Yea I have been selling through localbitcoins for a few years now and am definitely seeing an uptrend in the market recently.  It has gotten to the point where a month and a half ago I started to really keep track of my sales amounts and profits so that I could properly report them (before this mark, it was so small that it wasn't worth it).  At the current pace, I am on track to do 100,000 in sales over a 52 week period.  Hoping I can outsource some of this to a machine in the near future as I am meeting up with people 2 to 3 nights a week.

Thanks for the advice, I have done ample research on KS laws and feel very comfortable I will not be in any trouble based on current regulations.

I would love if the convenience store I hopefully get them set up in will then start taking Bitcoins, I would suppose that would be a great reason to have traffic.  Otherwise it could be tough to let people know they are there.

I like the Lamassu and the look of them as well.  If I am doing this, I don't want to cheat corners and go for a cheaper model that will have problems.  From what I have read, the Skyhook seems to have all sorts of issues and that's something I would like to avoid.  I know the better models are more expensive, and am prepared for that, I just won't start with putting a machine in all 13 stores lol.

Yea I can't figure that out.  There have been about 2 or 3 times in the last 24 hours I haven't wanted to pull the trigger and buy a few thousand S5 hash, but I am glad I waited.  Still looking for the bottom apparently.

Will you be buying/procuring the hardware in some way or another for the reviewer?  I would be happy to help you do whatever review of hardware that you may want, but you will have to either have the manufacturer send me the unit or you send me the unit for review.

The problem is, it is really tough to estimate profits because this is so new.  All I really have right now to base it off of is my current localbitcoin sales that I do monthly.

I believe I have a few good spots that I can get in.  Just need to finish negotiations with the guy that owns the convenience stores.

I am trying to figure out how the status and comp points work and any help would be appreciated.

I am Bronze II, so I get for betback...
Casino - .02%
Sports - .1%
Dice - .02%

and for status points it should be 1 chip bet = .01 status points for dice.


So I went into Dice and made a 25 chip bet and won.
In my "Events" Section it says I got comp_points .0066 and status_points .0025

But shouldn't I be getting
Status Points = 25*.01 or .25 status points
Comp Point = 25*.002 or .05 chips back, which is paid in the form of Betcoin Points at 66 points = 1 chip, so its .05*66 or 3.3 Betcoin Points?

Any help would be appreciated.

Thanks

EDIT:
I figured out where the numbers are coming from and I think there might be a mistake.  The points I am getting are based off of the win amount, not the bet amount.  Under your VIP section for Dice it says...
1 Chip Bet = .01 Status Points
Based on that, it seems people are getting less status points than they really should be in dice, unless they are playing at a 49.5% win rate.
Also, on the same page under Betback, it says...
For every bet placed, a percentage of that bet will be paid back to the player in the.."
That makes it sound like the amount earned back is based off of the bet amount, not the won amount.  If the intention was to truly use the win amount, then it needs to be worded correctly/changed, if the intent was to base it off of the bet, then it is being computed wrongly.

EDIT2:  It seems the sports book sort of works correctly.  I made 2 bets yesterday. 1 for 150 chips at 1.88 odds and a live bet for 100 chips at 1.5 odds.
I was credited with 9.9 comp points and 3 status points which is correct for the 150 chip bet (150*.02 = 3 status points and 150*.001*66 = 9.9 betcoin points)
But I did not get anything for the 100 chip live bet that was made.  (The live bet was on the same game that the 150 chip bet was on, so it should have been the same day)

That wasn't quite a full sentence, why not try again?

If your accusing Hashnest of being a Ponzi, it isn't.  They are apart of Bitmain and have proven that they have the hash they say they do (in the past, not recently).  No one has ever not been paid out and they have a very good track record.  Why not troll elsewhere.

Yes there is.  But it will be based off of your own opinion, as no one can predict the difficulty rise or price of bitcoin.

Go to a bitcoin earning calculator and find the time it would take to pay back 1 btc with 1 TH/s of mining power with 0 electricity usage.  Then do the same calculation with the electricity usage of an S7.  When it will take longer to pay back 1 btc then the S7 remains profitable for is when you should not be buying any more V4.

Yea I have seen a couple brand new accounts today advertising services on LBC with Paypal, then blowing up on people who call them out.  This is most definitely a scam attempt.

DO NOT DO BUSINESS WITH THIS USER.

Some information I have gathered for Kansas that may be interesting to some.  I do not believe that Bitcoin sales are subject to Sales Tax in the state of Kansas.

This statement basically says that anything charged above spot price is a fee.  Fees are not subject to sales tax in Kansas.

Will report back with more information as I gather it.  Please let me know any of your experiences as well.

I am interested in hearing stories about people owning or operating their own Bitcoin ATM's.  I have a potential opportunity to install machines into some convenience stores and want to know some of the challenges and rewards of making this investment.

Some things I am interested about finding out about...

Obviously sales, I know this will vary by location and what not, but generally, what kind of interest have you seen in your ATM within the 1st month, 2nd month, and so on?  Did you generally see business rise the longer your ATM was active?

Regulatory concerns.  Based on what I have read about KS, by buying and selling from me to another person, I am not in need of a money transfer license.  If I were to use a 3rd party exchange to connect buyer and sellers, then I get into issues.  So by owning a machine that I stock with bitcoins, I should not have any issues with the current law.  Can anyone share any research they have done on the subject?

I am going to have to research whether this would be considered a service or goods for sales tax purposes.  Thoughts?

Security and machine type?  How secure was the machine and did you feel comfortable leaving it in a store, possibly in not so nice neighborhoods?  Did you have insurance on your machine and if so, how much was it and where did you get it?  Were you ever robbed/machine stolen?

Issues with the machine.  How often did you find yourself servicing the machine for errors or other problems?  Were the machines easy enough to just set and collect once a week or did other problems arise?

I am also wondering if I should apply and get an EIN and make this into an actual business with its own books and bank accounts/what not.  Would probably be easier to manage everything that way, but I am not totally sure yet.  Anyone create a business around this?  The spots where the machines would go are not owned by me, but by someone I have been put in contact with.  I have no idea how he would want to structure the deal, but if anyone has paid for space or shared monthly profits, what has the split been for just renting space?

This is a pretty good list of questions to start with.  I am planning to visit some other ATM's in my area to find out what premiums they are charging and other information that they owner might share with me.  If there are any further experiences or thoughts please share them here as I would need to put a business proposal together if I were to move forward with this plan.

Thank you everyone for reading, I look forward to hearing your responses

The math is actually very simple.  You can find a PPLNS pool with 0 fees rather easily.  On average you should earn 100% mining profits, what more could you ask for?  PPS will have a fee involved, and although you will earn the same amount daily, expect 95 to 96% mining profits due to the fee.  So your statistically better to PPLNS mode, but as you said people are greedy, but more than that, they are also irrational.

Throwing nmc profits into the mix with fees on different pools changes this a little bit as philipma mentioned earlier.  But to keep on topic, that is the basic math between PPLNS and PPS.

I think the OP may have made an error.  It seems highly unlikely that someone who is not a professional would have over 2 PH/s of gear.  Do you mean 2 TH/s?  This would make more sense and could potentially change the answer to your question.

I have a very large buying history on these forums and have done many deals and because of that, I am very trusted and have learned how things work. Because of that trust, I am afforded the ability to be picky to ensure that I don't get burned. A seller for these units can ship them to me, knowing full well I am trustworthy enough to not screw them over if there isn't a problem with them, it also ensures that I don't get burned in the process by someone dishonest. This account is worth well over 80 dollars so for me to scam for so little makes no sense anyway. I always offer an escrow option, as that's quite standard and if the seller chooses to use it, they can pay fees, but I believe my reputation goes a long way as well.

I am looking to buy an antminer S3+ in the United States. Must work with no issues and mine at 450 GH/s.

I am willing to pay $70 plus $10 for shipping, so $80 total. Shipping will be to 66221 KS in the US.

You will ship first or pay for the escrow if you want one. Unit will be tested once received and payment will be made/released from escrow only after it is verified to be in working order.

Please post below with offers or questions.

Thanks

You are lying and are a piece of scum scammer.  20% profit in 3 weeks is impossible and if it was possible, they would be so rich they wouldn't give a shit about your $300.  Go crawl into a hole and die under a rock.  No one gives a shit and you are stealing from people who are honest and hardworking.  I hope you get your comings.

What a scam, surely people have gotten to the point to know that these things are going to steal your money.  OP you should be ashamed for promoting a scam (although it is most likely your site anyway).

I disagree...
A) You can if you are patient and know where to look.  I do it all the time on this forum for instance.
B) His offering has been...less than great.  I figured I was doing him a favor by taking a chance and verifying his product for him.  So he makes it, then I have to do the work of getting it tested to verify it is completely silver and he isn't trying to scam.  For a first product offering where a product isn't even really offered, I would say that was pretty generous.  Basically think of it as a test unit that I am still paying for the costs minus his time.

Ok I have sort of seen how this thread has gone.  How about this.  I would like to pay spot price for a 10 ounce silver cube that has a B engraved on the front of it and on the bottom it says 001 out of 001.

Would this be something you can do?  We would either have to use escrow or you would ship it first to me in KS. (no offense but you are a new account).  I would have some friends check it out to make sure it is pure silver and then can pay/release escrow.

What do you say?

I don't think you fully understand the law or how court/lawsuits work...

You are going to spend a ton of money taking this to court.  lawyers are not cheap and the process for child custody can be long and arduous, not only on the wallet but on the spirit.


Read up on child custody cases a little more.  They absolutely can and will.  Unless there is documentation (and even then it can still happen for various reasons), there is an extremely good chance the child could be taken.  You should really consult a lawyer about the issue and have someone educated and practiced in the area consult you on your options before you spend a ton of money taking a losing battle to court.