Flexcoin is LIVE to everyone! - page 8.

the founder

sr. member

Activity: 448

Merit: 251

Bitcoin

Quote from: kjj on August 10, 2011, 03:56:26 PM

For a while I had been thinking that you were running a mining pool too. But when you say "miner fees", you mean transaction fees that flexcoin pays out when sending to non-flexcoin accounts.

The answer is yes.

However you're right about the mining thing, initially we were looking at any way possible to pay the people that deposit their bitcoins at flexcoin and we thought mining would be profitable enough to pay people regular payments, but the threshold went up so high that it doesn't make sense for us to do that at this time.

nighteyes

member

Activity: 105

Merit: 10

Seems like its targeting people who want to give up the security of bitcoins for a piece of paper....even worse, since they give up their confidentiality to boot.

No open records, so we dont know if this is just a scam ponzi scheme. If Im to trust the statemt of not being a scam, point me to a thieves who say upfront that they are con artists. The very fact that its being said is suspicious....I mean who said it was a ponzi scheme?

Then there is that issue of being insured that was brought up. Whats to stop someone from just taking the bitcoins in your office? I dont want to hear about the solution of not being able to withdraw money(cold storage or the empty storage devices purporting to hold bitcoins).

kjj

legendary

Activity: 1302

Merit: 1026

For a while I had been thinking that you were running a mining pool too. But when you say "miner fees", you mean transaction fees that flexcoin pays out when sending to non-flexcoin accounts.

Smalleyster

member

Activity: 84

Merit: 10

I yam what I yam. - Popeye

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the founder

sr. member

Activity: 448

Merit: 251

Bitcoin

Quote from: Smalleyster on August 10, 2011, 03:43:54 PM

I'm virtually blind and have to zoom in 3-5 times to see your text. Now the options on the FAQ overlap.

It appears the only way to take funds out is by BTC and it costs a minimum of .01btc or .5% whichever is greater?

Can you send me a screenshot, we can't duplicate the zooming error.

Correct, it's the only way we can pay you discount payments. We do not charge for bitcoin to flexcoin, flexcoin to flexcoin, only flexcoin to bitcoin.

However the miner fees ARE INCLUDED in that charge .01 btc or .5%.... 70% what's left after paying the miner are reimbursed back to all the account holders.

Smalleyster

member

Activity: 84

Merit: 10

I yam what I yam. - Popeye

I'm virtually blind and have to zoom in 3-5 times to see your text. Now the options on the FAQ overlap.

It appears the only way to take funds out is by BTC and it costs a minimum of .01btc or .5% whichever is greater?

the founder

sr. member

Activity: 448

Merit: 251

Bitcoin

Quote from: Smalleyster on August 10, 2011, 03:38:05 PM

Mildly iritating that I had to logout to get to the faq.

It doesn't log you out for that, After 5 minutes it kicks you out automatically for security purposes if no activity within the browser.

Smalleyster

member

Activity: 84

Merit: 10

I yam what I yam. - Popeye

Quote from: the founder on August 10, 2011, 03:32:20 PM

There is a security document published, FAQ / Drop Down / Security.

Mildly iritating that I had to logout to get to the faq.

Littleshop

legendary

Activity: 1386

Merit: 1004

Quote from: the founder on August 10, 2011, 03:28:04 PM

Quote from: Littleshop on August 10, 2011, 03:25:04 PM

Do you offer merchant services for online shopping carts?

Do you have any existing bitcoins (not customer coins) to back up customer bitcoins?

Merchant services (IE: an API) is being developed..

The TOS states that though we're exploring insurance options, it's virtually impossible to get someone to insure them... any ideas on that and i'll take them.

Simple idea. Prove you have X (hopefully X > 1000) bitcoins available under your control that are not customer coins. Keep those coins in 'cold storage'. Have an operating corporate charter and presence in a country that is not designed to hide responsibility and identity. This still insulates you in case of most accidental liability but allows the community to know you have some investment and who you really are.

the founder

sr. member

Activity: 448

Merit: 251

Bitcoin

There is a security document published, FAQ / Drop Down / Security.

casascius

vip

Activity: 1386

Merit: 1140

The Casascius 1oz 10BTC Silver Round (w/ Gold B)

Quote from: the founder on August 10, 2011, 03:16:16 PM

Quote from: casascius on August 10, 2011, 03:09:18 PM

What kind of "cold storage" policy do you plan to implement? In other words, what percentage of your bitcoin holdings do you anticipate keeping offline so it can't be hacked?

We do have plans for offsite / offline storage... but we need to measure use and average trading vs just parking coins there to give a solid percentage. Currently it's a very small base.. so we can answer this question better in a few weeks.

We are always looking into ways to better the service (IE: private keys), but honestly on launch day we're still measuring traffic, and taking feedback (such as offline storage, keys, etc).

I am sure you are plenty aware that security is a major concern of this entire community, and that a "we'll-do-that-later" security is frowned upon (except by prospective hackers). I would recommend you publish some sort of policy right away. Even a policy that includes "we'll have no cold storage whenever our holdings are less than X BTC, as they are right now" is better than no policy.

Smalleyster

member

Activity: 84

Merit: 10

I yam what I yam. - Popeye

Quote from: the founder on August 10, 2011, 03:28:04 PM

... it's virtually impossible to get someone to insure them... any ideas on that and i'll take them.

Lloyds of London? They'll try almost anything.

nmat

hero member

Activity: 602

Merit: 502

Quote from: the founder on August 10, 2011, 03:20:55 PM

On the FAQ drop down the fee schedule which explains the model.

You're right. Sorry, I didn't see it.

Well, it looks great

Good luck!

Vod

legendary

Activity: 3668

Merit: 3010

Licking my boob since 1970

Quote from: the founder on August 10, 2011, 03:05:12 PM

The worlds first bitcoin bank has opened to the general public.

You are far from the first. There is mybitcoin, mtgox, Tradehill, CampBX, VirtEx, etc.

Any service that stores coins is a bank.

the founder

sr. member

Activity: 448

Merit: 251

Bitcoin

Quote from: Littleshop on August 10, 2011, 03:25:04 PM

Do you offer merchant services for online shopping carts?

Do you have any existing bitcoins (not customer coins) to back up customer bitcoins?

Merchant services (IE: an API) is being developed..

The TOS states that though we're exploring insurance options, it's virtually impossible to get someone to insure them... any ideas on that and i'll take them.

Smalleyster

member

Activity: 84

Merit: 10

I yam what I yam. - Popeye

Got mine!

"smalleyster"

Littleshop

legendary

Activity: 1386

Merit: 1004

Do you offer merchant services for online shopping carts?

Do you have any existing bitcoins (not customer coins) to back up customer bitcoins?

the founder

sr. member

Activity: 448

Merit: 251

Bitcoin

Quote from: nmat on August 10, 2011, 03:18:39 PM

Thanks for the service.

1- Who is that happy girl at the homepage?
2- What is your business model? (i.e. how do you make money)

On the FAQ drop down the fee schedule which explains the model.

nmat

hero member

Activity: 602

Merit: 502

Thanks for the service.

1- Who is that happy girl at the homepage?
2- What is your business model? (i.e. how do you make money)

the founder

sr. member

Activity: 448

Merit: 251

Bitcoin

Quote from: casascius on August 10, 2011, 03:09:18 PM

What kind of "cold storage" policy do you plan to implement? In other words, what percentage of your bitcoin holdings do you anticipate keeping offline so it can't be hacked?

We do have plans for offsite / offline storage... but we need to measure use and average trading vs just parking coins there to give a solid percentage. Currently it's a very small base.. so we can answer this question better in a few weeks.

We are always looking into ways to better the service (IE: private keys), but honestly on launch day we're still measuring traffic, and taking feedback (such as offline storage, keys, etc).

Topic: Flexcoin is LIVE to everyone! - page 8. (Read 12928 times)