we are out here trying to make everything better for all of you, so please excuse any delays, call it business overload with all the new customers. And guys please stop trowing the word scam all around, no one is getting scammed at BIPS as long as i have anything to say.
and calling us crooks ? c'mon guys... i've been trying for days to find proper internet here in san francisco, but i have failed so far.
Regards
Kris
CEO BIPS
Hi Kris, I sold some BTCs on BIPS on May 13th and was told I would have the e-transfer done by the 16th. It is now May 24th and I have not had any response from anyone. If this transaction was under 10BTC, I would not be worrying but it is much more. Please let me know what is happening with this. If this is just delayed as you say, that is fine but you really need to communicate with your customers better and let them know what is going on. I had to search the internet in order to find a response from you telling us you are not scamming. This is not cool.
Now we can see the scale of this. So BIPS guys received thousands of dollars in BTC from their customers by promising them fast bank account transfers while they had no intention to do so. They didn't suspend deposits until their service is functional again and didn't even bother to notify their customers about the 'problem' on their website or elsewhere for a couple of weeks.
Why did they do it? Well, BTC rate is going up, and whatever cash defrauded customers may eventually get will be according to lower rate they sold BTC at without getting cash in return. Also BIPS customers unwillingly gave BIPS a loan, for which they won't be getting any interest. If you are curious what BIPS are supposed to pay you for using your money as a loan, go to MoneyMart and check the interest they charge - 500-600% annually. You owe it to your customers, BIPS. Plus penalties for possible bounced cheques, overdraft charges and major inconvenience your customers experienced because they didn't get funds in their banks when they were supposed to. BIPS is a primitive unsophisticated scam no matter how you look at it. And even now Kris has not provided any timeframe when the issue will be resolved. Is he simply trying to buy more time to ensure more unsuspecting customers make BTC deposits on his website? There is still no warning there!
BTW, Kris, I want my money back in BTC, and I want it now, and you can refund it this way even using your cell phone in San Francisco, where you can't find internet connection (what a lame BS excuse).