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Author Topic: Bitcoin debit card  (Read 293836 times)
Puppet
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January 07, 2015, 10:41:53 PM
 #21

Thats funny, you have the same profile as me Smiley
(your link is incorrect and points to the edit page of whoever clicks it)

As for escrow, I was thinking something simple; I (or someone else) puts a smallish amount of btc in escrow to be released to you only after the card arrived, is funded and used for said amount.  So you'd have to prefinance it, but I see no other way for you to begin establishing some credibility.

Note that this wouldnt prove a whole lot, just that you can deliver and fund working prepaid visa cards, but then I could probably do that too. It doesnt guarantee you wont run off one day, but at least it would be a first step.



kano
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January 07, 2015, 11:04:50 PM
 #22

Well actually I think there is something way more simple to consider here.

If you 'could' supply VISA cards payable with BTC you would make a fortune doing so on even a small margin.
That is quite simply obvious.
It would give the general BTC community a way to be able to pay for anything with BTC.

So I put this forward for this very reason.

Seriously, you need to provide a few pages of very high level details about your company and the people involved.
Your connection with VISA, your company history, your proof that the company won't be disappearing and details about where ALL the funds go and how the VISA cards are funded.

Not hidden web domains and anonymous google email servers.

If you cannot post those details here in the next 24 hours then it would be quite expected for anyone here to assume it is a scam and no one should be risking their BTC on it.

BTC <-> VISA is not a new idea, it's just something that not even the well known BTC companies have been able to do yet, so you need to provide a LOT of details and why YOU are able to do this when others cannot.

Pool: https://kano.is - low 0.5% fee PPLNS 3 Days - Most reliable Solo with ONLY 0.5% fee   Bitcointalk thread: Forum
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s1lverbox
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January 07, 2015, 11:11:52 PM
 #23



BTC <-> VISA is not a new idea, it's just something that not even the well known BTC companies have been able to do yet, so you need to provide a LOT of details and why YOU are able to do this when others cannot.

^^Wise words your GRACE....^^
gosha@e-coin (OP)
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January 07, 2015, 11:20:52 PM
 #24

Take a look here

http://companycheck.co.uk/company/09228951/E-COIN-TRADING-LIMITED

However, I suggest to sign up and order our debit card for just $1, not that huge loss anyway  Wink.

www.e-coin.io/requestInvite


22/09/2014- incorporated in this date.

So took them only 3 months to tied up themselfs with visa, crypto exchange, and now advertising this here?

not quite sure why you are so negative about our service. I look after technical side of the project  and can address your concerns.

re Visa: we don't deal with Visa directly, we work with card issuer bank (the name of the bank was given in previous posts) and card issuer deals with Visa
re your previous FCA regulations question: as you probably know bitcoins are not regulated in UK (we are uk company) and we don't hold any client's accounts, so we don have to be FCA regulated
re 3 moths and crypto exchange: whats wrong with that? for professional developer it should NOT take that long to integrate rest API in working infrastructure

our team has a lot of experience developing FX trading platforms in investment banks  (Barclays Capital, Morgan Stanley and BNP Praibas), 2 of our members are MBA Cass graduates so they know to do business

please let us know if you have any concerns or questions

What a nonsense you trying to sell?

I did asked clearly what exchange after you load coins to card will exchange that to fiat and load to card issued by you?

BTC to card>>>BTC landing in exchange>>>Exchange selling for fiat>>>>>Exchange loading Fiat to bank(card issuer)>>>card can be used!!!

How its even possible that any UK bank did give you thumbs up for dealing with crypto?

Your team?
Your website showing nothing more than just nice graphics and photoshoped card.
You have no details filled in companys house, no history and no info about YOUR TEAM.
As a financial institution you have to be regulated by FSA. dosnt matter if you have UK customers account or not.

None of this nonsense add up. Post your team diploma, make a quick snap of your office, post landline phone number. do anything to validate your business. because for now 2 newbies trying pull fast one.

3 month period was given to show you that you joker as hell.
Even your domain expires soon. why hiding who is  data?


Not keeping up with your new questions coming... Will deal with them FIFO..

Many websites are showing less than that these days. Especially the newly launched ones. We have concentrated on pulling the technical side of things and making the partnerships with card issuer, bitcoin exchange, banks, etc. You can see the linkedin profiles in this post, if that helps.

The process chain you have drawn is not entirely correct, and I'm afraid, we cannot disclose such information in full detail, as it is commercially sensitive and is the essence of the business model. Can only repeat that we have an account with the VISA card issuer, and clearly, no such partnership would be possible if there was something wrong with the company.

No details filed with the Company House simply because there are no accounts we are obliged to fill as yet. This is a startup, and luckily UK laws don't make it a nightmare for new companies to get going.

Bitcoin regulation is most probably coming in one form or another, as you know, but at the moment, there isn't any. So, we are not regulated by FSA as yet. However, like most other companies in the similar field, we are anticipating such regulations and make sure we comply with all KYC and AML requirements, sanctions lists, etc.

As a fintech startup, we do not run a physical office yet - there is no need. Will be happy to invite you once we have grown the next stage when it does become a necessity. Landline phone numbers will be history soon.

3 months may sound like a joke, agree with you, but that's the reality of today - it is hard to survive being slow. It's been more than 3 months since the inception of the idea, by the way.

Once again, I do understand your concerns, and the fact that it will take time to prove our worth here coming from a new post made yesterday to acceptance and respect by the community.

Would you be available to meet at Bitcoin Expo on January 24-25?

And you are most welcome to try the beta - the card is only $1, not much to lose to prove us wrong or right

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gosha@e-coin (OP)
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January 07, 2015, 11:27:33 PM
 #25

Thats funny, you have the same profile as me Smiley
(your link is incorrect and points to the edit page of whoever clicks it)

As for escrow, I was thinking something simple; I (or someone else) puts a smallish amount of btc in escrow to be released to you only after the card arrived, is funded and used for said amount.  So you'd have to prefinance it, but I see no other way for you to begin establishing some credibility.

Note that this wouldnt prove a whole lot, just that you can deliver and fund working prepaid visa cards, but then I could probably do that too. It doesnt guarantee you wont run off one day, but at least it would be a first step.






the linkedin link is corrected now, sorry about that..
Let's discuss your escrow idea via e-mail?

On that note though, who can guarantee the won't run off with your coins one day? Until the industry becomes regulated, it will be based on trust, as the bitcoin protocol itself. But even regulated companies closely observed by FSA and other watchdogs do that every now and then, don't they?..

Try ordering the card, try playing with a small amount - guess that should be the way forward. Same as suggested to @s1lverbox, happy to meet at the Bitcoin Expo in London - will you be there?

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gosha@e-coin (OP)
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January 07, 2015, 11:40:02 PM
 #26

Well actually I think there is something way more simple to consider here.

If you 'could' supply VISA cards payable with BTC you would make a fortune doing so on even a small margin.
That is quite simply obvious.
It would give the general BTC community a way to be able to pay for anything with BTC.

So I put this forward for this very reason.

Seriously, you need to provide a few pages of very high level details about your company and the people involved.
Your connection with VISA, your company history, your proof that the company won't be disappearing and details about where ALL the funds go and how the VISA cards are funded.

Not hidden web domains and anonymous google email servers.

If you cannot post those details here in the next 24 hours then it would be quite expected for anyone here to assume it is a scam and no one should be risking their BTC on it.

BTC <-> VISA is not a new idea, it's just something that not even the well known BTC companies have been able to do yet, so you need to provide a LOT of details and why YOU are able to do this when others cannot.


well worded.
That is the plan, and that is why the fees are low.

As mentioned in another reply, we cannot fully disclose all the sensitive commercial information and partnership details, unless we have an NDA in place, but would be glad to provide anything you find credible.
Would our investor slides pack be of any worth, you think?
As for proof that the company won't be disappearing, I am not sure what kind of proof that could be - can anyone actually do that?

It is not a new idea, you are right. Most ideas have existed by the time someone made something valuable out of them. Thus far, bigger competitors are only taking pre-orders, whereas our card is ready to order and ship.

Will you be at Bitcoin Expo in two weeks?

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January 07, 2015, 11:46:29 PM
 #27



BTC <-> VISA is not a new idea, it's just something that not even the well known BTC companies have been able to do yet, so you need to provide a LOT of details and why YOU are able to do this when others cannot.

^^Wise words your GRACE....^^


please, test us. Give us a chance - try creating an account and ordering a card. Read through the Legal and FAQ sections on the web-site and feel free to ask any questions here or via e-mail. Unless they touch upon sensitive information which we cannot disclose, will be happy to answer.
In the end, only action and delivery can be good enough proof, lots of details can be made up if someone wanted to run scam

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January 08, 2015, 07:10:42 AM
 #28


As for proof that the company won't be disappearing, I am not sure what kind of proof that could be - can anyone actually do that?


Most legitimate companies have more to lose than to gain by disappearing, because of a variety of reasons, the most important one being accountability. Im not yet convinced you could be held accountable if you decide to run one day. But here is a thought, again based on escrow: put a non trivial BTC amount in escrow, to be released to you after x months, or to be used to compensate victims if you turn out to be a scam. In the line of business you're in, you should be able to afford more than a symbolic amount for this.
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January 08, 2015, 07:32:30 AM
 #29

this is definitely something I think that is needed in order for bitcoin to strive in the future. More atms would help also.


Interested to see how this pans out. I am in the states  but hopefully some more of our mates in england give this a shot



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PLAY or INVEST


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January 08, 2015, 02:20:56 PM
 #30


As for proof that the company won't be disappearing, I am not sure what kind of proof that could be - can anyone actually do that?


Most legitimate companies have more to lose than to gain by disappearing, because of a variety of reasons, the most important one being accountability. Im not yet convinced you could be held accountable if you decide to run one day. But here is a thought, again based on escrow: put a non trivial BTC amount in escrow, to be released to you after x months, or to be used to compensate victims if you turn out to be a scam. In the line of business you're in, you should be able to afford more than a symbolic amount for this.


thank you for your thoughts and suggestions - all is very reasonable and to the point. We will surely look into such possibility.

Meanwhile, we are still in beta, so, need to get some of you guys to try the service and share your thoughts - what is good, what needs to be changed, etc. Doing that on small amounts - there is no risk for anyone. After all, we have our risks too, especially once the 'buy' functionality is enabled and users are allowed to buy BTC using credit cards (this alone could be worth a separate topic!)

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January 08, 2015, 02:29:58 PM
 #31

this is definitely something I think that is needed in order for bitcoin to strive in the future. More atms would help also.


Interested to see how this pans out. I am in the states  but hopefully some more of our mates in england give this a shot


fully agree. The whole idea behind this is to make BTC easier to use, so that not just IT-savvy guys like you can transact in it, but someone's granny, too. Bitcoin ATMs are great, love using them even just for the feel of the act,hope more of them keep coming up, the one drawback is the exchange rate.

Unfortunately we cannot send cards to the US addresses due to regulatory limitations (imposed on the card issuer). Which does not mean the card cannot be used in the US - if you live elsewhere and just travel to the States, the currently available USD one is the best choice

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January 08, 2015, 02:30:37 PM
 #32

ok, lets see what happens. Can you pm me a beta code invite thingy?
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January 08, 2015, 02:54:06 PM
 #33

ok, lets see what happens. Can you pm me a beta code invite thingy?

that's done - sent you the link to request the code. Thank you for your support!

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January 08, 2015, 03:36:06 PM
 #34

Does it work worldwide, bcoz some countries hv restrictions.
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January 08, 2015, 04:00:54 PM
 #35

Does it work worldwide, bcoz some countries hv restrictions.

Nearly. All countries except USA, India and countries on sanction lists.

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January 08, 2015, 05:17:50 PM
 #36

Two questions:
1. On what exchange is your exchange rate based?
2. On the debit card, the money is stored as FIAT or BTC? (The exchange is done when the card is loaded or during each payment?)

Regarding the law-discussion:
I think there is a good law-related reason, why a bank in Gibraltar (which one btw) was choosen as card issuer. Gibraltar is a known tax haven and thus, on the grey list.
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January 08, 2015, 05:58:15 PM
 #37

Two questions:
1. On what exchange is your exchange rate based?
2. On the debit card, the money is stored as FIAT or BTC? (The exchange is done when the card is loaded or during each payment?)

Regarding the law-discussion:
I think there is a good law-related reason, why a bank in Gibraltar (which one btw) was choosen as card issuer. Gibraltar is a known tax haven and thus, on the grey list.

1. Initially Bitstamp, now we plan to have 2 or 3 as none of them seems to be a 100% reliable.
2. The money is stored as FIAT on the card. That's why we do not recommend to store large amounts on the card, you can store them in BTC and upload FIAT when needed (there will be a mobile app soon). Once the full integration is complete (February - March), you will be able to store money in BTC on the card as well.

Regarding banking:
At the moment this is the only way, happy to work with more trusted banking partners once they embraced BTC.

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January 08, 2015, 06:48:52 PM
 #38

Cool idea, but puts more downward pressure on bitcoin price. This is basically a quick and convenient way to exchange bitcoin for fiat and then spend the fiat on purchases. The bitcoin ends up as fiat at an exchange, which will probably be withdrawn to a bank account instead of converted back into bitcoin. Still I can see how it would be useful for a lot of bitcoiners

It's exactly what we had in mind when we started this project, one of the main bitcoins problems is that there is no easy way to spend them/exchange to fiat, so by bringing bitcoins into traditional payment/card infrastructure we are aiming to make bitcoins more popular and liquid

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January 08, 2015, 08:00:41 PM
 #39

guys, a quick note for those who have ordered the cards: they were supposed to be sent out in new design (the one shown at the top of this thread) as of this week, however, we just received another one in the old design. Having spoken to the card issuer, this should be corrected shortly.
So, don't be surprised if the one you receive happens to look a bit different, it is still the same card, just different print on the front

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eneloop
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January 08, 2015, 08:16:29 PM
Last edit: January 08, 2015, 08:42:33 PM by eneloop
 #40

Quote
[...] Once the full integration is complete (February - March), you will be able to store money in BTC on the card as well.
That's great.

From your FAQ:
Quote
What are the fees associated with E-Card?
ATM Transaction Domestic
Domestic means within the UK or is that currency related (e.g. EUR card + EUR cashout = domestic, EUR card + USD cashout = international)?

Quote
Can I withdraw cash at ATM using my E-Card?
You can withdraw $400/ €400/£320 per day if your E-Coin account is not verified and $1200/ €1000/£800 per day once you have become a verified account holders.
400 € per day without any verification is huge! This means to withdraw/spend 146,000 € per year allmost anonymous. I can't really believe that this complies with AML/KYC?!

"Verified by Visa" is possible?

In the FAQ you should mention the bank you are connected with.

So, the card is just black? That's a bit boring. You show a great card design on your homepage. Hope this is used soon.
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