blockcard getblockcard.com TERN BlockCard crypto visa card is a ripoff
BlockCard crypto visa card is a ripoff. they advertise no fees but when you transfer your crypto coins to them they ripoff a big chunk of your money. i just opened an account with them and i did transfer 0.48 Etherum worth $98.29. but my balance is showing Spendable Balance $63.71
i did contact them about the missing $30 i got this reply:
Thank you for contacting us, I understand your concern and we want to make sure you understand how your account works. The reason you may observe changes in your USD equivalent account balance day-to-day, besides spending and depositing activity, is because your USD equivalent account balance will change dynamically according to the market value of TERN, the underlying cryptocurrency asset for your BlockCard account. (Your TERN balance will not change unless you make a transaction or deposit, only the momentary USD/TERN conversion price based on market price.) BlockCard uses United States Dollar Derivative (TERN/USDD) to establish market value.
(This is independent of XLM/TERN, ETH/TERN, or BTC/TERN, for example.) Using USDD to establish value helps smooth out some of the fluctuations in the marketplace, but there will still be fluctuations in value based on the value of TERN, trends in the larger cryptocurrency market, and the deposit and spending behavior of users (in particular during times when there is a lot of depositing and spending activity).
One of the main challenges of cryptocurrency is that the markets are going to fluctuate unpredictably at times, but we think that this is something that will be less of an issue as the marketplace becomes bigger.
Our growth has been exceptional and will continue to be as we expand into new markets with new products and have new partnerships (all of which we are presently doing). We really appreciate the patience of our users as we continue to roll out the product and features, and we’re working hard to make it an awesome experience. I hope this answers your question, we very much appreciate your questions and feedback. Thank you for getting in touch with us.
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Alaska,United States
Sal Mansy, 41, of Detroit, Michigan, and TV TOYZ, LLC, a Michigan corporation, pleaded guilty today in U.S. District Court
#2General Comment
Wed, May 06, 2020
Be careful what you read above and know who posted this report!
Portland, Maine: Acting United States Attorney Richard W. Murphy announced that Sal Mansy, 41, of Detroit, Michigan, and TV TOYZ, LLC, a Michigan corporation, pleaded guilty today in U.S. District Court to operating an unlicensed money service business.
According to court documents, Mansy bought and sold approximately $2,400,000 worth of the virtual currency “Bitcoin” for profit online between August 2013 and June 2015. Mansy would funnel proceeds from his Bitcoin sales through the business bank account of TV TOYZ, a limited liability corporation he owned and operated.
A year-long investigation into Mansy’s activities culminated in June 2015 with a search of his Detroit residence and the seizure of three of his bank accounts, containing a combined total of $118,134.57.
Mansy engaged in the buying and selling of Bitcoin for profit without ever registering his money service business with federal authorities. Through this failure to register, Mansy violated Title 18, United States Code, Section 1960, which makes it a crime to transfer money for others as a business without obtaining appropriate licenses.
Mansy faces up to five years in prison and a $250,000 fine. He will be sentenced after the completion of a presentence investigation report by the U.S. Probation Office.
The investigation was conducted by the Portland, Maine and Detroit, Michigan offices of the Department of Homeland Security, Homeland Security Investigations; and the Saco Police Department.