Technocashier

[Quantumtangles]

After some modestly lucrative trading on BTER I wanted to see if I could somehow withdraw US dollars. Sure enough, BTER are linked with EGOPAY.

First off, I had to convert my optimistic retard coins (ORCs) into US dollars on BTER. Then came the BTER dollar withdrawal which seemed to take an eternity and an open ticket to get it moving though BTER seem pretty decent overall.

An hour or two later, after some (earlier) non-trivial fucking around to register with EGOPAY and have the BTER funds deposited there, I discovered I then had to register with another entity (Technocashier) to extract the money to my paypal account.

Technocashier charged me $72 dollars to transfer $960 to my paypal account, which seems on the high side.

But the thing that really pisses me off is that they take 48 hours to make the transfer. WTF. Why in the world do they need 48 hours to move money to Paypal when it is already in cleared funds? They dont. They use slush fund monies for 48 hours like any other bank. They keep you waiting so that they can earn interest for themselves using your money. How very 'centralised banking' of them.

It is notable that the more they stuff you with transfer charges, the less efficient they are. Contrast digital wallets. ALmost instant and extremely low transfer fees.

I still do not know if Technocashier will eventually make the transfer but I shall be sure to let you know if they do not. So far, ruinously slow.

Conclusion: Cryptocurrency is revolutionary but unless we can dispense completely with theoretically otiose middlemen, crypto will only be partially effective.

[Xiaoxiao]

Does egopay work for USA customers?

[boraf]

Does egopay work for USA customers?

Last time I checked (about 7 months ago). It does.

[Quantumtangles]

Does egopay work for USA customers?

Note the following press release from EGOPAY dated February 2014.


14/02/2014 - U.S. accounts about to be closed
Due to the current United States laws, all EgoPay accounts that belong to U.S. Citizens/Residents/U.S. Companies will be locked on the 28th of March. You can still implement your operations the same as before until 14th of March. Please note, that after 14th of March you will not be able to receive any funds and will only have an option to send or withdraw your funds.
Please manage your payments and withdraws in time.

Technocashier have the following to say (on their homepage for added emphasis):

ATTENTION:We do not accept registrations from individuals or companies based in the United States of the America, Puerto Rico, American Samoa, Virgin Islands (US), American Samoa, Guam, Northern Mariana Islands.
This includes US citizens residing overseas. If you fall under the above mentioned category or a US resident, please do not register an account with us nor place any kind of exchange at all. We apologize for inconvenience caused.

There appears to be some domestic US legislation which has had the effect (whether or not it was the intention) of shutting down 'offshore' cryptocurrency trading by US citizens (whatever 'offshore' is intended to mean in the context of decentralised non-Fiat currencies). Specifically it appears to affect the 'getting your money out' phase following cryptocurrency trading. I have not researched the legislation (no doubt intended to prevent people failing to account for taxes and/or offshore assets) and I am not qualified to comment on matters of US law but the answer is that neither EGOPAY nor Technocashier will accept US accounts.

It would probably be a very bad idea for US citizens even to try to open such accounts. First, they would have to mislead the service provider (they would have to lie by pretending to be a non-US citizen). Lying is not recommended when it comes to financial matters.

Secondly, such persons would appear to be acting in violation of serious US legislation intended to prevent tax evasion (at least I think that is the objective of it though it might also be intended to prevent moneylaundering linked with other 'non-tax related' criminal activity).

If I were a US citizen I would not open such an account because it would appear to be unlawful under US domestic law.

Edit: Failure to declare taxable income is a criminal offence in the US. In other words, you would have to be mad.

[Quantumtangles]

The Technocashier website confirmed my order would be processed within 48 hours.

49 hours have now elapsed and nothing has happened yet. I will keep you posted.

Edit: 51 hours have elapsed. The order has still not been processed. My first email to support at technocashier remains unanswered after more than an hour.

Edit: 53 hours have elapsed. The order has not been processed. There has been no response to my email to technocashier support.

Edit: 54 hours elapsed. No payment. No email response from support

Edit: 59.5 hours elapsed. An admin apparently 'viewed' my order 25 minutes ago but still no payment.

Edit: 60 hours have elapsed. No movement.

Edit: 61 hours have elapsed. Payment is now 13 hours over the contractual maximum waiting period and counting. No email response. No movement on payment. No responses to two internal messages to the admins. I am merely reporting the facts. I express no opinion at this time.

Edit: 72 hours and 37 minutes have elapsed. Payment has not been made. I have had no response heard from Technocashier.

[Kipsy89]

Wow, that's really a hassle man! The thing is, Bitcoin only works if you're dealing with it directly. Sure, there are small transaction fees, but they're negligibly small for most cases. Most of the fees occur when you're buying or selling BTC on an exchange or use services! This really needs to change!

[HarmonLi]

We just need to switch to Bitcoin completely. Once and for all. If we all deal in Bitcoin we can finally get rid of all those stupid fees! They just feed some companies that offer services we won't even need when we've got Bitcoin!

[Quantumtangles]

Over 60 hours later. No action and no reaction to my email and internal mail concerns. I decided not to try and contact Technocashier again. In the event they pay I shall let you know. I will prepare a highly detailed review of my experience with Technocashier when it becomes clear how this transaction concludes.

[Quantumtangles]

Deleted because Technocashier eventually paid me

[DjPxH]

Over 60 hours later. No action and no reaction to my email and internal mail concerns. I decided not to try and contact Technocashier again. In the event they pay I shall let you know. I will prepare a highly detailed review of my experience with Technocashier when it becomes clear how this transaction concludes.

Man that sucks. This really shows how everyone should just go ahead and adopt Bitcoin as their only currency. If we only used Bitcoin as the backbone for all services, we wouldn't have to change currencies and use various services in order to get the service we initially wanted!

[Quantumtangles]

Over 60 hours later. No action and no reaction to my email and internal mail concerns. I decided not to try and contact Technocashier again. In the event they pay I shall let you know. I will prepare a highly detailed review of my experience with Technocashier when it becomes clear how this transaction concludes.

Man that sucks. This really shows how everyone should just go ahead and adopt Bitcoin as their only currency. If we only used Bitcoin as the backbone for all services, we wouldn't have to change currencies and use various services in order to get the service we initially wanted!

I could not agree more. We have been held to ransom by insolent rapacious financial institutions for far too long. Total freedom from the tyranny of banks and Fiat currencies is just around the corner and we will all benefit from it, even the dreary public servants who do not understand it yet (whose tropisms demand they oppose anything new) will benefit from it.

[Quantumtangles]

deleted.

[Quantumtangles]

Deleted

[Dfrost]

Shit that's fucked I won't be using them then

[Quantumtangles]

Shit that's fucked I won't be using them then

I will have some truly interesting information for you at 17.30 hours GMT on Monday 25 August 2014, one way or the other.

Watch this space.

[Quantumtangles]

Deleted

[Quantumtangles]

Deleted

[Quantumtangles]

Deleted

[Quantumtangles]

Deleted because Technocashier eventually paid me after about 19 days