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Author Topic: Bitcoins Direct Support Thread  (Read 55713 times)
TangibleCryptography
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October 15, 2012, 01:01:52 PM
 #141

IMPORTANT UPDATE for 10/15/2012 to 10/17/2012: NEW SALES SUSPENDED.
We will be temporarily out of available coins until 10/18/2012.  Multiple large buyers have negotiated over the weekend our entire projected  coinflow for the next three days (~10,000 BTC).  We will resume accepting new deposits starting on Thursday 10/18/2012.  If we acquire more coins than anticipated and fund these orders quicker, this thread will be updated and new sales resumed earlier.

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TangibleCryptography
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October 15, 2012, 01:40:24 PM
 #142

To answer some common questions I have gotten this morning:
If you need updated funding instructions you can request them at any time.
If you want to submit a deposit request for 10/18/2012 or later you can do it at any time.

If due to scheduling conflicts you MUST make a deposit prior to 10/18/2012 we will use the exchange rate at the time we transfer your coins on 10/18/2012.  Request a deposit code and in the request use 10/18/2012 as the date.   Make a note that deposit will be made early and you understand the exchange rate will be the rate at the time of the transfer on 10/18/2012.
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October 16, 2012, 12:12:13 AM
 #143

Is the 1% bonus still goin on? I am going to attempt my gpg message soon here.
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October 17, 2012, 10:15:59 PM
 #144

better to have you close it temporarily instead of try to sell what isn't there  Shocked

"You may delay, but time will not, and lost time is never found again." -Benjamin Franklin
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October 18, 2012, 08:22:02 PM
 #145

[UPDATE]
We are lowering the discount on sales to 0.5% below the 'MtGox last price'. 
This applies to all new sales.  Clients who already have obtained a deposit code will retain the older discount rate.
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October 25, 2012, 11:20:57 PM
 #146

Update:
We are out of coins due to the temporary closure of FastCash4Bitcoins.  No exact ETA on when sales will resume but it will be Monday at the earliest.

Thank You,

Staff
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October 29, 2012, 01:03:15 PM
 #147

Update:

Still out of coins.  Had some power related delays in getting new version of FC4B completed.  We have a lot of unanswered emails/purchase requests in our inbox.  Going through them right now would simply delay work on getting FC4B launched.  So if you sent an email and nobody has responded it isn't personal it just that all efforts are being focused on getting FC4B up and running.   Sales through Bitcoins Direct will resume roughly 24 hours after FC4B is live again.

FC4B status/updates:
https://bitcointalk.org/index.php?topic=90192.msg1304839#msg1304839
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October 31, 2012, 02:34:23 PM
 #148

Good luck to you getting everything back up and running - the new FC4B site design looks nice and crisp! 

Just commenting in hopes that maybe all of our collective support & well-wishes will help!

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November 01, 2012, 11:25:39 PM
 #149

Important update:
The new FastCash4Bitcoins site has relaunched today.  There are significant changes to the codebase.  To ensure we have the resources to keep a close eye on FC4B for the first few days, and to avoid any further disruptions we have decided to not to start Bitcoins Direct sales until Monday 11/5/2012.  We will start accepting PO requests beginning Sunday 11/4/2012.  Please don't send requests prior to that as they won't be accepted.  Please don't send emails requesting an exception because it will waste resources which could be spent ramping up volume on FC4B.  A good relaunch of FC4B is very important to ensure we can meet all your future coin needs.  Thank you for your understanding.

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November 05, 2012, 08:21:27 AM
 #150

has anyone heard back or received replies to their PO requests today?  i'm sure they got slammed with emails.

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November 05, 2012, 02:42:34 PM
 #151

has anyone heard back or received replies to their PO requests today?  i'm sure they got slammed with emails.

We were slammed, sorry the delays.  Only so many hours in the day.  At this point we should be caught up on all responses.
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November 05, 2012, 05:56:10 PM
 #152

Update:

One purchase order per client per day. I have no idea why a small minority of clients want to have deposits split across multiple purchase orders on the same day and honestly I probably don't want to know.  Also please don't change deposit requests after making them, this isn't an exchange where you can post new limit orders in realtime.  The occasional mistake/correction is understandable but today we had four clients change the amount of the purchase order and one changed it three times.  We reserve the right to cancel PO which need a correction rather than issue a corrected PO approval.

Lastly:
Tangible Cryptography LLC reserves the right to deny a purchase order for any reason, at anytime with or without cause.

It is always the 10%.  90% of purchases are cut and dry.  Request, fund, prove, receive coins.  The 10% is likely why I forsee us eventually needing some sort of account verification process just like FC4B.
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November 05, 2012, 06:34:31 PM
 #153

UPDATE:

No further PO will be approved today. As expected due to the shutdown, volume was insane today.  I even dipped into our reserve to funds as many PO as possible.  PO were processed in the order they were received.  If you have already received a deposit code you can make your deposit.  If you have not received a deposit code (i.e. D9999999) then we don't have coins to sell you today.

We will have more coins tomorrow, and the day after, and the day after.
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November 06, 2012, 05:30:31 PM
 #154

UPDATE 11/06/2012:

Out of coins again.  No further PO requests will be approved today.  PO requests can be sent starting 8PM EST for deposits made tomorrow.   Due to demand for this service exceeding our available volume we are changing from a 0.5% discount to a 0.5% fee/markup.  As an example if the MtGox rate at the time of deposit is $10.00 the exchange rate will be $10.05.  This does not affect existing orders (funded or unfunded).  It will apply to all new orders going forward.

Thank You,

Staff
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November 06, 2012, 06:36:51 PM
 #155

UPDATE 11/06/2012:

Out of coins again.  No further PO requests will be approved today.  PO requests can be sent starting 8PM EST for deposits made tomorrow.   Due to demand for this service exceeding our available volume we are changing from a 0.5% discount to a 0.5% fee/markup.  As an example if the MtGox rate at the time of deposit is $10.00 the exchange rate will be $10.05.  This does not affect existing orders (funded or unfunded).  It will apply to all new orders going forward.

Thank You,

Staff
Tangible Cryptography

So because you're making more money and have more orders, you're going to charge your buyers a fee instead of keep the discount that had them coming to you in the first place?

Damn.
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November 06, 2012, 06:49:56 PM
 #156

UPDATE 11/06/2012:

Out of coins again.  No further PO requests will be approved today.  PO requests can be sent starting 8PM EST for deposits made tomorrow.   Due to demand for this service exceeding our available volume we are changing from a 0.5% discount to a 0.5% fee/markup.  As an example if the MtGox rate at the time of deposit is $10.00 the exchange rate will be $10.05.  This does not affect existing orders (funded or unfunded).  It will apply to all new orders going forward.

Thank You,

Staff
Tangible Cryptography

So because you're making more money and have more orders, you're going to charge your buyers a fee instead of keep the discount that had them coming to you in the first place?

Damn.

No, I know why this is being done and it is just fine.   With ACH limitations and delays, they need to make sure they are staying on top of their exchange risk.  They are actually providing a very helpful service.

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November 06, 2012, 06:55:31 PM
 #157

Never said it wasn't helpful.

Just.. damn. A discount is better than a mark up. That's all.
TangibleCryptography
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November 06, 2012, 07:28:12 PM
 #158

So because you're making more money and have more orders, you're going to charge your buyers a fee instead of keep the discount that had them coming to you in the first place?

No.  "exceeding our available volume"

We only have so many coins to sell.  The purpose of BD is to sell off our existing supply of coins.  We acquire coins from various sources and then sell them directly to avoid the delays and cost of exchanges.  

When BD began is represented less than 20% of our daily volume of acquired coins.  It now represents >120%.  It has exceeded our incoming supply, plus absorbed all our "stranded coins" on various exchanges, plus exhausted our internal reserve used to hedge price.  Reluctant to change the pricing which has worked so well we at times took a loss on some sales (having to buy at full price coins from market to sell to buyers at a discount).   The demand for both buying and selling varies however the trend for Bitcoins Direct is taking it past what we can supply.  So in that situation what would you do?  Continue to sell coins to don't have and don't need to sell at a loss?  Or would you raise the price to reduce demand?

If our supply of coins grows we will happily lower the markup or even go back to a discount.  It really just is supply and demand.

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November 06, 2012, 07:49:14 PM
 #159

OIC.

I guess I just don't undestand how you can charge roughly 5% when you buy bitcoins through FC4B and make 4.5% profit when you sell direct through BD and still somehow be at a loss.

Oh well. Damn.

I'll still use your service anyway.
TangibleCryptography
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November 06, 2012, 07:54:39 PM
 #160

OIC.

I guess I just don't undestand how you can charge roughly 5% when you buy bitcoins through FC4B and make 4.5% profit when you sell direct through BD and still somehow be at a loss.

Oh well. Damn.

I'll still use your service anyway.

We don't.  If we did we would be out of biz.   Say FC4B produces 5K BTC per day but demand for BD is 9K BTC per day.  Where do you get the other 4K BTC?  Buy them from a loss on the market?  Double spends?  Getting a little meta here but if a store (any store) continually runs out of product (any product) then the price is too low. 

Currently (and at current price) demand for BD exceeds FC4B (and our other ventures).  Supply and demand.  
The demand for BD exceeds our ability to supply it at the current price point.  By making the price less attractive it will reduce demand and avoid scenarios where we have to post [OUT OF COINS].

TL/DR: Will 0.5% fee be less popular than 0.5% discount?  Of course.  That is whole point! Wink
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