In Europe wire transfers are free. It is illegal to charge money for a wire transfer because large transaction must be made in a wire transfer or else they would be illegal.
What gave you the impression that BitFloor (or IAFCU) was in Europe?
Topic: bitfloor issues? - page 6. (Read 55496 times)
What gave you the impression that BitFloor (or IAFCU) was in Europe?
Set against a M$ 2.8 project, this comes to a prorated share of about $3.92 / $1,000. Plus another 50%, $5.88 / $1,000 total, to ameliorate the responses of some. With a debit card included to allow access to the money, it is a significantly better deal than a wire transfer fee.
In Europe wire transfers are free. It is illegal to charge money for a wire transfer because large transaction must be made in a wire transfer or else they would be illegal.
Set against a M$ 2.8 project, this comes to a prorated share of about $3.92 / $1,000. Plus another 50%, $5.88 / $1,000 total, to ameliorate the responses of some. With a debit card included to allow access to the money, it is a significantly better deal than a wire transfer fee.
Thanks for taking the time to do the math. I'll be making my $5.88 per $1000 received donation.
- New software to handle Office of Foreign Assets Control checks for those without accounts: You look at their name, compare it to the name on their passport, send the money
- Call center: There was no need to call anyone, there is no law that states you have to have a phone number to open a bank account
- New hires/Manpower: They decided to be extra stringy checking their customers data
Wow, you sure are whiny. You sound like my 14 year old nephew. I'm pretty sure that this process wasn't anywhere near as simple as you've chosen to imagine in your own mind.
- New software to handle Office of Foreign Assets Control checks for those without accounts: You look at their name, compare it to the name on their passport, send the money
- Call center: There was no need to call anyone, there is no law that states you have to have a phone number to open a bank account
- New hires/Manpower: They decided to be extra stringy checking their customers data
Many of you have suggested that I post a BTC address where you can send me thank-you tips after you receive your Bitfloor refunds. For those of you who were thinking of doing this, I would really appreciate it if you showed your gratitude by tipping IAFCU. Please read on for details of how to do this.
(If you already tipped me on reddit or elsewhere — thanks! I'll be forwarding your tip on to IAFCU.)
When I spoke to Jordan Modell recently, I learned that IAFCU incurred a lot of expenses (legal, software, and personnel) beyond what they were expecting as they worked to set up Bitfloor users' new accounts and process refunds. They will continue to incur expenses as Bitfloor users start transferring their money to other financial institutions.
I asked Jordan if he could provide me a rough breakdown of the expenses they've incurred so far. He checked his records and emailed me the following:
Because IAFCU is a small non-profit, these expenses are significant for them. I'd really love to see them at least break even for all the help they've given us (and hopefully even better than break even).
I am hoping we can raise $15,000 for IAFCU from within the Bitcoin community as a show of goodwill. I spoke to Jordan about whether they can receive donations, and he said that they can. The best way to do it is by making a contribution to the Internet Archive.
Here's what I'm proposing we do to make the fundraiser a bit public:
And thanks!
(If you already tipped me on reddit or elsewhere — thanks! I'll be forwarding your tip on to IAFCU.)
When I spoke to Jordan Modell recently, I learned that IAFCU incurred a lot of expenses (legal, software, and personnel) beyond what they were expecting as they worked to set up Bitfloor users' new accounts and process refunds. They will continue to incur expenses as Bitfloor users start transferring their money to other financial institutions.
I asked Jordan if he could provide me a rough breakdown of the expenses they've incurred so far. He checked his records and emailed me the following:
- New software to handle Office of Foreign Assets Control checks for those without accounts: $3,500
- Call center: $1,000 and climbing
- New hires: $1,500
- Manpower: $4,000 - $5,000 (Their whole team worked double shifts on weekends, and no one took a day off in 16 days and counting.)
Because IAFCU is a small non-profit, these expenses are significant for them. I'd really love to see them at least break even for all the help they've given us (and hopefully even better than break even).
I am hoping we can raise $15,000 for IAFCU from within the Bitcoin community as a show of goodwill. I spoke to Jordan about whether they can receive donations, and he said that they can. The best way to do it is by making a contribution to the Internet Archive.
Here's what I'm proposing we do to make the fundraiser a bit public:
- If you'd like to participate, visit http://archive.org/donate/index.php and select your donation method of choice (they welcome BTC, but other USD payment options are there, too)
- (This is important) send an email to [email protected]. In it, include the amount you donated and request that your donation be used to cover IAFCU expenses. Brewster Kahle's assistant will be on the lookout for these messages to make sure the funds get where you want them to go.
- If you'd like me to count your contribution in a public tally showing how much we've raised for IAFCU, BCC me on your email to [email protected] so I know how much you gave.
And thanks!
My USD balance was restored to IAFCU as of yesterday (25th July 2013). This is great news. I did have a small BTC balance left in bitfloor, I wonder if that is lost forever?
Anyway, happy to see some refunds announced here, best wishes to all!
Anyway, happy to see some refunds announced here, best wishes to all!
You could have withdrew that BTC anytime you want
My USD balance was restored to IAFCU as of yesterday (25th July 2013). This is great news. I did have a small BTC balance left in bitfloor, I wonder if that is lost forever?
Anyway, happy to see some refunds announced here, best wishes to all!
Anyway, happy to see some refunds announced here, best wishes to all!
I bought a beer last night with my IAFCU debit card.
(lifts one to us all)
(lifts one to us all)
Probably Roman himself bought them up before I could.
Didn't someone donate some bitcoin to you to do this?
Yea I have almost $1 out of $10.
My refund was credited to my IAFCU account yesterday!
Probably Roman himself bought them up before I could.
Didn't someone donate some bitcoin to you to do this?
Probably Roman himself bought them up before I could.
He sure does
He sure did (however, mine was returned)
I hope that, at the very least, this horrible experience serves as a great lesson on how the current banking system sucks so much. True, Roman's lack of communication has been awful through this, but this would never have happened in the first place, and would not have taken so long to resolve, if it hadn't been for such awful banks and financial regulations 
Absolutely! I am much more committed to Bitcoin after such an up close and personal reminder of just how intractable and restrictive and oppressive our banking system has become in our modern fascist reality. I've steadily invested throughout this whole ordeal and now I intend to invest this refund back into Bitcoin. I really do have the sense that, by turning this immoveable lump of USD back into Bitcoin, it is instantly being liberated and is free to start moving about the world freely and without friction again. I love Bitcoin.
HAPPY DAY!! I RECEIVED MY REFUND!! 
Submitted info to IAFCU on July 6 and called about a week after and left a voicemail. Still nothing. I guess I'll give them a call tomorrow. Has anyone had any luck with getting bitfloor to reset their two-factor authentication?
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