Topic: Bitcoins Direct Support Thread - page 16. (Read 77886 times)

Updates:

Deposits at any Wells Fargo branch are coming "soon".  I just need to go in person to sign the deposit agreement.  Thread will be updated once deposits are available.

The 1% periodic sales are now permanent.  That is right we will sell 1% below MtGox every day and never charge a fee.

We are adopting the name "Bitcoins Direct" for this service.  A website to facilitate higher sales volume is coming.  Slightly further off we are partnering with a third party vendor to make buying bitcoins fast and easy (in the United States).

Demand has been high and we have to many coins and not enough dollars.  Until further notice we are selling surplus bitcoins at 1.00% BELOW MtGox last while supplies last.  If interested, act fast. These periodic "coin sales" only last until will balance our supply.

Good catch.  Updated to reflect $500.

Thank You

Including Liberty Reserve?  Still shows:

great service. The second time I've used. I had $800 of btc transferred today. Very quick service! Trustworthy service here!!!!

Raised the minimum to $500 on all methods except cash deposit ($200 minimum).

Awesome service, 100% Recommended super fast and secure +1

I used TangibleCrypto today to buy some bitcoin and everything went smooth and nice. I had my bitcoin quickly at my address. I would definitely use their service again to buy bitcoin.

The discount has ended.  Right now we have a large number of pending sales in progress, so even if you have purchased in the past, please don't make the assumption that coins are available.  Send us a PM/email before depositing funds.

Cobra explained it pretty well.  If you have any further questions just let us know.

What we mean by "surplus" is that coins availability is not guaranteed.  If coins are available we will sell them to you.  We buy over 2,000 BTC per day as part of the FC4B service so we probably can handle any order but we just ask you send us a PM or email first.

Speaking from experience the whole process is complete in a couple of hours. It is a very easy and painless process. They have a "surplus" in BTC at the moment because it is part of their business model. Due to the recent high value of BTC many people are cashing out their BTC which is their "sister service" https://bitcointalksearch.org/topic/fastcash4bitcoins-support-thread-90192 They need to maintain high balance in USD because that is where the demand has been with people requesting the other service. It takes a very long time to convert BTC back to USD going through an Exchange so selling BTC this way speeds the whole process up and really kills 2 birds with one stone, helps them by getting USD faster and helps customers so they do not need to deal with an Exchange which is desirable due to increased time/risk. This will still be available in the future but not at the 1% discount, it is just a motivator to help get rid of the coins this way.

1. Send an email to [email protected] using PGP (encrypted email) and they will send you the required banking information
2. Follow the instructions in their reply email to deposit cash at local bank branch.
3. Take photo of deposit receipt and email it to them and provide wallet address to receive your coins
4. Wait for your coins, after sending the photo of the receipt I had my coins within a couple of hours. The MTGOX last price is used based on the timestamp of the deposit receipt (when discount available 1% less).

The "cash deposit at local branch" way. How long is that process? Once I send you what I want, how long does it take for you to reply with the banking / deposit information? Then once I make the deposit, email you the proof that you require, how much longer is the wait there? Also, your company is only doing this now because you have a surplus in coin? How does that work? How can you actually have a surplus in money? Once your surplus is over, does that mean you will no longer support this service for people? Thanks!

SALE SALE SALE  

Our stockpile has grown again. Your direct buy price is 1% BELOW MtGox last.
This discount (as all of them in the past) is based on available supply.  Get them while they last.

Discount ended effective 07/20/2012 19:28 EST

Well that's a shame, and pretty much a major fail. Did they indicate whether it was due to fraud or whether it was due to legal uncertainties? And no, I'm not recommending that anyone attempt to skirt the ToS if they don't even want intermediaries touching their system.

I don't think so.   In our talks with GreenDot they simply prohibit anything to do with Bitcoin even indirectly.  We spoke at length with a sales agent.  At first he was skeptical of the demand.  I indicated we would be looking at hundred grand the first month and probably double that (as FC4B is supply limited).  When he seemed to indicate we were unrealistic I offered to open our books subject to an NDA.  I was also willing to guarantee 5000 transactions in the first 90 days and pay GreenDot the difference (i.e. up to $25,000) if they didn't materialize.  I think I made the offer as generous as possible even indicating we would consider things like a discount rate (MoneyPak merchants normally don't pay a fee), a fraud reserve (depsite MoneyPak being sold to merchants as a low risk option), and limiting our acceptance to $250 or less per Pak (to give GreenDot a bigger cut).  We went back and forth but GreenDot is just completely adamant (and unreasonable IMHO) about having absolutely nothing to do with Bitcoin.  Period.  We were even "creative" looking at potential solutions where MoneyPak would be use to fund a "cash card account" which then could be used to buy digital goods (to include bitcoins).  Nope.  They aren't interested.  If Bitcoin is anywhere in your proposal (even in the small print at the bottom) it is an auto-rejection.  I think I convinced the sales agent though.  Bitcoin is going to move mainstream and companies which embrace that (like ZIpZap) will profit indirectly and companies that don't (like GreenDot) will be shut out.

Now we (or someone else) could form a shell company, lie to GreenDot about the purpose of the merchant account (selling golfballs or whatever) then use that company to funnel Bitcoin sales.  We have no interest in that and I am sure BitInstant doesn't either.  GreenDot merchant agreement also prohibits third party transactions so we won't be seeing a general purpose TrustCash or ZipZap type middle man for GreenDot MoneyPaks.

It is their loss but sadly it did waste a significant amount of our time.  It could have been extremely profitable for both us AND GreenDot.

Isn't this where Bitinstant steps in with a pre-made Greendot intermediary, all set up and ready to go? Yessir, all wrapped up in a tidy package for you, they will take the Moneypaks, and send you an ACH to disburse to your customers as you see fit. For a fee, of course.

If not them, someone needs to do it.

Roughly a month ago we stopped accepting GreenDot MoneyPaks as a funding option pending an internal review.  After some deliberation we have decided to no longer accept GreenDot MoneyPaks going forward.  We were never defrauded the issue is simply scale.  MP to PayPal is useful but that is limited to only $4K per month.  MP to credit cards has limited value for us and if we attempt to get cash that incurrs a high cost.  We now have over $100,000 worth of Bitcoins to sell each month.  MoneyPak simply doesn't scale.   If GreenDot allowed us to become a MP merchant we could accept MP and get daily ACH deposits however that is unlikely to happen given GreenDot hostility towards Bitcoin.  

I don't know if they're always this fast, but my entire transaction from the first time I contacted Tangible Cryptography until I had the bitcoins in my wallet (including the time it took my bank to process the wire transfer) was completed within one business day.

I somehow lucked out and locked in the price just before it took a bit of a jump up, too. 

Damn, too bad I didn't notice this thread beforehand.

Had someone back out on me for a transaction so I lost out on like 1.5 weeks (and the price of BTC has shot up a good chunk).  And then now I've been waiting about a week for Bank > Dwolla transfer.

Supposed to clear this afternoon and then a wait for Dwolla > Mt.Gox.

Will definitely be keeping this thread in mind for the future.

I purchased some bitcoins via wire transfer from Tangible Cryptography, and can recommend them if you need to buy some coins.