Questions about your business and its possible serious problems aren't "negative comments".

I guess this will get deleted like my last comment about your BTCjam request for a loan. You're supposed to be "someone who is a totally open book".

Lol, panic over then jstew 

The dev's awol and you are in a Skype group with Mark and his employees. That's some great reassurance.

I guess by "dev" they mean developer. This developer seems to hold a lot of responsibility in that no-one can be paid unless he is around.

And no-one knows where he is which is extremely worrying. A key member of staff disappears whilst Mark talks about attracting "big investors".

I'm not holding out a lot of hope that Banx will be successful because anyone doing any research will quickly see these problems and hold back from investing. Unless they like losing money of course.

Meanwhile there is some good news; bitcoin is nearly at $250 which is half of the $500 assumption that Mark wrote all his business plans around.

A payment delay is worrying. Usually when a company announces some bad news it is just the first announcement in a long line of bad news.

I fear that the falling bitcoin price is catching up with you now.

I did wonder if you had gone past the point of no return quite a while ago.

Do you have a stop-loss on this business?

Ouch, just checked the bitcoin price at coindesk.

Are you still mining?

How does your investment plan hold up with bitcoin at less than $200? Your investment plan had bitcoin at $500.

Hi Simon, thanks for that info. I'm purely looking at banxshares and bitcoin as a possible long-term buy and hold I don't want to trade them at the moment.

I guess the take away point is that no one knows where bitcoin will be in 1 week, 1 month or 1 year. We're all just taking a position according to our gut feelings or best "guesstimates".

My position is "out" whereas Banx Capital's position is "buy". Out there will be some people who are selling. That's what makes the market, a range of different opinions.

I do wonder whether any miners are managing to make any money at present with the price of bitcoin being what it is. How many are continuing to mine hoping the price will rise?

In my opinion we need to see bitcoin break $500 and stay above it for a reasonable amount of time before it can be considered a "buy". It's definitely a sell at present looking at the trend but I admire your confidence!


Wind power is a great idea. I guess you are mining as part of a pool because your total bitcoins mined was around 4? Am I right in saying that if you were mining on your own you would have to get bitcoins in multiples of 25?

I'll keep watching the bitcoin price and perhaps make a move when/if we see $500 but for now I can't invest.

Hi, is there a reason for seeing $290 as the low?

I'm no bitcoin expert but I have downloaded the bitcoin price history and it seemed to fly through $290 on the way up and hasn't touched it yet on the way down. Because bitcoin had such a rapid up and down the chart doesn't show any obvious support or resistance points.

Let's say bitcoin ends the year at $200, for example's sake. Will this change your plans for 2015? Surely there's going to be a point where you have to say "we're going to have to rethink this".

If you're only managing to mine 4 bitcoins in a month then unless your electricity, rent and equipment costs are less than about $1300 a month you're losing money.

In your book you said that you should've walked away from the adult business earlier and you lost more money than you needed to. If I was trading bitcoin I would be short now and probably would've opened my short position back in April. There doesn't seem to be much to be bullish about and I have to wonder where the demand is at the moment.

I've had chance to read Mark's book. It's very interesting.

I did ask some questions but I think they have been lost in the thread.

1. Simon, are you buying bitcoin and litecoin at current prices and do you personally own a lot of these coins?
2. How many bitcoins did BanxMining mine in October 2014?
3. If you are moving your mining operations abroad, how long will this take and how long will the mining be offline?
4. What is the get-out plan? If bitcoin continues to decline against the USD to, for argument's sake, $50 then surely you won't be able to mine it profitably so at what point will you call it a day?

Hi, Cisco (CSCO) shares were $77 in March 2000 then $38 in December 2000. I'm sure plenty of people saw this as a good opportunity to buy at $38 but sadly the closest it got was $33 in 2007 and now it's at $24.

If it isn't too personal a question, do you personally own a lot of bitcoin and litecoin and are you stocking up at this point?

Hi, thanks I'll wait for that answer before I make any further decisions. Is he going to answer it here in the forum?

I'm very interested in this. I do have reservations though because both bitcoin and litecoin are hovering around YTD lows. Litecoin has dropped from $23 down to $3.50 since the beginning of 2014.

Someone said that the assumption in this was that bitcoin would be at $500 but it's down below $330. Is it still profitable for you at these levels?

On banxmint you've got a 1 bitcoin coin at $651.59 which doesn't inspire confidence that you're going to sell many. If you do sell a lot then you've got a great profit margin there!

Hi, I looked at that website and the phase 1 business details.

Banx.io - online cryptocurrency exchange

q: Is this exchanging one crytocurrency with another i.e. exchange bitcoin for worldcoin?

BanxTrading - buying low and selling high during price swings

I think I understand, like forex for bitcoin?

BitBanx - purchasing Bitcoin and Litecoin (and selling)

q: how is this different from banx.io?

BanxMining - Bitcoin mining contracts

q: how many bitcoins are you mining daily at the moment?

BanxMint - physical Bitcoins and Litecoins.

q: if you make a physical bitcoin today, is the price fixed at what you paid on that day?

Overall q: do these 5 businesses exist now and if I buy banx shares do the dividends I receive come from the profits from these 5 businesses?

Hi, I don't understand these crypto-currencies but I heard about BANX and found this forum. What exactly are you buying if you buy these shares? Is it a share of some Bitcoin mining?