CB account linked to my checking account, I set that up late last year when I was initially starting to get BTC set up. As I understand it though, I need now to literally exchange the BTC into currency and I want to do this through GDAX (it is .25% vs 1.5% CB I believe).

Now that BTC funds are in CB, how are they moved to GDAX and exchanged? I see where I can sell and send the funds to my checking account under "Buy/Sell" on the left, however, I don't see any links or mention of moving to GDAX.

I repaired my wallet and it showed them back - tried to send a small amount and says it can't they are in an unconfirmed transaction. This is ridiculous.

BTC req 2/22 6pm
rec BC 2/22 9pm
rec Bitpay 930pm adjusted fee to .0009

According to my calculations I sent a 56 sat/byte fee. The bitcoin transaction says I should have sent 180 to be prioritized. I wish I had done my research better. I do NOT LIKE having $6k in limbo like this.......

We got this figured out in PM's.

The problem was Ignition sending a withdrawal with a fee rate that was way too low.

Yeah, if you want to sell on GDAX to save money you have to go to the GDAX website and sign in with your Coinbase account to link the two.

It might ask you some more questions to set that account up, but it should all be pretty easy to figure out.

Nice

Thanks for sharing so we know Ignition is adjusting and sending transactions correctly right now, and to demonstrate that if you use a high enough fee you can still complete the whole process quickly.

I'm sorry, I know that it sucks.

I'm going to do my best to make sure everyone reading this thread gets the knowledge they need to quickly get their money.

The Multibit wallet actually has a limit of 100 sat/byte fee, so during times like this it wouldn't even allow you to add a large enough fee to ensure being confirmed in the next block.

Anyone using Multibit should probably find a different wallet to use that allows higher fees until they fix that.

I made a withdrawal this morning via bitcoin, my fourth bitcoin withdrawal in the past couple of months. The others went off without a hitch, but I just received an email from Ignition saying that they are asking me to fill out a credit card verification form before they can approve my withdrawal.

I called them up to ask the reason for this and they said that they do it on occasion just to verify my information. Is this standard or should I be concerned that my account has been flagged for some reason? Has this happened to anyone else?

Money in coinbase. Thanks to endthefed for showing me how to find my previously used addresses and getting it sent through overnight.

hmm, i made a $3k withdrawal from ignition which hit my blockchain wallet yesterday morning. i promptly sent it over to my coinbase account but it's still pending. i'm a total BTC noob (used circle a few times with no issues)- i've made one coinbase withdrawal last month and it went through without any issues, but i see here that other people are also experiencing some holdups and i see some posts about the transaction fees. anybody well versed enough to know/explain what's going on? tks a bunch

So, you went from Money On Site to Cash on Card in 3.5 hrs?

thanks for this. i see now after doing some reading that i'm probably screwed and just forced to wait on this thing since i've already sent it, but it's nice to learn a bit about mining fees and manually editing them for transactions in order to try and speed them up. i guess now i'll just keep trying to input my transaction # into this accelerator thing, hope i get lucky and don't get the "submissions beyond limit" error message at some point?

The transaction looked like Ignition was trying to send a withdrawal to 35+ people in the same transaction... which caused it to require a huge fee. But their fee was way too low and the transaction would have been stuck a long time.

I'm glad we were able to figure it out and get that transaction confirmed for you... and the 35 other people waiting for their withdrawal. I wonder if those other people were writing support and if support had any idea of what to tell them.

The good news is that you've made some extra money during the wait while bitcoin's price has risen.

Most likely yes, but if you want me to double check you can PM me the transaction.

Anybody else holding some cashouts and investing in BTC?

Up 10% in the few days it took to verify my Gemini account to sell. L O L Bitcoin.

I'm uneducated but the hacking risk and possible late to the bandwagon with the too good to be true mass increases makes me not want to hold any significant amount.

I'm educated. The risk reward in some of the crytpo currencies has to be some of the best investment opportunities out there. Hell, you can only lose 100%, while gaining possible 1000's %. There's a couple threads on them in the business/finance section. Also, you are not late to the party.

hey thanks man, it came through sometime in the past couple hours but i really appreciate the offer for assistance

NOOB HERE, WAS LOOKING FOR INFO ON HOW TO SET UP BITCOIN ACC FOR WITHDRAWAL.


found all my answer in post #22570

so how did you do?? BTC is at an all time high right now.

Did GDAX get rid of the BTC option wtf? Under deposit it no longer has option to fund from btc

Obv a BTC exchange didn't stop taking BTC deposits. Mine shows it.

The accelerator worked!!! My "$6k pending for nearly four days bc of low fees" starting confirming shortly after succesfully accelerating it!!!

Thanks so much guys!!!!!

The best part is I made another $600(!!!) or so just by not knowing what I was doing with fees... BTC price increased a lot over the last 5 days!!!

I think I xferred 6250 and now depositing 6850 after the $100 coinbase fee. Beast!!!

I won't get in to it too much because this isn't the thread for it... but I would recommend anyone with the ability to hold a small amount of bitcoin. Just enough that you wouldn't mind risking. If it were me I would hate myself if some day bitcoin becomes huge and I had to say "yeah, I actually used bitcoin back in 2017 when it was only $1k... but I didn't think to keep any of it".

Anyone that's used it to withdraw from an offshore poker site in hours for free - connecting site to player directly and bypassing banks and government restrictions - should see the potential.

And as demonstrated in this thread bitcoin adoption and knowledge is still very small. Even with this small group of early adopters the price has already risen to where it is now. Imagine what it could be once adoption really grows.

Glad that everyone in here has had their transactions confirmed and ended up making money during the wait.

Not 100% sure about this, but I think the IRS will consider the increase in BTC value then the subsequent sale of it as Capital Gains (thus a potential tax liability)...not to mention the poker profit itself, depending if you file Schedule C or just gambling winnings - or of course, not filing it at all.

I guess there might be some gray area here..? depending on how the BTC was acquired, whether purchased as an investment or just "received" in your CB wallet..? Maybe someone with some definitive knowledge and a poker player-friendly perspective can chime in here because I think this is important.

I don't know all the details but I know the IRS is trying to get the Exchanges to provide taxpayer ID info - similar to a savings account in your name that generates interest - but really more like owning equities (stocks) then selling them at a higher price than you acquired them (i.e. potential capital gains tax liability).

Seems like common sense that as BTC grows in value (assuming it does) and in popularity/acceptance as a currency, there will be a substantial push to "fully legitimize" the market from the govts point of view.

Also just wanted to point out, for as long as your money seemed to be in limbo (days?) the market could have just as easily lost as much as it gained, and that would have been absurdly unfair from our perspective as players (though I suppose you could have written off the loss come tax time).

I will say that BTC is somewhat simple and certainly convenient from a logistical perspective, but it does bug me that Ign and (I think) the other US facing poker sites have all but jammed BTC as the only reasonable option down our throats. At the end of the day, when we cash out with BTC, they're basically paying us in a bunch of one particular stock and saying "Good Luck!"

I'm looking right now and the value of BTC is up 31% over the last 30 days and up 175% over the last year. You're prbly thinking those stats run counter to my argument, rather they support it.

These stats support BTC as a potential good option to look at from a "buy-and-hold" investment perspective, but the overall volatility of the market makes BTC a terrible vehicle for the many poker players who, at any given time, are looking to cash out their hard earned profits to pay bills, buy food, etc. Some will make a little/lose a little on the pending time in the market ... some will make a lot/lose a lot on the pending time in the market.

A couple weeks ago, in just a 16 hr period (between Feb 8th/9th), BTC lost 9.5% of its value. You would have needed to wait 12 days to gain back the loss but the takeaway is 1) Not only are there are no guarantees you'll ever gain it back but also 2) While twelve days may seem reasonable, when/if it does regain its value in the future after such drops it absolutely could take a whole lot longer than just twelve days - not to mention the speculative and frustrating "should I just sell now? what's the market gonna do?" state of mind you'll be in the entire time.

Any market that can gain 31% of its value in 30 days is beyond "too volatile" to use as a means of transferring short term (I can't lose any of this money) funds.

You just absolutely need to be aware of this when using BTC as a vehicle to cashout either 1) large/meaningful sums of money to you or 2) money you can't afford to take a big hit on in the market while its in limbo

thats mathematically incorrect if you think bitcoin can just as easily lose value as gain it at this time or anytime. its not random. its easier and more likely to have an increase in value. the volatility of bitcoin has been less than real world currencies like the brazilian real among others look it up. and bitcoin is the best performing currency for 2 years in a row dude. 2017 is going to be the third straight year you can bet on that. go long on your bitcoins buddy.

volatility of bitcoin over the last year was 7%, oil was 6%.

My indictment is not against BTC as a potential long-term investment. In fact, I believe BTC has been the best performing currency 5 of the last 6 years. That's fine and great as an investor etc. But this isn't a thread about speculating and investing; this is a thread about withdrawing from Ignition.

I just think it should be clear - from the average withdrawing poker player's perspective - that BTC is in fact highly volatile (see my example above about the 9.5% drop in a 16-hr period two weeks ago). Poker players who need their money and are withdrawing to pay bills etc would be remiss if they were under the impression that BTC is somehow immune to sharp negative fluctuations and/or that BTC will always be on the rise.

Year-over-year, BTC may come out shiny (historically), but as another necessary example of its volatility in the short run for withdrawing poker players, BTC lost 25% of its value in just an 8 day period from Jan 4th-12th (just last month). Has it since bounced back? Yes. Would that be any consolation to someone with a substantial (to them) cashout from Ignition during that period of time...?