Bitcoin Forum

This thread is to determine the interest in doing a group buy of a new Bitcoin service.

Over the last few days I've repeatedly looked into group buys for batch #3 and also batch#2 direct buys from Ebay. What I keep getting to a point where I think it would be a much better to invest in a company that rides the Bitcoin popularity wave indirectly though running a Bitcoin service. Why? This would take away having to guess what is going to happen with the Bitcoin price over the next year, which is a fool's errand.

The buy-in and pay-outs would be sent in Bitcoins to allow more privacy, and the person handling any money would be a public unanimously agreed upon individual.

Please throw in business ideas if you like this idea. I'll start with three basic ideas:
- A random number generator with extremely random output. You feed it bitcoins, and it feeds out random numbers over the internet. The results can be public or private.
- A service allowing truly instant Bitcoin transactions. This is just an initial service idea where I have thought out basically none of the details.
- Another competitor to MtGox seeing how they have 80% market share.

I know I'm not even starting to cover what is possible and would be interested to hear other ideas. I think this could actually be much more fun than a joint mining operation.

i think your idea is great  :)

maby, we could create a group of interested people

then work togheter to start different Bitcoin projects.

i got an idea for a Bitcoin Reward system.
 
i'm in anyway!  :)

Sure, go work on it :)

Building a successful business or service starts with actually doing it, not talking about it and asking for "group buys" when all you have is a measly forum post.

Great, we are now partners! I think the first step is to agree on a mission and an attitude.

Here is my proposal:
Initial Mission: Make money in the Bitcoin business as a pubic group.
Initial Attitude: Lets have fun, cooperate, and be ethical.

Building a successful business starts with a will. I'm now combining my will with the will of others for a stronger start.

Being new here this is sounds interesting.  I would like to hear the pros/cons and actual implementation.

sounds interesting.

Pros:
Its a way to invest in Bitcoin without caring much about the current or future price of Bitcoin.
You have a lot of control over how successful your investment is because each person involved gets a say in how things are done.
You can get business and investing experience.
You can encourage the growth of a currency that apparently isn't controlled by the banking elites by adding more things that can be done with Bitcoin.
This is a totally new way of starting a business, making it fun to do.

Cons:
Starting a business is risky.
Many partnership-based businesses end in failure.
Starting a business is more difficult than investing directly in Bitcoins.


As for implementation, its a work in progress, so anyone can propose an implementation.

My current *plan* for implementation (the actual does not yet exist) is:
1. Develop a mission statement.
2. Decide on a way to make group decisions.
3. Decide on the type of Bitcoin service to be started.
4. Decide on a website host to put the Bitcoin service on.
5. Decide on who will program the site and have access to the website code.
6. Decide on the method of how the investments will be made and paid back.
7. Decide on how the management works to implement the decisions made by the group.
8. Decide on a person to entrust the money to.
9. Send the person the money (probably in Bitcoins).
10. Profit
11. Get involved from there as much or as little as you'd like.

This is only my plan, after a method of group decision making exists than my plan is as valid as your plan. So, the group-decision making process could change the plan to something completely different. As soon as there is a systematic group decision-making process being done, its anyone's guess as to what happens next. Thats why this is a fun project.

I am still not precisely what this group will be doing as a whole, and what would be the major benefit to not directly just investing in the stock itself?

Did you read the post above yours?

I will keep my eyes peeled to see what sort of idea's come up.

id be interested if this is put together properly

Is there anyone else interested in this investment idea? If one more person is interested I'll definitely put additional effort into it.

I am wondering what services/products could be offered.  I can see using the funds now spent on online sites for amusement used for this investment.

The thing is, the people who already have created bitcoin services can easily replicate your idea faster and with more market share. Thats the problem. I am new but there are like thousands of bitcoin related service websites popping up all the time. Everyone wants to do what you're doing.

There is a common saying in business:

"Ideas are worth nothing. Execution is everything."

I am. I would be willing to invest my time and smarts to a group project.

I'm sure there are lots of new Bitcoin services popping up all the time. Some will succeed and others will fail. Hopefully the one I get involved in will succeed.

99.9% of businesses start in an environment where much better capitalized people can easily replicate their business and start with more market share. Our Bitcoin service will be in that 99.9% where its possible other businesses can do the same thing faster. I don't see Goldman Sachs trying to replicate Bitcoin. Of course, if they liked Bitcoin so much they could spend $100M a year on mining equipment and dominate the market for the next 20 years. Will they? No. The point is that if a big-capital company comes in and likes what we are doing, they are much more likely to buy us out than attempt to replicate.

Ideas are worth the price someone is willing to pay for them.

There is a common saying in business:
"Think before you act."

Welcome to the club! I'm done work on Stage 1: Evaluating Interest, and going to move on to Stage 2: Create Mission Statement. Agreeing on a shared mission establishes focus and also allows people to understand and cooperate with the group more easily.

I'd love to work on some bitcoin related business ideas.  It's much more logical to me to invest in a bitcoin business instead of buying bitcoin. If we care out bitcoin's longterm success, using it is far better than just buying it and hoarding it, hoping the value will go up.

I'm working on setting up a service for opening online stores and accepting bitcoin payment.
http://img855.imageshack.us/img855/6783/screenshot20130406at157.png


I have a lot of ideas, I'm definitely for brainstorming and working together!

I think that a website Bitcoin website integration service will probably end up at or near the top of the idea pile, so thanks for adding that in. Certainly its something that can build up Bitcoin popularity.

Mission Statement Proposal:
We enable people to invest in the Bitcoin market without facing severe damage from a 90% drop in the Bitcoin price. We invest in Bitcoin-related services that make Bitcoin easier to adapt as a new currency, enhance its usefulness, and build on its strengths of privacy and low transaction costs. We want to do this while having fun, cooperating, and showing ethics.

I welcome all comments that suggest improvement of this mission statement! I also welcome alternative mission statements.

I'm creating a mission statement before doing anything else because its much more exciting to do this project with other people, and I can't expect other people to join until they know what they are a part of and make it clear what to expect. Its only easy to cooperate if you know what you are trying to accomplish together.

The mission statement I am proposing is loosely based on the Wikipedia entry for "mission statement" and uses the following principles as a guide: A mission statement:
- Explains why the group exists.
- Provides a foundation for startup, growth, and marketing.
- Establishes a target audience.
- Proposes a core value being provided to others.
- Provides a subjective measurement of effectiveness.
- Broad enough of a foundation to allow for creative growth while narrow enough to exclude many ventures.
- Simple to read and comprehend.
- Exciting to group contributors.