Topic: [Groupbuy] Jupiter KNCMiner (0.5 BTC shares) 12 sold! [CLOSED] !!! - page 12. (Read 33236 times)
June 17, 2013, 01:36:32 AM
I am really suspicious about these exchanges operating in the US without proper licensing. They aren't even qualified in their home country (Australia) to be a money service provider. They claim to be incorporated in Canada, but Canadian banks require money service providers involved in virtual currency to follow US FinCEN guidelines or get locked out of their accounts.
June 17, 2013, 01:04:33 AM
Bitfunder dividend-> WeExchange wallet-> Your Wallet
My issue is it is a manual action. I want it to be automatic and limit the middle man attack risk.Tyrion has stated he is in touch with WeExchange to see if it can become automatic, so let's wait and see.
June 17, 2013, 12:06:55 AM
whats the point in signing up with your public BTC address with Bitfunder then if its not directly deposited into my BTC wallet? This whole message implied it would be directly deposited. You can assign shares with a user name, but the public Bitcoin address seems pointless and redundant then. I guess I am confused.
I'm a little confused about that too. Is Weexchange only used for buying and selling shares while dividends are directly deposited to the public BTC address? 
June 16, 2013, 10:36:32 PM
I DO NOT like to have another account to be able to receive BTC.
Isn't the point of BTC is to be able to avoid a middleman at all?
EDIT: It looks like bitfunder decided to force BTC to weexchange, for LTC they allow direct address.
Isn't the point of BTC is to be able to avoid a middleman at all?
EDIT: It looks like bitfunder decided to force BTC to weexchange, for LTC they allow direct address.
I agree with this also. I rather just have it directly deposited to my wallet on my machine, and avoid 3rd party/middle man websites as well. If they can do it to a WeExchange account they can do it directly to a BTC account thats specified. It's rather odd that LTC is able to do direct but not BTC. Something seems off.
Quote
IMPORTANT: the payout address you use in your bitfunder account will be the payout address for dividends.
I also got this as part of a PM regarding the whole sign up thing, whats the point in signing up with your public BTC address with Bitfunder then if its not directly deposited into my BTC wallet? This whole message implied it would be directly deposited. You can assign shares with a user name, but the public Bitcoin address seems pointless and redundant then. I guess I am confused.Additionally its another account and login information to remember, I hate all these accounts I have now and it would suck to have to keep track of another one. Just my two satoshis as well.
June 16, 2013, 09:45:31 PM
You can send your BTC directly to your wallet, but funding your account must go through weexchange.
Can you explain to me how ?I had a look at their FAQ:
Where do I go to deposit or withdraw BTC?
A: To transfer either way, you MUST link a WeExchange account. (Click here for instructions linking a WeExchange Account)
To Deposit BTC:
Log into WeExchange and click on 'Direct Exchange'->'Merchants'. Enter the amount in BitFunder's deposit field.
To Withdraw BTC:
Goto the Transactions page and look on the right hand side.
Seems to me I need a WeExchange account :-(
TLDR;
Bitfunder dividend-> WeExchange wallet-> Your Wallet
June 16, 2013, 07:54:52 PM
You guys have nothing to worry about in regards to bitfunder and weexchange, I can confirm that it works well and both are polished and professional.
i have registered both for quite a while now, and i can vouch that both sites are good 
June 16, 2013, 07:43:21 PM
Okay, I've been reading through these posts and the PM, but can someone explain to me the benefit of going through the IPO versus keeping shares as they are? If we're getting paid the same either way, why switch over to the IPO arrangement?
Is the only benefit that there's no fee to sell my shares to someone else? Since I don't plan on doing that, is there another benefit worth setting up the accounts and transferring to the IPO? I'm honestly asking; no sarcasm here.
Is the only benefit that there's no fee to sell my shares to someone else? Since I don't plan on doing that, is there another benefit worth setting up the accounts and transferring to the IPO? I'm honestly asking; no sarcasm here.
I think it has more to do with the management of it all.
bitfunder has tools that tyrion70 and blastbob need in order to manage all of the people and the shares that are outstanding.
I am ok with them not doing it via spreadsheet either.
just my 2 satoshi's
June 16, 2013, 07:40:38 PM
Okay, I've been reading through these posts and the PM, but can someone explain to me the benefit of going through the IPO versus keeping shares as they are? If we're getting paid the same either way, why switch over to the IPO arrangement?
Is the only benefit that there's no fee to sell my shares to someone else? Since I don't plan on doing that, is there another benefit worth setting up the accounts and transferring to the IPO? I'm honestly asking; no sarcasm here.
Is the only benefit that there's no fee to sell my shares to someone else? Since I don't plan on doing that, is there another benefit worth setting up the accounts and transferring to the IPO? I'm honestly asking; no sarcasm here.
June 16, 2013, 05:25:19 PM
You guys have nothing to worry about in regards to bitfunder and weexchange, I can confirm that it works well and both are polished and professional.
June 16, 2013, 05:21:10 PM
btct.co has been around for a while so we can at least bet on their experience.
what are the benefits of bitfunder that outweigh the risk of having to deal with weexchange?
Well actually WeExchange has been around for some time as well (July 2012):what are the benefits of bitfunder that outweigh the risk of having to deal with weexchange?
https://bitcointalksearch.org/topic/m.945138
Bitfunder has been around for that long as well.. I don't know when btct.co started but I think its around the same time, somewhere in 2012?
It was trivial for us if we would use bitfunder or btct.co. But the communication with Jon so far has been perfect. WeExchange and Bitfunder are closely connected by the way, so I don't believe it introduces an extra risk. If anything it should make it more secure.
Cheers,
June 16, 2013, 05:05:35 PM
btct.co has been around for a while so we can at least bet on their experience.
what are the benefits of bitfunder that outweigh the risk of having to deal with weexchange?
what are the benefits of bitfunder that outweigh the risk of having to deal with weexchange?
June 16, 2013, 05:01:57 PM
Registering with WeExchange I am forced to agree to this nonsense : "
!!!!! ATTENTION !!!!!
THIS SITE IS IN BETA DEVELOPMENT AND MAY BE PRONE TO ERRORS.
"
!!!!! ATTENTION !!!!!
THIS SITE IS IN BETA DEVELOPMENT AND MAY BE PRONE TO ERRORS.
"
Yeah saw that too.. But a lot of bitcoin sites have either a beta notice or a disclaimer
to get bitcoin a step further in society those disclaimers should be removed..From btct.co:
This site is currently in beta. Nothing is verified. Everything is virtual. Do your homework. Watch out for scams. Be diligent.
Coinbase is also still in beta
At least it's not alpha.. I think the bitcoin client used to be beta as well but I'm not sure of that..
June 16, 2013, 04:53:09 PM
...
I don't know if that is the point of BTC.. Fact is we said we would try to IPO from the start so I don't know if you know any exchanges where you don't need an account but as far as I know all exchanges require you to register.
...
Cheers,
Registering with WeExchange I am forced to agree to this nonsense : "
!!!!! ATTENTION !!!!!
THIS SITE IS IN BETA DEVELOPMENT AND MAY BE PRONE TO ERRORS.
"
June 16, 2013, 04:01:59 PM
I DO NOT like to have another account to be able to receive BTC.
Isn't the point of BTC is to be able to avoid a middleman at all?
EDIT: It looks like bitfunder decided to force BTC to weexchange, for LTC they allow direct address.
You don't have to shout Isn't the point of BTC is to be able to avoid a middleman at all?
EDIT: It looks like bitfunder decided to force BTC to weexchange, for LTC they allow direct address.
I don't know if that is the point of BTC.. Fact is we said we would try to IPO from the start so I don't know if you know any exchanges where you don't need an account but as far as I know all exchanges require you to register.
Anyways, we can't force anyone to bitfunder so if you don't want to we'll pay your shares manually. We would greatly appreciate it though cause from our point of view it makes life a lot easier (paying dividends; contacting shareholders; votes; trading etc..).
Cheers,
June 16, 2013, 03:50:12 PM
I DO NOT like to have another account to be able to receive BTC.
Isn't the point of BTC is to be able to avoid a middleman at all?
EDIT: It looks like bitfunder decided to force BTC to weexchange, for LTC they allow direct address.
Isn't the point of BTC is to be able to avoid a middleman at all?
EDIT: It looks like bitfunder decided to force BTC to weexchange, for LTC they allow direct address.
June 16, 2013, 02:29:34 PM
You can send your BTC directly to your wallet, but funding your account must go through weexchange.
Can you explain to me how ?I had a look at their FAQ:
Where do I go to deposit or withdraw BTC?
A: To transfer either way, you MUST link a WeExchange account. (Click here for instructions linking a WeExchange Account)
To Deposit BTC:
Log into WeExchange and click on 'Direct Exchange'->'Merchants'. Enter the amount in BitFunder's deposit field.
To Withdraw BTC:
Goto the Transactions page and look on the right hand side.
Seems to me I need a WeExchange account :-(
yup, u need a bitfunder PLUS a weExchange acct. . .
June 16, 2013, 01:00:52 PM
You can send your BTC directly to your wallet, but funding your account must go through weexchange.
Can you explain to me how ?I had a look at their FAQ:
Where do I go to deposit or withdraw BTC?
A: To transfer either way, you MUST link a WeExchange account. (Click here for instructions linking a WeExchange Account)
To Deposit BTC:
Log into WeExchange and click on 'Direct Exchange'->'Merchants'. Enter the amount in BitFunder's deposit field.
To Withdraw BTC:
Goto the Transactions page and look on the right hand side.
Seems to me I need a WeExchange account :-(
June 16, 2013, 12:59:54 PM
quick question, if you were in their same situation, having a LOT of bitcoin transactions/shareholders to look at, do you prefer to give out the dividends to the shareholder manually?
Personally, i could go mental just to think of it
just my two cents there
To be honest, yes. It's not that hard to create a script that feeds the payments to bitcoind or bitcoin-qt.Personally, i could go mental just to think of it
just my two cents thereBut as I said again, I am OK with the current setup, I just don't want my BTC on a website.
June 16, 2013, 11:22:47 AM
You can send your BTC directly to your wallet, but funding your account must go through weexchange.
That's good, I wasn't aware of that.. So you don't need WeExchange for that either?
a question about the IPO:
maybe add something about the situation were you would just stop mining because the costs are too high.
Well, technically it's already there.. If costs exceeds proceeds dividends would be negative.. So you would have to pay to own shares maybe add something about the situation were you would just stop mining because the costs are too high.
We assume that if that happens no-one will vote no when we ask to stop mining.. If we see that coming however we will try to sell the miners first (offcourse through a vote).I'll think of a sentence to add to the IPO text to clarify :-)
On the other hand, we intend to make this a long(er) lasting venture by expanding. It's going to be a race to keep the best Hash/Joule ratio. To that extend I foresee that we might have to think of something to be able to reinvest some dividends instead of paying them out. But that's something for when we have the KNC miners delivered and we know where we stand..
Thanks and cheers!
June 16, 2013, 11:12:00 AM
Although I like the idea of the IPO, I am not particularly trilled by the idea that yet two more parties are involved in our income from the GB. I just want my income in my own wallet, period.
Hence the following question:
I have tried to find a way to automatically withdraw from BitFunder/WeExchange the moment anything is being deposit on my account but haven't found it yet.
Is there a way to do this ?
quick question, if you were in their same situation, having a LOT of bitcoin transactions/shareholders to look at, do you prefer to give out the dividends to the shareholder manually? Hence the following question:
I have tried to find a way to automatically withdraw from BitFunder/WeExchange the moment anything is being deposit on my account but haven't found it yet.
Is there a way to do this ?
Personally, i could go mental just to think of it
just my two cents thereHey Hasher,
What Ben is actually referring to is that on bitfunder dividend payments go to your account balance and are not directly payed out to your own bitcoin wallet. I will ask Jon if it's a possibility of adding that feature.
If anyone has an idea on how to do this currently on bitfunder please share
I don't think there is a way to do this, they purposefully de-coupled themselves from fiat by going with weexchange as a pass through.
You can send your BTC directly to your wallet, but funding your account must go through weexchange.
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