You continue to make nonfactual statements like: "There is no way that cirrus or visa or other networks will allow a card that withdraws a crypto directly to fiat", or "Trust me, it will not fly". That is your opinion and not fact. Have you spoken to Visa/Mastercard or any United States financial institution? Have you personally attempted to try this? What was tried by someone several years ago doesn't apply to me or what I am planning now. With all do respect, just because you own an online casino doesn't mean you are an authority on Visa, United States financial institutions, or even cryptocurrency in a whole. I have noticed in previous posts you have made opinionated statements and presented them as facts. The only fact here is no one knows, including me, what the outcome will be.

I am interested in reading constructive criticism and people voicing their legitimate concerns. I welcome both positive and negative feedback from all. But what I am not interested in reading is someone presenting opinions as fact.

What is the url for this pool?

Thank you for your comments.

First read this if you haven't: https://bitcointalk.org/index.php?topic=469640.msg5955668#msg5955668

With all do respect but that is your opinion and you are entitled to it. There are already dedicated Bitcoin ATM machines in the US, and Canada has decided to allow customers to withdraw Bitcoin funds from standard ATM machines. You can already move your cryptocurrencies to a debit card with a few extra steps. I am just eliminating the few extra steps to make it easier for everyone. As I pointed out in my post it will not be called a credit card, but a rewards card. I am not attempting to be a financial institution issuing credit cards, or even PayPal, that is an entirely different thing. People will just be redeeming their BlackCoins for a branded BlackCoin debit card. To say something will never happen is simply ignorant, just as ignorant as me saying it will definitely happen. I rather try my best and be denied, than not try at all because of someone else being denied in the past, or because someone doesn't believe it can happen. And for the record, the representative I spoke with this morning said I have more than a 50% chance getting this approved with the wording and implementation I illustrated.    


PS: I remember the naysayers who said no major retail store would ever accept Bitcoin, how did that prediction pan out?

BlackCoin Card Update

After a very productive phone call I can happily say we have jumped over the first hurdle. I will go over the key details and unfortunately there are a few details that are a bit disappointing.

1.) To have any chance of Visa/Mastercard approving this card program we will have to use very specific wording. It will not be a credit card but a rewards card (Visa/Mastercard debit card) that can be redeemed with reward points (BlackCoins). So users will still use their BlackCoins to get the cards, and they can still spend them just like any other credit card, we just wont be calling it a credit card.

2.) There are two main physical types of cards both with pros and cons.
A: A non re-loadable card you can load any amount from $5 - $900. All you will have to provide is your name and address, no other info is required. Once the card is depleted/expired you throw it away.
B: A re-loadable card you can load any amount from $5 - $3000+. You will have to provide your name, address, and social security number. The social security number is mandated by law and there is no way around it. This card is only available to United States customers.

I am selecting option A for obvious reason. No one especially me would give any new service my social security number just to get a re-loadable debit card. The option to re-load funds is great, but I think trust will have to be establish first before being able to entertain that option.

3.) As I pointed out in a previous post, the customer has to be located in the United States or Canadian to receive the card, but the card can be used anywhere in the world. So for our friends overseas you can have the card mailed to a relative/friend in the United States/Canada, and then have them mail you the card.

4.) Since my company does not own BlackCoin or the rights to the logo, I will definitely have to coordinate with rat4 to make this happen. But I do think this will be an issue.

5.) If we get approved this can be up and running in less than 60 days. I will know sometime early next week if Visa/Mastercard will even consider this before I officially file an application. After I file an application the approval process is quick since I have all the required paperwork.

Once this is up and running for several months I will revisit re-loadable cards, virtual card numbers, and expanding overseas.

From what I understand it can be used anywhere in the world like any other Visa/Mastercard. However, to my understanding the person receiving the card must be located in the United States/Canada. The hurdle is just getting one bank on board. Once it is up and running, it would be much easier to get a bank overseas to provide a card for European and Asian customers. But as we all know you must crawl before you walk.

BlackCoin Card Update

It is great to see everyone excited about the possibility of a BlackCoin Card. I will post updates here directly to the forum and keep everyone updated as this progresses. I will try and be as transparent as possible along the way.

Yesterday evening my acquaintance put me in contact with someone who will assist in the process of making this a reality. I have a call with her today @ 11AM EST, and I will post the details of what I learn later today. She is the first hurdle in this process because she works directly with the banks and Visa/Mastercard to get these kind of programs approved. Visa/Mastercard are not fond of cryptocurrencies for obvious reasons, so I am going to have to choose my words carefully when explaining how all of this will work to her.

I know a few of you want to know: "who is this guy"? I am software engineer and I have owned/operated my own companies for over 10 years. I have worked on everything from small to large projects, and over the years most of my projects have been acquired by larger companies. I have years of experience creating new products and services, and I am the type of person who loves a challenge. So as long as we can convince Visa/Mastercard to approve this, I will make this happen for you guys.

I haven't contacted the developer (rat4) of BlackCoin yet, but I am sure he probably already knows about this. I want to make sure we have a chance of getting this approved before coordinating with him. If we are approved and this does get up and running, I will be giving him a percentage of the revenue. I am impressed with the fact rat4 didn't premine BlackCoin and didn't try to issue an IPO. He is very active in the community and he deserves to be rewarded for all his hard work!

As always any feedback/comments are welcome.

Unfortunately the US Bank will only allow people from United States and Canada to own the card. However, if it takes off I can easily partner with banks overseas. But you are correct people using the card will be free advertising, and that sexy logo will catch a lot of attention. One thing you forgot to mention, every website that writes about cryptocurrencies will write about this once it launches.

I already thought about that and I emailed a friend who is a Patent and Trademark attorney. As long as the card doesn't resemble the American Express card, and it clearly says: "BlackCoin" on the card, it will not violate any Trademarks.

I am happy to read so many positive comments and it seems there is legitimate demand for the card. I have already secured the domain after reading the responses and next week I will begin the process of making this a reality. This is not an easy or cheap endeavour, but I promise I will make this happen for you guys. BlackCoin is the first coin that fits my idea, and a credit card just seems like a natural fit with the new "high-end" logo.

You make some good points. The problem is it will take a few more years before altcoins are widely accepted, and right now I can't buy much with BlackCoin unless I convert into BTC first. So all roads lead through BTC. I want to offset that by giving users more options with their BlackCoins. So for example: Lets say you have $2000 worth of BlackCoins and you want to buy new clothes and your budget is $300. For you to buy clothes with a budget of $300.00, you will first have to convert into BTC, and then you either have to find a merchant that accepts BTC or have your BTC sent to your bank. In some cases this will take up to 4 days.

My idea elements all of the hassle for BC users. Once you have the BlackCoin Card you can add funds to the card whenever you want without all of the converting. Then you can use the card wherever you want because almost every merchant accepts Visa/Mastercard.

Right...the virtual card might be able to be used by residents of select foreign countries. That is up to the bank underwriting the card. However, I am 100% certain the physical cards would only be able to be issued to US/Canadian residents.

I have been thinking about an idea for quite sometime now, and BlackCoin might be the perfect fit. Many miners do not have bank accounts and it is a pain to convert cryptocurrencies into fiat. I have an acquaintance in the financial industry and we have worked on a few projects together. He has access to some really cool financial products for corporations. I discussed this idea with him already and now I want to test the waters here and see if there will be some demand before thinking about moving forward.

If you could convert your BlackCoins into a virtual Visa/Master Card that you can use online, or even a custom physical BlackCoin Visa/Master Card for US/Canadian residents, would you guys be interested in that service? There will be a fee somewhere in the neighborhood of $7.00 - $10.00 per virtual number/card. If this is something you guys would be interested in, he could put this on fast-track for me so I can be approved and I could have something up and running quickly.

If there was strong support I would consider keeping it BlackCoin only which would force other people interested in using the service to first convert their other coins into BlackCoin.

Please let me know what you think and all feedback is welcome.

Yes Bitcoin has been slowly sinking. This is why AltCoins need a direct way to convert to Fait without first converting to BTC. IMO I do not think Bitcoin is the mega giant some believe it is. I think there are far better coins that just do no't have the "hype" Bitcoin has benefited from.

Good job, it looks good!

Just in case you missed it, the Blackcoinminer multipool is up: http://blackcoinminer.com

We are currently mining NobleCoin

These guys are on Twitter every day announcing some pump. It is almost always a "scam". However, if this pump is true the pumpers already have their coins ready to dump. They announce the pump and then place a few orders to make people think the price is rising. So unknowing/unskilled traders want to ride the wave so they buy on the way up. But what they do not know is they are buying the pumpers coins. The multipools could stop this eventually, because the multipools will keep the buy pressure up devouring low sell walls.

Good job and thank you! I already have one of my smaller rigs hashing away!

Not going to happen unless the pumper(s) have a lot of coin to knock down those sell walls.

I am not sure what the reward system is. Mellomike would be best to answer this question.