Quote from: IanDeMartino on January 09, 2015, 02:24:38 AM

Hey guys, just thought I'd leave my article here.

http://cointelegraph.com/news/113268/paycoin-attempts-to-explain-away-pay-floor-but-deleted-statements-tell-different-story

enjoy.

I do believe I found one deleted post not mentioned here earlier (but with this thread at nearly 800 pages, I could be wrong)

Correction: Paybase wasn't using Circle, but Stripe. Also "as far as we know, Garza has not commented on why they have been deleted." See https://hashtalk.org/topic/27762/gawceo-on-reddit/203, which sort of counts.

Quote from: kupan787 on January 09, 2015, 05:12:19 AM

Quote from: KC6TTR on January 09, 2015, 04:52:21 AM

Quote from: maildir on January 08, 2015, 08:54:00 AM

They do take credit cards, but at least with some measure of verification:

http://leaserig.freshdesk.com/support/solutions/articles/1000075203-credit-card-acceptance-and-payment-polices

Seems right now zero verification at Homero's operation, is that even legal? How about that money business license is there one for him in Texas now or wherever you should have it for your operation.

The impression they continually create is like a kid trying to stick a cube in the cube hole struggling and struggling and finally does it. Here they been struggling and struggling to keep their promise of CC payments trying everything and everyone, and now they probably lied to stripe to get one, they so proud of themselves, they forgot the fundamental license and verifications.

Cause once it is raised it will be declared BETA and the CEO never said it was live yet. However half backed is the MO, they will shut it down after stripe tells them to, claim that something else forced them to close it, trolls attacking it, redditors hacking it, any old excuse, but there after gloat, see we did as we promised, we did provide CC payments. All for a day. Like the 30 second ceiling nearly realized. See but we did do as we said we would, we did meet the ceiling. All of 30 seconds that lasted.

Same story different day.

We're in the MAJOR leagues now, ladies and germs. The second he and/or is coverts launched this extension of Paybase, the scheme fell under the direct jurisdiction of the US FinCEN per 31 CFR 1010.100(t) (formerly 31 CFR 103.11(n)). Adding his 10% "convenience" fee is just icing on the cake. Expect things to happen much faster now.

Ref:
http://www.fincen.gov/financial_institutions/msb/definitions/msb.html
http://www.fincen.gov/financial_institutions/msb/definitions/person.html
http://www.fincen.gov/financial_institutions/msb/definitions/fin_ins.html

I can confirm the 10% "fee".

For shits and giggles, I decided to buy $100 of XPY with my rewards credit card, with the intention of immediately transferring to BTC, and then selling on coinbase to USD. Plus it was just $100, so I didn't really care if I lost 10-15% by the time I got back to USD to see how the process worked.

Steps I took.

1) Input my address and credit card info at Paybase.
2) Confirmed my phone number, to which I got a text from Swipe thanking me for signing up and saving my Credit Card data.
3) Typed in $100 into the USD field.
4) Clicked Buy.
5) On the next screen, I was thanked for my order, and informed I was charged $110.26.

Note that I was never informed the final price before accepting (I thought it was the $100 I typed in), nor do I see anywhere that I should have been charged a 10% fee.

6) My credit card had a pending auth from "Online San Francisco".
7) It then took over an hour for the XPY to deposit to Paybase.
Cool

Sent to Coin-Swap, sold for BTC, and sent to Coinbase.
9) Final result was $101 in BTC.

So if it wouldn't have been for the 10% fee, I would have come out even (plus the 2% rewards i'll get from my credit card).

That's funny, I didn't get charged any fee. Maybe they didn't charge me because I did $300, and that's their limit? Or I put the amount into the btc field, not the usd field?