I have recently been approached by multiple people to provide a cheap alternative to BitInstant. - And so I will, thus launch "Ghetto Pen & Paper Exchange." I currently have accounts at CP Federal CU (is a member of CU Shared Service Centers Network Shared Branching, so you can easily transfer funds at one of ~4.5k locations in the US) and Erie General Electric Credit Union. Within two months, I will be adding $5k to a PNC account to open it up with free outgoing wires, which will vastly improve opportunity and eliminate the associated outgoing wire fee currently applicable. PM me for Routing/Acct #s, address, etc. If you are not already a "Signfiicant" or "Very Significant" business associate, and are not interested in other methods of obtaining "significance," toss $50 my way to be "Significant," $100 to be "Very Significant."
Rules, Fees, and Such
Who May Use P&P Exchange
1) "Significant Depositors and Investors" -- people who have held a BDK CD until maturity in an amount of 100BTC or more, or who are confirmed to hold 100BTC-worth of BDK.BND or BDK on GLBSE. Trusted "significant" lendees may also be permitted to use this service in some cases.
- $1k combined (buying/selling) transaction limit per week.
- How you may buy Bitcoins and send USD: wire funds, ACH funds, mailed checks, in-person cash, and instant account transfers if you have a compatible bank/CU account.
- How you may sell Bitcoins and receive USD: wire funds, ACH funds, mailed checks, in-person cash, PPUSD "e-check," and instant account transfers if you have a compatible bank/CU account.
- Coins will be withheld until funds clear in my account if buying BTC. USD will be sent within 2 business days if selling BTC. If you're doing a transfer, please be aware of whether or not your bank/CU holds Shared Branch places a hold on transferred funds.
- $10k combined (buying/selling) transaction limit per week.
- How you may buy Bitcoins and send USD: wire funds, PPUSD ($500 limit per month), ACH funds, mailed checks, in-person cash, and instant account transfers if you have a compatible bank/CU account.
- How you may sell Bitcoins and receive USD: wire funds, ACH funds, mailed checks, in-person cash, PPUSD "e-check," and instant account transfers if you have a compatible bank/CU account.
- Up to $500 worth of BTC will be sent as soon as your transaction hits my account statement, with anything over sent only after the full transfer clears in my account. USD will be sent within 32h if selling BTC. If you're doing a transfer, please be aware of whether or not your bank/CU holds Shared Branch places a hold on transferred funds.
FEES
"Spot" refers to 24h weighted average listed at www.mtgox.com. Significant Members will have spot price calculated when I transfer funds (after checks/transfer has cleared and within my 2 business day window to send funds). Very Significant Members will have spot price calculated when they send funds and will thus always know exactly how much they'll receive when they send.
FAST METHODS:
1) Wires (typically less than 3 business days, often near-instant)
- If you're buying BTC - Significant Members pay 1% over "Spot" or $10 - whichever is greater. Very Significant Members pay 1% over "Spot" or $20, whichever is lesser.
- If you're selling BTC - Significant Members receive 2.25% under "Spot" and will be charged a $20 fee if sending to one of my CU accounts. Very Significant Members receive 2% under "Spot" and will be charged a $20 fee if sending to one of my CU account.
- If you're buying BTC - Significant Members pay 1% over "Spot" or $10 - whichever is greater. Very Significant Members pay 1% over "Spot" or $20, whichever is lesser.
- If you're selling BTC - Significant Members receive 2.25% under "Spot." Very Significant Members receive 2% under "Spot."
- If you're buying BTC - Significant Members pay 1% over "Spot" or $10 - whichever is greater. Very Significant Members pay 1% over "Spot" or $20 - whichever is lesser.
- If you're selling BTC - Significant Members receive 2.25% under "Spot." Very Significant Members receive 2% under "Spot."
- If you're buying BTC - Significant Members are not permitted to buy BTC with PPUSD. Very Significant Members are permitted to buy no more than $500 worth of BTC with PPUSD per month, and must be "Verified." Very Significant Members pay 3% over spot + any applicable Paypal fees.
- If you're selling BTC - Significant Members receive 2.25% under "Spot" and must pay any applicable Paypal fees. Very Significant Members receive 2.25% under "Spot" and must pay any applicable Paypal fees.
1)ACH (typically 3-5 business days)
- If you're buying BTC - Significant Members pay 3% over "Spot." Very Significant Members pay 2.5% over "Spot."
- If you're selling BTC - Significant Members receive 2.25% under "Spot." Very Significant Members receive 2% under "Spot."
- If you're buying BTC - Significant Members pay 1% over "Spot" or $10 - whichever is greater. Very Significant Members pay 1% over "Spot" or $20, whichever is lesser.
- If you're selling BTC - Significant Members receive 2.25% under "Spot" and are charged a $1 fee. Very Significant Members receive 2% under "Spot" and are charged a $1 fee.
Serious Legal Business
1) Be aware of local laws, yada, yada, yada, pay your taxes.
2) I am not a business. "P&P Exchange" is representative of a service personally offered by me, though the DBA is IOUcoin. "P&P" is not itself a registered business entity and is not intended to be interpreted as one. However, P&P is a service offered by BDK ("IOUcoin"), which is still more of an extension of me, personally, but it is registered with various governments for DBA/sole-proprietorship compliance.
3) P&P G/L is reported as that of BDK ("IOUcoin"), which also represents a selection of services personally offered by me (operating as IOUcoin, the DBA name), not a separate registered business entity.
4) By PMing me, you confirm you have read and agree to the Terms of Service ("ToS"), listed below:
- "User" refers to everyone using this forum (bitcointalk.org) to communicate with Ben Malec for any reason, at any time, retroactively, actively, and post-actively.
- User agrees to take compulsory government laws seriously, report taxable G/L to governmental tax agencies appropriately, and act lawfully.
- User agrees to not launder money.
- User agrees they are a US citizen over 18 years of age.
- User agrees he or she is literally either a pineapple, starfish, or koala bear.
- User is not a terrorist, drug-dealer (unless operating lawfully, with appropriate licensing), and never engages in Hateful speech as defined by law, nor discriminates against speech unless said speech is deemed by Law to be Hateful.
- P&P will terminate service to enemies of the State without question. You may report enemies of the State to [email protected]
If I missed something, lmk. Obviously, clear all transactions with me prior to sending anything to confirm I have funds available. To see if your CU honors Shared Branching, look here. Cheers,
Ben[/list][/list]