Bitcoin Forum

Hi there, i am looking to start a UK based version of what bitinstant offers. Why? you might ask. Because I believe that there is a gap in the market. I have myself been frustrated by the loss of potential bitcoins due to the exchange rate from GBP to dollars. then the moneygram fee's then the other fees with sites like bitinstant.

i propose to make a site that accepts UK Pound sterling direct (sameday (same hour dependant on your bank) which purchases them at a flat 6% costs. This fee will reduce but is set at 6% to repay the loan interest. When the loan is paid off the transaction fee for customers will go down.

So what do I need a loan for? For the initial customers to receive BTC. I have been informed to use BTCJam.com as my middleman. So this is what i have done. Feel free to  view the proposal on their and fund my project as i already have a list of people waiting to 'get in' to bitcoin using UK Pound sterling, without the headaches.

https://btcjam.com/listings/166 (https://btcjam.com/listings/166)

Good luck.  :)

I hope so, i have come across many people hating the dollars control over getting into bitcoin. Us English folk are finding it hard to spread the value of BTC to other english folk due to the dollars dominance. So that's one of the first triggers that gave me the idea.
First:
make it easier for UK to get into Bitcoin
Secondly:
Once the loan is paid off start holding a percentage of sterling (not converted back to bitcoin) to offer a pre-paid debit card for cashing out in UK Pound Sterling. Which will then give me a influx of bitcoins to set aside for UK Pound sterling. and also Pound sterling from customers 'getting in' to set aside for Bitcoin 'cashing out' users. lessening the reliance of third parties.
Thirdly:
Offer the same debit card to UK businesses so they can too accept bitcoin and have access to UK Pound Sterling for their wage, stock requirements.
Fourthly:
Seek out their suppliers to accept Bitcoins via me so that the requirement of the merchants to use only sterling becomes less, and gives me more business. loosening the control which FIAT has on businesses.

But for now step one is important to get set up, correctly and properly. 2,3,4 are further down the road.

When its live, ill use u. I have been searching high and low for a UK based bitcoin provider. One idea might be to use ur profits to buy some mining equipment to produce ur own coins to add to ur income potential.

Thank you. I will PM you when it goes live along with the other interested parties. I want to get this project started sooner not later so using a loan to buy ASICS which still do not have a confirmed delivery date, knowing that I have to repay it. Would cost me more money, then I would make. So I will just use the loan to get UK sterling to then buy more Bitcoins, rinse and repeat multiple times.
But once I get passed the loan, when its repaid in full and I am making my own profits. Basically, when ASICS finally reach peoples doorsteps with a reasonable order to delivery timeframe. I might just do that.
But for now, profiting and repaying a loan by direct transactions between people is where my mindset is currently.

Do you have a business plan and/or prospectus? Your idea has potential an I am interested.

Business plan:  Get 150 bitcoins and disappear.   :-\

Hey, it works for a lot of people "apparently".

Have you even checked whether you'd need a licence from the FSA?  What on earth makes you think that launching a payment gateway with such a small amount of capital would be viable?  Have you obtained any legal advice regarding this idea?  What anti-fraud measures will you have in place? How are you going to avoid the problems which other Bitcoin services have encountered with UK banks?  How much of your own money are you putting towards this venture?

I thank you for your replies and questions. I will ignore the trolls about scams, as I am not asking for a loan to feed 5 kids or for hospital bills or pretending to be a female asking for a boob job, offering the investor a view once healed. Lol I have plans on using this loan to make money and repay.

Have you even checked whether you'd need a licence from the FSA?
Yes I have checked out the legality of the matter.
If you are a UK resident you will know that people selling products and services do not need to become members of FSA to be regulated by them. For instance gambling websites that accept FIAT in exchange for poker chips do not need to be FSA regulated members, but they do need a gambling licence from another UK agency. My service does not gamble or trade in cigarettes, alcohol or firearms so requires no licences. Plus FSA use the term members not licences.

Have you obtained any legal advice regarding this idea?  
Yes, and on a separate note while talking to an advisor the myth that the GLBSE disappeared due to anything FSA related is a false statement made by someone that has no idea what FSA actually do. But concentrating on my business, as long as I do not sell illegal products direct, there are no issues. Bitcoin is not illegal, so no one should fear governments raiding your bitcoin client wallets dry.

How are you going to avoid the problems which other Bitcoin services have encountered with UK banks?
I have found a solution to this because, while alpha testing my service I found out that an actual UK bank account transfer is slow where some banks do not instantly deposit funds. I do have a more detailed explanation of how I got around this but I don’t want to make it public for others to compete. Any serious investor can PM me about the plan as long as it doesn’t show the entirety of the plan on public forums for people to steal my idea. Let’s just hint at the use of a prepaid card that customers top up my master account (shows instantly) from banks, post offices, shops anywhere that you see a 'paypoint' that people use to top up mobile phones and their electricity/gas budget keys.  I thank god for this as it solves your banking question and helps me get closer to my next phase I had planned in one swoop, Withdrawals via prepaid cards.

What on earth makes you think that launching a payment gateway with such a small amount of capital would be viable?
My customers, is my answer. At first I did envision I would require many thousands, but then I found out that my current list of interested customers only want to put in £100 - £250 at a time.  When the fee's decrease after the loan is paid off, they would pay in more regularly. (Basically small percentage of their wage cheque each week) so I found having thousands of coins sat there each day, with only 10-15BTC transferring between each customer was totalling about 150ish a day.  Thousands of coins would be a waste, as they would bump interest costs up. Where the majority of thousands of coins would just sit there not making money. My ethos is to never ask for more then you need or can repay.
I can use the FIAT funds obtained to get more coins within an hour so when business does pick up beyond a 250BTC an hour cap. Fresh coins would be available within the hour plus with each transaction I can get more coins then I sold using the first transactions funds. Thus rinse and repeating into profit. Yes 250 cap so that I have 50BTC sat to ready to repay the 20BTC weekly loan repayment. Which as profits increase would change the cap value.

What anti-fraud measures will you have in place?  (http://What anti-fraud measures will you have in place?)
No PayPal is taken so the chargeback kings of eBay can’t do their tricks. With regards to my service, NO Hot wallet just a database of non valuable information. No information in source code related to the location of the off server management system. But everything is handled off server, and the server/website is just a transaction/request display.
How much of your own money are you putting towards this venture?
I also have 150BTC (totalling 300BTC which explains the final paragraph in the small capital question) but anyone in business knows it’s best to have some assurances. EG UK retailers use creditors to pay the suppliers and the retailer pays them.

Initial estimates of income are 150BTC a day ( 1050 a week) which at 6% is over 63BTC a week, easily 3 times more than loan repayment requires. This is just based on the few interested customers I already have listed. Investors have their 20BTC a week I keep the 40BTC and increase my BTC funds until loan repaid and I am self sufficient. But as you can see by a 250BTC an hour possibility, my profits can be huge.
Feel free to post more questions

here is the link to the BTCJAM
https://btcjam.com/listings/166 (https://btcjam.com/listings/166)

I'm more interested in why you think that your service won't encounter the same AML/KYC compliance problems with the banks which other services have had to deal with, resulting in the sudden freezing/shut-down of their bank accounts - something which would be absolutely catastrophic to your service given the business model you've outlined.

You've also said nothing which addresses the issue of whether you'd be regarded as operating a financial service or selling a financial product under UK law.  Potential investors are going to want more than just your assurances on this - it's totally reasonable for them to require a written legal opinion setting out why your service will be exempt from regulation.

Also, potential investors are going to be less interested in best case scenarios (this mythical land in which you have no significant over-heads and nobody ever rips you off and your bank doesn't slam you with KYC/AML issues) than they are in worst case scenarios.

I'm not a troll.  I take pride in saving forum newbies from scammers like you.   ;)

People are getting more creative in their scams.  You refuse to identify yourself and you're asking for over $1500 of our money for some crazy scheme in which you think you'll make 150btc a day.  

Just because you're willing to take a few minutes and type up some large paragraphs does not make you any more trustworthy.  The chances you will take the coins and run is high.

lets entertain the  troll accusing scams at every juncture. Especially with a lie in their statement. my username gives out my identity and my BTCJam has more. I am not hiding behind pseudonyms like nefario or pirate. and i have never refused anything. I was told only drug dealers need anonymity and anyone with a legal business plan should not hide behind pseudonyms and should not avoid using middlemen like btcjam to protect investors. read my posts.. I have been honest. I am not going to make up a dodgy pseudonym like pirate. Then prance about on forums for months trolling just to get 1000's of posts to seem legit then have a sudden eureka moment abut a business. nor am i gong to do penny loans to buy reputation. As that is all fake. I have a business plan and I want to get it started now not in 3 months of trolling to fake credibility. i am starting to see why BFLJOSH aka INABA gets frustrated at trolls when its obvious they are delivering products.

now the entertainment is over, onto the serious questions
The AML/KYC is half American legal terminology. But lets deal with it anyway. those other Bitcoin services that used these terms as excuses to shutdown, were just that, excuses. notes from what my advisor said was that unless my business sold illegal materials direct or advertised it would exchange tainted drug money for clean freshly mined coins for a profit cuts, i am fine.

basically unless i deal direct with illegal products or knowingly accept funds direct from illegal activities then i would be monitored. he also mentioned that for instance if a drug dealer on the street done a drug deal in FIAT, walked into a store and bought a pack of cigarettes and beer using the drug money. would the store owner be arrested for laundering drug funds.

If all these legal scare stories from other companies running off with your funds were actually true, then bitinstant would have been up shit creek without a paddled months ago. I want to be like bitinstant. sailing the sunny sea's of profit, not pretending to be up shit creek without a paddle while running to a deserted island with a treasure chest of gold (pirate analogy  ;D )

bitcoins are not illegal, I was also informed that it is a known fact that 1 in 10 fiat notes in circulation (excluding direct from ATM's) may have drugs residue on them. airports have highlighted this when they do their drug testing on money.

Ok, let me entertain the scammer a bit more.

You've obviously been around the community for a while - makes me wonder why you made up a new account (3 days ago) just to request this loan.  You cough up a common name, give a cell phone number to btcjam, and call that a verified id?

If you have a business plan, why not go to family or friends for money?  If we give you coins, you will simply disappear.  

p.s.  80-90% of bills have drugs on them.   :)

should i entertain this troll??

hmm.

1) yes i have read posts before but thought amungst the 50 pages of trolls for 1 page of useful information that having a login just to read posts was not required.
2) if i only validated my phone i would have a rep of 1 get out from under your rock and check again
3) i myself have invested over £1,700k in this. the loan is to expand capital and have assurances of growth.
4) i seem to think you have never run a business to know how they work and how loans can benefit businesses.
5) 80-90% of YOUR money has drugs residue on them. that is plainly obvious by your drugged paranoia and blatant ignorance of what is wrote. you obviously did not read the answer to the capitol question about MY 150BTC (£1700)...
6) you are not peter griffin.
7) wish there was an ignore button.
anyone with actual questions feel free to reply. im ending this troll reply by ignoring his posts. lets keep this professional
 

I don't know whether you're being deliberately obtuse but AML/KYC is not "half American legal terminology".  It's the legal terminology used by all FATF member nations - the UK is a FATF member.

Nor am I talking about businesses using legal scare stories to run off with people's money.  I'm talking about them having cash flow problems when their banks freeze their accounts because the activity on those trips the banks AML flags.  This has happened on multiple occasions to services which are still operating and it's catastrophic to any service which doesn't have sufficient reserves to cover any frozen funds.

Nothing you've posted makes me believe that you've consulted a lawyer who is familiar with financial services law.  You say that you're modelling your service on BitInstant - which is actually licensed as a retailer of stored value and has spent hundreds of thousands of dollars on proper legal advice. Have you even read the AML issues which BitInstant had to consider?

https://docs.google.com/viewer?a=v&q=cache:RPpi7wWrta4J:https://www.bitinstant.com/static/aml.pdf+&hl=en&gl=au&pid=bl&srcid=ADGEESibwpiHk1UYElm5461VMZs4YeS1V22QZOSSXFXPVkxwDG_KxelFppTezRHp15Mr8K8iU5fqXqIr4sCY1-R8sUDreil7IZoMw8_a-H5LE30GQL9akw_0hv9D2h5eiKxileIvPT6_&sig=AHIEtbT0UBE-XA7MA94-GnWMg1CeYjtcwA

Again - your "advisor"  needs to specifically address the issue of why you will not be regarded at law as offering a financial service or product, because financial service/product providers are generally regulated in FATF countries and are required by law to implement AML/CTF/KYC measures.  You've made no convincing argument whatsoever that your service would not be subject to financial services regulation.  Your bullshit about cigarettes and alcohol is just that - it's not remotely equivalent and it's not a comparison which anyone practising financial services law would have made.  

Frankly, I don't believe that you have consulted a financial services lawyer.  Your financial projections are also ridiculous.  I'm not willing to call "scammer", but your lack of proper research and preparation marks are the hallmarks of the kind of incompetence which we've seen all too often before in the Bitcoin community.  You're either lying or you're incompetent, and neither one makes you a good investment.

And for fuck's sake tighten up your listing rules BTCjam.  You're going to get a reputation as a scammer haven sooner rather than later if people keep coming here to publicise dodgy listings on your service.

Good way to spot a scam? When the person immediately labels critics with valid questions as trolls.

Do you understand what a troll is?  I don't post to derail topics - I post to warn new users that you cannot be trusted.  You'll find when you stop scamming I'll stop posting.   ;)

You want us to give you $1,500.  Isn't that worth posting your Facebook account link so we can see it's not fake with zero friends?

Again, got any proof?  Scammers post all kinds of lies.

Never said I was.  My name is Martin Lawrence.  I'm from Edmonton, AB.  My Facebook account has been available to anyone who wants to look it up ever since I started a FB page about Microcash in the Alt coins area. 

There is.  So far 5-8 scammers have ignored me and hoped I will go away.  :)

They all seem to do that.  They can't answer the questions so they will ignore the questions.

i appreciate your reply repentance, so let’s address the issues in more detailed. I tried to dumb my analogies down as the majority of posters seemed to be of basic legal understanding and I wanted to put it in terms they would understand.

Ok.
You seem to be American by your use of lawyers which in England we call them solicitors or financial advisers. So let’s get to the knitty gritty details.
I wanted to implement phase 2 (withdrawal) at the same time as phase 1 (buying bitcoin) but that takes time due to the facts that the FSA would THEN class me as providing a regulated activity which I am currently dealing with the phase 2 stuff. From current legal stand point in English financial law bitcoin is not recognized as 'money' but a product or service where by purchasing them is not regulated and does not come under FSA regulations. I know we personally consider it as ‘money’ but it has not yet been confirmed as ‘money’ in England.
Many analogies about facebook credits I have read about, poker chips oranges and pears. But my advisor basically says we are purchasing a database of data.
if i was to take UK £ in and have a database saying user Paul has £xx and he traded in pounds on my server this would be regulated activity as having the data in Pound form is ‘e-money’.  But because EG Paul is buying bitcoins, he is buying a product in todays legal terms.
Back to the phase 2 Side of the matter,  where things get trickier. In UK financial law/regulations the bitcoin itself is not the problem when it comes to FSA regulations. It is what I do with the UK Pound between the person paying in and the person cashing out.
American term KYC (know your customer) is indeed used by banks who have financial obligations under laws and regulations to monitor that stuff. But in England it’s not called KYC officially but instead it’s called Customer Due Diligence and as part of my alpha testing and consulting an advisor I have found out that using a prepaid debit card for deposits removes some of those hurdles and sets me up ready for phase 2 once I have all my eggs in one basket. So using your American term KYC is not used with prepaid debit cards.
Also bitinstant is as you said registered as a retailer. Not a financial institution/organisation. Which in England it does not require special licences for the UK equivalent under the sales of goods and services mumbo jumbo.
I do not mean my comments to sound negative or aggressive towards you repentance, as I truly welcome your line of questioning, far more then the peter griffin troll. Feel free to ask more if I missed anything. And sorry if I did, it’s just writing all the stuff and checking notes may make me miss one of the many questions asked.
I personally do not want to come across as a uptight know it all talking like a Harvard graduate using big long words. I am down to earth and try to speak to people in plain English. So forgive my lack of legal terminology

BUSTED - OP accidentally used the American conversion rate to bitcoins instead of the UK conversion rate.  OP probably lives in the US.

He claimed he had invested about 1700 pounds in his business, or 150 bitcoins.

150 bitcoins currently equals about $1700 US dollars, but only 1100 pounds!  

Too easy.   :)

a troll is someone that makes accusations or replies with posts unrelated to the topic.

i can provide the world of information to a troll and they will just say 'you googled that'. i have provided information to interested parties and to BTCJAM but i wont feed trolls. Good luck in your drug ventures. But a piece of advice when actually scam spotting. read the information given atleast twice and only reply with credible information. eg ur first post which i now see you editted out your accusation that i denied supplying information. nice edit by the way. and thanks for correcting yourself.

my facebook listed on BTCJAM is me, not one i produced since starting up a microcash/altcurrency as you said. continue the trolling. i just wish that some scam fighters were not paranoid drug users that could actually have a civilized conversation to gain information. I would gladly appreciate a proper scam fighter any day. After just one day i truly see what butterfly labs has to contend with from trolls. and they have had a year of it.

maybe peter griffen is not the best scam police officer, i think Bitcointalk should find more suitable, intellectual representative.

and ill just leave you with this
name: jack Davis, town: bude county: cornwall

you didnt even ask me for it. you just assumed i wouldnt give it. maybe next time its best to ask first accuse second.

and the UK pounds is what i paid over many months. but you are just using todays price of dollar.. well give or take a bit.. which just coincidentally seem similar guess tomorrow when the price changes the numbers wont add up and you will be shouting a new story. i invested what i paid for my BTC over the last few months. not what is todays value in dollar. but cheers for trying to make a spectacle of yourself. guess out of the box thinking isnt required.

i got 185 for my £1700 if you account for the moneygram fee's bitinstant fee's currency conversion and then the price of BTC when it was over $13(around £9) you'll see what i mean. i used a few for personal stuff and have set aside the 150BTC for this venture. my point is that i did not just come into this community empty handed it cost me £1700 to get into bitcoin when prices were around £9,

Whatever, liar.   You're BUSTED.

Just for kicks, let's analyze what you just said.  You invested 1700 pounds (or $2700) to buy 150 bitcoins over the last few months.  That would make the average price of a bitcoin over the last few months $18.  The pound vs the dollar has moved just a few cents over the last few months - certainly not anywhere even close enough to make your math work.

Despite your furious adding and editing of your last post to make up for your mistake, I doubt even the most ignorant investor will fall for your scam now.  Bye bye.  

critics i welcome. and i welcome your reply to. but that peter griffen guy had no valid questions., plus i only called him a troll due to his obsurd posts which i now see he edits away to hide his inability to hold a civilized conversation

^nice one, the numbers don't lie

dont let the flamers dishearten u, we need an easy to fund bitcoin operator.

if u ever travel near bristol ill meet u, i can smell an american a mile away to know if u are one or not, they have orange tans and hill billy accents.  ;D

i myself am a litecoin lover, ever consider your concept, but on litecoin instead of the dark side of dodgy drug dealing known as bitcoin (newspapers opinion dont shoot the messenger)

LOL.  Being endorsed by Franky is like being recommended by usagi, Nefario or Genjix.  It's the kiss of death.

im not endorsing anything. im not investing,

but if he does get the business up and running just using his own funds and becomes a success then i might use him, as the UK needs more bitcoin stuff.

i don't buy into businesses until they have weathered the test of time.

that being said we do need UK bitcoin business and the concept. if you ignore the loan begging has much promise.

maybe someone who is respected the UK should take on the idea and just roll with it themselves either stealing the concept or employing him for a month or two to implement it. hopefully if the business works out he takes my litecoin hint onboard.

If this guy is from the UK, and i dont really accept the BTC/USD conversion rate as proof he is a yank, he is very poorly informed. He says americans call them lawyers and we call them solicitors or financial advisers. Well there is a world of difference between a financial adviser and a solicitor.

It sounds as if he has spoken to a financial adviser and taken their advice on legal issues, an opinion they are not qualified to give.

If he wanted to offer a service comparable to BitInstant it would need more than 150BTC investment and would deffo need regulatory approval and a decent business plan, not some poorly writtem forum posts and a paragraph of explanation on BTCJam. In addition there is nothing to support your growth/projection figures, these appear to have been pulled from thin air based on OPs assumptions of market size.

You make no mention of how you will market the service or even that you will spend money marketing it. It will not be sustainable based on just your friends using it.

Even if OP is not a scammer he is not professional enough to attract my investment in this scheme.

I'm out.

Americans tend to call lawyers "attorneys".  "Lawyer" is just a generic term for legal counsel.  We actually have solicitors, barristers and Special Counsel (formerly Queen's Counsel) here but people tend not to make the distinction in everyday speech unless they're trying to impress or intimidate someone - if you're paying $3000+ per day for a barrister, you tend to want people to know about it.

i too dont think mlawrences flame that jackdavis is a hillbilly merits much either.

i just think mlawrence got mad at being called a drug dealer so grabbed at any thread of straw he could.

either way jackdavis concept is good, but it just doesnt seem to be in the right hands.. maybe best someone steal the idea lol

as for the lawyer thing us brits never like to use the term lawyers no matter what level of experience the legal person has.

we prefer to call them what they are:

money grabbing bstards lol
solicitors, advisers. clerks and all the other individual titles

But the scammer said he didn't make a mistake.   :)  After I busted him he posted it was what he invested over several months.  Then, when I explained his math didn't work, he edited his message to say he also spent some of the money (around $1000) on himself.  His story keeps changing.

To top it all off, he is on these forums during North American hours - not UK hours.   ;)

Not to come down on either side of the standard "he/she is/isn't a scammer" arguments, I wish to state that mlawrence is quite correct;

We in the UK are by law forbidden from using the internet between the hours of 11pm and 6am. Anyone caught doing so gets locked up in the Tower of London.

Firstly I would like to note that I am not afraid to speak my mind, unlike scammers who run off and make a new identity and try again. I am not a scammer and I am not afraid of fighting my corner.
1) I respect the other posters, even if they have many questions, i welcome actual questions instead of snide comments. But that one single peter griffen troll, you seriously need to stop smoking the green plant, it’s affecting you.
2) my edits add more information to clarify facts. but it has been seen and proven that your edits remove statements.
3) I suffer from insomnia so I am not perfect either, but at least your mentality is in your ability to control, I work during the day sleep in the afternoon/evening and come on here when I can’t sleep during the earlier hours. And other UK forum members also seem to be on late too so throw us in the tower of London peter griffen. lol Maybe due to American dominance, making MTGOX trading more lively in the late hours that keeps us awake, trading for profit.
4) Your maths is stupid. 35 spare BTC being $1000!!? Get out from under your rock and put your brain to work. Or maybe I’ll do the maths for you.
I know that I have put in £1700 towards BTC community and ended up with 185BTC after deductions. But I do not have the exact exchange rates of the particular transactions so let’s make it simple and put it all into one lump and use the conversion rates and fees of when the majority of the trades occurred. So £1700 at BTC price of £8.75(roughly at the time, from memory. So don’t quote). Using moneygram £1700 converts to $2477. Then add bitinstant fee of 3.99% brings it down to $2378. I will just add this now that the GBP to USD exchange rate may be slightly different now but very close approximations. Definitely not $2700 the griffen troll quotes.
Ok divide the $2378 by 185BTC brings it to $12.85 each. Now to the other point the griffen troll makes about rates only moving a few cents over the last 3months. I guess he forgot about the $14 BTC so buying some coins at over $13 and some under $12 over the last couple months would give a average resembling something similar to the high $12 dollar range.
I will now state that for my personal use I did not keep logs, sorry for that I’m only human. But for my business everything would be logged so don’t hold my personal approximations against my future business. It will all be done right down to the satoshi.

If you're confident about both your legal position and your projected earnings then you should consider pitching your idea to the VCs on Dragon's Den.  Not only might you get some decent funding, but even if none of the VCs give you money, a whole lot more Brits will learn that Bitcoin exists.

http://www.bbc.co.uk/dragonsden/aps/apply.shtml

Great idea. more positive media coverage of bitcoin, and my service.
now I have a few minutes to of thought about it. It may be something to do as part of my phase 2. As right now FIAT is not the problem, having enough BTC to feed incoming customers is. Hense the loan. So while I continue to alpha test everything I will research into whether any of the dragons even know about bitcoin. As you would imagine some of the criticisms some of the people on that show receive. imagine it when 'touting' for business talking about a currency they have never heard of.
Its bad enough criticisms from the peter griffin troll, where he DOES know about bitcoin.
About the legal side. the FSA stuff only will apply during the phase two stuff (withdrawals) and the basic unjargoned version is about traceability and high value transactions. Right now phase one, (purchasing BTC) doesn't fall under FSA, instead it falls under retail laws. If you want some legal UK jargon it's Sale of goods act and the distant selling act. Which all retail stores and market traders in the UK know off the top of their heads anyways, kind of standard practice for many of us.
The projected earnings stuff. I never projected anything close to what bitinstant processes in a week. my projections posted here. well lets call them estimates are based on the PM's i am getting from interested future users. hopefully people know that projections are not set in stones but are very good estimates with numbers to back them up. in laymans terms.
My BTCJam initially and quite rightly says that even with one transaction of 150BTC a fortnight would still be able to break even and repay the loan payments. but I have also out of the 300BTC total holding i will have (if i get the loan) have set aside 50BTC to cover worse case scenario 2 weeks of repayments while popularity increases or if trade takes a slump one month. and put a 250BTC cap on transactions before the hourly refill. so hopefully i have covered all my bases.
I appreciate your advice and questioning, I just wish everyone would stay as focused and on topic as you.
and franky1. although I appreciate your comments, don't hint that my idea should be stolen ;D also not going near Bristol anytime soon, I am stuck in Cornwall for a while concentrating on this too much to go traveling. But anytime you are in Bude we may arrange something

You got to admit, Their getting a little better, I was hoping for a boob job to invest in! LOL

Here you go:
https://bitcointalk.org/index.php?topic=120436.0

LMFAO....... you know,  I missed that one!!!

i find it funny when reading these things. flaming and trolling someone who has a business plan like this guy does.

but then investing into people who want to consolidate their debt. basically paying one loan with a loan.

and also people wanting to buy BFL products knowing they wont start making money for months due to the the order/delivery delays.

though this guys plan would benefit the bitcoin community in the UK immensely. i still think that if he doesnt get it running due to no one giving him the loan then someone else should roll with the idea. i said roll not steal this time  ;D

Where has anything even remotely resembling a business plan been posted by the OP?  And why is the OP so intent on borrowing BTC when he could easily purchase the required BTC if he secured fiat funding?

It's people's desperation for certain services which makes it easy for scammers to proliferate.  The lack of options for people in the UK to trade GBP for BTC means that people are likely to latch onto the first service which pops up offering that.  The point of BitInstant is to get people's fund moved quickly.  If there are no exchanges offering GBP/BTC trades then such a service would be pointless and the OP is effectively talking about becoming an OTC Bitcoin trader in his own right.

well the OP did no write a structured plan using professional wording with specially headed paper suitable for the reading of a bank investor. but i do see a plan for his business.


yea offering something that is normally hard to get is tempting. and so is offering something too good to be true. i don't know all of his 'plan' but it is feasible to achieve as a viable business if he is not a scammer. so i wont consider it a too good to be true thing. but more of the first part.


i kind of see what u mean but it's not how i read his 'plan'. i never read anything about him becoming an OTC in his 'plan'. but now i think about it, he might USE (not become, but use) OTC just to get his hourly 'refills' he mentioned, until he gets the withdrawals sorted to then become self funding without outside help.

i would say a bitinstant hybrid is more of the close plan that i think the OP has for his end game. also not a MTGOX comparison as that involves direct trading between individuals like OTC does.

just like bitinstant they purchase from person A and sell at a later date/value to person B. and vice versa.

an OTC is where ur website validates peoples reputation so they can direct trade between each other. how i read OP's plan is he will buy from person A and sell to person B as separate transactions. not getting person A and B together to trade direct depending on reputation.

either way the main point i see is there is a need for it in the UK. so hopefully someone somewhere makes it happen.

maybe he will go on dragons den and get one of them to fund him. While telling them he will give the funds to an anonymous user on a IRC chatroom in exchange for what is in their eyes, funny money linked to drugs and scandal. that would go down well.

this is why i like Litecoins. less headaches explaining it because there is no scandal

It strikes me that we are caught on a bit of a merry-go-round at the minute.

Scammers have caused total mistrust, which means a financial business needs to realistically get regulated to be taken seriously.

But many people do not want Bitcoin business' to be regulated as it creates intersections with fiat bureaucracy.

Which brings you right back to the starting point.

What is one to do?

Set up your business without relying on external funding, once you have traded responsibly obtaining trust and investment is easier.