Bitcoin Forum

For inventory, I need to raise a bunch of money to get bitexpress.co.uk started.

Currently, I have sold out of all my stock within hours (max I could afford is BTC20), making me have to wait several days to renew my stock, and keeping a lot of users from using the site, since 90% of the time I am out of stock.

If I had 500 bitcoins for stock, I would make $600 selling it off.  (Google Checkout charges 2% processing fees.)

With a 15 day turn around, that would be $1200 a month profit.  Also, if people decided to use my service to cash out, I make 5% without any fees.  Oviously I make more money buying than selling, so I hope to get traffic high enough to make buying bitcoins profitable.

I am investing around $100 in Google Ad traffic per month.

The 1,000 will amount to 80% total profit, so if you buy 500 shares, you get 40% of total profit.

Cost is .5 BTC per share.  I pay dividends on the 1st and 15th of each months.

Shares left: 1,000

I don't currently have this listed on any of the market places.  I want to see if there is any interest, and I like the simplicity of doing this the old fashion way.

I am also open to anyone wanting to form a partnership.

The site seems only alright.. could we get more information than is already stated?

Added more information to the OP.


Check https://bitexpress.co.uk/forums.txt

How do you plan to take care of the risk due to reversal of transactions?

Accept google checkout or any other way by credit card is... and specially for BTC so yes how you plan to handle this part? Refund fraud part...


What happend if you make your stock while BTC cost 45 usd and you sell it only after a crash which could appear in few hours while you sleep or even during the 15 days you planned to sell it, and putting the price at 10 usd? You can then sell only at lost or hold it for months until price go back. How dividend would be provided then?

I see your domain is co.uk I assume you are located in UK so. You will accept Bank wire, under you personnal name or under a company? How about regulations in UK to provide such service (money exchange service). Glbse was in UK if I remind and it caused a big problem.

Good questions.  As for fraud, Google Checkout is way, way more secure than paypal.  They give you a detailed buyer report when you get an order, including account age, credit score, ect.  So far, I have never received a charge back.  I only accept orders from people with older accounts and with a good credit score.  I also use a floating limit on how much they can buy at once, so if someone does charge back, I can't loose very much.

As for stock, I don't actually hold the bitcoins.  I store the stock as USD on BTC-E (maybe MtGox in the future, though I like BTC-E better currently).  When an order is placed, after a review of the buyers credit (which will be done automatically within the next week or so) I buy the bitcoins at market rate off the market, and send them to the buyer.  Because of this, the price of bitcoin is irrelevant.

No, I am not in the UK.  The .co.uk, other than for aesthetic reasons, helps to skirt around money processing laws, not that it would be a problem at the current volume anyway.

See here (https://bitcointalk.org/index.php?topic=124441.0).

Will you ever offer new shares at lower prices than the IPO?

Very unlikely.  Once I start making enough money, I will start buying back the shares myself.

Well this is very interesting for sure. Obtaining quick BTC in Denmark is next to impossible.  I have about a million questions.  First one being, if Google wallet is so much different than PayPal why has no one else done this?  

Will ask more as we go.  I would really like to use this to try it but your broke, as you say 90% of the time.  This can't be good.

Since you use BTC-e are you affiliated with them?

Frankly, I am not sure. I saw a way I could fairly safely offer credit card transactions, which would be a huge market.

I work a 9-5 job and have to support myself and my wife, so after bills and such, it hardly can clear $100 a month for the business. I used most of my savings just getting it started.

No, I am not affiliated with them. They have been having a lot of problems with bit instant lately, so right now my site is the best way to get money to theirs.


I would also like to note that within the next week or so, I will be adding support for Mt. Gox as well, along with direct Bitcoin deposit to an address, and maybe amazon payments.

Wanted to add a few questions and answers I have had over PM:

Q:
A:

Q:
A:

So you sell  200 BTC that costs 10,000$ with a profit of 300$  in 10 days.
this is 3% profit - 10300$.
But after 10 days those 200 BTC can easily be 10400$ and in that case you lose 100$.
(BTC did 800% in the past year which is much more than 4% every 10 days. making 3% every 10 days, accumulating, is less than 200% a year  )
10-15 days is too much...

Assuming the market keeps rising, as is, you are suggesting I just buy BTC200 and just let it sit there while the prices rise.

I find this logically flawed.  One, I have not lost $100.  If I start with $10,000 and end up with $10,300 I have made $300.  Period.

Two, bitcoin will (and always has) corrected its market price.  Sure you can make money by hoarding, but it is not secure.  The profit I make is 100% secure.  I don't loose money if the market crashes.   

What if I buy $10,000 and the market corrects itself and crashes, and I loose $5,000?

I still don't understand why people thing bitcoin is some magical get rich quick thing, that you can just pump money into and get more money out of.

1. You buy now $10.000 at 48$ per BTC = 10.000 / 48 = 208 BTC
2. In the next 15 days the value of BTC goes down to $30
3. You sell your 208 BTC x $30 = $6240
4. 15 days balance = $6240 - $10000 = $-3760
5. Fail

I guess you should buy and sold BTC in 1 day periods, not 15 days.

I still think google checkout can be reversed.  Be careful taking large orders, even people that seem honest can be tempted if large numbers are possible.  If it was that easy to accept someone else would be.

Apparently you did not read my earlier posts.  I do not buy the bitcoins until they are sold.  So here is how your example should work:

1. I transfer $10,000 into my BTC-E account.  Without buying bitcoins.
2. In the next 15 days the value of BTC goes down to $30
3. I sell 200 BTC at $30+5%, I buy those off the market within miliseconds of selling them.
4. 15 days balance = $10,000 + $300 = $10,300
5. Win

And, in regards to superbit, yes, I only take small orders unless, and orders with good credit.

So are you willing to give your id, etc?

Sure, just PM me.  (I would rather not have my drivers license posted on a public forum)

How long have you been operating this business and are you willing to disclose all the transactions pertaining to the business to interested investors?

I have read in another thread that you have opened an auction for bitexpress.co.uk

What are the implications to the shareholders if the auction succeeds ?

Well ,regarding the market correction I guess you are right for the long term but you can't ignore the fact that you would have done a lot more money if you just hoard your money in the past year, not to mention the time and effort.... If bitcoin will succeed, hoarding will continue to be a better investment for the next few years also.

Of course you are right about the security part.

So, if I combine your arguments with mine I would do this:

Instead of large cycle of 500BTC  where the BTC can be sold in 2 days and then you wait another 8 days and perhaps "lose money" because BTC go up fast,
you should limit the amount of total bitcoins you sell per day, lets say no more than 50BTC total per day.
at the end of each day you begin the 10 day cycle for the amount earnd at that day only. Now instead of a large amount of money cycling every 10 days
you have 10 small cycles (everyday after all BTC are sold for the day you start a new cycle).
so each day you get some money from 10 days ago and also withdraw some money back.

You can update every few minutes how much BTC are letf to sell for the day and show it on your website.

Some of the profit will go back to the stock so you can keep selling 50BTC like the day before (or maybe more!).

Now, if BTC raises fast you will not "lose" anything because each day you will sell BTC at the updated value.
  
Just a general idea, didn't think about the small details, but this way you are also secured from fast BTC raise of value!

Seems counter productive.

A little over a month.  Yes, I would be fine with disclosing transactions.

As for the auction, there apparently is almost no chance of it succeeding.  If it does, the new buyer will have to honor the shares.  Currently no shares are sold, so its not a problem for either side.