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FetMeOver
03-19-2014, 05:16 PM
Hi Everyone,

After a lot of feedback from both customers and performers a like, we took your advice and added a credit card option for payments at Payouts for performers start at 65% gross commission and can rise up to 85%. Besides the different forms of payment, FetMeOver has a newsfeed that will show users updates of the performers they're following (will include Twitter, Vine, Instagram and other social media integration in the future), a built-in chat system for performers and users to communicate with each other, performer collaboration tools, and so much more. Check out our site if you haven't already, and if you have any feedback at all, please let us know. We would love to hear from you.

Thank you so much.

temptingmodel
03-19-2014, 07:59 PM
bitcoins? i get so confused

Chargebacks?
How are these handled with credit cards?

FetMeOver
03-21-2014, 04:35 AM
Hey temptingmodel,

Totally understand; bitcoins are a confusing concept, just as much so as any Economics or Finance lecture. Without going into too much unnecessary detail, bitcoins are a form of digital currency that allow users to trade value among themselves across the internet without much regulation (fees). Therefore, especially in this industry, a performer can make higher commissions with the same content by accepting these bitcoins. Bitcoins have value because people give them value, much like those green paper rectangles with dead presidents in your wallet or purse. In reality, they are worth nothing, but because businesses and other individuals accept them in return for goods and services, they gain some worth. The price of one bitcoin fluctuates up and down based on how many people are buying and selling the currency, this is true for the US dollar as well (milk costs more each year).

Also of note: Anyone can buy/send/sell a fraction of a Bitcoin (up to .00000001 -a few cents I believe). This is helpful knowledge for people who may think they have to spend $600 (current price) to get one bitcoin.

That is just the tip of the Bitcoin universe. You can buy and sell these bitcoins for cash at an exchange (if you are in the US, use Coinbase.com). They will also give you a Bitcoin Wallet to hold your funds until you want to transfer them. You can also set it so that any incoming Bitcoin profits will automatically be deposited into your bank account.

If you have any more questions about Bitcoin, please let me know. As for credit card chargebacks, we cover them unless we see any suspicious activity (high chargeback rates from one performer's content). We review everything on a case-by-case basis.

Hope this helps.

Melonie
03-21-2014, 11:30 AM
in the interest of equal time, please see the Bitcoin thread in Dollar Den.

In one way of thinking, Bitcoins are somewhat similar to Euros or Pesos or any other foreign currency ... although they are 'backed' by private companies rather than gov't treasuries. Unfortunately, for a variety of reasons, Bitcoins have lost about 50% of their 'exchange rate value' in the past 3 months. Thus if you had put US$ 1000 worth of Bitcoins into your online wallet at the end of December, today those Bitcoins are only 'worth' US$ 500

see for some recent Bitcoin news

As the news blurb alludes to, the US gov't now ( unofficially ) views Bitcoins as an 'outlaw's' currency ... whose assumed primary purpose is to 'launder' money being transferred across the US border, to evade US taxes, or worse. As such, if your name ever turns up in conjunction with Bitcoin transactions, there's some chance this may attract attention from the IRS etc.

FetMeOver
03-21-2014, 01:14 PM
This is close, however Bitcoins are not "backed" by anything; they are intrinsically valuable (see if you want to go to sleep). This piece nicely sums up the risks of Bitcoin:

"Bitcoin is a new and interesting electronic currency, the value of which is not backed by any single government or organization. Like other currencies, it is worth something partly because people are willing to trade it for goods and services. Its exchange rate fluctuates continuously, and sometimes wildly. It lacks wide acceptance and is vulnerable to manipulation by parties with modest funding. Security incidents such as website and account compromise may trigger major sell-offs. Other fluctuations can build into positive feedback loops and cause much larger exchange rate fluctuations. Anyone who puts money into Bitcoin should understand the risk they are taking and consider it a high-risk currency. Later, as Bitcoin becomes better known and more widely accepted, it may stabilize, but for the time being it is unpredictable. Any investment in Bitcoin should be done carefully and with a clear plan to manage the risk." ().

I'd also have to disagree with you about Bitcoin being an "outlaw" currency to the United States. A regulatory framework is currently being created by New York financial authorities (see article ) to allow licenses for virtual exchanges to be held. A congressional hearing about Bitcoin back in November lead the Federal Chairman Ben Bernanke to praise Bitcoin because it "may hold long-term promise, particularly if the innovations promote a faster, more secure, and more efficient payment system." (). You can even too!

I understand some people may be skeptical about Bitcoin, and that's fine. We still offer a credit card payment and payout option that has nothing to do with bitcoins. Or, if you want to take advantage of the higher bitcoin commissions, sign up for a hosted wallet, and set it to automatically deposit incoming bitcoin transactions into your bank account, thereby instantly converting the bitcoin to dollars, euros, or whatever to avoid the ups and downs of the bitcoin market.

Melonie
03-22-2014, 08:12 AM
We still offer a credit card payment and payout option that has nothing to do with bitcoins.

good idea !


I would also mention that the IRS is now on record that bitcoin to US dollar transactions must be accounted and reported as if they are 'stock or bond' transactions ... meaning that to meet the 'letter of the law' any American receiving bitcoins as payment must account for the US dollar exchange rate on the day they were earned, must account for the US dollar exchange rate on the date they were 'cashed in', and must report / pay capital gains taxes on any positive change in exchange rate on top of reporting / paying income tax due on the initially earned bitcoins. That's a whole lot of accounting and tax reporting effort.