Included in this update…
BCN Support & Legal Updates
New Invoicing System (BTC, BCH and ETH)
Mining Power Update – Large Credit
Debit Cards in Testing
Mining Earnings and Wallet Balances
Transaction History for Deposits
BCN Support & Legal Updates
We are happy to report the formation of a new operations company that was formalized and is now running the support and compliance side of our business. We have incorporated the company in Nevis under the name BitClub Network Inc.
We have also put together a structure that allows us to operate and protect our business in many jurisdictions around the world. With the formation of this new structure, we will soon be launching brand new policies and procedures, terms and conditions, and very specific contract details for our mining shares, moving forward.
One of the main reasons we needed to incorporate now was to stop scammers and people who are using our name to run their own scams. There are dozens of fake sites that we have come across and it’s been hard to go after them without a legal leg to stand on.
We have even seen fake events happening that are giving people false or misleading information and we will no longer stand for this. If you have come across any scams like this please continue to reach out and let us know so that we can begin shutting them down!
We are also incorporating to become compliant in many jurisdictions that we are operating in. This will work both ways because any unfriendly jurisdictions who make it hard to comply (like the United States) will be blocked and enforced.
You will see BitClub corporate taking a much stronger approach to termination in these countries and you can expect a different look as we move from the shadows into the light and make our company compliant.
Please understand this is necessary for us and we will likely be closing down more markets in the future as we evaluate the laws in each of them. Our goal is to be able to operate everywhere but at this time it’s just not realistic so we will act quickly and pull out of markets who may threaten our model.
Under our new operations company, we have hired over twenty new support people including customer service agents, management level employees, a full compliance department, a new marketing department, and lots of new programmers.
We have really been focusing on getting our ducks in a row and we are now in a position to expand fast and support all the new projects we have coming down the pipeline this year and beyond.
If you’ve submitted a support ticket recently you’ve likely noticed a significant improvement in response times and general customer service levels, this includes local language capabilities with full support in Korean and Japanese. (if you have not tried our support tickets in Korean and Japanese please do, we are ready to handle them).
We will continue to build a world-class support infrastructure to support you and part of these support improvements we have formed a dedicated leadership support team to provide VIP-level support for Master, Monster and Mega Builders in your local language. Stay tuned for additional details on when these services will launch.
Finally, after some delay, the withdrawals team is now facilitating XMR withdrawals and we are pushing all withdrawals in a much more efficient way. You can expect to see 24 hour response times for all currencies moving forward.
NOTE: If you have an XMR withdrawal pending, you should receive a confirmation when complete along with details of how to access your funds. The Monero chain has been a tough one to use to navigate with the new forks and overall process Monero requires, but we are finally ahead of it and will clear out all the Monero pending withdrawals this week.
New Invoicing System (BTC, BCH, ETH)
Starting on May 10th we are bringing back Bitcoin (BTC) and we are also adding Ethereum (ETH) to all invoices. This means you can now choose from 4 different ways to pay for all products and services that BitClub offers. (Bitcoin, Bitcoin Cash, Ethereum, and ClubCoin).
Even better news… It doesn’t matter how you pay for your invoice or what your downline chooses to pay with because you have full control over which currency you want your commissions to be paid in. We will continue to expand this model as we make it live and improve it, but you can expect it to happen on the 10th of May.
This will include an internal conversion tool that you can easily use to swap your tokens within your virtual wallet. We are really excited to launch this system because it lays the foundation for what we want to do in the future and it also eliminates our #1 biggest problem.
That problem is overpayment and underpayment of invoices!
With our new invoice wallet if you overpay the invoice it will be auto-credited to your virtual wallet, if you underpay an invoice it will sit in limbo and continue to refresh every 10 min with the new exchange rate until you pay it. You will constantly be redirected to the invoice to finish your transaction.
This is a full integration with CoinPay and you will see the invoices fully powered on the CoinPay platform when it launches. Thank you for your patience as we finalize this move and update the system accordingly.
We have made significant progress on re-listing ClubCoin on some other exchanges. Unfortunately, for reasons outside of our control, ClubCoin was de-listed from Bittrex at the end of March along with 80+ other coins… We’ve provided Bittrex with all the required documentation to comply and with the formation of a new legal entity and structure, ClubCoin is now in good standing and full legal compliance.
We are currently submitting the coin on dozens of other exchanges and we have hired a new development team and legal team to take over the marketing, social media, and promotion of the token moving forward.
Nothing has changed with our future plans to deploy ClubCoin inside of CoinPay and we know one day it will be a very valuable utility token on the platform.
What to do with your ClubCoin in Bittrex?
We just added a new internal ClubCoin wallet so that you can generate a deposit address from inside your Back Office. You can find this in your ClubCoin wallet under the Deposit Club tab. This works in the same way you generate an address for for BTC and BCH and then you can send from your Bittrex wallet or any other CC wallet.
Or we strongly recommend you can download our latest ClubCoin core and begin staking your coins and running a full node on your computer. The more nodes we have the more secure and safe the network is. Plus, you will earn staking rewards automatically (download ClubCoin here – www.ClubCoin.co)
Stay tuned for more updates on ClubCoin development and also the much anticipated launch of CoinPay (which we will have a big update on after this next round of BitClub upgrades is complete).
Mining Power Update – Large Credit
Our Bitcoin mining operation is currently experiencing some bad luck. We are not talking about the bad luck that is normal in mining a block, instead we are referring to overall bad luck in some circumstances.
For our latest expansion we had a very specific deployment schedule when the machines were to be turned on but it’s been one thing after another causing delays in deployment.
Without getting into all the specifics and pointing fingers or blame we will just touch on some of the issues. There have been electricity issues, customs delays, shipping issues, missing power supplies, problems with racks, cooling, and even electricity rates, etc…
We are working as hard as we can to get these machines turned on ASAP and its been a real challenge that we have not encountered before. However, the good news is we are being compensated by the datacenter and by the manufacturer of this equipment on a daily basis for the downtime we are having.
As we mentioned in a previous update there is a strong clause in our contract that pays us daily for the machines not being online and while this is a good thing to have, we would much rather have the machines hashing in our pool and minting new Bitcoin.
Big Compensation Coming May 4th…
We collected another large chunk for the compensation owed to us on these delays and we will disburse this to all members on May 4th.
We are hoping to see a significant amount of power come online before the end of the month and the rest of the power is on track and scheduled to be deployed in other regions of the world without delay, so we should catch up quickly after this hiccup.
This has been a major pain point for us and we are just as anxious and excited to get this power in our pool as you are. This will provide a big boost in our overall market share and increase daily mining earnings to what they should be. So please be patient as we do everything we can to get there.
Debit Cards in Testing
We appreciate the excitement around debit cards and the ability it will provide members to utilize their earnings in everyday transactions. This undertaking hit a few legal hurdles that we are addressing now and we hope to roll out the cards to all Mega Monster and Monster Builders in the next few weeks.
We are putting significant resources behind this partnership and we will have a fully integrated solution that is exclusive to BitClub members only. This is one of our highest priorities and we will announce a rollout date very soon for everyone so please stay tuned for additional details.
Mining Earnings & Wallet Balances
We have seen many inquiries about mining earnings and wallet balances that seem to be off. This has been from the database overload and the restructuring process and its only a display issue that is temporary. We are now all caught up with commissions and any payments that were delayed or were showing wrong should now be fixed.
If you are still having an issue please open a ticket and we will take a look and make sure your balance is correct. Thanks for your patience on this, we keep very good records and accurate data so if you see something is off usually it will be automatically fixed when the next commission run is done or when one of our audit scripts kicks in.
Its actually amazing how many daily records we are now generating from all the commissions, mining earnings, partial shares, and infinity payments. All of these records you see in your back office are actually a small fraction because we summarize them to help not overload you. If you saw all the calculations that happen on a daily basis it would make your head spin.
But again most important is we have a check and balance system in place that will correct itself and save us from ever paying out more than we should without serious alarms going off. This protects us all!
GPU Shares Update
Similar to the Mining Earnings and Wallet Balance display issues, we are aware and apologize for the technical glitch not allowing you to set your account to mine anything outside of Ethereum. This has to due with invoices that were paid in BTC and some in BCH (which will soon not be an issue).
In fact, you will be able to fully control ALL of your GPU shares to mine whatever you want. So if you purchased a 5 pack right now all you can do is move all 5 to a single coin. This next upgrade will allow you to control each of them individually.
And even more exciting you can control your repurchases on each individual share. This feature was intended to work like Bitcoin mining partial shares but we had to put out some much needed fires with our DB structure and other top priority features before moving back to this.
We expect this to be live on May 1st before the new invoicing system goes into play on the 10th. We also have some big things planned on the GPU side as far as expansion and mining opportunities.
In fact, we believe 2018 will be the year to gear up on GPU shares and accumulate as much power as we can for the future because there is so much upside in the GPU shares.
With all the coins ASIC proofing their model it means GPU’s will continue to be profitable and we are now starting to see demand for AI data mining, rendering, and much more. So GPU shares will become a big focus of our expansion this year!
Transaction History for Deposits
Over the past month or so we have seen a significant number of support tickets and inquiries relating to the inability to view transaction history for deposits – this is a feature that used to exist in your wallet history. This feature is also making it’s way back online and will be further enhanced with the launch of our new invoicing platform on May 10th.
If you are missing a transaction or credit please let us know. At this point we have received all deposits sent and there are clear records of everything but we are seeing an issue from certain transactions that are not showing up on the member side at all.
Again, this is nothing to be concerned about because if you sent any amount of crypto to an address generated from our system we will credit it to your account. The amount may be stuck in the old table and not displaying in your balance. This will be completely fixed for all deposits and history after May 10th.
Scheduled Updates and Better Communication
Moving forward in May we are implementing a news structure that will have two updates per month. One on the 1st of the month and one on the 15th of the month. This will give you a consistent overview of everything we are doing and allow us to translate these updates in the future.
We are working on a lot of cool features right now. This includes an entirely refreshed website, member back office, marketing tools, and reporting tools to make managing your downline much easier. Now that we have a solid team in place you will begin to see huge improvements in your BitClub membership.
It took us a lot longer to get here than expected, but we now have the pieces in place for Phase 2 and we hope the lack of communication and all the issues we had over the past few months will be forgotten as we move forward and have big plans for this year.
As always, we appreciate your patience and we will continue to work hard to build this company for you!
-BCN Support Team