New National Radio ad on how to get Bitcoins with CASH!!

[cypherdoc]

Hello, I would like to make one correction. We allow cash deposits now at Bank of America and Wells Fargo and are working on adding more banks. We have discontinued Chase for reasons unrelated to our cash deposit feature.

We all have to thank Roger for his outstanding support of Bitcoin and we at ExchB feel honored to be mentioned in this first-of-its kind national radio ad campaign.

Sincerely,

David Sterry, President
ExchB: The 1st US BItcoin Exchange
https://www.exchangebitcoins.com

have you disclosed to these banks that the cash deposits are to be used to purchase Bitcoin?

[BkkCoins]

Would international branches of these banks also accept deposits? Just curious as there is probably one of them in Bangkok - though I haven't looked yet.

Edit: according to their web sites they have none. Maybe having an account at an international bank would be good. Like HSBC, UOB etc.

[evoorhees]

Well done Roger, you are truly an asset to the community. I'm a long time listener on Free Talk Live (knowing the hosts here in New Hampshire) and it always thrills me to hear Bitcoin ads =)

[theymos]

Transactions are not guaranteed to be free.

[Jeremy West spendbitcoins.com]

how long do you expect Wells and Chase to allow this?

I have no idea,  so I would like to have a backup radio ad ready.  Any good ideas for the next one?

http://spendbitcoins.com of course.

You're great, I love your continual support of bitcoins and the bitcoin economy!

[MemoryDealers]

Any ideas on how we can tell what kind results this new ad is having?
It is hard to know what kind of results advertising dollars are getting.

[aq]

If this ad is successful, I think the situation on on ExchB will be even worse. People who want Bitcoin have to pay some premium (some 5%) when buying on ExchB. Just have a look at http://bitcoincharts.com/charts/mtgoxUSD#kgexchbUSDzrg10zvztgMzm1g10zm2g25 to see it yourself. The reason for this? It is very difficult to get money out of ExchB, especially because there is no instant method available. As a result it seems most don't want to sell their coins at ExchB, even at the higher price, and thus as a result there is more demand (USD) than supply (BTC) at ExchB. So advertising ExchB could have the side effect of people discovering that ExchB is more expensive than other exchanges and hence don't buy bitcoins. IMO ExchB has to add some more depoit/withdraw options to be able to give their customers a fair price.

Edit: some current data

Current MtGox order book (selling)
4.88002   0.2281   0.2
4.9227   5.9200   6.1
4.92474   0.1400   6.3
4.92576   0.2442   6.5
4.92906   0.3000   6.8
4.93402   0.3000   7.1
4.93798   15.3100   22.4
4.93799   0.1800   22.6
4.938   45.4100   68.0

Current ExchB order book (selling)
Ask   BTC   Cumul   USD   Cumul   Average
$4.9645   0   0   0   0   $4.9645
$4.9926   0   0   0   0   $4.9854
$5.0534   0   0   0   0   $4.9935
$5.1144   0   0   0   1   $5.0538
$5.1515   1   1   5   6   $5.1357
$5.1704   0   1   0   6   $5.1361
$5.2018   0   1   1   6   $5.1451
$5.2522   0   1   1   8   $5.1609
$5.2900   16   17   85   92   $5.2791
$5.3000   60   77   318   410   $5.2953

So to buy a 50BTC once has to pay $4.938 at MtGox and $5.3 at ExchB

[the founder]

Nice.  Just curious, what is the relationship between MemoryDealers.com and exchangebitcoins.com?  Are you just buying advertising for them for free, or do you own a stake in this exchange?  Obviously its none of my business but like I said, curious.

I don't have any direct relationship with exchangebitcoins.com other than I met them at the NYC Bitcoin conference.

I'm just a fan of Bitcoins and how I think they will change the world.
I want to do everything I can to make those changes come sooner rather than later.


I'm just as happy to pay for a radio ad for mtgox,  or ruxum or any other Bitcoin business that I think would benefit.

I chose exchangebitcoins.com because of their ability to take cash deposits.
I suspect that will appeal to a lot of people around the country.


If you have an idea for any other great ads,  please post them here.  Lets make it happen!

Hi Roger,

 I met you too at the conference and shared a cab!  Get Flexcoin an ad

Best Regards,
Roger

[nefanon]

This is really exciting, I'm interested to know what kind of surge ExchangeBitcoins will get from this!

[Serge]

when is it scheduled to go live?

[weex]

People who want Bitcoin have to pay some premium (some 5%) when buying on ExchB.

Hello,

I just wanted to chime in and let people know we are definitely working on this as a top priority. We had some startup issues getting Paxum going but once our account is funded, prices should become similar to those found on other exchanges. Arbitrage bots are very effective at closing price gaps when funds can flow freely.

Thank you,

David Sterry, President
ExchB / ExchangeBitcoins.com

[MemoryDealers]

when is it scheduled to go live?

It has already been live for several days.
I will post some audio from it soon,  or you can just listen to the most recent show on www.freetalklive.com

[BitcoinPorn]

Any ideas on how we can tell what kind results this new ad is having?
It is hard to know what kind of results advertising dollars are getting.

When you do an ad like that, you have to assign some kind of trackable portion to the spot.  A specific link to go to on Bitcoin that you know only people hearing that spot would know about, something along that way of thinking, but you can obviously get more creative.

[MemoryDealers]

If this ad is successful, I think the situation on on ExchB will be even worse. People who want Bitcoin have to pay some premium (some 5%) when buying on ExchB. Just have a look at http://bitcoincharts.com/charts/mtgoxUSD#kgexchbUSDzrg10zvztgMzm1g10zm2g25 to see it yourself. The reason for this? It is very difficult to get money out of ExchB, especially because there is no instant method available. As a result it seems most don't want to sell their coins at ExchB, even at the higher price, and thus as a result there is more demand (USD) than supply (BTC) at ExchB. So advertising ExchB could have the side effect of people discovering that ExchB is more expensive than other exchanges and hence don't buy bitcoins. IMO ExchB has to add some more depoit/withdraw options to be able to give their customers a fair price.

Edit: some current data

Current MtGox order book (selling)
4.88002   0.2281   0.2
4.9227   5.9200   6.1
4.92474   0.1400   6.3
4.92576   0.2442   6.5
4.92906   0.3000   6.8
4.93402   0.3000   7.1
4.93798   15.3100   22.4
4.93799   0.1800   22.6
4.938   45.4100   68.0

Current ExchB order book (selling)
Ask   BTC   Cumul   USD   Cumul   Average
$4.9645   0   0   0   0   $4.9645
$4.9926   0   0   0   0   $4.9854
$5.0534   0   0   0   0   $4.9935
$5.1144   0   0   0   1   $5.0538
$5.1515   1   1   5   6   $5.1357
$5.1704   0   1   0   6   $5.1361
$5.2018   0   1   1   6   $5.1451
$5.2522   0   1   1   8   $5.1609
$5.2900   16   17   85   92   $5.2791
$5.3000   60   77   318   410   $5.2953

So to buy a 50BTC once has to pay $4.938 at MtGox and $5.3 at ExchB

Can you list exactly what additional withdrawal methods you would like to see?

[aq]

People who want Bitcoin have to pay some premium (some 5%) when buying on ExchB.

Hello,

I just wanted to chime in and let people know we are definitely working on this as a top priority. We had some startup issues getting Paxum going but once our account is funded, prices should become similar to those found on other exchanges. Arbitrage bots are very effective at closing price gaps when funds can flow freely.

Thank you,

David Sterry, President
ExchB / ExchangeBitcoins.com

Can you list exactly what additional withdrawal methods you would like to see?

It is not about me, it is what David wrote. Once ExchB has some low cost instant fund/withdraw methods, arbitrage bots will sync the price with MtGox/Tradehill. Right now it lists Paxum and Dwolla, both disabled. I guess that enabling Paxum (depending on the actual delay) could work for this, but we will see.

[MemoryDealers]

Here is a copy of one of the actual live reads from the radio show.

http://www.youtube.com/watch?v=S_tWJ5HgS8g

Entire show episodes can be found at www.freetalklive.com

I also noticed that they are advertising a bitcoin poker site now as well.
They are how I first heard about Bitcoins.

Thanks Free Talk Live!

[cypherdoc]

first of all, i would like to thank Weex for providing another method for trading Bitcoins.  this is certainly along the lines of what we need.

however, his lack of response to my question about whether or not ExchB has notified BofA or WFC about the nature of its business in trading Bitcoins leads me to assume that they have not done so.

my fear is that this turns out to be another black eye for Bitcoin if and when these same banks potentially eliminate their business model.

i'm open to being corrected.