[2015-05-03] Virgin's PitchtoRich, LazyPay the only Bitcoin startup takes part

[LazyPay]

http://cointelegraph.com/news/114138/lazypay-enters-virgin-mobiles-pitch-to-rich-2015-as-the-only-bitcoin-startup

"Winning the Pitch to Rich competition would obviously be a great opportunity for LazyPay. But for us, it’s not just about the investment on offer. The exposure will help to get Bitcoin itself in front of a wider audience. We want to make Bitcoin part of everyday life – our LazyPay merchant service will help to do just that with facilitating local brick & mortar businesses. And the media attention (should we be shortlisted) will show retailers and entrepreneurs all over the UK the advantages of using a service like LazyPay to receive payments in digital currencies.

Richard has been very positive about Bitcoin. But to get to pitch to him, we really need the support of the Bitcoin community to vote for us." http://www.virginmediabusiness.co.uk/pitch-to-rich/new-things/lazypay/

[1715440935]

1715440935

[Chef Ramsay]

Pretty nice but I am not too strong about your push, thank you. I wish you the best.

[gweedo]

Your pitch was horrible. I have no idea, what your service is or how it will solve anything. All that I know is your service uses bitcoin as the technology. If I was a merchant you basically said not enough people use it, so why would I use it if no one is going to use it. It only saves me money if people are going to use it.

And if i was a user of payments, I would say well not enough people accept it why would I use it.

You can't throw up a nice video and say look we started a company that is 2012 bitcoin not 2015 bitcoin actually solve an issue.

[LazyPay]

Your pitch was horrible. I have no idea, what your service is or how it will solve anything. All that I know is your service uses bitcoin as the technology. If I was a merchant you basically said not enough people use it, so why would I use it if no one is going to use it. It only saves me money if people are going to use it.

And if i was a user of payments, I would say well not enough people accept it why would I use it.

You can't throw up a nice video and say look we started a company that is 2012 bitcoin not 2015 bitcoin actually solve an issue.

We thought we needed to get across the wider Bitcoin message for people to engage with it at all. Majority of the population in the UK still don't know much about Bitcoin. Obviously we talk about the product quite clearly, and the benefits it brings. No doubt this could be better focused on the product but riding on the coattail of Bitcoin was deliberate because of the audience at the early voting stage. Round 2 pitch is quite different. You can check out the site here: www.lazypay.co.uk

[gweedo]

Your pitch was horrible. I have no idea, what your service is or how it will solve anything. All that I know is your service uses bitcoin as the technology. If I was a merchant you basically said not enough people use it, so why would I use it if no one is going to use it. It only saves me money if people are going to use it.

And if i was a user of payments, I would say well not enough people accept it why would I use it.

You can't throw up a nice video and say look we started a company that is 2012 bitcoin not 2015 bitcoin actually solve an issue.

We thought we needed to get across the wider Bitcoin message for people to engage with it at all. Majority of the population in the UK still don't know much about Bitcoin. Obviously we talk about the product quite clearly, and the benefits it brings. No doubt this could be better focused on the product but riding on the coattail of Bitcoin was deliberate because of the audience at the early voting stage. Round 2 pitch is quite different. You can check out the site here: www.lazypay.co.uk

You still don't get it, when investors ask you the same questions then you will get it. Your website doesn't say how you solve a problem.

Why am I going to choose you over the 100's of other older companies that do the same thing as you?

BTW if you hold my private key's it isn't secure...

With industry leading security, you can choose to keep your funds in bitcoin securely, and accessible from anywhere.

[gweedo]

Do you really want me to keep destroying your business? I will....

https://lazycoins.com/security

We will not be using TxID's to monitor withdrawals and we will be polling our databases for negative balances before allowing withdrawals.

UHMMM shouldn't you be monitoring your own balances for withdraws so you never double spend? That is what this sentences means, it means you that you keep all addresses in a database and you check them for transactions to build your own transaction right? Instead you should use a double edit system  OR basically that sentence is BS cause why would you need to monitor transactions, the wallet you use would do that for you and you can just spend it, making sure that you keep all balances are kept in a database are correct.

Making you sound like this actually means something important....

Our withdrawal system performs cryptographic audit of user balance before admin can manually approve all withdrawal requests.

How is this done? What mechanism are you using? Cause this again just you putting words to make it sound important. Shouldn't you perform a cryptographic audit for the public meaning that each user balance is whole? Plus this would prove that you are whole. Also cryptographic audit just for you would make no sense, you would know if the site is whole or not LMAO.

Physical Security

Do you have a security guard or is it just a locked room? I am guessing it is a locked door that any bank theft can break thru

[Kluge]

Gweedo's harsh. ... -But yeah.

What differentiates LazyPay from BitPay outside the lack of experience, wide-ranging legal blessings & guidance, staff, money, and userbase?

-And don't say grit.

[gweedo]

Gweedo's harsh. ... -But yeah.

I am not harsh, just hate people with the attitude that says "look at us we are a real bitcoin business". They offer nothing to the community and yet they think they are doing gods work. Just have to use my knowledge to bring them down a few pegs.

Some people here are just rude and unable to provide constructive feedback, just click Ignore.

Thank you for the ignore! I love them I feed off of them! Also I did provide constructive feedback, pretty much told them how to rewrite their site to be better.

[LazyPay]

Some people here are just rude and unable to provide constructive feedback, just click Ignore.

I gave your business a vote. Good luck.

Thanks for your vote Chmod755

We are helping with the growth of Bitcoin adaption amongst brick and mortar businesses here in the UK. In time, our contribution will be clear. Regular updates here: https://twitter.com/Lazy_Pay

[Chris-LC]

Do you really want me to keep destroying your business? I will....

https://lazycoins.com/security

We will not be using TxID's to monitor withdrawals and we will be polling our databases for negative balances before allowing withdrawals.

UHMMM shouldn't you be monitoring your own balances for withdraws so you never double spend? That is what this sentences means, it means you that you keep all addresses in a database and you check them for transactions to build your own transaction right? Instead you should use a double edit system  OR basically that sentence is BS cause why would you need to monitor transactions, the wallet you use would do that for you and you can just spend it, making sure that you keep all balances are kept in a database are correct.

Making you sound like this actually means something important....

Our withdrawal system performs cryptographic audit of user balance before admin can manually approve all withdrawal requests.

How is this done? What mechanism are you using? Cause this again just you putting words to make it sound important. Shouldn't you perform a cryptographic audit for the public meaning that each user balance is whole? Plus this would prove that you are whole. Also cryptographic audit just for you would make no sense, you would know if the site is whole or not LMAO.

Physical Security

Do you have a security guard or is it just a locked room? I am guessing it is a locked door that any bank theft can break thru

1. We will not be using TxID's to monitor withdrawals and we will be polling our databases for negative balances before allowing withdrawals.

Perhaps the above sentence is a bit to esoteric leading to the ambiguity you have experienced. We'll look into rewording it.

The sentence is making two separate statements, the first part is a direct response to the transaction malleability issue which had affected MtGox. The second part is referring to an issue which befell poloniex, their withdrawal system did not check for negative balances and thus a user could become 'overdrawn' due to other issues in the way their withdrawal code was written. https://bitcointalk.org/index.php?topic=499580
When we were developing our service we trawled through many exchange theft threads with the purpose of securing ourselves as well as we can.



2. Our withdrawal system performs cryptographic audit of user balance before admin can manually approve all withdrawal requests.

This sentence builds on the 'polling databases for negative balances' statement. We check the arithmetic of all actions the user has made since their balance was last 0. This includes cross referencing new deposits on our db with the blockchain just in case there was a large fork and our main daemon was on the wrong side past the deposit confirmation threshold.



3. Physical Security
"I am guessing it is a locked door that any bank theft can break thru "

You've made it abundantly clear that no physical security will be enough for you so I'm guessing your preceding question was rhetorical.

[gweedo]

I am guessing your developer UGHHHH

Perhaps the above sentence is a bit to esoteric leading to the ambiguity you have experienced. We'll look into rewording it.

The sentence is making two separate statements, the first part is a direct response to the transaction malleability issue which had affected MtGox. The second part is referring to an issue which befell poloniex, their withdrawal system did not check for negative balances and thus a user could become 'overdrawn' due to other issues in the way their withdrawal code was written. https://bitcointalk.org/index.php?topic=499580
When we were developing our service we trawled through many exchange theft threads with the purpose of securing ourselves as well as we can.

Transaction malleability is a keyword buzz for bitcoin. All real bitcoiners know Transaction malleability is a non-issue. So gratz on solving a non-issue!

Also look (0=>balance then !withdraw) I solved non-negative values being able to withdraw. I am so l33t.  Again another non-issue but since you want to look like your cool, you threw it in there.

This sentence builds on the 'polling databases for negative balances' statement. We check the arithmetic of all actions the user has made since their balance was last 0. This includes cross referencing new deposits on our db with the blockchain just in case there was a large fork and our main daemon was on the wrong side past the deposit confirmation threshold.

Again keyword buzz for bitcoin, we protect against forks of the blockchain. Honestly as someone that has lived thru a few forks this is again a non-issue, but thank you for solving it. Daemons are quite robust for this situation. SO YEAH.. tell me again how you amazing your backend wallet is I can't wait to hear more.

[LazyPay]

"Programmer for Hire!"...Need a job?

[gweedo]

"Programmer for Hire!"...Need a job?

No thanks.

[Kprawn]

I watch "Dragon's Den" and some of those people on the panel of venture capitalists have no clue, when things get too technical.

Bitcoin has also received a lot of bad press, and this will put you on the back foot, before you even started.

I will only give you a vote, because of the effort you put in to include Bitcoin in your pitch. { I hope you PayItForward when you win a share of the £1,000,000 in prizes } 

Good luck...

[LazyPay]

I watch "Dragon's Den" and some of those people on the panel of venture capitalists have no clue, when things get too technical.

Bitcoin has also received a lot of bad press, and this will put you on the back foot, before you even started.

I will only give you a vote, because of the effort you put in to include Bitcoin in your pitch. { I hope you PayItForward when you win a share of the £1,000,000 in prizes } 

Good luck...

Exactly why, part 1 of the pitch is focused on the benefits of Bitcoin. Need to show the general public the basic advantages of how this technology actually works to save money for the end user. Should we progress to the next round our pitch will be quite different.. LazyPay app is built with a average user in mind, we wanted users to transact without even realising they are using Bitcoin. Most of the merchants in the UK already have a NFC enabled point of sale terminals, this works well with our product. Further details coming soon..Updates here: https://twitter.com/Lazy_Pay

Thank you for the vote.