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Author Topic: BitFlowSystems IPO  (Read 16438 times)
WiseOldOwl
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June 19, 2011, 10:42:33 PM
 #41

I agree it would take some real fortitude to make it through that without selling for a profit.
The second suggestion of starting another asset, is the more common and more secure method.
Honestly, I feel like keeping it as is for now because at this point failure would be a difficult thing to accomplish IE we aren't in over are heads or even close. I like that. Even if it means we take it slower in the beginning.
Thanks for the input and insight Smiley

For now it looks like just stick to the plan..
Does anyone else have a position on this?

Off-topic but very important subject:
Who isn't practicing some sort of wallet.dat protection in our group?
If you are please post that you are and what you do to protect it.
If you aren't or have no idea what I'm talking about, please post so because myself or someone else here is going to teach you. It is of vital importance.
We are a team now and I don't want to hear about anyone's hard earned coin getting stolen if we can prevent it.
Bitcoins are worth some serious money now, chinese wow gold farmers,spammers,hackers in general etc. are going to have a new focus. Stealing your money. The new update should hopefully have something built in for encryption, but until then...
Also everyones MT gox account has been compromised including email and password. Change any password that is the same as your mt gox password and if possible your email. Bitcoin community is full of very sharp very opinionated people, some of those opinions may advocate the trojans and hacks. Be careful, your dealing with top notch hackers.

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WiseOldOwl
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June 21, 2011, 06:36:14 PM
 #42

Just wanted to post an update:
Stock market is still down.
So not much has developed on the IPO front.
I kept the investments in the glbse client ( i wanted to take a screenshot and show you guys when it hit the max).
So hopefully nothing bad has happened with the glbse.
More to some soon.

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June 21, 2011, 08:23:11 PM
 #43

Hi, would it be possible to buy all remaining shares or is there a limit on the amount of shares one can purchase?
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June 23, 2011, 05:41:44 AM
 #44

Hi, would it be possible to buy all remaining shares or is there a limit on the amount of shares one can purchase?
I don't think the client allows any artificial limits. Just buy everything that is available at that price, see "bmc.py depth BitFlowSys"
There are some offers at higher prices though.
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June 23, 2011, 10:52:50 PM
 #45

Cool that would be great! Awesome company game plan and WiseOldOwl seems like an intelligent and trustworthy member of the community, who is creating the best games around right now. I trust him completely with my BTC. I heard a rumor from another member that 25% of the shares that were made available to the public by BitFlow Systems have already been purchased, and the IPO was only like 7 days ago! Maybe they know something I don't lol. I think I need to get in soon...
WiseOldOwl
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June 25, 2011, 04:11:41 PM
 #46

Hello again everyone,
So I am working on setting up the new glbse system.
From what I can see on the charts, the IPO is going good. (42.92 BTC raised so far if i am reading it correctly) or almost 5,000 shares !!!
I have also secured a intentions contract with a hardware supplier. They build great stuff for great prices, and are ready to supply us when we are ready.
I look forward to kick starting this soon,
Im sure you all do to Smiley
~Have A Good Day~

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July 08, 2011, 04:32:05 PM
 #47

 bump. so whats up?
WiseOldOwl
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July 08, 2011, 05:30:49 PM
 #48

We are still waiting for the IPO to sell out.

I have been considering several options for BitFlowSystems.
BitFlow was and is based on mining. If we don't raise the funds necessary to make this profitable, I was thinking that I would try to buy your shares back off of you guys in an effort to pay you back.
We will have to give it some more time to truly see if that's what needs to be done.
Either way, I try to provide the lowest risk possible for such a risky business. And crazy as it is, with me, youll get some money back if it doesnt work out. Smiley

Sorry about the wait, I too thought it would go sooner.

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July 08, 2011, 05:53:08 PM
 #49

Oh I was under the impression we you would start with a rig for now and we'd sell more shares and buy rigs as we went along. Shouldnt we be able to get a full refund if this doesnt work out? the BTC should just be sitting in GLBSE if you were waiting for more shares to sell. Im hoping this works and refunds dont need to be issued
WiseOldOwl
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July 09, 2011, 05:18:41 AM
 #50

Turn of events,
Good news on the way Grin

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WiseOldOwl
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July 09, 2011, 07:15:24 PM
 #51

*Update*
We have had a lot of developments at BitFlowSys.
Since the beginning of this, we have watched the mining industry become less and less profitable.
With no end in sight, and huge network hash growth, mining is looking like not such a great idea when compared to others.
Although I did build us a decent machine with some of the money (About 50btc, 540 m/hash, At this rate should bring us roughly 9.3 BTC/Month-electricity, I have another 6870 for it too but need a riser cable),
It is abundantly obvious that real profit is in gaming, exchanges, and services in general.
We have decided to revamp our goals and strategies.
I have to do what's best for all of us, and spending our money on mining equipment is not nearly as great of an idea as it seemed a few weeks back.

On the side, I have put my own Bitcoins/Money up for games and experiments like craps and 1.25x etc. as a way to test the waters in various areas.
I have also started an exchange-
I have used a lot of my own cash to operate this for the last week.
It is an excellent operation that I would like to merge with BitFlowSys.

What I plan to do is:
-Create more investment opportunities (over 10,000 shares were bought by 1 person and I have lots of people asking me to get in)
-Raise more money for our service projects.
-Increase the price per share of the stock and value of the company.
*Employ a professional programmer to strictly program our project and go on about his way*
*Create a automated p2p exchange of a higher quality than any in existence so far*
*Create a gaming site of high quality*
*THIS IS BIG- Use our funds to provide instant payouts in different forms through my already existing company-2-person exchange. This is a situation where we keep a lot of liquid funds around in different forms to provide a quick, safe transfer for a reasonable price and cut out any wait times involved with normal bank transfers (See http://xchange.bitcoinbux.com). This is our new bread and butter.
I am currently using my savings for this, it is of little or no risk so I don't mind, its just that we might expand past the cycle of my savings money and need more liquid. Basically we need enough liquid funds to be able to cycle the money and get it back before we run out of anything.
-I am very interested by the BitBills System and the Bitcoin ATM, thats all I have to say about that right now.

I plan on issuing more shares, which would of course dilute yours. This is not something I want to do if its going to cause a loss. The golden part is, the new shares will be issued at a higher price (Less than some have already paid) causing a new floor and value to be reflected. In the end it is you owning less of a bigger company. Another major reason this is a good idea is it allows speculation of the price to jump up higher because there is so much more potential in services than mining.

The bottom line is we undervalued ourselves, bitcoin services, and just about everything else about this scene except mining, which we overvalued.
The money needed to offer the best exchange, gambling games, service, etc. is available, We just have to raise it now.

So 40,000 more shares will be sold to the public at .05 btc each
The public will still own 20% of the company.
This will give us the liquid funds to process more transactions, and get some incredible sites going. Along with raise the floor value to .05, and our market cap will increase too. I advise not to sell for an immediate small profit, as you will make much more in the future, but don't fear if you see people doing this, as it will make no difference eventually)
The Bitcoin community can raise all the funds we need, and we don't need to involve a 3rd party institution for loans and such!! YahHoo!!

We will be speaking with a lawyer about how far we can take this and what parameters need to be followed for certain situations (We dont have these problems yet, no one has processed more than 10,000 at one time or any questionable situation for that matter) I will advertise in the real world if it is all legal and safe to do so.

I now have hired a sort of employee, He is not too bright, but he is staying with us and he is a loyal worker. He will be basically running errands and watching for changes and emails when I sleep. He will not process or handle any transactions though or really even touch my computers lol, but he will wake me up if you contact me. This is good news because I have not been able to get good sleep because I want to provide a+ Service.

If anyone is wondering, I still have all the coins left after the initial mining rig, and of course if it wasn't clarified before, we are splitting any profit that comes out of that rig also, although I hope no one even cares about that 9.3 btc by the time were done.

The shares will be up for sale at 3:30 PM EST on July 10, 2011
On the GLBSE
For .05 BTC per Share
If you have any questions please ask, I wrote a lot but there is no way to write everything.

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WiseOldOwl
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July 10, 2011, 05:52:11 PM
 #52

Getting Geared up for today!!
The BitFlowSys Opportunity will be available to some more people in just a couple hours!!
Also,
To our loyal investors, if you are using a exchange such as bitcoinexchange.cc or the likes, please consider using our service.
http://xchange.bitcoinbux.com
It would help support your investment's success, and has great prices and service Smiley

See everyone on the GLBSE at 3:30 EST !!

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July 10, 2011, 06:31:02 PM
 #53

that mining rig you built for 50BTC is horrible. 50BTC at minimun is $1200 for $1270 my rigs get 1350M/hash on average.

Besides that the rest doesnt  sound bad. Who did you hire for coding and as an employee?
WiseOldOwl
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July 10, 2011, 08:07:23 PM
 #54

Ya I only got like 15 each for the bitcoins so more like 750. Also I have a 6870 for the rig just sitting here due to lack of riser cable, but that should bring it closer to 800 m/hash.

I have not hired anyone for coding yet.
We are talking with the designer of http://wheelwarehouse.com about whether he would be able to pull it off in a secure and fashionable sense. *Also I am working on getting Wheel Warehouse to accept bitcoins*

The employee I hired is a young friend of the family,
His job is to alert me to the various incoming messages, emails, etc. when I am afk.
Again I am paying him out of my money at first so no his salary is not going to eat up the original funds raised. He is mostly for international customers so we can offer service to them but I can still sleep at night.

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July 11, 2011, 02:47:20 AM
 #55

Electricity/Debt gets paid first

You don't plan on working for free, do you?  Before I would even think of investing, I would want to see a contract listing these "debts" and their values.  I know programming isn't free, and your time is probably a significant debt.

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WiseOldOwl
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July 11, 2011, 04:43:51 AM
 #56

Things have changed significantly since that post. That post was referring to mining costs of electricity and equipment debt from leasing or borrowing. I was just clarifying that our bills get paid first because we are oh' so prudent   Wink.
And yes I will pretty much work (hard too might I add) for free until we can support some type of salary for me. The programming will most surely be paid for out of the money raised by the IPO. If I have to pay for internet or something like that that I cant afford out of my own pocket for any reason I will notify. But so far all small costs I have just eaten.

If we considered and paid me for all the time I have put in, we would be broke lol. When things are going well we can all agree on some way to compensate me for my work. But for now I'm just going to keep on working, and see how big we can build.

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July 27, 2011, 06:27:15 PM
 #57

For my edification, and that of others interested: are you located in the United States -- or somewhere else.

One concern with your proposal is whether the laws in your jurisdiction allow online gambling.  Certainly a "small fish" is less likely to attract attention, but being based in the US is a riskier concept than if you're based in, say, Ireland (Intrade) or Antigua (who recently won a WTO dispute against the US).

WiseOldOwl
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July 27, 2011, 07:02:05 PM
 #58

We are US Based,
And no, the current state of things in regards to gambling wouldn't involve backing by a US Company. If We were to make a fully advertised and functional casino, It would be solely run in a legal jurisdiction like the ones mentioned above.
The Gambling is on the back burner to services and banking anyway at the moment, we are jumping hoops to expand the ability to acquire BTC to more people.
There are interesting things happening, and I don't know where this will go. We have an appointment with a lawyer next week, we will see what he says.

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Ben Walsh (beamer)
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July 29, 2011, 08:57:13 AM
 #59

Can we get an update on progress and financials (customer numbers, revenue, costs, profit) please ?

Also, when can we expect a dividend payout ?

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August 18, 2011, 02:39:17 PM
 #60

Bitflow is in danger of being delisted in 14 hours https://bitcointalk.org/index.php?topic=37414.0

Nefario

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