Topic: ★ Bitcoin Magnet ★ Buy & sell bitcoins automatically using your UK bank account! - page 3. (Read 8457 times)

I will try out your service! Sounds good.
Thanks

Ian

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Thanks  

0% fees tonight!

Payments will not be processed until after 17:00 CET daily, until the weekend, due to maintenance. Thank you for your patience.

Not sure where you got this information from, or why it is even relevant, but it is news to me. Link? FYI Bitcoin Magnet started 1 month ago. I'm still assessing the demand for this service to see if it will be profitable. EDIT: link

I use "we" to represent the Bitcoin Magnet team - currently consisting of only 2 people, but you get the idea. I use "I" sometimes too, when I feel like it.

Again, I'm not sure where you got this information from - link? I struggle to understand how SSL could be used to give more legitimacy to the site, let alone prove my identity  

So hold on, you want to see proof that we are "legit"... but then go on to explain how even a "legit" company (Mintpal) can screw people over? Do you see why I'm not following your train of thought?

I'll refer you to your previous comment about Mintpal.

Appearances can be deceptive my friend. I'll refer you again to your previous comment about Mintpal.
If you so wish, please contact me personally on [email protected] and we can have a chat there instead of on here.

Yes

No. New payees must be authorized manually first.

You just answered your own question I think... correct, by a script.

Most banks now require card-reader authorization prior to adding a new payee.

I think you have contradicted yourself again here. As you say, banks are more than happy for small amounts of money to be flowing in and out of your account so long as BTC is not mentioned... so why would anyone be scared? More bank accounts is mainly for peace of mind and to keep operations running should we have problems with a particular bank (website offline, suspicious account activity etc.).

A.-really? You think i'm scarred someone who posting about business but cannot back it up with anything which puts legitimacy.
B.-Again really? Where did you notice this and why did you brought that up?
C.-no comment, maybe you right. English is not my first language so i might do mistakes.You cannot defend otherwise than laugh at someone and distracting attention from main point?
D.-You do realize that signature is advertising my own thread for bitcoin loans?

But kudos for trying.
To operate in UK as business you have to register yourself within 3 month period.
Legit business have nothing to hide, why you not disclosing anything about (Us) because you used term "we" in couple of places.
SSL you saying not needed? Do you know that by having SSL you can prove your identity which will give more legitimacy to your so called business.

But what i know..keep it like that.

I suggest you visit bittylicious and check how its done over there. They legit. They have all details needed to operate within UK.
You and your Gmail account not giving much hope this will be legit.

And to show that you might be simply a scammer just will bring example of mintpal. They was legit, registered ETC they still finished in bad way.

You not even Registered as company, have nothing more than FB profile and silly page and you expecting me to believe you are legit.

And for god sake change that gmail address for your domain one because it looks just silly.

Just clear something up, you saying that your bank allowing to automate payments to anyone who want to purchase bitcoins or sell?
You saying that automatically some kind of magic script putting new recipient name and refference and paying fiat without you being involved?

And how you checking balance in bank account automatically by script in case of trade fiat>btc?
Im really interested, as some banks have similar security some dont. Some will allow creating recipient wothout confirmation and some will allow after confirming magic code over the phone.

By stating that you have few accounts for security of the trade you just showed that you scared they might block one or all of them because of BTC.
As long as you not moving large sum of money through account bank will not touch you and block you. But mention BITCOIN and wait and see.

Waiting for your answers.


 

OK, so you have brought up a lot of points that I will try to answer. I'm still not convinced of your intentions.... mainly because you a) are an active Localbitcoins trader who doesn't like this competing service b) don't seem to understand how Bitcoin even works c) don't know how to write coherent sentences and d) get paid to post any random dribble due to selling your signature space. Anyway, here goes:

Really? Show me a way to buy & sell bitcoin without logging into a website each time?

Yes, you did. When you register you receive your unique reference code (or bitcoin address if selling) via an automated email. This is sent immediately and allows the user to purchase / sell BTC straight away.

As stated above, everything is automated. The 1hr time frame is an estimate based on potential delays in both the banking and bitcoin network systems.

Not afraid, simply mitigating the risk. Bank accounts can be closed for a multitude of reasons and having more than one means that queued orders can be processed through a second channel if the worst comes to worst. We don't hold spare funds in the active account and would therefore be unaffected in the event of a closure.

We are not trying to provide a service for large orders. We are trying to help people who want to invest (or cash out) small sums on a regular basis, without the hassle of dealing with an exchange. If we go bust they wouldn't cry and shout - because we don't hold their funds, unlike an exchange.

Perhaps, but sometimes people don't mind paying an extra 1% or 2 for ease of use and peace of mind. If you don't like it, you don't have to use it.

Show me which rules you are referring to.

There are generic T&C's and PP in the footer. WHOIS is available for anyone that is inclined enough to check. I would rather trust a business based on reputation than fancy 'About Me' pages that prove absolutely nothing.

It costs nothing, because it does nothing. The whole point of Bitcoin Magnet is that you don't need to give me any sensitive information like passwords etc.

Yes, and if you don't believe it - give it a go. Considering that Bitcoin transactions are not intended to be instantly spendable by design, you can see why there would be no point in achieving "instant" conversion rates anyway.

As you say, "within 5 minutes of receiving funds". This is how Bitcoin Magnet operates, but it's hard to judge how long it will take to receive funds and for a Bitcoin transaction to confirm, so we give a 1hr time frame. Everything that can be automated has been automated.

That's why I'm keen to get reviews and trust from the Bitcointalk forum members themselves. Similar to the way it sounds like you are operating on Localbitcoins.

I believe I have answered your questions above and below.

How exactly would you like me to prove I have bitcoins for sale?

How did you calculate a "high risk" for my customers? You can try out Bitcoin Magnet for as little as £1 (with a 5p fee). Time should tell who is right.

Again, how can that be guaranteed? Limits and secondary accounts are in place to ensure that all orders can be processed successfully should our primary bank account become closed. The "disappearance of funds" is obviously not something anyone would want to be a part of. With any service of this nature you have to base your judgement on reviews and, just like Bitcoin itself, only invest with money you can afford to lose.

teaching you? NO
scaremongering ? definately not.

first of all, you coming here to announce something which suppose to be different but it's not.

website for so called bitcoin purchase is crap. registration lead to nothing more than just email sent to your Gmail account that someone is interested in buying Bitcoins. and even once registered you cannot buy anything because you have to wait for your response first.

did I missed something?

nothing is automated as you stating. 1h for purchase of coins or get funds to account is joke.

more than one bank youn saying?  why? do you afraid of something?

volume is silly and I'm not sure what you trying achieve with this. maybe u counting that 100 people will buy that volume because is low and in case of bust they will not cry and shout.

5% fee is another joke. easily can pick up any amount btc for lower premium within shorter time.

your so called business is not registered anywhere, nor your site so please stop calling this a business. Your site is not even complaint with any rules which eu puts in place.
You have no TOS no privacy policy  not even about me page to show who you are and what u doing.
 simple ssl which cost nothing is not in place.

u stating that transaction usually are quickly(1h).
 really?

my localbitcoins profile will tell you that my transactions are quick. Under 5 minutes of receiving funds. why you giving yourself an hour? and what's automated?

seriously this days you need something more than FB profile and silly website to assure about your legitimacy.

so please take time and read my post and maybe try to tell me that im wrong in anything what I posted.

can you actually prove you have Bitcoins for sale?  
or you need to go first to Lbtc to pick some cheap coins and within an hour u deliver?
 because that would make sense.
you have funds, purchasing btc cheaply and than what's left as difference in price is yours.  no risk for you.
 huge risk for customer.
what guarantee you giving that funds which lands on your account are safe and will not dissappear?  in don't see info on your website about that.

As a customer, you're completely safe because:
a) you're not storing any funds with us
b) we are not dependent on just one bank
c) the bank transfers do not mention Bitcoin

This service is different to using an exchange. Transactions are completely very quickly (usually within an hour); meaning less money is in limbo / at risk of being targeted.

Is this one safe? I heard another bank is closing accounts if you are transacting with bitcoin

What's your point here? Are you trying to teach me how to scale a business or are you just scaremongering  

There was exchange which was using barclays, they didnt survive. Banks in general when u even mention bitcoin looking different direction.
When paying for btc is better to not mention BITCOIN related term in reference ETC. Because lack  of taxation GOV not looking with smile to people making money by trading crypto.
Low volume is shit(what you going to do with 0.05btc), and high volume will make you to increase safety of trades, and yourself. In a minute because you playing with Fiat your business will have to register with MLR to make sure you or your customers don't use dirty money.
Someone might push you on mine field with EU regulation about website, lack of Tos, that you not registered.

Once you will become bigger , will make more trades for higher amounts you will see what i'm talking about.

Payments increased 

I'm a bit confused, are you saying low volume or high volume is an issue? Are you staying bank transfers are risky or safe (you're using them)? The UK is one of the best places to launch a Bitcoin business right now (see here and here).

don't get me wrong. I like the idea. We need more services like yours. But because of low volume and lack of security you will soon face issues. people will try to exploit you and your service.
does your bank know what u doing?  because we both know that's massive issue. that's why in uk there is no crypto exchange.  they wouldn't survive. to much bolocks.  In a minute someone will ask, do you pay taxes. in your case is not just day trading. once you will lift volume limits u will have to raise safety for yourself and customers. just thought will let you know. I'm selling a lot on lbtc and for me couldn't be easy to receive or send payments. everything under 5 minutes.
 and registering as user is not bad idea. After all i will send you money using bank account so I can be tracked anytime.

I said it is good, but complicated. It's fine if you wanna spend a while logging in each time, looking at which seller has the best %, rating and volume etc. But if you want an automated means to buy & sell just by sending a bank transfer then it's not possible. For example: if selling, I will assign you a unique bitcoin address that converts any received BTC into GBP and transferred to your UK bank account immediately using the latest Bitstamp price, followed by an emailed receipt. Again, this is not possible with any other site. I think 5% is fair, but I will take your comments into consideration. I plan to increase volume limits in the near future.

u saying. localbitcoins is complicated?

1. Login
2.pick any amount
3. start trade,  send uk transfer
4. pick your btc by sending to any wallet u like.

yeah, seems complicated.
and i can pick any volume I like.

plus most sellers charging no more than 3.5 % for btc. While u charging 5 with low volume.

[UK ONLY] Receive FREE bitcoins everyday for sharing our Facebook page :-)

All you have to do is "like" and "share" our Facebook page on your profile:
www.facebook.com/bitcoinmagnet

You'll receive 0.2 mBTC everyday it is there (no need to repost it).

Example:

• Remember to make the visibility "public"!
• Remember to include your bitcoin address in the share!
• UK members only!

Payments will be made at 24:00 CET on a daily basis until further notice.


Thanks  

Localbitcoins is good, but complicated. The idea behind Bitcoin Magnet is to make it super easy to make orders, something that is not possible with any other site. It's also automated so you don't have to even bother logging in etc. to make trades.

Yes u can. localbitcoins...