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Author Topic: [Announcement] AutoMtGox automates conversion to USD from single bitcoin address  (Read 1311 times)
mdbitcoin
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August 15, 2011, 02:29:21 AM
 #1

http://www.automtgox.com/Content/img/automtgox%20logo%20sml.pnghttp://www.automtgox.com

AutoMtGox.com* opens today on a new domain. It started as a personal project, then expanded word-of-mouth as a private service to friends and friends-of-friends. Today it opens officially to the public on this new domain.

What it can be used for (after an initial setup of services) is make a single bitcoin address available that when bitcoins are received will automatically convert to US Dollars and transfer to your bank without you having to lift a finger or host any money on their site.

You can:

  • Point your pool miners to a single bitcoin address and have bitcoins convert directly to cash at regular intervals.
  • Accept bitcoins as payment/donation on your website and have payments to this bitcoin address automatically convert into a cash payment.
  • Or just set up the service so when you are ready to have bitcoins processed to your bank, all you have to do is manually send them from your wallet to the conversion address.

Yes, you can set minimums so bitcoins don't sell unless the exchange rate is convertible to profit. Yes, portions of received bitcoins can be transferred to another bitcoin wallet so they don't get converted. And yes, you can set a minimum before transfers are sent to your bank.

All it takes is a little initial set-up of accounts on different services.

Check out the set-up video on the website to see how to set up services for end-to-end conversion and transfer, and details how the service works. www.automtgox.com


* In the process of registering our application with MtGox, but not affiliated. Automatic currency conversion and transfer is managed using MtGox apis (thus the domain name).
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Kermee
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August 15, 2011, 08:30:19 AM
 #2

From your FAQ...

Quote
How much does AutoMtGox charge?

When new bitcoins are received into your MtGox account, AutoMtGox withdraws a % fee for monitoring and automation. That's less than a penny for every converted dollar. This fee covers the expense of supporting, operating and hosting this service.

... it states that it's less "than a penny for every converted dollar"...

I know that the fees for MtGox are 0.3%-0.65%; And if a user choose Dwolla, that's $0.25 USD per received TX.  I'm assuming you're not eating those charges. What is your fee on top of it if you're stating that it's "less than a penny for every converted dollar"?

-- At anyrate, very interesting service.  Good luck!

Cheers,
Kermee

mdbitcoin
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August 15, 2011, 09:37:21 AM
 #3

The quotation from the FAQ you noted above was an error on the page. The faq wasn't displaying the number before the percent. I just checked and its been fixed.

As I understand it, AutoMtGox connects to YOUR MtGox account via an API (kind of how MtGox mobile does), so the fees that MtGox or Dwolla charge are independent and still taken in their traditional ways, as they are your accounts.

Check the FAQ again for AutoMtGox's fee. I don't like posting facts like that on forums in case the information changes.
neofutur
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August 16, 2011, 07:31:31 PM
 #4


      Private, Registration  AUTOMTGOX.COM@domainsbyproxy.com

why use an anonymous whois ( I wont use it ) ?

mdbitcoin
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August 17, 2011, 12:01:47 AM
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I will pass your concern to the owner. I didn't know he did that. However, I'm betting the simple answer has more to do with the fact that his home address is his business address.

Still, your feedback is valuable. I'm sure other's share your concern.
mdbitcoin
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August 17, 2011, 12:20:39 AM
 #6

I've been thinking more about your concern...


May I ask what you perceive your risk to trying the service to be?

Correct me if I'm wrong, but whether the business address is known or unknown, if the service solves a personal need of yours, wouldn't it make sense to at least try it out with a few bitcoins ?

I mean, either the service will 1) do as advertised, or 2) it'll rob you blind.


Do you honestly think that a service that doesn't hold or keep your assets, that you can immediately revoke rights to, that you could easily shutdown with a few posts on the forums, that is constantly liquidating your assets so your balances are always kept minimal, ... could actually be motivated to rob you?


Even if AutoMtGox went down, all of a sudden, all your assets would still be available to only you on MtGox, not AutoMtGox.


I made sure that these risk concerns were built into a total solution, as they were my concerns as well. We recognize bitcoin users are jaded after the recent series of hacks and shutdowns, but we also recognize you're a highly intelligent crowd with a high aptitude to understand what you risk using a solution like this for. We expect you will recognize they are minimal, and that they can be further reduced through fine-tuning of your settings or limiting your transfer of bitcoins to our service.


I personally hope you guys will try the service. I've been using it for the past 2 months as a way to reduce my mining operation exposure to btc cost risk before I convinced the author to make the service available to the public.

There is no expectation we're going to get rich here. We just hope to make enough to pay for the service and provide a means to make bitcoins more accessible since it seems to be a big barrier to entry for some. We think the best way is by making bitcoins to US Dollars an easier transition and we know that better solutions will evolve beyond our complicated solution.

But we're offering it to you because, as far as we know, it's the only best solution right now.


So ... please help me help the community.
What do we need to do to convince everyone who'd be interested to try?
mdbitcoin
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August 17, 2011, 02:19:01 AM
 #7

If this helps, ...

http://en.bitcoin.it/wiki/User:Automtgox
mdbitcoin
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August 30, 2011, 09:06:50 PM
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Still going strong... I'm happy to report users of our service are on a slow rise.
TwistedPair
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September 02, 2011, 12:21:59 AM
 #9

Excellent idea, especially for merchants.

BitcoinNews.com
mdbitcoin
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September 06, 2011, 06:04:21 AM
 #10

If we receive more merchant interest, we'll provide additional features like email notification upon discovery of received bitcoins in account, and when conversion of cash occurred.

Clearly this isn't a full merchant cart solution, but it makes for an excellent staging area to test the concept of accepting bitcoins. A retail store owner can accept bitcoins and immediately reduce exposure to the volatility of the bitcoin market with full conversion to cash only taking a few minutes.

Right now, I use it for my mining for the same reason, to reduce exposure to this volatile market. I still keep bitcoins for other purposes and speculation, but I needed a continuous way to reduce risk.

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September 06, 2011, 07:38:45 AM
 #11

If we receive more merchant interest, we'll provide additional features like email notification upon discovery of received bitcoins in account, and when conversion of cash occurred.

Clearly this isn't a full merchant cart solution, but it makes for an excellent staging area to test the concept of accepting bitcoins. A retail store owner can accept bitcoins and immediately reduce exposure to the volatility of the bitcoin market with full conversion to cash only taking a few minutes.

Right now, I use it for my mining for the same reason, to reduce exposure to this volatile market. I still keep bitcoins for other purposes and speculation, but I needed a continuous way to reduce risk.



Cool idea. Has anyone been using these guys?
mdbitcoin
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September 12, 2011, 01:17:18 AM
 #12

Statistics show 8 active users. Active is defined as having actually exchanged Bitcoins to USD through our system. We've had a lot of new users recently join or begin testing but we shall see if they convert to active when exchange rates improve. I don't know how many have been from the forums.
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