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June 25, 2014, 02:49:56 PM
 #1

I have spent the last few weeks researching exchanges and I will be posting what I have found for each one over the next couple of weeks. I'll begin with BitQuick LLC because I got to talk to an individual who saw them in person at a luncheon with the Central Ohio Fraud Examiners. He believed he was about to hear two experts in the field of btc speak. Oh boy where we wrong. This gave me my first and least reliable exchange to rate. BitQuick LLC

BitQuick is run by three individuals:

Jad Mubaslat: Engineering student (off to a good start). No "professional" experience. Has little formal coding experience and no background/education with payment systems. No in depth mining knowledge or experience. He couldn't speak to us because he was in the middle east at the time.

Chad Davis: No schooling. College dropout (from Wright State). Chad voiced his responsibilities as an order processor. He has no experience in the field of fraud detection or training in how to identify fraudulent transaction according to himself.

Justin McCarthy: Seemed to be on the business end as he is a Fisher Student, no formal Bitcoin experience.

Now onto the service:
3 Steps quick and easy they said! Well after the luncheon we got time to ask some hard questions and we got some scary answers.

They do not have dedicated servers.

They have no id verification system. When a buyer sends in his ID and receipt from the bank teller it is processed by Chad. When I say processed he verifies that the ID is real and the receipt hasn't been altered. Scary for someone with zero experience in this field. In order to check ID, Chad tries to use state services on the internet he mentioned in conversation checking facebook and social media to make sure they were real people (Facebook for ID verification?). However 20+ states do not services online that allow you to check the validity of an ID via picture or it is imperfect at best. This means all you need is a fake id from a state not included and they'd have no idea. In regards to the receipt, he uses online editing (free) detection software which can be duped by anyone that can use a keyboard.
On their site it says they are located out of Cincinnati, Ohio. However, they shared that they simply work out of a campus apartment with a simple wifi connection and two laptops.

They have complete access to steal the bitcoins they have in escrow. With no multi-sig escrow it is putting all the faith in a team including two college students and one dropout to not run with your btc. Especially, with the CEO having roots in the middle east where it could be difficult to pursue him if he fled with the funds.

They are operating illegally without a MSB license. They said that they are waiting for clearer guidance? Unfortunately, the guidance is clear and they are operating illegally. From their guidance "An exchanger is a person engaged as a business in the exchange of virtual currency for real currency, funds, or other virtual currency". However, maybe this isn't a concern if hey aren't planning on being in a country where they law applies for long.

They spoke highly of their advisor. With a little digging the advisor is connected to the students through their university sponsored "club" and doesn't appear to have any experience with exchanges, payment systems or the business application of btc. However, based on his resume he has an extensive tech background. Still, their club advisor appears to have become their business advisor.

Very scary exchange. I went into it thinking how these college kids could be transforming btc. Now, I'm
just wondering if the company is planning to leave the states with a pocketful of the users btc. Its scary to think that behind a keyboard someone can create a business that is so unstable and unregulated. My recommendation is to stay away and trust services with a more reliable and local team. It also doesn't hurt to be able to identify if an ID/receipt is real or fake.
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June 25, 2014, 08:49:44 PM
Last edit: December 26, 2014, 05:54:51 AM by BuyBitcoin.US
 #2

Jad Mubaslat, Founder and CEO of BitQuick.

Wow! First off, this post is riddled with falsehoods and is certainly done from a disgruntled individual with a personal agenda no doubt. The plethora of personal information is interesting as well, but nothing you can't find out about us by digging on the web! Check us out: Linkedin YouTube In depth article on behind the scenes at BitQuick

First off, the individual Justin McCarthy is not an employee of BitQuick. We have verified this post was not made by an employee of BitQuick LLC

Quote
He believed he was about to hear two experts in the field of btc speak. Oh boy where we wrong. This gave me my first and least reliable exchange to rate. BitQuick LLC
Doesn't seem you tried the service. Also, who calls us BitQuick LLC? We are always known as BitQuick.co

Quote
No "professional" experience. Has little formal coding experience and no background/education with payment systems. No in depth mining knowledge or experience. He couldn't speak to us because he was in the middle east at the time.
You can be the judge on my professional experience, this article gives an in depth look on my background: http://www.bizjournals.com/columbus/news/2014/06/09/one-to-watch-ohio-state-student-jad-mubaslat-runs.html?page=all

Quote
Chad Davis: No schooling. College dropout (from Wright State). Chad voiced his responsibilities as an order processor. He has no experience in the field of fraud detection or training in how to identify fraudulent transaction according to himself.
Chad Davis is 2 years into his studies and has put his education on hold to focus full time on BitQuick. Are we really about to criticize a college student for dropping out to run a startup? I think we're past that: http://en.wikipedia.org/wiki/List_of_college_dropout_billionaires

Quote
They do not have dedicated servers.
No we do not. We are currently on a shared server and will be moving very shortly to new servers. We are well aware of the risks associated with a shared server, which is why no sensitive financial information, or private keys are ever stored online (nor need to be).

Quote
They have no id verification system. When a buyer sends in his ID and receipt from the bank teller it is processed by Chad. When I say processed he verifies that the ID is real and the receipt hasn't been altered. Scary for someone with zero experience in this field. In order to check ID, Chad tries to use state services on the internet he mentioned in conversation checking facebook and social media to make sure they were real people (Facebook for ID verification?). However 20+ states do not services online that allow you to check the validity of an ID via picture or it is imperfect at best. This means all you need is a fake id from a state not included and they'd have no idea. In regards to the receipt, he uses online editing (free) detection software which can be duped by anyone that can use a keyboard.
We cannot disclose our verification system in depth as it would defeat the purpose of such, but essentially, yes, we do implement a variety of checks to verify the authenticity of the users on our website as we have a strict stance against money laundering. A great portion of future funding rounds will be used to make our system more robust than it already is. To date, none of our users have ever been scammed from their money by using our system and we take pride in that!

Quote
On their site it says they are located out of Cincinnati, Ohio. However, they shared that they simply work out of a campus apartment with a simple wifi connection and two laptops.
Our mailbox is in Cincinnati. And yes, of course we work on our laptops. We're a tech startup! http://www.slate.com/articles/technology/future_tense/2013/10/alexis_ohanian_reddit_co_founder_on_solving_america_s_innovation_crisis.html

Quote
They have complete access to steal the bitcoins they have in escrow. With no multi-sig escrow it is putting all the faith in a team including two college students and one dropout to not run with your btc. Especially, with the CEO having roots in the middle east where it could be difficult to pursue him if he fled with the funds.
Only 2 employees have access to the private keys. This also just seems racist.

Quote
They are operating illegally without a MSB license. They said that they are waiting for clearer guidance? Unfortunately, the guidance is clear and they are operating illegally. From their guidance "An exchanger is a person engaged as a business in the exchange of virtual currency for real currency, funds, or other virtual currency". However, maybe this isn't a concern if hey aren't planning on being in a country where they law applies for long.

We are frequently consulting legal counsel and this is not a matter we take lightly. We are not operating illegally.

Quote
They spoke highly of their advisor. With a little digging the advisor is connected to the students through their university sponsored "club" and doesn't appear to have any experience with exchanges, payment systems or the business application of btc. However, based on his resume he has an extensive tech background. Still, their club advisor appears to have become their business advisor.
Once again, feel free to be the judge: https://www.osc.edu/staff/alan-chalker I am the founder of the Ohio State Bitcoin Group as well and Alan also is an adviser on that group but that in no way causes any inherent conflict of interest.

Quote
Very scary exchange. I went into it thinking how these college kids could be transforming btc. Now, I'm just wondering if the company is planning to leave the states with a pocketful of the users btc. Its scary to think that behind a keyboard someone can create a business that is so unstable and unregulated. My recommendation is to stay away and trust services with a more reliable and local team. It also doesn't hurt to be able to identify if an ID/receipt is real or fake.
Hopefully after seeing how ludicrous these concerns are, you'll see the claims made are nothing to be take seriously. If anything, we recommend you give our service a try! https://www.bitquick.co

Or come see me Chad and Alan at our Columbus Bitcoin Meetup! http://www.meetup.com/Columbus-Bitcoin-Meetup/

Nervous? Check our plethora of reviews! Please ignore the first one that is angry about us being college students, it seemed to have been posted at the same time as this post! http://bittrust.org/bitquickco


Official forum thread: https://bitcointalk.org/index.php?topic=262082.new#new
Check us out! View our current sell orders or Place a sell order yourself!
BitQuick.co - Buy and Sell BTC instantly for Cash Deposit!
BuyBitcoin.US is now BitQuick.co!
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June 25, 2014, 10:27:35 PM
 #3

I would like to confirm something regarding your service...

Suppose A is selling 1 BTC and B is buying it at 500 USD. First A is depositing it to your wallet and then B is asked to pay A. B makes an online transfer to A and sends you the screenshot, but A denies receival of payment. Now how do you proceed ? B's screenshot may be photoshopped or A's claim may be vague. Will you transfer 1 BTC to B or return it to A ?
^^
@Jad Mubaslat I asked this long ago in your support thread https://bitcointalk.org/index.php?topic=262082.120 ...would u mind to respond to it ?

+ I'd like to know, who is your partner in India for BitQuick.in ?


p.s. As u dont hold your customer's FIAT in your account, u probably dont need an MSB license. LocalBitcoins does not need it too.

BuyBitcoin.US
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June 25, 2014, 10:43:56 PM
 #4

I would like to confirm something regarding your service...

Suppose A is selling 1 BTC and B is buying it at 500 USD. First A is depositing it to your wallet and then B is asked to pay A. B makes an online transfer to A and sends you the screenshot, but A denies receival of payment. Now how do you proceed ? B's screenshot may be photoshopped or A's claim may be vague. Will you transfer 1 BTC to B or return it to A ?
^^
@Jad Mubaslat I asked this long ago in your support thread https://bitcointalk.org/index.php?topic=262082.120 ...would u mind to respond to it ?

+ I'd like to know, who is your partner in India for BitQuick.in ?


p.s. As u dont hold your customer's FIAT in your account, u probably dont need an MSB license. LocalBitcoins does not need it too.

Hi BitcoinDream, sorry for not answering your question before.

If A denies receipt of payment, we will go forth with a resolution process where both parties will be asked to provide as much proof as possible and we will consult any third parties we deem necessary and will make a final best decision given the information we are able to gather.

BitQuick India is no longer managed by a partner, and is actually under full control of BitQuick. Chad Davis manages customer interactions there as well.

Official forum thread: https://bitcointalk.org/index.php?topic=262082.new#new
Check us out! View our current sell orders or Place a sell order yourself!
BitQuick.co - Buy and Sell BTC instantly for Cash Deposit!
BuyBitcoin.US is now BitQuick.co!
saveyourbitcoin
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June 25, 2014, 10:50:02 PM
 #5

I have spent the last few weeks researching exchanges and I will be posting what I have found for each one over the next couple of weeks. I'll begin with BitQuick LLC because I got to talk to an individual who saw them in person at a luncheon with the Central Ohio Fraud Examiners. He believed he was about to hear two experts in the field of btc speak. Oh boy where we wrong. This gave me my first and least reliable exchange to rate. BitQuick LLC

BitQuick is run by three individuals:

Jad Mubaslat: Engineering student (off to a good start). No "professional" experience. Has little formal coding experience and no background/education with payment systems. No in depth mining knowledge or experience. He couldn't speak to us because he was in the middle east at the time.

Chad Davis: No schooling. College dropout (from Wright State). Chad voiced his responsibilities as an order processor. He has no experience in the field of fraud detection or training in how to identify fraudulent transaction according to himself.

Justin McCarthy: Seemed to be on the business end as he is a Fisher Student, no formal Bitcoin experience.

Now onto the service:
3 Steps quick and easy they said! Well after the luncheon we got time to ask some hard questions and we got some scary answers.

They do not have dedicated servers.

They have no id verification system. When a buyer sends in his ID and receipt from the bank teller it is processed by Chad. When I say processed he verifies that the ID is real and the receipt hasn't been altered. Scary for someone with zero experience in this field. In order to check ID, Chad tries to use state services on the internet he mentioned in conversation checking facebook and social media to make sure they were real people (Facebook for ID verification?). However 20+ states do not services online that allow you to check the validity of an ID via picture or it is imperfect at best. This means all you need is a fake id from a state not included and they'd have no idea. In regards to the receipt, he uses online editing (free) detection software which can be duped by anyone that can use a keyboard.
On their site it says they are located out of Cincinnati, Ohio. However, they shared that they simply work out of a campus apartment with a simple wifi connection and two laptops.

They have complete access to steal the bitcoins they have in escrow. With no multi-sig escrow it is putting all the faith in a team including two college students and one dropout to not run with your btc. Especially, with the CEO having roots in the middle east where it could be difficult to pursue him if he fled with the funds.

They are operating illegally without a MSB license. They said that they are waiting for clearer guidance? Unfortunately, the guidance is clear and they are operating illegally. From their guidance "An exchanger is a person engaged as a business in the exchange of virtual currency for real currency, funds, or other virtual currency". However, maybe this isn't a concern if hey aren't planning on being in a country where they law applies for long.

They spoke highly of their advisor. With a little digging the advisor is connected to the students through their university sponsored "club" and doesn't appear to have any experience with exchanges, payment systems or the business application of btc. However, based on his resume he has an extensive tech background. Still, their club advisor appears to have become their business advisor.

Very scary exchange. I went into it thinking how these college kids could be transforming btc. Now, I'm
just wondering if the company is planning to leave the states with a pocketful of the users btc. Its scary to think that behind a keyboard someone can create a business that is so unstable and unregulated. My recommendation is to stay away and trust services with a more reliable and local team. It also doesn't hurt to be able to identify if an ID/receipt is real or fake.

Obvious sock puppet of another exchange is obvious.


Are you looking at hiring anyone to help in customer relations?  I have 12 years of experience in dealing with fraud and customer issues.
BuyBitcoin.US
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June 25, 2014, 11:00:45 PM
 #6

I have spent the last few weeks researching exchanges and I will be posting what I have found for each one over the next couple of weeks. I'll begin with BitQuick LLC because I got to talk to an individual who saw them in person at a luncheon with the Central Ohio Fraud Examiners. He believed he was about to hear two experts in the field of btc speak. Oh boy where we wrong. This gave me my first and least reliable exchange to rate. BitQuick LLC

BitQuick is run by three individuals:

Jad Mubaslat: Engineering student (off to a good start). No "professional" experience. Has little formal coding experience and no background/education with payment systems. No in depth mining knowledge or experience. He couldn't speak to us because he was in the middle east at the time.

Chad Davis: No schooling. College dropout (from Wright State). Chad voiced his responsibilities as an order processor. He has no experience in the field of fraud detection or training in how to identify fraudulent transaction according to himself.

Justin McCarthy: Seemed to be on the business end as he is a Fisher Student, no formal Bitcoin experience.

Now onto the service:
3 Steps quick and easy they said! Well after the luncheon we got time to ask some hard questions and we got some scary answers.

They do not have dedicated servers.

They have no id verification system. When a buyer sends in his ID and receipt from the bank teller it is processed by Chad. When I say processed he verifies that the ID is real and the receipt hasn't been altered. Scary for someone with zero experience in this field. In order to check ID, Chad tries to use state services on the internet he mentioned in conversation checking facebook and social media to make sure they were real people (Facebook for ID verification?). However 20+ states do not services online that allow you to check the validity of an ID via picture or it is imperfect at best. This means all you need is a fake id from a state not included and they'd have no idea. In regards to the receipt, he uses online editing (free) detection software which can be duped by anyone that can use a keyboard.
On their site it says they are located out of Cincinnati, Ohio. However, they shared that they simply work out of a campus apartment with a simple wifi connection and two laptops.

They have complete access to steal the bitcoins they have in escrow. With no multi-sig escrow it is putting all the faith in a team including two college students and one dropout to not run with your btc. Especially, with the CEO having roots in the middle east where it could be difficult to pursue him if he fled with the funds.

They are operating illegally without a MSB license. They said that they are waiting for clearer guidance? Unfortunately, the guidance is clear and they are operating illegally. From their guidance "An exchanger is a person engaged as a business in the exchange of virtual currency for real currency, funds, or other virtual currency". However, maybe this isn't a concern if hey aren't planning on being in a country where they law applies for long.

They spoke highly of their advisor. With a little digging the advisor is connected to the students through their university sponsored "club" and doesn't appear to have any experience with exchanges, payment systems or the business application of btc. However, based on his resume he has an extensive tech background. Still, their club advisor appears to have become their business advisor.

Very scary exchange. I went into it thinking how these college kids could be transforming btc. Now, I'm
just wondering if the company is planning to leave the states with a pocketful of the users btc. Its scary to think that behind a keyboard someone can create a business that is so unstable and unregulated. My recommendation is to stay away and trust services with a more reliable and local team. It also doesn't hurt to be able to identify if an ID/receipt is real or fake.

Obvious sock puppet of another exchange is obvious.


Are you looking at hiring anyone to help in customer relations?  I have 12 years of experience in dealing with fraud and customer issues.

We aren't hiring at the moment, but we will be soon. If you like, we can give you a note when we begin hiring. Feel free to drop a resume over to orders@bitquick.co

Thanks for the support!

Official forum thread: https://bitcointalk.org/index.php?topic=262082.new#new
Check us out! View our current sell orders or Place a sell order yourself!
BitQuick.co - Buy and Sell BTC instantly for Cash Deposit!
BuyBitcoin.US is now BitQuick.co!
BitCoinDream
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June 25, 2014, 11:07:12 PM
 #7

I would like to confirm something regarding your service...

Suppose A is selling 1 BTC and B is buying it at 500 USD. First A is depositing it to your wallet and then B is asked to pay A. B makes an online transfer to A and sends you the screenshot, but A denies receival of payment. Now how do you proceed ? B's screenshot may be photoshopped or A's claim may be vague. Will you transfer 1 BTC to B or return it to A ?
^^
@Jad Mubaslat I asked this long ago in your support thread https://bitcointalk.org/index.php?topic=262082.120 ...would u mind to respond to it ?

+ I'd like to know, who is your partner in India for BitQuick.in ?


p.s. As u dont hold your customer's FIAT in your account, u probably dont need an MSB license. LocalBitcoins does not need it too.

Hi BitcoinDream, sorry for not answering your question before.

If A denies receipt of payment, we will go forth with a resolution process where both parties will be asked to provide as much proof as possible and we will consult any third parties we deem necessary and will make a final best decision given the information we are able to gather.

BitQuick India is no longer managed by a partner, and is actually under full control of BitQuick. Chad Davis manages customer interactions there as well.

Thank u for your quick response. I am taking the case of India where online transfer takes place through NEFT/RTGS/IMPS. Banks dont provide any API or anything of that sort to identify the sender from buyer's end. In this case, will u solely rely on user's screenshot, which can easily be photoshopped ?

BuyBitcoin.US
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June 25, 2014, 11:11:46 PM
 #8

I would like to confirm something regarding your service...

Suppose A is selling 1 BTC and B is buying it at 500 USD. First A is depositing it to your wallet and then B is asked to pay A. B makes an online transfer to A and sends you the screenshot, but A denies receival of payment. Now how do you proceed ? B's screenshot may be photoshopped or A's claim may be vague. Will you transfer 1 BTC to B or return it to A ?
^^
@Jad Mubaslat I asked this long ago in your support thread https://bitcointalk.org/index.php?topic=262082.120 ...would u mind to respond to it ?

+ I'd like to know, who is your partner in India for BitQuick.in ?


p.s. As u dont hold your customer's FIAT in your account, u probably dont need an MSB license. LocalBitcoins does not need it too.

Hi BitcoinDream, sorry for not answering your question before.

If A denies receipt of payment, we will go forth with a resolution process where both parties will be asked to provide as much proof as possible and we will consult any third parties we deem necessary and will make a final best decision given the information we are able to gather.

BitQuick India is no longer managed by a partner, and is actually under full control of BitQuick. Chad Davis manages customer interactions there as well.

Thank u for your quick response. I am taking the case of India where online transfer takes place through NEFT/RTGS/IMPS. Banks dont provide any API or anything of that sort to identify the sender from buyer's end. In this case, will u solely rely on user's screenshot, which can easily be photoshopped ?

We will attempt to gather more evidence from both parties than just screenshots. Unfortunately we can't really delve into the details of a dispute resolution as it would make the technique less effective by being disclosed publically.

Official forum thread: https://bitcointalk.org/index.php?topic=262082.new#new
Check us out! View our current sell orders or Place a sell order yourself!
BitQuick.co - Buy and Sell BTC instantly for Cash Deposit!
BuyBitcoin.US is now BitQuick.co!
BitCoinDream
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June 26, 2014, 08:46:06 PM
 #9

I would like to confirm something regarding your service...

Suppose A is selling 1 BTC and B is buying it at 500 USD. First A is depositing it to your wallet and then B is asked to pay A. B makes an online transfer to A and sends you the screenshot, but A denies receival of payment. Now how do you proceed ? B's screenshot may be photoshopped or A's claim may be vague. Will you transfer 1 BTC to B or return it to A ?
^^
@Jad Mubaslat I asked this long ago in your support thread https://bitcointalk.org/index.php?topic=262082.120 ...would u mind to respond to it ?

+ I'd like to know, who is your partner in India for BitQuick.in ?


p.s. As u dont hold your customer's FIAT in your account, u probably dont need an MSB license. LocalBitcoins does not need it too.

Hi BitcoinDream, sorry for not answering your question before.

If A denies receipt of payment, we will go forth with a resolution process where both parties will be asked to provide as much proof as possible and we will consult any third parties we deem necessary and will make a final best decision given the information we are able to gather.

BitQuick India is no longer managed by a partner, and is actually under full control of BitQuick. Chad Davis manages customer interactions there as well.

Thank u for your quick response. I am taking the case of India where online transfer takes place through NEFT/RTGS/IMPS. Banks dont provide any API or anything of that sort to identify the sender from buyer's end. In this case, will u solely rely on user's screenshot, which can easily be photoshopped ?

We will attempt to gather more evidence from both parties than just screenshots. Unfortunately we can't really delve into the details of a dispute resolution as it would make the technique less effective by being disclosed publically.

Thanks for the response... details would have been better ...anyways... What do u do for this case ?

Seller A has got a Buyer B on your platform. A deposits the BTC at your system which will be released to B when A confirms the receival of payment from B. Now, as soon as B pays to A in FIAT, A cancels the order. What will happen now ? Will BitQuick return the BTC to A or release it to B ?

 

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June 27, 2014, 04:58:29 PM
 #10

I would like to confirm something regarding your service...

Suppose A is selling 1 BTC and B is buying it at 500 USD. First A is depositing it to your wallet and then B is asked to pay A. B makes an online transfer to A and sends you the screenshot, but A denies receival of payment. Now how do you proceed ? B's screenshot may be photoshopped or A's claim may be vague. Will you transfer 1 BTC to B or return it to A ?
^^
@Jad Mubaslat I asked this long ago in your support thread https://bitcointalk.org/index.php?topic=262082.120 ...would u mind to respond to it ?

+ I'd like to know, who is your partner in India for BitQuick.in ?


p.s. As u dont hold your customer's FIAT in your account, u probably dont need an MSB license. LocalBitcoins does not need it too.

Hi BitcoinDream, sorry for not answering your question before.

If A denies receipt of payment, we will go forth with a resolution process where both parties will be asked to provide as much proof as possible and we will consult any third parties we deem necessary and will make a final best decision given the information we are able to gather.

BitQuick India is no longer managed by a partner, and is actually under full control of BitQuick. Chad Davis manages customer interactions there as well.

Thank u for your quick response. I am taking the case of India where online transfer takes place through NEFT/RTGS/IMPS. Banks dont provide any API or anything of that sort to identify the sender from buyer's end. In this case, will u solely rely on user's screenshot, which can easily be photoshopped ?

We will attempt to gather more evidence from both parties than just screenshots. Unfortunately we can't really delve into the details of a dispute resolution as it would make the technique less effective by being disclosed publically.

Thanks for the response... details would have been better ...anyways... What do u do for this case ?

Seller A has got a Buyer B on your platform. A deposits the BTC at your system which will be released to B when A confirms the receival of payment from B. Now, as soon as B pays to A in FIAT, A cancels the order. What will happen now ? Will BitQuick return the BTC to A or release it to B ?

 

If the transfer goes through, then BitQuick will release to B if A is too late. As long as the hold is placed before the cancellation, the order will go through.

Official forum thread: https://bitcointalk.org/index.php?topic=262082.new#new
Check us out! View our current sell orders or Place a sell order yourself!
BitQuick.co - Buy and Sell BTC instantly for Cash Deposit!
BuyBitcoin.US is now BitQuick.co!
BitCoinDream
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June 27, 2014, 05:41:24 PM
Last edit: June 27, 2014, 07:04:03 PM by BitCoinDream
 #11

I would like to confirm something regarding your service...

Suppose A is selling 1 BTC and B is buying it at 500 USD. First A is depositing it to your wallet and then B is asked to pay A. B makes an online transfer to A and sends you the screenshot, but A denies receival of payment. Now how do you proceed ? B's screenshot may be photoshopped or A's claim may be vague. Will you transfer 1 BTC to B or return it to A ?
^^
@Jad Mubaslat I asked this long ago in your support thread https://bitcointalk.org/index.php?topic=262082.120 ...would u mind to respond to it ?

+ I'd like to know, who is your partner in India for BitQuick.in ?


p.s. As u dont hold your customer's FIAT in your account, u probably dont need an MSB license. LocalBitcoins does not need it too.

Hi BitcoinDream, sorry for not answering your question before.

If A denies receipt of payment, we will go forth with a resolution process where both parties will be asked to provide as much proof as possible and we will consult any third parties we deem necessary and will make a final best decision given the information we are able to gather.

BitQuick India is no longer managed by a partner, and is actually under full control of BitQuick. Chad Davis manages customer interactions there as well.

Thank u for your quick response. I am taking the case of India where online transfer takes place through NEFT/RTGS/IMPS. Banks dont provide any API or anything of that sort to identify the sender from buyer's end. In this case, will u solely rely on user's screenshot, which can easily be photoshopped ?

We will attempt to gather more evidence from both parties than just screenshots. Unfortunately we can't really delve into the details of a dispute resolution as it would make the technique less effective by being disclosed publically.

Thanks for the response... details would have been better ...anyways... What do u do for this case ?

Seller A has got a Buyer B on your platform. A deposits the BTC at your system which will be released to B when A confirms the receival of payment from B. Now, as soon as B pays to A in FIAT, A cancels the order. What will happen now ? Will BitQuick return the BTC to A or release it to B ?

 

If the transfer goes through, then BitQuick will release to B if A is too late. As long as the hold is placed before the cancellation, the order will go through.

A cancelled the order, did not approve the FIAT receival. So will it be reasonable to release the BTC to B ?

p.s. Its actually a classic paradox situation for P2P exchanges. The question not only applies to BitQuick, but also to LocalBitcoins.

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July 02, 2014, 03:59:29 PM
 #12

I would like to confirm something regarding your service...

Suppose A is selling 1 BTC and B is buying it at 500 USD. First A is depositing it to your wallet and then B is asked to pay A. B makes an online transfer to A and sends you the screenshot, but A denies receival of payment. Now how do you proceed ? B's screenshot may be photoshopped or A's claim may be vague. Will you transfer 1 BTC to B or return it to A ?
^^
@Jad Mubaslat I asked this long ago in your support thread https://bitcointalk.org/index.php?topic=262082.120 ...would u mind to respond to it ?

+ I'd like to know, who is your partner in India for BitQuick.in ?


p.s. As u dont hold your customer's FIAT in your account, u probably dont need an MSB license. LocalBitcoins does not need it too.

Hi BitcoinDream, sorry for not answering your question before.

If A denies receipt of payment, we will go forth with a resolution process where both parties will be asked to provide as much proof as possible and we will consult any third parties we deem necessary and will make a final best decision given the information we are able to gather.

BitQuick India is no longer managed by a partner, and is actually under full control of BitQuick. Chad Davis manages customer interactions there as well.

Thank u for your quick response. I am taking the case of India where online transfer takes place through NEFT/RTGS/IMPS. Banks dont provide any API or anything of that sort to identify the sender from buyer's end. In this case, will u solely rely on user's screenshot, which can easily be photoshopped ?

We will attempt to gather more evidence from both parties than just screenshots. Unfortunately we can't really delve into the details of a dispute resolution as it would make the technique less effective by being disclosed publically.

Thanks for the response... details would have been better ...anyways... What do u do for this case ?

Seller A has got a Buyer B on your platform. A deposits the BTC at your system which will be released to B when A confirms the receival of payment from B. Now, as soon as B pays to A in FIAT, A cancels the order. What will happen now ? Will BitQuick return the BTC to A or release it to B ?

 

If the transfer goes through, then BitQuick will release to B if A is too late. As long as the hold is placed before the cancellation, the order will go through.

A cancelled the order, did not approve the FIAT receival. So will it be reasonable to release the BTC to B ?

p.s. Its actually a classic paradox situation for P2P exchanges. The question not only applies to BitQuick, but also to LocalBitcoins.

Not sure exactly what you mean but the seller cannot disapprove a FIAT transfer. If the buyer sends the FIAT properly, then the buyer will have the right to either accept BTC or a refund from the seller. But most important, it will be the buyers choice (if he was not at fault)

Official forum thread: https://bitcointalk.org/index.php?topic=262082.new#new
Check us out! View our current sell orders or Place a sell order yourself!
BitQuick.co - Buy and Sell BTC instantly for Cash Deposit!
BuyBitcoin.US is now BitQuick.co!
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August 05, 2014, 05:28:05 PM
 #13

I would like to confirm something regarding your service...

Suppose A is selling 1 BTC and B is buying it at 500 USD. First A is depositing it to your wallet and then B is asked to pay A. B makes an online transfer to A and sends you the screenshot, but A denies receival of payment. Now how do you proceed ? B's screenshot may be photoshopped or A's claim may be vague. Will you transfer 1 BTC to B or return it to A ?
^^
@Jad Mubaslat I asked this long ago in your support thread https://bitcointalk.org/index.php?topic=262082.120 ...would u mind to respond to it ?

+ I'd like to know, who is your partner in India for BitQuick.in ?


p.s. As u dont hold your customer's FIAT in your account, u probably dont need an MSB license. LocalBitcoins does not need it too.

Hi BitcoinDream, sorry for not answering your question before.

If A denies receipt of payment, we will go forth with a resolution process where both parties will be asked to provide as much proof as possible and we will consult any third parties we deem necessary and will make a final best decision given the information we are able to gather.

BitQuick India is no longer managed by a partner, and is actually under full control of BitQuick. Chad Davis manages customer interactions there as well.

Thank u for your quick response. I am taking the case of India where online transfer takes place through NEFT/RTGS/IMPS. Banks dont provide any API or anything of that sort to identify the sender from buyer's end. In this case, will u solely rely on user's screenshot, which can easily be photoshopped ?

We will attempt to gather more evidence from both parties than just screenshots. Unfortunately we can't really delve into the details of a dispute resolution as it would make the technique less effective by being disclosed publically.

Thanks for the response... details would have been better ...anyways... What do u do for this case ?

Seller A has got a Buyer B on your platform. A deposits the BTC at your system which will be released to B when A confirms the receival of payment from B. Now, as soon as B pays to A in FIAT, A cancels the order. What will happen now ? Will BitQuick return the BTC to A or release it to B ?

 

If the transfer goes through, then BitQuick will release to B if A is too late. As long as the hold is placed before the cancellation, the order will go through.

A cancelled the order, did not approve the FIAT receival. So will it be reasonable to release the BTC to B ?

p.s. Its actually a classic paradox situation for P2P exchanges. The question not only applies to BitQuick, but also to LocalBitcoins.

Not sure exactly what you mean but the seller cannot disapprove a FIAT transfer. If the buyer sends the FIAT properly, then the buyer will have the right to either accept BTC or a refund from the seller. But most important, it will be the buyers choice (if he was not at fault)

Do u accept FIAT at your account or buyer has to directly transfer it to the seller ?

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December 23, 2014, 11:48:19 PM
 #14

Quote
Do u accept FIAT at your account or buyer has to directly transfer it to the seller ?


We do not accept the FIAT, payment is made from the buyers to the sellers. Each seller has a listing on our site. Buyers can place holds on these listings (and subsequently be provided with the necessary account information) and make payment to the seller's account.

Official forum thread: https://bitcointalk.org/index.php?topic=262082.new#new
Check us out! View our current sell orders or Place a sell order yourself!
BitQuick.co - Buy and Sell BTC instantly for Cash Deposit!
BuyBitcoin.US is now BitQuick.co!
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December 04, 2017, 06:45:36 AM
 #15

is this for USA only or for any country as well? i would love to have a new player that provides a better service than localbitcoins and other providers in the philippines.



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