Bitcoins Direct Support Thread - page 8.

TangibleCryptography

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Tangible Cryptography LLC

Quote from: c0dex on November 20, 2012, 10:18:15 PM

Any updates, TC? I read in your FC4B thread about your BoA problems ... Is this preventing you from accepting wire transfer PO requests?

No. The wire issue is related to BofA authentication system used when creating new payee profiles. It won't affect incoming wires (or outgoing wires for existing FC4B customers).

We were taking PO requests today for 11/21 however we have now exhausted our supply. Due to thanksgiving (banking holiday) I don't have an ETA on when we will be accepting more PO.

c0dex

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Any updates, TC? I read in your FC4B thread about your BoA problems ... Is this preventing you from accepting wire transfer PO requests?

TangibleCryptography

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Tangible Cryptography LLC

Quote from: BradZimdack on November 20, 2012, 02:04:48 AM

With all due respect, this is like waiting in a Communist bread line. Perhaps TC should simply raise prices to alleviate the shortage? I would gladly pay a hefty premium over the current price if that would assure reliable availability.

That has to be a first. Customers asking for higher prices.

We have considered higher rates (and already raised them twice) however we want to be careful to not over-react. I discussed it with my partners and there is a lot of volatility in daily and even weekly volume of the two services. Currently FC4B is trending lower than expected and BD higher. We don't want to push prices too high only to have the situation reverse. I believe by next week the outages will be significantly reduced. Volume is growing on FC4B. The dropoff is partially explained by the new system requiring accounts and setup. It creates a barrier to new sales. We are seeing solid grow in repeat sales and signups and activations continue to grow. We also have some new exicting payment options which will hopefully further accelerate sales growth. Lastly we will be looking to expand our Line Of Credit in the coming weeks to provide more of a cushion between the swings in the two services.

TL/DR:
Yes we are considering higher prices (even significantly higher prices) but higher prices aren't always the best path to success for the company.

BradZimdack

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With all due respect, this is like waiting in a Communist bread line. Perhaps TC should simply raise prices to alleviate the shortage? I would gladly pay a hefty premium over the current price if that would assure reliable availability.

TangibleCryptography

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Tangible Cryptography LLC

Update 11/19/2012:

[OUT OF COINS] Due to some very large bulk orders we will not have any coins available today. We probably will not have coins available tomorrow (depends on FC4B volume). I will post another update this evening confirming when we will resume accepting POs.

Update 18:19 EST:
We will not have coins available 11/20. Sales will begin again 11/21. We will accept PO starting 11/20 for deposit dated 11/21 or later.

TangibleCryptography

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Tangible Cryptography LLC

Quote from: laststop on November 17, 2012, 08:43:01 PM

So my only option to get coins from you is to refresh this listing over and over and just hope I catch it?

Is there anyway you can tell us when you will be opening for orders again so i can be ready to go with my PO request?

Desperately would love to get an order in monday. i know my 1350 is small potatoes to all the transfers you do but it's huge for me

Quote from: laststop on November 19, 2012, 06:24:27 AM

Set my alarm in hopes of waking up early to some coins. -sigh- i give up bitinstant gets my money again.

Repeating from up thread. "We have exhausted our available supply until Tuesday at the earliest."
We can't sell what we don't have.

laststop

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Set my alarm in hopes of waking up early to some coins. -sigh- i give up bitinstant gets my money again.

laststop

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So my only option to get coins from you is to refresh this listing over and over and just hope I catch it?

Is there anyway you can tell us when you will be opening for orders again so i can be ready to go with my PO request?

Desperately would love to get an order in monday. i know my 1350 is small potatoes to all the transfers you do but it's huge for me

TangibleCryptography

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Tangible Cryptography LLC

No we dont want a queue. If we are out of stock the PO will be denied. We won't keep it on file. If we have coins in stock PO received will be filled first come first serve.

Minor

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After coins have become temporarily available you say "orders were fulfilled in first come first serve order" but now you say "OUT means OUT and it is a busy day so we may not be able to respond to all PO requests (just to say, "nope we really are out")".

So, do you build a queue of PO requests or not?

If I just want to buy some coins in the next few days, whenever they become available, no rush, should I send a PO request or not?

I could even send the money ahead of time (once I get the PO#, of course) , and you just send the coins when you have them, at 1% above the current price at the time that you send them.
I don't care what the price is, I just need X dollars worth of bitcoins, and by the time I receive them, they should be worth approximately X dollars.

DeathAndTaxes

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Gerald Davis

Quote from: laststop on November 16, 2012, 03:06:51 PM

yea i see the market just has phases of different activity. Everyone on a buying spree now and when the coin price goes up enough everyone will be in selling mode.

Agreed. In a perfect world we would have 50,000 BTC and $500,000 USD in reserves, never run out of either coins or dollars, and buy/sell at a spread based on our own supply/demand (i.e. buying at $11.00 and selling at $11.40).

We aren't there yet.

laststop

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yea i see the market just has phases of different activity. Everyone on a buying spree now and when the coin price goes up enough everyone will be in selling mode.

DeathAndTaxes

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Gerald Davis

Quote from: laststop on November 16, 2012, 02:53:13 PM

oh then i guess i just am cursed with bad luck. This is the 4th time I needed to buy coins and all 4 times I cam here first and all 4 times i got shut down. Sad

you mean 6.2% spread originally as BD was under 1% now ts over 1% so spread is 4.95% from 6.2% and it's still not able to be in stock

Well I was comparing it to just a month ago. At one point BD was 1.5% under market rate and when we continually ran out of USD our margin on FC4B has been as high as 7.95%. It is a balance. Prior to roughly a month ago we never ran out on coins. Hell we sold an excess of thousands and thousands of coins a week on the major exchanges week in and week out for months and that was when offering as much as 1.5% under MtGox.

Demand has increased. That is a good thing but it also leads to problems. I am not going to crush our margins though just so we can sell more coins for a smaller profit at higher risk in some "goal" to beat demand. Sorry.

laststop

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oh then i guess i just am cursed with bad luck. This is the 4th time I needed to buy coins and all 4 times I cam here first and all 4 times i got shut down. Sad

you mean 6.2% spread originally as BD was under 1% now ts over 1% so spread is 4.95% from 6.2% and it's still not able to be in stock

I think i get it seems the market goes in phases where people buy more then times people sell more so you cant overcompensate too much

DeathAndTaxes

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Gerald Davis

Quote from: laststop on November 16, 2012, 02:51:06 PM

you should raise your buy price by the same amount u raised the sell price

We raised our buy price by MORE than the amount we raised our sell price. FC4B had a 5.2% volatility adjust margin and BD has no fee (5.2% total spread - volatility adjusted). Today FC4B has a 3.95% volume adjusted margin and BD has a 1% fee (4.95% total spread - volatility adjusted).

laststop

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you should raise your buy price by the same amount u raised the sell price

DeathAndTaxes

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Gerald Davis

Quote from: laststop on November 16, 2012, 02:42:30 PM

If you are gonna charge fees on buying coins now then I think you need to raise your buy price so you can keep stock longer than 15 minutes. It's like ridiculous i have been wanting to get coins from here for like months and everytime I have the money coins are out -sigh- this really sucks

You had coins in at 4:30AM by the time I wake up they are gone and I really wanted to order some coins today and not pay 60+ dollars in fees to bitinstant. If bitinstant can keep a constant stock why cant you guys?

So we should charge 5%? At a 5% premium demand likely would be much less and it would be much easier to keep coins in stock. Are you sure that is the comparison you want to make?

I am sorry you are unhappy we HAVE raised our buy price and it is bringing in an increased volume of coins however demand for coins is still higher.

laststop

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If you are gonna charge fees on buying coins now then I think you need to raise your buy price so you can keep stock longer than 15 minutes. It's like ridiculous i have been wanting to get coins from here for like months and everytime I have the money coins are out -sigh- this really sucks

You had coins in at 4:30AM by the time I wake up they are gone and I really wanted to order some coins today and not pay 60+ dollars in fees to bitinstant. If bitinstant can keep a constant stock why cant you guys?

Since you raised your sell price by 2% from 1% below to 1% above you should raise your buy price by 2%. You make the same profit that way and hopefully more people will sell you coins.

TangibleCryptography

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Tangible Cryptography LLC

Just to be absolutely clear, out of coins means out of coins.

We are out, out, out.

We are getting a lot of PO requests. I understand price is moving and people want to double, triple, quadruple check in a hope against hope that there is a chance to get a buy order in. However we got no hidden bitcoins in the couch cushions. No disrespect intended but OUT means OUT and it is a busy day so we may not be able to respond to all PO requests (just to say, "nope we really are out").

Thanks,

Support

Tangible Cryptography

DeathAndTaxes

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Gerald Davis

Quote from: BCB on November 16, 2012, 10:58:52 AM

I was curious about that too, and when I did the math based on TC recent sales I assumed it was six figures in USD.

Correct, "six figures" as in over $100K USD.
Yeah 100,000 BTC would be really nice. Maybe in 2013. Wink

Topic: Bitcoins Direct Support Thread - page 8. (Read 77876 times)