[BitFunder] btcQuick - Bitcoin Sales Service

[Ascension]

https://btcquick.com/

Who is btcQuick and what do we do?

btcQuick is a new leader in the market for buying bitcoins with GoogleCheckout.

Google's current payment methods include:
Visa, Mastercard, Amex Discover, and prepaid cards.

btcQuick has sold more than $100,000 USD worth of bitcoins since launch.

Chargeback handling:
btcQuick uses a simple yet advanced identification process for all customers.
Thanks to this, many fraud attempts have been stopped cold in their tracks.
The one fraudulent purchase via Google that managed to get through was successfully fought and won using our identification service data.


Shares of btcQuick
btcQuick is comprised of 50,000,000 shares in total.
One (1) "share" of btcQuick on BitFunder represents 1/50,000,000th of monthly profits after all costs of normal business activities.
btcQuick shares offer no voting rights.

Shares issued via BitFunder do not represent equity ownership in any real-world business entity.
The shares are solely a distribution mechanism for rights to profits.

As of the time of this writing, up to 32,500,000 shares will be released over time to the public on a varying time scale.
Any remaining shares not including in the IPO are owned/maintained/controlled by the current issuer. These shares will
be used at the issuers discretion for any uses deemed fit. These uses are not limited to, but may include employment.

Should the company be sold, the full amount of the purchase price will be evenly distributed among the 50,000,000 shares.

So long as btcQuick is a company of less than 4 employees, no salaries will be paid as an expense, and are only paid as dividend payments.

The first "Early-Bird" 10,000,000 shares have been posted for 0.00005 BTC each.
Second Batch: 7,500,000 shares will be posted on Friday March 29th for 0.0001 BTC each.
Third Batch: 7,500,000 shares will be posted on Sunday March 31th for 0.00015 BTC each.
Fourth and Final Batch: 7,500,000 shares will be posted at the discretion of btcQuick for 0.0002 BTC each ONLY after all previous share have sold.


Dividends
Dividends will be paid MONTHLY between the 1st and 5th of each month for the prior months profits.
A monthly statement will be provided at or around the time of Dividend payout.

First public dividend payout will be for the profits of the month of April.
The first four dividend payments will be made roughly weekly on the following days for the first month:

April 8th 2013
April 16th 2013
April 22nd 2013
May 1st 2013

After the May 1st dividend payout, issuer may choose to pay out more frequent dividends than required at their discretion.


Forced BuyBack
No forced buyback may be enforced for shares of btcQuick.


Profit History
2012 November - $59.72 USD (Est. 4.7776 BTC)
2012 December - $136.36 USD (Est. 10.18371919 BTC)
2013 January - $415.95 USD (Est. 21.11421319 BTC)
2013 February - $1,790.62 USD (Est. 57.72469375 BTC)
2013 March - Surpassed February already. Exact numbers will be posted on or about April 1st.


How will the raised funds be used?
BTCJam currently maintains loan at BTCJam ( https://btcjam.com/listings/2143 ) with a remaining principal balance of about 300 BTC.

First share batch:
300 BTC of the "Early-Bird" will go towards the BTCJam debt to settle all debts.
The remaining BTC will be used to increase btcQuick's rotating inventory supply to sell.

20% of funds raised from shares after the first batch will go to the current issuer for the hard work, time, effort and success of btcQuick.
The remaining 80% will be added to the inventory cycle.

The issuer is essentially selling off the first 20% of btcQuick ownership to cover a loan, increase inventory and increase profits without directly profiting.


btcQuick in the community
You can see from the btcQuick forum thread that our service is in high demand and we are constantly in BTC stock shortage.
https://bitcointalk.org/index.php?topic=123961.60

Check out these other great forum reviews:
https://bitcointalk.org/index.php?topic=127840.0

Also, we have a new website in the works to enhance the ease of use, as well as anti-fraud.

[1714774910]

1714774910

[1714774910]

1714774910

[Ascension]

reserved

[ThickAsThieves]

Shit, almost sold out already, waiting for bitcoin confs sux.

[ThickAsThieves]

So you actually accept credit cards to buy BTC, and live to tell the tale?

[superbit]

Got a few shares, I hate the hassle of weexchange though couldn't get more funds into bitfunder in time.  Oh well, got a little bit, good luck with the venture!

[Ascension]

IPO "Early-Bird" has sold out. Next 7.5mil shares will be Friday the 29th. I would like to say thank you to everyone for their support.

[🏰 TradeFortress 🏰]

I need to wake up early or something

[LoweryCBS]

Congratulations on a successful IPO!

[Choadzilla]

Would you be soooo kind as to tell us what time on Friday you'll be offering the second round of the IPO?

[burnside]

Curious as to why you chose OpenCart to run the site?  It doesn't seem to have a very good security track record.  (upon cursory google search...)

[wisard]

The first "Early-Bird" 10,000,000 shares have been posted for 0.00005 BTC each.
Second Batch: 7,500,000 shares will be posted on Friday March 29th for 0.0001 BTC each.
Third Batch: 7,500,000 shares will be posted on Sunday March 31th for 0.00015 BTC each.
Fourth and Final Batch: 7,500,000 shares will be posted at the discretion of btcQuick for 0.0002 BTC each ONLY after all previous share have sold.

How will the raised funds be used?
BTCJam currently maintains loan at BTCJam ( https://btcjam.com/listings/2143 ) with a remaining principal balance of about 300 BTC.

First share batch:
300 BTC of the "Early-Bird" will go towards the BTCJam debt to settle all debts.
The remaining BTC will be used to increase btcQuick's rotating inventory supply to sell.

20% of funds raised from shares after the first batch will go to the current issuer for the hard work, time, effort and success of btcQuick.
The remaining 80% will be added to the inventory cycle.

The issuer is essentially selling off the first 20% of btcQuick ownership to cover a loan, increase inventory and increase profits without directly profiting.

Just some calculations, please correct any errors.

By 31 March, total BTC to be raised:
Early bird: 500BTC
Second batch: 750 BTC
Third batch: 1125BTC

Total: 2375BTC

Out of which, 300BTC will be used to pay back a loan.
375BTC will go to you - the owner / promoter - for hard work, time and effort.

Total inventory: 1700BTC.
This inventory increases by 1200BTC if you sell forth batch of shares too.

[wisard]

Questions:

1. If the price rises before we sell these 1700 BTC in inventory - the company enjoys that as profits right? (In essence, the company sees profits from arbitrage between buying-and-selling price as well as commission from sales - correct?)

2. The maximum bitcoins any single person can buy is capped at 10BTC. So the downside is limited - correct? Do you plan to increase these max order value?

3. How many days does it take for the company to receive the money from Google Checkout? One month? Or do they give some % of the funds within a week and keep the rest as deposit against refund requests?

4. Can you talk about security? Of bitcoins. And of the website itself. Whats been done to make sure no hacker can get access to the funds?

5. Will you be sharing the number of sales data every month?

[Ascension]

Would you be soooo kind as to tell us what time on Friday you'll be offering the second round of the IPO?

We will be posting the time that we expect to release the second on Friday morning.

Thanks,
-Ascension

[talnted]

Questions:

1. If the price rises before we sell these 1700 BTC in inventory - the company enjoys that as profits right? (In essence, the company sees profits from arbitrage between buying-and-selling price as well as commission from sales - correct?)

2. The maximum bitcoins any single person can buy is capped at 10BTC. So the downside is limited - correct? Do you plan to increase these max order value?

3. How many days does it take for the company to receive the money from Google Checkout? One month? Or do they give some % of the funds within a week and keep the rest as deposit against refund requests?

4. Can you talk about security? Of bitcoins. And of the website itself. Whats been done to make sure no hacker can get access to the funds?

5. Will you be sharing the number of sales data every month?

I would be interssted to hear these questions addressed as well.

[Ascension]

1. Yes. If we sell 1 BTC at $90+fee, we have to purchase a replacement for $90.
If the price then went downward, we would sell that 1 BTC at $85+fee, replacing it with an $85 coin.
This earns btcQuick an extra $5. When pricing is going up, we always price at current rate to not have a loss.
The more volatile the pricing (which Bitcoin is known for) the more btcQuick and its investors profit.

2. We are currently working out methods to make larger quantities available without increasing potential risk.

3. Google Checkout does batch transfers nightly like most processors, and the funds are generally received within 2 business days.

4. btcQuick sells set amounts of BTC where we have pre-generated private key pairs from an external wallet.
This is similar to the cold/hot wallet concept. We maintain a small balance of key pairs for the shop and
top them off regularly after re-verifying recent orders. This limits our risk exposure.

5. Yes. A monthly statement will be provided at or around the time of the standard monthly Dividend payout.

[🏰 TradeFortress 🏰]

Why are you using the funds raised here to pay back your BTCJAM loan?

Shouldn't you be able to repay the loan from the BTC you sold?

[Ukyo]

Why are you using the funds raised here to pay back your BTCJAM loan?

Shouldn't you be able to repay the loan from the BTC you sold?

If he sells the btc, he gets a % fee. He then has to purchase at _least_ that qty to continue to have btc in inventory.
If he had paid off the loan, then he would be back to square one with no inventory, and that would have defeated the purpose.

[🏰 TradeFortress 🏰]

Why are you using the funds raised here to pay back your BTCJAM loan?

Shouldn't you be able to repay the loan from the BTC you sold?

If he sells the btc, he gets a % fee. He then has to purchase at _least_ that qty to continue to have btc in inventory.
If he had paid off the loan, then he would be back to square one with no inventory, and that would have defeated the purpose.

But if he had paid off the loan, then he wouldn't need to take 300 BTC out of the IPO.

Will the capital from the BTCJAM loan will be part of the company, or is it in the pockets of the owner (on top of the 20% Jerrod currently gets)? I'd expect the former but a clarification would be good.

[burnside]

4. btcQuick sells set amounts of BTC where we have pre-generated private key pairs from an external wallet.
This is similar to the cold/hot wallet concept. We maintain a small balance of key pairs for the shop and
top them off regularly after re-verifying recent orders. This limits our risk exposure.

That's a good approach, I like it.

[Franktank]

Any plans to implement ACH or linking bank accounts to BTCQuick? It's the only reason why Coinbase has any customers. Credit/Debit card transactions and linking bank accounts would be amazing.