Silk Road forums

Market => Rumor mill => Topic started by: Borneo on September 23, 2011, 05:53 pm

Title: Borneo, bitcoins & premature exchange-ulation :)
Post by: Borneo on September 23, 2011, 05:53 pm
Hello everyone,

We have finished analyzing the pros and cons of continuing the Borneo bitcoin bank BTC exchange program on Silk Road.

To be honest, at the fee structure we charge, it is a very close call: if we had higher fees it would be worth the effort or if the policies of GreenDot were less restrictive then the fees would be more than enough to compensate for the work of doing the exchanges.

To be clear: this is not an issue of having enough monetary capital OR enough BTC's to do exchanges.  It is a problem that GreenDot has a lot of restrictions on what you can and cannot do with a MoneyPak.  Basically, they want you to use the MoneyPaks to pay bills, buy things at Wal-Mart, etc.  They do not want people to use them to pay loans to one another or to use as a medium of exchange for things like bitcoins.  Then there are the "hidden policies".  GreenDot will very handily ban you for life from having a GreenDot prepaid MC or Visa.

However, now that we know many of the hidden policies as well as the publicly stated ones, it is feasible for us to grow a new network of credit lines to work with for the BTC exchanges.  The only problem is that it will take time, much more time than was originally projected.  However, given the reaction to our re-opening and the number of scammers that crawled out of the woodwork while we were gone (for just over a week, in fact) we feel that even if we can only operate on a limited basis then we should continue to offer the service.

We will be contacting daily the people who had asked for exchanges this week and seeing if they still need them.  If you do, when we contact you we can do the exchange, we will not contact you for any other reason.  We are not going to attempt to answer all the pm's that have piled up because there is no purpose to it.  We have nothing to report that is not in this posting.  We feel that our time would be better spent establishing greater lines of credit so that more and more exchanges will be available more quickly for everyone!

We do have one request: like any business, we like to take care of the customers who started with us and help us grow!  So naturally we would want to service our existing customer base before taking on any new clients.  However, part of the purpose of establishing the BBB was so that new buyers would have a way to easily accomplish their first purchase at the Silk Road and then they could move on to establishing their own methods of obtaining BTC by other "normal" methods.  So while we will not refuse to service any existing client if they want an exchange and we have the ability to do it, we would hope that the current clients would use the service more as an "emergency" option rather than just because it's cheap and convenient and thereby leave room for new buyers to get exchanges as well.

Over time we will, of course, be expanding the number of exchanges we can offer each day and we will be able to handle more and more business until, hopefully, one day we will be back to the point where we can offer an exchange to anyone who would like one and with the timeliness that we have afforded to previous clients. 

Thank you all for your support and we look forward to returning to normal operations as quickly as is feasible under the restrictions of the GreenDot regulations.   

*The Borneo Staff*
Title: Re: Borneo, bitcoins & premature exchange-ulation :)
Post by: digitalexpress on September 23, 2011, 06:36 pm
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