Quote from: tmbp on July 11, 2014, 09:35:21 PM

Quote from: byt411 on July 11, 2014, 09:24:24 PM

Quote from: tmbp on July 11, 2014, 08:55:12 PM

Quote from: byt411 on July 11, 2014, 08:52:03 PM

Our card isn't made for you to buy cars. It's supposed to be used for everyday transactions such as paying for your dinner, buying groceries and such. I assume you don't buy a vehicle every day?
And no, there are no other fees. Our exchange has lots of security features, and most of our funds are stored in cold wallets, far from our office.
We don't have a policy if our exchange gets robbed, but we would repay customers as quickly as possible from our own funds.

But my point is what would theoretically stop one from buying a car? if what you're saying is true then this is a very appealing deal, however if it's false (as I suspect) then it's probably worse than a bank.

Do you have any insurance policy? Any type of legal document that you would provide? I can't exactly take you on your word that you'd repay potential hundreds of thousands of dollars that you claim to have.

We are planning an audit and a proof of reserve which will take place soon. You simply cannot load that much money onto your card to buy a car, and everything I'm saying is true (Although some tiny details may change).
We are a registered company in Hong Kong, and we also have a Money Transmitting license from the MSO in Hong Kong, which is basically the equivalent of FinCEN in the US.

What would stop me from loading 5.23BTC once, spending all of it in a single 3300$ transaction, refilling with another 5.23BTC, spending all the 3300$ again, then repeating the process multiple times?

You can do that, there's nothing to stop you, but do sellers in the US accept stuff like that?