Review: Vircurex

Details:

  • Vircurex claims to be running a fractional reserve and paying customers back slowly from exchange fees.
  • Little contact from the owners outside of avery up-front and detailed set of reports from Vircurex.
  • Vircurex suffered a loss of ~2100 bitcoin’s worth of funds on May 10th, 2013, at which point the price of a bitcoin was $150.
  • Over time, as the price of a bitcoin rose, Vircurex’s losses increased while they were likely desperately buying up bitcoins to replace deposits.
  • Vircurex recently fully halted withdrawals while extremely slowly unlocking customer funds.
  • Or they’re scammers.

Pros:

  • Only potential pro is being able to send fees from your trades to those harmed rather than to Bitfinex, Bter, Cryptsy, or some other exchange. That relies on the owners not being scum, of course–which seems possible but unlikely at current.

Cons:

  • The whole bankruptcy-fractional reserve-missing funds thing.
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