Topic: Bitcoins Direct Support Thread - page 9. (Read 77876 times)

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.

6 figures in USD or BTC? Sorry to be nosy.

I'll tell you where it's coming from: MtGox is doing a piss-poor job of it on multiple counts, and customers aren't happy.

Nice going anyway.

whaaaaaat
columbian? CIA?

i dont even...

congrats!

[OUT OF COINS for 11/16]
That went faster than I expected.  I think some people have us in GPG speed dial.

Update:
We have secured our first six figure client. The good news is .... well six figures is a lot of coins. The bad news is that will exhaust our supply at least through Tuesday. 

Update for 11/16/2012:
We have a moderate amount of coins available for 11/16.  POs accepted on first come first serve basis.
Exchange rate raised to 1% over 'MtGox last price' at time of deposit.

A couple months ago there were three bigger services where one could deposit cash at a bank to buy coins.  Two of these are no longer supporting that method. so Bitcoins Direct is now about the last channel for that payment method.

So they might be seeing a huge increase but that doesn't mean all together there's a significant increase.

The exchange volumes elsewhere are down by a third compared to October, and down half from August, so some of that might be substitution but then again, other exchanges might have a fair amount of day trading activity whereas every Bitcoins Direct purchase is an inflow of new funds.

How does the coin supply look for tomorrow the 16th?

The effects of dark pools on a broader economy are felt long after their actions have taken place. Gox rates won't change much until supply becomes squeezed or demand increases - it appears that demand is certainly increasing, and a supply shortage will follow if it persists.

Yes indeed.  When I need to buy some coins again, I will certainly look to Bitcoins Direct first for the reasons listed here. 

I am surprised that the price isn't going up more with all the demand though.  That part seems strange to me.  Perhaps part of the reason is that FC4B / BD is not a free market.  Instead, they are (wisely!) controlling their portion of the market by not allowing themselves to be caught short (or long) with bitcoin.  But given that MtGox is a free market exchange, I would think their price should be going up more.  Oh well - if I was a trading expert, I would be too rich to be thinking about it here. 

Thanks, however in full disclosure the past two week may be an aberration and too short to draw any conclusions.  On a longer timeline (say 30 day moving average) we are just behind btc-e.   Given we aren't even an exchange it is still pretty impressive.  Remember there is no day-trading, all of these are transactions are coin inflows or outflows.  Exchanges report their trading activity but if they reported total inflows and outflows (i.e. total BTC deposited and withdrawn) they would be much lower numbers.  

The growth shows there is demand for a non-exchange structure.  I think part of the success is the the simplicity of the design.  When most people are looking to buy or sell gold they go to a gold dealer.  The dealer gives them a price and they take it or leave it.  They know the dealer is making a spread but they are just looking to buy or sell not daytrade.  Maybe they shop around a little bit but they don't try to take out some future's contracts just to buy a couple coins.  We are a Bitcoin dealer much like APMEX is a gold dealer.   There is no need for a client have us hold more of their coins/dollars then what is involved in a single trade.   So we aren't sitting on giant piles of coins and cash that clients need to worry about disappearing in a hack or scam.  In the light of various high profile hacks and scams I think that makes us attractive.

That's awesome. So you guys have blown past all other exchange mediums except for MtGox. That's incredible...convenience and customer service goes a long way.

It did.  We saw a healthy bump in our incoming volume but the demand for BD is kinda hard to believe.  It grew from roughly 5K BTC per week to ~10K BTC per week over the course of ~3 months.  Growth was pretty steady and consistent.  Then roughly two weeks ago we saw demand nearly double ... and then it increased about 50% after we relaunched and then this week is up (if you could fill all orders) about double that.  So more like 50K demand. 

Any growth in FC4B looks like pissing on a forrest fire.  Honestly it is hard for me to explain where the demand is coming from but we simply can't handle it.  Not even close.  I hate to turn sales away but even if FC4B doubled we should still be "short".

Just out of curiosity, did raising your buy price significantly affect your incoming volume?

I can't be disappointed about btc buying volume being so high, even though you getting wiped out makes it harder to buy. We are living in exciting times!

BTC-GLOBAL launches soon 

Update for 11/15:
We will NOT have coins available for sale tomorrow (11/15) and are not accepting POs.   We dipped into our reserves some to cover PO today and to avoid being caught in a net short scenario it is prudent for us to rebuild our reserves.

We have noticed some larger sized orders from new clients and the average order size has increased.  Hadn't thought about the timing of the ECB report but it would fit with the timeline. 

I guess I just need to come up with more innovative ways to acquire larger and larger quantities of coins.

TC.

This response is coming as a result of the ECB paper.  The ECB paper has marked the beginning of the mainstream's realization of the inevitability of BTC widespread adoption.   These are probably major players getting in off-market to avoid price spikes on the exchange.


Just my 2C.

Oh a friendly reminder since for ~1% of clients this seems to be complicated*:

DO NOT UNDER ANY CIRCUMSTANCES DEPOSIT FUNDS INTO ANY ACCOUNT OWNED BY TANGIBLE CRYPTOGRAPHY LLC UNLESS YOUR PURCHASE ORDER HAS BEEN APPROVED AND HAVE BEEN GIVEN A UNIQUE SINGLE USE DEPOSIT CODE (i.e. D1234567).

Unauthorized deposits will be subject to a security hold of 72 hours and then refunded by company check.  You will not receive bitcoins in the event you make an unauthorized deposit.    No exceptions.


* one would think the giant bold red disclaimer on the OP, and in funding instructions would be sufficient, but then one would be wrong.

[CLOSED - OUT OF COINS]

We responded to PO in the order they were received.  We have exhausted our likely supply (based on projections on coins purchased through FC4B and other properties) for the day.  I am not sure where all this demand is coming from, word of mouth?, some third party site/blog/article?, pent up demand?  Anyways it is unusual in that demand continue to exceed our supply.