|
MrWDunne
|
 |
May 27, 2014, 06:11:18 PM |
|
...and I am led to believe they are not just with a single bank, which further diversifies the risk.
Care to mention who or what "led [you] to believe" that? A phrase used by one of their associates used the plural of 'bank'. |
|
|
|
|
|
|
|
|
|
|
"This isn't the kind of software where we can leave so many unresolved bugs that we need a tracker for them." -- Satoshi
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
|
|
|
|
NotLambchop
|
|
May 27, 2014, 06:20:28 PM |
|
^who/link?
@Crypto Financial: Can you confirm/name bank?
|
|
|
|
|
|
Crypto Financial
|
|
May 27, 2014, 06:54:52 PM |
|
Crypto Capital will provide several "getaway options" for you to Fund your account.
We do not work with a single bank, but a network of banks. Once you open an account with Crypto Capital you may fund your account based on your location and preference.
Thank you,
CFIG
|
|
|
|
|
|
NotLambchop
|
|
May 27, 2014, 07:09:51 PM |
|
Crypto Capital will provide several "getaway options" for you to Fund your account.
We do not work with a single bank, but a network of banks. Once you open an account with Crypto Capital you may fund your account based on your location and preference.
Thank you,
CFIG
Could you elaborate on the mechanics of this? I don't get it. |
|
|
|
|
TraderTimm
Legendary
 Offline
Activity: 2408
Merit: 1121
|
|
May 27, 2014, 07:14:47 PM |
|
Sounds like they're trying to bootstrap a business model that is looking for customers, instead of actually solving a problem that needs solving. Its a common start-up mistake, you fall in love with your "grand vision", all the while blissfully ignorant if there really is a demand for the service you actually will provide.
It doesn't make any sense either, for exchanges to use them as a conduit, because if they have any trouble at all, they suddenly become a SPOF (Single Point Of Failure) for the exchange that relies on them. It would be as if someone asked you to route all your internet traffic through their system - you could, but why the hell would you?
Anyway, it just seems like another half-baked idea that is more interested in getting those pre-orders in (raking in the funds) than actually getting things started and THEN soliciting for more involvement.
Its the more polite way to say this is a complete crock of shit.
|
fortitudinem multis - catenum regit omnia
|
|
|
|
Crypto Financial
|
|
May 27, 2014, 07:31:12 PM |
|
Crypto Capital will provide several "getaway options" for you to Fund your account.
We do not work with a single bank, but a network of banks. Once you open an account with Crypto Capital you may fund your account based on your location and preference.
Thank you,
CFIG
Could you elaborate on the mechanics of this? I don't get it. 1. You sign up with Crypto Capital. Once approved your receive your own private Fiat bank account with your own unique IBAN (International Bank Account Number) 2. You log into your online account and click Fund My account. Based on your location a Funding option will be provided. i.e. Send fund to your account with this IBAN number etc... 3. The Funds are credited directly to your account in USD, EUR or whatever currency you choose to open an account in. 4. Since you are already a verified customers, you may choose any of the exchanges that we work with, you do not need to verify yourself again. 5. Sign up with any of exchanges and fund your account directly, instantly, since they also have an account with Crypto Capital. 6. Want to withdraw your funds from the exchange, no need to wait for days. Submit a withdrawal request and the funds will be back in your Crypto Capital account in minutes. The idea is to allow exchanges and their users an easier, faster way to interact and to bring several international exchanges more liquidity. You as a bitcoin supporter would not think about trading on a Mexican Bitcoin exchange, or a Canadian one. May be too much hassle to get verified and fund your accounts at those exchanges. With Crypto Capital you can support multiple exchanges world-wide in multiple currencies. The only way to grow adoption in other countries is to provide exchanges that will operate in the countries language and currency. We believe that our solution would provide for that adoption. We are only one of many ways you can purchase and trade Bitcoin. To state that its a central point of failure could be said about any large exchange or company like bitstamp, coinbase or circle. There is plenty of room for companies to grow. Our target market is the international exchanges that wants to provide the software rather than become a financial service company. |
|
|
|
|
|
NotLambchop
|
|
May 27, 2014, 08:08:05 PM |
|
Would it be accurate to say that you don't work with any banks directly, but rather with the banks of the member exchanges? You simply forward my KYC compliance information to member exchanges?
I assumed that you were providing a partner bank to member exchanges. This is not the case?
*I don't feel entirely comfortable providing my documents directly to the exchange I deal with. Introducing an extra third-party risk, with yet another foreign registration, seems a bit foolhardy.
|
|
|
|
|
|
Anonymousg64
|
|
May 27, 2014, 08:17:33 PM |
|
Would it be accurate to say that you don't work with any banks directly, but rather with the banks of the member exchanges? You simply forward my KYC compliance information to member exchanges?
I assumed that you were providing a partner bank to member exchanges. This is not the case?
you get a bank account from Crypto Financial, they are the bank by using their bank network directly Crypto Financial allows anyone with an account with them to setup an exchange without the need to setup their own banking ties, all fiat related service are handled by Crypto Financials basically this allows you to evade all regulation in your country, no fiat ever touches your hands except when you withdraw from Crypto Financial account Any exchange online using your services Crypto Financial? |
|
|
|
|
|
MrWDunne
|
|
May 27, 2014, 08:19:16 PM |
|
Would it be accurate to say that you don't work with any banks directly, but rather with the banks of the member exchanges? You simply forward my KYC compliance information to member exchanges?
I assumed that you were providing a partner bank to member exchanges. This is not the case?
you get a bank account from Crypto Financial, they are the bank by using their bank network directly Crypto Financial allows anyone with an account with them to setup an exchange without the need to setup their own banking ties, all fiat related service are handled by Crypto Financials basically this allows you to evade all regulation in your country, no fiat ever touches your hands except when you withdraw from Crypto Financial account To highlight how useful this is, we will now be able to accept US and Canadian customers without needing any licensing as we never touch the funds. |
|
|
|
|
NotLambchop
|
|
May 27, 2014, 08:24:13 PM |
|
...
Crypto Financial allows anyone with an account with them to setup an exchange without the need to setup their own banking ties, all fiat related service are handled by Crypto Financials
... @Crypto Financial: Can you confirm/deny? ty @Anonymousg64: I think you're mistaken, but waiting for Crypto Financial's response. |
|
|
|
|
|
MrWDunne
|
|
May 27, 2014, 08:27:29 PM |
|
...
Crypto Financial allows anyone with an account with them to setup an exchange without the need to setup their own banking ties, all fiat related service are handled by Crypto Financials
... @Crypto Financial: Can you confirm/deny? ty @Anonymousg64: I think you're mistaken, but waiting for Crypto Financial's response. That is what they are doing. They have the bank accounts and handle everything to do with money, for whatever currencies you choose to accept with them. |
|
|
|
|
NotLambchop
|
|
May 27, 2014, 08:55:56 PM
Last edit: May 27, 2014, 09:07:07 PM by NotLambchop |
|
@MrWDunne: Asking @Crypto Financial. That's not you. You're MrWDunne.  What did I just say? The question was not addressed to you. If I wanted to hear your opinion, I would have asked for it. I appreciate youe wish to be helpful, but please do not shit up other people's threads. |
|
|
|
|
|
MrWDunne
|
|
May 27, 2014, 08:57:28 PM
Last edit: May 27, 2014, 09:34:51 PM by MrWDunne |
|
@MrWDunne: Asking @Crypto Financial. That's not you. You're MrWDunne.
In that case I suggest you take a look at their website, as all of the information you are asking for is already on there. http://www.cryptocapital.co@LambChop. Linking you to their website, where they answer your question is effectively them answering the question |
|
|
|
|
Crypto Financial
|
|
May 27, 2014, 10:36:29 PM |
|
...
Crypto Financial allows anyone with an account with them to setup an exchange without the need to setup their own banking ties, all fiat related service are handled by Crypto Financials
... @Crypto Financial: Can you confirm/deny? ty @Anonymousg64: I think you're mistaken, but waiting for Crypto Financial's response. Crypto Capital provides you the customers and the exchange with bank accounts. You only need to verify your identity to us and not to the exchanges as they will only act as software providers. Real world example: You want to buy stocks, you open an account and provide your personal information to a Broker which is licensed to accept your funds and opens you an account. You fund your account. The broker provides you with trading software so you can by stocks; no need to trust or provide your information to the trading software provider, they are a software company, not a financial one. The exchanges that work with us will be provided a bank - escrow account with us. They will receive funds and send funds internally within our banking platform to our customers. Hope this clears this up! http://cryptocapital.co |
|
|
|
|
|
NotLambchop
|
|
May 27, 2014, 11:00:30 PM
Last edit: May 27, 2014, 11:13:32 PM by NotLambchop |
|
TY Crypto Capital. This brings me back to my original question, which banks are you working with?
For a real-world example:
I live in US, NY, NYC, which bank would I be dealing with? I'd like to contact that bank and verify your involvement with it.
TY again.
Re. "no need to trust or provide your information to the trading software provider, they are a software company, not a financial one":
An exchange operator is an exchange operator, a software provider is a software provider. If the software provider happens to also be running the exchange, he becomes both. I'm afraid you've been mislead by your legal counsel.
|
|
|
|
|
|
Crypto Financial
|
|
May 27, 2014, 11:38:36 PM |
|
TY Crypto Capital. This brings me back to my original question, which banks are you working with?
For a real-world example:
I live in US, NY, NYC, which bank would I be dealing with? I'd like to contact that bank and verify your involvement with it.
TY again.
Re. "no need to trust or provide your information to the trading software provider, they are a software company, not a financial one":
An exchange operator is an exchange operator, a software provider is a software provider. If the software provider happens to also be running the exchange, he becomes both. I'm afraid you've been mislead by your legal counsel.
We currently do not work with a Bank in the U.S, but we will provide a funding option directly to US customers in the near future and will update our customers as soon as it is setup. We act as exchange operators, and the "exchange" companies are software providers to our financial company. If you used trading software, is your agreement with the software company that made the software or the broker that provides the software to you as a client. If you use online banking software provided by your bank to handle your banking needs do you interact directly with the software company that wrote the software for the banking platform? Of course not. We provide exchange software developers to option to engage customers without holding money in their own account, but in an escrow account. An exchange software provider manages the software, they do not need to physically handle your money, they only need to run and manage the matching engine software. Think about coinfloor, a UK exchange that uses a money transmitter to hold the funds in escrow and receive and send them back and forth on behalf of their customers. We do the same thing, but on a global multi-currency platform. Thank you for showing an interest in our services. |
|
|
|
|
|
NotLambchop
|
|
May 28, 2014, 12:28:33 AM
Last edit: May 28, 2014, 02:42:49 AM by NotLambchop |
|
TY Crypto Capital. This brings me back to my original question, which banks are you working with?
For a real-world example:
I live in US, NY, NYC, which bank would I be dealing with? I'd like to contact that bank and verify your involvement with it.
TY again.
Re. "no need to trust or provide your information to the trading software provider, they are a software company, not a financial one":
An exchange operator is an exchange operator, a software provider is a software provider. If the software provider happens to also be running the exchange, he becomes both. I'm afraid you've been mislead by your legal counsel.
We currently do not work with a Bank in the U.S, but we will provide a funding option directly to US customers in the near future and will update our customers as soon as it is setup. OK, no US banks. Any banks I could contact? We act as exchange operators, and the "exchange" companies are software providers to our financial company. If you used trading software, is your agreement with the software company that made the software or the broker that provides the software to you as a client. If you use online banking software provided by your bank to handle your banking needs do you interact directly with the software company that wrote the software for the banking platform? Of course not.
This is getting a bit silly. When I use my bank's software, I'm dealing with my bank. The [outside] firm providing banking software to my bank is not opening bank branches and calling itself "bank," while the exchange software providers are not starting their own exchanges while playing licensed brokers. No parallels whatsoever with your DIY exchanges functioning on open-source software (which you provide along with your "bank - escrow" service). McExchange Franchise model is amusing as a thought exercise, but I'm afraid no more than that. We provide exchange software developers to option to engage customers without holding money in their own account, but in an escrow account. An exchange software provider manages the software, they do not need to physically handle your money, they only need to run and manage the matching engine software.
"Physically handle [my] money"?! Unless you are expecting my bank to send used, nonsequential tens and twenties, you won't be physically handling it either. An exchange is an exchange, and the person selling unregistered securities on an unlicensed exchange is selling unregistered securities while running an unlicensed exchange. Regardless of who "escrows" the money. I don't particularly care if you break every law on the books, but don't kid your "clients." Think about coinfloor, a UK exchange that uses a money transmitter to hold the funds in escrow and receive and send them back and forth on behalf of their customers. We do the same thing, but on a global multi-currency platform.
... No. From a cursory look at the website, Coinfloor appears to be no different from other exchanges, it does not farm out AML requirements to third parties, or claim to be just a "software provider." Again, no parallels with what you are proposing. As I said, McExchange is an interesting hypothetical, and clever in a geeky, literalist sort'a way, but it's simply a nonstarter as a working, IRL proposition. Financial regulators simply don't share our sense of humor. |
|
|
|
|
|
Crypto Financial
|
|
May 28, 2014, 12:50:14 AM |
|
It is getting silly.
If you do not understand the way that we operate, please feel free to contact us by phone during our business hours 9-5 EST
T: +507-836-5226
Maybe we can explain our structure better.
Thank you,
CFIG
|
|
|
|
|
|
NotLambchop
|
|
May 28, 2014, 12:56:22 AM |
|
You are mistaken. I do understand how you operate, simply wish to share this understanding with your marks.
ty for your time.
|
|
|
|
|
standardcrypto
Newbie
Offline
Activity: 20
Merit: 0
|
|
May 31, 2014, 03:45:40 PM |
|
Load time for https://www.cryptocapital.co/is > 8 seconds, and there is no caching, so it's just as slow on the second load. This is basic stuff. I hope it isn't a sign of letting the small things slide because the big things are totally out of control... but some investors are going to see it that way. |
|
|
|
|
|
