Quote from: Rodyland on August 01, 2013, 06:26:50 AM

Quote from: TimJBenham on August 01, 2013, 06:04:53 AM

Quote from: triib4l on July 25, 2013, 11:18:50 AM

great service very good all aussies should jump on this service

Seems too good to be true. Unless they have a clever new way to do verification they will suffer the fate of Bitpiggy. Also they are exposed yet trying to play the regulatory gray area as to whether Bitcoin is a financial product or not.

Yeah, wonder how many reversed transactions they'll absorb before things change? Even bitinnovate, that only accepted over-the-counter cash deposits, closed their doors....

They do have a progressive limit raising system where your limit goes up for each successful transaction, and a 7 day hold on the first transaction (which is limited to $100). This will help protect them from casual scamming.

The fact that they claim their product is taxed as a financial product but they're not registered to deal in financial products is another worry. Some people are bothered by the fact Mr. Zhou is a principal. I wasn't on the scene then but apparently he has a controversial history with his previous ventures. Another pink flag is the very low spread they charge. AFAIK it is far tighter than any competitor in the Australian market which makes you wonder, why? A grocer undercuts his competitor by 5c, not a dollar. Businesses with extraordinary prices often have non-business motives, such as scamming or money laundering.