1. Yes. If we sell 1 BTC at $90+fee, we have to purchase a replacement for $90.
If the price then went downward, we would sell that 1 BTC at $85+fee, replacing it with an $85 coin.
This earns btcQuick an extra $5. When pricing is going up, we always price at current rate to not have a loss.
The more volatile the pricing (which Bitcoin is known for) the more btcQuick and its investors profit.
2. We are currently working out methods to make larger quantities available without increasing potential risk.
3. Google Checkout does batch transfers nightly like most processors, and the funds are generally received within 2 business days.
4. btcQuick sells set amounts of BTC where we have pre-generated private key pairs from an external wallet.
This is similar to the cold/hot wallet concept. We maintain a small balance of key pairs for the shop and
top them off regularly after re-verifying recent orders. This limits our risk exposure.
5. Yes. A monthly statement will be provided at or around the time of the standard monthly Dividend payout.
1. Will the remaining capital from the BTCjam loan be in the company's wallet or is the issuer taking all funds already in the wallet himself?
A wallet holdings of about 200 BTC at the time of IPO remains in the companies' stocks in additional to the new stock from investments.
When the March statement is posted, it will include the exact starting and end BTC holdings amount as I do not have that on hand at this moment.
You are probably wondering why there is only about 200 BTC instead of at least the 300 BTC from the btcJam loan.
The process of repurchasing coins has been a manual one. There were a few occurrences of large price spikes between the
time of coin sales and repurchase. Our new site has an automated system to purchase replacement BTC as they are sold to
remedy this problem.
2. Would be nice if issuer could confirm Ukyo's statement that BTC value doesn't change - i.e. all idle funds are held in BTC.
Yes, as funds are made available to us by the processor (currently Google), they are transfered into the exchange of choice where we
maintain our USD holdings. Increasing USD holdings at the exchange relative to BTC pricing allows us and our automated system to have the funds needed to instantly repurchase coins at a proper price when sold.
btcQuick's intention are to not maintain a USD balance except for the use of purchasing BTC as stock to avoid losses due to change of price during client payment transfers. Without this USD holding, like mentioned beforehand, btcQuick could suffer losses of stock quantities due to price changes.
3. Third batch offering?
The 3rd batch of shares has been delayed until the issuer feels there is a market demand.
Any remaining shares of the second batch will also be taken down at or around the time of the March statement on or within a few days of Monday, April 1st 2013.
We are currently working on an investor portal so that bitfunder share holders can verify their shares directly with btcQuick. We will be posting more info on this in the next week or so.
We had a net loss due to a security breach in on of our exchange accounts. After much investigation it has been determined that the individual used social engineering in order to gain access to our email server, reset passwords, and confirm bitcoin withdrawals. We made the decision to halt operations temporarily to perform our investigation and ensure that our servers had not been comprised. We determined that nothing was comprised other than our email and one of our exchange accounts. Our hot wallet was not breached and it is setup to only contain minimal amounts of bitcoin to keep up with orders. We have not received a chargeback request in over 30 days, this is due to the Identity verification Questions and miiCard integration. (Here are the bitcoin address's used to extract the stolen bitcoins 1CetsyAtp8zPUc2qbgCzoN3BnUwJrh1C6r, 126MKqkGBFgS59XGGus5pnC1iRyU96VgRn, 1NXubBjnGtuFYLwYab24ehazj2SoYQhxYA, 14W679mU5eeb5F8sbezoCJfe4UoiE2ENNu, 1A3vMK42Y43oecXmaXc4tY7boeecPeEF4h).
We had partnered with inputs.io to allow instant payments to our users, since hearing about their security breach we have ceased the ability to funds those accounts.
Moving forward we will continue to improve our service and focus on security improvements. We will be moving away from Google Checkout on november 20th as their Digital Goods platform does not allow us to keep up with our current volume (due to a 30day payout schedule). We have several other options lined up to takes it place. We will be requiring two factor (SMS or Google Auth) on all btcQuick accounts in the coming weeks. It is unfortunate that bitcoins services experience hacking attempts but it speaks to the growing legitimacy of bitcoin. We hope that we can continue to service our customers around the world as more and more people hear about bitcoin.
Thanks,
Ascension
I heard about the hacking for input.io. It is unfortunate that btcquick lost bitcoins. But the good news is btcquick's business is still good. This is most important for all holders.
I appreciate btcquick's hard work and will support you.
BTCQuick has been compensated in full for the balance on their Inputs account.
