I'm a former BitInstant employee. I'm under no obligation to post this, nor is this endorsed by BitInstant. With all the wild theories and speculation going on I feel the need to say something...
Charlie and the team there are good people. BitInstant is one of the leading and longest running bitcoin businesses. It's obvious the new website had some issues and the dev team is working hard to get things working properly. There is no scam and BitInstant isn't "robbing" people.
They are doing some restructuring and likely prepping for a proper relaunch. There's a lot that goes on behind the scenes and daily challenges within a volatile space like bitcoin. This is a new market and there will be bumps in the road.
If you have an issue with an outstanding transaction my suggestion to you is to be patient and communicate with their support team in a calm and respectful way. If your order has a problem then they will fix it.
BitInstant is an important part of the bitcoin community and has made it easy for so many people to get their first taste of bitcoin. They're growing quickly and working on exciting new projects and functionality. I know they will come back stronger then ever.
And yet they had to lay you off....they couldn't afford the salary of a customer service employee, which (no offense) couldn't have been that high. Also no offense, but like many others you seem to have been under the Bitinstant "spell" as well.....you spent your time defending them when all the evidence pointed to a very problematic future for Mr. Shrem personally and Bitinstant as a company. I've said this time and again, but I'll say it again: code either works or it doesn't. It doesn't work just sometimes, and it doesn't require endless delays while people manually "push through" transactions. The fact that some (small) transactions went through instantly, while most others instantly received "order failed" responses, shows that the code worked. So when they had delays, it was because they had no money.
All of these were bankroll issues. They could have easily publicly displayed how many Bitcoins they had available to sell, and stopped taking new orders that couldn't be immediately delivered, until they had more coins available. They could have even setup an email queue that would let interested people that wanted coins know instantly when more coins were available. But they couldn't do this, because they needed the new transaction money in order to process old transactions (aka Ponzi Scheme). Who knows where the old transaction money went - perhaps Charlie's trips to London. They were selling things they didn't have with the promise of immediate delivery. They were no different than criminals that post items they don't have on eBay, collect the money, and run - except they did it on a larger scale.
+1000
Completely true. I am almost throu with my second year of a 4 year degree in CS programming and this is so true. There is no it works sometimes or we have push your trans through while other orders work fine. Maybe if there is a mistake on your order but MY TWO ORDERS HAD NO MISTAKES and I had to wait 5 weeks for my $800. This company was just stringing people along trying to get enough new money in to pay for old orders (aka Ponzi scheme).
To give the benifits of doubt maybe ursay doesn't really know what's going on at BI (doubtful) but to anyone who looks at it without they're BTC blinders on can see this company is a scam. Even more proof of this is how long it took them to take the site down. They had hundreds of complaints , people threatening this and that, and yet they still took weeks longer to shut the site down.
To all you newbies who dont read one post before you post some dumb shit like
Hi I understand that my first bitcoin purchase from you guys is limited to $25.00.. I am just wondering ...how long do I have to wait too make my second purchase, also is there a limit on how much I can buy the second time around? really looking forward to working with you guys this is a fantastic site
You deserve what you get. Hopefully the amount BI screws you for is small and you learn from the experience.
