Bitcoin Forum

This looks promising.... Flexcoin.com (http://Flexcoin.com)

what about mybitcoin?

Paid Interest rates.

Even so, the more the better.
Competition weeds out the weak, and makes others stronger.

Website looks good!

Who are they? What do we know about them?

The domain is registered to this guy:

Wehbe, Roger  *********@yooter.com
      Yooter
      One South Second Street
      Pottsville, PA  17901
      US
      610-762-2156

His office appears to be located above Pottsville Parking Authority.

Nothing is know, it seems.  But so far we have collectively been pretty good about making everyone run the gauntlet.  Hopefully this continues.  Scammers manipulators and the like will try everything.  

Underlines my point: we've been good at checking everything out and publicizing what we can find.  My other point though is that I hope this continues.

Umm...it says it will pay interest on your account but where does it talk about loaning out bitcoins in order to make money to pay that interest?

This was my first thought.  I always distrust a site that won't give at least some basic info such as the company name.
What a cheek to call themselves a 'bank' whilst withholding that.

It looks fishy to me. Be careful.

I thought the same thing. Perhaps they trade Bitcoins... but you need a lot of capital on hand in case of losses.
If they develop a reliable system to exchange Bitcoins easily, they could charge for the transactions, such
as Paypal.

Also, is it good or bad this person(s) is in the US? There are some pretty tough rules just to call yourself a bank.
Hopefully the due diligence has been done.

Well congrats on finding me.  Most likely you did a Google search for my name…   Which is perfectly fine.
 
Here are a few things you most likely want to know about me.
 
I am President and CEO of Yooter InterActive Marketing http://www.yooter.com (hence the joke of a theme I have running on this site).
 
I live in Pottsville, PA.
 
http://rogerwehbe.com/wp-content/uploads/2010/06/IMG00733-20100613-1914.jpg

http://rogerwehbe.com/


edit: addtnl info: My company is located there.
 
I am 34, my degree is in International Business with a minor in computer information systems.
 
you can reach me anytime at president at yooter period com

Have a great day!

not exactly the buttoned-down, confidence-inspiring, banker image to which i am accustomed.

I always wonder how any company that pays interest gets the money to PAY that interest....?


So are they charging a holding fee or a transaction fee? Might be important to know. Can only join with an invite? Do you have to be screened to be sufficiently dupable or what?

You don't think he looks powerful in his Might Mouse t-shirt?

http://t-shirtsvilla.com/prodimages/cartoon/28124.jpg

finnthecelt the founder

I posted this question in another thread (http://forum.bitcoin.org/index.php?topic=21615.0;all)

How will flexcoin use the Bitcoins? The FAQ does not give any information on this subject. What safeguards are there against flexcoin making bad investments and being unable to give deposits back? I am not accusing flexcoin of operating any scam - however, further information would be useful to understand how flexcoin operates.

None whatever.  Proceed with caution.

First Bitcoin Bank now taking Invites | Flexcoin


June 27, 2011

The world’s first Bitcoin Bank, Flexcoin.com is now taking invites for people to use it’s banking services for bitcoins.
 
It’s scheduled for a July 1st, 2011 launch, but already some people are able to use the service via invite only. It’s being allocated on a per request basis as room is made available and the infrastructure is being built out.
 
The new design of the site was launched a few hours ago and it’s receiving positive response in terms of usefulness and eye appeal.
 
The invite only process was selected to stagger the growth to accommodate security related issues to ensure that everyone’s coins are safe as well as work out any potential bugs in the system (hence it’s limited rollout).

Demand for the Bitcoin bank is staggering as company officials are being inundated with requests for the service. The bank doesn’t expect any issues, however it’s better to be safe than sorry.
 
Feel free to put yourself on the invite list


http://www.tribbleagency.com/?p=8102 (http://www.tribbleagency.com/?p=8102)

"This is also the first Bitcoin wallet that pays interest, as it mines for coins and distributes them to account holders with a positive balance. The project is currently in alpha and asks visitors to return to the site by July 1st to view its progress."

via PSFK: http://www.psfk.com/2011/06/flexcoin-the-first-online-bitcoin-bank.html#ixzz1Qb3TyejJ

I find this staggering to believe; so a vast amount of people are interested to hand over Bitcoins to an entity of which next to nothing is known, apart from that is says it will pay interest. There is a reason as to why people deposit money in a high street bank instead of with a street vendor who also promises to pay interest on any funds received.

Right, the forum is discussing who they are and where they came from but there is a "vast amount of people" interested..... Are we in a bubble in here? Seriously.

Instead of all kinds of speculation regarding how the Flexcoin Bank will operate, can you please enlighten this forum as to:

How the Bitoin will be used/invested?
What safeguards are there against the use/investment being lost?
If Flexcoin bank is hacked and Btc stolen, what would the implications be for depositors?

A glorified online wallet. The owner operates from his mom's basement, and hopes he can attract depositors with vague references about an interest. Is this guy for real ?

At the very least, I would expect a bitcoin bank to prove it's liquidity by proving it owns million dollars worth of bitcoins, as it's own capital. I would also expect a staff of economists, banking professionals, and IT experts.
A "degree is in International Business" just doesn't cut it pal, sorry. You need to prove you have actually managed the wealth of others. You need to prove you or your staff understand risk management, accounting, hypothecation and collaterals, financial law, computer security etc.
Only then I could begin to believe you are actually capable of producing interest for my money, and not leave me goxed with my dick in my hand when a run on the deposits or fraud happen.

Please leave your personal habits out of it, thanks.

Do not proceed.  Do not give this guy $200.  Keep your bitcoins secure in your wallets, where they belong.

Well thanks for plastering my picture on the forum...  lol.

ok we're going to be mining,  hence dividends will be paid via the mining earnings...    no one is getting rich from it.. but guess what.. it's something rather than zero.   The only other alternative is to perhaps charge a transaction fee...  but mining WILL pay less, but at the same time will cost users less as well.

there's no secret that we're behind it (my company) ...  I didn't hide the whois...   but it shouldn't be branded the same as our search optimization business, where we have fortune 500 clients.

at least you didn't plaster my e-mail so I get tons of spam... jeeze..

And someone asked if there is insurance if the site get's hacked?  Though we're taking every single security option we can think of,   Last time I checked the FDIC doesn't insure bitcoins....  if anyone has any ideas I am all ears.

Regarding the above post "in your wallets where they belong"  I STRONGLY disagree..  the whole reason I am tasking the whole company to build http://www.flexcoin.com is because a few weeks ago someone sent me bitcoins to my work machine.. and I needed them at home...  the wallet is fine if you have one computer...  it becomes a substantial problem if you have many...  and a smartphone to boot.

Couldn't resist with the pic....  :D

I don't think anyone thinks you are hiding anything, you seem to be pretty transparent; there's just a lot of concern about experience, security, regulations and financial backing.

We don't need the FDIC.  If you can get the explict backing of some early adopter with substantial reserves, who is willing to function in the position of the FDIC, that would be grand.  This alone would give any wallet service a huge advantage over the others, whether they offer dividends or not.

Is this bank going to be fractional?  If so, what will the ratio be?  What kind of loans, CD's, etc do you plan to offer?  I can imagine that such a bank that offers a 50% reserve ratio, and invests into it's own mining hardware, might be able to make this all work; but some kind of major backing would certianly quiet my nerves.