LOAN to start a UK payment gateway

[jackdavis1983]

a troll is someone that makes accusations or replies with posts unrelated to the topic.

i can provide the world of information to a troll and they will just say 'you googled that'. i have provided information to interested parties and to BTCJAM but i wont feed trolls. Good luck in your drug ventures. But a piece of advice when actually scam spotting. read the information given atleast twice and only reply with credible information. eg ur first post which i now see you editted out your accusation that i denied supplying information. nice edit by the way. and thanks for correcting yourself.

my facebook listed on BTCJAM is me, not one i produced since starting up a microcash/altcurrency as you said. continue the trolling. i just wish that some scam fighters were not paranoid drug users that could actually have a civilized conversation to gain information. I would gladly appreciate a proper scam fighter any day. After just one day i truly see what butterfly labs has to contend with from trolls. and they have had a year of it.

maybe peter griffen is not the best scam police officer, i think Bitcointalk should find more suitable, intellectual representative.

and ill just leave you with this
name: jack Davis, town: bude county: cornwall

you didnt even ask me for it. you just assumed i wouldnt give it. maybe next time its best to ask first accuse second.

and the UK pounds is what i paid over many months. but you are just using todays price of dollar.. well give or take a bit.. which just coincidentally seem similar guess tomorrow when the price changes the numbers wont add up and you will be shouting a new story. i invested what i paid for my BTC over the last few months. not what is todays value in dollar. but cheers for trying to make a spectacle of yourself. guess out of the box thinking isnt required.

i got 185 for my £1700 if you account for the moneygram fee's bitinstant fee's currency conversion and then the price of BTC when it was over $13(around £9) you'll see what i mean. i used a few for personal stuff and have set aside the 150BTC for this venture. my point is that i did not just come into this community empty handed it cost me £1700 to get into bitcoin when prices were around £9,

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[Vod]

and the UK pounds is what i paid over many months. but you are just using todays price of dollar.. well give or take a bit.. which just coincidentally seem similar guess tomorrow when the price changes the numbers wont add up and you will be shouting a new story. i invested what i paid for my BTC over the last few months. not what is todays value in dollar. but cheers for trying to make a spectacle of yourself. guess out of the box thinking isnt required

Whatever, liar.   You're BUSTED.

Just for kicks, let's analyze what you just said.  You invested 1700 pounds (or $2700) to buy 150 bitcoins over the last few months.  That would make the average price of a bitcoin over the last few months $18.  The pound vs the dollar has moved just a few cents over the last few months - certainly not anywhere even close enough to make your math work.

Despite your furious adding and editing of your last post to make up for your mistake, I doubt even the most ignorant investor will fall for your scam now.  Bye bye.  

[jackdavis1983]

Good way to spot a scam? When the person immediately labels critics with valid questions as trolls.

critics i welcome. and i welcome your reply to. but that peter griffen guy had no valid questions., plus i only called him a troll due to his obsurd posts which i now see he edits away to hide his inability to hold a civilized conversation

[paraipan]

BUSTED - OP accidentally used the American conversion rate to bitcoins instead of the UK conversion rate.  OP probably lives in the US.

He claimed he had invested about 1700 pounds in his business, or 150 bitcoins.

150 bitcoins currently equals about $1700 US dollars, but only 1100 pounds!  

Too easy.  

5) 80-90% of YOUR money has drugs residue on them. that is plainly obvious by your drugged paranoia and blatant ignorance of what is wrote. you obviously did not read the answer to the capitol question about MY 150BTC (£1700)...

^nice one, the numbers don't lie

[franky1]

dont let the flamers dishearten u, we need an easy to fund bitcoin operator.

if u ever travel near bristol ill meet u, i can smell an american a mile away to know if u are one or not, they have orange tans and hill billy accents.  

i myself am a litecoin lover, ever consider your concept, but on litecoin instead of the dark side of dodgy drug dealing known as bitcoin (newspapers opinion dont shoot the messenger)

[repentance]

dont let the flamers dishearten u, we need an easy to fund bitcoin operator.

if u ever travel near bristol ill meet u, i can smell an american a mile away to know if u are one or not, they have orange tans and hill billy accents.  

i myself am a litecoin lover, ever consider your concept, but on litecoin instead of the dark side of dodgy drug dealing known as bitcoin (newspapers opinion dont shoot the messenger)

LOL.  Being endorsed by Franky is like being recommended by usagi, Nefario or Genjix.  It's the kiss of death.

[franky1]

im not endorsing anything. im not investing,

but if he does get the business up and running just using his own funds and becomes a success then i might use him, as the UK needs more bitcoin stuff.

i don't buy into businesses until they have weathered the test of time.

that being said we do need UK bitcoin business and the concept. if you ignore the loan begging has much promise.

maybe someone who is respected the UK should take on the idea and just roll with it themselves either stealing the concept or employing him for a month or two to implement it. hopefully if the business works out he takes my litecoin hint onboard.

[qukkM]

If this guy is from the UK, and i dont really accept the BTC/USD conversion rate as proof he is a yank, he is very poorly informed. He says americans call them lawyers and we call them solicitors or financial advisers. Well there is a world of difference between a financial adviser and a solicitor.

It sounds as if he has spoken to a financial adviser and taken their advice on legal issues, an opinion they are not qualified to give.

If he wanted to offer a service comparable to BitInstant it would need more than 150BTC investment and would deffo need regulatory approval and a decent business plan, not some poorly writtem forum posts and a paragraph of explanation on BTCJam. In addition there is nothing to support your growth/projection figures, these appear to have been pulled from thin air based on OPs assumptions of market size.

You make no mention of how you will market the service or even that you will spend money marketing it. It will not be sustainable based on just your friends using it.

Even if OP is not a scammer he is not professional enough to attract my investment in this scheme.

I'm out.

[repentance]

If this guy is from the UK, and i dont really accept the BTC/USD conversion rate as proof he is a yank, he is very poorly informed. He says americans call them lawyers and we call them solicitors or financial advisers. Well there is a world of difference between a financial adviser and a solicitor.

Americans tend to call lawyers "attorneys".  "Lawyer" is just a generic term for legal counsel.  We actually have solicitors, barristers and Special Counsel (formerly Queen's Counsel) here but people tend not to make the distinction in everyday speech unless they're trying to impress or intimidate someone - if you're paying $3000+ per day for a barrister, you tend to want people to know about it.

[franky1]

i too dont think mlawrences flame that jackdavis is a hillbilly merits much either.

i just think mlawrence got mad at being called a drug dealer so grabbed at any thread of straw he could.

either way jackdavis concept is good, but it just doesnt seem to be in the right hands.. maybe best someone steal the idea lol

as for the lawyer thing us brits never like to use the term lawyers no matter what level of experience the legal person has.

we prefer to call them what they are:

money grabbing bstards lol
solicitors, advisers. clerks and all the other individual titles

[Vod]

OP accidentally used the American conversion rate to bitcoins instead of the UK conversion rate.  OP probably lives in the US.

I usually use the USD conversion rate and think of my money as USD and BTC when I'm working out the value of something in BTC even though I live in Europe and use Euro, as the USD/BTC market has much more liquidity than EUR/BTC.

I've often done the exact same mistake as the OP.

But the scammer said he didn't make a mistake.    After I busted him he posted it was what he invested over several months.  Then, when I explained his math didn't work, he edited his message to say he also spent some of the money (around $1000) on himself.  His story keeps changing.

To top it all off, he is on these forums during North American hours - not UK hours.  

[majorddf]

Not to come down on either side of the standard "he/she is/isn't a scammer" arguments, I wish to state that mlawrence is quite correct;

We in the UK are by law forbidden from using the internet between the hours of 11pm and 6am. Anyone caught doing so gets locked up in the Tower of London.

[jackdavis1983]

But the scammer said he didn't make a mistake.    After I busted him he posted it was what he invested over several months.  Then, when I explained his math didn't work, he edited his message to say he also spent some of the money (around $1000) on himself .  His story keeps changing.

To top it all off, he is on these forums during North American hours - not UK hours.  

Firstly I would like to note that I am not afraid to speak my mind, unlike scammers who run off and make a new identity and try again. I am not a scammer and I am not afraid of fighting my corner.
1) I respect the other posters, even if they have many questions, i welcome actual questions instead of snide comments. But that one single peter griffen troll, you seriously need to stop smoking the green plant, it’s affecting you.
2) my edits add more information to clarify facts. but it has been seen and proven that your edits remove statements.
3) I suffer from insomnia so I am not perfect either, but at least your mentality is in your ability to control, I work during the day sleep in the afternoon/evening and come on here when I can’t sleep during the earlier hours. And other UK forum members also seem to be on late too so throw us in the tower of London peter griffen. lol Maybe due to American dominance, making MTGOX trading more lively in the late hours that keeps us awake, trading for profit.
4) Your maths is stupid. 35 spare BTC being $1000!!? Get out from under your rock and put your brain to work. Or maybe I’ll do the maths for you.
I know that I have put in £1700 towards BTC community and ended up with 185BTC after deductions. But I do not have the exact exchange rates of the particular transactions so let’s make it simple and put it all into one lump and use the conversion rates and fees of when the majority of the trades occurred. So £1700 at BTC price of £8.75(roughly at the time, from memory. So don’t quote). Using moneygram £1700 converts to $2477. Then add bitinstant fee of 3.99% brings it down to $2378. I will just add this now that the GBP to USD exchange rate may be slightly different now but very close approximations. Definitely not $2700 the griffen troll quotes.
Ok divide the $2378 by 185BTC brings it to $12.85 each. Now to the other point the griffen troll makes about rates only moving a few cents over the last 3months. I guess he forgot about the $14 BTC so buying some coins at over $13 and some under $12 over the last couple months would give a average resembling something similar to the high $12 dollar range.
I will now state that for my personal use I did not keep logs, sorry for that I’m only human. But for my business everything would be logged so don’t hold my personal approximations against my future business. It will all be done right down to the satoshi.

[repentance]

If you're confident about both your legal position and your projected earnings then you should consider pitching your idea to the VCs on Dragon's Den.  Not only might you get some decent funding, but even if none of the VCs give you money, a whole lot more Brits will learn that Bitcoin exists.

http://www.bbc.co.uk/dragonsden/aps/apply.shtml

[jackdavis1983]

Great idea. more positive media coverage of bitcoin, and my service.
now I have a few minutes to of thought about it. It may be something to do as part of my phase 2. As right now FIAT is not the problem, having enough BTC to feed incoming customers is. Hense the loan. So while I continue to alpha test everything I will research into whether any of the dragons even know about bitcoin. As you would imagine some of the criticisms some of the people on that show receive. imagine it when 'touting' for business talking about a currency they have never heard of.
Its bad enough criticisms from the peter griffin troll, where he DOES know about bitcoin.
About the legal side. the FSA stuff only will apply during the phase two stuff (withdrawals) and the basic unjargoned version is about traceability and high value transactions. Right now phase one, (purchasing BTC) doesn't fall under FSA, instead it falls under retail laws. If you want some legal UK jargon it's Sale of goods act and the distant selling act. Which all retail stores and market traders in the UK know off the top of their heads anyways, kind of standard practice for many of us.
The projected earnings stuff. I never projected anything close to what bitinstant processes in a week. my projections posted here. well lets call them estimates are based on the PM's i am getting from interested future users. hopefully people know that projections are not set in stones but are very good estimates with numbers to back them up. in laymans terms.
My BTCJam initially and quite rightly says that even with one transaction of 150BTC a fortnight would still be able to break even and repay the loan payments. but I have also out of the 300BTC total holding i will have (if i get the loan) have set aside 50BTC to cover worse case scenario 2 weeks of repayments while popularity increases or if trade takes a slump one month. and put a 250BTC cap on transactions before the hourly refill. so hopefully i have covered all my bases.
I appreciate your advice and questioning, I just wish everyone would stay as focused and on topic as you.
and franky1. although I appreciate your comments, don't hint that my idea should be stolen also not going near Bristol anytime soon, I am stuck in Cornwall for a while concentrating on this too much to go traveling. But anytime you are in Bude we may arrange something

[squall1066]

BUSTED - OP accidentally used the American conversion rate to bitcoins instead of the UK conversion rate.  OP probably lives in the US.

He claimed he had invested about 1700 pounds in his business, or 150 bitcoins.

150 bitcoins currently equals about $1700 US dollars, but only 1100 pounds!  

Too easy.  

5) 80-90% of YOUR money has drugs residue on them. that is plainly obvious by your drugged paranoia and blatant ignorance of what is wrote. you obviously did not read the answer to the capitol question about MY 150BTC (£1700)...

You got to admit, Their getting a little better, I was hoping for a boob job to invest in! LOL

[Vod]

You got to admit, Their getting a little better, I was hoping for a boob job to invest in! LOL

Here you go:
https://bitcointalk.org/index.php?topic=120436.0

[squall1066]

You got to admit, Their getting a little better, I was hoping for a boob job to invest in! LOL

Here you go:
https://bitcointalk.org/index.php?topic=120436.0

LMFAO....... you know,  I missed that one!!!

[franky1]

i find it funny when reading these things. flaming and trolling someone who has a business plan like this guy does.

but then investing into people who want to consolidate their debt. basically paying one loan with a loan.

and also people wanting to buy BFL products knowing they wont start making money for months due to the the order/delivery delays.

though this guys plan would benefit the bitcoin community in the UK immensely. i still think that if he doesnt get it running due to no one giving him the loan then someone else should roll with the idea. i said roll not steal this time 

[repentance]

i find it funny when reading these things. flaming and trolling someone who has a business plan like this guy does.

but then investing into people who want to consolidate their debt. basically paying one loan with a loan.

and also people wanting to buy BFL products knowing they wont start making money for months due to the the order/delivery delays.

though this guys plan would benefit the bitcoin community in the UK immensely. i still think that if he doesnt get it running due to no one giving him the loan then someone else should roll with the idea. i said roll not steal this time 

Where has anything even remotely resembling a business plan been posted by the OP?  And why is the OP so intent on borrowing BTC when he could easily purchase the required BTC if he secured fiat funding?

It's people's desperation for certain services which makes it easy for scammers to proliferate.  The lack of options for people in the UK to trade GBP for BTC means that people are likely to latch onto the first service which pops up offering that.  The point of BitInstant is to get people's fund moved quickly.  If there are no exchanges offering GBP/BTC trades then such a service would be pointless and the OP is effectively talking about becoming an OTC Bitcoin trader in his own right.