Silk Road forums
Discussion => Security => Topic started by: John Gotti on July 13, 2013, 03:19 am
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Bitinstant has now closed shop until further notice.
https://www.bitinstant.com/
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for those who don't want to visit the link:
What's going on?
As many of you know, we recently re-launched our website. During this process we introduced many new features and changes to the way customers interact with our services. This process has been a learning experience, and you've provided a lot of great feedback on how things work and how they could work better. We value this input and the insights that it's led us to and we want to ensure that as we work, you, our customers, don't feel the growing pains associated with these improvements. For this reason, we've decided that the best way to proceed is to close shop and dedicate the entire team's efforts to creating the next generation of BitInstant.
In the short term, we recognize that this may cause our valued customers some inconvenience; it causes inconvenience for us too. In the long run, we are confident that this total commitment to what’s next is the right move. Rest assured that our entire team is working around the clock to bring you a new, improved version of BitInstant. In the meantime, customer service representatives will continue to be available to help you with transactions that have already been initiated.
Again, thank you for your patience during this process. Everyone at BitInstant is committed to the future of Bitcoin and we're doing everything we can to get back up and running with a service that streamlines transactions and makes it even easier to buy and sell bitcoins.
How long will this take?
Well, we aren't sure. We won't be finished tomorrow, but we're working diligently to get this done. Bringing you what's next is a big enough job that literally everyone we have is working on it. As soon as we know, you'll know. In the meantime, we'll be updating this website with new information on the re-launch as frequently as we have news.
What if I still have an issue?
We're still here to help! Customer service representatives are still manning their keyboards to help you resolve any outstanding issues you might have. If there's something that you need assistance with, please reach out to support@bitinstant.com, and we'll help as quickly as possible!
I want to know more!
We know you do, but please refrain from sending general inquiries to customer service so they can focus on helping people with transaction issues. If you're looking for more insight and sneak peeks under the hood, sign up for our newsletter above. As we continue to make progress, we'll send updates!
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How do you use the escrow system at localbitcoin? i was going to buy from a guy and he wanted me to deposit at a wells fargo. there was an icon that said the sellers escrow was off and it wasn't safe to buy "online". then i mentioned it and the escrow icon went on and said it was safe to buy "online" how do you buy online? how would a bank deposit be protected by escrow?
i dont get that site. any info how it works would be appreciated.
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working on it.... still. Hopefully "I" will have some good news for everyone soon.. well relative terms "soon".
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Now you know what it feels like to live in certain parts of the globe (in the US you are lucky to have A LOT of services for anything you need, not so in many places in the rest of the World).
He he... a little of payback ;)
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How do you use the escrow system at localbitcoin? i was going to buy from a guy and he wanted me to deposit at a wells fargo. there was an icon that said the sellers escrow was off and it wasn't safe to buy "online". then i mentioned it and the escrow icon went on and said it was safe to buy "online" how do you buy online? how would a bank deposit be protected by escrow?
i dont get that site. any info how it works would be appreciated.
The escrow feature works much like the SR system. He deposits his coins to a localbitcoin wallet that holds the coins. You go deposit at WellFargo and he releases the coins to your localbitcoin wallet. If there was ever a dispute a localbitcoin admin will look at the evidence (receipts, etc).
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What's going on?
As many of you know, we recently re-launched our website. During this process we introduced many new features and changes to the way customers interact with our services. This process has been a learning experience, and you've provided a lot of great feedback on how things work and how they could work better. We value this input and the insights that it's led us to and we want to ensure that as we work, you, our customers, don't feel the growing pains associated with these improvements. For this reason, we've decided that the best way to proceed is to close shop and dedicate the entire team's efforts to creating the next generation of BitInstant.
In the short term, we recognize that this may cause our valued customers some inconvenience; it causes inconvenience for us too. In the long run, we are confident that this total commitment to what’s next is the right move. Rest assured that our entire team is working around the clock to bring you a new, improved version of BitInstant. In the meantime, customer service representatives will continue to be available to help you with transactions that have already been initiated.
Again, thank you for your patience during this process. Everyone at BitInstant is committed to the future of Bitcoin and we're doing everything we can to get back up and running with a service that streamlines transactions and makes it even easier to buy and sell bitcoins.
How long will this take?
Well, we aren't sure. We won't be finished tomorrow, but we're working diligently to get this done. Bringing you what's next is a big enough job that literally everyone we have is working on it. As soon as we know, you'll know. In the meantime, we'll be updating this website with new information on the re-launch as frequently as we have news.
What if I still have an issue?
We're still here to help! Customer service representatives are still manning their keyboards to help you resolve any outstanding issues you might have. If there's something that you need assistance with, please reach out to support@bitinstant.com, and we'll help as quickly as possible!
I want to know more!
We know you do, but please refrain from sending general inquiries to customer service so they can focus on helping people with transaction issues. If you're looking for more insight and sneak peeks under the hood, sign up for our newsletter above. As we continue to make progress, we'll send updates!
I was fine with it before, no need to fix what isnt broken Bit instant
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"to close shop and dedicate the entire team's efforts to creating the next generation of BitInstant."
Hmmm, I wonder what that will look like? Probably not good at any rate.
People, you have got two choices now: localbitcoins.com, and CampBX. But please get on the ball and start with it, it takes some time with either one, and the longer you wait to decide (Hamlet...) the worse it will be for you buyers and for us vendors.
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What about coinbase?
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whats wrong with blue sky traders?
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whats wrong with blue sky traders?
http://ok2yri46aaptiu2d.onion/index.htm
see for yourself... theyve been "out of inventory" for about 2 weeks so far...
Where is everything buying their BTC?!
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Bitinstant has now closed shop until further notice.
https://www.bitinstant.com/
Wish I could say I didn't see this coming. After all the recent crackdowns with banks and BTC related activities it was only a matter of time.
jesus, this sucks! wth is going on? its only a matter of time that localbitcoins is next i fear. leaving us practically no way to obtain bitcoins!
Localbitcoins can't be "shutdown". It's a decentralized P2P trading system. Sure government agencies could bring down the website, but then LocalBitcoins could probably crate a Hidden Service and keep doing business as usual.
How do you use the escrow system at localbitcoin?
How do you buy online?
How would a bank deposit be protected by escrow?
Same way as Escrow here at SR. Except BTC is the commodity and FIAT is the currency.
Using Dwolla, Paypal, Western Union, Moneygram, Moneypak, and UKash.
BTC from vendor and deposit info are sent to escrow. Once deposit clears, escrow releases BTC to client.
working on it.... still. Hopefully "I" will have some good news for everyone soon.. well relative terms "soon".
Working on what exactly? Are you affiliated with BST or BI? Either way any info you have will be much appreciated.
Now you know what it feels like to live in certain parts of the globe (in the US you are lucky to have A LOT of services for anything you need, not so in many places in the rest of the World).
He he... a little of payback ;)
QFT. I cringe when I hear of the "recession" America faces. Or the "struggles" people face. Americans have the highest quality of living bar none. Yet all they can do is complain that they dont' have the latest i*insert item here* or how awful it is that they got last years model of *insert car here*.
I was fine with it before, no need to fix what isnt broken Bit instant
It wasn't broken, it just wasn't legal. They changed their business structure to adhere to FinCEN guidelines to avoid the same fate as Mt.Gox's sister company Mutum Sigilum. They were forced to become registered MSB's, verify their customers (AML/KYC), and we can't forget their recent loss with VirWOX hack either.
Hmmm, I wonder what that will look like? Probably not good at any rate.
People, you have got two choices now: localbitcoins.com, and CampBX.
I imagine forced verification like Mt.Gox. They will bend over, take it, then ask FinCEN if they may have another regulation.
3 Actually. Bitcoin-OTC as well.
What about coinbase?
I believe you have to link a bank account. I've never used it so someone please correct me if I'm wrong.
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Going after the fucking middlemen, this blows. LBT here I cum.
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I imagine forced verification like Mt.Gox. They will bend over, take it, then ask FinCEN if they may have another regulation.
Americans love getting sodomized by their guvmint. They pull down their pants and ask how far they must bend, then they bend some more!
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There is also Bitstamp, which I have not used. I only know that they appear to still be in service.
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No Chipper I am in no way affiliated with any current exchange type service. What I'm working on particularly has interest to 2-3 types of people. I'm working on a cash exchange. Store front/by mail to the store. There are a few small issues. But it's slowly coming together. The long and the short of it is cash for btc. no id or verification. Unfortunately no bank transfers.
If we can get this set up correctly it should solve problems for
buyers: purchasing coins anonymously with the only concern being the delay caused by mail.
vendors: turning their coins into funds
off shore: movements of funds to and from.
anyone looking to for anonymity.
but doing this correctly so it doesn't get shut down after a week is filled with little pit falls.
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There is also Bitstamp, which I have not used. I only know that they appear to still be in service.
I like Bitstamp. It has never given me any issues.
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No Chipper I am in no way affiliated with any current exchange type service. What I'm working on particularly has interest to 2-3 types of people. I'm working on a cash exchange. Store front/by mail to the store. There are a few small issues. But it's slowly coming together. The long and the short of it is cash for btc. no id or verification. Unfortunately no bank transfers.
If we can get this set up correctly it should solve problems for
buyers: purchasing coins anonymously with the only concern being the delay caused by mail.
vendors: turning their coins into funds
off shore: movements of funds to and from.
anyone looking to for anonymity.
but doing this correctly so it doesn't get shut down after a week is filled with little pit falls.
I see. Well best of luck to you in your business endeavors. I know that BTC related businesses are getting blocked by BoA, Citi, and USBank currently. Probably more banks jumping on the bandwagon every day.
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They are. But we have 2 big advantages going for us as we try to get this going.
1) we've decided to vacation outside of the US and while on vacation we are going to set this up. The down side of course being that this means a little extra mail time for anyone in the US. By a little extra I mean a few days at most. We're not talking mail to Cambodia or anything like that.
2) we are working without banks. Pros and Cons to that as well. As I said no bank transfers, but then again no one shutting you down. Also involves a hell of a lot of start up capital.. and maybe some bumps along the way of running out of btc if there is a sudden buy frenzy.
Hard to try to be prepared for some of these possible problems.
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dudes, these trading exchanging sites such as bitisntant mtgox etc, make enormous amounts of money. The fact that in the whole world there are only a few, speaks by itself.
I think in the end , it all about monopoly and manipulation of the market. If you can only buy at MTgox, then you will.
These sites in my opinions are government "legal" internet gangsters.
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Yep...I'm fucked...I did have a lot of fun, and I certainly won't buy any marijuana or hash on the street lvl ever again. I was spoiled here. I am just glad I got to be a part of it.
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They are. But we have 2 big advantages going for us as we try to get this going.
1) we've decided to vacation outside of the US and while on vacation we are going to set this up. The down side of course being that this means a little extra mail time for anyone in the US. By a little extra I mean a few days at most. We're not talking mail to Cambodia or anything like that.
2) we are working without banks. Pros and Cons to that as well. As I said no bank transfers, but then again no one shutting you down. Also involves a hell of a lot of start up capital.. and maybe some bumps along the way of running out of btc if there is a sudden buy frenzy.
Hard to try to be prepared for some of these possible problems.
1) Good thinking. US is on a BTC-related business destruction rampage at the moment. Further from US your business is the better.
2) This is interesting. So only cash in mail? Or do you plan on using WU or MG?
This is true. It would be to your benefit to become better acquainted with some of the BTC "supernodes" as they call themselves. The original adopters who now sit on hundreds of thousands of BTC can make for great BTC reserve in a pinch.
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I'm glad I bought a bunch at one time a while ago. But sucks that I've lost money since the declined value of BTC.
Oh well
Blue Sky Traders was where I transacted and did business.
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Unfortunately the down side is keeping close to the US. In the geographical sense. At least with a few "branches" Simply required to keep shipping times down, or to allow for day trippers to make face to face exchanges. But by no means does this require a limit to near the US.
For the time being the group feels cash is best, however I do see merit in other options and there is an open discussion about it. WU would be the second easiest option, at least I believe that. MM is something that is unfamiliar to myself and is hard for me to argue the merits of.