CoinJar - Australia's first VC-backed Bitcoin startup

[kelsey]

I signed up to check you guys out, then jaw drops, seriously have you guys done your research on this? You know why there's no others doing this?
There's been a few attempt at this by others you do know that? You know why they've failed?

[1715612881]

1715612881

[zhoutong]

I signed up to check you guys out, then jaw drops, seriously have you guys done your research on this? You know why there's no others doing this?
There's been a few attempt at this by others you do know that? You know why they've failed?

Care to point out some hints?

We're VC-backed so I'm fairly sure that we (and our investors) have done thorough research on everything we've done so far. At the very least we have access to professionals in the field.

It'll be great if you can be more specific in your questions.

[ninjaboon]

I signed up to check you guys out, then jaw drops, seriously have you guys done your research on this? You know why there's no others doing this?
There's been a few attempt at this by others you do know that? You know why they've failed?

Spoke to Asher on whatsapp.
He's a fellow Malaysian.
Good to see this new initiative taking shape.

[kelsey]

I signed up to check you guys out, then jaw drops, seriously have you guys done your research on this? You know why there's no others doing this?
There's been a few attempt at this by others you do know that? You know why they've failed?

Care to point out some hints?

We're VC-backed so I'm fairly sure that we (and our investors) have done thorough research on everything we've done so far. At the very least we have access to professionals in the field.

It'll be great if you can be more specific in your questions.

ok then so you don't know and you never actually did the ground work......OTHERWISE YOU WOULD NOT ALLOW DIRECT TRANSFERS INTO YOUR BANK ACCOUNT FROM CLIENTS BANK ACCOUNT......101 of trading btc in Oz dumbass

and don't even comback saying oh but we sat down with the banks business advisors told them what we were doing and its all cool with them....lol cause that means squat.


BTW not attacking what you guys are doing, your platform is good, your fees are great and a breath of fresh air in Oz (but trading via bank transfers will be your undoing).

[btctraderr]

I signed up to check you guys out, then jaw drops, seriously have you guys done your research on this? You know why there's no others doing this?
There's been a few attempt at this by others you do know that? You know why they've failed?

Care to point out some hints?

We're VC-backed so I'm fairly sure that we (and our investors) have done thorough research on everything we've done so far. At the very least we have access to professionals in the field.

It'll be great if you can be more specific in your questions.

ok then so you don't know and you never actually did the ground work......OTHERWISE YOU WOULD NOT ALLOW DIRECT TRANSFERS INTO YOUR BANK ACCOUNT FROM CLIENTS BANK ACCOUNT......101 of trading btc in Oz dumbass

and don't even comback saying oh but we sat down with the banks business advisors told them what we were doing and its all cool with them....lol cause that means squat.


BTW not attacking what you guys are doing, your platform is good, your fees are great and a breath of fresh air in Oz (but trading via bank transfers will be your undoing).

Do you have evidence to suggest depositing from a clients bank account to another bank account used by a service like this is a problem? Or just posts from people like bitinnovate and spendbitcoins saying that they are discontinuing parts of their business so you have assumed this is due to client bank transfers?

[zhoutong]

I signed up to check you guys out, then jaw drops, seriously have you guys done your research on this? You know why there's no others doing this?
There's been a few attempt at this by others you do know that? You know why they've failed?

Care to point out some hints?

We're VC-backed so I'm fairly sure that we (and our investors) have done thorough research on everything we've done so far. At the very least we have access to professionals in the field.

It'll be great if you can be more specific in your questions.

ok then so you don't know and you never actually did the ground work......OTHERWISE YOU WOULD NOT ALLOW DIRECT TRANSFERS INTO YOUR BANK ACCOUNT FROM CLIENTS BANK ACCOUNT......101 of trading btc in Oz dumbass

and don't even comback saying oh but we sat down with the banks business advisors told them what we were doing and its all cool with them....lol cause that means squat.


BTW not attacking what you guys are doing, your platform is good, your fees are great and a breath of fresh air in Oz (but trading via bank transfers will be your undoing).

Thanks for the insult. I'll take that as your sincere request to help us grow.

I'm interested in the "ground work" you've done. Please drop us an email at info@coinjar.io and we're happy to listen to your opinions. Evidence or detailed explanation will be more appreciated than advice in all caps.

[zhoutong]

coinjar is the next attempt of zhou tong in stealing your coins like bitcoinica

HE WAS RESPONSIBLE for the bitcoinica hack.. guilty as pirate.

don't buy bitcoins from him. I suggest btcquick or mtgox

Transfer money, get Bitcoin and immediately transfer out of CoinJar wallet. - Suggested workflow if you just want to buy Bitcoin and not spend it with CoinJar Checkout merchants.

Keeping large amounts of coins in CoinJar is discouraged. We don't get interest from the deposits.

Also,

Name:   hennessyhemp
Posts:   183
Activity:   154
Position:   Full Member
Date Registered:   February 16, 2013, 06:33:27 AM

So you weren't even here when Bitcoinica was being liquidated. What's your authority on this matter?

[zhoutong]

You are now attacking the messenger. This is an ad hominem attack. I can clearly see how you were able to manipulate everyone into giving your coins for Bitcoinica for you to run away, with your professional fraudster skills.

I don't know what's an "ad hominem attack" (never studied psychology). I was just telling the truth. Everyone knows how to tell the truth. It's the easiest thing to do.

I'm happily developing products that make the world a little bit better. I enjoy what I'm doing - building stuff. Defrauding people will be obviously downgrading my life. Who wants that?

[cooldude123]

+1 to coinjar, really quick processing and low fees compared to others.

Only had one issue which was about a week ago with the manual transfer thing, but that was sorted out pretty quickly.

Do you accept cash trades at your office? It'd be really handy if you did.

[jklp]

Hi, Jerrold here from CoinJar. 

Just thought I'd add another voice to the conversation.  Kelsey, we've done a lot of background work on the banking system here in Australia before pursuing CoinJar, though we're very interested here to hear why you think direct credit is a bad way to do a bitcoin business in Australia.  If you'd like to discuss on the forum we're more than happy to hear your thoughts.  Consequently I'm also happy to discuss privately via email, which you can reach at my first name, at coinjar dot io.

As for zhoutong being on our team, both us and our investors are more than happy to have him on board.  We are a public and open company, and all information about us and our team can be found on our website.  We are not hiding anything.


Jerrold

[jklp]

+1 to coinjar, really quick processing and low fees compared to others.

Only had one issue which was about a week ago with the manual transfer thing, but that was sorted out pretty quickly.

Do you accept cash trades at your office? It'd be really handy if you did.

Thanks cooldude123, we're still growing and we try our best to make everything right by our customers.

Unfortunately we won't be accepting cash trades at our offices.  Just from a security point of view, having a large number of people coming in and out of our offices, and also having cash lying around, we're just not at that size where we can guarantee safety. 

[perlboy]

Hi coinjar & Co,

Firstly, congratulations on launching a service which many in Australia will no doubt use. I do have one question though, you specify there's only 2% on the current spot price. For Australian customers does this include the GST element of 10%? If it does and given that once your revenue exceeds $75K you would be required to charge GST how is charging 2% on current spot price sustainable?

Thanks,

Stuart

[zhoutong]

Hi coinjar & Co,

Firstly, congratulations on launching a service which many in Australia will no doubt use. I do have one question though, you specify there's only 2% on the current spot price. For Australian customers does this include the GST element of 10%? If it does and given that once your revenue exceeds $75K you would be required to charge GST how is charging 2% on current spot price sustainable?

Thanks,

Stuart

Without a specific ruling from the ATO, we consider Bitcoin input-taxed supply, just like shares, bonds, derivatives, foreign currencies and precious metals. That means you have to pay GST for goods and services when you make purchases using Bitcoin.

The 2% fee itself already includes GST, because we charge 2% for the service we provide, and we will absorb it for now. (We may increase the fee to 2.2% if our profit is affected by GST, but there's no immediate plan.) Currently for CoinJar Checkout merchants, we give them access to a paper trail of GST paid, so they can easily claim GST credits if they are eligible.

(We are still in the process of GST registration, but the registration will be backdated to our incorporation date.)

[perlboy]

Hi coinjar & Co,

Firstly, congratulations on launching a service which many in Australia will no doubt use. I do have one question though, you specify there's only 2% on the current spot price. For Australian customers does this include the GST element of 10%? If it does and given that once your revenue exceeds $75K you would be required to charge GST how is charging 2% on current spot price sustainable?

Thanks,

Stuart

Without a specific ruling from the ATO, we consider Bitcoin input-taxed supply, just like shares, bonds, derivatives, foreign currencies and precious metals. That means you have to pay GST for goods and services when you make purchases using Bitcoin.

The 2% fee itself already includes GST, because we charge 2% for the service we provide, and we will absorb it for now. (We may increase the fee to 2.2% if our profit is affected by GST, but there's no immediate plan.) Currently for CoinJar Checkout merchants, we give them access to a paper trail of GST paid, so they can easily claim GST credits if they are eligible.

(We are still in the process of GST registration, but the registration will be backdated to our incorporation date.)

Ok, and further to this since you're targeting the use of a tax ruling associated with financial services and intend to onsell them to end users (essentially acting a currency exchange) does this mean coinjar has an Australian Financial Services license and conversely is coinjar registered with AUSTRAC to ensure money laundering regulations are adhered to?

Stuart

[ArcticWolf]

On a side note, is there any plan to incorporate google 2FA in CoinJar?

[jklp]

On a side note, is there any plan to incorporate google 2FA in CoinJar?

Hi ArcticWolf, we don't like to pre-anounce features though we've had a lot of requests for this from our users.  All I can say is keep an eye on our blog and you might see something appear soon - http://blog.coinjar.io

[triib4l]

am i able to tranfer electronically to coinjar account from bankwest? hope for reply soon

[perlboy]

Ok, and further to this since you're targeting the use of a tax ruling associated with financial services and intend to onsell them to end users (essentially acting a currency exchange) does this mean coinjar has an Australian Financial Services license and conversely is coinjar registered with AUSTRAC to ensure money laundering regulations are adhered to?

So.. that's a no on both counts?

<no stop loss>

[bapakece]

coinjar will be seized like technocash

dont use registered services. qt is the way to go

[triib4l]

have just made first deposit into coinjar to purchase bitcoins, hoping for an easy happy experience, will keep everyone posted. aint gunna be leaving my coins there but tranfer straight to QT client