Re: Official Newbie BitInstant Support Thread (Active Customer Support)

I just logged into Dwolla too so wtf are you talking about?

He means that Dwolla is no longer processing BSInstant transactions. And you can pretty much infer from the fact that they have simply gone quiet that their current status is....up the river without a paddle. The 40% decline in BTC prices over the last month should have helped them out, but it's fairly obvious now that they don't even have a few hundred dollars in the bank to pay employees, much less to cover hundreds of thousands of dollars in undelivered transactions at any price. I have a feeling the rapid price decline in BTC has something to do with BSInstant's inability to buy BTC anymore, since they were a major buyer.

They managed to somehow keep order flow coming for a lot longer than I thought they could after they first started lying about technical problems several months ago, but I'm afraid the ship has finally sunk.

Oh man I hope not. Stuff like this has happened before when everyone thought BI had went scammer. But they always came out of it. I hope this time is the same.

They always came out of it before because they had enough new orders to sort-of keep up appearances. Now, apparently they don't have enough order flow to even keep a few hundred dollars in the bank, and have tons of undelivered orders. At some point during all of this, they also received $1.5 million from the Winklevoss twins (of Facebook fame) that helped carry them for a while. It appears that no more money is coming from anyone to save them. Again, the fact that they have dropped all attempts to even communicate anymore (beyond automated emails) is all the evidence you need.