I think you mean to say that it "smells a little fishy". Mind you........ maybe fish have a voice.

We have a new seller on board who just listed a single bitcoin at BMO Harris. Its a small amount, but he has more to sell if he can see this one gone. I think he just needs to see that this service is legit, which is understandable.

Might be a good first test order for a first timer.

Thanks.

Bitcoin-Brokers will also accept bitcoin purchases from CampBX and CAVirtex.

From what I understand CampBX does accept money orders, as well as accepts Dwolla, so this would eliminate the wire transfer costs.

Additionally, Bitcoin-Brokers will accept bitcoins from CAVirtex from Canadians who wish to arbitrage.

CAVirtex allows cash deposits into their accounts which also eliminates the wire transfer fees.

I am trying to make this as easy as I can for anybody interested.

This may be the issue with you, but this is not the issue with others. Every single bitcoin which has been sold, has been placed into escrow first. The issue is lack of supply.



[/quote]

2) Risk
The 4% mark up doesn't mean the seller is taking 4% profit. There are fee involved in moving money around and commission to the exchange. There are also risk on exchange blowing up and money getting stucked on exchange. There are also risk of money confiscation as it already starting to happen in some European countries.

The deposit requirement required seller to take additional risk of the value of bitcoin. When you add all the risks i mentioned, does the small profit really justify all the risks. No doubt you will find some newbies for the whole scheme, but it isn't going to take them long to realize what they have given up; or event which will make them take losses and then withdraw themselves from the scheme.

[/quote]

The seller will gross 4% on every transaction. There are fees to accomplish this, but that has never been a secret.

If you bought at MtGox and you were a new trader you pay the maximum 0.6% fee. Then you pay a Wire transfer fee of lets say $50 to cycle your cash from bank back to exchange.

Let's say you are working with $10,000 as a nice round number.

You are going to make $400 from Bitcoin-Brokers before your fees
You will pay approximately $60 in fees to MtGox, and $50 to the bank.

This leaves you with a net of $290 or 2.9%


Depending on each person's financial strength the earning potential can increase. For example, and arbitrageur who had $20,000 to play with would be looking at the following:

You are going to make $800 from Bitcoin-Brokers before your fees
You will pay approximately $120 in fees to MtGox, and $50 to the bank.


This leaves you with a net of $630 or 3.15 %

The only thing that I am failing to understand is how you think you can tell me what is happening in my own business.

Considering I am the one who speaks with every customer, and oversees the entire business, I find it amusing that you feel you can tell me where the issue is after I have told you otherwise.

This has nothing to do with economic equilibrium. I had made the same mistake that you are making right now. That assumption is that there is ever going to be a balance of buyers and sellers at Bitcoin-Brokers.

Look at it this way:

Imagine you had hopes of setting up an ice cream brokerage business. You had visions of allowing buyers and sellers to come together and create a little ecosystem where buyers and sellers would come together, and buy and sell among each other, and the broker makes  a cut for bringing the transaction into play.

3 weeks into your new ice cream brokerage business, you have a line up down the block with every kid from within the neighborhood waving money at you. They don't care about the price, the don't even care about the flavor of the ice cream...the just want whatever you got a whatever price. That's one side of your proverbial ice cream truck.

Now on the other side of your ice cream truck you have a couple of sellers of ice cream, who don't have anywhere near enough inventory to keep up with your supply. You ask them if there is anything you can do to get more ice cream, and they say "no". They only have a small amount and they are surprised how quickly their ice cream is selling, and if anything they say that they will run out of ice cream soon and not be able to even supply the small amount that they supplied up to this point.

As I have said before, the issue that Bitcoin-Brokers is having, is a supply issue.

Wanna bet?

You need to remember the issue right now which Bitcoin-Brokers is attempting to address is a supply issue, not a price issue.

I wanted to see the bitcoins sourced from the cheapest place possible so I could pass on the savings to the end user, but at the end of the day, I would rather have the bitcoins at a slightly higher price than having no bitcoins at all, which is the exact attitude of most customers. They will understand.

With that being said, I will adjust this offer for members of the bitcoin community.

I will guarantee you 4% on every transaction with Bitcoin-Brokers, if you can supply from any of these three exchanges:

1)MtGox
2)BTC-e
3)Bitstamp

The way pricing has been up until this point at Bitcoin-Brokers has been 2% above MtGox for the buyers.
The new pricing will have to be raised to reflect the extra costs involved to obtain a dependable supply.

Some clients may consider buying elsewhere because of the slightly higher prices. Yet there will be an even higher number of clients lost if they cannot obtain bitcoins at all.

Things will continue as they are for the time being as far as pricing, but once the arbitrageurs begin to work with Bitcoin-Brokers, the prices will rise.

So as I have said before. Bitcoin-Brokers guarantees the suppliers 4%, and now the bitcoins can sourced them from any of the three exchanges.

The way that you described works perfect from where I stand. The verification of the deposit slip is a pain, but it is a necessary pain. It really adds that extra layer of protection for everybody involved.

It's all good.

Thanks for pointing that out. What are all the deposit options for US residents at BTC-e?

What is the situation at Bistamp?

Does anybody have an account there who could weigh in with knowledge?

Thanks.

There are multiple sellers with multiple balances at each bank. Additionally, sometimes their bitcoins have price points which if penetrated no longer are available for purchase.

I have a couple ideas still rolling around in the head as to how to make a better mousetrap, but I have a couple other more pressing issues which require my immediate attention at this time.

Feel free to reach me directly through the helpdesk if you had any specific questions.

Thanks.

I do not have an account there, but I was under the impression from reading their website, specifically this link:
https://btc-e.com/page/2

that US Wires were accepted.

Who is correct? You or BTC-e?

replied.

There have been a couple people PMing asking what banks seem to be the best option to use.

Without a doubt, the best bank is Bank of America. Bitcoin-Brokers sees that bank requested more than any other bank. The next most popular bank seems to be Wells Fargo. Suntrust and Chase seem to be decent as well.

In order of popularity:

1)Bank of America
2)Citibank
3)Wells Fargo
4)Chase
5)Suntrust

Correct.

Bitcoin-Brokers will create an opportunity for the arbitrageur, though each arbitrageur needs money to do this. You cannot use the buyer's money to finance the purchase. You must have your own money already.

Realistically, I wouldn't even bother considering this unless you have at least $5,000. I say this amount because you will need to cycle your cash back into the exchanges to buy the bitcoins.

If you are making 4% on $5,000 you are netting $200. Now you need to wire transfer that money back to the exchange which will probably result in a $50 fee by the time the smoke clears.

Hopefully that makes sense, but feel free to contact me through the helpdesk if you have other questions.

Thanks.

Or better yet...load them at Bitcoin-Brokers so we can safely broker them to this member safely.

Replied.

I have it set up that you are guaranteed to be paid in cash-only deposits. This is exactly how it has been working already at Bitcoin-Brokers with existing private sellers, and it works perfectly. This eliminates any time being wasted with wire transfers, checks etc. Additionally, since the deposits are made in cash, which you can verify first, you are completely protected.

Feel free to contact me through the helpdesk and I can speak with you personally about getting you set up.

Dan

That is NOT correct. There is nowhere in the world which offers you the ability to have a buyer deposit cash into your bank account based on MtGox rates.

There is not one other company in the bitcoin industry that will let traders buy bitcoins out of the open market and turn around and resell it to us with a built in 4% profit margin. That is what Bitcoin-Brokers is offering.

Additionally there is not another company other than Bitcoin-Brokers who will guarantee you a return. You can try to go it on your own, but most people will fail if they try to do this on their own. Bitcoin-Brokers created the framework in the trade which allows you to make guaranteed money on EVERY transaction despite if the market goes up OR down.

No BTC-e trader has the ability to this anywhere.

Frankly if you tried to do this on your own, you are a trader or aribitrageur who needs skill, talent, timing, and years of trading experience only to hope to MAYBE make a profit.

With Bitcoin-Brokers, you can have no skill, timing, or years of trading experience and still be guaranteed to make the same guaranteed profit.

Anybody who sees this as anything other than a GIFT, simply fails to understand what is being offered to them.

I sell BTC at BofA when I have them. I am currently sold out at this minute (though everything changes day to day as I am sure you understand).I have some right now that can be purchased at Chase bank, but that's it for today.

If you have bitcoins available that you want sold and to be paid into your account at Bank of America, then Bitcoin-Brokers can offer you that solution as well. There is a huge demand and not enough supply, so anything you might have can be sold rather quickly right now.

guarandteed ? .... so you will give us money for free ?

For free? Of course not. You would need to work with me as an arbitrageur. The very first arbitrageur who has a Bank of America account will immediately walk into $2500-$5000/month worth of net profits from the get-go if they decide to take down all the business that can be sent to him or her.

"Free money"......no......."Great opportunity for the right person".....absolutely.