The TOS is updated:
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Account Inactivity: Flexcoin, LLC reserves the right to close accounts that have had no activity for a period of 1.5 years (18 months). If an account has had no transactions associated with it over the course of 18 months, it will be considered dormant. Flexcoin, LLC reserves the right to collect the bitcoins in any such account and label them as fees, which will in turn make the above section on discount payments applicable to any such bitcoins. Discount payments DO NOT QUALIFY as transactions for the purpose of this section. An active account must have at least one deposit, withdrawal, or transfer to another Flexcoin ID over the course of a rolling 18 month period to be considered active. You will be notified at least 72 hours prior to the account being shut down via the e-mail address registered with the account.
Zero-Balance Inactivity: Flexcoin, LLC reserves the right to close any account that has a zero balance and is inactive for a duration of two (2) weeks. This includes accounts that have not been activated via the e-mail activation process. You will be notified at least 72 hours prior to the account being shut down via the e-mail address registered with the account.
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I think I need to stress to you guys that ANY activity, such as adding to your account (free), transferring from flexcoin to flexcoin account (free), anything done to your account counts that moves bitcoins or flexcoins counts as a transaction....
Topic: Flexcoin is LIVE to everyone! - page 5. (Read 12906 times)
If they shut down us they most likely will be shutting down CampBX and every other US based bitcoin service. The likely hood of them shutting us down is so tiny that it's mostly FUD, considering we do not deal in US dollars at all, and have zero plans to. You know that a criminal entity would not use a service like flexcoin which clearly states it would work with authorities, they most likely would setup something in TOR and do it that way....
I know you weren't particularly replying to my question earlier about being held accountable for money laundering and illegal transactions, but this made clear your perspective on the matter. I think I need to make it clear that there are precedents for you to consider.
Think about eGold for a minute. People would buy eGold to launder their money through the centralized service. The difference in your situation is that people have to buy bitcoin, then put it in FlexCoin to launder their money. I fully expect that a judge given the case to dictate that you fall under 'know your customer' laws. Granted you may operate without trouble for quite some time, until one person fucks up and gets caught laundering money through your service.
It's not just a matter of the gov' being opposed to bitcoin. There is a legitimate criminal element to be considered.
I keep getting 'your session is either invalid or has expired' when i try register??
And please add to the FAQ that you will constantly notify the client before closing the account.
That's a good idea...
+1 here. I'm much more comfortable with the two weeks and the 18 months policy as long as I am notified in advance that my account is about to be deleted if I don't do something.
I could definitely see myself not touching a saving account for over 1.5 years.
Btw, great work flexcoin and thank you for answering everyone's questions here. That is part of the reason I decided to give flexcoin a try. Just please don't pull a 'mybitcoin' on me.
* Closing accounts with zero balance after two weeks. There are many scenarios where an account might need to have a zero balance for longer than that. If such a rule is needed at all, it should be at least two years, not two weeks.
* Closing accounts after 18 months of inactivity. There are many scenarios where an account might need to be inactive for longer than that. If such a rule is needed at all, it should be at least ten years, not 18 months.
YAY! no more cybersquatting. If want to get 5000 flexcoin id's and sit on them so you can extort flexcoin ids from people, you have to tie up some BTC. Sounds fair to me, in fact it should be more than .01* Closing accounts after 18 months of inactivity. There are many scenarios where an account might need to be inactive for longer than that. If such a rule is needed at all, it should be at least ten years, not 18 months.
18 months is plenty of time. Maybe they should offer a 'parking service' where you pay a fee for an account to be inactive more than 18 months. That way you don't just park 5000 BTC in there and collect interest on it and flexcoin never gets any $ from transaction fees. You should have to pay for that.
And please add to the FAQ that you will constantly notify the client before closing the account.
That's a good idea...
I like that you are trying to control the ID grabbing, but maybe you are stretching it a little with the deadlines. Instead of 1.5 years, why not make it 3 or 4 with a minimum amount deposited (such as 0.01 BTC for example). And please add to the FAQ that you will constantly notify the client before closing the account.
We do have plans for offsite / offline storage...
First, I think there is way too much negative feedback in this thread. "Don't use it if you don't like it" applies, and any and all serious businesses that help grow the Bitcoin economy are to be cheered. In the decentralized reputation economy trust is something you earn and FlexCoin do seem to want to operate that way. Kudos.
To my question: While you state on the website that you operate under US law, will you have non-US offsite storage? The US readily seize domains with content that is fully legal in their local jurisdictions and I consider it a significant possibility that we will see servers in the US hosting Bitcoin wallets be seized as well at one point in time. Being a non-US resident I have to judge that as a risk.
We thought about this 1000000 times... We choose to operate in the United States because that's where we live. If the US government wants to shut down US companies that are hiring US citizens then shame on them.
If they shut down us they most likely will be shutting down CampBX and every other US based bitcoin service. The likely hood of them shutting us down is so tiny that it's mostly FUD, considering we do not deal in US dollars at all, and have zero plans to. You know that a criminal entity would not use a service like flexcoin which clearly states it would work with authorities, they most likely would setup something in TOR and do it that way....
I am NOT stating what you are saying is FUD.. I'm just stating that in my opinion no one is going to shut us down as we cannot transmit money.. IE: we don't accept US dollars or any national currency. This topic bugs me the most because I strongly believe we are innovating and shouldn't be punished (as well as every other US based company) for innovation.
We do have plans for offsite / offline storage...
First, I think there is way too much negative feedback in this thread. "Don't use it if you don't like it" applies, and any and all serious businesses that help grow the Bitcoin economy are to be cheered. In the decentralized reputation economy trust is something you earn and FlexCoin do seem to want to operate that way. Kudos.
To my question: While you state on the website that you operate under US law, will you have non-US offsite storage? The US readily seize domains with content that is fully legal in their local jurisdictions and I consider it a significant possibility that we will see servers in the US hosting Bitcoin wallets be seized as well at one point in time. Being a non-US resident I have to judge that as a risk.
Question, why has the terminology changed from "interest" to "discount" on the banking interface?
Accountant had a discussion with the IRS. If we used the word "interest" we would have to 1099 everyone if they make over $10 USD in payments, "commission" and we had to 1099 everyone over $600 , use the word "discount" and no reporting is required.
It fits the bill regardless, because it IS a discount on your transaction fees, as the part we collect (after paying the miner) is split 70% back to the account holders and 30% to us and it fixes the reporting and accounting problems.
So this is just an e-wallet, then?
This "just an e-wallet" pays you each month.... take it as you wish.
I have a pertinent question. Who the f are you and why should we send you bitcoins? Are ppl really gonna be stupid enough to fall for the mybtc thing all over again?
Seriously the entire point of bitcoin is 100% control over your own money.
Seriously the entire point of bitcoin is 100% control over your own money.
I'm sorry but any centralized organization is contradictory to the purposes of decentralization of bitcoin.
Get smart! Hold on to and secure your own bitcoins and STOP relying on ANY service that says "hey we'll store/hold your bitcoins for you".
Get smart! Hold on to and secure your own bitcoins and STOP relying on ANY service that says "hey we'll store/hold your bitcoins for you".
Greetings all,
I propose that instead of charging the fees that you do(.01 or .5%) and then give back the fees to the people, just charge a lesser fee in the first place. The way I understand it, you are keeping 30% of the fees, and returning 70% to the customer. How about instead, you charge 30% of the fee you want to charge in the first place, eliminating this extra step, and making it a more fair price for the service, and get more people to join. Just a suggestion, but it is rather logical.
-KBundy
I propose that instead of charging the fees that you do(.01 or .5%) and then give back the fees to the people, just charge a lesser fee in the first place. The way I understand it, you are keeping 30% of the fees, and returning 70% to the customer. How about instead, you charge 30% of the fee you want to charge in the first place, eliminating this extra step, and making it a more fair price for the service, and get more people to join. Just a suggestion, but it is rather logical.
-KBundy
I think he wants to attract "big money", because big money will earn most interest. I wouldn't do it though, because I doubt interest can cover the risk.
Greetings all,
I propose that instead of charging the fees that you do(.01 or .5%) and then give back the fees to the people, just charge a lesser fee in the first place. The way I understand it, you are keeping 30% of the fees, and returning 70% to the customer. How about instead, you charge 30% of the fee you want to charge in the first place, eliminating this extra step, and making it a more fair price for the service, and get more people to join. Just a suggestion, but it is rather logical.
-KBundy
I propose that instead of charging the fees that you do(.01 or .5%) and then give back the fees to the people, just charge a lesser fee in the first place. The way I understand it, you are keeping 30% of the fees, and returning 70% to the customer. How about instead, you charge 30% of the fee you want to charge in the first place, eliminating this extra step, and making it a more fair price for the service, and get more people to join. Just a suggestion, but it is rather logical.
-KBundy
Question, why has the terminology changed from "interest" to "discount" on the banking interface?
I think (but I'm certainly not the man running Flexcoin, so I can't know for sure) that this simply covers transaction fees, not actually adding to your account. That is, the "discount" will be used to pay fees instead of your credit.
Question, why has the terminology changed from "interest" to "discount" on the banking interface?
2.5 hrs isn't a long time for a confirmed digital financial transaction. If you can afford to send an army, you should send the army.
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