And how do you get licensed for any BitCoin product in any case .. Hahaha
Agreed. My bad.
"Do I sign a binding contract "
Yes. I do a blockchain contract which binds Ranchi Mall publicly to this financial contract.
"Is this product licensed"
No its not. BitCoin itself is not licensed so putting a BitCoin based product to licensing requirement is a big contradiction. However customer safety is still needed and we have to devise non-licensing methods to achieve the objectives of protecting the customer. Vendor need to protect reputation, Internet Activism, transparency of scheme and data, and full disclosures can achieve the same goals. Thats my belief. I will not put up any of my BitCoin based product to any licensing ever. Government licensing will open doors for entrepreneurial stagnation and corruption. I would want my potential customers to know our philosophy in advance. And then make up their mind if they want to associate. None of BitCoin exchanges are licensed, and people still give their money to them. This is exactly the correct way.
"Lockin period is too long"
I need long term investors. I am a big follower of Warren Buffett long term investment strategies. I do have some other BitCoin based financial contracts like Art Bonds and Startup Contracts in pilot where there is no lockin. But for this product lockin is must to deliver the kind of returns BitCoins as an asset class is capable of.
"Do I accept payments in BitCoins or Fiat"
My preference is BitCoins. But most of our customers have never brought BitCoins before. So I do that for them. We have a few who paid in BitCoins. However the returns is denominated in US dollars.
"Taking to USD 1350 will leave too little for growth"
I disagree. The potential is much higher. But you can always treat it as 13 percent bearing bonds no matter what price you got it, and thats a great assured return on its own if you accept counter-party risks.
Thanks for answering the questions. I understand that you're taking the risk of the 10-13% if Bitcoin doesn't go up. I don't really have anything to add to it.
I don't think it's a good idea for the people who are investing because if it was me, I'd just risk the INR 7000 then giving you 50% of the returns. (Just my opinion.)
Doesn't look like a scam to me, if you're not planning to take more investments.
So good luck with your bond.
