[BitFunder] btcQuick - Bitcoin Sales Service

[josh4580]

Ascension,

"We will be releasing the remainder of shares that did not sell in batch 2 (~3,000,000 shares) on May 15th @ 7:00PM MST"

At what price will these shares be offered?

[Ascension]

Ascension,

"We will be releasing the remainder of shares that did not sell in batch 2 (~3,000,000 shares) on May 15th @ 7:00PM MST"

At what price will these shares be offered?

These shares will be released at the original release amount of 0.0001 BTC per share.

[wisard]

Ascension,

Thank you for running btcquick.

1. The worst thing you can do for current investors right now is issue 3,000,000 shares at a price that the market won't bear. The current 48 hour volume for btcquick is less than 20,000 shares. The current top bid rate is 0.000086. Unless you release a very big dividend on 15th, the 3,000,000 shares won't sell at 0.0001. It will simply dampen the market for current investors. (And if you release a very big dividend, it will just seem fishy timing.)

2. You may need to start approaching private investors to make deals off the market. Maybe give them a board seat or something if they buy a million shares. Because otherwise, it doesn't seem likely that you'll be able to sell other batches of shares that you had ear marked - at increasing prices. Maybe send an email out to your best clients and ask them if they would like to invest.

In the mean time, sell a few shares everyday. But have a strategy like not selling more than 50% shares than the 48 hour volume. But yes, listing 3,000,000 shares in one instant is a disaster move.

3. You need to work on a $ line of credit. This has to be the first priority. If a bank can't provide you with this, maybe you can float a deal with someone on this forum itself. This is the only way you can hedge yourself from the volatility.

i. Keep 100 BTC in stock.
ii. Buy bitcoins from an exchange as soon as someone places an order at btcquick to maintain a stock of 100 BTC. (This is where you need the US$ line of credit - to pay for bitcoins right now, instead of waiting for a week till Google checkout pays you.)
iii. Always use the order depth to calculate the price you can actually sell bitcoins at. Don't just calculate price based on last price on mtgox.

Doing these 3 things should mitigate volatility risks.

4. Marketing. You seem to be the only provider who can sell bitcoins via cc payments. But not many people have heard about you. It may be a good idea to spend more time marketing. At least start off at reddit. And send an email to every blogger you can find who has written about buying bitcoins (this could be outsourced too).

I see a lot of promise with a website that allows buying and selling BTC in a convenient way. As coinbase has shown, you can grow 15x times in 1 month. But really - better bitcoin and cash management, and marketing is required.

[josh4580]

Wisard,

How do we vote to install you as the COO of this company?

[wisard]

HA!

I can be a chief advising officer for free. No voting required.

 

[Ascension]

We are going to postpone the share release until a later date. I will post an update later this evening.

Thanks,
-Ascension

[OneSixtiethOfASecond]

Wisard's comments resonate with me, and I hope that Ascension takes notice.  I am very interested to read his coming update.

[OneSixtiethOfASecond]

The silence from Ascension is deafening.

[Ascension]

The silence from Ascension is deafening.

I dont know if silence is the right word. I try to keep you guys updated as often as possible. I do realize that I did not post last night like I said I would. The last couple of days have been very busy.

We postponed the release of the shares for some of the reasons that
wisard brought up and we wont release these shares until the market
can support it.

We have launched the new website and so far things have going very
well. The response we have received from our customers has been good.
Now that we have some of the bugs worked out we are going to start
advertising on reddit next week 05-20 to 05-23.

Due to the price decrease the demand for bitcoin has dropped
significantly but with the new site up and with us starting to do some
marketing we should be able to draw alot of attention. We are also
looking into to some new capabilities with
Google Wallet.
Google Wallet will now allow people to fund their accounts with their
bank account and then use those funds to pay merchants. This could
potentially be very beneficial to us as we would be able to appeal to
a larger market. Please note that this is not "guaranteed" we are simply looking at adding this feature if it allows us widen our audience and still maintain a low level of fraud.

Here are some interesting statistics for you all:

Total Sales (Nov '12 to Current): ~$250,000.00
# of transactions: 1720
Average transaction: $ 146.85
# of registered users: 2877
# of Bronze Members: 351
# of Silver Members: 29
# of Gold Members: 5
# of Platinum Members: 3

Also, if any of you are going to be at the bitcoin conference a btcQuick representative (MAC) will be present and would like to meet anyone else that is going. We are not going to have a booth up as we did not have the time to get everything ready. If you would like to meet MAC please send him a PM.

Let me know if I missed a topic that you would like me to comment on... I am writing this after a very long day.

Thanks,
-Ascension

[josh4580]

Ascension,

Price has been getting hammered.

I am down 65% on this investment.  Any comments?

When is the next dividend scheduled for?

[Ascension]

Dividend Payment for May 16th to May 31st will be: 15.50 BTC

Sales Data for May: May 1st to May 15th: $21,597.21 May 16th to May 31st: $52,649.76 - Total Sales of: $74,246.97 (442 Transactions)

Our sales for the first part of the month were down but with the launch of the new site and advertising on reddit we were able to sell a significant amount of bitcoins during the second half of the month.  We are going to continue to advertise on reddit on a bi-weekly basis. We are also looking at other venues to advertise with.  We expect our sales to easily go over $100,000.00 in the month of June as we continue to advertise and increase our customer base.

Thanks,
-Ascension

[Ascension]

Ascension,

Price has been getting hammered.

I am down 65% on this investment.  Any comments?

When is the next dividend scheduled for?

Dividend payment was made this morning. You should see it in your account when you login.

Thanks,
-Ascension

[josh4580]

Ascension,

Thanks for the information.

I have a bid to triple my shareholdings.

Very cheap on earnings basis. 

[Eric Muyser]

Hi yall,

I created a signature for btcQuick. If you want, feel free to use it to show your support. Send me a message for the code.

Cheers

[BitHub]

i'm thinking about investing in btcquick, just wondering as an american company will you guys be complying with all the finsec stuff and msb licenses and stuff?

[hl5460]

Could google wallet be the unhackable exchange platform of BTC? If so, btcquick could be the leading role in BTC exchange.

[Eric Muyser]

Could google wallet be the unhackable exchange platform of BTC? If so, btcquick could be the leading role in BTC exchange.

As a web developer for 10 years, this is my thought exactly. There's so much potential here. They can at least go head to head with Coinbase.

Keep marketing! Keep advising with wisard!

PS. Don't sell the company. If you do, no less than a few million.

[bobboooiie]

Is it only me or does the "login" button look very similar to those facebook logins on news sites etc. That was first thing that entered my mind by seeing it but maybe it is just me . If it does though, it would be nice to change that color a bit for obvious reasons.

[TsuyokuNaritai]

i'm thinking about investing in btcquick, just wondering as an american company will you guys be complying with all the finsec stuff and msb licenses and stuff?

I'm also curious about this. Are you complying with regs, and if not how much could the feds shut down your ability to do business?

Also, are all the still unsold batches of shares definitely going to be sold at the prices stated in the OP? Meaning today's share price can't be much lower than when those batches are released, so there is no chance of a really big reward for getting in early now?

Thanks.

[BitHub]

can someone from BTCQUICK answer the question about the MSB and FINSEC stuff. So i don't have to call them and ask them myself to check before investing into btcquick. Thank you, hope for a reply soon.