I see you guys have changed your F.A.Q.
Before you stated that the bit-coin rate is determined(based on Mt.Gox's) by the time-stamp on the receipt received when the cash deposit was made.
Now, The FAQ now reads: bit-coin rate is determined as at the time the BIT-COIN is being released to the buyer!
Man this is very problematic and VERY vague.
Which means you can literally sit on one's $ for up to 24 hours and watch what happens with the fluctuations before sending the BTC?
CATEGORICALLY, when a cash DEPOSIT or any cash payment was made...in normal business terms, it should signal the instantaneous disbursement or render of service.
Point is, YOU CANNOT DO that MAN!
Time-stamp as at when cash was made to the account should be norm. It's how everyone else does.
Before you stated that the bit-coin rate is determined(based on Mt.Gox's) by the time-stamp on the receipt received when the cash deposit was made.
Now, The FAQ now reads: bit-coin rate is determined as at the time the BIT-COIN is being released to the buyer!
Man this is very problematic and VERY vague.
Which means you can literally sit on one's $ for up to 24 hours and watch what happens with the fluctuations before sending the BTC?
CATEGORICALLY, when a cash DEPOSIT or any cash payment was made...in normal business terms, it should signal the instantaneous disbursement or render of service.
Point is, YOU CANNOT DO that MAN!
Time-stamp as at when cash was made to the account should be norm. It's how everyone else does.
I apologize if you are unhappy with the change but let's review this.
We changed the terms, yes, but as you pointed out, the FAQ section was changed to advise clients of that change.
I don't understand how you find this to be "vague". It is about as clear as it can be stated.
As far as your comment about sitting on a client's money for up to 24 hours....99% of fundings occur in under 60 minutes.
In addition to the fact that fundings typically occur within minutes, there is zero benefit for Bitcoin-Brokers to try to time the pricing of your bitcoin. The Bitcoin-Broker fee is 2% regardless what prices do. It makes zero difference to Bitcoin-Brokers whether prices are moving up or down because the profit is always the same.
As far as your comment of "YOU CANNOT DO that MAN!"
Respectfully, "yes I can".
Most of the bitcoin is sourced from the actual exchanges when it is sold to you, so the pricing needs to be set in this manner. Otherwise the following scenario could occur:
1)Your deposit is made.
2)By the time you submit the documents as proof of deposit, prices have risen substantially.
3)The seller would be forced into selling you bitcoin at a loss. Obviously this cannot occur, otherwise the sellers will not allow you to use their bank account to buy your bitcoin in the first place. They need to be guaranteed a profit to offer you this service.
That's why you:
1)Make the deposit
2)Submit proof that deposit has been made
3)Deposit is verified by Bitcoin-Brokers, and then sent off to seller as proof.
4)Seller logs into online banking and verifies deposit is actually in their bank account.
5)Seller logs into their account at an exchange and purchases your bitcoin for you.
There are some sellers who sell their bitcoin without sourcing from the exchanges. These sellers have acquired their bitcoin through mining, or some other enterprise which nets them bitcoin which needs to be sold off. These types of sellers are less concerned with the intra-day movements of bitcoin prices, and as a result they set their prices according to the timestamp on your deposit receipt (which is what it sounds like you are looking for in a transaction).
I would suggest on your next order, that you request a seller who prices their bitcoin based on the timestamp, as compared to one who sources from an exchange. If there is supply available through one of these sellers, I will be happy to offer you these instead since it really makes zero difference to Bitcoin-Brokers which seller is chosen.
Hopefully, this offers you a better understanding as to why it has to happen this way.
This is a great service. I actually just noticed this change in your policy. Honestly, this is going to be a deal killer for me. It's a bummer, too because this service has been great so far!
But I cannot and WILL NOT rely on your sellers to choose the exchange rate after the fact, which is essentially what you are allowing.
My understanding of the new system is that it would allow a potentially unscrupulous vendor to "choose" his exchange rate based on when he releases the funds. If I deposits at a time point when BTC prices are high, thats on ME, so I can accept it. But I CAN'T accept giving someone else that power - BTC price are just TOO volatile for that to work.
I DO appreciate and understand your business requirements. You say "It makes zero difference to Bitcoin-Brokers whether prices are moving up or down because the profit is always the same." That is perfectly understandable. But I think the exchange rate does matter VERY MUCH to your customers!
Thanks for a great thing while it lasted. I my try requesting a seller that will honor the deposit time stamp, if indeed you offer that.