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Author Topic: bitfloor needs your help!  (Read 176663 times)
UNOE
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March 16, 2013, 10:47:46 PM
 #701

Hoping to see a payout soon what's going on.  Is there another thread I should be reading.

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March 17, 2013, 04:02:24 AM
 #702

Hoping to see a payout soon what's going on.  Is there another thread I should be reading.

In discussion I have called Roman out a couple times.  He has not responded.

Look for a thread in scam accusations next weekend.
Domrada
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March 17, 2013, 06:08:12 AM
 #703

Hoping to see a payout soon what's going on.  Is there another thread I should be reading.

In discussion I have called Roman out a couple times.  He has not responded.

Look for a thread in scam accusations next weekend.

I'm confused.  If I'm interpreting the chart correctly, it looks like Bitfloor has made ~3000 in revenue and paid back ~6000.  That means Roman must have paid back ~3000 additional out of his own pocket. What sort of scam are you alleging?

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March 17, 2013, 03:36:24 PM
 #704

Hoping to see a payout soon what's going on.  Is there another thread I should be reading.

In discussion I have called Roman out a couple times.  He has not responded.

Look for a thread in scam accusations next weekend.

I'm confused.  If I'm interpreting the chart correctly, it looks like Bitfloor has made ~3000 in revenue and paid back ~6000.  That means Roman must have paid back ~3000 additional out of his own pocket. What sort of scam are you alleging?

Let's give Roman a chance to reply to my questions in service discussion.

As for the rest, wait and see if I actually make a Scam post.
Herodes
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March 18, 2013, 06:37:49 AM
 #705

Is Bitfloor dead? Seems like the orderbook is empty ? Just made an account there just to check things out..
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March 18, 2013, 06:51:31 AM
 #706

http://bitcoin.clarkmoody.com/bitfloor/

Herodes
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March 18, 2013, 06:55:59 AM
 #707


Strange - just took a long time to load the market data - so long I thought everything was dead..
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March 19, 2013, 03:17:26 PM
 #708

Just wanted to relay my recent experience with Bitfloor:

I am one of the customers that have BTC being held due to the hack (about 61 BTC..around $2900 in today's terms..  Sad   )

Over this last weekend I decided to give Bitfloor another chance and sold about $850 worth of BTC and initiated an ACH withdrawal.

The transfer went smoothly and the money was in my bank account today.

Although I do wish Roman would be a bit more vocal about what is going on, at least to those with BTC being held, this experience has been a big first step in Bitfloor earning my trust back.


Hopefully the recent BTC rally will earn Bitfloor enough volume to release some more of the held BTC..especially in today's market.

 
 
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March 19, 2013, 04:04:40 PM
 #709

I still use Bitfloor all the time, and generally never have any issues with them. It's way more convenient for deposits and withdrawals than MtGox. The only annoyance is that the buy and sell sides are a bit weak, and at times have a large gap between them, making it more expensive to buy there than at Gox. But that's just a low user problem, and I guess can't be helped.

qxzn
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March 19, 2013, 04:20:05 PM
 #710

Hopefully the recent BTC rally will earn Bitfloor enough volume to release some more of the held BTC..especially in today's market.

I spoke with Roman the other week and he pointed out that this actually has ups and downs. The rally has helped volume on bitfloor, but it's also raised the dollar cost of buying coin, which is exactly what bitfloor has to do each time he makes a payment. (fees are earned in dollars)
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March 19, 2013, 04:22:52 PM
 #711

The new FinCEN regs are going to put BitFloor out of business.  Adios, 12 BTC...
notme
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March 19, 2013, 11:22:28 PM
 #712

Hopefully the recent BTC rally will earn Bitfloor enough volume to release some more of the held BTC..especially in today's market.

I spoke with Roman the other week and he pointed out that this actually has ups and downs. The rally has helped volume on bitfloor, but it's also raised the dollar cost of buying coin, which is exactly what bitfloor has to do each time he makes a payment. (fees are earned in dollars)

Fuck.  We'll never see them all if he holds fees in dollars and then converts when he pays out.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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qxzn
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March 19, 2013, 11:46:41 PM
 #713

The new FinCEN regs are going to put BitFloor out of business.  Adios, 12 BTC...

Will it? Bitfloor is already registered as an MSB:

http://www.fincen.gov/financial_institutions/msb/msbstateselector.html

(type 'bitfloor' into the legal name field)
qxzn
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March 19, 2013, 11:51:44 PM
 #714

Hopefully the recent BTC rally will earn Bitfloor enough volume to release some more of the held BTC..especially in today's market.

I spoke with Roman the other week and he pointed out that this actually has ups and downs. The rally has helped volume on bitfloor, but it's also raised the dollar cost of buying coin, which is exactly what bitfloor has to do each time he makes a payment. (fees are earned in dollars)

Fuck.  We'll never see them all if he holds fees in dollars and then converts when he pays out.

Everyone seems to be talking like bitcoins will never go down again. Sounds a bit like folks were talking about houses a few years back.. :-P

I guess on the bright side it's sorta like a hedge; if the price of bitcoins goes down, you get more of your bitfloor coins faster Smiley.
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March 19, 2013, 11:52:55 PM
 #715

Will it? Bitfloor is already registered as an MSB:
http://www.fincen.gov/financial_institutions/msb/msbstateselector.html
(type 'bitfloor' into the legal name field)

Quote
The inclusion of a business on the MSB Registrant Search Web page is not a recommendation,
certification of legitimacy, or endorsement of the business by any government agency.
qxzn
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March 19, 2013, 11:56:51 PM
 #716

Will it? Bitfloor is already registered as an MSB:
http://www.fincen.gov/financial_institutions/msb/msbstateselector.html
(type 'bitfloor' into the legal name field)

Quote
The inclusion of a business on the MSB Registrant Search Web page is not a recommendation,
certification of legitimacy, or endorsement of the business by any government agency.

Your point?
notme
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March 20, 2013, 12:08:27 AM
 #717

Hopefully the recent BTC rally will earn Bitfloor enough volume to release some more of the held BTC..especially in today's market.

I spoke with Roman the other week and he pointed out that this actually has ups and downs. The rally has helped volume on bitfloor, but it's also raised the dollar cost of buying coin, which is exactly what bitfloor has to do each time he makes a payment. (fees are earned in dollars)

Fuck.  We'll never see them all if he holds fees in dollars and then converts when he pays out.

Everyone seems to be talking like bitcoins will never go down again. Sounds a bit like folks were talking about houses a few years back.. :-P

I guess on the bright side it's sorta like a hedge; if the price of bitcoins goes down, you get more of your bitfloor coins faster Smiley.

I would be willing to bet all my bitfloor coins that they will never again be as cheap as they were at the time of the hack.

I can't really complain about him playing it safe though.  I just don't think he'll ever be able to pay it all off unless he hedges at least some of it on the bitcoin side.  Yes, price can go down, but we are still very early in the price discovery phase.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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DeathAndTaxes
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March 20, 2013, 01:56:14 AM
 #718

The company has a debt denominated in BTC.  The hedge would be to hold any profits in BTC.  Having a debt in BTC and holding assets in USD isn't a hedge, it is a short position.   Imagine if hypothetically Bitcoin rose to $500 USD per BTC.  Suddenly the company would owe $15M USD worth of debt.  I had hoped that bitfloor would seek outside investors make a deal to fix the debt to USD offer something like a 33% haircut, 33% repaid upfront, and 33% repaid over next x years.  As it is holding USD and watching the BTC denominated debt skyrocket is just a stone around the neck of bitfloor.
ProfMac
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March 20, 2013, 02:20:22 AM
 #719

The new FinCEN regs are going to put BitFloor out of business.  Adios, 12 BTC...

Oh?  What are the issues you see?

I try to be respectful and informed.
qxzn
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March 20, 2013, 02:01:10 PM
 #720

The company has a debt denominated in BTC.  The hedge would be to hold any profits in BTC.  Having a debt in BTC and holding assets in USD isn't a hedge, it is a short position.   Imagine if hypothetically Bitcoin rose to $500 USD per BTC.  Suddenly the company would owe $15M USD worth of debt.  I had hoped that bitfloor would seek outside investors make a deal to fix the debt to USD offer something like a 33% haircut, 33% repaid upfront, and 33% repaid over next x years.  As it is holding USD and watching the BTC denominated debt skyrocket is just a stone around the neck of bitfloor.

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