Topic: XCOINS.IO Automates the Process of Making Money with Bitcoin [OFFICIAL] - page 5. (Read 10313 times)

It does actually work... but it's not perfect yet.

I've been using xCoins for nearly a month now and I've cashed out profit. It's a pretty good system - you can fully automate your "lending" (read: selling) with minimal effort for around 15% ROI on all BTC passed through the system.

Charge-backs are indeed an issue and can wipe out your profits. However, as mentioned above, xCoins have recently introduced a scheme where they automatically cover all losses due to charge-backs/fraud until you are back to at least 50% profit. This can be considered insurance, designed to cover any early stage lenders who are unlucky enough to hit get with a charge-back early on, prior to making much profit. xCoins say most people who have been using the system for a while are in profit anyway as the CB rate is relatively low.

Other risks include PayPal closing your account due to "high risk" activities. This risk is decreasing with time, I think, as PP now has relationships with Coinbase etc. now and seem to be softening their stance on BTC. Still, it's recommended to start lending in low volumes, and slowly increase it so as not to raise flags/alarms. Also, don't withdraw big sums from PP immediately - always leave enough $ in the PP account to cover possible CBs - this will goes some way to re-assuring PP.

I know that it is a top priority of xCoins to find another payment processor that is more BTC friendly and doesn't allow CBs (or at least provides decent seller protection), but in the meantime 15% ROI on all BTC that you sell via xCoins is likely worth the risks.

Finally... counter-party risk. As always, don't store lots coins on the exchange. Transfer a small amount of BTC and start lending. Replenish balance when empty.



TLDR:
xCoins seems legit, and there's potential for an easy profit - but start with small volumes, assess the risk/reward ratio, read the forums and decide for yourself.

Oh, and use the following promotion code when joining up for up to 25% discount off all commission fees: jbh184

Once Bitcoins are deposited in a Xcoins wallet, you're able to set the types of offers you're willing to make (i.e. loans up to $100 worth of bitcoins at 15% interest) There is a also a parameter to let you set a required "level of trustworthiness" of the borrower, but i am not sure what it specifically means.
 
The rest is automated. When the system finds a match, a transaction is made upon approval of payment. Yes, there are potential chargebacks, and according to posts on their forum, it does happen often. But hey, isn't it normal that such high margins commands a fair amount of risk?

The one thing that I find more bothersome is the lack of transparency on the company itself. Apart from a press release, there is very little to no information on xcoins or who's behind it.


 

Unless we find a buyer,where will our bitcoins be kept? Will we have to submit our bitcoins to your site before posting a sell order?
How is buyer protected if he pays directly to seller and seller,in turn,doesn't send him bitcoin?Do you escrow in all transactions?

In the case of fraud a credit card can charge back the funds received up to one year after the transaction.

Why is that?

If you read the whole site and this whole thread it is pretty obvious what they are doing.  You just did not bother to read any of it.

But, of course, you are not really interested in anything here - you are just spamming crap for your signature campaign.  Prove me wrong.  Read the thread, visit their site, come back with something interesting and constructive to say.

Also, learn to spell.

By reading op i thought it was some kind of trading platform where users can trade bitcoins but your homepage gives entirly different idea.there is no mention of it anywhere on your homepage about trading or how and where to invest.It come across as simple bitcoin wallet

BurtW, to answer your question, fraud is always a concern. But, we do not get a lot of incidences of people, who pay with stolen credit cards or hacked PayPal accounts. We are very good at screening all of them out. We do have some incidences of "friendly fraud," people who use their own card, but then fraudulently report the payment as unauthorized to their credit card company.

We use third party consumer data vendors and blacklist databases to screen for friendly fraud risks. We have also developed effective procedures for disputing chargebacks with credit card companies and have a good win rate.

Our investors do not lose money. Average profit margins (their interest fees less chargebacks) are usually 80%+, which we think is very good.

We also have a profit margin guarantee for our investors. If their profit margin drops below 50%, we pay for their chargebacks! We offer it, because we are confident in our ability to keep the fraud percentage low.

"Lying??" There are plenty of peer-to-peer bitcoin trading sites, where one can sell bitcoin at high premium of 15%+ over the spot rate. And, yes, the trader gets to keep the bulk of the proceeds, not the trading platform. Actually, kind of surprised you haven't heard of them.

The difference with ours is the automated hands free process. We do the approvals, support, and payment tracking. So, it is less manual work for the investors.

We now have a lot of satisfied investors!

15-30% per transaction ? You lying. -_- If you could do that your would offer us 1% and take the rest. How can you pay 15 - 20 % also then make money for yourself ? It cannot be. Another very new account that you have. It has at least comments.

How do you handle charge backs and fraud?  What if the "borrower" uses a stolen credit card or hacked PayPal account?  Your FAQ entry regarding this question is inadequate:


How on Earth does calling the transaction a "loan" solve charge back and fraud issues?  What if the borrower simply does not return the bitcoin after the chargeback?  Ah, I see:


You should also add "After enough payment reversals you might also expect PayPal to cancel your account"

This is a very interesting tidbit:


Here is the crux issue:


By charging the "borrowers" 15% plus your "loan origination fee" [It can be 5% of the loan amount or higher] plus 2.9% plus $0.30 for the bitcoins you almost guarantee that the only people to use this service as a "borrower" will be scammers who will most certainly use stolen credit cards, stolen identities, and hacked PayPal accounts.  In this case I will lose my Bitcoin, all fiat funds will be clawed back up to a year after the transaction and, as an "investor", I will almost certainly lose everything.

Yes, we had an unusual influx of investors, because of the post on CoinDesk. But, most are just trying the system with only a few BTC. We expect things to go back to normal within a couple of days.

I have tried it and so far so good. I think they must have a surge of lenders. It's been tough loaning my btc. but the transactions have been instant payment to my paypal account.

Hi crazyivan,

It is true that there are many sites, where one can get bitcoin. Few of them are truly instant though. Some do advertise that they are "instant," but they usually mean "instant" after you do "this" and perform "that."

We offer a truly instant process of getting bitcoin. A user makes a payment with credit card or whatever, and the bitcoin is in their wallet. That's it! A user does not need to look through offers, negotiate a price, or take selfies and ID photos for each seller.

If you want to earn on our site though, I would not expect to make 30% every time. A typical commission is closer to 15%. Although, some investors do have a strategy of setting 20% - 30%, which only gets triggered, when there are supply shortages.

Why would anyone pay 30% premium on Bitcoin price when it s quite easy to get BTC anywhere nowadays. Cant believe you can find suckers for this operation.

The official press release on CoinDesk:

http://www.coindesk.com/press-releases/xcoins-io-automates-process-making-money-bitcoin/

This is a purely bitcoin operation. The value for end users is being able to receive bitcoin quickly/instantly. The value for you is to earn transaction fees.

We do not handle your money either. When you sign up, you enter your PayPal address. We quickly check that your PayPal account supports the payment methods that are needed. Then, the money in dollars is paid directly to your PayPal account by people, who receive bitcoin from you. The process is completely transparent.

Your money does not go through us. We do not even have access to your PayPal account. People pay to you directly.

No, we do not pay you interest. Each transaction is similar to trading bitcoin over the counter. You make the "spread," as you would at an exchange. Except, the spread at our site is 15% - 30%. People, who need bitcoin, pay that much for convenience, because they need it quickly.

So, people pay to you directly. The process is:

1) Someone makes a payment to you directly for the amount of bitcoin plus the spread.
2) You give them bitcoin.
3) You keep the difference in price.

There are actually a few sites like that, and people have been making a lot on them for the last couple of years with OTC trading. The difference with ours is the automated process. The transactions are not manual.

Their specialty is to scam nothing else more and how could they give 15-30% generate commision in their site are they selling gold? Selling real estate? Or anything have cost and make them a lot of money. And this thing is surely one of the existing fraud attemp here so we'd better be more aware and stay out of this scheme.

So it require to deposit money first to get paid? Mean it is just an hype type of site and possibly a ponzi site.
all these type of sites I've used before scammed me. they require you to invest some money and give you some interest on daily or monthly bases, but at the time they don't pay.

what is the specialty of your site?