51–60 of 151 posts
What scares you? If you outline your worries, you can problably get better answers addressing them.
I would strongly consider not running a money transmitter as a side business. If you do not understand that you are running a money transmitter, I will be happy to elaborate. I would also mention, on the assumption you're not aware of it, that you are offering fairly effective money laundering for credit card thieves at below-market rates for that service, and you can expect heavy dedicated adversarial interest. I ra…
I've been hand-verifying the transactions so far to try to keep abreast of fraud. I've also taken some automated steps (that I'm improving now). I've been reading quite a bit about the money transmitter stuff, but I'd appreciate your take on why this would be categorized.
I would strongly consider not running a money transmitter as a side business. If you do not understand that you are running a money transmitter, I will be happy to elaborate. I would also mention, on the assumption you're not aware of it, that you are offering fairly effective money laundering for credit card thieves at below-market rates for that service, and you can expect heavy dedicated adversarial interest. I ra…
How is he a money transmitter? His business is buying a product (Starbucks gift cards) and paying for them with Bitcoin. By your definition, a used car dealership that buys cars from the public and pays for them with cash is also a money transmitter.
Some holders bought bitcoins at $0.1/BTC, now they are spending coins like having a 99% off.
Well, if $0.1/BTC looks too dramatic, fine, let's say they bought at $200/BTC, still, 70% (which was paid off by newcomers if you think about it).
What I'm saying is the prosperity is based on how much profit your users will get, like Groupon (in the early days when they were providing huge discounts). While newcomers now are buying coins at high, how long do you think the prosperity could last?
Not sure if i'm thinking it right. Just wanted to point out.
Earlier quoted context omitted.
Hand-verification right now before payout, though I'm locking it down further now.
Perhaps there's an api you can use to do the heavy lifting like http://dev.maxmind.com/minfraud/ or http://www.subuno.com/developers.html
I would strongly consider not running a money transmitter as a side business. If you do not understand that you are running a money transmitter, I will be happy to elaborate. I would also mention, on the assumption you're not aware of it, that you are offering fairly effective money laundering for credit card thieves at below-market rates for that service, and you can expect heavy dedicated adversarial interest. I ra…
Earlier quoted context omitted.
I've been hand-verifying the transactions so far to try to keep abreast of fraud. I've also taken some automated steps (that I'm improving now). I've been reading quite a bit about the money transmitter stuff, but I'd appreciate your take on why this would be categorized.
You need to talk to a lawyer ASAP. Patio11's cites can help you with the background, but if your business is taking off, you need to square it with the legal side of things before the feds come knocking.