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Originally Posted by The Demon
You are right, stormpay didn't have enough money to pay out 12dp so they made up the whole FBI/FTC investigation thing to run with the money. However 12dp is about to subpoena them, and I don't know any way stormpay will survive. It's reported that Stormpay has 400 million of 12dps money.
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That's a lotta dollars. If I was running a similar program I would set it up something like this:
- incoming bank account
- interest earning account or other short term investment
- outgoing bank account
- separate Stormpay accounts for membership and payout
This way you keep as much as possible out of the reach of Stormpay. Sure, it's a bit more work shuffling money around, but you'll make extra on the investment (say an automated sweep to an interest bearing account outside of banking hours) and you won't be left completely penniless if your payment processor fucks you. I'm surprised that 12DP were not smart enough to implement something similar. I can't even fathom it being safe keeping $100k in an online payment processor let alone hundreds of millions...