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Author Topic: Flexcoin is LIVE to everyone!  (Read 11793 times)
the founder
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August 10, 2011, 08:05:12 PM
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The worlds first bitcoin bank has opened to the general public. The ewallet has been called one of the best services to the bitcoin community as it solves virtually all of the problems that hindered bitcoins from becoming more mainstream in commerce.

It’s a game changer in the bitcoin community.

It allows people to access their coins anywhere, hence now it’s not limited to the machine you installed the physical client on, as it can be accessed by your smartphone (turning your phone into your debit card).

The biggest story however is the land rush. Many view that flexcoin id’s are helpful for future e-commerce with bitcoins. So people are grabbing the best ID’s possible, and the demand has been high for a free flexcoin id.

Before flexcoin people had to send bitcoins to addresses like “17KxFiNCwDXdxDxUMhWb7RLj7REnSJ1M8P” after flexcoin an id such as “coffeeshop” would do the transfer. This simplifies commerce greatly, it allow is an instant transfer as compared to the traditional “next block wait” which could be between 10 minutes and 3 days depending if it was a small transaction with no miner fee.

Another advantage is that flexcoin pays discounts to account holders. This allows many to use it as a saving account for bitcoins.

Flexcoin solves the micro-payment problem. Since the 1990′s people wanted to be able to accept micro payments, but the credit card fees were way to high (it would cost 30 cents to accept 10 cents). Flexcoin solves that problem as flexcoin to flexcoin transfers are free (as well as instant) allowing for a newspaper to charge something tiny for an article, and be paid instantly and profitability.

Back to the id’s however. The demand is so high that it’s similar to a domain registration circa 1995. A flood of users have been looking for generic terms such as “coffeeshop” if their coffeshop wishes to accept bitcoins.

The company has been aware of the recent news regarding bitcoins and security, they spent large amounts of time and money on security. Though no service on earth is 100% safe, their service has been audited by professionals and hackers alike and has been given a clean bill of health and security. Another factor in trust since flexcoin is backed by Yooter InterActive Marketing a company that has fortune 500 firms as clients and has been in business for a decade, it allows for a level of trust not seen in the bitcoin community since it’s inception.

Regardless the site has allowed for registrations for the general public. Many are rushing to get the valuable flexcoin ID’s now.

The company stresses that it is not a true financial bank as legally defined, but it is a bitcoin bank as only bitcoins are accepted.

http://www.flexcoin.com

Contact US / TOS / Privacy Policy all located on drop down under FAQ.

Signup / Register / Activate all link to https secure

Enjoy .. Feedback... etc.

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August 10, 2011, 08:09:18 PM
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What kind of "cold storage" policy do you plan to implement?  In other words, what percentage of your bitcoin holdings do you anticipate keeping offline so it can't be hacked?

It wouldn't be terrible for someone, upon attempting a large withdrawal, to have to be told: "Your withdrawal will be performed within <timeframe> because it's over <limit> BTC and requires manual review and/or withdrawal from cold storage."  It would actually be a confidence booster.

And, huge pretty please..... do you have any plans to allow deposits from someone entering a Bitcoin private key?

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
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August 10, 2011, 08:16:16 PM
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What kind of "cold storage" policy do you plan to implement?  In other words, what percentage of your bitcoin holdings do you anticipate keeping offline so it can't be hacked?

We do have plans for offsite / offline storage... but we need to measure use and average trading vs just parking coins there to give a solid percentage.  Currently it's a very small base.. so we can answer this question better in a few weeks.

We are always looking into ways to better the service (IE: private keys),  but honestly on launch day we're still measuring traffic, and taking feedback (such as offline storage, keys, etc).


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August 10, 2011, 08:18:39 PM
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Thanks for the service.

1- Who is that happy girl at the homepage?
2- What is your business model? (i.e. how do you make money)
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August 10, 2011, 08:20:55 PM
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Thanks for the service.

1- Who is that happy girl at the homepage?
2- What is your business model? (i.e. how do you make money)

On the FAQ drop down the fee schedule which explains the model.

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August 10, 2011, 08:25:04 PM
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Do you offer merchant services for online shopping carts? 

Do you have any existing bitcoins (not customer coins) to back up customer bitcoins?

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August 10, 2011, 08:28:04 PM
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Got mine!

"smalleyster"

Feel like investing in a Miner?:
http://bitcointalk.org/index.php?topic=30044.msg377773#msg377773
A soup to nuts newbee system for a secure, portable USB wallet (free instructions):
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the founder
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August 10, 2011, 08:28:04 PM
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Do you offer merchant services for online shopping carts?  

Do you have any existing bitcoins (not customer coins) to back up customer bitcoins?

Merchant services (IE: an API) is being developed..

The TOS states that though we're exploring insurance options,  it's virtually impossible to get someone to insure them...  any ideas on that and i'll take them.


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August 10, 2011, 08:28:52 PM
 #9

The worlds first bitcoin bank has opened to the general public.

You are far from the first.  There is mybitcoin, mtgox, Tradehill, CampBX, VirtEx, etc.

Any service that stores coins is a bank.  

I'm into creating universes, smiting people, writing holy books and listening to prayers.
If you want your prayers answered, you must donate to 1CDyx8AUTiYXS1ThcBU3vy4SJWQq6pdFMH
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August 10, 2011, 08:29:11 PM
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On the FAQ drop down the fee schedule which explains the model.

You're right. Sorry, I didn't see it.

Well, it looks great Smiley Good luck!
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August 10, 2011, 08:29:42 PM
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...  it's virtually impossible to get someone to insure them...  any ideas on that and i'll take them.

Lloyds of London? They'll try almost anything.

Feel like investing in a Miner?:
http://bitcointalk.org/index.php?topic=30044.msg377773#msg377773
A soup to nuts newbee system for a secure, portable USB wallet (free instructions):
NoobHowTo: http://bitcointalk.org/index.php?topic=27088.msg341387#msg341387
casascius
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August 10, 2011, 08:31:27 PM
 #12

What kind of "cold storage" policy do you plan to implement?  In other words, what percentage of your bitcoin holdings do you anticipate keeping offline so it can't be hacked?

We do have plans for offsite / offline storage... but we need to measure use and average trading vs just parking coins there to give a solid percentage.  Currently it's a very small base.. so we can answer this question better in a few weeks.

We are always looking into ways to better the service (IE: private keys),  but honestly on launch day we're still measuring traffic, and taking feedback (such as offline storage, keys, etc).



I am sure you are plenty aware that security is a major concern of this entire community, and that a "we'll-do-that-later" security is frowned upon (except by prospective hackers).  I would recommend you publish some sort of policy right away.  Even a policy that includes "we'll have no cold storage whenever our holdings are less than X BTC, as they are right now" is better than no policy.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
the founder
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August 10, 2011, 08:32:20 PM
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There is a security document published,  FAQ / Drop Down / Security.


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August 10, 2011, 08:37:37 PM
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Do you offer merchant services for online shopping carts?  

Do you have any existing bitcoins (not customer coins) to back up customer bitcoins?

Merchant services (IE: an API) is being developed..

The TOS states that though we're exploring insurance options,  it's virtually impossible to get someone to insure them...  any ideas on that and i'll take them.



Simple idea.  Prove you have X (hopefully X > 1000) bitcoins available under your control that are not customer coins.  Keep those coins in 'cold storage'.  Have an operating corporate charter and presence in a country that is not designed to hide responsibility and identity.  This still insulates you in case of most accidental liability but allows the community to know you have some investment and who you really are.   

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August 10, 2011, 08:38:05 PM
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There is a security document published,  FAQ / Drop Down / Security.

Mildly iritating that I had to logout to get to the faq.

Feel like investing in a Miner?:
http://bitcointalk.org/index.php?topic=30044.msg377773#msg377773
A soup to nuts newbee system for a secure, portable USB wallet (free instructions):
NoobHowTo: http://bitcointalk.org/index.php?topic=27088.msg341387#msg341387
the founder
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August 10, 2011, 08:40:31 PM
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Mildly iritating that I had to logout to get to the faq.

It doesn't log you out for that,  After 5 minutes it kicks you out automatically for security purposes if no activity within the browser.



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Smalleyster
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August 10, 2011, 08:43:54 PM
 #17

I'm virtually blind and have to zoom in 3-5 times to see your text. Now the options on the FAQ overlap.

It appears the only way to take funds out is by BTC and it costs a minimum of .01btc or .5% whichever is greater?

Feel like investing in a Miner?:
http://bitcointalk.org/index.php?topic=30044.msg377773#msg377773
A soup to nuts newbee system for a secure, portable USB wallet (free instructions):
NoobHowTo: http://bitcointalk.org/index.php?topic=27088.msg341387#msg341387
the founder
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August 10, 2011, 08:49:25 PM
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I'm virtually blind and have to zoom in 3-5 times to see your text. Now the options on the FAQ overlap.

It appears the only way to take funds out is by BTC and it costs a minimum of .01btc or .5% whichever is greater?

Can you send me a screenshot, we can't duplicate the zooming error.

Correct,  it's the only way we can pay you discount payments.   We do not charge for bitcoin to flexcoin, flexcoin to flexcoin,  only flexcoin to bitcoin.

However the miner fees ARE INCLUDED in that charge .01 btc or .5%....  70% what's left after paying the miner are reimbursed back to all the account holders.




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Smalleyster
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August 10, 2011, 08:53:48 PM
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Uploaded with ImageShack.us

Feel like investing in a Miner?:
http://bitcointalk.org/index.php?topic=30044.msg377773#msg377773
A soup to nuts newbee system for a secure, portable USB wallet (free instructions):
NoobHowTo: http://bitcointalk.org/index.php?topic=27088.msg341387#msg341387
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August 10, 2011, 08:56:26 PM
 #20

For a while I had been thinking that you were running a mining pool too.  But when you say "miner fees", you mean transaction fees that flexcoin pays out when sending to non-flexcoin accounts.

p2pcoin: a USB/CD/PXE p2pool miner - 1N8ZXx2cuMzqBYSK72X4DAy1UdDbZQNPLf - todo
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