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Author Topic: Is FastCash4Bitcoins ever coming back?  (Read 1120 times)
PuertoLibre
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August 17, 2013, 11:05:59 PM
 #1

@ DeathAndTaxes

Is your company ever planning to make a come back?

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DeathAndTaxes
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Gerald Davis


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August 17, 2013, 11:11:37 PM
 #2

Yes.  The newly formed subsidiaries which will handle the exchange related business are setup and I finally got bank accounts done properly.  Working capital has been transferred from TC, LLC to the subsidiaries, and we have been doing internal testing of payment processing.  There will be a small private beta launching within a week to ensure we have a smooth (re)launch.  Tentatively I am looking at the new site being open to the public* by September 2nd.  There should be an official update by the company on Monday.  


* With the exception of clients in the states of VA, NY, and CA at this time.
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August 17, 2013, 11:39:04 PM
 #3

Wishing you the Best of Luck !!!!!!!!!!!!! Looking forward to you opening soon  Cool

"If you run into an asshole in the morning, you ran into an asshole. If you run into assholes all day long, you are the asshole."  -Raylan Givens
Got GOXXED ?? https://www.youtube.com/watch?v=9KiqRpPiJAU&feature=youtu.be
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August 27, 2013, 05:00:59 PM
 #4

Does this have the potential to affect you?

http://www.reddit.com/r/Bitcoin/comments/1jwnqq/do_not_order_from_coinabulcom_at_the_moment_the/

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DeathAndTaxes
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Gerald Davis


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August 27, 2013, 07:18:01 PM
 #5


I don't want to speak bad about other companies however Coinabul's issues don't seem to have effected other merchants even other bitcoin bullion merchants.  The fact that they are not an MSB (FinCEN clearly excludes those who sell goods or services for BTC) and has had a history of delivery problems makes me think there may be more going on there.  I am not sure why they would even notify their bank about Bitcoin they could just use a payment processor like coinbase or bitpay.  

As far as banks disliking MSBs, that portion is correct and they let us known with the banking fees we pay.  At our peak before closing we were paying close to $4,000 a month in banking fees.  One bank (which I will not name to protect the guilty) charged us $120 an hour to review our AML plan .... and took 20 hours (or so they say).  They also require the AML plan to be reviewed annually.  Banks .... what a business.  We have also had banks close our accounts in the past without reason or appeal and I have no doubt it will happen in the future.  Banks aren't required to provide a reason for closing accounts and anything which their models perceive as high risk can result in a closure.  We use multiple banks and try to keep them informed but it is always a risk. 
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August 27, 2013, 10:36:54 PM
 #6

Any thoughts on this recent development?

FinCen Has Ruled That Miners that Convert Their Bitcoins to Money are Transmitters...

http://www.coindesk.com/bitcoin-law-what-us-businesses-need-to-know/

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Worldcore
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DeathAndTaxes
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Gerald Davis


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August 27, 2013, 10:44:37 PM
 #7

Any thoughts on this recent development?

FinCen Has Ruled That Miners that Convert Their Bitcoins to Money are Transmitters...

http://www.coindesk.com/bitcoin-law-what-us-businesses-need-to-know/

None of that is particularly new although I am glad Marco Santori did a review.  There are a lot of issues with FinCEN's guidance and especially the miner portion would indicate a complete lack of understanding by FinCEN on how the network operates and how silly their "guidance is".  To illustrate the point FinCEN provides no exemption for a miner exchanging using a registered MSB.  Thus by the (ludacris) letter of FinCEN guidance a miner selling coins on MtGox would still need to register as a MSB even if MtGox was registered as a MSB.  The silliest part is that as a MSB the miner would need to collect and retain KYC information from their client which would be MtGox.  Can you see MtGox sending certified identity documents to every miner who is registered as a MSB.  If the miner registered and then didn't collect identity documentation it would be a violation of the BSA (a criminal offense).

At this point it is just a big ball of stupidity.  FinCEN opened fire with both barrels without aiming.  Still that is the fun of being on the cutting edge of bureaucracy. 
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August 28, 2013, 01:27:55 PM
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Yes.  The newly formed subsidiaries which will handle the exchange related business are setup and I finally got bank accounts done properly.  Working capital has been transferred from TC, LLC to the subsidiaries, and we have been doing internal testing of payment processing.  There will be a small private beta launching within a week to ensure we have a smooth (re)launch.  Tentatively I am looking at the new site being open to the public* by September 2nd.  There should be an official update by the company on Monday.  


* With the exception of clients in the states of VA, NY, and CA at this time.

Is that September 2nd plan still valid?

DeathAndTaxes
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Gerald Davis


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August 28, 2013, 03:54:58 PM
 #9

Yes.  The newly formed subsidiaries which will handle the exchange related business are setup and I finally got bank accounts done properly.  Working capital has been transferred from TC, LLC to the subsidiaries, and we have been doing internal testing of payment processing.  There will be a small private beta launching within a week to ensure we have a smooth (re)launch.  Tentatively I am looking at the new site being open to the public* by September 2nd.  There should be an official update by the company on Monday. 


* With the exception of clients in the states of VA, NY, and CA at this time.

Is that September 2nd plan still valid?

Yes.
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August 28, 2013, 04:19:44 PM
 #10

Yes.  The newly formed subsidiaries which will handle the exchange related business are setup and I finally got bank accounts done properly.  Working capital has been transferred from TC, LLC to the subsidiaries, and we have been doing internal testing of payment processing.  There will be a small private beta launching within a week to ensure we have a smooth (re)launch.  Tentatively I am looking at the new site being open to the public* by September 2nd.  There should be an official update by the company on Monday. 


* With the exception of clients in the states of VA, NY, and CA at this time.

Is that September 2nd plan still valid?

Yes.

Out of curiosity, which exchange prices will you be following?
DeathAndTaxes
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Gerald Davis


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August 28, 2013, 05:00:03 PM
 #11

Yes.  The newly formed subsidiaries which will handle the exchange related business are setup and I finally got bank accounts done properly.  Working capital has been transferred from TC, LLC to the subsidiaries, and we have been doing internal testing of payment processing.  There will be a small private beta launching within a week to ensure we have a smooth (re)launch.  Tentatively I am looking at the new site being open to the public* by September 2nd.  There should be an official update by the company on Monday. 


* With the exception of clients in the states of VA, NY, and CA at this time.

Is that September 2nd plan still valid?

Yes.

Out of curiosity, which exchange prices will you be following?

We have always used our own rates that don't necessarily correlate to any particular exchange.  We offer a clients a guaranteed price up front and if they want to sell they transfer the coins to us.
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September 03, 2013, 08:00:28 PM
 #12

* With the exception of clients in the states of VA, NY, and CA at this time.

With most banks having branches in multiple states, are there restrictions from me opening a Wells Fargo account in, oh say, Nevada with my California address?  [Update: Or is it the address of the customer and not the location of the home branch that determines the state, as far as FastCash4Bitcoins is concerned?]

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Gerald Davis


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September 03, 2013, 08:54:35 PM
 #13

* With the exception of clients in the states of VA, NY, and CA at this time.

With most banks having branches in multiple states, are there restrictions from me opening a Wells Fargo account in, oh say, Nevada with my California address?  [Update: Or is it the address of the customer and not the location of the home branch that determines the state, as far as FastCash4Bitcoins is concerned?]

As advised by legal counsel, it is the residence of the entities involved in the transaction (North American Cryptographics, LLC & the customer) that is material.
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September 04, 2013, 04:05:08 PM
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was the relaunch delayed or is there a different URL?
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September 06, 2013, 01:09:10 PM
 #15

Wondering the same.

Tired of substandard power distribution in your ASIC setup???   Chris' Custom Cablez will get you sorted out right!  No job too hard so PM me for a quote
Check my products or ask a question here: https://bitcointalk.org/index.php?topic=74397.0
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Gerald Davis


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September 06, 2013, 05:26:37 PM
 #16

was the relaunch delayed or is there a different URL?

Wondering the same.

The launch is currently in private beta.  We have encountered some issues in the private beta which need to be resolved before we go public. I also had to take some time off unexpectedly for personal reasons which has slowed progress.  I don't want to provide a date but
a) it will be "soonish"
b) there will be a new url
c) you won't miss it


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September 08, 2013, 04:56:42 PM
 #17

Can someone tell me what was this site?

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September 09, 2013, 01:14:52 AM
 #18

imho, fastcash was THE best way to quickly and reliably sell bitcoins.  Wire, company check or paypal.  Awesome company.
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