[WTS] 1,000 shares bitexpress.co.uk Stock

[Sothh]

For inventory, I need to raise a bunch of money to get bitexpress.co.uk started.

Currently, I have sold out of all my stock within hours (max I could afford is BTC20), making me have to wait several days to renew my stock, and keeping a lot of users from using the site, since 90% of the time I am out of stock.

If I had 500 bitcoins for stock, I would make $600 selling it off.  (Google Checkout charges 2% processing fees.)

With a 15 day turn around, that would be $1200 a month profit.  Also, if people decided to use my service to cash out, I make 5% without any fees.  Oviously I make more money buying than selling, so I hope to get traffic high enough to make buying bitcoins profitable.

I am investing around $100 in Google Ad traffic per month.

The 1,000 will amount to 80% total profit, so if you buy 500 shares, you get 40% of total profit.

Cost is .5 BTC per share.  I pay dividends on the 1st and 15th of each months.

Shares left: 1,000

I don't currently have this listed on any of the market places.  I want to see if there is any interest, and I like the simplicity of doing this the old fashion way.

I am also open to anyone wanting to form a partnership.

[Choadzilla]

The site seems only alright.. could we get more information than is already stated?

[Sothh]

The site seems only alright.. could we get more information than is already stated?

Added more information to the OP.

How do we know you are the one who controls this website?

Why does the website give no information about who is running it?

Check https://bitexpress.co.uk/forums.txt

[wisard]

How do you plan to take care of the risk due to reversal of transactions?

[neotrix]

Accept google checkout or any other way by credit card is... and specially for BTC so yes how you plan to handle this part? Refund fraud part...

If I had 500 bitcoins for stock, I would make $600 selling it off.  (Google Checkout charges 2% processing fees.)

What happend if you make your stock while BTC cost 45 usd and you sell it only after a crash which could appear in few hours while you sleep or even during the 15 days you planned to sell it, and putting the price at 10 usd? You can then sell only at lost or hold it for months until price go back. How dividend would be provided then?

I see your domain is co.uk I assume you are located in UK so. You will accept Bank wire, under you personnal name or under a company? How about regulations in UK to provide such service (money exchange service). Glbse was in UK if I remind and it caused a big problem.

[Sothh]

Accept google checkout or any other way by credit card is... and specially for BTC so yes how you plan to handle this part? Refund fraud part...

If I had 500 bitcoins for stock, I would make $600 selling it off.  (Google Checkout charges 2% processing fees.)

What happend if you make your stock while BTC cost 45 usd and you sell it only after a crash which could appear in few hours while you sleep or even during the 15 days you planned to sell it, and putting the price at 10 usd? You can then sell only at lost or hold it for months until price go back. How dividend would be provided then?

I see your domain is co.uk I assume you are located in UK so. You will accept Bank wire, under you personnal name or under a company? How about regulations in UK to provide such service (money exchange service). Glbse was in UK if I remind and it caused a big problem.

Good questions.  As for fraud, Google Checkout is way, way more secure than paypal.  They give you a detailed buyer report when you get an order, including account age, credit score, ect.  So far, I have never received a charge back.  I only accept orders from people with older accounts and with a good credit score.  I also use a floating limit on how much they can buy at once, so if someone does charge back, I can't loose very much.

As for stock, I don't actually hold the bitcoins.  I store the stock as USD on BTC-E (maybe MtGox in the future, though I like BTC-E better currently).  When an order is placed, after a review of the buyers credit (which will be done automatically within the next week or so) I buy the bitcoins at market rate off the market, and send them to the buyer.  Because of this, the price of bitcoin is irrelevant.

No, I am not in the UK.  The .co.uk, other than for aesthetic reasons, helps to skirt around money processing laws, not that it would be a problem at the current volume anyway.

[MPOE-PR]

For inventory, I need to raise a bunch of money to get bitexpress.co.uk started.

Currently, I have sold out of all my stock within hours (max I could afford is BTC20), making me have to wait several days to renew my stock, and keeping a lot of users from using the site, since 90% of the time I am out of stock.

If I had 500 bitcoins for stock, I would make $600 selling it off.  (Google Checkout charges 2% processing fees.)

With a 15 day turn around, that would be $1200 a month profit.  Also, if people decided to use my service to cash out, I make 5% without any fees.  Oviously I make more money buying than selling, so I hope to get traffic high enough to make buying bitcoins profitable.

I am investing around $100 in Google Ad traffic per month.

The 1,000 will amount to 80% total profit, so if you buy 500 shares, you get 40% of total profit.

Cost is .5 BTC per share.  I pay dividends on the 1st and 15th of each months.

Shares left: 1,000

I don't currently have this listed on any of the market places.  I want to see if there is any interest, and I like the simplicity of doing this the old fashion way.

I am also open to anyone wanting to form a partnership.

See here.

[🏰 TradeFortress 🏰]

Will you ever offer new shares at lower prices than the IPO?

[Sothh]

Will you ever offer new shares at lower prices than the IPO?

Very unlikely.  Once I start making enough money, I will start buying back the shares myself.

[Zedster]

Well this is very interesting for sure. Obtaining quick BTC in Denmark is next to impossible.  I have about a million questions.  First one being, if Google wallet is so much different than PayPal why has no one else done this?  

Will ask more as we go.  I would really like to use this to try it but your broke, as you say 90% of the time.  This can't be good.

Since you use BTC-e are you affiliated with them?

[Sothh]

Well this is very interesting for sure. Obtaining quick BTC in Denmark is next to impossible.  I have about a million questions.  First one being, if Google wallet is so much different than PayPal why has no one else done this?  

Will ask more as we go.  I would really like to use this to try it but your broke, as you say 90% of the time.  This can't be good.

Since you use BTC-e are you affiliated with them?

Frankly, I am not sure. I saw a way I could fairly safely offer credit card transactions, which would be a huge market.

I work a 9-5 job and have to support myself and my wife, so after bills and such, it hardly can clear $100 a month for the business. I used most of my savings just getting it started.

No, I am not affiliated with them. They have been having a lot of problems with bit instant lately, so right now my site is the best way to get money to theirs.


I would also like to note that within the next week or so, I will be adding support for Mt. Gox as well, along with direct Bitcoin deposit to an address, and maybe amazon payments.

[Sothh]

Wanted to add a few questions and answers I have had over PM:

Q:

What will be done with the money you are raising?

A:

It will be sold on the website.  Once I get the money from Google Checkout to my bank account, I transfer it back from my bank account to Coin Base, and use it to buy more bitcoins.  This way, I have a closed loop, plus profit.  Currently, I am reinvesting all the profit into more bitcoins.

Q:

So for how long you plan to do this loop without taking profit outside? I mean, are you going to do this for a few months and only then start to give dividends?

A:

Profit will be processed immediately.

Here is a theoretical example:

Lets assume I sell $10,000 in bitcoins.  (BTC200 or so)  I make $300 profit on this.  Thus, Google Checkout will deposit $10,300 to my bank account.  I transfer this money to BTC-E, and use the $300 which is pure profit, to buyBTC6.7.  I go over the list of share holders, and send them each their earnings.  Thus is someone had bought 500 shares, they would receive BTC2.68 for that period.  (either the 1st or the 15th.)

Turn around time is about 10-12 days, though it should be faster in the future.

[justanickname]

As for stock, I don't actually hold the bitcoins.  I store the stock as USD on BTC-E (maybe MtGox in the future, though I like BTC-E better currently).  When an order is placed, after a review of the buyers credit (which will be done automatically within the next week or so) I buy the bitcoins at market rate off the market, and send them to the buyer.  Because of this, the price of bitcoin is irrelevant.

So you sell  200 BTC that costs 10,000$ with a profit of 300$  in 10 days.
this is 3% profit - 10300$.
But after 10 days those 200 BTC can easily be 10400$ and in that case you lose 100$.
(BTC did 800% in the past year which is much more than 4% every 10 days. making 3% every 10 days, accumulating, is less than 200% a year  )
10-15 days is too much...

[Sothh]

So you sell  200 BTC that costs 10,000$ with a profit of 300$  in 10 days.
this is 3% profit - 10300$.
But after 10 days those 200 BTC can easily be 10400$ and in that case you lose 100$.
(BTC did 800% in the past year which is much more than 4% every 10 days. making 3% every 10 days, accumulating, is less than 200% a year  )
10-15 days is too much...

Assuming the market keeps rising, as is, you are suggesting I just buy BTC200 and just let it sit there while the prices rise.

I find this logically flawed.  One, I have not lost $100.  If I start with $10,000 and end up with $10,300 I have made $300.  Period.

Two, bitcoin will (and always has) corrected its market price.  Sure you can make money by hoarding, but it is not secure.  The profit I make is 100% secure.  I don't loose money if the market crashes.   

What if I buy $10,000 and the market corrects itself and crashes, and I loose $5,000?

I still don't understand why people thing bitcoin is some magical get rich quick thing, that you can just pump money into and get more money out of.

[zx9r]

1. You buy now $10.000 at 48$ per BTC = 10.000 / 48 = 208 BTC
2. In the next 15 days the value of BTC goes down to $30
3. You sell your 208 BTC x $30 = $6240
4. 15 days balance = $6240 - $10000 = $-3760
5. Fail

I guess you should buy and sold BTC in 1 day periods, not 15 days.

[superbit]

I still think google checkout can be reversed.  Be careful taking large orders, even people that seem honest can be tempted if large numbers are possible.  If it was that easy to accept someone else would be.

[Sothh]

1. You buy now $10.000 at 48$ per BTC = 10.000 / 48 = 208 BTC
2. In the next 15 days the value of BTC goes down to $30
3. You sell your 208 BTC x $30 = $6240
4. 15 days balance = $6240 - $10000 = $-3760
5. Fail

I guess you should buy and sold BTC in 1 day periods, not 15 days.

Apparently you did not read my earlier posts.  I do not buy the bitcoins until they are sold.  So here is how your example should work:

1. I transfer $10,000 into my BTC-E account.  Without buying bitcoins.
2. In the next 15 days the value of BTC goes down to $30
3. I sell 200 BTC at $30+5%, I buy those off the market within miliseconds of selling them.
4. 15 days balance = $10,000 + $300 = $10,300
5. Win

And, in regards to superbit, yes, I only take small orders unless, and orders with good credit.

[🏰 TradeFortress 🏰]

So are you willing to give your id, etc?

[Sothh]

So are you willing to give your id, etc?

Sure, just PM me.  (I would rather not have my drivers license posted on a public forum)

[shaza4061]

How long have you been operating this business and are you willing to disclose all the transactions pertaining to the business to interested investors?