Update 11/13:
Coins available for purchase on 11/14/2012. We will accept PO for deposits made on 11/14/2012 or later.
Topic: Bitcoins Direct Support Thread - page 10. (Read 77818 times)
Update 11/12 - Still out of coins today (and possibly tomorrow).
We had a large buyer pre-purchase our entire inventory (five figures BTC) for this week. FC4B is doing volume ahead of projections so we may fulfill this order soon and re-open for general sales.
We had a large buyer pre-purchase our entire inventory (five figures BTC) for this week. FC4B is doing volume ahead of projections so we may fulfill this order soon and re-open for general sales.
Wow. I imagine your use of exchanges is well down on say 2 months ago?
Yes good observation. Our exchange volume is down about ~90% despite total volume being close to double what it was 60 days ago. We may look to expand our LoC which would allow us to hold enough coins to ride out the intra-day imbalances between FC4B and BD; this would allow us to become completely exchange independent.
Update 11/12 - Still out of coins today (and possibly tomorrow).
We had a large buyer pre-purchase our entire inventory (five figures BTC) for this week. FC4B is doing volume ahead of projections so we may fulfill this order soon and re-open for general sales.
We had a large buyer pre-purchase our entire inventory (five figures BTC) for this week. FC4B is doing volume ahead of projections so we may fulfill this order soon and re-open for general sales.
Wow. I imagine your use of exchanges is well down on say 2 months ago?
Update 11/12 - Still out of coins today (and possibly tomorrow).
We had a large buyer pre-purchase our entire inventory (five figures BTC) for this week. FC4B is doing volume ahead of projections so we may fulfill this order soon and re-open for general sales.
Yes we can do custom sales more than $5,000. The use of a bank wire is required and it often requires funding over multiple days. If interested just send an email to [email protected]. Generally speaking we don't allow very large custom sales to new buyers without extensive trading history.
We had a large buyer pre-purchase our entire inventory (five figures BTC) for this week. FC4B is doing volume ahead of projections so we may fulfill this order soon and re-open for general sales.
Yes we can do custom sales more than $5,000. The use of a bank wire is required and it often requires funding over multiple days. If interested just send an email to [email protected]. Generally speaking we don't allow very large custom sales to new buyers without extensive trading history.
[CLOSED - OUT OF COINS]
Even with the new pricing demand continues to be strong. Not taking any new purchase orders at this time. Should have a better idea of acquiring volume by tomorrow morning.
Even with the new pricing demand continues to be strong. Not taking any new purchase orders at this time. Should have a better idea of acquiring volume by tomorrow morning.
Never said it wasn't helpful.
Just.. damn. A discount is better than a mark up. That's all.
Just.. damn. A discount is better than a mark up. That's all.
When low prices leads to the demand for a good or service being far greater than its supply, the only rational thing for a supplier to do is to raise the price. This allows them to make a greater profit, which in turn allows them to more quickly increase supply to meet demand.
Absolutely correct. What happens otherwise is what's happening right now on Long Island and other areas affected in NYC. It's illegal to raise gas prices, so no one goes to any additional expense to bring in gas through extraordinary means, you have to wait on line for 3-4 hours at the handful of stations that occasionally get fuel, and most people just don't get any gas at all.
Never said it wasn't helpful.
Just.. damn. A discount is better than a mark up. That's all.
Just.. damn. A discount is better than a mark up. That's all.
When low prices leads to the demand for a good or service being far greater than its supply, the only rational thing for a supplier to do is to raise the price. This allows them to make a greater profit, which in turn allows them to more quickly increase supply to meet demand.
Update 11/8/2012 - more coins available.
We don't. If we did we would be out of biz. Say FC4B produces 5K BTC per day but demand for BD is 9K BTC per day. Where do you get the other 4K BTC? Buy them from a loss on the market? Double spends? Getting a little meta here but if a store (any store) continually runs out of product (any product) then the price is too low.
Currently (and at current price) demand for BD exceeds FC4B (and our other ventures). Supply and demand.
The demand for BD exceeds our ability to supply it at the current price point. By making the price less attractive it will reduce demand and avoid scenarios where we have to post [OUT OF COINS].
TL/DR: Will 0.5% fee be less popular than 0.5% discount? Of course. That is whole point!
Currently (and at current price) demand for BD exceeds FC4B (and our other ventures). Supply and demand.
The demand for BD exceeds our ability to supply it at the current price point. By making the price less attractive it will reduce demand and avoid scenarios where we have to post [OUT OF COINS].
TL/DR: Will 0.5% fee be less popular than 0.5% discount? Of course. That is whole point!
I was under the impression that when you closed availability, it meant you sold all your coins available (from FC4B). I didn't know you sold some/any at a loss. That's just... silly.
I get what you're saying about s/d. All I really meant was damn.. I liked it when it was a discount.
OIC.
I guess I just don't undestand how you can charge roughly 5% when you buy bitcoins through FC4B and make 4.5% profit when you sell direct through BD and still somehow be at a loss.
Oh well. Damn.
I'll still use your service anyway.
I guess I just don't undestand how you can charge roughly 5% when you buy bitcoins through FC4B and make 4.5% profit when you sell direct through BD and still somehow be at a loss.
Oh well. Damn.
I'll still use your service anyway.
We don't. If we did we would be out of biz. Say FC4B produces 5K BTC per day but demand for BD is 9K BTC per day. Where do you get the other 4K BTC? Buy them from a loss on the market? Double spends? Getting a little meta here but if a store (any store) continually runs out of product (any product) then the price is too low.
Currently (and at current price) demand for BD exceeds FC4B (and our other ventures). Supply and demand.
The demand for BD exceeds our ability to supply it at the current price point. By making the price less attractive it will reduce demand and avoid scenarios where we have to post [OUT OF COINS].
TL/DR: Will 0.5% fee be less popular than 0.5% discount? Of course. That is whole point!
OIC.
I guess I just don't undestand how you can charge roughly 5% when you buy bitcoins through FC4B and make 4.5% profit when you sell direct through BD and still somehow be at a loss.
Oh well. Damn.
I'll still use your service anyway.
I guess I just don't undestand how you can charge roughly 5% when you buy bitcoins through FC4B and make 4.5% profit when you sell direct through BD and still somehow be at a loss.
Oh well. Damn.
I'll still use your service anyway.
So because you're making more money and have more orders, you're going to charge your buyers a fee instead of keep the discount that had them coming to you in the first place?
No. "exceeding our available volume"
We only have so many coins to sell. The purpose of BD is to sell off our existing supply of coins. We acquire coins from various sources and then sell them directly to avoid the delays and cost of exchanges.
When BD began is represented less than 20% of our daily volume of acquired coins. It now represents >120%. It has exceeded our incoming supply, plus absorbed all our "stranded coins" on various exchanges, plus exhausted our internal reserve used to hedge price. Reluctant to change the pricing which has worked so well we at times took a loss on some sales (having to buy at full price coins from market to sell to buyers at a discount). The demand for both buying and selling varies however the trend for Bitcoins Direct is taking it past what we can supply. So in that situation what would you do? Continue to sell coins to don't have and don't need to sell at a loss? Or would you raise the price to reduce demand?
If our supply of coins grows we will happily lower the markup or even go back to a discount. It really just is supply and demand.
Staff
Tangible Cryptography
Never said it wasn't helpful.
Just.. damn. A discount is better than a mark up. That's all.
Just.. damn. A discount is better than a mark up. That's all.
UPDATE 11/06/2012:
Out of coins again. No further PO requests will be approved today. PO requests can be sent starting 8PM EST for deposits made tomorrow. Due to demand for this service exceeding our available volume we are changing from a 0.5% discount to a 0.5% fee/markup. As an example if the MtGox rate at the time of deposit is $10.00 the exchange rate will be $10.05. This does not affect existing orders (funded or unfunded). It will apply to all new orders going forward.
Thank You,
Staff
Tangible Cryptography
Out of coins again. No further PO requests will be approved today. PO requests can be sent starting 8PM EST for deposits made tomorrow. Due to demand for this service exceeding our available volume we are changing from a 0.5% discount to a 0.5% fee/markup. As an example if the MtGox rate at the time of deposit is $10.00 the exchange rate will be $10.05. This does not affect existing orders (funded or unfunded). It will apply to all new orders going forward.
Thank You,
Staff
Tangible Cryptography
So because you're making more money and have more orders, you're going to charge your buyers a fee instead of keep the discount that had them coming to you in the first place?
Damn.
No, I know why this is being done and it is just fine. With ACH limitations and delays, they need to make sure they are staying on top of their exchange risk. They are actually providing a very helpful service.
UPDATE 11/06/2012:
Out of coins again. No further PO requests will be approved today. PO requests can be sent starting 8PM EST for deposits made tomorrow. Due to demand for this service exceeding our available volume we are changing from a 0.5% discount to a 0.5% fee/markup. As an example if the MtGox rate at the time of deposit is $10.00 the exchange rate will be $10.05. This does not affect existing orders (funded or unfunded). It will apply to all new orders going forward.
Thank You,
Staff
Tangible Cryptography
Out of coins again. No further PO requests will be approved today. PO requests can be sent starting 8PM EST for deposits made tomorrow. Due to demand for this service exceeding our available volume we are changing from a 0.5% discount to a 0.5% fee/markup. As an example if the MtGox rate at the time of deposit is $10.00 the exchange rate will be $10.05. This does not affect existing orders (funded or unfunded). It will apply to all new orders going forward.
Thank You,
Staff
Tangible Cryptography
So because you're making more money and have more orders, you're going to charge your buyers a fee instead of keep the discount that had them coming to you in the first place?
Damn.
UPDATE 11/06/2012:
Out of coins again. No further PO requests will be approved today. PO requests can be sent starting 8PM EST for deposits made tomorrow. Due to demand for this service exceeding our available volume we are changing from a 0.5% discount to a 0.5% fee/markup. As an example if the MtGox rate at the time of deposit is $10.00 the exchange rate will be $10.05. This does not affect existing orders (funded or unfunded). It will apply to all new orders going forward.
Thank You,
Staff
Tangible Cryptography
Out of coins again. No further PO requests will be approved today. PO requests can be sent starting 8PM EST for deposits made tomorrow. Due to demand for this service exceeding our available volume we are changing from a 0.5% discount to a 0.5% fee/markup. As an example if the MtGox rate at the time of deposit is $10.00 the exchange rate will be $10.05. This does not affect existing orders (funded or unfunded). It will apply to all new orders going forward.
Thank You,
Staff
Tangible Cryptography
UPDATE:
No further PO will be approved today. As expected due to the shutdown, volume was insane today. I even dipped into our reserve to funds as many PO as possible. PO were processed in the order they were received. If you have already received a deposit code you can make your deposit. If you have not received a deposit code (i.e. D9999999) then we don't have coins to sell you today.
We will have more coins tomorrow, and the day after, and the day after.
No further PO will be approved today. As expected due to the shutdown, volume was insane today. I even dipped into our reserve to funds as many PO as possible. PO were processed in the order they were received. If you have already received a deposit code you can make your deposit. If you have not received a deposit code (i.e. D9999999) then we don't have coins to sell you today.
We will have more coins tomorrow, and the day after, and the day after.
Update:
One purchase order per client per day. I have no idea why a small minority of clients want to have deposits split across multiple purchase orders on the same day and honestly I probably don't want to know. Also please don't change deposit requests after making them, this isn't an exchange where you can post new limit orders in realtime. The occasional mistake/correction is understandable but today we had four clients change the amount of the purchase order and one changed it three times. We reserve the right to cancel PO which need a correction rather than issue a corrected PO approval.
Lastly:
Tangible Cryptography LLC reserves the right to deny a purchase order for any reason, at anytime with or without cause.
It is always the 10%. 90% of purchases are cut and dry. Request, fund, prove, receive coins. The 10% is likely why I forsee us eventually needing some sort of account verification process just like FC4B.
One purchase order per client per day. I have no idea why a small minority of clients want to have deposits split across multiple purchase orders on the same day and honestly I probably don't want to know. Also please don't change deposit requests after making them, this isn't an exchange where you can post new limit orders in realtime. The occasional mistake/correction is understandable but today we had four clients change the amount of the purchase order and one changed it three times. We reserve the right to cancel PO which need a correction rather than issue a corrected PO approval.
Lastly:
Tangible Cryptography LLC reserves the right to deny a purchase order for any reason, at anytime with or without cause.
It is always the 10%. 90% of purchases are cut and dry. Request, fund, prove, receive coins. The 10% is likely why I forsee us eventually needing some sort of account verification process just like FC4B.
has anyone heard back or received replies to their PO requests today? i'm sure they got slammed with emails.
We were slammed, sorry the delays. Only so many hours in the day. At this point we should be caught up on all responses.
has anyone heard back or received replies to their PO requests today? i'm sure they got slammed with emails.
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