Flexcoin Payments went out

[the founder]

Payments went out to flexcoin account holders today.   

It was a somewhat larger payment than normal due to the higher levels of transactions.

[hazek]

Have you picked up on the new transparency trend getting started by MtGox yet? Have you thought about being more transparent in order to better promote and raise the confidence in your services?

Here is my list of suggestions I gave to cryptoxchange, ICBIT and that mtgox has just implemented:

Have a transparency page that shows:
-how many users are signed up
-how many of them active in the last 1/7/30 days
-how much fiat is deposited
-how much btc is deposited
-show volume of new deposits for 1/7/30 days periods
-show volume of new withdrawals for 1/7/30 days periods
-show all orders, all of them, none of the dark bs
-show us your entire profit history
-show us the entire costs of running your business
-show us everything, be as transparent as you can without it becoming a security risk

Of course the fiat part doesn't apply to you but the general idea of transparency does so I really hope you'll consider making a step in that direction. Cheers!

[Nicolai Larsen]

Have you picked up on the new transparency trend getting started by MtGox yet? Have you thought about being more transparent in order to better promote and raise the confidence in your services?

Here is my list of suggestions I gave to cryptoxchange, ICBIT and that mtgox has just implemented:

Have a transparency page that shows:
-how many users are signed up
-how many of them active in the last 1/7/30 days
-how much fiat is deposited
-how much btc is deposited
-show volume of new deposits for 1/7/30 days periods
-show volume of new withdrawals for 1/7/30 days periods
-show all orders, all of them, none of the dark bs
-show us your entire profit history
-show us the entire costs of running your business
-show us everything, be as transparent as you can without it becoming a security risk

Of course the fiat part doesn't apply to you but the general idea of transparency does so I really hope you'll consider making a step in that direction. Cheers!

Very nice list of suggestions!

[RaggedMonk]

Payments went out to flexcoin account holders today.   

It was a somewhat larger payment than normal due to the higher levels of transactions.

Larger than normal?  Does that mean 1BTC split 100 ways, up from 0.5BTC? 

This is meaningless, and makes me continue to think your business is a joke.

[D.H.]

Payments went out to flexcoin account holders today.   

It was a somewhat larger payment than normal due to the higher levels of transactions.

Is this really worthy of a new forum thread? Seems like something that should be sent in an e-mail to your customers.

[Nicolai Larsen]

Payments went out to flexcoin account holders today.   

It was a somewhat larger payment than normal due to the higher levels of transactions.

Is this really worthy of a new forum thread? Seems like something that should be sent in an e-mail to your customers.

Easy advertisement?

[the founder]

This is meaningless, and makes me continue to think your business is a joke.

I love the level of support people give for bitcoin businesses...  lol!

[Nicolai Larsen]

This is meaningless, and makes me continue to think your business is a joke.

I love the level of support people give for bitcoin businesses...  lol!

Maybe he's jealous? ^^

[the founder]

Maybe he's jealous? ^^

I am not even going to speculate.

[RaggedMonk]

This is meaningless, and makes me continue to think your business is a joke.

I love the level of support people give for bitcoin businesses...  lol!

What is the interest rate return that you distributed?

The nice thing about bitcoin is that you can secure them yourself without the need for a bank.  You are trying to make a bitcoin bank, so unless you are returning a good rate, I don't see the point of your business. 

And from the fact that you are not forthcoming with your rate of return, I am guessing it is not that impressive.  Prove me wrong?

[MaxSan]

Im sure his rate of return has been stated multiple times. If you look at how his system works, its a great idea and viable.

People run a good system and others choose to knock it down, although I do agree a new thread isnt required xP

[RaggedMonk]

Im sure his rate of return has been stated multiple times. If you look at how his system works, its a great idea and viable.

People run a good system and others choose to knock it down, although I do agree a new thread isnt required xP

I can't find it in this thread or on their site.  Can you find it?

[Nicolai Larsen]

Im sure his rate of return has been stated multiple times. If you look at how his system works, its a great idea and viable.

People run a good system and others choose to knock it down, although I do agree a new thread isnt required xP

I can't find it in this thread or on their site.  Can you find it?

Discount Payout:
70% of the fees collected are disbursed to the account holders as discount payments on any fees already paid or any potential future fees, based on the following formula…

(your account balance / total balance of all flexcoin accounts) * ((all fees collected – miner fees) * 0.7)

http://www.flexcoin.com/?page_id=148

[RaggedMonk]

Discount Payout:
70% of the fees collected are disbursed to the account holders as discount payments on any fees already paid or any potential future fees, based on the following formula…

(your account balance / total balance of all flexcoin accounts) * ((all fees collected – miner fees) * 0.7)

http://www.flexcoin.com/?page_id=148

Thanks for finding the formula for me.

I wonder what kind of fee volume flexcoin is making.   I would guess returns are a fraction of 1%.

[nhodges]

Discount Payout:
70% of the fees collected are disbursed to the account holders as discount payments on any fees already paid or any potential future fees, based on the following formula…

(your account balance / total balance of all flexcoin accounts) * ((all fees collected – miner fees) * 0.7)

http://www.flexcoin.com/?page_id=148

Thanks for finding the formula for me.

I wonder what kind of fee volume flexcoin is making.   I would guess returns are a fraction of 1%.

I've been a customer since he opened, here's what the historical payout looks like. You do the math.

[RaggedMonk]

My math says total dividends are 0.01274115

Am I reading it right: you deposited 0.68btc in july?

If so, that is almost a 2% return in ~6months.  Not too shabby.  Criticism withdrawn.  I wonder why flexcoin doesn't publicize these numbers better.

[nhodges]

My math says total dividends are 0.01274115

Am I reading it right: you deposited 0.68btc in july?

If so, that is almost a 2% return in ~6months.  Not too shabby.  Criticism withdrawn.  I wonder why flexcoin doesn't publicize these numbers better.

Correct, I deposited .68 right when they opened. I believe this is pretty much on par with bitscalper's payout, except it's being operated by a legitimate company who is not risking your funds. (They only make money / pay dividends based on inner-network transactions.)

[nmat]

Correct, I deposited .68 right when they opened. I believe this is pretty much on par with bitscalper's payout, except it's being operated by a legitimate company who is not risking your funds. (They only make money / pay dividends based on inner-network transactions.)

bitscalper claims up to 5% per day. Also, don't forget that you pay 0.01 BTC (or 0.5%, if it's larger) to withdraw from flexcoin.

[nhodges]

Correct, I deposited .68 right when they opened. I believe this is pretty much on par with bitscalper's payout, except it's being operated by a legitimate company who is not risking your funds. (They only make money / pay dividends based on inner-network transactions.)

bitscalper claims up to 5% per day. Also, don't forget that you pay 0.01 BTC (or 0.5%, if it's larger) to withdraw from flexcoin.

You're absolutely correct, going to have to eat my foot on that one. Still, I prefer the reputation that Flexcoin has to the anonymity of Bitscalper.

[hazek]

What bugs me the most in this thread is that he didn't even address my suggestions about transparency but he just ignored it..

If I was running a legit operation, I know I wouldn't do that.