Silk Road forums
Discussion => Security => Topic started by: Cynosure on May 10, 2013, 03:26 pm
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Hey there,
So as a previous user of Bitfloor, I had very few options to choose from. I decided to go ahead and give BitInstant a shot even though they seem to have been having a lot of problems.
I filled out the forms and was hoping to place a $1,000 deposit.. however, I was only allowed to make an order of $500 at a time. This sketched me out a bit so I decided to place my orders separately per product here on the road over the course of a few days. The first product I had my eye on is at $320.
BitInstant claims to take 4% in fees for coin trading, plus another <1% for the transfer to a bitcoin address. That would be a total of 5% fees, which on my $360 should have left me with ~$345. Not to mention, I had to pay an extra $4 already in order to place the MoneyGram (making my total paid $364).
That seemed decent so I went ahead and made the transaction. Money was in my wallet by time I got home. However, the wallet only contains $306. If you do the math, that's over 16% in fees (over four times what BitInstant advertises).
Not only did I pay out of the ass for this transaction, but I paid quite a bit over the list price to allow for fees and still came out over $15 short.
The service was instant, but how 4% fees turned into 16%, I could not tell you. I e-mailed support and they gave me a story about how they place orders on the market at the current rate. This is bullshit as the current market rate they linked me to is the same (maximum 50 cents off) the purchase rate.
I'd surely call that theft. Beware, kids!
Currently searching for other options. CampBX requires a 4-day wait, even with bank transfers it seems, which is very risky considering how the bitcoin value bounces around so much.
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localbitcoins.com
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localbitcoins.com
Exactly what tit4tat007 says - localbitcoins.com
I can assure you it is the only Bitcoin service you will ever need ;D
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That's very bizarre. I've always been able to predict what ends up in my account to the nearest 10-20 cents, no matter the scale.
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Set up an account on bitstamp.net and then you can use bitinstant to deposit $ to your bitstamp account and then trade for coins on their site. Once you trade your $ for coins you can send them to your SR account or wash them if you find it necessary.
The price to buy BTC on bitstamp is 116.80 right now while the price on SR is 117.70. As long as the price for BTC is too volatile then you shouldn't have a problem getting your $ worth of BTC.
Hope this helps.
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were in the same boat brother, i use to use bitfloor, which was fucking awesome for bulk buyers.
Bitinstant just rapes you on fees, the few times i've used bitinstant my funds were always short after it was all said and done.
localbitcoins, here i come
i