Topic: [ANN] - CoinStax.com - Precious Metals - Buy *GOLD* & *SILVER* with BTC! (Read 753 times)
April 16, 2014, 09:09:32 AM
Update April 16th, 2014
Created reddit announcement: http://www.reddit.com/r/Bitcoin/comments/236inf/we_just_launched_coinstax_precious_metals/
April 02, 2014, 10:06:13 AM
Update April 2nd, 2014
Thanks for the feedback everyone! We changed the pricing structure as requested.
- Added a Twitter feed of @coinstax to homepage (http://twitter.com/coinstax)
- Added a Gold news feed to homepage
- Removed "Bitcoin Fee" at checkout; calibrated prices
Thanks for the feedback everyone! We changed the pricing structure as requested.
March 10, 2014, 02:47:16 PM
Hi superdork,
As I mentioned in my previous post, and you have also pointed out, it is fair to say that since we only accept Bitcoin at the moment, and only use one payment processor, we could adjust prices at the product level to account for payment costs. Judging by the sentiment here, we may very well do that.
The reason for this fee is because all payment types carry some sort of cost. Please keep in mind that while Bitcoin is being converted to dollars and transferred to our account (a surprisingly lengthy process), we must manage volatility swings through hedging and other means. The original goal was to have a base line cost for the product (as is done frequently elsewhere) and have the checkout cost vary according to our incurred cost. Maybe this is overly complicated for our purposes.
We are a very lean startup, so you can imagine how we are still refining our approach to all of the above. I certainly plan to improve the service using yours and others feedback, so it really is appreciated.
Regarding trust, of course I understand being cautious with large purchases. I won't just ask you "to trust me" - that always comes off tryhard. What I can tell you is
I will continue working on this and I hope you will consider us in the future. Thanks again for your feedback!
@coinstax
@robamichael
As I mentioned in my previous post, and you have also pointed out, it is fair to say that since we only accept Bitcoin at the moment, and only use one payment processor, we could adjust prices at the product level to account for payment costs. Judging by the sentiment here, we may very well do that.
The reason for this fee is because all payment types carry some sort of cost. Please keep in mind that while Bitcoin is being converted to dollars and transferred to our account (a surprisingly lengthy process), we must manage volatility swings through hedging and other means. The original goal was to have a base line cost for the product (as is done frequently elsewhere) and have the checkout cost vary according to our incurred cost. Maybe this is overly complicated for our purposes.
We are a very lean startup, so you can imagine how we are still refining our approach to all of the above. I certainly plan to improve the service using yours and others feedback, so it really is appreciated.
Regarding trust, of course I understand being cautious with large purchases. I won't just ask you "to trust me" - that always comes off tryhard. What I can tell you is
- We have never failed to ship an order
- All orders are insured with UPS, shipped overnight
- This is not vaporware which will be developed soon(TM)
- I am not an anonymous figure
I will continue working on this and I hope you will consider us in the future. Thanks again for your feedback!
@coinstax
@robamichael
March 10, 2014, 09:09:37 AM
"The 1.5% Bitcoin processing fee is added because we considered adding other forms of payment (cash, credit card, altcoins, cashier's checks, bank wires, etc.), each of which posts to our account at different speeds and carries its own cost. "
What exactly does that have to do with a bitcoin payment and why is that cost in any way the bitcoin buyer's responsibility?
"A bank wire would post to our account same day, but costs the customer ~$30. Cash or cashier's checks are immediately available in our account, but the customer needs to either mail it or find us in person (and we do not currently have a storefront)."
Everything above is entirely irrelevant to a bitcoin purchase.
"Since we are accepting only bitcoins at the moment" ..... everything else you said is completely irrelevant.
As of now you do not have my business. Address everything above and I would CONSIDER your business to buy gold or silver from IF you offered a smaller minimum purchase.
NO WAY would I trust a first transaction with a company which would take possession of no less than $2400 worth of my BTC on trust to ship.
What exactly does that have to do with a bitcoin payment and why is that cost in any way the bitcoin buyer's responsibility?
"A bank wire would post to our account same day, but costs the customer ~$30. Cash or cashier's checks are immediately available in our account, but the customer needs to either mail it or find us in person (and we do not currently have a storefront)."
Everything above is entirely irrelevant to a bitcoin purchase.
"Since we are accepting only bitcoins at the moment" ..... everything else you said is completely irrelevant.
As of now you do not have my business. Address everything above and I would CONSIDER your business to buy gold or silver from IF you offered a smaller minimum purchase.
NO WAY would I trust a first transaction with a company which would take possession of no less than $2400 worth of my BTC on trust to ship.
March 01, 2014, 10:51:42 PM
Hi Amaze,
Apologies for the delay in responding, but thank you for giving your feedback!
Since we use a warehouse/vault which is not close to home, I cannot show you specifically those items. However, if you check the bottom of this linked blog post, you will find a picture of me showcasing some of our products at Bitcoin Center NYC:
http://btcgeek.com/bitcoin-center-nyc-bitcoin-new-york/
The next Satoshi Square event is Monday. I will not be bringing trunk loads of bullion, but I will post a picture of me with our showcase items, with your name on a paper.
While its true that our focus has been to be up "running as soon as possible," you are the first to think (at least aloud
) that the site looks hastily put together. Instead of reinventing the wheel on the product descriptions, we thought it made sense to piece together facts of interest for each item. I suppose somebody on Alibaba had the same idea 
. We definitely want everything to look professional and sleek though, so I appreciate your candor. If this is your main concern with the "look" of the site, definitely let me know. Otherwise, if its more about the style, can you recommend any changes?
Regarding the Whois guard, I can ask my developer about that, but as I understand it, this is put in place to reduce spam. I am all around the NYC Bitcoin scene, so honestly there shouldn't be too much issue getting in contact with me if that is your concern. We are pretty quick on the info @ coinstax dot com address as well.
The shipping cost is to cover insured shipping which is essential for shipments of this value. We also video tape all packaging to remove doubt when customer orders are not correct. Per your suggestion, I have added the cost to our Policies page.
The 1.5% Bitcoin processing fee is added because we considered adding other forms of payment (cash, credit card, altcoins, cashier's checks, bank wires, etc.), each of which posts to our account at different speeds and carries its own cost. To get an idea of how to account for these different fees, we reviewed the checkout procedures of others in the industry and found that most use a baseline price for the product and then calibrate fee structures on top of this. We found that Bitpay sweeps funds at the end of the day, then sends an ACH payment that takes another few days to post to our account. This delay of funds to our account makes for some other considerations on our end, but all in all Bitpay is still one of the best electronic payment processors out there (go Bitcoin!). A bank wire would post to our account same day, but costs the customer ~$30. Cash or cashier's checks are immediately available in our account, but the customer needs to either mail it or find us in person (and we do not currently have a storefront). Since we are accepting only bitcoins at the moment, it is fair to say we could change all the prices to reflect this, but it would take effort to recalibrate price tiers, and I wonder if it will make us look less competitive to others who still use a baseline cost system. Changing this is definitely worth considering though, so thanks for asking!
While we have shipped many successful orders, with customers receiving their products just fine, I can understand that our minimums might be higher than you are willing to test for a first go around. I will PM you regarding a reduced volume special arrangement offer for the first shipment and we can use a trusted forum escrow if you wish.
Thanks again for your thoughtful feedback Amaze! Really, this is helpful.
Apologies for the delay in responding, but thank you for giving your feedback!
Since we use a warehouse/vault which is not close to home, I cannot show you specifically those items. However, if you check the bottom of this linked blog post, you will find a picture of me showcasing some of our products at Bitcoin Center NYC:
http://btcgeek.com/bitcoin-center-nyc-bitcoin-new-york/
The next Satoshi Square event is Monday. I will not be bringing trunk loads of bullion, but I will post a picture of me with our showcase items, with your name on a paper.
While its true that our focus has been to be up "running as soon as possible," you are the first to think (at least aloud
) that the site looks hastily put together. Instead of reinventing the wheel on the product descriptions, we thought it made sense to piece together facts of interest for each item. I suppose somebody on Alibaba had the same idea . We definitely want everything to look professional and sleek though, so I appreciate your candor. If this is your main concern with the "look" of the site, definitely let me know. Otherwise, if its more about the style, can you recommend any changes?Regarding the Whois guard, I can ask my developer about that, but as I understand it, this is put in place to reduce spam. I am all around the NYC Bitcoin scene, so honestly there shouldn't be too much issue getting in contact with me if that is your concern. We are pretty quick on the info @ coinstax dot com address as well.
The shipping cost is to cover insured shipping which is essential for shipments of this value. We also video tape all packaging to remove doubt when customer orders are not correct. Per your suggestion, I have added the cost to our Policies page.
The 1.5% Bitcoin processing fee is added because we considered adding other forms of payment (cash, credit card, altcoins, cashier's checks, bank wires, etc.), each of which posts to our account at different speeds and carries its own cost. To get an idea of how to account for these different fees, we reviewed the checkout procedures of others in the industry and found that most use a baseline price for the product and then calibrate fee structures on top of this. We found that Bitpay sweeps funds at the end of the day, then sends an ACH payment that takes another few days to post to our account. This delay of funds to our account makes for some other considerations on our end, but all in all Bitpay is still one of the best electronic payment processors out there (go Bitcoin!). A bank wire would post to our account same day, but costs the customer ~$30. Cash or cashier's checks are immediately available in our account, but the customer needs to either mail it or find us in person (and we do not currently have a storefront). Since we are accepting only bitcoins at the moment, it is fair to say we could change all the prices to reflect this, but it would take effort to recalibrate price tiers, and I wonder if it will make us look less competitive to others who still use a baseline cost system. Changing this is definitely worth considering though, so thanks for asking!
While we have shipped many successful orders, with customers receiving their products just fine, I can understand that our minimums might be higher than you are willing to test for a first go around. I will PM you regarding a reduced volume special arrangement offer for the first shipment and we can use a trusted forum escrow if you wish.
Thanks again for your thoughtful feedback Amaze! Really, this is helpful.
February 17, 2014, 12:35:36 PM
As an avid buyer of precious metals with BTC I have a few bones to pick with your website.. Don't get me wrong, I'm not trying to be difficult. This is constructive criticism.
Your domain name has Whois guard. You will find that most people who regularly deal with BTC and precious metals will be a lot happier dealing with you and trusting you if you remove it.
Your website looks like it was put together in under an hour. Your product descriptions are not your own. Most, if not all other BTC-accepting precious metals businesses use their own descriptions or at least heavily amended generic descriptions. You may have been trying to get your business up and running as soon as possible, but it really does look like a hastily finished product. For example the same gold Eagle description that you're using is used on Alibaba.com.
You're a brand new business that accepts a non-refundable payment option and you have a minimum order of 5 oz gold and 100 oz of silver? On that basis I would probably not order from you because I would like to have a low-risk option of testing the waters - like placing a small order first and then seeing how it goes from there.
I did not see a shipping cost anywhere on the website until I reached the checkout page. It would be a good idea to tell your customers upfront that you'll be charging them $25 shipping no matter what the order amount is.
As far as I know Bitpay charges a 1% fee to non-account customers and 0% if you open an account for $30 a month. Could you please explain the 1,5% Bitpay fee added on top of the order at checkout?
On your website it says you only list products that you have in stock. Could you post a picture of 5 Perth gold bars and 100 silver rounds with a hand-written note that has your username, my username and date written on it?
Your domain name has Whois guard. You will find that most people who regularly deal with BTC and precious metals will be a lot happier dealing with you and trusting you if you remove it.
Your website looks like it was put together in under an hour. Your product descriptions are not your own. Most, if not all other BTC-accepting precious metals businesses use their own descriptions or at least heavily amended generic descriptions. You may have been trying to get your business up and running as soon as possible, but it really does look like a hastily finished product. For example the same gold Eagle description that you're using is used on Alibaba.com.
You're a brand new business that accepts a non-refundable payment option and you have a minimum order of 5 oz gold and 100 oz of silver? On that basis I would probably not order from you because I would like to have a low-risk option of testing the waters - like placing a small order first and then seeing how it goes from there.
I did not see a shipping cost anywhere on the website until I reached the checkout page. It would be a good idea to tell your customers upfront that you'll be charging them $25 shipping no matter what the order amount is.
As far as I know Bitpay charges a 1% fee to non-account customers and 0% if you open an account for $30 a month. Could you please explain the 1,5% Bitpay fee added on top of the order at checkout?
On your website it says you only list products that you have in stock. Could you post a picture of 5 Perth gold bars and 100 silver rounds with a hand-written note that has your username, my username and date written on it?
February 04, 2014, 07:08:48 PM
I heard from Charlie Lee that there is a Litecoin payment processor in the works. If this materializes, we would definitely consider Litecoin.
We love the doge (to the moon) as well, but there is no viable way to cash out as of yet.
We love the doge (to the moon) as well, but there is no viable way to cash out as of yet.
February 04, 2014, 10:36:57 AM
will you be accepting any of the altcoins later?
February 03, 2014, 04:28:21 PM
Hi BTCitcointalk!
I am excited to announce that CoinStax Precious Metals is now live and accepting orders!
****www.coinstax.com****
We offer Gold and Silver for sale (accepting Bitcoin only!) with shipping in under 5 days.
We are rolling out slowly, so please take the chance to navigate the site and offer and feedback you may have.
If you are located in the NYC area, please stop by the Bitcoin Center http://www.meetup.com/BitcoinCenterNYC/ sometime. It is located on 40 Broad Street, and I am there often. Every Monday night is reserved for Satoshi Square, an open air Bitcoin market where people (hundreds!) meet and swap BTC. You may also find gold and silver bullion!
Questions? Feedback? Just want to say hi? I will be active on this thread or you can email: info @coinstax dot com
-Rob Michael
Update March 1st, 2014
Per customer request, we added Krugerrands to the product line: https://coinstax.com/product-detail/10/
Update April 2nd, 2014
Update April 16th, 2014
Created reddit announcement: http://www.reddit.com/r/Bitcoin/comments/236inf/we_just_launched_coinstax_precious_metals/
I am excited to announce that CoinStax Precious Metals is now live and accepting orders!
****www.coinstax.com****
We offer Gold and Silver for sale (accepting Bitcoin only!) with shipping in under 5 days.
We are rolling out slowly, so please take the chance to navigate the site and offer and feedback you may have.
If you are located in the NYC area, please stop by the Bitcoin Center http://www.meetup.com/BitcoinCenterNYC/ sometime. It is located on 40 Broad Street, and I am there often. Every Monday night is reserved for Satoshi Square, an open air Bitcoin market where people (hundreds!) meet and swap BTC. You may also find gold and silver bullion!
Questions? Feedback? Just want to say hi? I will be active on this thread or you can email: info @coinstax dot com
-Rob Michael
Update March 1st, 2014
Per customer request, we added Krugerrands to the product line: https://coinstax.com/product-detail/10/
Update April 2nd, 2014
- Added a Twitter feed of @coinstax to homepage (http://twitter.com/coinstax)
- Added a Gold news feed to homepage
- Removed "Bitcoin Fee" at checkout; calibrated prices
Update April 16th, 2014
Created reddit announcement: http://www.reddit.com/r/Bitcoin/comments/236inf/we_just_launched_coinstax_precious_metals/
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