Bitcoins Direct Support Thread

[CoinDiver]

The simple solution is to pay a bit more, and charge a bit more.

[1714174148]

1714174148

[DeathAndTaxes]

The simple solution is to pay a bit more, and charge a bit more.

True however Bitcoin is highly variable.  Our highest volume day this year is about 30x that of the lowest.  We may end up floating both rates but until recently sticking with static markups has been highly effective.  It remains to be seen if the prior 10 days is the new normal or just an outlier.  Yes if over a longer period of time the exchange rate continues to rise by 2% to 3% per day then we likely need to adjust our policies.

[TangibleCryptography]

Update 04/04:

We are open again.  On advice of counsel we are no longer accepting cash deposits.  Due to MSB Guidelines released by FinCEN we are awaiting clarification by FinCEN on some regs before accepting cash deposits.  We have filed with FinCEN to be registered as a MSB and have also sought an administrative ruling on the applicability of some sections of MSB regulations related to "virtual currencies".

At this time we will begin accepting PO requests on Sunday (04/07) for wires posting on Monday (04/08) or later.   Previously someone asked for an exact deadline, this has never been an issue before but lets say 00:00:01 EST on Sunday.  Please don't send PO requests early.  We have found that the follow through rate is significantly lower for PO request made more than a day or two in advance.  This just creates uncertainty in our available supply and creates wasted work for our staff.

Existing Clients:
If you need Bank Wire instructions please send a PGP signed and encrypted request to info@tangiblecryptography.com

New Clients:
We are not accepting new clients at this time.  We likely will open the service to new clients next week, depending on demand.

Staff
Tangible Cryptography, LLC

[opentoe]

Update 04/04:

We are open again.  On advice of counsel we are no longer accepting cash deposits.  Due to MSB Guidelines released by FinCEN we are awaiting clarification by FinCEN on some regs before accepting cash deposits.  We have filed with FinCEN to be registered as a MSB and have also sought an administrative ruling on the applicability of some sections of MSB regulations related to "virtual currencies".

At this time we will begin accepting PO requests on Sunday (04/07) for wires posting on Monday (04/08) or later.   Previously someone asked for an exact deadline, this has never been an issue before but lets say 00:00:01 EST on Sunday.  Please don't send PO requests early.  We have found that the follow through rate is significantly lower for PO request made more than a day or two in advance.  This just creates uncertainty in our available supply and creates wasted work for our staff.

Existing Clients:
If you need Bank Wire instructions please send a PGP signed and encrypted request to info@tangiblecryptography.com

New Clients:
We are not accepting new clients at this time.  We likely will open the service to new clients next week, depending on demand.

Staff
Tangible Cryptography, LLC

Pretty soon they'll find something wrong or unlawful with bank wires. You'd think plain old cash would be %100 ok to do. I will never understand how making a cash deposit to a business (paying for something) and then getting something in return (buying something) is unlawful. When bank wires become unlawful, what is next?

I've never done a bank wire before, do the instructions have the process?
Thanks

[fumblefingers]

Bank wires are easy. Just be sure you have the right info.

Once you see how your bank fills out the paperwork, you can probably do it all by email.

I can do mine by email. I print the form, fill it out, scan as .pdf and email to my bank manager.

Couldn't be easier.

Actually, now that I think about it, running to the store with a fistful of cash is much more involved. There is the paper trail, but for the most part, so what?

[TangibleCryptography]

A bump for visibility as we are still getting PO request for funding by cash deposit.

[TangibleCryptography]

Update:  Bitcoins Direct will be open to new clients on 04/09.  See first post for instructions.  You must understand how to use PGP.  If you are unfamiliar with how to install PGP, import a public key, create a keypair, or send an encrypted plain text message you will not be able to use this service.  All client correspondence is by PGP with no exceptions.  We can't provide assistance on learning PGP, sorry we just don't have the time. 

[TangibleCryptography]

New clients:

" You must understand how to use PGP.  If you are unfamiliar with how to install PGP, import a public key, create a keypair, or send an encrypted plain text message you will not be able to use this service.  All client correspondence is by PGP with no exceptions.  We can't provide assistance on learning PGP, sorry we just don't have the time. "

I wish we could be a PGP tutorial service but given the time constraints we have, that simply isn't an option.  If you wish to use this service you should ALREADY have installed a PGP client, created a person keypair, imported our company key and be familiar enough to encrypt a message to us containing your public key export and a brief message.  If you can't do that ... you can't use this service.

[TheButterZone]

I did all that, even practiced by encrypting a message to myself and decrypting it successfully before I imported your key and encrypted one that I emailed to you. Did you get it ok?

[TangibleCryptography]

I did all that, even practiced by encrypting a message to myself and decrypting it successfully before I imported your key and encrypted one that I emailed to you. Did you get it ok?

Probably our inbox is packed.  We are not accepting new PO "yet".  Hopefully sometime today.  If the markets can delivery timely quotes and volatility is less than 30% an hour we will start accepting POs.  I will get funding instruction to all new clients (like yourself) in the next couple hours.

[krncoolwater]

I did all that, even practiced by encrypting a message to myself and decrypting it successfully before I imported your key and encrypted one that I emailed to you. Did you get it ok?

Probably our inbox is packed.  We are not accepting new PO "yet".  Hopefully sometime today.  If the markets can delivery timely quotes and volatility is less than 30% an hour we will start accepting POs.  I will get funding instruction to all new clients (like yourself) in the next couple hours.

What is PO?  Thanks in advance...

[JonSnow]

I did all that, even practiced by encrypting a message to myself and decrypting it successfully before I imported your key and encrypted one that I emailed to you. Did you get it ok?

Probably our inbox is packed.  We are not accepting new PO "yet".  Hopefully sometime today.  If the markets can delivery timely quotes and volatility is less than 30% an hour we will start accepting POs.  I will get funding instruction to all new clients (like yourself) in the next couple hours.

What is PO?  Thanks in advance...

PO = purchase order

[TangibleCryptography]

I did all that, even practiced by encrypting a message to myself and decrypting it successfully before I imported your key and encrypted one that I emailed to you. Did you get it ok?

Probably our inbox is packed.  We are not accepting new PO "yet".  Hopefully sometime today.  If the markets can delivery timely quotes and volatility is less than 30% an hour we will start accepting POs.  I will get funding instruction to all new clients (like yourself) in the next couple hours.

What is PO?  Thanks in advance...

PO = purchase order

Thanks Snow.  This is correct.  The first step is to send a request to purchase coins.  It will be approved or denied and all terms specified.  Once you have an approved PO you can fund the order per funding instructions. 

[TangibleCryptography]

Update 04/15/2013:

Temporary changes in policy due to market conditions.
1) PO requests must be for current day only.  After 5PM EST you can submit PO requests for the following day.  Please don't submit PO request for days further out as we don't have that kind of visibility at this time.
2) No VWAP or multi-day trades.  Max transaction is $10,000 per client per day (first time clients limited to $5,000).
3) Our fee has temporarily been increased to 2.99% to hedge against intra-hour volatility.
4) MtGox has been trading significantly under bitfloor throughout the day.  The "spot price" be the greater of bitfloor & MtGox at the timestamp of wire notification.

We don't like this anymore than you do and will remove restrictions as soon as market conditions allow.  The temporary policies & market volatility increase your exchange rate risk on any transaction at this time.  You should weigh the risk of engaging in a purchase before submitting a PO request.

Staff
Tangible Cryptography, LLC

[TangibleCryptography]

Update 04/18/2013:

We can now accept future dated PO requests as normal.  Max transaction is $10,000 per client per day.

[TangibleCryptography]

Update 04/22/2013:
Transaction fee reduced and maximum transaction size raised in light of reduced volatility and improved exchange performance.

[abracadabra]

Are you still accepting new buyers?

Thanks!

[chrisrico]

Are you still accepting new buyers?

Thanks!

They keep the first post updated with this status.

New clients: [CLOSED]
We are not accepted requests from new clients at this time.

[abracadabra]

Are you still accepting new buyers?

Thanks!

They keep the first post updated with this status.

New clients: [CLOSED]
We are not accepted requests from new clients at this time.

Thanks.  I've added this thread to my watchlist, guess I just missed the opening about 20 days ago.  
It's difficult to tell when/if the first post in thread was ever updated since this forum software doesn't indicate an "Edited" date.
Maybe an email list for notifications of reopening for new accounts?

* abracadabra pokes TC

[zebedee]

Due to volatility, larger orders, multi-day orders, and VWAP pricing is currently unavailable.

I'm curious.  Can you explain?  (Apart from the large order bit) this is very counter-intuitive.

The reason VWAP is generally chosen as a price-determination mechanism is precisely because in thin, volatile markets it's easy to fudge the price at any given time by placing strategic bids or offers or hitting a few bids or lifting a few offers, in order to manipulate the price that is observed by your counterparty.  Believe me I worked in the financial biz and there are all kinds of games played to deceive the naive.

Doing a 24-hr VWAP means that, from TC's point of view, because you buy coins randomly through the day, your average buy price can be expected to match the VWAP, less your bid-mid fee of course, to a reasonable extent, and perhaps more importantly, in an unbiased fashion (sometimes higher, sometimes lower, no real bias).

Therefore, I would have thought that a VWAP would be far more in your interest than an immediate fixing at some random intraday exchange price.

What gives?