Who Became Bitcoin Millionaires and How It Works? FilmInk

PSA: More examples of Bitinstant's suspicious exchage rates

I know there was a similar post by u/psapsaps 3 days ago about this issue. I decided to take a chance and try it out anyway becase its the easiest and quickest way for me to obtain btc right now.
My first purchase was of $100 usd, + the $3.95 for zip zap they dont even warn you about.
purchase was executed around 2:30pm utc on 4/16. I got a confirmation email at 2:33 utc
mt.gox was at $65 +-$3
considering bitinstant fee of 3.99%, my deposit was of $96.01
i received 1.20595 at 3:52 pm utc at the rate of $79.61 , so theres that. Where were my bitcoins from 2:30 pm utc to 3:52 utc?
Well i decided it was worth another try just for the sake of getting more information.
today 4/18 at 1:05 pm utc i got a confirmation form zip zap that my second purchase (this time of $200) had been succesfully processed. Bitinstant emailed 3 minutes before that at 1:02 pm to confirm that my order had executed for 192.02.
at 1:07pm utc i receive 2.01639364 btc at the rate of $95.22
mt.gox had been at $92 +-$1 during the surpricingly short amout of time it took for my cash deposited at 1:00 pm utc to turn into bitcoins in my wallet at 1:07 pm utc.. but whats up with the exchage rate?
I just wanted to share my experiance with reddit about bitinstant so that everyone can make a more informed opinion about their service. If anyone has any information to prove that im an idiot, please share. i hope this is all an error on my own or on bitinstant part.
edit: At this url... well this:
"As regards bitcoin price: We will honour the price from the time your order was placed - but we will usually do so by sending you the difference manually with a fee refund after dealing with delayed orders.
Since price has recently dropped, it may in fact be in a lot of customer's interests to allow their orders to execute at current prices and this is what we would recommend."
-April 11, 2013 | Gareth Nelson
edit: added pm markers for utc time, I am in US central time
submitted by bitdetective to Bitcoin [link] [comments]

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BitInstant was a bitcoin exchange start-up based in New York City. Founded in 2011 by Gareth Nelson and Charlie Shrem, BitInstant provided a means to rapidly pay traditional funds to bitcoin exchanges.As of January 2014, BitInstant's website is no longer available, displaying only a blank page. Its blog was unavailable as of October 31, 2014. BitInstant was a service started in 2011 by Gareth Nelson and Charlie Shrem aiming to help make faster fiat deposits into a few Bitcoin exchanges, such as MtGox, BitStamp or VirVox. At some point you could also convert the deposits directly into BTC. BitInstant would handle cash deposits from places like Walmart and credit you appropriately. When Gareth Nelson and Charlie Shrem founded BitInstant in 2011, they hoped this exchange would become one of the top companies in cryptocurrency. However, regulators shut down the exchange in 2013. Even though BitInstant did receive a good bit of funding and experienced rapid growth, its demise was swift. The vice chairman of the Bitcoin Foundation, a trade group promoting the adoption of the digital currency, has been charged by U.S. prosecutors with conspiring to commit money laundering by ... After a while, he met up with Gareth Nelson, another peer who shared the same frustration. Charlie and Gareth Nelson later teamed up and created BitInstant, a more user-friendly company that charged a small fee for the users who trade cryptocurrency on their platform. Charlie Shrem soon made a lot more money and invested some of it in Bitcoin.

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