Quote from: Coincrazy on April 12, 2013, 12:48:02 PM

Quote from: BitPay Business Solutions on April 12, 2013, 10:13:19 AM

We are fine. We have already moved nearly all of our trading off Gox, because we max out their monthly limits in 5 days. All of the exchanges we use are fully operational with no delays in trading or withdrawals.

Could you please Help me here

Lets take a example scenario

your customer ..say a bicycle vendor ... quotes a bicycle as = 1 BTC on his website. that time BTC is = $70.

This bitpay Customer (cycle seller) Sells 10 bicycles to Mr. CoinCrazy.... that time BTC is = $75.

You (bitpay) receive BTC from the Mr. CoinCrazy (bicycle buyer) ..that time BTC is= $77

You credit your customer total of $ Huh

it could be $700 or $ 750 or $770 ... still I am ok with you crediting him the least bcause uptill here it its ok

You go to your NON mtgox exchange 10 minutes later and sell these 10 BTC when BTC = $ 50 !!!!

what happens ??

alternatively IF you say you will only credit customer after selling BTC in your exchange, customer will get $ 500 which is way below his selling price ...so its just a matter of time before he folds up ??

TIA & regards

Why not look at their website. The bicycle merchant would set a price in USD. Say $700. Bitpay collects BTC and the merchant gets $700 (minus fees). Not $750, not $770, not $632.388382989839289. $700. Bitpay is then long the equivelent BTC. You guys really have no imagination do you. Bitpay can do a nearly unlimited amount of business by just having BTC exposure equal to one hour of business for the entire month.

How? Bitpay is long some amount of BTC. They are always long some amount of BTC. This is unavoidable however the BTC they are long are ALREADY on the exchanges. So bycicle merchant sells a bike for $700. Bitpay quotes customer an amount in BTC. Say 10 BTC. As soon as customer pays (0-confirm), Bitpay immediately (within seconds) sells 10 BTC (which are already on the exchange). When customer payment has 1-confirmation they transfer it to the exchange.

Come on people start thinking outside the box. If you want Bitcoin to grow (real growth in terms of number of users, transactions, merchants) it will take more outside the box thinking.