TradeHill - Why we no longer accept Dwolla and an open letter to Ben Milne

[aq]

As an account executive and analyst in VC world of Silicon Valley it is my job to find  potential new investments and more so in vetting them out.

Guys, it could be that BitcoinEXpress already recommended Dwolla to some of those investors, and is now trying to minimize damage to Dwolla, and  his own recommendation.

[Raoul Duke]

So....did everyone else get a "customer service check-up" call from Dwolla just to make sure that they're happy with the service? I assume it's just coincidence that I get this call less than 24 hours after I posted the comment that's been screen-captured earlier in this thread on their Facebook page....

They should've made that call to TradeHill as they are/were one of their biggest customers...  
WTF   Am I the only one to see the stupidity in this? Please tell me I'm not crazy...  

[Mistafreeze]

So....did everyone else get a "customer service check-up" call from Dwolla just to make sure that they're happy with the service? I assume it's just coincidence that I get this call less than 24 hours after I posted the comment that's been screen-captured earlier in this thread on their Facebook page....

They should've made that call to TradeHill as they are/were one of their biggest customers...  
WTF   Am I the only one to see the stupidity in this? Please tell me I'm not crazy...  

Exactly why I'm asking.

[wolftaur]

I've been a TradeHill booster since the day they launched, and their transparency only increases my loyalty.

I'm not a customer, but I do appreciate the service they did to the community by issuing a public warning, even when it was potentially detrimental to their business by calling into question whether they were now fractional reserve...

As such, when I am looking for an exchange to sell on, I will be giving very serious consideration to them. Thumbs-up to Jered for the honesty and open disclosure!

[w1R903]

As someone who has done a lot of business with Dwolla, and some with Tradehill, I will say categorically that if BitcoinEXpress's attitude represents the established, "VC" way of doing business, and if Dwolla is adhering to that model, I will have no hesitation about taking my custom with Dwolla elsewhere.  I'm also saying this as someone who has seriously considering using Dwolla's API in a business product.  BitcoinEXpress is spouting off about Business 101, but as Michael Dell can tell you from bitter experience, Rule No. 1 is to communicate with your customers.  TradeHill is communicating clearly with their customers. Dwolla seems more interested in hiding and/or communicating via what appears to be a sock puppet.  I know Dwolla is reading this thread, why not explain your side?  Hundreds, perhaps thousands of your customers are interested and listening.  

I suspect that I know at least partially the answer to my question, which is that Dwolla is loath to associate themselves in public with the very instrument that played a major role in putting them over that million USD per day transaction mark: Bitcoin.  That and the fact that they clearly do chargebacks in spite of what they told their merchants.  And that they want to stick Trade Hill with the bill for the fraud committed against Dwolla.

[Jaime Frontero]

I know Dwolla is reading this thread, why not explain your side?  Hundreds, perhaps thousands of your customers are interested and listening.  

they are afraid.  clearly.

[Raoul Duke]

@Hugolp
Are you speaking as a member or a mod?

Clearly you are not very smart...

Taken from hugolp signature:

My opinions and commentaries are always as a simple user of this forum. If I am talking as a moderator it will be clearly noted.

OMFG, what a tool you are, BitcoinEXpress... May god have mercy on you...

[Jaime Frontero]

...but by Jered's own admission he never talked to Dwolla.

what a bunch of self-serving crap.

by jered's own admission - since you appear to be somewhat reading-challenged - he never talked to dwolla because they wouldn't respond to more than a dozen each of phone calls and emails.

[deadserious]

There's a lot more in play here than the elementary understanding you guys have of how this works.

Spoken like someone who wants people to think they know more than they really do.

[indio007]

Notice how this thread has gotten derailed from the main topic? Now we are talking about Vulture capitalists.
The fact is Dwolla just added a previously undisclosed risk to any transaction through their service. That is undeniable fact.
bitcoin2Cash seems like the most reliable place ATM. Hope to god they don't use Dwolla themselves.

[Smalleyster]

Wreckless at best. BTW I work on Sand Hill Road in Menlo Park and I know that has VC meaning to you. I'm no dummy.
...
Once again, if you're smart, you'll stop the public whining and settle this quietly.

Be very careful with this guy. I remember him being "less than helpful" in other threads.

[Newton]

Now it's clear, so you don't have enough funding to insulate your customer's funds from your operational account. Dwolla withdrew or debited your account which essentially was your customer's money. Not a very smart way to do business. Wreckless at best.

Needs some more explanation I'm not sure what this means.

- Why would general funding be in the same account as customer deposits from dwolla?
- What is the smart way to do business?
- What is "reckless" about this?

[casascius]

It's that I want people to think I know more, it's just that I do know more about the VC world than 99.99999% of you posting here.
I know for fact TradeHill is trying to for VC in the Valley.

Am I wrong Jered?

Jered aka TradeHill was reacting emotionally and not really considering the overall consequences. I can assure you he is rethinking his plan in dealing with Dwolla.

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BitcoinEXpress, you sound like a complete douche.  People actually succeed in creating businesses from the ground up without needing to wear the feces of your hoity toity buddies in your own little "world" on their lips.  I don't normally use much profanity in my postings on here but here goes: fuck off.

TradeHill, +100 respect.  Thanks for doing the right thing.
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[bbit]

There's a lot more in play here than the elementary understanding you guys have of how this works.

Spoken like someone who wants people to think they know more than they really do.

It's that I want people to think I know more, it's just that I do know more about the VC world than 99.99999% of you posting here.
I know for fact TradeHill is trying to for VC in the Valley.

Am I wrong Jered?

Jered aka TradeHill was reacting emotionally and not really considering the overall consequences. I can assure you he is rethinking his plan in dealing with Dwolla.

BitcoinExpress why don't you be transparent and really tell people who you are and what your involvement is - are you just a shill for dwolla or do you have some kind of financial motive here ?  the facts are un-deniable  Dwolla f'up'd and is making it worst by doing nothing about it ?

[dacoinminster]

I know we aren't supposed to feed the trolls, but . . .

It's really fun to gang up on the guy nobody likes and deliver a virtual beating from all sides. It really helps let out some of the tension.

[bbit]

I know we aren't supposed to feed the trolls, but . . .

It's really fun to gang up on the guy nobody likes and deliver a virtual beating from all sides. It really helps let out some of the tension.

+1 lol

[hugolp]

the facts are un-deniable  Dwolla f'up'd and is making it worst by doing nothing about it ?

To be fair, Bruce has said the CEO from Dwolla will be on his program: http://forum.bitcoin.org/index.php?topic=5952.msg403956#msg403956

Im waiting for the episode to be aired to get their side of the story, but, honestly, it does not look very good for them.

[coblee]

It's that I want people to think I know more, it's just that I do know more about the VC world than 99.99999% of you posting here.

Wouldn't a VC be aware of the significance of each digit?  There are not one hundred thousand people posting here - should have simply put 100%. The fact that you made up a number shows me you know little about money, and in fact are just a troll trying to protect Dwolla's fraud.  

PSY, I wish you would determine this guy's forum worth as a mod, and act on it.  

Actually 99.99999% means that out of 10 million people, he would know the most about the VC world. Let's see... population of US is a bit over 300 million. That means in all of US, there's only about 30 people that knows more about the VC world than him. I call bullshit!

BitcoinEXpress, either your math is bad or you are a super VC. If the latter, who are you, and which VC firm do you work for? If the former, then try not to fund a startup a billion dollars when you meant to fund them a million dollars. :p

[aq]

This will be the last post I make in this thread.

Best of luck BitcoinEXpress, I'm glad you took the advice.

[coblee]

This will be the last post I make in this thread.

Best of luck BitcoinEXpress, I'm glad you took the advice.

LOL! Now that was funny!