Topic: FastCash4Bitcoins Support Thread - page 49. (Read 94604 times)

The bitcoind monitor which updates order status/confirmations crashed.  It has been restarted.  If you have an order in progress reloading the status page should now show correct status.

Updated exception handling has been added to prevent this error in the future.

Thank You,

Tangible Cryptography.

Bank payout options (ACH, checks, bank wires, etc) are available again.

I understand exactly where you're coming from (I'm from the same stock; see any of my sig links). Don't get me wrong, I actually find this service to be clean and functional, but I'm glad you are open to user input. I'm also glad to hear that your first priority is security and stability. Best wishes - I haven't earned enough BTC to actually use your service yet, but it's first on my list when I do!

Yes I agree the current interface isn't exactly clear.  Initially the site removed options when they were out of funds but that isn't clear to the user either (hey I thought you guys paid out by PayPal it is missing from the dropdown).  

Improved UI is on the todo list.  Most of my professional development experience is backend processing and the site reflects that.  It is very secure (both for users and for us) and the data model makes problems in processing unlikely and recoverable but the site could certainly use an "improved user experience".

Dwolla reports funding should be complete today.

I noticed yesterday that all the max payout values were $0.00. Congratulations - glad to hear how popular your service is. (You've probably already considered putting a little note on the service when this happens next time, to inform potential customers of the situation. Strangely, in my opinion, it would _build_ customer confidence that you've exhausted your funds!)

How about a huge flashing banner ad across all the pages on the site? just kidding of course



I'm glad most of the internet has gotten rid of that shit, or maybe it's just my ad blocker working correctly.

Bitcoiners you (almost) ran us out of funds again.  I will post some stats this evening but we passed the 25,000 BTC mark.  25,000 bitcoins in two weeks.  Our clients rock!  I think we need need to set up some promotion for the customer who sells us the 100,000th bitcoin.

Our margin is dynamic.  We built a pricing model which calculates a discount from the MtGox last price based on a variety of factors.  The most important factor being that you can't get funds out of MtGox, at least not in a timely manner.  If we were to sell on MtGox we could get a slightly better price and thus offer a better price but then we would exhaust our funds, and need to stop buying.   It would be a roughly 14 to 21 days for a "bank wire" to crawl its way to our account before starting the process all over again.  We have tried using MtGox in the past but they are simply too unreliable are not concerned about the almost month long delays they cause in cashflow.

So the pricing model looks at the spread between MtGox and other exchanges. As that spread widens so does our margin. It also looks at volatility and the change in volatility.  Lastly it considers our available cash relative to unsold bitcoins.  All of that is abstracted into a single price that we are willing to buy at.  If we are buying at $7.00 and that is 3.5% less than MtGox it simply means right now this second, this trade we are buying at $7.00.  We may be trading at more less than a 3.5% discount to MtGox in the future.

The good news is that we are selling more of our coins directly to large buyers and over time that should translate into lower average margin and better cashflow.

Am I imagining things, or did you guys just slightly increase the % difference between your ask price and the Mt. Gox ask?

Just wanted to say, thank you so much for keeping us all updated on here. Really keeps me confident in your service.

Funding Update (07/10/2012 3PM EST):
Primary account funding high (all payout amount up to max available)
Dwolla funding low ~$1K  (reloading ETA 06/12)
PayPal funding exhausted (reloading ETA 06/11)

Due to the price activity it has been a busy day.

Why does this not shock me?  Banks have always been in charge so they do what they want.  Maybe in my lifetime I will see that change.  It isn't likely but we can hope, right?

Update:  Good and bad news for Dwolla fans.  
The good news, a small Dwolla deposit cleared so Dwolla payout option is enabled.
The bad news, our large Dwolla transfer which we expected on Monday had its clearing date "magically" change from 7/9 to 7/12.

I guess our bag of money fell off the ACH truck?

Glad to hear it.  PM sent about compensation for your difficulties.

All went good,got my $...

Funding Update:
Dwolla funding still hasn't posted.  Should be reloaded tomorrow.
PayPal funding still available but is low (under $1K).  Will be reloaded by mid week.
Primary account is low (under $2K) but will be able to handle larger payouts tomorrow (waiting on some late day wires to clear).

Now might be a good time to provide some expanded information of ACH (Direct Deposit).   Banks submit all ACH transactions after the cutoff for the day.  Thus it doesn't matter if your ACH is submitted by us at 5AM or 5PM.  In both case the originating bank submits a single batch at the end of the day to the ACH network.   The day the bank transmits the outgoing ACH is day 0.  The next business day will be day 1.  The receiving bank will post to the receiving account on the 3rd to 5th day.  We can offer overnight ACH because we request that our originating bank take out a short duration loan with the receiving bank to pay the sale and the ACH settles the loan between the banks 3 to 5 days later.

You may be wondering why does ACH take three to five days.   The honest truth is there is no technical reason.  ACH could happen within hours (possibly even seconds) at negligible cost to either institution.  The reality is banks profit from the float (the amount of funds unavailable to customers but available to banks every day) and that is why it probably will never be improved.

Update:
Overnight ACH added to bank transfer options.  

If you opt for a payout by bank transfer you now have three delivery choices

• Normal ACH (3 to 5 business day delivery) - always free
• Overnight ACH (1 business day delivery) - $10 fee deducted from sale total
• Bank Wire (same day delivery) - $25 fee deducted from sales total

Important details on bank transfers:
Cutoff for bank transfer is 5PM EST.  If your sale settles (6 confirmations) prior to 5PM EST it will be included in the batch for the current day.  If your trade settles after 5PM EST, on a weekend, or bank holiday it will be included in the batch for the next business day.  We strongly encourage including a fee of 0.002 BTC when depositing to increase the likelihood of your transaction being included in the next block.  Your bank may impose additional delays in making funds available.  We can only control when funds are delivered to your receiving bank.  When the funds are actually credited to your account will depend on your local bank's fund availability policy.  Not all bank accounts are able to receive incoming wires and your bank may charge a fee.  It is your responsibility to ensure the suitability of bank wire before opting for that payout option.

I didn't realize this was a cashier's check that was giving him an issue; that's literally a check that can't bounce. That's ridiculous that they're giving him the runaround til the weekend is over.

We probably did lose some potential Dwolla orders due to not having enough available funds.  One thing I would clarify is that while PayPal is the most popular in number of sales ranked by total funds paid it is second to last (only bank wire had less funds paid out).  We paid out over twice as much by Dwolla than PayPal.

PayPal payouts tended to be smaller possibly being used for a specific purpose.  That is one reason why the lowered the limit.