CoinGator

[crazylikeafox]

That post wasn't intended to solicit a response from you, but since you took it upon yourself to respond as self-appointed FUD slinger, I thought I would reply.  Enjoy .

You must not know me very well. Responded to your list for you.

I don't know you at all.  Based upon your ignorance, general demeanor, and refusal to consider facts that directly contradict many of your statements, I have absolutely no desire to get to know you either.  In fact I can't imagine that anyone would want to know you.

Right, last time I signed up for Paypal, it asked me for my IP only and had no idea what my name, address, phone number, etc was.
You're actually recommending people make a fraudulent account that cannot be verified and risk losing *all* their money. Why would anyone take any advice from you after that point?

Nobody said anything about creating a fraudulent account.  More ignorance, incorrect assumptions, and lies.

The NetSpend Cards cannot be used to either verify a PayPal account, or send money to a PayPal account. This is a PayPal policy. I apologize for any inconvenience this may cause.

You obviously haven't tried it, it worked as recently as last week with a card from Advance America (issued by Netspend).

3) Verify the virtual checking account with PP, and register the card itself as a credit card on that PP account.
See above.

Actually, why don't you see above.  Works just fine, at least with the Advance America cards which are Netspend issued.

Your advice is literally misleading people to create fraudulent accounts and you're here to try and convince me that something isn't a scam.

See above.  Nothing I have said has anything to do with creating a fraudulent account, you just happen to have fraud on your mind 24/7 apparently.  No one is trying to convince you of anything, as you quite clearly live in your own impenetrable alternate reality.

Why don't you stop spreading FUD and just wait like the rest of us for the clock to tick down so we can all see if CoinGator is a scam or not instead of professing that they aren't and misleading people into thinking they can ever, ever be protected from Paypal (the company takes money from bank accounts without permission on a regular basis).

It is not only possible, but quite easy to keep PayPal at arm's length (see my original post) if you have a modicum of intelligence.  Since you find it so difficult, perhaps you don't meet this requirement.

[gektek]

i love the internet 

[Deathwing]

I love it, its safe and fast. I used it 3 times /for now

[gektek]

Any expectations of being back up before the weekend?

[Matthew N. Wright]

FastCash4Bitcoins
Effective the May 31st, 2013 Tangible Cryptography has suspended new purchases of Bitcoins through our service FastCash4Bitcoins. We take this step in response to a notice received on the same day from the Commonwealth of Virginia that a complaint has been made that our company is operating as an unlicensed money transmitter.

Ruh roh.. CoinGator, what state is your paypal account's address attached to?

[gektek]

*Knock Knock Knock*

CoinGater

*Knock Knock Knock*

CoinGater

*Knock Knock Knock*

CoinGater

...any chances of opening back up before the weekend? ty ty!

[gektek]

The current plan is to reopen next week to a few US states where we can operate legally. Then we will expand the service as we add additional states. We will not be available to customers in states where we are unlicensed as money transmitters due to various legal ambiguities. After we receive additional clarification we will look again into servicing those states.

hmm...alrighty well...how about the state of Washington? Yay or Nay?

[gektek]

The current plan is to reopen next week to a few US states where we can operate legally. Then we will expand the service as we add additional states. We will not be available to customers in states where we are unlicensed as money transmitters due to various legal ambiguities. After we receive additional clarification we will look again into servicing those states.

hmm...alrighty well...how about the state of Washington? Yay or Nay?

The greatest likelyhood is that that state will not be included.

Thank you very much for your reply

[Matthew N. Wright]

It has been decided that the CoinGator project will be discontinued until further notice.

Did Paypal close your account already? Jesus christ that was fast.

[Matthew N. Wright]

It has been decided that the CoinGator project will be discontinued until further notice.

Did Paypal close your account already? Jesus christ that was fast.

No. This is unrelated to PayPal. It was determined that the cost of regulatory compliance would be cost prohibitive.

Oh well if that's all you're worried about, use a different country's paypal. That's not the least of the problems though.

[Matthew N. Wright]

It has been decided that the CoinGator project will be discontinued until further notice.

Did Paypal close your account already? Jesus christ that was fast.

No. This is unrelated to PayPal. It was determined that the cost of regulatory compliance would be cost prohibitive.

Oh well if that's all you're worried about, use a different country's paypal. That's not the least of the problems though.

This decision was based on costs exceeding $250,000 USD to operate legally in the United States.

Yea, the US has built up a pretty nice scam for themselves. They get to keep mom'n'pop shops down, and only allow the people with the most to lose to operate (so that they are nice and complacent). Like I said though, Paypal themselves solved that one by incorporating in Singapore and not serving Singaporean citizens. There are always ways around it, but using Paypal as a way to buy bitcoins is the problem, not the MSB licensing imo. At least now I don't need to bump this thread with timers.

Good luck on any other endeavors here in the community, you might be surprised to see even me supporting a few of them if they have sound business models that don't require trust etc.

[crazylikeafox]

It has been decided that the CoinGator project will be discontinued until further notice.

Did Paypal close your account already? Jesus christ that was fast.

No. This is unrelated to PayPal. It was determined that the cost of regulatory compliance would be cost prohibitive.

Oh well if that's all you're worried about, use a different country's paypal. That's not the least of the problems though.

This decision was based on costs exceeding $250,000 USD to operate legally in the United States.

Yea, the US has built up a pretty nice scam for themselves. They get to keep mom'n'pop shops down, and only allow the people with the most to lose to operate (so that they are nice and complacent). Like I said though, Paypal themselves solved that one by incorporating in Singapore and not serving Singaporean citizens. There are always ways around it, but using Paypal as a way to buy bitcoins is the problem, not the MSB licensing imo. At least now I don't need to bump this thread with timers.

Good luck on any other endeavors here in the community, you might be surprised to see even me supporting a few of them if they have sound business models that don't require trust etc.

Here is a little tidbit from https://new.bitinstant.com/whatwedo:

"BitInstant acts as an agent of its partners in all states in which its partners hold a current money transmitter license. In the limited states where BitInstant's partners do not currently have a required money transmitter license, BitInstant will not act as an agent of it's partners and may rely upon other payment methods to legally fulfill Bitcoin purchase orders."

In other words, they aren't MSB's either.  They are relying on the MSB licenses of Moneygram (via ZipZap) and PayPal.  By that logic, since PayPal is licensed, your business should be fine.  My guess is that BitInstant has better lawyers than CoinGator (and most other fledgling Bitcoin enterprises) so you may want to at least field this argument with a lawyer.

[Matthew N. Wright]

It has been decided that the CoinGator project will be discontinued until further notice.

Did Paypal close your account already? Jesus christ that was fast.

No. This is unrelated to PayPal. It was determined that the cost of regulatory compliance would be cost prohibitive.

Oh well if that's all you're worried about, use a different country's paypal. That's not the least of the problems though.

This decision was based on costs exceeding $250,000 USD to operate legally in the United States.

Yea, the US has built up a pretty nice scam for themselves. They get to keep mom'n'pop shops down, and only allow the people with the most to lose to operate (so that they are nice and complacent). Like I said though, Paypal themselves solved that one by incorporating in Singapore and not serving Singaporean citizens. There are always ways around it, but using Paypal as a way to buy bitcoins is the problem, not the MSB licensing imo. At least now I don't need to bump this thread with timers.

Good luck on any other endeavors here in the community, you might be surprised to see even me supporting a few of them if they have sound business models that don't require trust etc.

Here is a little tidbit from https://new.bitinstant.com/whatwedo:

"BitInstant acts as an agent of its partners in all states in which its partners hold a current money transmitter license. In the limited states where BitInstant's partners do not currently have a required money transmitter license, BitInstant will not act as an agent of it's partners and may rely upon other payment methods to legally fulfill Bitcoin purchase orders."

In other words, they aren't MSB's either.  By that logic, since PayPal is licensed, your business should be fine.

http://www.reddit.com/r/Bitcoin/comments/1g23w2/paypal_email_to_employees_policy_regarding_bitcoin/

[crazylikeafox]

It has been decided that the CoinGator project will be discontinued until further notice.

Did Paypal close your account already? Jesus christ that was fast.

No. This is unrelated to PayPal. It was determined that the cost of regulatory compliance would be cost prohibitive.

Oh well if that's all you're worried about, use a different country's paypal. That's not the least of the problems though.

This decision was based on costs exceeding $250,000 USD to operate legally in the United States.

Yea, the US has built up a pretty nice scam for themselves. They get to keep mom'n'pop shops down, and only allow the people with the most to lose to operate (so that they are nice and complacent). Like I said though, Paypal themselves solved that one by incorporating in Singapore and not serving Singaporean citizens. There are always ways around it, but using Paypal as a way to buy bitcoins is the problem, not the MSB licensing imo. At least now I don't need to bump this thread with timers.

Good luck on any other endeavors here in the community, you might be surprised to see even me supporting a few of them if they have sound business models that don't require trust etc.

Here is a little tidbit from https://new.bitinstant.com/whatwedo:

"BitInstant acts as an agent of its partners in all states in which its partners hold a current money transmitter license. In the limited states where BitInstant's partners do not currently have a required money transmitter license, BitInstant will not act as an agent of it's partners and may rely upon other payment methods to legally fulfill Bitcoin purchase orders."

In other words, they aren't MSB's either.  By that logic, since PayPal is licensed, your business should be fine.

http://www.reddit.com/r/Bitcoin/comments/1g23w2/paypal_email_to_employees_policy_regarding_bitcoin/

Well, somehow they are getting away with it and are not licensed. All I'm saying.

[ranlo]

It has been decided that the CoinGator project will be discontinued until further notice.

Did Paypal close your account already? Jesus christ that was fast.

No. This is unrelated to PayPal. It was determined that the cost of regulatory compliance would be cost prohibitive.

Oh well if that's all you're worried about, use a different country's paypal. That's not the least of the problems though.

This decision was based on costs exceeding $250,000 USD to operate legally in the United States.

Is there a way to get registered in just one or two states, or is it all or nothing?

[Matthew N. Wright]

It has been decided that the CoinGator project will be discontinued until further notice.

Did Paypal close your account already? Jesus christ that was fast.

No. This is unrelated to PayPal. It was determined that the cost of regulatory compliance would be cost prohibitive.

Oh well if that's all you're worried about, use a different country's paypal. That's not the least of the problems though.

This decision was based on costs exceeding $250,000 USD to operate legally in the United States.

Is there a way to get registered in just one or two states, or is it all or nothing?

You can register state-wide, but then you need to get proof from each customer that they don't live outside that state, and risk losing your license, fines and imprisonment if you're caught doing business with any customers outside the states you're licensed in.

It has been decided that the CoinGator project will be discontinued until further notice.

Did Paypal close your account already? Jesus christ that was fast.

No. This is unrelated to PayPal. It was determined that the cost of regulatory compliance would be cost prohibitive.

Oh well if that's all you're worried about, use a different country's paypal. That's not the least of the problems though.

This decision was based on costs exceeding $250,000 USD to operate legally in the United States.

Yea, the US has built up a pretty nice scam for themselves. They get to keep mom'n'pop shops down, and only allow the people with the most to lose to operate (so that they are nice and complacent). Like I said though, Paypal themselves solved that one by incorporating in Singapore and not serving Singaporean citizens. There are always ways around it, but using Paypal as a way to buy bitcoins is the problem, not the MSB licensing imo. At least now I don't need to bump this thread with timers.

Good luck on any other endeavors here in the community, you might be surprised to see even me supporting a few of them if they have sound business models that don't require trust etc.

Here is a little tidbit from https://new.bitinstant.com/whatwedo:

"BitInstant acts as an agent of its partners in all states in which its partners hold a current money transmitter license. In the limited states where BitInstant's partners do not currently have a required money transmitter license, BitInstant will not act as an agent of it's partners and may rely upon other payment methods to legally fulfill Bitcoin purchase orders."

In other words, they aren't MSB's either.  By that logic, since PayPal is licensed, your business should be fine.

http://www.reddit.com/r/Bitcoin/comments/1g23w2/paypal_email_to_employees_policy_regarding_bitcoin/

Well, somehow they are getting away with it and are not licensed. All I'm saying.

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

BitInstant is registered as a money services business. https://mega.co.nz/#!E99RzY6B!Mol5t0UtPPLb9epFgbgxrhojhfcrk41W51Bybp0YsXs

[ranlo]

You can register state-wide, but then you need to get proof from each customer that they don't live outside that state, and risk losing your license, fines and imprisonment if you're caught doing business with any customers outside the states you're licensed in.

That's crazy. They aren't even that strict against casinos. Ex. it's illegal to gamble but you can go to another state to do it, and they even take down all your information and there's nothing done to stop it.

[Matthew N. Wright]

You can register state-wide, but then you need to get proof from each customer that they don't live outside that state, and risk losing your license, fines and imprisonment if you're caught doing business with any customers outside the states you're licensed in.

That's crazy. They aren't even that strict against casinos. Ex. it's illegal to gamble but you can go to another state to do it, and they even take down all your information and there's nothing done to stop it.

It is crazy, it is a scam, it's designed to keep small businesses (who are not so easily influenced by politicians) out of the mix. It's kind of like what is happening in Bitcoin with all these big shouldered businesses, "foundations", and boys clubs. The US government only cares about you if you can make them a profit, and even then only if you're a pushover to their policies. Just look at recently passed crowd funding legislation if you're in the mood to vomit.

[ranlo]

You can register state-wide, but then you need to get proof from each customer that they don't live outside that state, and risk losing your license, fines and imprisonment if you're caught doing business with any customers outside the states you're licensed in.

That's crazy. They aren't even that strict against casinos. Ex. it's illegal to gamble but you can go to another state to do it, and they even take down all your information and there's nothing done to stop it.

It is crazy, it is a scam, it's designed to keep small businesses (who are not so easily influenced by politicians) out of the mix. It's kind of like what is happening in Bitcoin with all these big shouldered businesses, "foundations", and boys clubs. The US government only cares about you if you can make them a profit, and even then only if you're a pushover to their policies. Just look at recently passed crowd funding legislation if you're in the mood to vomit.

Happen to have a link to a good article/overview of the crowd-funding legislation? The last thing I heard/read was a few weeks ago and it just dealt with making it illegal to do crowd-funding for equity.

[Matthew N. Wright]

You can register state-wide, but then you need to get proof from each customer that they don't live outside that state, and risk losing your license, fines and imprisonment if you're caught doing business with any customers outside the states you're licensed in.

That's crazy. They aren't even that strict against casinos. Ex. it's illegal to gamble but you can go to another state to do it, and they even take down all your information and there's nothing done to stop it.

It is crazy, it is a scam, it's designed to keep small businesses (who are not so easily influenced by politicians) out of the mix. It's kind of like what is happening in Bitcoin with all these big shouldered businesses, "foundations", and boys clubs. The US government only cares about you if you can make them a profit, and even then only if you're a pushover to their policies. Just look at recently passed crowd funding legislation if you're in the mood to vomit.

Happen to have a link to a good article/overview of the crowd-funding legislation? The last thing I heard/read was a few weeks ago and it just dealt with making it illegal to do crowd-funding for equity.

Here's a pretty good, up-to-date writeup that explains the gist of it.

http://www.forbes.com/sites/deborahljacobs/2013/04/17/the-trouble-with-crowdfunding/