To the owner of http://www.flexcoin.com/, A Scamming site

[qikaifu]

YOU are trying to make a banking service.
You're not a hacker anymore.
You should make people TRUST you!

You don't even show people your identity, address, etc.
Do you think you're selling porn movie with bitcoin?
NO, you're doing bank business!!!
you should let people trust you!


And to the other people who see this post, please never, ever trust such site who's running by a private person.

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[BitcoinPorn]

I thought the big draws of Bitcoin is the privacy.

Either way, the person is putting themselves out there in the social media world, why must you know their private information to do business with them?

Also, I am only playing devil's advocate here, I personally would of course not trust that shit, but to say that is not trustworthy only because the person wishes to remain private, that is wrong.

[the founder]

I am the owner of flexcoin ...

I'm completely out in the open...  there's nothing hidden about the site, or the owner.. as clearly I am replying to you... 

If you don't trust the service.. then don't use it... if you feel that it's helpful to have a central place to store your coins.. then do...  most likely in the next few months 200 of these banks will show up... pick any of them.. or none of them...   

You can store your bitcoins on a thumb drive and hide it under your mattress..   or you can use them to grow the bitcoin economy...  your choice..and no one is forcing you either way.

I could have picked a generic host....  I could have hid the whois.. or put garbage info up there...  there's 1000 ways I could have hid my identity...   but I didn't....

Make your own decision.... 

[Shortline]

Thread about taking shortcuts and credibility.

Exclusively uses ellipsis instead of periods.

Irony overload.

[BitcoinPorn]

Thread about taking shortcuts and credibility.

Exclusively uses ellipsis instead of periods.

Irony overload.

hahaha, didn't even notice.  So nice.

[SgtSpike]

Code:

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   Domain Services Provided By:
      Domain Bank, support@domainbank.com
      http://www.domainbank.com

Registrant:
   Yooter
   One South Second Street
   Pottsville, PA  17901
   US

   Registrar: DOMAINBANK
   Domain Name: FLEXCOIN.COM
      Created on: 09-JUN-11
      Expires on: 09-JUN-12
      Last Updated on: 09-JUN-11

   Administrative, Technical Contact:
      Wehbe, Roger  president@yooter.com
      Yooter
      One South Second Street
      Pottsville, PA  17901
      US
      610-762-2156


   Domain servers in listed order:
      NS1.YOOTER.NET
      NS2.YOOTER.NET
      NS3.YOOTER.NET

End of Whois Information
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[BitQuestr (BitCoinWorldMarket)]

Hmm. Not to be overly critical, I think a bitcoin bank is a great idea, but if my $USD financial institution in the FAQ told me:

A: Try not to think of us as a traditional bank – we’re not.  We don’t take in bitcoins and loan them out on the other side to turn a profit.  We’re the world’s first bitcoin bank.  There are many different ways we can generate interest for our account holders.  Think outside the box.

I have to admit it wouldn't make me feel very secure. Personally I want my banker to have ZERO imagination when it comes to my funds. And I of course would want to know exactly where and how my money was being used. Especially when there is no FDIC to insure it.

Good luck with your business, I think it could be really amazing. I hope you come out with more details as the project progresses.

[abednego]

Um... they pay interest?   Interest on what?  Are they selling loans at a higher interest rate like a real bank does?  That is how banks work.  This site doesn't go into any detail about their business model or how the interest is being generated.

Total, complete, scam.

[the founder]

My company built it..  completely legit...

We use the word "interest"  but generally it's called dividends for traditional banking...  we're building a mining cluster and we're selling limited ads on the site for BTC.. and in the future we might charge OPTIONAL priority transaction fees.. part of the proceeds from those channels go back to the individuals in the form of interest / dividends.

if you don't want to use it... then don't...  honestly it doesn't matter...  considering you most likely don't have an invite.. and don't know enough about it to actually make that statement.

 

[BitQuestr (BitCoinWorldMarket)]

I think as a business owner you are missing some important customer feedback.

Instead of responding to our statements as "if you don't want to use it... then don't...  honestly it doesn't matter...  considering you most likely don't have an invite.."

Perhaps you could address the underlying concerns people have:

1. Transparency on where the dividends come from.

2. Professionalism in communication to promote trust.

3. Security of their funds.


The business plan you laid out makes sense. However it doesn't answer some details such as how will the dividends be dispersed? How many people will you accept? Will dividends payouts be affected by how many people you have enrolled and if more people enroll will the dividends decrease?

The more information you reveal to potential customers the more trust you will secure. In a business you are proposing trust is more than paramount.

[wujh]

looks lime a ponzi scheme.

You know, Ponzi earned a lot of money by internationally arbitrage the stamps and paid interest to the investors. So you must have a same magical idea?

This kind of guy even get a whitelist. Who the hell is running this forum?

[marcusaurelius]

#1: what makes you a bank anymore than mybitcoin or instawallet or even mtgox? why are you the FIRST bitcoin bank?

#2:

A: Try not to think of us as a traditional bank – we’re not.  We don’t take in bitcoins and loan them out on the other side to turn a profit.  We’re the world’s first bitcoin bank.  There are many different ways we can generate interest for our account holders.  Think outside the box.

So you just keep my money for me? Not loan it out? What is your incentive then?
You give interest? How is that financed? You just a nice guy, giving out bitcoins?

I am highly sceptical of whoever is - on asking them how their stuff works - tell me "think outside the box", as if the burden lay on my side, as if i am to blame for not imagining their business model.

[iddo]

The business plan you laid out makes sense. However it doesn't answer some details such as how will the dividends be dispersed? How many people will you accept? Will dividends payouts be affected by how many people you have enrolled and if more people enroll will the dividends decrease?

According to the FAQ on his website, his business plan is that you send your bitcoins to him, and then (assuming he won't simply disappear along with your bitcoins) you will have to pay him a fee for the privilege of sending your bitcoins to someone else, and he will divvy up the profits made from these fees between himself and you and his other customers.

You are willing to vouch for this business plan?! I watched you promoting BitCoinWorldMarket on youtube bitcoin show 020, and you didn't sound like someone gullible enough to say that this business plan makes sense. Especially since the service that he provides is completely worthless, you could store your encrypted wallet (official bitcoin client v0.4 format) as e.g. dropbox public link, then access it from anywhere and use an app or website to make payments by providing your passphrase, without giving away control over your bitcoins to flexcoin or anyone else.

[bitlane]

And to the other people who see this post, please never, ever trust such site who's running by a private person.

You are absolutely correct. If this financial world in general has taught us one thing, it is that it's better to spread the accountability and trust a nameless/faceless corporation with your money/investments 

To the other people reading this post, please never, ever trust such a person who's only contribution to a community is criticism of other's attemps with no other contributions to speak of, or to call their own.

[BitQuestr (BitCoinWorldMarket)]

iddo,

I said his business plan made sense. That doesn't mean that I agree with it, support it, or vouch for it. A ponzi scheme makes sense too. That doesn't mean I'd put my money into it.

I am always willing to give new businesses a fair shake before I immediately call them a scam. It doesn't mean I support them or vouch for them.

After looking at the website again some of the offending language has been removed. I also see more information about where the interest is coming from. What I don't see is what percentage of fees and income is paid out to customers nor do I see a lot about security which troubles me.

Am I going to store my bitcoin there? No.

Do I think he is a scam, I don't know, I reserve judgement. His posts seem very defensive but that alone doesn't reflect on his business ethics.

Only time will tell whether he is successful and what his business practices are. In the end it will really just matter if what he offers appeals to people and they get value out of it. He will either gain his customers trust or not.

[bitlane]

Let's face it. EVERYTHING in the Bitcoin realm can be considered or suspected of being a SCAM due to the fact that there is ZERO recourse for unhappy patrons of bitcoin-purchased goods and services, due to the lack of a higher authority to complain to in case of wrong doing. Everything will be built on TRUST and REPUTATION so let people build on that, wether it be positive or negative before pasing judgement.

Long story short - those who live in glass houses should not throw stones.