[BTCPOP - QuintoBTC IPO] Answers to our Q & A on June 1 @ 19:00 GMT

[PM Poker]

We are trying to revive our QuintoBTC Lottery project, and have introduced an IPO at BTCPOP.com.  IPO Link

We are asking you to submit any questions you may have regarding QuintoBTC.  These may be question about investing, goals, and current status.

We will be answering these questions LIVE on Wed Jun 1, 2016 at 7:00 PM GMT, 3:00 PM EDT, 12:00 PM PDT
 
Please join my meeting from your computer, tablet or smartphone. Join Meeting

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We are looking forward to your attendance.

Thank you in advance,
Steven Swanson

This thread is self-moderated, and will delete any unwanted posts.  This thread is to provide questions for our meeting ONLY.

[ravens]

Have you have any bitcoins invested so far? If you do, can you sign an address that holds the bitcoin. This is a lottery right? I'm not sure why do you feel the need for investors when you can simply advertise to bring more traffic and place ads on the site in order to make revenue from said traffic.

[PM Poker]

Have you have any bitcoins invested so far? If you do, can you sign an address that holds the bitcoin. This is a lottery right? I'm not sure why do you feel the need for investors when you can simply advertise to bring more traffic and place ads on the site in order to make revenue from said traffic.

We are seeking investors to finish the front-end of our software, marketing, and other things noted in our IPO on BTCPOP.

If you have questions for our open Q&A, please feel free to post them.

[EnJoyThis]

Have you have any bitcoins invested so far? If you do, can you sign an address that holds the bitcoin. This is a lottery right? I'm not sure why do you feel the need for investors when you can simply advertise to bring more traffic and place ads on the site in order to make revenue from said traffic.

We are seeking investors to finish the front-end of our software, marketing, and other things noted in our IPO on BTCPOP.

If you have questions for our open Q&A, please feel free to post them.

For me personally I would only invest if I see a working website, I expect the front-end to be fully done. It's nothing new you're trying to do here. Only the rules of your lottery are different from others but the website itself can't be that hard to put online including sufficient security.

If you can't manage to pay this out of your own pocket then I personally don't see why I would sent you coins.

Besides you're IPO is for 250 btc if I'm not mistaken. Isn't that a bit much for a website that hasn't even made a single satoshi, even worse, for a site that isn't even working...

Perhaps you should have waited some more time before you had put up your IPO.

Nevertheless good luck with your site and IPO.

[PM Poker]

Have you have any bitcoins invested so far? If you do, can you sign an address that holds the bitcoin. This is a lottery right? I'm not sure why do you feel the need for investors when you can simply advertise to bring more traffic and place ads on the site in order to make revenue from said traffic.

We are seeking investors to finish the front-end of our software, marketing, and other things noted in our IPO on BTCPOP.

If you have questions for our open Q&A, please feel free to post them.

For me personally I would only invest if I see a working website, I expect the front-end to be fully done. It's nothing new you're trying to do here. Only the rules of your lottery are different from others but the website itself can't be that hard to put online including sufficient security.

If you can't manage to pay this out of your own pocket then I personally don't see why I would sent you coins.

Besides you're IPO is for 250 btc if I'm not mistaken. Isn't that a bit much for a website that hasn't even made a single satoshi, even worse, for a site that isn't even working...

Perhaps you should have waited some more time before you had put up your IPO.

Nevertheless good luck with your site and IPO.

The break down of the BTC250 is in the IPO listing, but with good programmers, and insurance that is required it is reasonable.  Also the valuation comes from one investor we already have for BTC125.

[PM Poker]

Bumped...

Even if you are not going to participate in my LIVE Q & A about my project, I would like some question to address.

Thank you for your time.

[znaffe]

0.25 btc a share is plain stupid. Even tho the project might be worth the valuation (not saying it is), it will be very hard to have liquidity, and most shares are only worth whay they can be re-sold for.

[PM Poker]

Here are four main investors questions answered:


Why a ฿0.25 asking price?

This price was set to attract serious investors, and possibly more accredited investors.  We understand that this amount may seem high to some, but it also reduces the number of shareholders required to achieve our goal.


Why do you need so much money?

We're in the process of vetting software development companies. Good coding does not come cheap.  Current time estimates have varied from 400 to 1000 hours of work. The highest estimate so far was just over $96,000 USD (which in our view is outrageous).  We believe the cost should be closer to $40,000 USD.

Funds will also be used for lottery risk insurance. This will allow us to offer a ฿2000.00 (2,000,000 mBTC) lottery jackpot.  It's imperative that our lottery be structured as a true lottery. This insurance will guarantee a jackpot payout, in the event that funds collected are insufficient to cover the jackpot.  We are currently looking at two risk assessment companies. Both want approximately 1.8% of the prize money for 2,000,000 lottery picks.


Why such a high valuation?

Our valuation was based on a recent angel investor, and our time and money put into the company.  We are a legal Costa Rica S.A. corporation, with the ability to obtain a gaming license.


How fast can we expect a return on investment?

There is no quick or simple answer.  Our goal is to complete the development phase sometime in August 2016. Depending on testing, we could launch as soon as August or early September. Revenue will not begin to generate until then.

All shareholders will receive preferred shares and receive 70% of gross income until initial return on investment, shares will then be converted to common shares. Based solely on QuintoBTC Lottery game and 1000 preferred shares, we will need to sell 1,190,480 picks to achieve initial return on investment.  

Our scratchers have a 97.5% payback. They should produce a high volume of play, given the odds on winning at 1 in 2.54, and with a top prize of 10,000 times the purchase price.  The revenue from the scratchers is 2% with 0.5% to cover all payouts.

Our other lottery game is a daily game with a much smaller jackpot of ฿10.00, and a 1/4th the cost, so ROI on this game would be four times that of QuintoBTC, if it was the only lottery game.