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[Stringcoin]

I wanted to share some thoughts with our investors in regards to our strategy as we move forward past the ICO.

We are going to focus on investor returns and our approach to ensuring their best interests are met. A large number of start-ups often edit books of accounts and keep things hidden from stake and shareholders. However in the age of blockchain, this makes no sense. Every transaction can be verified, tracked and recorded by just about anyone.

Our primary approach can be broken down to 3 things.

1. Building the right technology
A large part of what makes great product is utilizing the right technology. As evident in the thread we are always willing to work with the latest and most optimal players in the industry in order to ensure LetItRide remains cutting edge. A good example for this is Waves and our desire to work with them to attain fiat transactions. Another thing we are looking into is Ethereum and their smart contract offering.  

As we look at potential scale and profitability that's involved in a project like this we intend to invest heavily into infrastructure (servers, protection) and software (web platform). This should be light, scalable, accessible from slow connections and quick enough to handle thousands of micro-bets happening at the same time. What one needs to understand is, at scale, the house will need to almost compete with a stock market settlement house in terms of transaction scalability. We are talking of thousands of bets being processed simultaneously while the results being recorded digitally for future verification.

Our emphasis on scalability from day 1 will ensure we have the right bricks in place as the enterprise grows. Additionally, it will help more businesses plug into what we build with a third party integration (possibly) if needed. We are only laying the foundation for what would soon be a sky scraper with a basic core product that begins generating revenue.


2. Approaching the right users.
A heavy number of emerging start-ups in the betting space have been focusing on users that are not directly linked to Bitcoin but rather wish to give them an experience of the blockchain. What most people tend to miss out on is the fact that someone that is relatively new to Bitcoin will not be spending heavy amounts of money in digital transactions. Which means the total amount of money the person would spend on bets over a period of time will be abysmal and due to the same the return of investment on the money made to acquire that user would be abysmal in the first place.

Our approach is one that is similar to the one mentioned in the book "The lean methodology". By focusing on users that care about the underlying technology and what makes it incredibly powerful we are able to ensure LetitRide retains users. Most betting houses have users landing on their page and dissapearing. We on the other hand wish to establish a reputation and spread virally through word of mouth. We are conducting massive research into the social aspects of betting and what would bring more people to competitively bet against each other over a period of time. As the volume from the users that are accustomed to bitcoin builds up and the house is handling over a million dollars in  bets placed each day we will scale further up with positive media on us.

Our in-house media experts (being hired) will work actively with ensuring the platform is always seen in positive light and we will work with entrepreneurs that have worked closely with  nationally acclaimed  publication houses to ensure a positive public perception is generated. Keep in mind, by building the right product and generating a platform that is habit forming we are bringing an increasing amount of legitimacy to the platform.

The moment we are covered by the right outlets we will be perceived as a conglomerate by the masses and thereby attract users that are not used to Bitcoin. These would be the kind of users who do not have local betting houses but require one for entertainment purposes. As LetItRide offering expands and our user reach increases our daily revenue would be we hope to be able to bring in anywhere between 100k to 1 million USD a day.

3. Focusing on scale.
A key theme of everything we do at LIR is scale. Investors require returns of investment and while at it, massive ones. How do we do this? By ensuring the high number of users we'll attain over time not only stick with us but bet competitively against each other. Where an average user bets for 3-5 USD we'll have him bet for 20-30 USD with an intuitive betting system that gives him little inexperience with spending money he can afford to lose. We will also have local representatives to focus on communities with other languages as their primary form of communication. Over time we would even have international form of the website for users from Russia and China to interact with the platform.

We intend to rely on the platform for conducting massive data mining in regards to the betting habits of users (data will be published) and further leverage it to build better products. As said earlier, we aim to have the scale of the platform compete against that of a stock clearing house. This means hundreds of transactions per second or thousands per minute. As volumes and the number of bets placed increase so will the profit of the house; And as the profit increases a part of the funds will go into the pool of the house, which would further attract even more users into betting on the platform.

Our primary target would be to establish legitimacy through transparency. Over time a large number of functions on the platform would be run by smart contracts and require little interaction from us which would further bring down the cost of operations of the house by a large amount.

With now over 400 BTC raised we're doing great. Expectations for us are high and we hope to meet that demand going forward to make LetItRide a profitable business for all of its investors and those who hold stake.

1.2.3 A B C. We will all make money just you wait and see. Great job Eric. Keep up the good work.

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[HongKongCoin]

via Imgflip Meme Generator

Let the games begin. we are all about to party!

[placebo]

Don't deposit too much here!!!! ICO is getting EXPENSIVE!! A 5 bagger becomes a 2 bagger...

Still very cheap at 1500.

If investments are lower then returns are higher for ICO investors Look at RISE... too much in ICO... result...Crash...

[Ruzka]

Don't deposit too much here!!!! ICO is getting EXPENSIVE!! A 5 bagger becomes a 2 bagger...

Still very cheap at 1500.

If investments are lower then returns are higher for ICO investors Look at RISE... too much in ICO... result...Crash...

No I think this is not like the others. ROI is much bigger here.

There will be a better ROI here than RISE but not because of the amount of bitcoin raised. Look at LISK etc that raised much more. We are talking the amount of bonuses given and with RISE and Waves it was far to much.

[qiman]

My Wife is happy we invested here plus I did the Chinese translation so looking forward to the bounties. We have decided to lock in our capital to earn the monthly dividends. I am Chinese so I know my fellow countrymen love to play gambling games.

[Stringcoin]

Don't deposit too much here!!!! ICO is getting EXPENSIVE!! A 5 bagger becomes a 2 bagger...

Still very cheap at 1500.

If investments are lower then returns are higher for ICO investors Look at RISE... too much in ICO... result...Crash...

Rise was a scam, even the dev is Alty the cloak scammer. Its 100% a scam.

[Stringcoin]

Don't deposit too much here!!!! ICO is getting EXPENSIVE!! A 5 bagger becomes a 2 bagger...

Still very cheap at 1500.

If investments are lower then returns are higher for ICO investors Look at RISE... too much in ICO... result...Crash...

Rise was a scam, even the dev is Alty the cloak scammer. Its 100% a scam.

Where is it said that alty is the rise dev.

It's widely known. And google is your friend.

[Vinnie Stanley]

Don't deposit too much here!!!! ICO is getting EXPENSIVE!! A 5 bagger becomes a 2 bagger...

Still very cheap at 1500.

If investments are lower then returns are higher for ICO investors Look at RISE... too much in ICO... result...Crash...

Rise was a scam, even the dev is Alty the cloak scammer. Its 100% a scam.

Where is it said that alty is the rise dev.

That is great another fucked up ICO to go with WAVES. Luckily we have this what will take us back into the black after them recent fuck ups.

Lets mooooooooooon this shit

[Stringcoin]

What happened to my reply?

[Vinnie Stanley]

Just sent in my last 4ish btc. Soon we'll be over 438 btc. I know the rest of us can come together and get this over 500 in the next 4 hours.

That is a nice deposit I see that change on the site. I am all in on this and another coin but I believe this is the one that will be paying my highest ROI over medium to long term. Once this hits though I bet we will have some decent waves and that is what I am looking for let the games begin already. 

[etparle]

I wanted to share some thoughts with our investors in regards to our strategy as we move forward past the ICO.

We are going to focus on investor returns and our approach to ensuring their best interests are met. A large number of start-ups often edit books of accounts and keep things hidden from stake and shareholders. However in the age of blockchain, this makes no sense. Every transaction can be verified, tracked and recorded by just about anyone.

Our primary approach can be broken down to 3 things.

1. Building the right technology
A large part of what makes great product is utilizing the right technology. As evident in the thread we are always willing to work with the latest and most optimal players in the industry in order to ensure LetItRide remains cutting edge. A good example for this is Waves and our desire to work with them to attain fiat transactions. Another thing we are looking into is Ethereum and their smart contract offering.  

As we look at potential scale and profitability that's involved in a project like this we intend to invest heavily into infrastructure (servers, protection) and software (web platform). This should be light, scalable, accessible from slow connections and quick enough to handle thousands of micro-bets happening at the same time. What one needs to understand is, at scale, the house will need to almost compete with a stock market settlement house in terms of transaction scalability. We are talking of thousands of bets being processed simultaneously while the results being recorded digitally for future verification.

Our emphasis on scalability from day 1 will ensure we have the right bricks in place as the enterprise grows. Additionally, it will help more businesses plug into what we build with a third party integration (possibly) if needed. We are only laying the foundation for what would soon be a sky scraper with a basic core product that begins generating revenue.


2. Approaching the right users.
A heavy number of emerging start-ups in the betting space have been focusing on users that are not directly linked to Bitcoin but rather wish to give them an experience of the blockchain. What most people tend to miss out on is the fact that someone that is relatively new to Bitcoin will not be spending heavy amounts of money in digital transactions. Which means the total amount of money the person would spend on bets over a period of time will be abysmal and due to the same the return of investment on the money made to acquire that user would be abysmal in the first place.

Our approach is one that is similar to the one mentioned in the book "The lean methodology". By focusing on users that care about the underlying technology and what makes it incredibly powerful we are able to ensure LetitRide retains users. Most betting houses have users landing on their page and dissapearing. We on the other hand wish to establish a reputation and spread virally through word of mouth. We are conducting massive research into the social aspects of betting and what would bring more people to competitively bet against each other over a period of time. As the volume from the users that are accustomed to bitcoin builds up and the house is handling over a million dollars in  bets placed each day we will scale further up with positive media on us.

Our in-house media experts (being hired) will work actively with ensuring the platform is always seen in positive light and we will work with entrepreneurs that have worked closely with  nationally acclaimed  publication houses to ensure a positive public perception is generated. Keep in mind, by building the right product and generating a platform that is habit forming we are bringing an increasing amount of legitimacy to the platform.

The moment we are covered by the right outlets we will be perceived as a conglomerate by the masses and thereby attract users that are not used to Bitcoin. These would be the kind of users who do not have local betting houses but require one for entertainment purposes. As LetItRide offering expands and our user reach increases our daily revenue would be we hope to be able to bring in anywhere between 100k to 1 million USD a day.

3. Focusing on scale.
A key theme of everything we do at LIR is scale. Investors require returns of investment and while at it, massive ones. How do we do this? By ensuring the high number of users we'll attain over time not only stick with us but bet competitively against each other. Where an average user bets for 3-5 USD we'll have him bet for 20-30 USD with an intuitive betting system that gives him little inexperience with spending money he can afford to lose. We will also have local representatives to focus on communities with other languages as their primary form of communication. Over time we would even have international form of the website for users from Russia and China to interact with the platform.

We intend to rely on the platform for conducting massive data mining in regards to the betting habits of users (data will be published) and further leverage it to build better products. As said earlier, we aim to have the scale of the platform compete against that of a stock clearing house. This means hundreds of transactions per second or thousands per minute. As volumes and the number of bets placed increase so will the profit of the house; And as the profit increases a part of the funds will go into the pool of the house, which would further attract even more users into betting on the platform.

Our primary target would be to establish legitimacy through transparency. Over time a large number of functions on the platform would be run by smart contracts and require little interaction from us which would further bring down the cost of operations of the house by a large amount.

With now over 400 BTC raised we're doing great. Expectations for us are high and we hope to meet that demand going forward to make LetItRide a profitable business for all of its investors and those who hold stake.

This was a great read. Have you guys reached out to the Waves team in regards to regulations behind using fiat backed cryptocurrencies? For example, I know there is bitUSD (Bitshares) but it's not easily obtained as Bitshares isn't that user friendly nor is it liquid 1:1 with USD.

When Waves provides a gateway from fiat to blockchain, how do you think this will affect gambling regulations in the US as well as in other parts of the world? Will this be a temporary loophole in the whole system which currently forces you to have a gambling license to take fiat? To my understanding, this is why most Bitcoin gambling sites avoid taking fiat is they don't want the SEC up their ass.

[Nxtblg]

Hi, folks,

I just deposited 0.2BTC to my new account, but the balance hasn't shown up on the Exchange page. How long do I have to wait to put in a bid?

[Ruzka]

Just sent in my last 4ish btc. Soon we'll be over 438 btc. I know the rest of us can come together and get this over 500 in the next 4 hours.

That is a nice deposit I see that change on the site. I am all in on this and another coin but I believe this is the one that will be paying my highest ROI over medium to long term. Once this hits though I bet we will have some decent waves and that is what I am looking for let the games begin already. 

I am now sending 1bc more but that is it for me I am in for around what you sent. Long term when the buy backs start this will be in demand for sure.
This will give a better ROI than the majority of the shitcoins that have come out so looking forward to some action.

[HongKongCoin]

Hi, folks,

I just deposited 0.2BTC to my new account, but the balance hasn't shown up on the Exchange page. How long do I have to wait to put in a bid?

hi, when i deposited it needed 3 confirmations and then refresh the page and you will see it ready to make your bid.

[Nxtblg]

Hi, folks,

I just deposited 0.2BTC to my new account, but the balance hasn't shown up on the Exchange page. How long do I have to wait to put in a bid?

hi, when i deposited it needed 3 confirmations and then refresh the page and you will see it ready to make your bid.

Thanks!

How does the bid process work? Are the devs going to dump the entire supply on the market, and whoever's lower misses out? Like a Dutch auction?

[HongKongCoin]

Hi, folks,

I just deposited 0.2BTC to my new account, but the balance hasn't shown up on the Exchange page. How long do I have to wait to put in a bid?

hi, when i deposited it needed 3 confirmations and then refresh the page and you will see it ready to make your bid.

Thanks!

How does the bid process work? Are the devs going to dump the entire supply on the market, and whoever's lower misses out? Like a Dutch auction?

you see the exhange with the bids? going down the list you will see a section of red bids they are missing out and when the sale finsihs will have 24 hours to move it to a bid where it is in black. If it is not moved then after 24 hours the site will move the bids up and you will end up paying more so keep an eye on the exchange and bids

[Nxtblg]

you see the exhange with the bids? going down the list you will see a section of red bids they are missing out and when the sale finsihs will have 24 hours to move it to a bid where it is in black. If it is not moved then after 24 hours the site will move the bids up and you will end up paying more so keep an eye on the exchange and bids

Okay, thanks again.  

[EDIT: Never mind, I was using Internet Explorer. When I switched to Chrome, everything worked.]

[etparle]

you see the exhange with the bids? going down the list you will see a section of red bids they are missing out and when the sale finsihs will have 24 hours to move it to a bid where it is in black. If it is not moved then after 24 hours the site will move the bids up and you will end up paying more so keep an eye on the exchange and bids

Okay, thanks again. 

Odd, though...my send now has six confirms, and yet the exchange page still won't let me place a bid...

Try emailing Shogdite or Phoenix and I'm sure they will be able to help you. They sent out an email yesterday telling people if they had any questions to contact them.

[HongKongCoin]

you see the exhange with the bids? going down the list you will see a section of red bids they are missing out and when the sale finsihs will have 24 hours to move it to a bid where it is in black. If it is not moved then after 24 hours the site will move the bids up and you will end up paying more so keep an eye on the exchange and bids

Okay, thanks again. 

Odd, though...my send now has six confirms, and yet the exchange page still won't let me place a bid...

youre welcome and that is odd. does the amount show on the right hand side balance? if so put the amount you want to pay and then put your total and it will work it out. it worked for me let the dev know or someone with more know it than me. sory cant be more help.

[Nxtblg]

Thanks to you both, but I switched to Chrome and everything worked.