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Comment by rhino369 | Hacker News Reader

I'm sure they are just hiding the fees in the exchange rate. Which could be much more than 1% or whatever they were charging.

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A user on Reddit checked out the exchange rate spread between them and Coinbase and found was about $1. That is about 0.17% at the current prices. An incredible deal by any measure.

Almost too incredible. They must dump the coins on the market right away to less volatility risk.

Did they check the exchange rate for buying on Coinbase or selling. Coinbase might be playing with the exchange rate too.

>They must dump the coins on the market right away to less volatility risk.

If they had any reasonable volume wouldn't it make more sense to stagger their selling? On a long enough timeline it'd probably even out, especially if they did something more clever than "sell X% every Y minutes"

They may have agreements with private buyers like the SecondMarket Bitcoin trust that would help move a lot of coins w/o moving the market and being exposed to second by second price changes.

BitPay said they will get (most?) of their revenue from their paying Business and Enterprise plan customers: http://www.reddit.com/r/Bitcoin/comments/2c5f1l/bitpay_here_...

They claim to get you market rates: https://bitpay.com/bitcoin-exchange-rates

Idk, at $300/month/business...I doubt it. The reality is a business doing $30k/month is going to pay for the phone support.

Hell, I'd do it at $6k/month. At which point, they may actually make more that way.

These hidden fees would only apply if you choose to receive fiat settlements (which I wouldn't).

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