Topic: CoinJar - Australia's first VC-backed Bitcoin startup - page 6. (Read 39150 times)
Came across this service just googling..have registered an account & will buy some BTC today. 2% fee is nice. Site looks impressive too and I set up my account and 2-factor authentication in seconds. Good stuff for aussies
All sell orders are still stalled because we can't access client funds. There's not a single cent available under CoinJar Pty Ltd as we do not keep company cash. (But our all our Bitcoin are safe and we are still accepting buy orders as normal.)
Sorry to kick someone while he's down (it's not an Aussie thing to do), but if you were "VC backed" how is it possible that CoinJar Pty Ltd did not have a cash position?
Hate to say "told you so" but requoting what I wrote July 12:
Quote
Ok, and further to this since you're targeting the use of a tax ruling associated with financial services and intend to onsell them to end users (essentially acting a currency exchange) does this mean coinjar has an Australian Financial Services license and conversely is coinjar registered with AUSTRAC to ensure money laundering regulations are adhered to?
Australian financial institutions are highly skittish on companies not playing by the governments rules.
Stu
We really don't have further information at this point. Yesterday all of our directors received notice from CBA that our personal accounts will be closed, but today when I called back again they said that was just a "current decision" and investigation was still in progress.
Exactly the same story with many others who've tried the same, not that wasn't trying to tell you guys this, but then again you guys had done your "research"
so much dumb here
Can we get an update due to the stupid CBA news - would a Coinjar NAB to Commbank withdrawal not be advisable/safe?
Half considering quitting CBA if there's any chance they'll treat me the same (though my volume is 100x less that CoinJar's).
Half considering quitting CBA if there's any chance they'll treat me the same (though my volume is 100x less that CoinJar's).
We really don't have further information at this point. Yesterday all of our directors received notice from CBA that our personal accounts will be closed, but today when I called back again they said that was just a "current decision" and investigation was still in progress.
All sell orders are still stalled because we can't access client funds. There's not a single cent available under CoinJar Pty Ltd as we do not keep company cash. (But our all our Bitcoin are safe and we are still accepting buy orders as normal.)
Can we get an update due to the stupid CBA news - would a Coinjar NAB to Commbank withdrawal not be advisable/safe?
Half considering quitting CBA if there's any chance they'll treat me the same (though my volume is 100x less that CoinJar's).
Half considering quitting CBA if there's any chance they'll treat me the same (though my volume is 100x less that CoinJar's).
They do have a progressive limit raising system where your limit goes up for each successful transaction, and a 7 day hold on the first transaction (which is limited to $100). This will help protect them from casual scamming.
That makes good sense. Protection from casual scammers is relatively easy, it's the dedicated scammers you have to be careful of.
The fact that they claim their product is taxed as a financial product but they're not registered to deal in financial products is another worry.
Not with you on that one. Calling something "X" for tax purposes is not the same as saying something is "X".
Some people are bothered by the fact Mr. Zhou is a principal. I wasn't on the scene then but apparently he has a controversial history with his previous ventures.
Dunno about anyone else, but I think keeping any more than a couple of coins on any exchange is risky. Move them home, move them offline.
Another pink flag is the very low spread they charge. AFAIK it is far tighter than any competitor in the Australian market which makes you wonder, why? A grocer undercuts his competitor by 5c, not a dollar. Businesses with extraordinary prices often have non-business motives, such as scamming or money laundering.
Maybe they recognise that Aussie exchanges are gouging the hell out of us locals, and want to become the Australian bitcoin exchange (they've said as much). Maybe they are hoping that by becoming internationally competitive, not just locally competitive, they can increase the size of the market? Makes some sense to me.
Haters gonna hate, Coinjar is fine, if you dont like dont use it. I'll continue using them.
They're the lowest fees and best price, nuff said.
They're the lowest fees and best price, nuff said.
great service very good all aussies should jump on this service
Seems too good to be true. Unless they have a clever new way to do verification they will suffer the fate of Bitpiggy. Also they are exposed yet trying to play the regulatory gray area as to whether Bitcoin is a financial product or not.
Yeah, wonder how many reversed transactions they'll absorb before things change? Even bitinnovate, that only accepted over-the-counter cash deposits, closed their doors....
They do have a progressive limit raising system where your limit goes up for each successful transaction, and a 7 day hold on the first transaction (which is limited to $100). This will help protect them from casual scamming.
The fact that they claim their product is taxed as a financial product but they're not registered to deal in financial products is another worry. Some people are bothered by the fact Mr. Zhou is a principal. I wasn't on the scene then but apparently he has a controversial history with his previous ventures. Another pink flag is the very low spread they charge. AFAIK it is far tighter than any competitor in the Australian market which makes you wonder, why? A grocer undercuts his competitor by 5c, not a dollar. Businesses with extraordinary prices often have non-business motives, such as scamming or money laundering.
great service very good all aussies should jump on this service
Seems too good to be true. Unless they have a clever new way to do verification they will suffer the fate of Bitpiggy. Also they are exposed yet trying to play the regulatory gray area as to whether Bitcoin is a financial product or not.
Yeah, wonder how many reversed transactions they'll absorb before things change? Even bitinnovate, that only accepted over-the-counter cash deposits, closed their doors....
great service very good all aussies should jump on this service
Seems too good to be true. Unless they have a clever new way to do verification they will suffer the fate of Bitpiggy. Also they are exposed yet trying to play the regulatory gray area as to whether Bitcoin is a financial product or not.
great service very good all aussies should jump on this service
have just made first deposit into coinjar to purchase bitcoins, hoping for an easy happy experience, will keep everyone posted. aint gunna be leaving my coins there but tranfer straight to QT client
Thats what Ive done a few times. No problems as yet.
have just made first deposit into coinjar to purchase bitcoins, hoping for an easy happy experience, will keep everyone posted. aint gunna be leaving my coins there but tranfer straight to QT client
coinjar will be seized like technocash
dont use registered services. qt is the way to go
dont use registered services. qt is the way to go
Ok, and further to this since you're targeting the use of a tax ruling associated with financial services and intend to onsell them to end users (essentially acting a currency exchange) does this mean coinjar has an Australian Financial Services license and conversely is coinjar registered with AUSTRAC to ensure money laundering regulations are adhered to?
So.. that's a no on both counts?
am i able to tranfer electronically to coinjar account from bankwest?
hope for reply soon
hope for reply soon On a side note, is there any plan to incorporate google 2FA in CoinJar?
Hi ArcticWolf, we don't like to pre-anounce features though we've had a lot of requests for this from our users. All I can say is keep an eye on our blog and you might see something appear soon
- http://blog.coinjar.io
On a side note, is there any plan to incorporate google 2FA in CoinJar?
Hi coinjar & Co,
Firstly, congratulations on launching a service which many in Australia will no doubt use. I do have one question though, you specify there's only 2% on the current spot price. For Australian customers does this include the GST element of 10%? If it does and given that once your revenue exceeds $75K you would be required to charge GST how is charging 2% on current spot price sustainable?
Thanks,
Stuart
Firstly, congratulations on launching a service which many in Australia will no doubt use. I do have one question though, you specify there's only 2% on the current spot price. For Australian customers does this include the GST element of 10%? If it does and given that once your revenue exceeds $75K you would be required to charge GST how is charging 2% on current spot price sustainable?
Thanks,
Stuart
Without a specific ruling from the ATO, we consider Bitcoin input-taxed supply, just like shares, bonds, derivatives, foreign currencies and precious metals. That means you have to pay GST for goods and services when you make purchases using Bitcoin.
The 2% fee itself already includes GST, because we charge 2% for the service we provide, and we will absorb it for now. (We may increase the fee to 2.2% if our profit is affected by GST, but there's no immediate plan.) Currently for CoinJar Checkout merchants, we give them access to a paper trail of GST paid, so they can easily claim GST credits if they are eligible.
(We are still in the process of GST registration, but the registration will be backdated to our incorporation date.)
Ok, and further to this since you're targeting the use of a tax ruling associated with financial services and intend to onsell them to end users (essentially acting a currency exchange) does this mean coinjar has an Australian Financial Services license and conversely is coinjar registered with AUSTRAC to ensure money laundering regulations are adhered to?
Stuart
Hi coinjar & Co,
Firstly, congratulations on launching a service which many in Australia will no doubt use. I do have one question though, you specify there's only 2% on the current spot price. For Australian customers does this include the GST element of 10%? If it does and given that once your revenue exceeds $75K you would be required to charge GST how is charging 2% on current spot price sustainable?
Thanks,
Stuart
Firstly, congratulations on launching a service which many in Australia will no doubt use. I do have one question though, you specify there's only 2% on the current spot price. For Australian customers does this include the GST element of 10%? If it does and given that once your revenue exceeds $75K you would be required to charge GST how is charging 2% on current spot price sustainable?
Thanks,
Stuart
Without a specific ruling from the ATO, we consider Bitcoin input-taxed supply, just like shares, bonds, derivatives, foreign currencies and precious metals. That means you have to pay GST for goods and services when you make purchases using Bitcoin.
The 2% fee itself already includes GST, because we charge 2% for the service we provide, and we will absorb it for now. (We may increase the fee to 2.2% if our profit is affected by GST, but there's no immediate plan.) Currently for CoinJar Checkout merchants, we give them access to a paper trail of GST paid, so they can easily claim GST credits if they are eligible.
(We are still in the process of GST registration, but the registration will be backdated to our incorporation date.)
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